Regency Centers Reports Lower FFO and Net Income

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced today financial and operating results for the quarter and six months ended June 30, 2009.

(Martin 'Hap' Stein, top right photo, is Regency's chairman and CEO)

Earnings and Operations

Funds From Operations (FFO) before impairments for the second quarter was $47.9 million, or $0.61 per diluted share, compared to $68.3 million and $0.97 per diluted share for the same period in 2008.

For the six months ended June 30, 2009, FFO before impairments was $102.9 million or $1.39 per diluted share, compared to $130.2 million or $1.85 per diluted share for the same period last year, a per share decrease of 25%. The change in FFO per share is primarily related to lower net operating income, higher interest expense and lower transaction profits and fee income compared to 2008.

Funds From Operations (FFO) after impairments for the second quarter was $19.2 million, or $0.24 per diluted share, compared to $68.3 million and $0.97 per diluted share for the same period in 2008.

For the six months ended June 30, 2009, FFO after impairments was $74.2 million or $1.00 per diluted share, compared to $129.5 million or $1.84 per diluted share for the same period last year, a per share decrease of 46%.

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 loss attributable to common stockholders for the quarter was $17.2 million, or $0.23 per diluted share, compared to net income of $31.9 million and $0.45 per diluted share for the same period in 2008.

Net income for the six months ended June 30, 2009, was $2.4 million or $0.03 per diluted share, compared to $58.6 million and $0.83 per diluted share for the first half of 2008.

The net loss for the quarter and the decline year over year is primarily due to $27.3 million of FFO impairments for two wholly owned Regency shopping centers, two out parcels and 13 properties in the MCW II partnership that are now targeted for sale over the next three years.

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