Regency Starts Development Of Pinecrest Place In Florida

Regency Centers Corporation (NYSE:REG) , the Jacksonville, FL-based retail real estate investment trust (REIT), announced a new ground-up development of Pinecrest Place in Miami, FL. This development will add 70,000 square-feet of high-quality retail space to the existing 173,000 square foot area of Target. The construction works for this development is expected to be completed in second-quarter 2018.

Regency Centers’ portfolio mainly constitutes of grocery-anchored community and neighborhood centers. Importantly, Pinecrest Place is a perfect blend of best-in-quality anchors with a huge parking facility. Strategically located near US-1, Pinecrest Place is likely to benefit due to huge traffic and neighborhood daytime population of more than 120,000 with average household incomes over $130,000 in the trade area.

Backed by better-than-expected growth in revenue, in February, Regency Centers reported fourth-quarter 2016 core funds from operations (FFO) per share of 86 cents, which came ahead of the Zacks Consensus Estimate of 84 cents. Further, the results compared favorably with 79 cents reported in the year-ago quarter. Moreover, the company experienced growth in same property net operating income (SPNOI).

Shares of Regency outperformed the Zacks categorized REIT and Equity Trust – Retail industry in the last three months. During this time, while the company’s shares declined 2.2%, the industry recorded a loss of 3.7%. Also, its estimates for full-year 2017 FFO per share moved south in the last 30 days.


Currently, Regency carries a Zacks Rank #3 (Hold).

Investors interested in the REIT space, may consider stocks like Global Net Lease, Inc. (NYSE:GNL) , CoreSite Realty Corporation (NYSE:COR) and CorEnergy Infrastructure Trust, Inc. (NYSE:COR) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 remained unchanged at 60 cents.

In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.

CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 1.8% to $1.14, in the last 30 days.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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