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Regency Centers (ticker symbol REG on the New York Stock Exchange) is a REIT that is a leading owner, operator and developer of neighborhood and community stopping centers. That is, the kind of center anchored by a grocery store.
REG owns over 400 retail properties, 55 million square feet, in 46 metropolitan areas. They also have some power centers, which are clusters of big box stores.
REG was founded in 1963 by Joan and Martin E. Stein, Sr, and still based in Jacksonville Florida. In October 1993 REG went public as a Real Estate Investment Trust. Martin Hap Stein Jr. is current chairman and CEO.
Regency Centers Looks for High End Markets
The supermarkets it used to anchor its shopping centers are at least the number 3 in that market, and it puts its centers in neighborhoods with above average income. 11% of the U.S. population lives within 3 miles of a Regency Centers shopping center. Their average income is 31% higher than the national average.
Their Regency Centers´ Operating Property Disposition Program sells off properties to raise money for more profitable acquisitions and developments. This keeps REITs self-funding.
Regency Centers' Retailer Services Team helps top retailers such as Stein Mart and Books-A-Million go into top retail locations.
The financial crisis and recession hit all REITs hard, virtually halting new development projects. But in 2011 Regency is planning $75 million in new development. Although this is not as much as what they were doing prior to 2008, it's a good sign of financial improvement. In 2011 their Market at Colonade in Raleigh North Carolina will open.
All of this makes REG one of the top real estate investment trusts.
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