Barclays Maintains an 'Equalweight' on Regency Centers (REG); Analyst/Investor Day Review

Barclays maintains an 'Equalweight' on Regency Centers (NYSE: REG) price target lowered from $40 to $37.

Barclays analyst says, "REG hosted an investor day and property tour of its assets in the Chicago metro area. REG issued initial 2012 FFO guidance of $2.30-$2.46 per share and recurring FFO guidance of $2.36-$2.50 per share. The company's outlook is driven by a SSNOI projection of 1.5%-3% (excluding lease termination fees). Overall, fundamentals continue to move in the right direction; positive absorption is expected throughout 2012 as move-outs return to normalized levels. That said, the recovery in REG's portfolio is slow and will likely still be 2-3 years away from peak/target occupancy levels and target leverage for rent negotiations."

"We are lowering our 2012 FFO per share estimate to $2.45 from $2.65 to reflect a higher disposition volume assumption, higher interest expense and higher acquisition and dead deal costs (considered non-recurring)."

For an analyst ratings summary and ratings history on Regency Centers click here. For more ratings news on Regency Centers click here.

Shares of Regency Centers closed at $36.27 yesterday.

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