Despite a year-over-year decrease in third quarter net income and funds from operations, Regency Centers sketched a brighter picture of its 2022 earnings Thursday afternoon.million, or 51 cents per share in theThe figure is a decrease from the year-ago quarter which saw net income of174.2 millionAlthough the third quarter was down, Regency Centers' increased its estimation of what 2022 would bring overall.
The company bumped its previous net income estimates of $2.60 to $2.64 a share to $2.70 to $2.73 a share. Its guidance for Funds from Operations increased to between $4 and $4.03, up from $3.92 to $3.96. At the end of the quarter, the company said, its portfolio was 94.6% leased, bolstered by the signing of 2.3 million square feet of new and renewed leases over the course of the third quarter. Regency Centers also has $398 million of development and redevelopment projects.
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