Regency Centers Corp REG disclosed the completion of the acquisition of Urstadt Biddle Properties Inc.
In May, the company announced an all-stock transaction for around $1.4 billion.
The combined company will have a pro forma equity market capitalization of about $11 billion and a total enterprise value of around $16 billion.
The combined portfolio will comprise 480 total properties, containing over 56 million square feet of gross leasable area.
"We are proud of this transaction and excited to start unlocking the synergies and growth opportunities that we expect this combination to provide. These centers align well with Regency's portfolio strategy and meaningfully expand our presence in strong trade areas in the Northeast." said Lisa Palmer, President and Chief Executive Officer.
Regency expects the acquisition to be immediately accretive to core operating earnings.
As of June 30, 2023, Regency had approximately $1.2 billion of capacity under its revolving credit facility.
Price Action: REG shares are trading higher by 0.43% at $61.29 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
