Profile: Regency Centers Corp (REG)
26 Mar 2015
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. All of its operating, investing, and financing activities are performed through the Operating Partnership, its wholly-owned subsidiaries, and through its co-investment partnerships. As of December 31, 2013, it directly owned 202 shopping centers located in 23 states representing 22.5 million square feet of gross leasable area (GLA). Through co-investment partnerships, the Company owns partial ownership interests in 126 shopping centers located in 23 states and the District of Columbia representing 17.8 million square feet of GLA.
The Company earns revenues 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. At December 31, 2013, the Company leased 94.5% of its owned properties.
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 expenses, and reimbursement for utility costs if not directly metered.
Regency Centers Corp
1 Independent Dr Ste 114
JACKSONVILLE FL 32202-5005