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Regency Centers (REG) Announces New Ground-Up Development

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Regency Centers Corporation (REG - Free Report) has announced a new ground-up development – Chimney Rock – in Bridgewater, NJ with an estimated cost of $70 million. Located in a very powerful market, Chimney Rock with 218,000 square feet of prime retail space, will be accretive for the Jacksonville, FL-based retail real estate investment trust (“REIT”) going forward.

Anchored by Whole Foods Market, the center will include several top national retailers. The center will be inside a community with a population over 250,000 and a daytime population of around 330,000.

Regency’s portfolio includes 307 retail properties, covering an area of over 42.1 million square feet, located in the top markets across the U.S.

Currently Regency carries a Zacks Rank #3 (Hold). For the current year, Regency’s estimates moved up 0.3% to $3.27 per share over the past 30 days. Year to date, the company’s share price moved down 3.4%, whereas this fall for the Zacks categorized REIT and Equity Trust – Other industry was 2.3%.

Some better-ranked stocks in the same space include Seritage Growth Properties (SRG - Free Report) , DCT Industrial Trust Inc. and American Tower Corporation (AMT - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.

DCT Industrial Trust’s current-year FFO estimates have moved up 2.3% over the past one month to $2.24 per share.

Current-year estimates for American Tower Corporation moved up 0.2% to $5.55 over the past month.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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