JACKSONVILLE, Fla. (AP) _ Regency Centers Corp. (REG) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Jacksonville, Florida, said it had funds from operations of $161.7 million, or 95 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 91 cents 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 $59.7 million, or 35 cents per share.
The shopping center real estate investment trust posted revenue of $262.1 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $254 million.
Regency Centers expects full-year funds from operations in the range of $3.66 to $3.70 per share.
The company's shares have declined roughly 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $62.12, a fall of 12 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on REG at https://www.zacks.com/ap/REG