Stein and other key Regency executives will continue to serve in their current capacities. Regency's board of directors has appointed Joseph Azrack, Chaim Katzman and Peter Linneman, former Equity One directors, to serve on the Regency board. Formerly chairman of Equity One's board, Katzman will serve as non-executive vice chairman of the Regency board.

For Regency, J.P. Morgan Securities LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor in connection with the merger. Equity One's advisor team on the merger included Barclays Capital Inc. as lead financial advisor, Citigroup Global Markets Inc. as co-financial advisor, and Kirkland & Ellis LLP as legal advisor. ICR LLC served as communications advisor for the transaction.

JACKSONVILLE, FL—Regency Centers Corp. and Equity One Inc. on Wednesday completed their previously announced $4.6-billion stock-for-stock merger. The combined company will trade on the New York Stock Exchange under the REG symbol and, as of Thursday, will become a member of the S&P 500 index.

When the combination was announced this past November, it was 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. Shareholders of both REITs approved the merger this past Friday.

“With a high quality portfolio of 429 properties located in many of the country's top markets, featuring outstanding demographics, augmented by a best-in-class development and redevelopment program, we believe Regency offers a unique long-term growth profile,” says Martin Stein Jr., chairman and CEO of Regency. The merger is also expected to be accretive to core funds from operations per share “while preserving our sector-leading balance sheet,” he adds. “Moving ahead, we look forward to the rapid integration of the two platforms and to creating additional value for our shareholders over the quarters and years to come.”

Post-merger, Regency expects the combined portfolio to produce annual same-property NOI growth for 2017 within a new range of 3.0% to 3.8%, up from previous guidance for Regency ranging from 2.25% to 3.00%. Regency expects to realize annualized cost savings of approximately $27 million by 2018, mainly by eliminating duplicative corporate and property-level operating costs.

Stein and other key Regency executives will continue to serve in their current capacities. Regency's board of directors has appointed Joseph Azrack, Chaim Katzman and Peter Linneman, former Equity One directors, to serve on the Regency board. Formerly chairman of Equity One's board, Katzman will serve as non-executive vice chairman of the Regency board.

For Regency, J.P. Morgan Securities LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor in connection with the merger. Equity One's advisor team on the merger included Barclays Capital Inc. as lead financial advisor, Citigroup Global Markets Inc. as co-financial advisor, and Kirkland & Ellis LLP as legal advisor. ICR LLC served as communications advisor for the transaction.