Profile: Regency Centers Corp (REG)

REG on New York Consolidated

18 Dec 2014
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$1.07 (+1.69%)
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Regency Centers Corporation, incorporated on July 8, 1993, is a real estate investment trust (REIT) and is the managing general partner in Regency Centers, L.P. It endeavors to be the preeminent national shopping center company distinguished by sustaining growth in shareholder value and compounding total shareholder return in excess of its peers. All of its operating, investing, and financing activities are performed through the Operating Partnership, its wholly-owned subsidiaries, and through its investments in real estate partnerships with third parties. As of December 31, 2012, it directly owned 204 shopping centers (the Consolidated Properties) located in 24 states representing 22.5 million square feet of gross leasable area (GLA). Through co-investment partnerships, it owns partial ownership interests in 144 shopping centers (the Unconsolidated Properties) located in 24 states and the District of Columbia representing 17.8 million square feet of GLA. In May 2013, Regency Centers Corp, a unit of Security Capital Corp, subsidiary of General Electric Co's {GE} General Electric Capital Corp, acquired Preston Oaks shopping center. In July 2013, it closed on the off-market acquisition of Shoppes of Burnt Mills. In August 2013, the Company Regency Centers Corp announced that it has completed the sale of the portfolio of shopping centers owned by Regency Retail Partners, LP (the Fund). In October 2013, Charter Realty & Development Corp. and Regency Centers Corporation closed on the acquisition of Fellsway Plaza, a 150,000-square-foot neighhood center anchored by a constructed Stop & Shop, located in Medford, Mass. In March 2014, Regency Centers acquired Shops at Mira Vista in Austin, Texas. In March 2014, the Company closed on a three-property acquisition in Fairfield and also acquired an 80% majority stake in a portfolio of centers which include Black Rock Shopping Center, Brick Walk, and Fairfield Center.

The Company earns revenues and generates cash flow by leasing space in its shopping centers to grocery stores, retail anchors, restaurants, side-shop retailers, and service providers, as well as by ground leasing or selling building pads (out-parcels) to these same types of tenants. It experiences growth in revenues by increasing occupancy and rental rates in its existing shopping centers and by acquiring and developing new shopping centers. At December 31, 2012, the consolidated shopping centers were 94.1% leased.

The Company monitors the operating performance and rent collections of all tenants in its shopping centers, especially those tenants operating retail formats that are experiencing changes in competition, business practice, and store closings in other locations. It also evaluates consumer preferences, shopping behaviors, and demographics to anticipate both challenges and opportunities in the changing retail industry that may affect its tenants.

Regency's leases for tenant space under 5,000 square feet generally have terms ranging from three to five years. Leases greater than 10,000 square feet generally have lease terms in excess of five years, mostly comprised of anchor tenants. Many of the anchor leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. The leases provide for the monthly payment in advance of fixed minimum rent, additional rents calculated as a percentage of the tenant's sales, the tenant's pro-rata share of real estate taxes, insurance, and common area maintenance (CAM) expenses, and reimbursement for utility costs if not directly metered.

Company Address

Regency Centers Corp

Suite 114, One Independent Drive
P: +1904.5987000
F: +1904.6343428

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