Growth Slowing for Regency Due to Anchor Closures but Reports in Line First Quarter
First-quarter results were in line with our expectations for no-moat Regency Centers, and nothing in the quarter leads us to believe that we will make any material changes to our $74 fair value estimate. Same-store occupancy declined sequentially to 95.0% from 96.2% mainly due to the closure of two Sears locations, in line with our expectations. Releasing spreads were up 8.8%, slightly ahead of our 8.3% estimate. Same-store base rent was up 2.8%, ahead of our expectations, though percentage rent...Regency Centers is a real estate company and self-administered and self-managed real estate investment trust. Regency Centers L.P. is the entity through which the company conducts substantially all of its operations and owns substantially all of its assets. The company's business consists of acquiring, developing, owning and operating income-producing retail real estate principally located in various markets in the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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