INSERTING and REPLACING Regency Centers Contributes Four Properties to Co-Investment Partnerships
Posted on October 15, 2008 at 11:39 AM EDT
Insert as last sentence of first graph of release dated Oct. 2, 2008: The contribution of four Regency Centers'-developed properties into the Company's co-investment partnerships occurred in the third quarter of 2008.
The corrected release reads:
REGENCY CENTERS CONTRIBUTES FOUR PROPERTIES TO CO-INVESTMENT PARTNERSHIPS
Regency Centers Corporation (NYSE:REG) announced today that it has contributed four Regency-developed properties into its co-investment partnerships. Three were contributed to Regency’s partnership with the Oregon Public Employees Retirement Fund (OPERF) in a transaction valued at $83.4 million representing a weighted average cap rate of 7.14%. The fourth was contributed to Regency’s open-end fund, Regency Retail Partners (“the Fund”), at a price of $74.5 million, representing a cap rate of 6.83%. The contribution of four Regency Centers'-developed properties into the Company's co-investment partnerships occurred in the third quarter of 2008.
The three Regency-completed developments contributed to OPERF were: John's Creek Center, a Publix-anchored center in Jacksonville, Florida; Signal Hill Shopping Center, Shoppers Food Warehouse-anchored center in Manassas, VA; and, Hollymead Town Center, Harris Teeter and Target-anchored center in Charlottesville, VA.
Silver Spring Square in Harrisburg, PA, a Wegmans and Target-anchored center, was contributed to the Fund. This represents the tenth contribution since the inception of the fund in December 2006.
Regency Centers Corporation (regencycenters.com)
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At June 30, 2008, the Company owned 443 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 58.9 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 191 shopping centers, including those currently in-process, representing an investment at completion of over $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Lisa Palmer, 904-598-7636
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