Regency Centers Corporation

Regency Centers Corporation

Type	Public (NYSE: REG)
Industry	Real Estate Investment Trust
Founded	1963
Headquarters	Wells Fargo Center One Independent Drive Suite 114 Jacksonville, Florida, U.S.
Key people	Martin E. (Hap) Stein Jr., Chairman & CEO Lisa Palmer, President and CFO Mac Chandler, EVP, Development James Thompson, EVP, Operations
Products	Shopping Centers
Revenue	$569.8 million (2015)
Website	www.regencycenters.com

Regency Centers Corporation (NYSE: REG) 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

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 acquisitionof 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-oriented shopping centers to a joint venture between Blackstone Group and DDR Corp. for $332 million.^[1]

Leadership

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 CEO 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. Under Stein's leadership Regency Centers has become a preeminent shopping center company known for owning, operating and developing high-quality grocery-anchored shopping centers located in most major U.S. markets.

A recognized authority in the commercial real estate industry, Stein served 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, in addition to board positions with FRP Holdings, Stein Mart, and his alma mater, Washington and Lee University.

Stein earned a bachelor’s degree from Washington and Lee University and a Master of Business Administration from Dartmouth College.

^[3]

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

Palmer joined Regency in 1996 as Senior Manager of Investment Services and assumed the role of Vice President of Capital Markets in 1999. Palmer served as Senior Vice President of Capital Markets from 2003 to 2012, served as Executive Vice President and Chief Financial Officer from 2013 to 2015, and assumed the role of President and Chief Financial Officer in January 2016.

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 EHS Hospitality, a board member for Brooks Health System, a board member for the United Way of Northeast Florida, an advisory board member for the Florida Institute of CFOs (fiCFO), a member of the International Council of Shopping Centers (ICSC), and a member of the Urban Land Institute (ULI).

^[4]

Mac Chandler is Executive Vice President of Development for Regency Centers.

Previously, as Managing Director of the West Region, Chandler oversaw the growth and management of the company’s portfolio and new investments throughout California, Oregon, Washington, and Nevada.

From 2004 to 2007, Chandler was Managing Director for Investments in the Northeast. He successfully developed more than 4 million square feet of retail centers in 10 states, as well as multi-family housing, mixed-use and office properties for various other companies prior to joining Pacific Retail Trust, a predecessor of Regency Centers, in 1997.

Chandler holds a Bachelor of Science in Urban Planning, a Master of Business Administration and a Master of Real Estate Development (MRED) from the University of Southern California. He is a member of the International Council of Shopping Centers and the Urban Land Institute, where he serves as Chair of the Small-Scale Development Council (Gold).^[5]

James Thompson is Executive Vice President of Operations for Regency Centers. Previously, Thompson was Managing Director of Eastern Operations for Regency Centers from 1995 to 2015. He was responsible for overseeing the formulation, growth, and management of property development and investment business in the eastern United States, as well as a portfolio of 146 shopping enters which totaled over 17 million square feet, located in 13 states along the East Coast.

Thompson was appointed to Vice President, Development Partner in 1984, and became Executive Vice President in 1988. He helped grow Regency’s business from the initial public offering of $150 million in assets in 1993 to more than $5.7 billion in capitalization.

In addition to his real estate career, Thompson completed a successful military career as an aviator for the Florida Air National Guard, serving as squadron commander of the F-15 Fighter Squadron based in Jacksonville, Florida.

As an avid pilot, Thompson volunteers with Angel Flight Southeast, providing air transportation for emergency organ transplant patients and financially needy medical cases. He also serves on the board for Daniel Kids Foundation, a Florida charitable organization providing support for abused and neglected children.^[6]

Offices

Regency Centers has 19 office locations in national markets. They include Atlanta, Chicago, Cincinnati, Dallas, Denver, Houston, Jacksonville, Los Angeles, New York/Connecticut, Philadelphia, Portland, Raleigh, Richmond, San Diego, San Francisco, Seattle, Tampa, Washington, D.C., and West Palm Beach.^[7]

References

External links

• Official Website