================================================================================
SECURITIES AND EXCHANGE COMMISSION
UNITED STATES
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 28, 2004
--------------
REGENCY CENTERS CORPORATION
---------------------------
(Exact name of registrant as specified in its charter)
Florida 001-12298 59-3191743
------- --------- ----------
(State or other jurisdiction Commission (IRS Employer
of incorporation) File Number) Identification No.)
121 West Forsyth Street, Suite 200 32202
-----
Jacksonville, Florida
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (904) 598-7000
--------------
Not Applicable
(Former name or former address, if changed since last report)
================================================================================
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 Earnings release issued April 28, 2004,
by Regency Centers Corporation for the
three months ended March 31, 2004.
Exhibit 99.2 Supplemental Information.
Item 12. Disclosure of Results of Operations and Financial Condition
On April 28, 2004, Regency issued an earnings release for the three months ended
March 31, 2004, which is attached as Exhibit 99.1.
On April 28, 2004, Regency posted on its website at www.regencycenters.com the
supplemental information attached as Exhibit 99.2 relating to the three months
ended March 31, 2004.
2
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
REGENCY CENTERS CORPORATION
(registrant)
May 5, 2004 By: /s/ J. Christian Leavitt
-------------------------------------
J. Christian Leavitt, Senior Vice
President and Chief Accounting
Officer
3
[GRAPHIC OMITTED]
Regency Centers Corporation
Press Release
- --------------------------------------------------------------------------------
www.RegencyCenters.com CONTACT: LISA PALMER
- ---------------------- (904) 598-7636
- --------------------------------------------------------------------------------
REGENCY CENTERS REPORTS 9.7% FFO PER SHARE GROWTH
Jacksonville, Fla. (April 28, 2004) -- Regency Centers Corporation announced
today financial and operating results for the quarter ended March 31, 2004. Net
income for common stockholders for the quarter was $21.4 million, $0.35 per
diluted share, compared to $17.9 million and $0.30 per diluted share for the
same period last year, a 16.7% per share growth rate.
Regency reports Funds From Operations (FFO) in accordance with the standards
established by the National Association of Real Estate Investment Trusts
(NAREIT) as a supplemental earnings measure. The Company considers this a
meaningful performance measurement in the Real Estate Investment Trust industry.
For the first quarter, FFO was $41.9 million, or $0.68 per diluted share,
compared to FFO of $38.4 million and $0.62 per diluted share for the same period
last year, a per share growth rate of 9.7%.
"By every measure, Regency continues to perform at a high level," said Martin E.
Stein, Jr., Chairman and Chief Executive Officer. "The fundamentals of the
operating portfolio are extremely strong, in-process developments are performing
well and the pipeline for new developments and acquisitions is growing. In
addition we continue to successfully implement our capital recycling and joint
venture strategies. As a result, Regency is well positioned to achieve its goal
of increasing its sustainable per share earnings growth rate."
Portfolio Results
At March 31, 2004, Regency's total assets before depreciation were approximately
$3.4 billion. At quarter end, the Company owned 260 shopping centers and single
tenant properties, including those held in joint ventures, totaling 29.8 million
square feet located in attractive markets across the nation. Occupancy of the
operating portfolio at quarter end was 95.4%. Same property NOI growth was 2.3%
for the quarter. Rent growth was 8.5% for the quarter on a same-store, cash
basis. During the quarter Regency completed 338 new and renewal lease
transactions, including development properties, for a total of 1.2 million
square feet.
Capital Recycling - Investment and Disposition Activity
A key component of the Company's business model entails disposing of lower
quality or higher risk properties and recycling the proceeds into higher quality
acquisitions and developments. During the first quarter Regency sold five
operating properties at an average cap rate of 9.7%. The gross sales price of
the
five properties was $55.2 million with Regency's share being $43.9 million.
Two of the five centers that were sold had dark anchors - a location that the
anchor has closed despite continuing to pay rent.
During the quarter, Regency completed five developments with total net
development costs at completion of $97.5 million and a net operating income
yield on net development costs of 10.3%. As of March 31, 2004, the Company had
33 properties under development for an estimated total net investment at
completion of $486 million. The in-process developments are 61% funded and 78%
leased, including tenant-owned GLA. Subsequent to quarter end, Regency acquired
Braemar Village Center, a Safeway anchored center located in Braemar Village, a
3,000 unit master planned community in a rapidly developing bedroom community 30
miles west of Washington, D.C.
Capital Markets
In January, Standard & Poor's Ratings Services affirmed its 'BBB' corporate
credit ratings and stable outlook on Regency Centers Corp. and its operating
partnership Regency Centers L.P. In addition, ratings were also affirmed on $1
billion of senior unsecured notes and $75 million of preferred stock.
During the quarter Regency closed an amended and restated $500 million unsecured
revolving credit facility. The interest rate on the facility is equal to LIBOR
plus a margin that is determined in accordance with the Company's long-term
unsecured debt ratings. At the time of the agreement, the effective interest
rate was LIBOR plus 75 basis points, a 10 basis point reduction from the prior
agreement.
Subsequent to quarter end, Regency Centers, L.P., completed the sale of $150
million of ten-year senior unsecured notes. The 4.95% notes are due April 15,
2014 and are priced at 99.747% to yield 4.982%. As a result of two interest rate
hedges initiated in June and October 2003 related to the issuance of the notes,
the effective interest rate is 5.47%. The proceeds of the offering were used to
partially repay the $200 million of 7.4% notes that matured on April 1, 2004.
G&A Expense Discussion
General and administrative (G&A) expenses for the quarter increased $1.8 million
over the first quarter of 2003. The increased expense is primarily the result of
performance compensation accruals. The Company accrues incentive compensation in
relation to revenues earned and profits realized. Revenues and realized
development and out parcel profits were higher in the first quarter of 2004
compared to the first quarter of 2003 resulting in a higher incentive
compensation accrual in the first quarter of this year compared to the first
quarter of last year. The Company expects 2004 G&A expenses to be in line with
last quarter's guidance of a $3-5 million increase for the year.
Dividend
On April 28th, 2004, the Board of Directors declared a quarterly cash dividend
of $0.53 per share, payable on May 26, 2004 to shareholders of record on May 12,
2004. The Board also declared a quarterly cash dividend of $0.46563 on the
Series 3 Preferred stock, payable on June 30, 2004 to shareholders of record on
June 1, 2004.
Conference Call
In conjunction with Regency's first quarter results, you are invited to listen
to its conference call that will be broadcast live over the internet on Thursday
April 29, 2004 at 10:00 a.m. EST on the Company's web site
www.RegencyCenters.com. If you are unable to participate during the live
webcast, the call will also be archived on the web site.
The Company has published additional forward-looking statements in its first
quarter 2004 supplemental information package that may help investors estimate
earnings for 2004. A copy of the Company's first quarter 2004 supplemental
information will be available from the Company's web site at
www.RegencyCenters.com or by written request to Diane Ortolano, Investor
Relations, Regency Centers Corporation, 121 West Forsyth Street, Suite 200,
Jacksonville, Florida, 32202. The supplemental information package contains more
detailed financial and property results including financial statements, an
outstanding debt summary, acquisition and development activity, investments in
joint ventures, information pertaining to securities issued other than common
stock, property details, a significant tenant report and a lease expiration
table in addition to earnings and valuation guidance assumptions. The
information provided in the supplemental package is unaudited and there can be
no assurance that the information will not vary from the final information for
the quarter ended March 31, 2004. Regency may, but assumes no obligation to,
update information in the supplemental package from time to time.
Funds From Operations Reconciliation to Net Income--Actual Results
Three Months Ended and
For the Periods Ended March 31, 2004 and 2003 Year to Date
2004 2003
Funds From Operations:
Net income for common stockholders 21,420,202 17,924,452
Add (Less):
Depreciation expense - real estate only 17,562,540 16,749,868
Depreciation expense - joint ventures 1,313,708 800,633
Amortization of leasing commissions and
intangibles 2,344,389 1,691,810
(Gain) loss on sale of operating properties (1,151,709) 802,604
Minority interest of exchangeable
partnership units 385,157 436,701
Funds from Operations 41,874,287 38,406,068
Weighted Average Shares
For Diluted FFO Per Share (000s) 61,640,631 62,097,729
Regency Centers Corporation (NYSE: REG)
Regency is the leading national owner, operator, and developer focused on
grocery-anchored, neighborhood retail centers. Regency's total assets before
depreciation are $3.4 billion. As of March 31, 2004, the Company owned 260
retail properties, including those held in joint ventures, totaling 29.8 million
square feet located in high growth markets throughout the United States.
Operating as a fully integrated real estate company, Regency is a qualified real
estate investment trust that is self-administered and self-managed.
###
In addition to historical information, the information in this press release
contains forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and projections about
the industry and markets in which Regency operates, management's beliefs and
assumptions. Forward-looking statements are not guarantees of future performance
and involve certain known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, but are not limited to,
changes in national and local economic conditions, financial difficulties of
tenants, competitive market conditions including pricing of acquisitions and
sales of properties and out parcels, changes in expected leasing activity and
market rents, timing of acquisitions, development starts and sales of properties
and out parcels, weather, obtaining governmental approvals and meeting
development schedules.
During the quarter, Regency's corporate representatives may reiterate these
forward-looking statements during private meetings with investors, investment
analysts, the media and others. At the same time, Regency will keep this
information publicly available on its web site www.regencycenters.com.
[Graphic omitted]
Regency Centers
March 31, 2004
Supplemental Information
Investor Relations
Diane Ortolano
121 W. Forsyth St., Suite 200
Jacksonville, FL 32202
904.598.7727
[Graphic omitted]
ABOUT REGENCY
- -------------------------------------------------
Regency Centers Corporation is the leading national owner, operator, and
developer focused on grocery-anchored, neighborhood and community retail
centers. Regency's total assets before depreciation are $3.4 billion.
As of March 31, 2004, the Company owns 260 retail properties, including those
held in joint venture partnerships, totaling 29.8 million square feet and
located in high growth markets throughout the United States. Founded in 1963 and
operating as a fully integrated real estate company, Regency is a qualified real
estate investment trust that is self-administered and self-managed.
The quality of Regency's portfolio, anchored by preeminent supermarket chains
such as Kroger, Publix, Safeway and Albertson's, draws nearly 15,000 shopper
visits per week. In addition, 78% of the portfolio is leased to national and
regional retailers. We believe that the quality of our tenant base and the
strength of our tenant relationships are a fundamentally differentiating factor
for Regency. PCI is Regency's relationship-based operating system that focuses
on the national, regional, and local retailers that are the best operators in
their merchandising category. Intimate knowledge of our customers has allowed
for the streamlining and customizing of the leasing process to reduce
negotiation and vacancy down time while increasing the percentage of square feet
leased to better operators. This quality combination of tenants has enabled
occupancy rates to remain above 93% for the past seven years.
Regency's operating and development expertise continues to create value from the
operating portfolio and from new development opportunities. At the end of the
first quarter of 2004, Regency had 33 properties under development for an
estimated total investment at completion of $614 million. These in-process
developments are 61% funded and 78% leased.
