Regency Centers: 2Q Earnings Snapshot
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JACKSONVILLE, Fla. (AP) _ Regency Centers Corp. (REG) on Thursday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $157.3 million, or 93 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 92 cents per share.
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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 $47.8 million, or 28 cents per share.
The shopping center real estate investment trust posted revenue of $281.4 million in the period. Its adjusted revenue was $274.5 million, which also topped Street forecasts. Five analysts surveyed by Zacks expected $269.2 million.
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Regency Centers expects full-year funds from operations in the range of $3.50 to $3.54 per share.
The company's shares have dropped 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $63.59, a decline of nearly 4 percent in the last 12 months.
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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