Message #5 From:
NewsBot Date: October 19, 2006 01:30:00 PM
REG News Regency Centers Increases FFO Guidance for Third Quarter 2006
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Regency Centers Corporation (NYSE:REG)announced today that it
expects Funds from Operations (FFO) for the third quarter of 2006 to be
higher than previously issued guidance.
While the Company’s auditor’s
review of Regency’s third quarter 10Q is not
complete, third quarter diluted FFO per share is now expected to be in
the range of $0.99 to $1.01 per share, up from the previously issued
guidance of $0.85 to $0.92 per diluted share. 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 third quarter guidance primarily reflects a favorable impact
from earlier than expected transaction profits and higher than expected
recognition of profits from the Company’s
captive insurance program. The Company will release actual results after
the market closes on November 1, 2006 and will discuss the updated
guidance as well as guidance for the full year 2006 in more detail on
the Company’s earnings conference call at
10:00 am ET on November 2, 2006.
Regency is the leading national owner, operator, and developer focused
on grocery-anchored, neighborhood and community retail centers. At June
30, 2006, the Company owned 390 retail properties, including those held
in joint ventures. Including tenant-owned square footage, the portfolio
encompassed 51 million square feet located in top markets throughout the
United States. Since 2000 Regency has developed 152 shopping centers,
including those currently in-process, representing an investment at
completion of approximately $2 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.