Regency engages in a self-funding capital structure for its development program
by selling non-strategic operating assets and developments and selling an
interest in operating centers and completed developments to joint venture
partners then using these proceeds to fund our new developments and
acquisitions. This program has enhanced the Company's investment grade-rated
balance sheet.
Regency has centers located in the top markets in the country and has 18 offices
nationwide. The Company is listed on the New York Stock Exchange and is traded
under the symbol REG. There is also a preferred class of shares that trade under
REG PrC.
Please visit our web site at www.RegencyCenters.com for more information.
SUPPLEMENTAL INFORMATION TABLE OF CONTENTS
March 31, 2004
- -------------------------------------------------
QUARTER HIGHLIGHTS ...........................................................1
- ------------------
FINANCIAL INFORMATION:
- ---------------------
Summary Financial Information.................................................2
Consolidated Balance Sheet....................................................3
Consolidated Statement of Operations (FFO format).............................4
Reconciliation of FFO to Net Income...........................................5
Consolidated Statement of Operations (GAAP basis).............................6
Basic and Diluted Per Share Calculation (EPS and FFO).........................7
Summary of Outstanding Debt.................................................8-9
Acquisitions, Dispositions and Sales......................................10-13
Development Summary.......................................................14-15
Investments in Real Estate Partnerships......................................16
Unconsolidated Real Estate Partnerships Balance Sheet........................17
Unconsolidated Real Estate Partnerships Statements of Operations.............18
Securities Issued Other than Common Stock....................................19
REAL ESTATE INFORMATION:
- -----------------------
Summary Retail Property Information..........................................20
Portfolio Summary Report by Region........................................21-29
Significant Tenant Rents.....................................................30
10 Year Lease Expiration Table...............................................31
FORWARD-LOOKING INFORMATION:
- ---------------------------
Earnings and Valuation Guidance..............................................32
FFO per Share Guidance Reconciliation........................................33
QUARTER HIGHLIGHTS
- -------------------------------------------------
Operating Results
For the first quarter of 2004, same property NOI growth was 2.3%. Operating
properties were 95.4% leased. During the quarter 1.2 million square feet of GLA
was renewed or newly leased through 338 leasing transactions. Rent growth
remained strong at 8.5% for the quarter.
Financial Results
Net income for the quarter was $21.4 million, or $0.35 per diluted share. Funds
From Operations were $41.8 million, or $0.68 per diluted share.
Development Activity
Regency began development of one new center in the first quarter: o Spokane
Valley Plaza in Spokane, Washington For more information, please see page 14.
Disposition Activity
Regency sold five operating properties in the first quarter at an average cap
rate of 9.7% and proceeds to Regency of $44 million. For more information on the
dispositions, please see page 12.
1
SUMMARY FINANCIAL INFORMATION
March 31, 2004
- -------------------------------------------------
Financial Results
Three Months Ended Year to Date
------------------ ------------
2004 2003 2004 2003
Actual Actual Actual Actual
------ ------ ------ ------
Net Income for common stockholders $21,420,202 $17,924,452 $21,420,202 $17,924,452
Basic EPS $0.36 $0.30 $0.36 $0.30
Diluted EPS $0.35 $0.30 $0.35 $0.30
Diluted EPS per share growth rate 16.7% 16.7%
Funds from Operations for common stockholders $41,874,287 $38,406,068 $41,874,287 $38,406,068
FFO per share - Basic $0.69 $0.63 $0.69 $0.63
FFO per share - Diluted $0.68 $0.62 $0.68 $0.62
Diluted FFO per share growth rate 9.7% 9.7%
Dividends paid per share and unit $0.530 $0.520 $0.530 $0.520
Payout ratio of Diluted FFO per share 77.9% 83.9% 77.9% 83.9%
Interest Coverage Ratios
Interest only 2.8 3.0 2.8 3.0
Capitalized interest $3,323,482 $2,784,675 $3,323,482 $2,784,675
Fixed Charge (debt svc + preferred dividends) 2.2 2.1 2.2 2.1
Capital Information
----------------------------------- -----------------------------------
Current YTD Change 12/31/03 12/31/02
=================================== ===================================
Closing common stock price per share $46.73 $6.88 $39.85 $32.40
Shareholder Return (assumes no reinvestment
of dividends) 18.6%
Common shares and Equivalents Outstanding 61,724,632 498,050 61,226,582 61,511,894
Market equity value of Common and Convertible
shares $2,884,392 $444,513 $2,439,879 $1,992,985
Non-Convertible Preferred Units and shares $304,000 $0 $304,000 $384,000
Outstanding debt (000's) $1,481,577 $28,800 $1,452,777 $1,333,524
----------------------------------- -----------------------------------
Total market capitalization (000's) $4,669,969 $473,313 $4,196,656 $3,710,509
Debt to Total Market Capitalization 31.7% -2.9% 34.6% 35.9%
=================================== ===================================
Total real estate at cost before depreciation (000's) $3,172,581 $6,235 $3,166,346 $3,094,071
Total assets at cost before depreciation (000's) $3,385,551 $1,658 $3,383,894 $3,313,524
Debt to Total Assets before Depreciation 43.8% 0.8% 42.9% 40.2%
Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding 60,698,253 790,296 59,907,957 59,557,036
Exchangeable O.P Units held by minority interests 1,026,379 (292,246) 1,318,625 1,504,458
Convertible Securities 0 0 0 450,400
----------------------------------- -----------------------------------
Total Common Shares & Equivalents 61,724,632 498,050 61,226,582 61,511,894
=================================== ===================================
2
CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2004 and December 31, 2003 and 2002
- -------------------------------------------------------------------
Assets 2004 2003 2002
- ------ ---- ---- ----
Real Estate Investments at cost:
Operating properties $ 2,695,105,290 2,652,175,682 2,686,844,320
Properties in development 369,752,171 369,474,460 276,085,435
------------------ -----------------------------------
3,064,857,461 3,021,650,142 2,962,929,755
Operating properties held for sale 6,319,305 4,200,008 5,658,905
Less: accumulated depreciation 299,127,782 285,664,875 244,595,928
------------------ -----------------------------------
2,772,048,984 2,740,185,275 2,723,992,732
Investments in real estate partnerships 101,404,018 140,496,074 125,482,151
------------------ -----------------------------------
Net real estate investments 2,873,453,002 2,880,681,349 2,849,474,883
Cash and cash equivalents 43,537,953 29,868,622 56,447,329
Notes receivable 70,180,388 70,781,914 56,630,876
Tenant receivables, net of allowance for uncollectible accounts 38,085,286 54,573,165 47,983,160
Deferred costs, less accumulated amortization 38,044,350 35,803,525 36,644,959
Acquired lease intangible assets, net 9,764,228 10,205,493 2,634,511
Other assets 13,358,388 16,314,645 19,112,148
------------------ -----------------------------------
$ 3,086,423,595 3,098,228,713 3,068,927,866
================== ===================================
Liabilities and Stockholders' Equity
Notes payable $ 1,251,576,792 1,257,776,805 1,253,524,045
Unsecured line of credit 230,000,000 195,000,000 80,000,000
------------------ -----------------------------------
Total Notes Payable 1,481,576,792 1,452,776,805 1,333,524,045
------------------ -----------------------------------
Tenant security and escrow deposits 9,548,739 9,358,023 8,847,603
Acquired lease intangible liabilities, net 5,876,575 6,115,066 7,069,030
Accounts payable and other liabilities 71,506,467 94,279,961 76,908,233
------------------ -----------------------------------
Total liabilities 1,568,508,573 1,562,529,855 1,426,348,911
------------------ -----------------------------------
Preferred units 223,525,891 223,525,891 375,403,652
Exchangeable operating partnership units 20,238,138 26,544,594 30,629,974
Limited partners' interest in consolidated partnerships 2,379,924 4,650,626 14,825,256
------------------ -----------------------------------
Total minority interests 246,143,953 254,721,111 420,858,882
------------------ -----------------------------------
Stockholders' Equity
Cumulative redeemable preferred stock 75,000,000 75,000,000 10,505,591
Common stock, $.01 par 658,339 649,561 634,804
Additional paid in capital, net of Treasury stock 1,289,983,176 1,282,947,196 1,290,109,653
Accumulated other comprehensive income (5,720,000) 174,747 0
Distributions in excess of net income (88,150,446) (77,793,757) (79,529,975)
------------------ -----------------------------------
Total Stockholders' Equity 1,271,771,069 1,280,977,747 1,221,720,073
------------------ -----------------------------------
$ 3,086,423,595 3,098,228,713 3,068,927,866
================== ===================================
Ratios 2004 2003 2002
- ------ ---- ---- ----
Debt to Real Estate Assets, at cost before depreciation 46.7% 45.9% 43.1%
Debt to Total Assets, at cost before depreciation 43.8% 42.9% 40.2%
Debt + Preferred Stock and Units to Total Assets, at cost
before depreciation 52.6% 51.8% 51.9%
Unsecured Assets to Total Real Estate Assets (REG 100% owned only) 81.6% 80.8% 81.9%
Unsecured NOI to Total NOI (REG 100% owned only) 81.5% 82.0% 85.0%
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Asset sales not separated as discontinued operations as required
by GAAP - See Form 10Q and Form 10K)
For the Periods Ended March 31, 2004 and 2003
- ----------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2004 2003 2004 2003
Actual Actual Actual Actual
------ ------ ------ ------
Real Estate Revenues:
Minimum rent $71,184,237 $70,165,341 $71,184,237 $70,165,341
Percentage rent 458,749 309,895 458,749 309,895
Recoveries from tenants 19,003,134 19,117,304 19,003,134 19,117,304
Other tenant income 1,584,605 1,867,021 1,584,605 1,867,021
----------------------------------- -----------------------------------
92,230,725 91,459,561 92,230,725 91,459,561
----------------------------------- -----------------------------------
Real Estate Operating Expenses:
Operating and maintenance 13,513,951 13,463,116 13,513,951 13,463,116
Real estate taxes 10,827,931 10,227,030 10,827,931 10,227,030
----------------------------------- -----------------------------------
24,341,882 23,690,146 24,341,882 23,690,146
----------------------------------- -----------------------------------
Net Operating Income 67,888,843 67,769,415 67,888,843 67,769,415
----------------------------------- -----------------------------------
Development Gains and Mgmt Fees:
Development gains 400,343 (373,298) 400,343 (373,298)
