The retail real estate investment trust (REIT),
Regency Centers Corporation
) disclosed the completion of the previously announced
redevelopment of an OR.-based premium shopping center - Greenway
Town Center. Along with this, the company announced the outlet
opening of its only grocer tenant,
Whole Foods Market, Inc.
), at the property today.
Regency incorporated various changes at Greenway Town Center -
including exterior frontage modernization and upgrade of
architectural components and enhancement of the parking space - to
boost its quality. The company spent $6 million for refurbishment
of the center.
Tigard-based, Greenway Town Center is positioned 12 miles
southwest of Portland and serves the prosperous local population of
over 137,000 in the area that connects Washington Square and Hwy
217 corridor. The shopping center, with a daily traffic of 37,000,
was bought by Regency in 2005 in collaboration with GRI. Apart from
Whole Foods, Greenway Town Center boasts several other prominent
tenants such as
Dollar Tree, Inc.
), McMenamins Pub, Cold Stone Creamery and
Rite Aid Corporation
We expect this strategic venture by the company to drive
occupancy and tenant sales per square foot in the coming quarters.
Regency primarily focuses on building a premium portfolio of
grocery-anchored shopping centers, which are usually necessity
driven and bring in a dependable traffic. Hence, this provides the
company a considerable upside potential.
Earlier this month, continuing with its winning streak, Regency
reported a positive earnings surprise of 6.15% in first-quarter
2014. The company's first-quarter core funds from operations (core
FFO) per share of 69 cents exceeded the Zacks Consensus Estimate by
4 cents and the year-ago quarter figure by 5 cents. Higher revenue
growth aided the company's results and this Zacks Rank #2 (Buy)
stock raised its outlook for 2014.
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.
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