Regency Centers Corp. (REG), a real-estate investment trust, Friday reported negative funds from operations for third quarter compared with positive FFO last year.
Regency's third-quarter FFO was negative $46.4 million or $0.58 per share, compared with FFO of $83.6 million or $1.19 per share in the year-ago period.
Recurring FFO declined to $55.9 million or $0.69 per share from $57.7 million or $0.82 per share in the prior year.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share. Analysts' estimates typically exclude one-time items.
Net loss attributable to common shareholders was $84.1 million or $1.05 per share, compared with net income of $43.9 million or $0.63 per share in the same quarter last year.
The loss in the quarter was primarily due to lower net operating income, higher interest expense, lower transaction profits and impairments. Same store net operating income was down by 6.5% year-over-year and same space rental rates declined on a cash basis to 7.4% for the quarter.
The Jacksonville, Florida-based company made 400 new and lease transactions for a total of $1.4 million square feet in the quarter
For nine months, FFO sharply fell to $27.8 million or $0.36 per share from $213.1 million or $3.03 per share last year. Recurring FFO declined 18% to $157 million or $2.06 per share from $176.9 million or $2.51 per share in the year-ago period.
Year- to-date net loss attributable to common shareholders was $81.7 million or $1.09 per share, compared with net income of $102.5 million or $1.46 per share last year.
The board has declared a quarterly cash dividend of $0.4625 per share, payable on December 2, 2009 to shareholders of record on November 18, 2009.
REG is currently trading at $33.59, down $1.14 or 3.28 % on a volume of 1.32 million shares on the NYSE.
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