Fees and commissions 1,610,184 1,560,848 1,610,184 1,560,848
Gains on sales of outparcels 3,353,158 2,483,314 3,353,158 2,483,314
Provision for income tax (expense) (251,449) 0 (251,449) 0
----------------------------------- -----------------------------------
5,112,236 3,670,864 5,112,236 3,670,864
----------------------------------- -----------------------------------
Other Operating Expense (Income):
General and administrative excluding franchise taxes 5,883,094 4,077,046 5,883,094 4,077,046
Franchise taxes 35,475 57,853 35,475 57,853
Depreciation and amortization 20,344,043 18,863,396 20,344,043 18,863,396
Net interest expense 21,161,770 20,768,119 21,161,770 20,768,119
(Gain) loss on sale of operating properties (1,151,709) 802,604 (1,151,709) 802,604
Provision for loss on operating properties 0 0 0 0
----------------------------------- -----------------------------------
46,272,673 44,569,018 46,272,673 44,569,018
----------------------------------- -----------------------------------
Minority interests (income)
Equity in income of unconsolidated partnerships (1,633,632) (2,335,979) (1,633,632) (2,335,979)
Preferred unit distributions 5,081,250 10,782,379 5,081,250 10,782,379
Exchangeable operating partnership units 385,157 436,701 385,157 436,701
Limited partners' interest in consolidated partnerships 78,539 63,708 78,539 63,708
----------------------------------- -----------------------------------
Net income 22,817,092 17,924,452 22,817,092 17,924,452
Preferred stock dividends 1,396,890 0 1,396,890 0
----------------------------------- -----------------------------------
Net income for common stockholders $21,420,202 $17,924,452 $21,420,202 $17,924,452
=================================== ===================================
4
FUNDS FROM OPERATIONS AND OTHER INFORMATION
For the Periods Ended March 31, 2004 and 2003
- ---------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2004 2003 2004 2003
Actual Actual Actual Actual
------ ------ ------ ------
Funds From Operations Reconciliation:
- ------------------------------------
Net income for common stockholders $21,420,202 $17,924,452 $21,420,202 $17,924,452
Add (Less):
Depreciation expense - real estate only $17,562,540 $16,749,868 $17,562,540 $16,749,868
Depreciation expense - joint ventures $1,313,708 $800,633 $1,313,708 $800,633
Amortization of leasing commissions and intangibles $2,344,389 $1,691,810 $2,344,389 $1,691,810
(Gain) loss on sale of operating properties ($1,151,709) $802,604 ($1,151,709) $802,604
Minority interest of exchangeable partnership units $385,157 $436,701 $385,157 $436,701
----------------------------------- -----------------------------------
Funds from Operations (a) $41,874,287 $38,406,068 $41,874,287 $38,406,068
=================================== ===================================
FFO Per Share Reconciliation (Diluted):
- --------------------------------------
Net income for common stockholders $0.35 $0.30 $0.35 $0.30
Add (Less):
Depreciation expense - real estate only $0.28 $0.27 $0.28 $0.27
Depreciation expense - joint ventures $0.02 $0.01 $0.02 $0.01
Amortization of leasing commissions and intangibles $0.04 $0.03 $0.04 $0.03
(Gain) loss on sale of operating properties ($0.02) $0.01 ($0.02) $0.01
Minority interest of exchangeable partnership units $0.00 $0.00 $0.00 $0.00
----------------------------------- -----------------------------------
Funds from Operations (a) $0.68 $0.62 $0.68 $0.62
=================================== ===================================
Additional Disclosures:
- ----------------------
Straight-line rental income $1,135,244 $1,103,851 $1,135,244 $1,103,851
Market rent amortization income from acquired leases $238,491 $238,491 $238,491 $238,491
Provision for loss on sale of operating properties $0 $0 $0 $0
Preferred stock and unit issuance costs $0 $1,922,239 $0 $1,922,239
Debt premium amortization income $432,322 $368,428 $432,322 $368,428
Stock based compensation expense $1,774,154 $1,434,606 $1,774,154 $1,434,606
Capital Expenditures (non-revenue enhancing only)
- -------------------------------------------------
Leasing commissions - Non-revenue enhancing $2,039,822 $1,386,641 $2,039,822 $1,386,641
Tenant improvements - Non-revenue enhancing $661,909 $1,560,159 $661,909 $1,560,159
Building improvements - Non-revenue enhancing $732,635 $1,013,299 $732,635 $1,013,299
Capital Expenditures (including revenue-enhancing)
- --------------------------------------------------
Leasing commissions $2,058,490 $2,237,496 $2,058,490 $2,237,496
Tenant improvements $764,527 $1,714,502 $764,527 $1,714,502
Building improvements $770,465 $1,125,592 $770,465 $1,125,592
(a) Regency considers FFO to be an accurate benchmark to its peer group and a
meaningful performance measurement for the company because it excludes various
items in net income that do not relate to or are not indicative of the operating
performance of the ownership, management and development of real estate. FFO is
defined by the National Association of Real Estate Investment Trusts generally
as net earnings (computed in accordance with GAAP), (1) excluding real estate
depreciation and amortization, gains and losses from sales of properties (except
those gains and losses sold by Regency's taxable REIT subsidiary), after
adjustment for unconsolidated partnerships and joint ventures and (2) excluding
items classified by GAAP as extraordinary or unusual, along with significant
non-recurring events. Regency also adjusts for the payment of convertible
preferred stock dividends. In 2003, the definition of FFO was further clarified
to include the original issuance costs required to be expensed associated with
redeeming preferred stock or units, and writedowns in the basis of real estate
whose value is considered to be permanently impaired.
5
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS)
For the Periods Ended March 31, 2004 and 2003
- ------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2004 2003 2004 2003
Actual Actual Actual Actual
------ ------ ------ ------
Revenues:
Minimum rent $70,639,623 $67,063,825 $70,639,623 $67,063,825
Percentage rent 453,410 298,841 453,410 298,841
Recoveries from tenants 20,361,830 20,197,010 20,361,830 20,197,010
Management fees and commissions 1,610,184 1,560,848 1,610,184 1,560,848
Equity in income of investments in
real estate partnerships 2,744,594 2,335,979 2,744,594 2,335,979
----------------------------------- -----------------------------------
Total revenues 95,809,641 91,456,503 95,809,641 91,456,503
----------------------------------- -----------------------------------
Operating Expenses:
Depreciation and amortization 20,206,879 17,998,624 20,206,879 17,998,624
Operating and maintenance 13,367,268 12,786,099 13,367,268 12,786,099
General and administrative 5,883,094 4,134,899 5,883,094 4,134,899
Real estate taxes 10,589,147 9,851,764 10,589,147 9,851,764
Other operating expense 487,692 426,739 487,692 426,739
----------------------------------- -----------------------------------
Total operating expenses 50,534,080 45,198,125 50,534,080 45,198,125
----------------------------------- -----------------------------------
Other Expense (Income):
Interest expense, net of interest income 21,234,186 20,581,631 21,234,186 20,581,631
Gain (loss) from sale of properties (3,983,061) (2,376,267) (3,983,061) (2,376,267)
----------------------------------- -----------------------------------
Total other expense 17,251,125 18,205,364 17,251,125 18,205,364
----------------------------------- -----------------------------------
Income before minority interests 28,024,436 28,053,014 28,024,436 28,053,014
Minority interest preferred unit distributions (5,081,250) (10,782,379) (5,081,250) (10,782,379)
Minority interest of exchangeable operating
partnership units (379,553) (408,769) (379,553) (408,769)
Minority interest of limited partners (78,539) (63,708) (78,539) (63,708)
----------------------------------- -----------------------------------
Income from continuing operations 22,485,094 16,798,158 22,485,094 16,798,158
----------------------------------- -----------------------------------
Discontinued Operations:
Operating Income from discontinued operations 320,241 1,752,871 320,241 1,752,871
Gain (loss) from sale of properties 11,757 (626,577) 11,757 (626,577)
----------------------------------- -----------------------------------
Income from discontinued operations 331,998 1,126,294 331,998 1,126,294
----------------------------------- -----------------------------------
Net Income 22,817,092 17,924,452 22,817,092 17,924,452
----------------------------------- -----------------------------------
Preferred stock dividends (1,396,890) 0 (1,396,890) 0
----------------------------------- -----------------------------------
Net income for common stockholders $21,420,202 $17,924,452 $21,420,202 $17,924,452
=================================== ===================================
6
CALCULATION OF EARNINGS AND FFO PER SHARE
For the Periods Ended March 31, 2004 and 2003
- ------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2004 2003 2004 2003
Actual Actual Actual Actual
------ ------ ------ ------
Earnings Per Share
------------------
Net Income for Basic EPS $21,420,202 $17,924,452 $21,420,202 $17,924,452
Increases to Diluted EPS as a result of Dilutive CSE's
Minority interests of exchangeable operating
partnership units 385,157 436,701 385,157 436,701
----------------------------------- -----------------------------------
Net Income for Diluted EPS $21,805,359 $18,361,153 $21,805,359 $18,361,153
=================================== ===================================
Net Income from discontinued operations for Basic EPS 331,998 1,126,294 331,998 1,126,294
Minority Interests of exchangeable O.P. units 5,604 27,932 5,604 27,932
----------------------------------- -----------------------------------
Net Income from discontinued operations for Diluted EPS $337,602 $1,154,226 $337,602 $1,154,226
=================================== ===================================
Earnings Per Share:
Basic NI for CS before Disc. Ops. $0.35 $0.28 $0.35 $0.28
Diluted NI for CS before Disc. Ops. $0.34 $0.28 $0.34 $0.28
Basic Discontinued Operations $0.01 $0.02 $0.01 $0.02
Diluted Discontinued Operations $0.01 $0.02 $0.01 $0.02
Basic NI for common stockholders $0.36 $0.30 $0.36 $0.30
Diluted NI for common stockholders $0.35 $0.30 $0.35 $0.30
Funds From Operations Per Share
-------------------------------
Funds from Operations for Basic FFO per share $41,489,130 $37,969,367 $41,489,130 $37,969,367
=================================== ===================================
Increases to Diluted FFO as a result of Dilutive CSE's
Minority interests of exchangeable partnership units 385,157 436,701 385,157 436,701
----------------------------------- -----------------------------------
Funds from Operations for Diluted FFO per share $41,874,287 $38,406,068 $41,874,287 $38,406,068
=================================== ===================================
FFO Per Share:
Basic $0.69 $0.63 $0.69 $0.63
Diluted $0.68 $0.62 $0.68 $0.62
Weighted Average Shares Outstanding
