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Regency Centers Corp REG

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Regency Centers Q1 Results Well Ahead of Expectations, Prompting Significant 2021 Guidance Raise

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

The first quarter saw significant sequential improvement in retail operations for no-moat Regency Centers, giving us confidence in our $61 fair value estimate. Same-store occupancy of 92.2% was down 10 basis points in the first quarter compared to the fourth quarter of 2020, though that is better than our estimate of a 50-basis-point drop. Re-leasing spreads flattened out with just 0.2% growth on all leases, though that is roughly in line with our estimate. Rent collection saw modest improvement to 93% in the first quarter and Regency continues to collect on owed rent from 2020 with the company to date collecting 85%, 91%, and 93% for the second, third, and fourth quarters of 2020, respectively. While the uncollected rent caused same-store net operating income to decline 1.6% year over year, that is far better than the double-digit year-over-year declines seen the prior three quarters. As a result, Regency reported funds from operations of $0.86 in the first quarter, 5 cents below the $0.91 figure reported in the first quarter of 2020 but 13 cents over the $0.73 figure reported in the fourth quarter of 2020.

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Company Profile

Business Description

Regency Centers is the largest shopping center-focused retail REIT. The company's portfolio includes an interest in 411 properties, which includes 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.

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


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