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Regency Centers Posts Loss Despite Rally

JACKSONVILLE, FL-The REIT ended the year with 81% higher earnings in the fourth quarter.

By Carl Cronan | Updated on February 04, 2010

JACKSONVILLE, FL-Locally based Regency Centers Corp. posted a net loss of $56.4 million last year, despite a strong finish. Fourth-quarter earnings for the national retail REIT grew 81% over the year to $25.3 million. Net income totaled $116.5 million in 2008.

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.

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