Message #2 From:
NewsBot Date: July 11, 2006 01:30:00 PM
REG News Regency Centers Increases FFO Guidance for Second Quarter 2006
JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 11, 2006--Regency Centers Corporation (NYSE:REG) announced today that it expects Funds from Operations (FFO) for the second quarter of 2006 to be higher than previously issued guidance.
While the Company's auditor's second quarter review of Regency's 10Q is not complete, diluted FFO per share for the second quarter is now expected to be in the range of $0.92 to $0.94 per share, up from the previously issued guidance of $0.84 to $0.89 per diluted share. Diluted FFO per share guidance for the full year 2006 remains unchanged and is still expected to be in the range of $3.78 to $3.86. 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.
The updated second quarter guidance primarily reflects a favorable impact from earlier than expected transaction profits. The Company will release actual results after the market closes on August 2, 2006 and will discuss the updated guidance in more detail on the Company's earnings conference call at 10:00 a.m. ET on August 3, 2006.
Regency is the leading national owner, operator, and developer focused on grocery-anchored, neighborhood and community retail centers. At March 31, 2006, the Company owned 386 retail properties, including those held in joint ventures. Including tenant-owned square footage, the portfolio encompassed 50.4 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 147 shopping centers, including those currently in-process, representing an investment at completion of approximately $2.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
