Regency Centers Reports Increased Net Income of $54.5M

(Regency Centers Corp. executive team, seated, Bruce Johnson and Brian Smith. Standing, from left, Mark Harrigan, Jim Thompson, Martin "Hap" Stein Jr., Mary Lou Fiala, James Buis and John Delatour.)

JACKSONVILLE, FL.--(BUSINESS WIRE)--Regency Centers Corporation (NYSE:REG) has announced financial and operating results for the quarter and nine months ended September 30, 2008.

Funds From Operations (FFO) for the third quarter was $85.0 million, or $1.21 per diluted share, compared to $67.8 million and $0.97 per diluted share for the same period in 2007.

For the nine months ended September 30, 2008, FFO was $214.4 million or $3.05 per diluted share, compared to $212.7 million or $3.04 per diluted share for the same period last year.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.

Net income for common stockholders for the quarter was $54.5 million, or $0.78 per diluted share, compared to $37.0 million and $0.53 per diluted share for the same period in 2007.

Net income for the nine months ended September 30, 2008, was $113.1 million or $1.61 per diluted share, compared to $133.4 million and $1.92 per diluted share for the third quarter of 2007.

(Martin E. "Hap" Stein Jr., chairman, middle right photo)

Portfolio Results

For the three months ended September 30, 2008, Regency's results for wholly-owned properties plus its pro-rata share of co-investment partnerships were as follows:

-- Same store net operating income (NOI) growth: 2.3% (2.0%
including 100% of co-investment partnerships)

-- Rental rate growth on a cash basis: 13.8% (13.3% including
100% of co-investment partnerships)

-- Leasing transactions: 441 new and renewal lease transactions
for a total of 1.5 million square feet

For the nine months ended September 30, 2008, Regency's results for wholly-owned properties and its pro-rata share of co-investment partnerships were as follows:

-- Percent leased, operating properties only: 94.3% on a pro-rata
basis (94.8% including 100% of co-investment partnerships)

-- Same store net operating income (NOI) growth: 2.5% (2.6%
including 100% of co-investment partnerships)

-- Same store rental rate growth on a cash basis: 11.6% (11.6%
including 100% of co-investment partnerships)

-- Leasing transactions: 1,331 new and renewal lease transactions
for a total of 4.5 million square feet

For a complete copy of the company's news release showing full performance details, please contact Lisa Palmer, IRInfo@regencycenters.com, 904-598-7636, http://www.regencycenters.com/