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Regency Centers Corp REG

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Regency Center's Decline in Fourth Quarter Operations In Line With Expectations

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

No-moat Regency Centers reported fourth-quarter results in line with our expectations, leading us to reaffirm our $61 fair value estimate. Same-store occupancy fell 60 basis points sequentially to 92.9%, in line with our 92.8% estimate. Re-leasing spreads continued to shrink with Regency only reporting a 0.6% spread in the fourth quarter, though it is positive to note that both new leases and renewals were both in positive territory after new leases had gone negative in the third quarter. Rent collection for the fourth quarter improved to 92% from 86% in the third quarter and 72% in the second quarter. Ignoring the write-off of uncollectible lease income, same-store net operating income only fell 3.4% in the fourth quarter but including that figure causes same-store NOI to fall 10.5% year-over-year. However, this is an improvement from the 15.2% decline reported in the third quarter. As a result, funds from operations fell 19.2% year over year to $0.73, in line with our estimates and a 4-cent improvement over the third 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 414 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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 431