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Regency Centers Corp REG

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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.

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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 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.

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


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