(REG) Regency Centers Corporation Leases in Florida

Regency Centers Corporation (REG) recently leased 2650 square feet of restaurant space in Brandon, Florida at Bloomingdale Square to Chipotle Mexican Grill, Inc (CMG). The tenant is expected to start business in the fall of 2011.

Chipotle Mexican operates quick-casual, fresh Mexican food restaurant chains in 35 states throughout the United States, the District of Columbia and Ontario, Canada. Chipotle Mexican serves a focused menu of burritos, tacos and salads made from fresh, high-quality ingredients, cooked by using traditional methods and served in a unique atmosphere.

With properties in high-income high-barrier markets, Regency’s retail strip center portfolio is among the best in the sector, which allows it to continually perform at the top-end of its peer group. The company’s dominant anchor tenants are grocery stores, a segment that is insulated in a challenging economy.

Consequently, Regency has a relatively steady source of revenue. Regency’s quality portfolio is anchored by dominant grocers such as  The Kroger Co. (KR), as well as leading national retailers, such as Target Corp (TGT), which drive traffic into its centers.

Regency Centers reported FFO (funds from operations) of $48.1 million or 56 cents per share in the first quarter of 2011 compared to $48.6 million or 58 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs (real estate investment trusts), is obtained after adding depreciation and amortization and other non-cash expenses to net income.

Florida-based Regency Centers Corporation is a self-administered and self-managed REIT, engaged in owning, operating, and developing grocery-anchored retail shopping centers in the U.S.

CHIPOTLE MEXICN (CMG): Free Stock Analysis Report

KROGER CO (KR): Free Stock Analysis Report

REGENCY CTRS CP (REG): Free Stock Analysis Report

TARGET CORP (TGT): Free Stock Analysis Report

Zacks Investment Research

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