Regency Centers Corporation (NASDAQ:REG) and its operating partnership, Regency Centers, L.P., have amended their existing equity distribution agreements, as announced today. The amendments were made to appoint Latham & Watkins LLP as the new legal counsel for the company.
The equity distribution agreements pertain to the sale of common stock by the company, which could reach up to $500 million in aggregate offering price. These sales will continue under the previously filed ATM Prospectus Supplement, dated August 8, 2023, and the Base Prospectus, dated March 23, 2023, part of Regency Centers Corporation's shelf registration statement. InvestingPro analysis reveals that the company has maintained dividend payments for 31 consecutive years and currently offers a dividend yield of 3.86%.
As part of the amendments, Regency Centers has also updated its tax disclosure related to the ATM Prospectus Supplement. The revised tax considerations are incorporated by reference and supersede previous disclosures in both the Base Prospectus and the ATM Prospectus Supplement.
The new "Validity of Securities" paragraph specifies that Latham & Watkins LLP will pass upon certain legal matters, including U.S. federal income tax matters for the company. The validity of the common stock offered will be passed upon by Foley & Lardner LLP.
The sales agents and forward purchasers involved in the agreements are represented by Sullivan & Cromwell LLP and Davis Polk & Wardwell LLP, respectively. It is important to note that this report does not constitute an offer to sell or a solicitation of an offer to buy any securities.
The amendments to the equity distribution agreements were made effective on January 6, 2025, and are detailed in the Exhibit 1.1 of the company’s Form 8-K filing with the Securities and Exchange Commission. This includes the appointment of legal representatives and revised tax considerations, which are part of the company's ongoing compliance and disclosure obligations.
Investors and stakeholders can refer to the SEC filing for the full details of the amendments and the legal considerations pertaining to Regency Centers Corporation's equity distribution. This move is part of the company's financial management strategy and does not constitute a new offering of securities at this time.
The stock is currently trading near its 52-week high of $76.53, with InvestingPro data showing multiple additional insights available, including 8 more ProTips and comprehensive financial metrics in the Pro Research Report.
In other recent news, Regency Centers Corporation has made significant strides, including robust third-quarter results for 2024, with Nareit Funds From Operations (FFO) of $1.07 per share and core operating earnings of $1.03 per share.
The company also marked a record occupancy rate of over 96% and a same-property NOI growth of 4.9%. Furthermore, Regency Centers has made substantial investments in its development pipeline, with project starts totaling between $200 million and $250 million.
The company has also amended its equity distribution agreements with several financial institutions and appointed Latham & Watkins LLP as its new legal counsel. Additionally, Regency Centers has modified its severance and change of control agreement with CEO Lisa Palmer, adjusting the cash severance terms for certain termination scenarios.
Analyst firms Raymond (NS:RYMD) James and KeyBanc Capital Markets have maintained a positive outlook on Regency Centers. Raymond James increased the price target from $75.00 to $80.00, maintaining its Outperform rating, while KeyBanc reiterated its Overweight rating and a price target of $80.00 for the company's shares. These recent developments highlight the ongoing strategic and operational efforts by Regency Centers.
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