Skip to Content

Regency Centers Corp REG

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Higher Occupancy and Rent Collection Lead to Q2 Beat for Regency Centers

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Regency Centers reported second-quarter results ahead of our expectations, as the retail recovery has occurred faster than anticipated, leading us to reaffirm our $66 fair value estimate. Same-store occupancy increased 30 basis points to 92.5% in the second quarter, better than our estimate of a 50-basis-point decline. Re-leasing spreads improved slightly and beat our estimate of a 0.9% gain with a reported figure of 2.7% for the quarter. Rent collection improved to 96% in the second quarter compared with 93% in the first quarter and far better than the 85% figure reported in the second quarter of 2020. With the elimination of uncollected rent write-offs, Regency's same-store revenue increased 22.3%, and same-store net operating income increased 30.3%, better than our estimate of 23.4% growth. As a result, Regency reported second-quarter core funds from operations of $0.95, ahead of our estimate of $0.83 for the second quarter.

Read Full Analysis

Company Profile

Business Description

Regency Centers is the largest shopping center-focused retail REIT. The company's portfolio includes an interest in 406 properties, which includes nearly 56 million square feet of retail space. The portfolio is geographically diversified with 22 regional offices and no single market representing more than 14% of total company NOI. Regency's retail portfolio is primarily composed of grocery-anchored centers with 80% of properties featuring a grocery anchor and grocery stores representing 20% of annual base rent.

Contact
One Independent Drive, Suite 114
Jacksonville, FL, 32202-5019
T +1 904 598-7000
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 431

Related

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.