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Message Boards Settings Regency Centers Corp. (REG) - Quote Info
Warns - guides down     17-Jul-09 03:06 pm    
Earnings Guidance Revision

While the Company’s second quarter financial results and review by its auditor are not complete, the Company expects that Funds From Operations (FFO) per share for the second quarter of 2009 before impairment charges will be in the range of $0.60 - $0.62, which is below the previous guidance range of $0.74 - $0.79 per share. Approximately $7.8 million, or $0.10 per share, of the decline is due to the disposition fee from the MCW II partnership sale described above now expected in the third quarter rather than the second quarter and $7.0 million, or $0.09 per share, related to increasing reserves for accounts receivable and straight line rent receivables including Regency’s pro-rata share of increased reserves in the co-investment partnerships. These negative items are offset by reductions in estimated incentive compensation. In addition, the Company is recognizing an impairment charge of $28.8 million, or $0.37 per share, for two wholly owned Regency shopping centers, two out parcels and 13 properties in the MCW II partnership that are now targeted for sale over the next three years. After these impairment charges, the Company expects that Funds From Operations (FFO) for the second quarter 2009 will be in the range of $0.23 - $0.25 per share.


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kennyjcal

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Regency Centers Corporation (REG)

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At 4:02PM ET: 34.53 Up 0.70 (2.07%)
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