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Regency, Equity One Report Mixed Results

JACKSONVILLE, FL-One retail REIT posts a 10% FFO loss, while the other gains 77%.

By Carl Cronan | Updated on May 07, 2009

JACKSONVILLE, FL-Locally based Regency Centers Corp. posted first-quarter funds from operations of $55 million, down 10% from $61.2 million in the same period last year. This year’s results include a one-time severance charge of $2.2 million in March connected with the company’s ongoing cost savings initiatives.

Meanwhile, another Florida retail REIT, North Miami Beach-based Equity One Inc., posted FFO of $57.9 million for the first quarter, up 77% from $32.7 million a year earlier. The latest results include those of DIM Vastgoed NV, a Dutch investment company that owns 21 shopping centers in the Southeast in which Equity One acquired a controlling interest Jan. 14.

Regency’s first-quarter net income was $19.6 million, down 27% from $26.7 million over the past year. It also posted a 2% decrease in same-store net operating income along with a 1% increase in same-space rental rate growth.

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