Recurring funds from operations for all of 2009 totaled $208 million, down 22% from $240.4 million for the prior year, including $50.9 million for the fourth quarter. The decline is primarily related to impairment losses recorded earlier in the year.
"The challenges we faced in 2009 have made us stronger and we've learned from those challenges," Regency Centers CEO Martin Stein said during a conference call. Company executives also emphasized that it maintains a strong balance sheet heading into 2010.
Regency Centers has 42 projects under development for an estimated total investment of $820.7 million. These projects are 91% funded and 88% preleased, including tenant-owned square footage.
The company currently has two shopping centers under way, the Market at Colonnade in Raleigh, NC and Seminole Shoppes in Jacksonville. It has 400 retail properties totaling 53 million square feet, with 93% of space leased and 1,600 new and renewed leases totaling 5.3 million square feet last year.
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