Regency Centers: 3Q Earnings Snapshot
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JACKSONVILLE, Fla. (AP) _ Regency Centers Corp. (REG) on Thursday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $163.5 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 95 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 $69.7 million, or 41 cents per share.
The shopping center real estate investment trust posted revenue of $278.3 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $267.5 million.
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Regency Centers expects full-year funds from operations in the range of $3.76 to $3.79 per share.
The company's shares have declined 7 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $64.20, a rise of 2 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