Regency Centers Benefitting from New Store Openings

Hap Stein, chairman and CEO of Regency Centers Corp. (NYSE: REG), participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.

Stein noted that news of distress in the retail sector has obscured the fact that last year 4,000 new stores opened, with 1,000 additional openings recorded so far this year.

“Successful retailers want to be in well-conceived, well-located, and well-merchandized shopping centers. Fortunately, Regency’s portfolio abounds with those, and that’s the reason why our portfolio is 96 percent leased,” Stein said.

Meanwhile, Regency has a $1 billion to $1.5 billion pipeline of development and redevelopment projects that it expects to start in the next five years, Stein said. He highlighted the increase in Regency’s mixed-use development, which will play a greater role in the portfolio going forward. The goal, he said, is to enhance “already irreplaceable real estate and retail centers.”