JACKSONVILLE, Fla. (AP) 鈥� JACKSONVILLE, Fla. (AP) 鈥� Regency Centers Corp. (REG) on Wednesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Jacksonville, Florida-based real estate investment trust said it had funds from operations of $224.3 million, or $1.20 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.21 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 $125.1 million, or 68 cents per share.
The shopping center real estate investment trust, based in Jacksonville, Florida, posted revenue of $412.5 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $400.9 million.
Regency Centers expects full-year funds from operations to be $4.83 to $4.87 per share.
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