JACKSONVILLE, Fla. – JACKSONVILLE, Fla. (AP) _ Regency Centers Corp. (REG) on Monday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $164.9 million, or 96 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 94 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $52.7 million, or 31 cents per share.
The shopping center real estate investment trust posted revenue of $276.7 million in the period. Its adjusted revenue was $269.5 million, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $263.1 million.
Regency Centers expects full-year funds from operations to be $3.74 to $3.79 per share.
The company's shares have decreased 15 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $58.81, a fall of nearly 7 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on REG at https://www.zacks.com/ap/REG