Regency_Centers

Regency Centers

Regency Centers

U.S. real estate company

For the Scottish Rites Bodies Regency Center, see Regency Center.

Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56 million square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.[1]

Quick Facts Company type, Traded as ...

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] First Washington Realty Inc. and the California Public Employees’ Retirement System bought back a 60% interest in most of the portfolio in 2009.[7]

In August 2013, the company sold a portfolio of 7 grocery-oriented shopping centers to a joint venture between Blackstone Group and DDR Corp. (now SITE Centers) for $332 million.[8]

In 2017, the company acquired Equity One.[9][10]

Longtime CEO Hap Stein stepped down from his role as Chairman & CEO in 2019. He was succeeded by Lisa Palmer.[11][12]

References

  1. [1]
    "Regency Centers Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. [2]
    "Equity Issues This Week". The New York Times. October 25, 1993.
  3. [3]
    "REGENCY REALTY AGREES TO BUY BRANCH PROPERTIES". The New York Times. Reuters. February 11, 1997.
  4. [4]
    "Regency Centers and Joint Venture Partners to Acquire $400 Million Portfolio from Branch Properties" (Press release). Business Wire. August 16, 2004.
  5. [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. [6]
    "MACQUARIE AND REGENCY TO BUY 101 SHOPPING CENTERS". The New York Times. Bloomberg News. February 16, 2005.
  7. [7]
    "First Washington Realty, CalPERS buy back portfolio". American City Business Journals. July 22, 2009.
  8. [8]
    Jonas, Ilaina (August 13, 2013). "Regency sells 7 shopping centers to Blackstone: DDR JV". Reuters.
  9. [9]
    "Regency Centers and Equity One Announce Closing of Merger" (Press release). Business Wire. March 1, 2017.
  10. [10]
    "Regency Centers closes on Equity One acquisition, will join S&P 500". American City Business Journals. March 2, 2017.
  11. [11]
    "Hap Stein Steps Down as Regency Centers' CEO". cpexecutive.com. August 2, 2019. Retrieved 2020-10-30.
  12. [12]
    "Regency Centers Announces CEO and Executive Succession Plan (Press release)". Globe Newswire (Press release). August 1, 2019. Retrieved 2020-10-30.
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