-----------------------------------
Weighted Average Shares for Basic
Net Income and FFO Per Share 60,141,802 60,164,417 60,141,802 60,164,417
=================================== ===================================
Dilutive Common Stock Equivalents for EPS:
O.P. Unit equivalents after conversion to common 1,151,427 1,496,293 1,151,427 1,496,293
Compensation based stock options (Treasury Method) 347,402 437,019 347,402 437,019
----------------------------------- -----------------------------------
Weighted Average Shares for Diluted EPS 61,640,631 62,097,729 61,640,631 62,097,729
=================================== ===================================
Dilutive Common Stock Equivalents for FFO:
None 0 0 0 0
----------------------------------- -----------------------------------
Weighted Average Shares for Diluted
Funds from Operations Per Share 61,640,631 62,097,729 61,640,631 62,097,729
=================================== ===================================
7
SUMMARY OF OUTSTANDING DEBT
- ------------------------------------------------------
Total Debt Outstanding 03/31/04 12/31/03
- ---------------------- -------- --------
Mortgage loans payable:
Fixed rate secured loans $ 210,797,387 217,001,451
Variable rate secured loans 41,588,421 41,628,717
Unsecured debt offering fixed rate 999,190,984 999,146,637
Unsecured line of credit variable rate 230,000,000 195,000,000
---------------- ----------------
Total $ 1,481,576,792 1,452,776,805
================ ================
Scheduled Unsecured Term
Schedule of Maturities by Year: Amortization Line of Credit Maturities Total
current year $ 3,611,441 - 224,485,292 228,096,733
2005 3,698,428 - 168,538,417 172,236,844
2006 3,397,271 - 21,126,023 24,523,293
2007 2,890,827 230,000,000 25,851,995 258,742,822
2008 2,696,989 - 19,618,676 22,315,665
2009 2,656,795 - 53,089,970 55,746,765
2010 2,451,847 - 177,133,812 179,585,659
2011 2,406,531 - 251,008,138 253,414,669
2012 2,475,399 - 255,420,062 257,895,461
2013 2,656,836 - - 2,656,836
2014 2,032,197 - 1,781,549 3,813,746
>10 years 5,794,030 - 11,799,678 17,593,707
Net unamortized debt premiums - - 4,954,593 4,954,593
--------------- -------------- ---------------- ----------------
$ 36,768,589 230,000,000 1,214,808,203 1,481,576,792
=============== ============== ================ ================
Percentage of Total Debt: 03/31/04 12/31/03
- ------------------------ -------- --------
Fixed 81.67% 83.71%
Variable 18.33% 16.29%
Current Average Interest Rate:
Fixed 7.46% 7.54%
Variable 1.93% 2.01%
Effective Interest Rate* 6.45% 6.64%
* rate as of period end and excluding the impact of amortization of deferred loan costs and debt premiums
8
SUMMARY OF OUTSTANDING DEBT
Consolidated debt by maturity date
- ----------------------------------------------------------------------------------------------------
Lender Secured Property Rate Maturity 03/31/04 12/31/03
- ------ ---------------- ---- -------- -------- --------
Fixed Rate Loans:
Debt Offering Unsecured 7.400% 04/01/04 200,000,000 199,990,900
Community Dev. Comm. City of Vista Vista Village 7.100% 07/01/04 2,000,000 2,000,000
Principal Mutual Life Insurance Co. Cochran's Crossing 8.410% 12/01/04 5,695,271 5,720,439
Ellen Kelly Woolaver Hillsboro Pike 7.100% 01/15/05 201,600 403,200
Nationwide Life Insurance Co. Friar's Mission 9.500% 06/10/05 15,046,732 15,143,849
IDS Certificate Co. St. Ann Square 9.500% 07/01/05 - 4,339,211
Debt Offering Unsecured 7.125% 07/15/05 99,956,788 99,948,145
Teachers Ins & Annuity of America Westchester Plaza 8.010% 09/05/05 5,168,370 5,205,745
Teachers Ins & Annuity of America East Pointe Crossing 8.010% 09/05/05 4,414,487 4,446,115
Allstate Insurance Company of America Memorial Bend 7.920% 10/01/05 6,794,273 6,883,068
DLJ Commercial Mortgage Northlake Village 8.780% 11/01/05 6,485,068 6,519,127
Woodmen of the World Life Ins. Society Market at Round Rock 8.625% 09/01/05 6,648,624 6,693,790
Principal Mutual Life Insurance Co. Briarcliff Village 7.040% 02/01/06 12,249,684 12,307,949
Teachers Ins & Annuity of America Statler Square 8.110% 05/01/06 4,972,644 5,001,575
Teachers Ins & Annuity of America Northgate Plaza/Maxtown 7.050% 08/01/06 4,820,632 4,855,598
Teachers Ins & Annuity of America Kernersville Plaza 8.730% 04/01/07 4,761,609 4,788,416
Teachers Ins & Annuity of America Maynard Crossing 8.735% 04/01/07 10,686,699 10,746,828
Principal Mutual Life Insurance Co. Lakeshore 7.240% 12/10/07 3,351,922 3,373,320
Principal Mutual Life Insurance Co. Shoppes at Mason 7.240% 12/10/07 3,528,339 3,550,863
Principal Mutual Life Insurance Co. Lake Pine Plaza 7.240% 12/10/07 5,380,716 5,415,066
Northwestern Mutual Life Insurance Co. Sterling Ridge 6.640% 07/01/08 10,673,656 10,708,498
Allstate Insurance Company of America Alden Bridge 6.750% 08/01/08 10,231,926 10,272,838
Debt Offering Unsecured 7.750% 04/01/09 50,000,000 50,000,000
Allstate Insurance Company of America Ashford Place 8.950% 08/01/09 4,003,439 4,041,679
Northwestern Mutual Life Insurance Co. Panther Creek 7.830% 04/01/10 10,387,327 10,411,756
Debt Offering Unsecured 8.450% 08/29/10 149,825,809 149,819,020
Principal Mutual Life Insurance Co. Cumming 400 7.970% 12/15/10 - 6,004,419
Principal Mutual Life Insurance Co. Russell Ridge 7.970% 12/15/10 5,979,016 -
Debt Offering Unsecured 8.000% 12/15/10 10,000,000 10,000,000
Principal Mutual Life Insurance Co. Powers Ferry Village 7.970% 12/15/10 2,717,734 2,729,281
Debt Offering Unsecured 7.950% 01/22/11 219,795,878 219,788,564
Wachovia Bank Market at Opitz Crossing 7.300% 03/01/11 12,449,545 12,482,633
Debt Offering Unsecured 7.250% 12/12/11 19,903,134 19,900,008
Debt Offering Unsecured 6.750% 01/15/12 249,709,375 249,700,000
Prudential Mortgage Capital Co. Tall Oaks Village Center 7.600% 05/01/12 6,302,331 6,316,571
Allstate Insurance Company of America North Hills Town Center 7.370% 01/01/14 7,279,479 7,375,101
United of Omaha Life Insurance Co. Fleming Island 7.400% 03/05/15 2,796,448 2,837,744
Municipal Tax Bonds Payable Friar's Mission 7.600% 09/02/15 1,146,306 1,146,306
Aid Association of Lutherans Woodman Van-Nuys 8.800% 09/15/15 5,001,410 5,063,698
Jefferson Pilot Peartree Village 8.400% 06/01/17 11,736,707 11,797,330
Aid Association of Lutherans Murrayhill Marketplace 8.050% 05/01/19 7,319,348 7,380,510
JP Morgan Chase Bank Cherry Street 5.650% 08/01/23 5,611,452 5,650,012
Net unamortized premiums on assumed debt of acquired properties 4,954,593 5,388,916
---------------------------------
Total Fixed Rate Debt 1,209,988,371 1,216,148,088
---------------------------------
Variable Rate Loans:
First Star Bank Hampstead Village LIBOR + 1.35% 10/31/04 8,150,221 8,190,517
AmSouth Trace Crossing LIBOR + 1.50% 11/05/04 8,438,200 8,438,200
Wells Fargo Bank $25 Million (Various properties LIBOR + 1.25% 07/17/05 25,000,000 25,000,000
Wells Fargo Bank $500 Million Line of Credit LIBOR + 0.75% 03/25/07 230,000,000 195,000,000
---------------------------------
Total Variable Rate Debt 271,588,421 236,628,717
---------------------------------
Total $ 1,481,576,792 1,452,776,805
=================================
9
2004 SHOPPING CENTER ACQUISITIONS
Regency's 100% Owned Only
- ------------------------------------------------------
Regency
Date Property City/State GLA Cost Yield Anchor Tenant
- ---- -------- ---------- --- ---- ----- -------------
None
10
JOINT VENTURE 2004 SHOPPING CENTER ACQUISITIONS
- ------------------------------------------------------
Date Property Name Acquired from City/State GLA Cost Yield Anchor Tenant
- ---- ------------- ------------- ---------- --- ---- ----- -------------
Columbia Regency Acquisitions
- -----------------------------
None
Macquarie Countrywide Acquisitions
- ----------------------------------
None
11
2004 SHOPPING CENTER SALES
Non-Development
- ------------------------------------------------------
Gross Regency's
Sales Share of
Date Property Name City/State GLA Price Proceeds Yield Anchor Tenant
---- ------------- ---------- --- ----- -------- ----- -------------
Sales of Properties 100% owned by Regency
- -----------------------------------------
Jan-04 The Marketplace at Alexander Alexander City, AL 162,723 $ 6,740,000 $ 6,740,000 12.49% Wal-Mart (dark) /
Winn Dixie
Feb-04 St. Ann Square St. Ann, MO 82,408 $ 4,900,000 $ 4,900,000 11.49% Kroger (dark)
Feb-04 Creekside Plaza Phase II Arlington, TX 15,400 $ 3,211,725 $ 3,211,725 8.19% Kroger - Phase I
Mar-04 Southpark Tyler, TX 146,940 $12,100,000 $12,100,000 9.76% Albertson's
---------------------------------------------
407,471 $26,951,725 $26,951,725 10.57%
---------------------------------------------
Sales of Properties owned by Joint Ventures
- -------------------------------------------
Mar-04 Creekside Plaza Phase I (OTR-JV) Arlington, TX 85,616 $10,813,275 $ 6,371,505 8.19% Kroger
Mar-04 Village Center (OTR-JV) Southlake, TX 118,092 $17,475,000 $10,623,171 8.39% Kroger
---------------------------------------------
203,708 $28,288,275 $16,994,676 8.32%
---------------------------------------------
Total Dispositions 611,179 $55,240,000 $43,946,401 9.70%
=============================================
12
2004 DEVELOPMENT SALES
- ------------------------------------------------------
Gross Regency's
Sales Share of
Date Property Name City/State GLA Price Proceeds Yield Anchor Tenant
---- ------------- ---------- --- ----- -------- ----- -------------
Sales to Macquarie Countrywide Joint Venture
- --------------------------------------------
None
Sales to Third Parties
- ----------------------
None
13
IN-PROCESS DEVELOPMENTS
March 31, 2004
- ------------------------------------------------------
Project Name MSA State Anchor Tenant Anchor Opens
- ------------------------------------------------------------------------------------------------------------------------------------
Phenix Crossing None AL Publix 07/07/04
Valleydale Village Shopping Center Birmingham AL Publix 06/25/03
Alameda Bridgeside Shopping Center Orange County CA Nob Hill 05/01/05
Bear Creek Riverside-San Bernandino CA Stater Bros. 10/01/04
Clayton Valley Shopping Center Oakland CA Safeway 05/01/05
Falcon Ridge Riverside-San Bernandino CA Target 12/01/04
Gilroy San Jose CA Kohl's, Target 05/01/04
Hasley Canyon Village Los Angeles CA Ralph's 11/01/04
Victoria Gateway Center Riverside-San Bernandino CA Circuit City 12/01/04
Vista Village Phase I San Diego CA Krikorian Theatres 01/01/04
Vista Village Phase I I San Diego CA Staples 01/01/04
Centerplace of Greeley II Greeley CO Kohl's 05/01/04
Hilltop Center Denver CO King Soopers 11/01/03
New Windsor Greeley CO King Soopers 11/01/03
East Towne Center Orlando FL Publix 10/16/03
Johns Creek Center Jacksonville FL Publix 01/21/05
Vineyard Shopping Center Tallahassee FL Publix 11/14/02
Independence Square Detroit MI Kroger 07/01/04
McMinnville Market Center Portland OR Albertson's 07/01/04
Murray Landing Columbia SC Publix 10/08/03
Pelham Commons Greenville SC Publix 06/25/03
Atascocita Center Houston TX Kroger 11/01/03
Kleinwood Center Houston TX HEB 10/01/03
Legacy Center Dallas TX Albertson's 06/01/03
Main Street Center Dallas TX Albertson's 09/01/03
