Net income for the first half, however, was down at $43.6 million or 72 cents per share against $46.7 million or 80 cents per diluted share in 2002.
On Wednesday, the company announced it is selling 3.6 million shares of its common stock at $35.96 per share, a Wall Street price expected to net Regency $123.6 million after the offering closes Monday.
The locally based retail REIT showed income from continuing operations as $22.4 million or 34 cents per share versus $15.3 million or 25 cents per diluted share last year. For the six-month period, income was $40.5 million or 65 cents per diluted share versus $33.2 millon or 54 cents per share a year ago.
Funds from operations for the quarter was $43.3 million or 70 cents per diluted share compared to $42.3 million or 69 cents per share last year. For the first half, FFO was $83.6 million or $1.35 per diluted share, up from $82.2 million or $1.34 in the first half of 2002.
"The fundamentals of our core business are extremely healthy and position Regency to increase our FFO per share growth rate and generate attractive returns on equity," says Martin E. Stein Jr., the company's chairman and CEO. "The quality of our portfolio has been enhanced by our 'Premier Customer Initiative,' development program and capital recycling strategy, where we are selling lower quality and lower growth assets and reinvesting in high-quality new developments."
At June 30 of this year, Regency's investment in real estate before depreciation was about $3.2 billion, Stein says. At quarter end, the company owned 262 shopping centers and single-tenant properties, including those held in joint ventures, totaling 29.9 million sf located in major national markets.
Regency has 32 properties under development for an estimated total net investment at completion of about $441 million. "Demand for (retail) development space remains strong with over 400,000 sf leased during the quarter," Stein says. The development portfolio is 80% leased and committed and 43% funded.
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