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Moody's: Regency Centers outlook stable
Moody's Investors Service said it affirmed the Baa2 senior unsecured and Baa3 preferred ratings for Regency Centers Corp.
The outlook revised to stable from positive.
The stable outlook reflects Regency's strong earnings performance and the significant presence of non-discretionary retailers in the portfolio, as well as the REIT's ample liquidity, according to the agency.
The large development pipeline is a concern but new construction activity is expected to moderate noticeably in the coming quarters, the agency said.
"We believe Regency's strong management team, grocery-oriented platform and in-fill focus will serve the company well in the coming quarters," Chris Wimmer, a Moody's vice president, said in a statement.
"The environment for new development and related transaction activity is slumping, however, which pressure earnings growth. In addition, leverage remains slightly high for Regency's rating category, especially when joint ventures are considered," Wimmer said.
The net debt-to-EBITDA ratio through the third quarter was 6.6x.
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