Regency Centers

Last updated
Regency Centers Corporation
Type Public company
Nasdaq:  REG
S&P 500 Index component
Industry Real estate investment trust
Founded1963;59 years ago (1963)
Headquarters Wells Fargo Center
Jacksonville, Florida
Key people
 Martin E. (Hap) Stein Jr., Chairman
Lisa Palmer, CEO
Michael J. Mas, CFO
Products Shopping malls
RevenueIncrease2.svg $1.133 billion (2019)
Decrease2.svg $239 million (2019)
Total assets Increase2.svg $11.132 billion (2019)
Total equity Decrease2.svg $6.289 billion (2019)
Number of employees
450 (2019)
Website www.regencycenters.com
Footnotes /references
[1]

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]

Contents

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]

Related Research Articles

Hyatt American multinational hospitality company

Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vacation properties. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family.

Blackstone Inc American asset management company

Blackstone Inc. is an American alternative investment management company based in New York City. In 2019, Blackstone converted from a publicly traded partnership into a C-type corporation. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. As of 2021, the company's total assets under management were approximately US$880 billion.

GGP Inc. U.S. real estate company

GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa in 1954, and was headquartered in Chicago, Illinois from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.

Simon Property Group International real estate investment trust founded in the United States

Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties comprising approximately 241,000,000 square feet (22,400,000 m2) of gross leasable area in North America and Asia. For a list of notable properties owned by the company, see List of Simon Property Group properties.

SITE Centers American real estate company

SITE Centers Corp. is a publicly traded real estate investment trust that invests in shopping centers. Founded in 1965 by Bert Wolstein, the company is headquartered in Beachwood, Ohio. As of December 31, 2019 the company owned interests in 170 shopping centers in the United States containing 57.0 million square feet and managed 13.2 million square feet for Retail Value Inc. Notable properties wholly owned by the company include Shopper's World in Framingham, Massachusetts. It's major tenants include retailers such as: TJX Companies, PetsMart, Dick's Sporting Goods, Ulta Beauty, Ross Stores, and Nordstrom.

CBL Properties is an American real estate investment trust that invests in shopping centers, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee. The company's largest tenants are L Brands, Signet Jewelers, and Foot Locker.

Brandywine Realty Trust Real Estate Investment Firm

Brandywine Realty Trust is a real estate investment trust that invests in office buildings in Philadelphia, Washington, D.C., and Austin.

EQ Office Real estate investment trust

EQ Office is a real estate investment company that owns 80 office properties comprising 40 million square feet. The company is owned by funds managed by The Blackstone Group. The company was formerly known as Equity Office.

Kimco Realty Corporation is a real estate investment trust that invests in shopping centers. As of March 31, 2022, the company owned interests in 537 U.S. shopping centers and mixed-use assets comprising 93 million square feet of gross leasable space.

Thomas Properties Group Defunct real estate investment firm

Thomas Properties Group was a real estate investment trust based in City National Plaza in Los Angeles, California.

Private equity in the 2000s Aspect of history

Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.

Trizec Properties

Trizec Properties, Inc., previously known as TrizecHahn Corporation, was a real estate investment trust headquartered in Chicago, Illinois. It was originally a Canadian company. The name is derived from the initials of the three groups (Tri) that formed Trizec Properties Ltd: Zeckendorf, Eagle Star, and Covent Gardens.

Glimcher Realty Trust was a real estate investment trust based in Columbus, Ohio that invested in shopping malls. In 2015, the company was acquired by Washington Prime Group.

Liquid Realty Partners was a private equity real estate firm that invested indirectly in commercial property by acquiring interests in existing real estate funds, partnerships, joint ventures, separate accounts, unit trusts and other private investment vehicles in the private equity secondary market.

First Potomac Realty Trust Real estate investment trust

First Potomac Realty Trust was a real estate investment trust that invested in industrial properties and business parks in the suburbs of the Washington metropolitan area. In 2017, it was acquired by Government Properties Income Trust.

Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in warehouses. The company was formed through the merger of AMB Property Corporation and ProLogis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 31, 2020, the company owned 4,703 buildings comprising 984 million square feet in 19 countries in North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves over 5,000 tenants. Prologis created a venture capital arm in 2016.

World Class Capital Group is a privately owned investment firm that focuses on global real estate. The firm is based in Austin, Texas, with additional offices located in Dallas and New York City. World Class primarily invests in real estate equity, debt, and securities. Investments are made across the US and are made in various asset classes - including retail, office, industrial, self-storage and multifamily. World Class Mortgage Capital originates senior mortgages, mezzanine loans and preferred equity on a fixed-rate and floating-rate basis.

Brixmor Property Group Inc. is a publicly traded real estate investment trust that invests in shopping centers. It owns and operates a high-quality, national portfolio of 400+ open-air retail centers comprising approximately 73 million square feet of prime retail space in established trade areas. Brixmor is a real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets, Wal-Mart, Ross Stores and L.A. Fitness. It is organized in Maryland with its headquarters in New York City.

Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. From January 2015 to September 2016, the company had the name WP Glimcher. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy.

CIM Group invests in commercial property on behalf of large institutions such as pensions. As of December 31, 2020, the company owned $29.2 billion worth of commercial property.

References

  1. 1 2 "Regency Centers Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Equity Issues This Week" . The New York Times . October 25, 1993.
  3. ↑ "REGENCY REALTY AGREES TO BUY BRANCH PROPERTIES" . The New York Times . Reuters. 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 . Bloomberg News. February 16, 2005.
  7. ↑ "First Washington Realty, CalPERS buy back portfolio". American City Business Journals . July 22, 2009.
  8. ↑ Jonas, Ilaina (August 13, 2013). "Regency sells 7 shopping centers to Blackstone: DDR JV". Reuters .
  9. ↑ "Regency Centers and Equity One Announce Closing of Merger" (Press release). Business Wire. March 1, 2017.
  10. ↑ "Regency Centers closes on Equity One acquisition, will join S&P 500". American City Business Journals . March 2, 2017.
  11. ↑ "Hap Stein Steps Down as Regency Centers' CEO". cpexecutive.com. August 2, 2019. Retrieved 2020-10-30.
  12. ↑ "Regency Centers Announces CEO and Executive Succession Plan (Press release)". Globe Newswire. August 1, 2019. Retrieved 2020-10-30.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.