Thursday, August 1, 2019

Regency Centers Corp.'s Hap Stein Passes CEO Mantle to Lisa Palmer

Martin (Hap) Stein
JACKSONVILLE, FLAug.1, 2019 (GLOBE NEWSWIRE) -- Regency Centers Corporation(“Regency” or the “Company”) (NASDAQ:REG), the preeminent national owner, operator, and developer of shopping centers, announced today the transition of Martin E. “Hap” Stein, Jr. from Chairman and Chief Executive Officer to Executive Chairman, effective January 1, 2020.
 Concurrent with this announcement, Regency’s Board of Directors is pleased to announce that Lisa Palmer will become President and Chief Executive Officer, effective January 1, 2020.

Lisa Palmer
As part of the Company’s succession plan, Ms. Palmer will vacate her role as Chief Financial Officer, retaining her position as President, effective August 12, 2019, with Mike Mas assuming the position of Executive Vice President, Chief Financial Officer, at that time. 
Additionally, and to more accurately reflect their roles within the Company, Jim Thompson will become Executive Vice President, Chief Operating Officer, and Mac Chandler will become Executive Vice President, Chief Investment Officer, effective August 12, 2019.
Mr. Stein has served as Chief Executive Officer since the Company’s initial public offering in 1993 and as Chairman since 1999. 
He joined Regency’s predecessor in 1976, worked in leasing and asset management, and served as President from 1981 until the Company went public. Under Hap’s leadership, Regency Centers has become the leading national shopping-center REIT.

Mike Mas
“I am deeply gratified for the opportunity to have worked with the best professionals in the business for so many years,” said Mr. Stein. “Regency’s people are the cornerstone of the Company and help us live out our values each and every day. 
"Lisa is the embodiment of those values and is devoted to Regency’s special culture. 
"Lisa has a deep understanding of the key aspects of our business, our strategy, and our vision to be the preeminent national shopping center owner, operator, and developer,” Mr. Stein continued. 
“She is highly respected in the capital markets, by those with whom she has worked within the shopping center industry, and, importantly, by fellow members of Regency’s wonderful team.

Mac Chandler
"I am extremely confident in Regency’s future in the talented hands of Lisa Palmer.”   
C. Ronald Blankenship, Lead Director of Regency’s Board of Directors, said, “Hap has steadfastly led Regency Centerssince its IPO over 25 years ago. 
"The Company’s well-conceived growth through several real estate cycles and the resulting impressive shareholder return is directly attributable to Hap’s far-sighted direction and consistent execution. 
"The appointment of Lisa as Regency’s President and Chief Executive Officer is the result of the Board’s rigorous and well-constructed succession plan that has been a focus over the last several years.

Jim Thompson
"Lisa is an exceptional executive, and the Board is excited about her leading Regency into the future.”
Lisa Palmer has been President of Regency since January 1, 2016, and Chief Financial Officer since January 2013. She has also served as a director since 2018. Lisa joined the Company in 1996 and has served in various capacities including Senior Vice President of Capital Markets.
“I am honored to have the opportunity to lead Regency Centers,” said Ms. Palmer. “I am truly humbled by the confidence Hap and the Board of Directors have placed in me.”

C. Ronald Blankenship
“I’d also like to congratulate Mike Mas on his well-deserved promotion to Chief Financial Officer,” Ms. Palmer continued.
 “Mike brings a wealth of industry expertise, knowledge, and strong relationships within the investment community to that role. 
"Regency is well-positioned for the future, and I look forward to working closely – not only with Mike – but with Mac, Jim, and our outstanding team in continuing to grow shareholder value and building upon the great Company that we are today because of Hap and all of the leaders that have come before me.”

Regency Centers Corporation(“Regency” or the “Company”) today reported financial and operating results for the period ended June 30, 2019.
Second Quarter 2019 Highlights
  • For the three months ended June 30, 2019, Net Income Attributable to Common Stockholders (“Net Income”) of $0.31per diluted share.
  • Second quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.95 per diluted share, which includes a $0.02per share charge from one-time non-cash expenses.
  • Year-to-date same property Net Operating Income (“NOI”), excluding termination fees, increased 2.1%, as compared to the same period in 2018, driven by Base Rent growth of 2.5%.
Laura Clark 
Senior Vice President, Capital Markets

Jan Hanak
Vice President, Marketing + Communications

JLL closes $405 million sale of life science offering in Carolinas

Jessica Brock

CHARLOTTE, NC, Aug.1, 2019  JLL announces that it has closed on the sale of a core life science portfolio located in the heart of the Research Triangle, North Carolina, one of the top innovation hubs in the U.S. 

Class A life sciences and tech space  in the heart of the Research Triangle, North Carolina

“The RTP portfolio has played a key role in positioning Longfellow as the market leader in the Class A life sciences and tech space,” said Longfellow Partner Jessica Brock. “We are excited to continue our long running association with these premier assets.”

Ryan Clutter
The 1.34 million-square-foot portfolio, consisting of 18 buildings on four campuses, has been sold to an affiliate of Longfellow Strategic Value Fund, LLC, in a transaction valued at approximately $405 million.

JLL marketed the portfolio on behalf of the seller, Bain Capital Real Estate, and procured the buyer, Longfellow Real Estate Partners in its Longfellow Strategic Value Fund.

The portfolio consists of 18 buildings located within Keystone Technology Park and Imperial Center for a total of 1,336,560 square feet. 

Currently 94% leased, the portfolio boasts a diverse, intellectual tenant roster with 51% of tenants housing mission critical operations on site.

Chris Norvell
The buildings feature a dynamic STEM ecosystem with state-of-the-art buildouts and robust amenities, including fitness centers, outdoor amenity space and lounges. 

The portfolio benefits from its location in and adjacent to the world-renowned Research Triangle Park, which is home to some of the world’s leading life science innovators and was recently ranked one of the top five life science clusters in the nation. 

It has 12 nearby colleges and universities, which combined produce the most life science doctorates in the nation. 

Additionally, the portfolio is positioned along the Interstate 40 corridor providing excellent access to a network of major transportation thoroughfares and the Raleigh-Durham International Airport.

Zack Drozda
Longfellow already has a successful history with the properties since they previously owned, leased, refurbished, and/or managed all of them with Bain and other investment partners. In addition, Longfellow is developing the nearby Durham Innovation District (aka Durham.ID).

The JLL Capital Markets team representing the seller consisted of Managing Director Scot Humphrey, Senior Managing Directors Ryan Clutter, Chris Norvell and Coleman Benedict, and Director Zack Drozda.
“The Research Triangle life science portfolio presented a rare opportunity for a buyer to acquire a critical mass of high-quality life science properties in a top-tier innovation market,” Humphrey said. 

Coleman Benedict
“This was a set of buildings that were aggregated and transformed into one of the most sought-after offerings we have ever had the pleasure of working on.”

“Raleigh-Durham continues to be a thriving market for institutional investment capital while also emerging as a premier life science economy in the U.S.,” Clutter added.  

“More and more investors are targeting the life science sector as they see a sticky tenant base and the potential to achieve outsized returns.  

"As Raleigh continues to establish itself as a major life science node, the market will only attract more and more capital to similar opportunities.”

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Ryan Clutter, JLL Senior Managing Director
North Carolina License No: 172952
Phone: +1 704 526 2800

 Coleman Benedict, JLL Senior Managing Director
Limited Nonresident Commercial Real Estate Broker
Phone: +1 617 338 0990

Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 338 0990

Twitter (@LongfellowREP) and Instagram.