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    Regency Centers Corp (REG)

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    Regency Centers Corporation is a fully integrated real estate company and a self-administered and self-managed real estate investment trust (REIT) that primarily focuses on acquiring, developing, owning, and operating income-producing retail real estate . The company's portfolio consists of neighborhood and community shopping centers predominantly located in suburban trade areas across the United States, with a strong emphasis on properties anchored by market-leading grocery stores . Regency Centers generates revenue primarily through leasing space to necessity, service, convenience, and value-based retailers, which serve the essential needs of communities .

    1. Retail Shopping Centers - Owns and operates neighborhood and community shopping centers, focusing on properties anchored by market-leading grocery stores.
      • Direct Ownership - Holds direct ownership interests in retail shopping centers, actively managing and optimizing the portfolio.
      • Partnership Interests - Engages in joint ventures to own and manage shopping centers, earning fees for management and leasing services.
    2. Leasing Services - Leases space to necessity, service, convenience, and value-based retailers, ensuring a diverse tenant mix that serves essential community needs.
    3. Portfolio Management - Actively manages the portfolio by selling lower-performing properties and reinvesting in higher-quality centers to enhance net operating income (NOI).
    NamePositionExternal RolesShort Bio

    Lisa Palmer

    ExecutiveBoard

    President and Chief Executive Officer

    Director at Jacksonville Branch of the Federal Reserve Bank of Atlanta, Brooks Rehabilitation; Chair of United Way of Northeast Florida; Member of Nareit, ULI, and ICSC Board of Trustees.

    Joined REG in 1996; became CEO on January 1, 2020; previously served as CFO and President; extensive experience in real estate, finance, and governance.

    View Report →

    Martin E. Stein, Jr.

    ExecutiveBoard

    Executive Chairman of the Board

    Director of FRP Holdings, Inc.; Member of ULI, ICSC, and The Real Estate Roundtable.

    Joined REG in 1976; served as CEO from 1993 to 2019; led REG through its IPO and significant growth; transitioned to Executive Chairman on January 1, 2020.

    Alan T. Roth

    Executive

    East Region President and Chief Operating Officer

    Member of ICSC and Nareit; Planning Committee for ICSC Open Air Conference.

    Joined REG in 1997; became East Region President and COO on January 1, 2024; previously served as EVP, National Property Operations, and East Region President; extensive experience in operations and investment strategies.

    Michael J. Mas

    Executive

    Executive Vice President and Chief Financial Officer

    None mentioned.

    Joined REG in 2003; became CFO on August 12, 2019; previously served as Managing Director of Finance and SVP of Capital Markets; extensive experience in capital markets and financial strategy.

    Nicholas A. Wibbenmeyer

    Executive

    West Region President and Chief Investment Officer

    Member of ICSC and Nareit.

    Joined REG in 2005; became West Region President and CIO on January 1, 2024; previously served as Senior Managing Director, West Region; expertise in investments and development strategy.

    C. Ronald Blankenship

    Board

    Director

    Director of Civeo Corporation, Pacolet-Miliken Enterprises, Inc., Berkshire Residential Investments, and Merit Hill Holdings, LP.

    Joined REG in 2001; extensive experience in real estate investment and management; serves on multiple boards in the real estate and investment sectors.

    David P. O’Connor

    Board

    Director, Chair of Nominating and Governance Committee

    Managing Partner of High Rise Capital Partners, LLC; Co-Chairman of HighBrook Investment Management, LP; Director at Prologis, Inc.; Trustee at Boston College; Member of Zell/Lurie Real Estate Center.

    Joined REG in 2011; extensive experience in real estate investment and governance; serves on multiple boards and advisory committees.

    Deirdre J. Evens

    Board

    Director, Chair of Compensation Committee

    None mentioned.

    Joined REG in 2022; previously EVP and General Manager at Iron Mountain; extensive experience in executive compensation, governance, and operations.

    James H. Simmons, III

    Board

    Director

    CEO of Asland Capital Partners; Vice-Chair of Real Estate Executive Council; Trustee at Greater Jamaica Development Corporation; Member of Princeton University Advisory Council.

    Joined REG in 2021; extensive experience in real estate investment and development; leads Asland Capital Partners and serves on various advisory boards.

    Karin M. Klein

    Board

    Director

    Founding Partner of Bloomberg Beta; Director at Paramount Group, Inc.; Former Trustee of Harvey Mudd College.

    Joined REG in 2019; extensive experience in venture capital, technology, and business strategy; previously held leadership roles at Bloomberg L.P. and Softbank Corp..

    Kristin A. Campbell

    Board

    Director

    Director at The ODP Corporation; Board member at Crete Mechanical Group; Advisory Board member at Boston University School of Hospitality Administration and LegalMation.

    Joined REG in 2023; previously EVP, General Counsel, and Chief ESG Officer at Hilton Worldwide; extensive experience in legal, compliance, and ESG matters.

    Peter D. Linneman

    Board

    Director

    Principal of Linneman Associates; Director at AG Mortgage Investment Trust, Paramount Group, Inc., and Equity Commonwealth.

    Joined REG in 2017; emeritus professor at Wharton School; extensive expertise in real estate and finance; serves on multiple public company boards.

    Thomas W. Furphy

    Board

    Director

    CEO of Consumer Equity Partners; Chairman and CEO of Replenium, Inc.; Luminary at Accenture.

