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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 .
- 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.
- Leasing Services - Leases space to necessity, service, convenience, and value-based retailers, ensuring a diverse tenant mix that serves essential community needs.
- Portfolio Management - Actively manages the portfolio by selling lower-performing properties and reinvesting in higher-quality centers to enhance net operating income (NOI).
| Name | Position | External Roles | Short 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. |
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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?
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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?
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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?
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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?
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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?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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. |
Recent press releases and 8-K filings for REG.
- Regency Centers reported strong same-property NOI growth and robust leasing activity driven by healthy tenant demand and an active lease pipeline .
- Acquired Brentwood Place in Nashville/Tennessee—a 320,000 sq ft asset highlighted as a strategic investment for $119M—and expanded its pipeline with $46 million of incremental base rent potential .
- Executed $500 million in in-process development and redevelopment projects, reinforcing its long-term growth strategy .
- Updated full-year guidance with key metrics including net income, Nareit FFO, and Core Operating Earnings per diluted share, underscoring steady growth expectations .
- Addressed macroeconomic and geopolitical risks impacting borrowing costs, tenant performance, and overall operations, alongside evolving retail trends and REIT-specific challenges .
- Strengthened its balance sheet with an S&P upgrade to A- while maintaining leverage within targeted ranges, ensuring ample liquidity and access to low-cost capital .
- Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted share were reported for the quarter, with net income of $106.2 million ($0.58 per diluted share) remaining consistent with the prior year.
- Same Property NOI increased by 4.3% year-over-year, with portfolio occupancy at 96.5% and improvements in anchor and shop leasing percentages.
- The company executed approximately 1.4 million square feet of new and renewal leases, highlighting robust leasing activity during the quarter.
- An acquisition was completed for Brentwood Place in Nashville, TN, at approximately $119 million, and updated 2025 earnings guidance was reaffirmed.