FFO after impairments for the second quarter was $19.2 million, down from $68.3 million during the same period in 2008. Through the first six months of 2009, FFO totaled $74.2 million, compared to $129.5 million a year earlier.
Excluding impairments, quarterly FFO came to $47.9 million, down from $68.3 million a year ago. The impairments include $27.3 million for two wholly owned shopping centers, two outparcels and 13 properties in its Macquarie CountryWide-Regency II LLC partnership that are to be sold over the next three years.
Regency's net loss for the quarter was $17.2 million, compared to net income of $31.9 million a year ago. Six-month net income was $2.4 million, compared to $58.6 million through last year's first half.
During the second quarter, Regency and its co-investment partnerships sold five outparcels at a gross sales price of $4.4 million. No new developments were started during the period.
Regency is a retail REIT that primarily develops and invests in grocery-anchored and community shopping centers. The company owns at least 400 properties and has 43 projects under development.
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