Hap Stein, chairman and CEO of Regency Centers Corp. (NYSE: REG), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Regency Centers owns, operates and develops grocery-anchored neighborhood and community shopping centers. The company’s portfolio of 314 retail properties are located in markets throughout the United States.
Stein said the company’s goal of enhancing portfolio quality is proceeding “very well.” He noted that Regency acquired $400 million of shopping centers with “superior growth prospects” in 2015 and 2016. The company has also invested $300 million in developing centers during that time and has sold $200 million of lower-growth assets.
Stein also commented on uses for Regency Centers’ recent $230 million equity offering. The funds will allow Regency to close on its newly acquired Market Common Clarendon shopping center in Arlington, Virginia, and to purchase another shopping center in Seattle. The offering will also provide some “additional dry power,” Stein said.
Meanwhile, Stein said changes in retail behavior have not impacted Regency Centers’ tenant base. He stressed that most of the company’s business comes from grocery stores and that specialty supermarkets are “continuing to thrive.” Quality fast food vendors and fitness venues are also performing “extremely well,” he said.