Rockwall Dallas TX Tom Thumb 07/01/04
Signature Plaza Dallas TX Kroger 02/01/05
Spring West Houston TX HEB 04/01/05
Hollymead Charlottesville VA Harris Teeter 05/01/05
Signal Hill Washington D.C. VA Shoppers Food Warehouse 10/01/04
Padden Parkway (Phase I and II) Portland WA Albertson's 05/01/03
Spokane Valley Plaza Spokane WA PetSmart 01/01/05
- ------------------------------------------------------------------------------------------------------------------------------------
Total Consolidated
====================================================================================================================================
Hermosa-PCH & 2nd Los Angeles CA Sav-On 07/01/04
Indian Springs Houston TX HEB 03/19/04
- ------------------------------------------------------------------------------------------------------------------------------------
Total Unconsolidated
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Total In-Process Developments
====================================================================================================================================
Est. NOI
Est. Net Yield on Company
Development Est. Gross Costs Net Dev. Company Owned % Gross %
Project Name Costs Est. Gross Costs to Complete(1) Costs(2) GLA Leased GLA Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Phenix Crossing 6,856,026 8,712,357 2,751,948 9.98% 56,563 80% 56,563 80%
Valleydale Village Shopping Center 12,693,494 14,907,654 946,410 9.39% 118,466 63% 118,466 63%
Alameda Bridgeside Shopping Center 20,540,464 22,962,812 15,407,424 10.25% 103,010 57% 103,010 57%
Bear Creek 17,233,931 18,709,208 13,169,822 9.11% 81,219 79% 81,219 79%
Clayton Valley Shopping Center 34,663,441 34,663,441 8,234,304 8.35% 236,683 82% 236,683 82%
Falcon Ridge 31,644,196 43,553,133 35,816,814 11.50% 231,141 61% 368,339 76%
Gilroy 47,713,689 69,717,120 21,475,418 10.56% 334,409 91% 487,175 94%
Hasley Canyon Village 14,172,796 14,497,569 10,004,089 10.57% 69,835 87% 69,835 87%
Victoria Gateway Center 16,650,012 18,261,038 12,843,551 11.25% 104,215 70% 110,715 72%
Vista Village Phase I 23,428,629 24,096,249 2,644,066 11.27% 130,262 86% 130,262 86%
Vista Village Phase I I 11,672,144 12,228,444 4,527,948 9.33% 34,000 0% 65,388 48%
Centerplace of Greeley II 8,563,886 10,240,337 2,448,403 10.33% 98,124 90% 98,124 90%
Hilltop Center 7,069,930 14,145,464 498,389 11.46% 100,028 87% 100,028 87%
New Windsor 4,804,623 11,552,304 882,906 13.07% 95,877 82% 95,877 82%
East Towne Center 9,445,542 11,137,722 2,376,067 9.61% 69,841 88% 69,841 88%
Johns Creek Center 13,974,597 16,644,197 11,267,970 11.67% 105,371 44% 105,371 44%
Vineyard Shopping Center 6,235,049 9,223,684 287,864 10.54% 62,821 84% 62,821 84%
Independence Square 10,795,245 14,300,718 6,834,222 9.82% 88,995 74% 88,995 74%
McMinnville Market Center 7,301,458 7,824,448 4,274,177 11.18% 74,400 87% 74,400 87%
Murray Landing 7,285,235 10,104,067 125,407 9.78% 64,441 91% 64,441 91%
Pelham Commons 8,974,721 9,885,797 275,191 10.11% 76,541 91% 76,541 91%
Atascocita Center 11,147,738 16,155,603 7,630,217 10.84% 94,180 80% 94,180 80%
Kleinwood Center 22,959,125 27,027,574 1,934,573 10.33% 152,906 77% 152,906 77%
Legacy Center 9,504,247 16,266,527 661,767 10.82% 56,669 67% 119,473 84%
Main Street Center 6,382,771 11,151,558 1,560,906 11.90% 42,922 70% 105,244 88%
Rockwall 9,914,951 14,125,212 7,589,178 10.63% 65,644 0% 122,661 46%
Signature Plaza 3,630,011 8,246,731 4,890,645 14.93% 28,795 12% 90,757 72%
Spring West 16,991,328 20,942,590 14,133,213 10.35% 128,796 74% 128,796 74%
Hollymead 26,662,755 36,069,455 22,503,157 10.15% 155,507 39% 298,007 68%
Signal Hill 17,655,073 17,895,073 11,030,315 10.76% 108,481 76% 108,481 76%
Padden Parkway (Phase I and II) 11,226,409 13,904,840 767,414 10.52% 83,569 78% 88,569 79%
Spokane Valley Plaza 4,868,295 4,868,295 3,368,887 16.72% 38,647 52% 38,647 52%
- -----------------------------------------------------------------------------------------------------------------------------------
Total Consolidated 462,661,811 584,021,221 233,162,661 10.48% 3,292,358 73% 4,011,815 78%
===================================================================================================================================
Hermosa-PCH & 2nd 5,472,264 5,472,264 1,530,751 11.06% 13,212 100% 13,212 100%
Indian Springs 18,005,717 24,217,985 6,976,057 11.82% 135,756 73% 135,756 73%
- -----------------------------------------------------------------------------------------------------------------------------------
Total Unconsolidated 23,477,981 29,690,249 8,506,808 10.40% 148,968 75% 148,968 75%
===================================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Total In-Process Developments 486,139,792 613,711,470 241,669,469 10.47% 3,441,326 73% 4,160,783 78%
===================================================================================================================================
Notes:
(1) Construction in progress (CIP) balance and costs to date on in process
developments are not equal. CIP balance contains costs of land held for
development, deposits on contracts and other pre-closing costs.
(2) The NOI Yield on total costs after allocating land basis for outparcel
proceeds is estimated to be 9.6%.
14
IN-PROCESS DEVELOPMENTS FUNDING & STABILIZATION SCHEDULE
March 31, 2004
- ----------------------------------------------------------
In-Process Developments Projected Funding (1)
($ Thousands)
Q2 2004E Q3 2004E Q4 2004E 2005+E
Properties in development $65,000 - $75,000 $55,000 - $65,000 $40,000 - $50,000 $52,000 -$82,000
(1) Funding for in-process consolidated and unconsolidated
developments, excludes projected funding of future developments.
Estimated Property Stabilization
($ Thousands)
Q1 2004A Q2 2004E Q3 2004E Q4 2004E 2005+E
Properties in development (2)
Gross Dev. Costs: $119,529 $0,000 - $10,000 $80,000 - $100,000 $65,000 - $125,000 $289,000 - $339,000
Net Dev. Costs: $97,479 $0,000 - $10,000 $70,000 - $90,000 $50,000 - $105,000 $211,000 - $236,000
(2) 40%- 80% of properties in development are expected to be sold
within 6 months of stabilization at a 10-20% profit margin and
between 7-12% after out parcel allocation and income taxes.
15
INVESTMENTS IN REAL ESTATE PARTNERSHIPS
March 31, 2004
Number of Total Total Total
Legal Entity Property Name Properties GLA Assets Debt Lender
- ------------ ------------- ---------- --- ------ ---- ------
Queensborough Associates, L.P. Queensborough 1 82,333 $ 6,909,996 $ - -
OTR/Regency Texas Realty Holdings, L.P. Village Center
& Creekside * - - 617,071 - -
Tinwood LLC Regency Village 1 83,170 18,623,152 - -
Columbia Regency Retail Partners, LLC Various 13 2,131,261 291,762,628 96,710,000 Various
Macquarie-Regency Various 26 2,937,953 408,618,571 210,569,116 Various
Jog Road, LLC Shops of San Marco 1 96,537 16,139,422 11,000,000 Wachovia
Regency Woodlands/Kuykendahl Retail, Ltd. Indian Springs Center 1 135,756 20,006,949 9,771,919 Wells Fargo
Hermosa Venture 2002, LLC Hermosa Beach 1 13,212 4,423,689 - -
-------------------------------------------------------
44 5,480,222 $ 767,101,478 $ 328,051,035
=======================================================
Regency
--------------------------------------------------
Ownership Share Investment Equity
Legal Entity Interest of Debt 03/31/04 Pick-up
- ------------ -------- ------- -------- -------
Queensborough Associates, L.P. 50.00% $ - $ 3,456,774 $ 77,429
OTR/Regency Texas Realty Holdings, L.P.
30.00% - - 1,226,472
Tinwood LLC 50.00% - 10,093,038 91,287
Columbia Regency Retail Partners, LLC 20.00% 19,342,000 38,747,678 591,222
Macquarie-Regency 25.00% 48,765,142 38,166,787 665,866
Jog Road, LLC 50.00% 5,500,000 2,402,706 94,940
Regency Woodlands/Kuykendahl Retail, Ltd. 50.00% 4,885,960 5,425,826 (2,199)
Hermosa Venture 2002, LLC 27.00% - 3,111,208 (423)
-----------------------------------------------------
$ 78,493,101 $ 101,404,018 $ 2,744,594
=====================================================
* Properties were sold in March 2004
16
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Balance Sheets
March 31, 2004 and December 31, 2003
- --------------------------------------------------------------------------------
(in thousands)
2004 2003
---- ----
Assets
- ------
Real estate, at cost
Land $ 278,534 291,665
Buildings and improvements 407,553 432,157
------------- -------------
686,087 723,822
Less: accumulated depreciation 24,963 23,076
------------- -------------
661,124 700,746
Properties in development 30,032 26,784
------------- -------------
Net real estate investments 691,156 727,530
Cash and cash equivalents 17,465 19,716
Tenant receivables, net of allowance
for uncollectible accounts 9,513 13,806
Deferred costs, less accumulated amortization 4,555 4,821
Acquired lease intangible assets, net 43,725 45,252
Other assets 687 1,065
------------- -------------
$ 767,101 812,190
============= =============
Liabilities and Equity
Liabilities:
Notes payable $ 328,051 322,238
Accounts payable and other liabilities 10,843 12,012
Tenants' security and escrow deposits 2,103 2,090
------------- -------------
Total liabilities 340,997 336,340
------------- -------------
Equity:
Equity - Regency Centers 101,404 140,496
Equity - Third parties 324,700 335,354
------------- -------------
Total equity 426,104 475,850
------------- -------------
$ 767,101 812,190
============= =============
DEBT: (in thousands)
Average Interest Rate Average Maturity 2004 2003
--------------------- ---------------- ---- ----
Fixed 5.35% 01/20/10 $ 238,241 228,077
Variable LIBOR + 1.27% 01/14/05 $ 89,810 94,161
17
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Statements of Operations
For the three months ended March 31, 2004 and 2003
- --------------------------------------------------------------------------------------------------
(in thousands)
2004 2003
---- ----
Revenues:
Property revenues $ 22,463 16,269
---------------------- -------------------
Operating expenses:
Operating and maintenance 3,423 2,298
Real estate taxes 2,500 1,886
---------------------- -------------------
Total operating expenses 5,923 4,184
---------------------- -------------------
Net operating income 16,540 12,085
---------------------- -------------------
Other expense (income):
General and administrative 723 494
Depreciation and amortization expense 5,705 3,438
Interest expense, net 3,656 2,152
Gain on sale of operating properties (8,211) (676)
---------------------- -------------------
Total other expense (income) 1,873 5,408
---------------------- -------------------
Net income $ 14,667 6,677
====================== ===================
Regency's Pro Rata Share of:
Net Operating Income $ 4,055 3,211
====================== ===================
18
SECURITIES ISSUED OTHER THAN COMMON STOCK
Security Issued : SERIES 3 CUMULATIVE REDEEMABLE PREFERRED STOCK
-Regency Centers Corporation
o Issuance Date April 3, 2003
o Original Amount Issued $75 Million
o Conversion Nonconvertible
o Dividend 7.45% annual dividend
o Redeemable On or after April 3, 2008
Security Issued : PERPETUAL PREFERRED UNITS -
Regency Centers, L.P.
