DDR Ddr Corp.

Regency Centers Corporation (REG) recently announced that it has closed on the refinancing of its $600 million credit facility. The facility bears an interest at an annual rate of LIBOR plus 125 basis points and will expire in September 2015.  Additionally, the company has an option to upsize the facility up to an additional $1 billion.

Regency maintains a conservative capital structure and follows a self-funding capital strategy to fund its growth, which includes disposal of non-strategic assets and continued focus on industry-leading co-investment partnership programs. At the end of the second quarter of 2011, Regency had cash and cash equivalents of about $18.4 million with a debt of $2.0 billion.

Regency Centers reported second quarter 2011 FFO (funds from operations) of $55.1 million or 61 cents per share, compared with $48.5 million or 58 cents in the year-earlier quarter. Fund from operations, 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.

Jacksonville, Florida-based Regency Centers Corporation is a self-administered and self-managed real estate investment trust (REIT), engaged in owning, operating, and developing grocery-anchored retail shopping centers in the U.S. The company seeks to own assets in high-income in-fill markets that are tenanted by market-dominant grocers, category-leading anchors, specialty retailers and restaurants.

Regency Centers currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Developers Diversified Realty Corp.  also holds a Zacks #3 Rank.

 
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
 
DEV DIVERFD RLT (DDR): Free Stock Analysis Report
 
REGENCY CTRS CP (REG): Free Stock Analysis Report
 
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