Regency Centers Corporation

Regency Centers Corporation
Public company
Traded as NYSE: REG
S&P 500 Index component
Industry Real estate investment trust
Founded 1963 (1963)
Headquarters Wells Fargo Center
Jacksonville, Florida
Key people
 Martin E. (Hap) Stein Jr., Chairman & CEO
Lisa Palmer, President and CFO
Mac Chandler, EVP Development
James Thompson, EVP Operations[1]
Products Shopping malls
Revenue Decrease $614 million (2016)[1]
Increase -$166 million (2016)[1]
Total assets Decrease $4.488 billion (2016)[1]
Total equity Decrease $2.591 billion (2016)[1]
Number of employees
 371 (2016)[1]
Website www.regencycenters.com

Regency Centers Corporation is a real estate investment trust (REIT) based in Jacksonville, Florida and is one of the largest operators of grocery-anchored shopping centers.

Current operations

The company owns 427 properties comprising 59 million square feet of space, 80% of which are anchored by grocery stores that rank in the top three of their market.[1]

History

In 1963, the company was founded as Regency Square Properties by Martin and Joan Stein. Four years later, the company built Jacksonville's first regional mall, Regency Square.

In 1993, the company became a public company, raising $108 million in an initial public offering.[2]

In 1997, the company acquired Branch Properties, a Publix developer and leading owner of shopping centers in Atlanta, Georgia.[3]

In 2004, the company acquired a $400 million property portfolio from Branch Properties.[4]

On December 27, 2004, the company and California State Teachers' Retirement System (CalSTRS) formed a new co-investment partnership to acquire over $200 million in neighborhood and community shopping centers.[5]

In 2005, the company, in partnership with Macquarie CountryWide Trust, acquired 101 centers from First Washington Realty, Inc. and California Public Employees' Retirement System for $2.74 billion.[6][7] First Washington Realty Inc. and the California Public Employees’ Retirement System bought back a 60% interest in most of the portfolio in 2009.[8]

In August 2013, the company sold a portfolio of 7 grocery-oriented shopping centers to a joint venture between Blackstone Group and DDR Corp. for $332 million.[9][10]

In 2017, the company acquired Equity One, creating a company with a $16 billion market capitalization.[11][12]

References

  1. 1 2 3 4 5 6 7 Regency Centers Corporation 2016 Form 10-K Annual Report
  2. ↑ "Equity Issues This Week". The New York Times. October 25, 1993.
  3. ↑ "REGENCY REALTY AGREES TO BUY BRANCH PROPERTIES". Reuters. The New York Times. February 11, 1997.
  4. ↑ "Regency Centers and Joint Venture Partners to Acquire $400 Million Portfolio from Branch Properties" (Press release). Business Wire. August 16, 2004.
  5. ↑ "Regency Centers Reports Fourth Quarter Results Ahead of Target; FFO Per Share Grew 8.1% over 2003; Annual Dividend Raised to $2.20 - 10th Consecutive Annual Increase" (Press release). Business Wire. February 2, 2005.
  6. ↑ "MACQUARIE AND REGENCY TO BUY 101 SHOPPING CENTERS". The New York Times. February 16, 2005.
  7. ↑ "First Washington Realty to sell portfolio for $2.74B". The Gazette. February 18, 2005.
  8. ↑ "First Washington Realty, CalPERS buy back portfolio". American City Business Journals. July 22, 2009.
  9. ↑ Jonas, Ilaina (August 13, 2013). "Regency sells 7 shopping centers to Blackstone: DDR JV". Reuters.
  10. ↑ "Blackstone/DDR Buys Regency Shopping Center Portfolio for $332M". CoStar Group. August 14, 2013.
  11. ↑ "Regency Centers and Equity One Announce Closing of Merger" (Press release). Business Wire. March 1, 2017.
  12. ↑ "Regency Centers closes on Equity One acquisition, will join S&P 500". American City Business Journals. March 2, 2017.
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