Hap Stein, chairman and CEO of Regency Centers (NYSE: REG), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Regency has posted gains in funds from operations (FFO) and net operating income (NOI) in 2015. Stein cited “robust” demand for space and the quality of Regency’s portfolio as drivers behind the performance. Stein also noted that the company’s occupancy rate now sits at north of 96 percent.
Stein also pointed to the firm’s development program as a driver of its operating performance. As of the third quarter, Regency had 15 development or redevelopment projects in progress. Looking forward, Stein said he expects the company will have a similar number in the works in a year.
“Our objective is to have $200 million of developments that are being delivered each and every year on average,” he said. “This is an important core competency that Regency has.”
Stein laid out Regency’s areas of emphasis for 2016. They include enhancing the quality of the company’s portfolio, sustaining NOI growth, continuing to expand developments and further enhancing the company’s balance sheet.