Regency Centers Reports Preliminary Fourth Quarter & Year End Results

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced preliminary financial and operating results for the quarter and year ended December 31, 2008.

Funds From Operations (FFO) for the fourth quarter was $50.8 million, or $0.72 per diluted share, compared to $81.2 million and $1.16 per diluted share for the same period in 2007.

For the year ended December 31, 2008, FFO was $263.8 million, or $3.75 per diluted share, compared to $293.9 million or $4.20 per diluted share for the same period in 2007.

The decline in FFO was primarily due to impairment charges and an increase in the write-off of dead deal costs as well as a lower level of development gains in 2008.

Excluding the impacts of impairments and dead deal costs, FFO per share would have been $4.47 per share, or 6.4% higher than 2007.

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 $16.0 million, or $0.23 per diluted share, compared to $50.6 million and $0.72 per diluted share for the same period in 2007.

Net income for the year ended December 31, 2008 was $129.2 million or $1.84 per diluted share, compared to $184.0 million and $2.65 per diluted share for the same period in 2007.

These results are preliminary, unaudited results and are subject to revision pending the resolution of the timing of gains on properties previously sold to co-investment partnerships, an accounting question described below which has recently been identified in connection with the pending liquidation of two of these co-investment partnerships during the first quarter of 2009.
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Martin E. (Hap) Stern Jr. (top right photo), is chairman and CEO of Regency Centers Corp.

For a complete copy of the company's news release and financials, please contact Regency Centers Corp., Jacksonville. FL, Lisa Palmer, 904-598-7636, www.RegencyCenters.com