Regency Centers Corporation
) disclosed the buyout of a neighborhood shopping center - Shops
at Mira Vista - in Austin, Texas. The move is in line with the
company's strategy to boost its portfolio through the inclusion
of Class A assets situated in high-barrier markets across the
Spanning 68,340 square feet, Shops at Mira Vista is situated
at the southwest corner of Bee Cave Road and Edgegrove Drive. The
shopping center is in proximity to Austin Central Business
District and the prosperous Rollingwood and Westlake Hills
neighborhoods. The property benefits from a daytime population of
over 180,000 and is 98% leased to renowned retailers and
restaurateurs such as
Panera Bread Company
), Trader Joe's and Nothing Bundt Cakes.
This acquisition would help Regency to capitalize on booming
economic market of Austin. The company already enjoys a presence
there and Shops at Mira Vista is this real estate investment
Trust's (REIT) fifth property in that area. This bodes well for
the company's long-term growth given its strategic location and
Last month, Regency reported fourth-quarter 2013 results.
Continuing with its winning streak, the company reported a
positive earnings surprise of 3.1%. The company's fourth-quarter
core funds from operations (core FFO) per share of 66 cents
exceeded the Zacks Consensus Estimate by 2 cents and the year-ago
quarter figure by 3 cents. Higher revenue growth and improved
core portfolio fundamentals aided the results. Encouraged by its
performance, Regency also raised its quarterly dividend by
The company currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in REIT- Equity Trust-Retail industry
Simon Property Group Inc.
General Growth Properties, Inc.
). Both the stocks carry a Zacks Rank #2 (Buy).
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.
GENL GRWTH PPTY (GGP): Free Stock Analysis
PANERA BREAD CO (PNRA): Free Stock Analysis
REGENCY CTRS CP (REG): Free Stock Analysis
SIMON PROPERTY (SPG): Free Stock Analysis
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