Regency Centers Corp (NASDAQ: REG) stock rose over 0.6% on Feb 14th, 2019 (as of 10:32 am GMT-5; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 18. Regency has reported the net Income for the fourth quarter of $78.9 million, compared to $85.1 million for the same period in 2017. The company has reported NAREIT FFO for the fourth quarter of $167.2 million, compared to $161.4 million, for the same period in 2017. The company has reported Operating FFO for the fourth quarter of $149.9 million, compared to $146.8 million, for the same period in 2017.
Meanwhile, for the full year 2018, the company had started nearly $200 million of developments and redevelopments, contributing toward a five year goal of $1.25 billion to $1.50 billion. At 2018 year end, the company had 19 properties in development or redevelopment with combined, estimated net development costs of approximately $390 million. In-process development projects were a combined 62% funded and 79% leased, and are expected to yield an average return of 7.2%.
REG in the fourth quarter of FY 18 has reported the adjusted funds from operations of 98 cents, beating the analysts’ estimates for the adjusted funds from operations of 94 cents, as per Zacks Investment Research. The company had reported the adjusted revenue of $277.1 million in the fourth quarter of FY 18, beating the analysts’ estimates for revenue of $270 million.
During the quarter, the Company began the phased acquisition of an interest in the Town and Country Center with an initial investment of approximately $18.5 million. Subsequent to quarter end, Regency acquired an additional interest in the shopping center bringing the total current investment to $36.3 million. Regency sold four shopping centers during the fourth quarter of 2018 for combined proceeds of approximately $82 million. Subsequent to year-end, Regency acquired a center in Seattle for $15.5 million. Regency also sold four shopping centers subsequent to year-end for combined proceeds of $72.6 million.
During the fourth quarter, Regency purchased 2.107 million shares of common stock at an average price of $57.70 per share for approximately $122 million, bringing total share repurchases for the full year 2018 to approximately $247 million shares of common stock at an average price of $57.97 per share.
Regency Centers expects full-year 2019 funds from operations to be in the range of $3.83 to $3.89 per share.