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Regency Fees Jump 66%

JACKSONVILLE, FL-JVs have proven very profitable for the retail REIT.

By Jennifer D. Duell | Updated on February 04, 2005

JACKSONVILLE, FL-As Regency Centers Corp. hasexpanded its joint venture partnership, the REIT’sthird-party management fees have ballooned as well.The shopping center REIT reports that third-partymanagement fees increased 66% during 2004 to $10.7million compared with $6.4 million in 2003. “JVs are avery profitable and powerful way to grow our business,”says Regency Centers’ CEO Hap Stein.

According to Ross Nussbaum, an analyst with Banc ofAmerica Securities, fee income was five cents per share aboveexpectations. The REIT says it expects to generateabout $10.5 million to $12.5 million in third-partymanagement fees in 2005.

In addition to the huge increase in management fees,Regency Centers also posted funds from operationsgrowth and rental growth as well. On a year over yearbasis, the REIT posted FFO of $200.9 million for 2004,an increase of nearly 7% compared to 2003′s FFO of$181.8 million. Similarly, rent growth increase 10.1%in 2004, compared to 9.5% in 2003. During 2004, Regencycompleted 1,267 lease transactions for a total of morethan 3.8 million sf.

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