Regency Centers (REG) issues More Debt

Regency Centers Corporation (NASDAQ: REG) has announced the pricing of a $400 million public offering of senior unsecured notes due 2034. The notes were issued at 99.617% of par value with a coupon of 5.250% and are expected to mature on January 15, 2034, with interest payable semiannually. The company intends to use the net proceeds to reduce the outstanding balance on its line of credit and for general corporate purposes, including the future repayment of outstanding debt.

Christy McElroy, the company's representative, stated, "We are pleased to have priced this offering, which reflects our commitment to maintaining a strong balance sheet and financial flexibility. The proceeds will support our strategic initiatives and contribute to the overall strength of our company."

Regency Centers, a national owner, operator, and developer of shopping centers, focuses on properties located in suburban trade areas with compelling demographics. The company's portfolio comprises properties with highly productive grocers, restaurants, service providers, and best-in-class retailers. As a fully integrated real estate company and a qualified real estate investment trust (REIT), Regency Centers is self-administered, self-managed, and a member of the S&P 500 index.

Following this announcement, Regency Centers' stock experienced a 0.3% movement, reaching a trading price of $64.73 per share. The company's full 8-K submission is available here.

2018 2019 2020 2021 2022 2023
Revenue (MM) $1,121 $1,133 $1,016 $1,166 $1,224 $1,277
Revenue Growth n/a 1.09% -10.32% 14.76% 4.96% 4.36%
Net Margins 22% 21% 4% 31% 39% 28%
Net Income (MM) $249 $239 $45 $361 $483 $370
Net Interest Expense (MM) $148 $151 $157 $145 $146 $149
Depreciation & Amort. (MM) $93 $374 $346 $303 $320 $336
Capital Expenditures (MM) $52 $200 $181 $178 $195 $211
Current Ratio 1.0 1.0 1.0 1.0 1.0 1.0
Total Debt (MM) $3,715 $3,920 $3,923 $3,719 $3,727 $4,069
Net Debt / EBITDA -47.12 6.83 9.87 5.82 4.89 6.02
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