Regency Closes $600M Facility - Analyst Blog
09 September 2011 - 2:45AM
Zacks
Regency Centers Corporation (REG) recently
announced that it has closed on the refinancing of its $600 million
credit facility. The facility bears an interest at an annual rate
of LIBOR plus 125 basis points and will expire in September
2015. Additionally, the company has an option to upsize the
facility up to an additional $1 billion.
Regency maintains a conservative capital structure and follows a
self-funding capital strategy to fund its growth, which includes
disposal of non-strategic assets and continued focus on
industry-leading co-investment partnership programs. At the end of
the second quarter of 2011, Regency had cash and cash equivalents
of about $18.4 million with a debt of $2.0 billion.
Regency Centers reported second quarter 2011 FFO (funds from
operations) of $55.1 million or 61 cents per share, compared with
$48.5 million or 58 cents in the year-earlier quarter. Fund from
operations, a widely used metric to gauge the performance of REITs,
is obtained after adding depreciation and amortization and other
non-cash expenses to net income.
Jacksonville, Florida-based Regency Centers Corporation is a
self-administered and self-managed real estate investment trust
(REIT), engaged in owning, operating, and developing
grocery-anchored retail shopping centers in the U.S. The company
seeks to own assets in high-income in-fill markets that are
tenanted by market-dominant grocers, category-leading anchors,
specialty retailers and restaurants.
Regency Centers currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We are also maintaining
our long-term Neutral recommendation on the stock. One of its
competitors, Developers Diversified Realty
Corp. also holds a Zacks #3 Rank.
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
REGENCY CTRS CP (REG): Free Stock Analysis Report
Zacks Investment Research
Developers Realty (NYSE:DDR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Developers Realty (NYSE:DDR)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Ddr Corp. (New York Stock Exchange): 0 recent articles
More Developers Realty News Articles