Regency Centers Corporation

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Regency Center Corporation
Type Public (NYSEREG)
Industry Real Estate Investment Trust
Founded 1963
Headquarters Jacksonville, Florida, USA
Key people Martin E. (Hap) Stein Jr., Chairman & CEO
Brian Smith, President & COOr
Lisa Palmer, CFO & Executive Vice President
Products Shopping Centers
Revenue $607.6 million (2006)
Website www.regencycenters.com

Regency Centers Corporation (NYSEREG) is a Real estate investment trust (REIT) based in Jacksonville, Florida and one of the largest operators of grocery-anchored shopping centers. About 90 percent of its shopping centers are anchored by grocers ranking in the top three of their market.

History[edit]

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.

Regency then expanded into Tampa, Florida in 1985, with the development of a community shopping center. Expansion continued into South Florida in 1992 with an acquisition that focused on development and acquiring retail assets. By 1993, the company went public with a $108 million initial offering, trading under the REG symbol. Regency Centers acquired Branch Properties in 1997; a Publix developer and leading owner of shopping centers in Atlanta, Georgia.

In 2000, Regency introduced a co-investment partnership platform to leverage and diversity their capital base. Regency expanded their co-investment partnership platform to $486 million in gross value and 28 assets. They partnered with Oregon Public Employees' Retirement Fund and Macquarie CountryWide Trust of Australia.

Partnerships continued to develop into 2004 with the California State Teachers Retirement System, and the acquirement of a $400 million property portfolio from Branch Properties on behalf of its co-investment partners.

With Regency acquiring a $2.7 billion 100 center property portfolio in 2005 from First Washington Realty, Inc., there was a dramatic increase in Regency's presence in a number of high-barrier-to-entry markets.

In 2006, Regency formed Regency Retail Partners, a $1.4 billion open-ended community center fund.

2007 was the year that greengenuity® was launched to lessen the environmental impact of new developments, existing centers and corporate operations. A year later, 2008, Regency further strengthened the balance sheet by expanding bank facilities to over $941 million, placed over $250 million of mortgages in a very difficult market and earned a $20 million promote from the Oregon partnership for generating a total return in excess of both NCREIF and the internal hurdle rate since the inception of the partnership.

By 2009, Regency formed two new co-investment partnerships with Global Retail Investors, LLC (GRI) and USAA, raising more than a billion dollars of capital through two common stock offerings, mortgage financings, contributions to co-investment partnerships and property sales. Sold in 2010 was $400 million in 10-year unsecured notes. Refinanced, or locked, the interest rate on $587 million in secured debt. In 2011, Regency leased nearly 7 million square feet, the most square footage leased annually in the company’s history.

As of 2012, Regency achieved a full-year same-property NOI growth of 4%, the highest since 1999.

In August 2013, the firm sold a portfolio of seven grocery-orientated shopping centers to a joint venture between Blackstone Group and DDR Corp. for $332 million.[1]

Leadership[edit]

Regency’s chairman and CEO, Martin E. "Hap" Stein, Jr., is the son of the couple, Martin and Joan E. Stein, that founded the REIT’s predecessor, Regency Realty in the 1960s.[2]

Stein has served as Chief Executive Officer since the company’s initial public offering in 1993 and as Chairman since 1999. He served as President of Regency's predecessor real estate division beginning in 1981 and as a Vice President from 1976 to 1981.

Stein is in the commercial real estate industry, serving as 2008 chairman of the National Association of Real Estate Investment Trusts (NAREIT). He holds or has held leadership positions with NAREIT, the Urban Land Institute and the Real Estate Roundtable, as well as board positions with Patriot Transportation, Stein Mart and his alma mater Washington and Lee University.

[3]

Brian Smith is President and Chief Operating Officer of Regency Centers.

Smith started with Regency as a Managing Director for the Pacific, Mid-Atlantic and Northeast divisions, which led to his appointment as Chief Investment Officer in 2005, where he oversaw the formulation, growth and management of the company’s development and investment business nationwide. He was appointed Chief Operating Officer and President in 2009.

Smith joined Regency in 1999 through the merger with Pacific Retail Trust, where he created the development program and served as Managing Director of Investments for the Pacific region. Brian began his real estate career at Trammell Crow Company as a leasing agent and ultimately as partner in the firm and a member of the company’s national retail executive committee.

[4]

Lisa Palmer is Executive Vice President and Chief Financial Officer for Regency Centers.

Palmer joined Regency in 1996 as Senior Manager of Investment Services, responsible for underwriting all new investments and managing the market research department. Lisa assumed the role of Vice President of Capital Markets in 1999 and was promoted to Senior Vice President of Capital Markets in 2003. Lisa assumed the role of Chief Financial Officer in January 2013.

Before Regency, Palmer worked with Accenture, formerly Andersen Consulting Strategic Services, as a consultant in Atlanta and a financial analyst for General Electric.

Palmer earned her Master of Business Administration from The Wharton School of the University of Pennsylvania and received her bachelor’s degree in economics from the University of Virginia.

Palmer is a board member for the United Way of Northeast Florida, a member of the executive committee of the Urban Land Institute (ULI) Jacksonville District Council, a board member of Brooks Rehabilitation Hospital, and a member of ICSC.

[5]

Offices[edit]

Regency Centers has 17 office locations in national markets. They include Atlanta, Chicago, Cincinnati, Dallas, Denver, Houston, Jacksonville, Los Angeles, Philadelphia, Portland, Raleigh, Richmond, San Diego, San Francisco, Tampa, Washington, D.C., and West Palm Beach.

References[edit]

  1. ^ Ilaina Jonas (13 August 2013). "Regency sells 7 shopping centers to Blackstone: DDR JV". Reuters. 
  2. ^ International Directory of Company Histories, Volume 71 (2000) by Ed Dinger
  3. ^ "Regency Center's Leadership". 
  4. ^ "Regency Center's Leadership". 
  5. ^ "Regency Center's Leadership". 

External links[edit]