Done Deals: May 7, 2020

Thursday, May 7, 2020

Ware Malcomb Announces Staci Tave Has Joined Firm as Studio Manager in Dallas, TX office

Staci Tave

DALLAS, TX (May 7, 2020) – Ware Malcomb, an award-winning international design firm, today announced Staci Tave has joined the firm as Studio Manager, Interior Architecture and Design in the Dallas office.

In this role, Tave oversees Ware Malcomb’s Interior Architecture & Design Studio for the Dallas office, and manages select projects.

Tave brings over 20 years of experience as an accomplished interior designer and project manager to the Ware Malcomb team.

Her expertise includes designing large-scale interior spaces, space utilization and end-user focused design. She has also worked in a range of market sectors, including commercial/workplace, hospitality, healthcare, education and retail.

Christopher Mavros

“Staci’s extensive experience in corporate interiors and commercial real estate will help strengthen Ware Malcomb’s growing presence in the Dallas/Fort Worth area and further expand our reach in the market,” said Christopher Mavros, Regional Director of Ware Malcomb. “We are excited to welcome Staci to our ever-expanding Ware Malcomb team in Texas.”

Tave holds a Bachelor of Fine Arts degree from Iowa State University and is FIDER, NCIDQ and LEED AP accredited.

Ware Malcomb has been active in the Texas market since 2013, with offices in Dallas and Houston. Recent Ware Malcomb projects in Texas include: Southport Logistics Park in Dallas, Biagi Bros. distribution center in Hutchins, Dril-Quip in Houston, Sunridge Business Park in Wilmer and Medline in Katy.

CONTACT:

Rachel Devany

VP Public Relations

KCOMM for Ware Malcomb

Rachel@kcomm.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Regency Centers Reports First Quarter 2020 Results and Provides Business Update Related to COVID-19 Virus

Lisa Palmer

JACKSONVILLE, Fla., May 07, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended March 31, 2020, and provided a business update related to COVID-19.

First Quarter 2020 Highlights

For the three months ended March 31, 2020, Net (Loss) Income Attributable to Common Stockholders (“Net Loss”) of ($0.15) per diluted share.
First quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.98 per diluted share.
Same property Net Operating Income (“NOI”), excluding termination fees, declined by 0.7%, as compared to the same period in 2019 driven by known bankruptcy moveouts and a higher rate of uncollectible lease income related to the COVID-19 pandemic.

As of March 31, 2020, the same property portfolio was 95.0% leased.
Total comparable leasing volume of 1.5 million square feet of new and renewal leases, with trailing twelve month rent spreads of 7.4%.
In January, Regency sold two properties for a gross sales price of $98.4 million. The Company also purchased additional interests in two joint venture properties for a total of $60.5 million.
The Company further strengthened its liquidity position through the settlement of its 2019 forward equity sales under its at-the-market program (“ATM”) at a weighted average sale prices of $67.99 per share, generating $125.8 million in net proceeds together with a line draw of $500 million on its existing revolving credit facility, bringing total liquidity to $1.3 billion.

At March 31, 2020, net debt-to-operating EBITDAre ratio on a pro-rata basis was 5.3x.
On May 4, 2020, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share.

COVID-19 Business Update Highlights

The Company’s 416 properties have remained open and operating during the entirety of the COVID-19 pandemic.
As of the end of April, approximately 40% of Regency’s tenants were closed based on pro-rata Annual Base Rent (“ABR”).
62% of April 2020 pro-rata base rent was collected through May 5, 2020.

“Throughout this challenging time, Regency has continued to focus on the well-being of our team members, tenants, and the people in the neighborhoods that our properties serve," said Lisa Palmer, President and Chief Executive Officer.

"We are very proud of our dedicated teams throughout the country, as they have worked closely with tenants and vendors to ensure our properties are operating safely and our tenants are able to continue to seamlessly provide essential goods and services to our communities during this critical time.

“While there are still many challenges in front of us, we are confident that Regency is well-positioned to succeed over the long term due to our high-quality portfolio with a focus on necessity, convenience, and value retailers, our healthy balance sheet, the long term value creation opportunities in our development and redevelopment pipeline, and most importantly, our phenomenal team.”

CONTACT:

Laura Clark
904 598 7831
LauraClark@RegencyCenters.com

JLL arranges financing for Block 40 in Portland, OR

Mark Erland

PORTLAND, OR – JLL Capital Markets announced it has arranged construction financing for the development of Block 40, a 232-unit, luxury multi-housing project in Portland’s South Waterfront neighborhood.

JLL worked on behalf of the developer, Alamo Manhattan, to arrange the construction loan.

JLL team previously worked on the developer’s behalf to arrange joint venture equity for the project, which was announced in October 2019.

Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Avenue less than one mile south of the Portland CBD.

The transit-oriented development is also next to Oregon Health & Science University (“OHSU”), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.

Matt Benson

Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces.

Planned amenities at the LEED-certified project will include a rooftop terrace with firepit, spacious seating area and TVs; courtyard with water fountain, fire pit, grilling area and seating area; fitness center with Technogym; dog park and dog wash.

The JLL Capital Markets team representing Alamo Manhattan was led by Senior Director Mark Erland and Directors Matt Benson and Charlie Watson.

Charlie Watson

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

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.