o Issuance Dates Jun-98, Sep-99, May-00,
Sep-00
o Original Amount Issued $384 Million
o Redemption $155 Million
o Average Rate 8.88%
o Current Balance $229 Million
Security Issued : EXCHANGEABLE OPERATING PARTNERSHIP UNITS
-Regency Centers, L.P.
o Issuance Date Variable
o Units Outstanding 1,026,379 OP Units
o Conversion Convertible into Common
Stock 1:1
o Dividend Equal to current Common
Dividend
19
SUMMARY RETAIL PROPERTY INFORMATION
- ------------------------------------------------------
Retail Real Estate Portfolio Current 12/31/03 12/31/02 12/31/01
- ----------------------------------------- ----------------------------------------------------------------------
Company owned GLA (including joint ventures) 29,761,376 30,347,744 29,482,626 29,089,493
GLA under Development 3,441,326 3,984,509 3,126,483 3,865,745
Company owned GLA Growth -1.9% 2.9% 1.4% 3.9%
Total GLA including anchor owned stores 31,832,429 32,456,685 31,400,423 31,050,725
- -----------------------------------------------------------------------------------------------------------------------------
Total Retail Shopping Center Properties 260 265 262 272
Properties in Development included above 33 36 34 41
Total Grocery anchored shopping centers 222 228 225 225
- -----------------------------------------------------------------------------------------------------------------------------
% leased - All Properties 92.8% 92.2% 91.5% 92.7%
% leased - Excluding Development 95.4% 95.4% 94.8% 94.9%
- -----------------------------------------------------------------------------------------------------------------------------
Total Net Operating Income $67,888,843 $273,439,380 $282,136,389 $264,640,770
Base rent growth 8.5% 9.5% 10.8% 10.5%
Same Property NOI Growth 2.3% 2.7% 3.0% 3.2%
20
PORTFOLIO SUMMARY REPORT BY REGION
March 31, 2004
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic Region
-------------------
Pike Creek DE Wilmington Mid-Atlantic 1981 1998 229,510
White Oak - Dover DE DE Dover Mid-Atlantic 2000 2000 10,908
- ------------------------------------------------------------------------------------------------------------------------------------
DE 240,418
====================================================================================================================================
Clinton Park JV-C MD Washington DC Mid-Atlantic 0 2003 188,243
- ------------------------------------------------------------------------------------------------------------------------------------
MD 188,243
====================================================================================================================================
Echelon Village Plaza NJ Philadelphia Mid-Atlantic 2000 2000 88,993
- ------------------------------------------------------------------------------------------------------------------------------------
NJ 88,993
====================================================================================================================================
Hershey PA None Mid-Atlantic 2000 2000 6,000
- ------------------------------------------------------------------------------------------------------------------------------------
PA 6,000
====================================================================================================================================
Ashburn Farm Market Center VA Washington DC Mid-Atlantic 2000 2000 91,905
Brookville Plaza JV-M VA Lynchburg Mid-Atlantic 1991 1998 63,665
Cheshire Station VA Washington DC Mid-Atlantic 2000 2000 97,156
Hollymead Town Center VA Charlottesville Mid-Atlantic 2004 2003 155,207
The Market at Opitz Crossing VA Washington DC Mid-Atlantic 2003 2003 149,810
Signal Hill VA Washington DC Mid-Atlantic 2004 2003 108,481
Somerset Crossing VA Washington DC Mid-Atlantic 2002 2002 104,553
Statler Square Phase I VA None Mid-Atlantic 1996 1998 133,660
Tall Oaks Village Center VA Washington DC Mid-Atlantic 1998 2002 69,331
Village Center at Dulles JV-C VA Washington DC Mid-Atlantic 1991 2002 298,601
- ------------------------------------------------------------------------------------------------------------------------------------
VA 1,272,369
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Mid-Atlantic 1,796,023
====================================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Center IL Chicago Midwest 0 2003 107,734
Hinsdale IL Chicago Midwest 1986 1998 178,975
Westbrook Commons IL Chicago Midwest 1984 2001 121,502
- ------------------------------------------------------------------------------------------------------------------------------------
IL 408,211
====================================================================================================================================
Franklin Square JV-M KY Lexington Midwest 1988 1998 203,317
Shoppes of Ft Wright KY Cincinnati Midwest 2003 2003 20,360
Silverlake JV-M KY Cincinnati Midwest 1988 1998 99,352
- ------------------------------------------------------------------------------------------------------------------------------------
KY 323,029
====================================================================================================================================
Fenton Marketplace MI Flint Midwest 1999 1999 97,224
Independence Square MI Detroit Midwest 2004 2003 88,995
Lakeshore MI Detroit Midwest 1996 1998 85,940
Waterford Towne Center MI Detroit Midwest 1998 1998 96,101
- ------------------------------------------------------------------------------------------------------------------------------------
MI 368,260
====================================================================================================================================
St Ann Square MO St. Louis Midwest 1986 1998 82,498
- ------------------------------------------------------------------------------------------------------------------------------------
MO 82,498
====================================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic Region
-------------------
Pike Creek 229,510 99.52% 99.4% 49,069 Acme
White Oak - Dover DE 10,908 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
240,418 99.5% 99.4% 49,069 1
====================================================================================================================================
Clinton Park 188,243 90.17% 91.5% 43,000 Giant
- ------------------------------------------------------------------------------------------------------------------------------------
188,243 90.2% 91.5% 43,000 1
====================================================================================================================================
Echelon Village Plaza 88,993 89.44% 93.9% 48,776 Genuardi's
- ------------------------------------------------------------------------------------------------------------------------------------
88,993 89.4% 93.9% 48,776 1
====================================================================================================================================
Hershey 6,000 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
6,000 100.0% 100.0% - 0
====================================================================================================================================
Ashburn Farm Market Center 91,905 100.00% 100.0% 48,999 Giant
Brookville Plaza 63,665 98.12% 98.1% 52,864 Kroger
Cheshire Station 97,156 100.00% 100.0% 55,163 Safeway
Hollymead Town Center 155,507 39.05% 39.0% 60,607 Harris Teeter
The Market at Opitz Crossing 149,810 99.29% 100.0% 51,922 Safeway
Signal Hill 108,481 66.48% 76.2% 67,470 Shoppers Food Warehouse
Somerset Crossing 104,128 100.00% 100.0% 67,470 Shoppers Food Warehouse
Statler Square Phase I 133,660 97.91% 97.9% 65,003 Kroger
Tall Oaks Village Center 69,331 100.00% 100.0% 38,763 Giant
Village Center at Dulles 298,601 99.18% 99.2% 48,424 Shoppers Food Warehouse
- ------------------------------------------------------------------------------------------------------------------------------------
1,272,244 89.1% 90.0% 556,685 10
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 1,795,898 90.7% 91.7% 697,530 13
====================================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Center 107,734 98.19% 96.6% 64,937 Jewel
Hinsdale 178,975 98.99% 99.0% 69,540 Dominick's
Westbrook Commons 121,502 92.84% 92.0% 51,304 Dominicks
- ------------------------------------------------------------------------------------------------------------------------------------
408,211 97.0% 96.3% 185,781 3
====================================================================================================================================
Franklin Square 203,317 97.93% 97.9% 50,499 Kroger
Shoppes of Ft Wright 18,856 93.12% 100.6% - --
Silverlake 99,352 98.49% 98.5% 60,000 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
321,525 97.8% 98.3% 110,499 2
====================================================================================================================================
Fenton Marketplace 97,224 98.56% 97.1% 53,739 Farmer Jack
Independence Square 88,995 72.50% 74.1% 60,137 Kroger
Lakeshore 85,940 85.04% 85.0% 49,465 Kroger
Waterford Towne Center 96,101 91.26% 95.6% 60,202 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
368,260 87.2% 88.4% 223,543 4
====================================================================================================================================
St Ann Square - 91.48% 0.0% 43,483 National
- ------------------------------------------------------------------------------------------------------------------------------------
91.5% NA 43,483 0
====================================================================================================================================
21
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Beckett Commons OH Cincinnati Midwest 1995 1998 121,498
Cherry Grove OH Cincinnati Midwest 1997 1998 195,497
Cherry Street Center OH Toledo Midwest 2000 2000 54,660
East Pointe OH Columbus Midwest 1993 1998 86,524
Hyde Park OH Cincinnati Midwest 1995 1997 397,893
Kingsdale Shopping Center OH Columbus Midwest 1999 1997 270,470
Kroger New Albany Center JV-O OH Columbus Midwest 1999 1999 91,722
Maxtown Road (Northgate) OH Columbus Midwest 1996 1998 85,100
Park Place Shopping Center OH Columbus Midwest 1988 1998 106,833
Regency Milford Center JV-MD OH Cincinnati Midwest 2001 2001 108,903
Shoppes at Mason OH Cincinnati Midwest 1997 1998 80,800
