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10 December, 2023 19:52 IST
Regency Centers Corp swings to first-quarter loss on a YOY basis
Source: IRIS | 10 May, 2017, 05.17PM

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 Regency Centers Corporation (REG) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $21.37 million, or $ 0.26 a share in the quarter, against a net profit of $53.14 million, or $0.49 a share in the last year period.     

Revenue from real estate activities during the quarter surged 31.08 percent or $46.50 million to $196.13 million.

Cost of revenue surged 200.35 percent or $81.86 million during the quarter to $122.72 million. Gross margin for the quarter contracted 3526 basis points over the previous year period to 37.43 percent.

Total expenses were $200.45 million for the quarter, up 109.07 percent or $104.58 million from year-ago period. Operating margin for the quarter stood at negative 2.20 percent as compared to a positive 35.92 percent for the previous year period.

Operating loss for the quarter was $4.32 million, compared with an operating income of $53.75 million in the previous year period.

For fiscal year 2017, Regency Centers Corporation expects diluted earnings per share to be in the range of $0.67 to $0.77.

Income from operating leases during the quarter surged 31.79 percent or $34.77 million to $144.15 million. Revenue from tenant reimbursements was $45.28 million for the quarter, up 35.21 percent or $11.79 million from year-ago period.

Income from management fees during the quarter went down marginally by 0.86 percent or $0.06 million to $6.71 million.

"This was an exciting quarter for Regency. We completed the merger with Equity One and are making tremendous progress with the integration of the portfolio into Regency’s platform. The merger further establishes Regency as the preeminent owner and developer of high-quality, grocery anchored neighborhood and community centers," said Martin E. “Hap” Stein, Jr., chairman and chief executive officer. "Our centers are more than 95% leased and same property NOI grew at 3.7%, further building on our previous 5 straight years of 3.5% or greater NOI growth. We continue to benefit from healthy tenant demand for our best-in-class portfolio located in affluent suburban and near urban in-fill trade areas in the country’s most desirable gateway, 18+ hour, and growth markets. Our industry leading development platform continues to provide expanded growth opportunities as evidenced by our development starts during the quarter with a total investment of approximately $61 million. And our fortress balance sheet is as strong as ever providing us with superior flexibility, supporting our growth and positioning Regency to create long term shareholder value."

 

Net receivables stood at $119.84 million as on Mar. 31, 2017.

Total assets stood at $11,135.97million as on Mar. 31, 2017. On the other hand, total liabilities were at $4,371.47 million as on Mar. 31, 2017.

Return on assets was at 0.05 percent in the quarter. Return on equity was negative at 0.49 percent in the quarter.

Total debt was at $3,407.23 million as on Mar. 31, 2017. Shareholders equity was at $6,764.50 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.50 percent in the quarter.

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