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, 2021, Regency had full or partial ownership of 406 properties, spanning 51.6 million square feet of gross leasable area (GLA). As of the same date, the company’s wholly-owned portfolio, along with its pro-rata shares of co-investment partnerships, was 92.2% leased. Its same-property portfolio was 92.5% leased, reflecting a contraction of 50 basis points (bps) sequentially.

Moreover, on Mar 1, 2017, Regency announced the closure of the Equity One merger deal. The move created a combined company with a total market capitalization of around $16 billion. Specifically, Equity One merged with and into Regency, and the surviving entity – Regency Centers – joined the S&P 500 Index on Mar 2. This merger created a high-quality portfolio of 429 properties, mainly grocery-anchored, situated in several top markets and provides long-term growth opportunities.

In September 2019, Regency announced the acquisition of 120,000-square-foot Circle Marina Center in Long Beach, CA. This off-market buyout marked the company’s fifth property owned in Long Beach. Positioned in a high density sub-market, the property is presently 94.1% leased. It includes 33,000 square feet area of a three-story office building and above-retail office, enjoying proximity to three other Regency shopping centers.

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.