    Joined REG in 2019; previously VP at Amazon.com; extensive experience in e-commerce, technology, and retail strategy; founder of multiple companies.

    1. In the latest quarter, small shop occupancy ticked down sequentially; could you elaborate on the factors behind this decline, and are there any signs of stress among local mom-and-pop tenants that could impact future occupancy levels?

    2. With your recent share repurchase at an implied cap rate of 7%, does this indicate a scarcity of attractive acquisition opportunities, and how does this align with your capital allocation priorities moving forward?

    3. Considering the uncertain macro environment and inflationary pressures on consumers, how confident are you that your current sales and traffic trends are sustainable, and what strategies do you have in place to address potential shifts in consumer behavior?

    4. Given your expectations that cap rates may not rise and could potentially decrease due to more capital entering the sector, how might this affect your investment strategy and asset valuations in the coming quarters?

    5. With $300 million currently drawn on your revolver to fund recent investments, can you discuss your plans for managing liquidity and debt, particularly if capital market conditions become more volatile?

    Program DetailsProgram 1Program 2
    Approval DateFebruary 8, 2023 July 31, 2024
    End Date/DurationFebruary 7, 2025 June 30, 2026
    Total additional amount$250 million $250 million
    Remaining authorizationN/A$250 million
    DetailsReplaced by new program Active, executed through open market purchases
    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20240.033Scheduled Principal + Mortgage Loans3.9 - 4.2 0.8% = (0.033 / 4.395) * 100
    20250.312Scheduled Principal + Mortgage + Unsecured3.9 - 4.1 7.1% = (0.312 / 4.395) * 100
    20260.358Mortgage + Unsecured3.9 - 4.1 8.1% = (0.358 / 4.395) * 100
    20270.755Mortgage + Unsecured3.9 - 4.1 17.2% = (0.755 / 4.395) * 100
    20280.372Mortgage + Unsecured3.9 - 5.8 8.5% = (0.372 / 4.395) * 100
    Beyond 20282.601Mortgage + Unsecured3.9 - 5.25 59.2% = (2.601 / 4.395) * 100
    CustomerRelationshipSegmentDetails

    Publix

    Landlord-tenant

    All

    $33.949 million (3.0% of annualized base rent)

    Albertsons Companies, Inc.

    Landlord-tenant

    All

    $33.559 million (3.0% of annualized base rent)

    Kroger Co.

    Landlord-tenant

    All

    $30.228 million (2.7% of annualized base rent)

    Amazon/Whole Foods

    Landlord-tenant

    All

    $29.809 million (2.6% of annualized base rent)

    TJX Companies, Inc.

    Landlord-tenant

    All

    $29.715 million (2.6% of annualized base rent)

    Ahold Delhaize

    Landlord-tenant

    All

    $22.583 million (2.0% of annualized base rent)

    CVS

    Landlord-tenant

    All

    $20.628 million (1.8% of annualized base rent)

    L.A. Fitness Sports Club

    Landlord-tenant

    All

    $11.137 million (1.0% of annualized base rent)

    Trader Joe's

    Landlord-tenant

    All

    $11.023 million (1.0% of annualized base rent)

    JPMorgan Chase Bank

    Landlord-tenant

    All

    $10.667 million (0.9% of annualized base rent)

    NameStart DateEnd DateReason for Change
    KPMG LLP1993 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Putnam Plaza

    2025

    Regency Centers acquired its partner’s interest in Putnam Plaza for approximately $10 million, effective January 1, 2025, which gives them 100% ownership of the asset.

    Urstadt Biddle Properties Inc.

    2023

    Completed as an all‐stock transaction valued at approximately $1.4 billion, this deal involved an exchange ratio of 0.347 REG share per Urstadt Biddle share and was structured to deliver cost synergies and enhance scale, with closing on August 18, 2023.

    Glenwood Green

    2022

    The acquisition of Glenwood Green in Old Bridge, NJ involved a 70% ownership stake in a 355,000 sq ft ground-up development anchored by ShopRite and Target, purchased for $11 million with estimated net development costs of $45.53 million and stabilization expected by 2025.

    Naperville Plaza

    2022

    Regency Centers acquired a 20% joint venture interest in Naperville Plaza through Columbia Regency Partners II, LLC for its share of $10.5 million, as part of a total deal valued at $52.38 million, positioning the asset with prominent anchors like Trader Joe’s and achieving high leased occupancy.

    Island Village

    2022

    The full acquisition of Island Village, an operating property in Bainbridge Island, WA, was completed for $30.65 million, adding 106,000 sq ft of retail space anchored by Safeway and Rite Aid with 98.2% leased occupancy and an average rent of $15.70 per square foot.

    RegCal JV Portfolio Properties

    2022

    Regency Centers acquired its partner’s 75% interest in a portfolio of four properties (including anchors such as Whole Foods, Trader Joe's, and Safeway) for $88.5 million, streamlining the joint venture portfolio to one operating property post-deal.

    Baederwood Shopping Center

    2022

    Acquired an 80% interest in Baederwood Shopping Center in Jenkintown, PA for a share price of $41.3 million, this deal included significant anchor tenants (Whole Foods and Planet Fitness), robust leased occupancy (96.3–97%), $5.8 million in intangible assets, and the assumption of $22.8 million in debt.

    No recent press releases or 8-K filings found for REG.