J.P. Morgan Reports Q1 In Line With Estimates On REG

J.P. Morgan is reporting Q1 results in line with its estimates on Regency Centers Corp. REG and is maintaining its Neutral rating and $41 price target on the stock. In its report, J.P. Morgan writes, “Wednesday night, REG reported Q1 recurring FFO/share that was in line with our estimate. On a sequential basis, occupancy declined a little more than we anticipated, but overall NOI came in higher than expected (likely due in part to our net-investment assumptions versus what penciled out in the quarter). Management maintained its full- year 2011 recurring FFO/share guidance range as well as its projections for the key underlying drivers. With the pace of acquisitions/dispositions being fairly light in Q1, we expect both of these items to pick up as we move toward the back half of the year. On Thursday's call, we think the key focal point will continue to be small-shop leasing trends (fallout and demand), which began to stabilize/improve in recent quarters.” REG closed at $46.77 yesterday.