Regency Centers (NASDAQ:REG) Corporation and its subsidiary, Regency Centers, L.P., announced today the amendment of their equity distribution agreements with several financial institutions. The amendments, effective as of Monday, reflect the appointment of Latham & Watkins LLP as the company’s new legal counsel.
The Jacksonville, Florida-based real estate investment trust (REIT), which trades on the Nasdaq Stock Market under the ticker NASDAQ:REG, specializes in the ownership, operation, and development of shopping centers. The company boasts an impressive 31-year streak of maintaining dividend payments, currently offering a 3.86% yield.
The company’s common stock, with an aggregate offering price of up to $500 million, will continue to be sold from time to time under the amended agreements. InvestingPro analysis indicates the company’s overall financial health score is GOOD, with particularly strong cash flow metrics.
For deeper insights into Regency Centers’ financial performance and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro. These sales are part of a shelf registration statement filed on March 23, 2023, and the offerings will be made pursuant to the ATM Prospectus Supplement filed with the SEC on August 8, 2023.
The updated equity distribution agreements involve sales agents and forward sellers including Wells Fargo (NYSE:WFC) Securities, LLC, J.P. Morgan Securities LLC, and others. The forward purchasers include Wells Fargo Bank, National Association, and JPMorgan Chase (NYSE:JPM) Bank, National Association, New York Branch, among others.
In addition to the amendments, the company has filed revised tax disclosure in connection with the ATM Prospectus Supplement. This new tax disclosure supersedes the previous information contained in the Base Prospectus and the ATM Prospectus Supplement.
The legal validity of the common stock offered will be passed upon by Foley & Lardner LLP, while sales agents and forward purchasers are represented by Sullivan & Cromwell LLP and Davis Polk & Wardwell LLP, respectively.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities, and no such securities will be sold in jurisdictions where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its calculated Fair Value, with revenue growing at 13.47% over the last twelve months.
The information in this news article is based on a press release statement.
In other recent news, Regency Centers has demonstrated robust performance with strong third-quarter results for 2024, reporting 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%. This led to an increase in the company’s full-year guidance, reflecting confidence in its operational performance and strategic investments.
Regency Centers has also made noteworthy investments in its development pipeline, with project starts totaling between $200 million and $250 million. Looking forward into 2025, the company expects a similar growth trajectory, with Nareit FFO growth predicted to exceed 5%.
Analyst firms Raymond (NS:RYMD) James and KeyBanc Capital Markets have both maintained a positive outlook on Regency Centers. Raymond James has 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.
Regency Centers has also amended its severance and change of control agreement with CEO Lisa Palmer, modifying the cash severance terms for certain termination scenarios. This adjustment ensures Palmer receives a substantial severance package reflective of her executive compensation, should specific termination conditions be met.
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