Like Realty Income, Regency Centers (REG) is a commercial REIT. The firm's strategy is built around investing in neighborhood shopping centers anchored by supermarkets, with 50 million square feet of leasable space in all. Regency's shopping centers are hand-picked by demographic -- the firm focuses on properties that are surrounded by affluent shoppers, efforts that are rewarded when the firm collects fees from strong tenant store performance. That's helped push REG's dividend payout to an annual 3.75% yield right now.
While the firm's shopping center positioning meant that it got hit harder than other, similarly positioned REITs in the aftermath of the recession (and structural elements made the firm more attuned to the ebb and flow of the commercial real estate market), Regency has largely bounced back at this point.As with its shopping center locations, the firm courts quality in its clients. A post-recession effort to increase the overall creditworthiness of tenants has been a success thus far, materially reducing the risks of landlording over retail space. Despite all of those tailwinds, shorts have bid regency to an identical short interest ratio as Realty Income Corp: 11.9.
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