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Regency, Equity One to Merge for Largest Shopping Center REIT

JACKSONVILLE, FL—The combined company will trade under the REG symbol and is expected to have a total market capitalization of $15.6 billion.

By Paul Bubny | paulbubny | Updated on November 15, 2016

Bloomingdale Square in Brandon, FL Bloomingdale Square in Brandon, FL is one of more than 300 shopping centers in Regency’s current portfolio.

JACKSONVILLE, FL—Regency Centers Corp. and Equity One Inc. said Monday afternoon that they would merge in a stock-for-stock deal valued at approximately $4.6 billion. The combined company, which will trade under the Regency name and REG stock ticker, is expected to have a pro forma equity market capitalization of approximately $11.7 billion and a total market cap of $15.6 billion, making it the largest REIT by equity value in the shopping center index.

Post-merger, Regency will encompass a national portfolio of 429 properties—including 112 acquired in the merger—totaling more than 57 million square feet, with locations mainly in high density infill and affluent trade areas. Its five largest areas of Southern and Northern California; Southeast Florida; New York; and the Washington, DC/Baltimore corridor together will represent more than 50% of total annualized rent, increasing density by more than 30% and demographic purchasing power by 15%.

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