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Regency Centers logs YOY rise in Q2 Nareit FFO per share, names new CEO, CFO

Regency Centers Corp. reported second-quarter Nareit funds from operations of $160.0 million, or 95 cents per share, a rise on a per-share basis from $157.3 million, or 93 cents per share, in the prior-year period.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

The company said the results include a negative impact of 2 cents per share from one-time noncash expenses tied to straight-line rent reserves for tenants that will not likely remain in occupancy for the duration of their current lease.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the second quarter was 95 cents.

The shopping center REIT expects Nareit FFO per share for the full year 2019 in the range of $3.81 to $3.85, compared to its previous guidance range of $3.80 to $3.86.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the full year is $3.85.

The company said Martin Stein Jr. is transitioning from chairman and CEO to executive chairman, effective Jan. 1, 2020. Lisa Palmer will become the company's president and CEO and will vacate her CFO role but retain her position as president, effective Aug. 12. Mike Mas will become executive vice president and CFO.

Jim Thompson will become executive vice president and COO, while Mac Chandler will become executive vice president and chief investment officer, effective Aug. 12.