Westchester Plaza OH Cincinnati Midwest 1988 1998 88,181
Windmiller Plaza Phase I OH Columbus Midwest 1997 1998 120,362
Worthington Park Centre OH Columbus Midwest 1991 1998 93,095
- ------------------------------------------------------------------------------------------------------------------------------------
OH 1,901,538
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Midwest 3,083,536
====================================================================================================================================
Pacific Region
--------------
Alameda Bridgeside Shopping Center CA Orange County Pacific 2004 2003 103,510
Amerige Heights Town Center JV-MD CA Los Angeles Pacific 2000 2000 96,679
Bear Creek Village Center CA Riverside-San Bernard Pacific 2004 2003 81,219
Blossom Valley CA San Jose Pacific 1990 1999 93,315
Campus Marketplace JV-M CA San Diego Pacific 2000 2000 144,288
Clayton Valley CA Oakland Pacific 2004 2003 236,683
Corral Hollow JV-O CA Stockton Pacific 2000 2000 167,118
Costa Verde CA San Diego Pacific 1988 1999 178,622
Diablo Plaza CA Oakland Pacific 1982 1999 63,214
El Camino CA Los Angeles Pacific 1995 1999 135,883
El Cerrito Plaza JV-MD CA San Francisco Pacific 2000 2000 255,953
El Norte Parkway Pla CA San Diego Pacific 1984 1999 87,990
Encina Grande CA Oakland Pacific 1965 1999 102,499
Falcon Ridge CA Riverside-San Bernard Pacific 2004 2003 245,857
Friars Mission CA San Diego Pacific 1989 1999 146,897
Garden Village Shopping Center JV-M CA Los Angeles Pacific 2000 2000 112,852
Gelson's Westlake Market Plaza CA Ventura Pacific 2002 2002 84,468
Gilroy CA San Jose Pacific 2003 2002 334,409
Hasley Canyon Village CA Los Angeles Pacific 2003 2003 69,800
Heritage Plaza CA Orange County Pacific 1981 1999 231,602
Hermosa Beach JV-O CA Los Angeles Pacific 2003 2003 13,212
Loehmanns Plaza California CA San Jose Pacific 1983 1999 113,310
Company Owned GLA % Leased
- -----------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- -----------------------------------------------------------------------------------------------------------------------------------
Beckett Commons 121,498 100.00% 98.3% 70,815 Kroger
Cherry Grove 195,497 89.27% 90.1% 66,336 Kroger
Cherry Street Center 54,660 100.00% 100.0% 54,660 Farmer Jack
East Pointe 86,524 98.38% 98.4% 59,120 Kroger
Hyde Park 397,893 95.23% 98.9% 169,267 Kroger/Thriftway
Kingsdale Shopping Center 270,470 72.09% 69.8% 56,006 Big Bear
Kroger New Albany Center 91,722 100.00% 98.5% 63,805 Kroger
Maxtown Road (Northgate) 85,100 100.00% 100.0% 62,000 Kroger
Park Place Shopping Center 106,833 96.33% 41.5% - --
Regency Milford Center 108,903 88.42% 88.4% 65,000 Kroger
Shoppes at Mason 80,800 97.52% 97.5% 56,800 Kroger
Westchester Plaza 88,181 100.00% 100.0% 66,523 Kroger
Windmiller Plaza Phase I 120,362 97.92% 97.9% 76,555 Kroger
Worthington Park Centre 93,095 94.21% 94.2% 52,337 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
1,901,538 92.5% 89.7% 919,224 13
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 2,999,534 93.0% 91.4% 1,482,530 22
====================================================================================================================================
Pacific Region
--------------
Alameda Bridgeside Shopping Center 103,010 60.31% 56.9% 58,660 Nob Hill
Amerige Heights Town Center 96,679 100.00% 100.0% 57,560 Albertson's
Bear Creek Village Center 81,219 65.62% 79.4% 44,093 Stater Brother
Blossom Valley 93,315 94.40% 98.1% 34,208 Safeway
Campus Marketplace 144,288 100.00% 100.0% 58,527 Ralph's
Clayton Valley 36,683 83.18% 82.4% 47,541 Safeway
Corral Hollow 167,118 100.00% 100.0% 65,715 Safeway
Costa Verde 178,622 100.00% 100.0% 40,000 Albertson's
Diablo Plaza 63,214 100.00% 100.0% 53,000 Safeway
El Camino 135,883 100.00% 100.0% 35,650 Von's Food & Drug
El Cerrito Plaza 56,048 96.30% 97.0% 77,888 Albertson's/Trader Joe
El Norte Parkway Pla 87,990 82.46% 84.0% 42,315 Von's Food & Drug
Encina Grande 102,499 93.81% 93.8% 22,500 Safeway
Falcon Ridge 231,141 21.28% 61.3% 43,718 Stater Brothers
Friars Mission 146,897 100.00% 100.0% 55,303 Ralph's
Garden Village Shopping Center 112,852 100.00% 100.0% 57,050 Albertson's
Gelson's Westlake Market Plaza 84,468 84.71% 94.6% 37,500 Gelsons
Gilroy 34,409 89.58% 91.3% - --
Hasley Canyon Village 69,835 81.02% 87.0% 52,340 Ralph's
Heritage Plaza 231,602 98.94% 98.5% 44,376 Ralph's
Hermosa Beach 13,212 100.00% 100.0% - --
Loehmanns Plaza California 113,310 100.00% 99.1% 53,000 Safeway
22
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Valencia Crossroads CA Los Angeles Pacific 2003 2002 180,517
Morningside Plaza CA Orange County Pacific 1996 1999 91,600
Newland Center CA Orange County Pacific 1985 1999 149,174
Oakbrook Plaza CA Ventura Pacific 1982 1999 83,279
Park Plaza Shopping Center JV-C CA Los Angeles Pacific 1991 2001 193,529
Plaza Hermosa CA Los Angeles Pacific 1984 1999 94,940
Powell Street Plaza CA Oakland Pacific 1987 2001 165,928
Folsom Prairie City Crossing CA Sacramento Pacific 1999 1999 93,134
Rona Plaza CA Orange County Pacific 1989 1999 51,754
Rosecrans & Inglewood CA Los Angeles Pacific 2002 2002 12,000
San Leandro CA Oakland Pacific 1982 1999 50,432
Santa Ana Downtown CA Orange County Pacific 1987 1999 100,305
Seal Beach JV-C CA Orange County Pacific 1966 2002 74,215
Sequoia Station CA San Francisco Pacific 1996 1999 103,148
Strawflower Village CA San Francisco Pacific 1985 1999 78,827
Tassajara Crossing CA Oakland Pacific 1990 1999 146,188
The Shops of Santa Barbara CA Santa Barbara Pacific 2004 2003 35,135
Torrance Strouds CA Los Angeles Pacific 2002 2002 13,435
Twin Peaks CA San Diego Pacific 1988 1999 198,139
Ventura Village CA Ventura Pacific 1984 1999 76,070
Victoria Gateway Center CA Riverside-San Bernard Pacific 2004 2003 97,862
Vista Village Phase I & II CA San Diego Pacific 2003 2002 164,262
West Park Plaza CA San Jose Pacific 1996 1999 88,103
Westlake Village Plaza and Center CA Ventura Pacific 1975 1999 190,525
Westridge CA Los Angeles Pacific 2003 2001 97,286
Woodman Van Nuys CA Los Angeles Pacific 1992 1999 107,614
Woodside Central CA San Francisco Pacific 1993 1999 80,591
- ------------------------------------------------------------------------------------------------------------------------------------
CA 5,917,372
====================================================================================================================================
Cherry Park Market OR Portland Pacific 1997 1999 113,518
Hillsboro Market Center JV-M OR Portland Pacific 2000 2000 150,356
McMinnville Market Center OR Portland Pacific 2003 2003 74,400
Murrayhill Marketplace OR Portland Pacific 1988 1999 149,215
Sherwood Crossroads OR Portland Pacific 1999 1999 84,266
Sherwood Market Center OR Portland Pacific 1995 1999 124,257
Sunnyside 205 OR Portland Pacific 1988 1999 53,094
Walker Center OR Portland Pacific 1987 1999 89,609
- ------------------------------------------------------------------------------------------------------------------------------------
OR 838,715
====================================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Valencia Crossroads 179,608 100.00% 93.5% 35,000 Whole Foods
Morningside Plaza 91,600 100.00% 96.5% 42,630 Stater Brother
Newland Center 149,174 100.00% 100.0% 58,000 Albertson's
Oakbrook Plaza 83,279 98.20% 98.2% 43,842 Albertson's
Park Plaza Shopping Center 197,166 91.78% 95.7% 28,210 Von's Food & Drug
Plaza Hermosa 94,940 100.00% 100.0% 36,800 Von's Food & Drug
Powell Street Plaza 165,928 98.05% 100.0% 10,122 Trader Joe's
Folsom Prairie City Crossing 93,134 91.31% 95.0% 55,255 Safeway
Rona Plaza 51,754 100.00% 100.0% 37,194 Food 4 Less
Rosecrans & Inglewood 100.00% 0.0% - --
San Leandro 50,432 100.00% 100.0% 38,250 Safeway
Santa Ana Downtown 100,305 98.83% 97.9% 37,972 Food 4 Less
Seal Beach 74,215 98.90% 97.7% 25,000 Safeway
Sequoia Station 103,148 100.00% 100.0% 62,050 Safeway
Strawflower Village 78,827 100.00% 100.0% 33,753 Safeway
Tassajara Crossing 146,188 100.00% 100.0% 56,496 Safeway
The Shops of Santa Barbara 35,135 81.83% 81.8% - --
Torrance Strouds 100.00% 0.0% - --
Twin Peaks 198,139 97.92% 96.1% 44,686 Albertson's
Ventura Village 76,070 100.00% 100.0% 42,500 Von's Food & Drug
Victoria Gateway Center 104,215 68.86% 70.4% - --
Vista Village Phase I & II 164,262 84.69% 68.0% - --
West Park Plaza 88,103 100.00% 100.0% 24,712 Safeway
Westlake Village Plaza and Center 190,525 97.01% 97.7% 41,300 Von's Food & Drug
Westridge 97,286 95.89% 99.0% 50,782 Albertson's
Woodman Van Nuys 107,614 100.00% 100.0% 77,648 Gigante
Woodside Central 80,591 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
5,885,932 91.4% 93.1% 1,863,146 41
====================================================================================================================================
Cherry Park Market 113,518 91.74% 90.9% 55,164 Safeway
Hillsboro Market Center 150,356 92.46% 93.4% 57,370 Albertson's
McMinnville Market Center 74,400 83.45% 87.1% 53,641 Albertson's
Murrayhill Marketplace 149,215 86.57% 85.7% 41,132 Safeway
Sherwood Crossroads 84,266 95.73% 92.9% 55,227 Safeway
Sherwood Market Center 124,257 98.31% 98.3% 49,793 Albertson's
Sunnyside 205 53,094 98.15% 99.3% - --
Walker Center 89,609 93.98% 94.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
838,715 92.2% 92.2% 312,327 6
====================================================================================================================================
23
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Cascade Plaza JV-C WA Seattle Pacific 1999 1999 217,657
Inglewood Plaza WA Seattle Pacific 1985 1999 17,253
James Center JV-M WA Tacoma Pacific 1999 1999 140,240
Padden Parkway Market Center WA Portland Pacific 2003 2002 88,569
Pine Lake Village WA Seattle Pacific 1989 1999 102,953
Sammamish Highland WA Seattle Pacific 1992 1999 101,289
South Point Plaza WA Seattle Pacific 1997 1999 190,355
Southcenter WA Seattle Pacific 1990 1999 58,282
Spokane Valley WA None Pacific 2004 2003 -
Thomas Lake WA Seattle Pacific 1998 1999 103,872
- ------------------------------------------------------------------------------------------------------------------------------------
WA 1,020,470
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Pacific 7,776,557
====================================================================================================================================
Southeast Region
