Jacksonville, FL-based Regency Centers Corporation is one of the leading publicly traded retail REIT in the United States. The company’s portfolio mainly constitutes of grocery-anchored community and neighborhood centers. It started operating as a publicly traded REIT in 1993.

Regency leases space in its shopping centers to grocery stores, major retail anchors, restaurants, side-shop retailers and service providers. This apart, the company also makes ground leasing or selling out-parcels to similar types of tenants.

As of Mar 31, 2022, Regency had full or partial ownership stakes in 406 properties, spanning 51.3 million square feet of gross leasable area (GLA). As of the same date, the company’s wholly owned portfolio and its pro-rata shares of co-investment partnerships were 93.9% leased. Its same-property portfolio was 94.3% leased, reflecting an expansion of 30 basis points (bps) sequentially.

During the first quarter of 2022, Regency Centers commenced more than $50 million of development and redevelopment projects and completed redevelopment projects with combined costs of approximately $9 million, each at the company’s share.

As of Mar 31, 2022, Regency Centers’ in-process development and redevelopment projects had estimated net project costs of roughly $348 million and an estimated $150 million of remaining costs to complete these projects, each at the company’s share.

Additionally, Regency Centers completed property acquisitions of $41 million and property dispositions of $138 million, each at the company’s share, during the first quarter. Subsequent to the quarter-end, the company acquired 75% interest in four centers held in a joint venture with Castors for roughly $90 million.

Note: All EPS numbers presented in this report represent funds from operations (“FFO”) per share. 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.