Sector: Real Estate|Industry: REIT - Retail|Market Cap: $13.21B|Employees: 497
Regency Centers Corporation is a fully integrated real estate company and self-administered REIT that focuses on acquiring, developing, owning, and operating retail real estate, primarily in suburban trade areas with strong demographics. The company generates revenue by leasing space to necessity, service, convenience, and value-based retailers, and is a preeminent national owner, operator, and developer of neighborhood and community shopping centers.
The 10-K filing states that Net income attributable to common shareholders increased to $386.7 million as compared to $359.5 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP.
The 10-K filing states that Pro-rata same property NOI, excluding termination fees, grew 3.1%, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases.
The 10-K filing states that total revenues increased by $131.4 million primarily due to the acquisition of UBP and increases from same properties, acquisitions of other operating properties, and redevelopment projects.