Regency Stock Hits High

JACKSONVILLE, FL-Regency Centers Corp. turned in record performance for full-year and fourth-quarter 2006. This combined with a pipeline fueled by the Jan. 4 close this year of its $1.2-billion Regency Retail Partners LP fund, previously reported by GSR, to send shares of REG stock to a new 52-week high of $88.45 on the NYSE, up slightly more than 1.5% on Feb. 1, the day the financials were released. That compares with a 52-week low of $59.04 a share on May 15, 2006.

The locally based company reported same-store net operating income increases of 4.4% and 3.8% for the final quarter and full year, respectively. Furthermore, same-store rental rate growth on a cash basis rose 10.5% in fourth quarter 2006 and 12.6% for the year. These represented eight years of same-store increases, said Mary Lou Fiala, president and COO, during a conference call.

At year-end 2006, Regency’s operating properties were 95.2% leased. During the conference call, Fiala noted that the company’s occupancy was never below 94%, compared to industry averages, which she says have been as low as 91%. Among the “hot tenants” at Regency properties, Fiala said, are Chico’s, Starbucks, Trader Joe’s and Citi Financial.