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Regency Centers Posts Q2 Losses

JACKSONVILLE, FL-The retail REIT blames the results on lower NOI and transaction profits.

By Carl Cronan | Updated on August 06, 2009

JACKSONVILLE, FL-Locally based Regency Centers Corp. posted lower funds from operations and net income during this year’s second quarter. The losses are attributed to lower net operating income, higher interest expense, and lower transaction profits and fee income compared to last year.

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.

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