The locally based REIT reported final 2003 net income of $126.6 million or $2.12 per diluted share versus $107.7 million or $1.84 per diluted share in 2002. For the last quarter, Regency generated $53.3 million or 89 cents per diluted share compared to $34.2 million or 58 cents per diluted share in the same period last year.
Funds from operations for the fourth quarter total $55.9 million or 91 cents per diluted share compared to $51.7 million or 84 cents per diluted share in last year's comparable period. For the full year, FFO totaled $181.8 million or $2.97 per diluted share, a penny ahead of first call consensus estimates, compared to $176.4 million or $2.87 per diluted share for 2002.
"We are pleased with our results and in the remarkable progress that we've made over the last decade," says Regency chairman and CEO Martin E. Stein Jr. "Our focused business strategy and customer-oriented operating systems have once again produced excellent results."
Stein adds Regency "continues to create significant value from our disciplined development program and costs (which) effectively fund the pipeline through sales of non-strategic assets, as well as our joint ventures."
Regency started 10 new projects during the fourth quarter which represent an estimated $206 million of invested capital at completion and an estimated stabilized net operating income yield of 10.3%. At Dec. 31, 2003, the company had 38 properties under development for an estimated total net investment at completion of $571 million. The in-process developments are 61% funded and 76% leased, including tenant-owned gross leasing area, Stein says.
Regency's total assets before depreciation at Dec. 31, 2003 stood at $3.4 billion. The company owns 265 shopping centers and single-tenant properties, including those held in joint ventures, totaling 30.3 million sf in various national markets.
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