Southgate Village Shopping Ctr JV-M AL Birmingham Southeast 1988 2001 75,092
The Marketplace Alex City AL None Southeast 1987 1993 162,723
Phenix Crossing AL None Southeast 2004 2003 56,563
Trace Crossing AL Birmingham Southeast 2002 2001 74,130
Valleydale Village Shop Center AL Birmingham Southeast 2003 2002 118,466
Village in Trussville AL Birmingham Southeast 1987 1993 56,356
- ------------------------------------------------------------------------------------------------------------------------------------
AL 543,330
====================================================================================================================================
Anastasia Plaza JV-M FL Jacksonville Southeast 1988 1993 102,342
Aventura Shopping Center FL Miami Southeast 1974 1994 102,876
Beneva Village Shops FL Sarasota Southeast 1987 1998 141,532
Berkshire Commons FL Naples Southeast 1992 1994 106,354
Bloomingdale FL Tampa Southeast 1987 1998 267,935
Bolton Plaza FL Jacksonville Southeast 1988 1994 172,938
Boynton Lakes Plaza FL West Palm Beach Southeast 1993 1997 130,924
Carriage Gate FL Tallahassee Southeast 1978 1994 76,833
Chasewood Plaza FL West Palm Beach Southeast 1986 1993 155,603
Courtyard Shopping Center FL Jacksonville Southeast 1987 1993 137,256
East Port Plaza FL Fort Pierce Southeast 1991 1997 235,842
East Towne Shopping Center FL Orlando Southeast 2003 2002 69,841
Fleming Island FL Jacksonville Southeast 2000 1998 136,662
Garden Square FL Miami Southeast 1991 1997 90,258
Grande Oak FL Ft Myers-Cape Coral Southeast 2000 2000 78,784
Highland Square JV-M FL Jacksonville Southeast 1999 1998 262,194
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Cascade Plaza 211,072 99.21% 99.2% 49,440 Safeway
Inglewood Plaza 17,253 100.00% 100.0% - --
James Center 140,240 95.52% 94.1% 68,273 Fred Myer
Padden Parkway Market Center 83,569 75.91% 77.9% 52,443 Albertson's
Pine Lake Village 102,953 100.00% 100.0% 40,982 Quality Foods
Sammamish Highland 101,289 97.24% 97.2% 55,000 Safeway
South Point Plaza 190,355 97.48% 97.5% 55,443 Cost Cutters
Southcenter 58,282 100.00% 100.0% - --
Spokane Valley 38,647 NA 52.0% - --
Thomas Lake 103,872 100.00% 97.6% 50,065 Albertson's
- ------------------------------------------------------------------------------------------------------------------------------------
1,047,532 96.4% 94.5% 371,646 7
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 7,772,179 92.1% 93.2% 2,547,119 54
====================================================================================================================================
Southeast Region
Southgate Village Shopping Ctr 75,092 100.00% 100.0% 46,733 Publix
The Marketplace Alex City - 95.70% 0.0% 47,668 Winn-Dixie
Phenix Crossing 56,563 77.82% 80.3% 38,997 Publix
Trace Crossing 74,130 85.55% 95.2% 51,420 Publix
Valleydale Village Shop Center 118,466 66.50% 63.1% 44,271 Publix
Village in Trussville 56,356 84.03% 100.0% 38,380 Bruno's
- ------------------------------------------------------------------------------------------------------------------------------------
380,607 85.5% 84.7% 267,469 5
====================================================================================================================================
Anastasia Plaza 102,342 91.33% 91.3% 48,555 Publix
Aventura Shopping Center 102,876 89.51% 89.5% 35,908 Publix
Beneva Village Shops 141,532 94.87% 97.4% 42,112 Publix
Berkshire Commons 106,354 98.65% 98.6% 65,537 Publix
Bloomingdale 267,935 99.62% 99.6% 39,795 Publix
Bolton Plaza 172,938 94.28% 94.0% - --
Boynton Lakes Plaza 130,924 100.00% 100.0% 56,000 Winn-Dixie
Carriage Gate 76,833 95.64% 95.6% - --
Chasewood Plaza 155,603 96.62% 98.5% 54,420 Publix
Courtyard Shopping Center 137,256 100.00% 100.0% 62,771 Albertson's
East Port Plaza 235,842 71.57% 71.6% 42,112 Publix
East Towne Shopping Center 69,841 78.24% 88.3% 44,840 Publix
Fleming Island 136,662 98.28% 100.0% 47,955 Publix
Garden Square 90,258 97.51% 98.7% 42,112 Publix
Grande Oak 78,784 100.00% 98.2% 54,379 Publix
Highland Square 262,194 98.82% 98.8% 84,314 Publix/Winn-Dixie
24
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
John's Creek Shopping Center FL Jacksonville Southeast 2004 2003 90,041
Julington Village JV-C FL Jacksonville Southeast 1999 1999 81,821
Kings Crossing Sun City JV-M FL Tampa Southeast 1999 1999 75,020
Lynnhaven JV-M FL Panama City Southeast 2001 2001 63,871
Mainstreet Square FL Orlando Southeast 1988 1997 107,134
Mariners Village FL Orlando Southeast 1986 1997 133,440
Marketplace St. Pete FL Tampa Southeast 1983 1995 90,296
Martin Downs Village Center FL Fort Pierce Southeast 1985 1993 121,946
Martin Downs Village Shoppes FL Fort Pierce Southeast 1998 1993 49,773
Millhopper FL Gainesville Southeast 1974 1993 84,065
Newberry Square FL Gainesville Southeast 1986 1994 180,524
Ocala Corners JV-M FL Tallahassee Southeast 2000 2000 86,772
Ocean Breeze FL Fort Pierce Southeast 1985 1993 108,209
Old St. Augustine Plaza FL Jacksonville Southeast 1990 1996 175,459
Palm Harbor Shopping Village JV-M FL Daytona Beach Southeast 1991 1996 172,758
Palm Trails Plaza FL Fort Lauderdale Southeast 1998 1997 76,067
Peachland Promenade FL Punta Gorda Southeast 1991 1995 82,082
Pebblebrook Plaza JV-M FL Naples Southeast 2000 2000 76,767
Pine Tree Plaza FL Jacksonville Southeast 1999 1997 60,787
Regency Court FL Jacksonville Southeast 1992 1997 218,649
Regency Square Brandon FL Tampa Southeast 1986 1993 349,848
Regency Village JV-O FL Orlando Southeast 2002 2000 83,170
Shoppes @ 104 JV-M FL Miami Southeast 1990 1998 108,192
Shops of San Marco JV-O FL West Palm Beach Southeast 2002 2002 91,537
Starke FL Jacksonville Southeast 2000 2000 12,738
Town Center at Martin Downs FL Fort Pierce Southeast 1996 1996 64,546
Town Square FL Tampa Southeast 1999 1997 44,679
University Collection FL Tampa Southeast 1984 1996 106,899
University Marketplace FL Miami Southeast 1990 1993 129,121
Village Center 6 FL Tampa Southeast 1993 1995 181,110
Vineyard Shopping Center FL Tallahassee Southeast 2002 2001 62,821
Welleby FL Fort Lauderdale Southeast 1982 1996 109,949
Wellington Town Square FL West Palm Beach Southeast 1982 1996 105,150
Willa Springs Shopping Center FL Orlando Southeast 2000 2000 89,930
- ------------------------------------------------------------------------------------------------------------------------------------
FL 5,943,345
====================================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
John's Creek Shopping Center 105,371 49.80% 43.9% 44,840 Publix
Julington Village 81,821 100.00% 100.0% 51,420 Publix
Kings Crossing Sun City 75,020 100.00% 100.0% 51,420 Publix
Lynnhaven 63,871 100.00% 100.0% 44,271 Publix
Mainstreet Square 107,134 87.70% 92.2% 56,000 Winn-Dixie
Mariners Village 133,440 96.35% 96.4% 45,500 Winn-Dixie
Marketplace St. Pete 90,296 98.77% 97.7% 36,464 Publix
Martin Downs Village Center 121,946 100.00% 100.0% - --
Martin Downs Village Shoppes 49,773 86.33% 90.8% - --
Millhopper 84,065 98.51% 100.0% 37,244 Publix
Newberry Square 180,524 96.54% 95.6% 39,795 Publix
Ocala Corners 86,772 100.00% 100.0% 61,171 Publix
Ocean Breeze 108,209 83.55% 82.4% 36,464 Publix
Old St. Augustine Plaza 175,459 99.40% 100.0% 51,832 Publix
Palm Harbor Shopping Village 172,758 99.73% 99.7% 45,254 Publix
Palm Trails Plaza 76,067 100.00% 98.4% 59,562 Winn-Dixie
Peachland Promenade 82,082 94.09% 94.1% 48,890 Publix
Pebblebrook Plaza 76,767 100.00% 100.0% 61,166 Publix
Pine Tree Plaza 60,787 100.00% 97.4% 37,866 Publix
Regency Court 218,649 99.42% 99.4% - --
Regency Square Brandon 349,848 95.55% 96.0% - --
Regency Village 83,170 87.49% 89.4% 54,379 Publix
Shoppes @ 104 108,192 98.71% 98.7% 46,368 Winn-Dixie
Shops of San Marco 96,537 100.00% 94.8% 44,271 Publix
Starke 12,738 100.00% 100.0% - --
Town Center at Martin Downs 64,546 100.00% 100.0% 56,146 Publix
Town Square 44,679 97.46% 99.3% - --
University Collection 106,899 95.32% 90.5% 40,143 Kash N Karry
University Marketplace 129,121 93.26% 93.3% 63,139 Albertson's
Village Center 6 181,110 98.45% 98.5% 36,434 Publix
Vineyard Shopping Center 62,821 83.84% 83.8% 44,271 Publix
Welleby 109,949 98.91% 100.0% 46,779 Publix
Wellington Town Square 111,310 94.25% 96.7% 36,464 Publix
Willa Springs Shopping Center 89,930 100.00% 97.6% 44,271 Publix
- ------------------------------------------------------------------------------------------------------------------------------------
5,969,835 94.9% 94.9% 2,042,634 42
====================================================================================================================================
25
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Ashford Place GA Atlanta Southeast 1993 1997 53,450
Briarcliff La Vista GA Atlanta Southeast 1962 1997 39,203
Briarcliff Village GA Atlanta Southeast 1990 1997 187,156
Buckhead Court GA Atlanta Southeast 1984 1997 55,235
Cambridge Square Shopping Ctr GA Atlanta Southeast 1979 1996 71,475
Cromwell Square GA Atlanta Southeast 1990 1997 70,282
Cumming 400 GA Atlanta Southeast 1994 1997 126,900
Delk Spectrum GA Atlanta Southeast 1991 1998 100,539
Dunwoody Hall GA Atlanta Southeast 1986 1997 89,351
Dunwoody Village GA Atlanta Southeast 1975 1997 120,597
Killian Hill Center JV-M GA Atlanta Southeast 2000 2000 113,216
Loehmanns Plaza Georgia GA Atlanta Southeast 1986 1997 137,601
Memorial Bend Shopping Center GA Atlanta Southeast 1995 1997 177,283
Orchard Square JV-M GA Atlanta Southeast 1987 1995 93,222
Paces Ferry Plaza GA Atlanta Southeast 1987 1997 61,696
Powers Ferry Square GA Atlanta Southeast 1987 1997 97,705
Powers Ferry Village GA Atlanta Southeast 1994 1997 78,996
Rivermont Station GA Atlanta Southeast 1996 1997 90,267
Roswell Village JV-C GA Atlanta Southeast 1997 1997 145,334
Russell Ridge GA Atlanta Southeast 1995 1994 98,558
- ------------------------------------------------------------------------------------------------------------------------------------
GA 2,008,066
====================================================================================================================================
Bent Tree Plaza JV-M NC Raleigh Southeast 1994 1998 79,503
Carmel Commons NC Charlotte Southeast 1979 1997 132,651
Garner NC Raleigh Southeast 1998 1998 221,776
Glenwood Village NC Raleigh Southeast 1983 1997 42,864
Kernersville Plaza NC Greensboro Southeast 1997 1998 72,590
Lake Pine Plaza NC Raleigh Southeast 1997 1998 87,691
Maynard Crossing NC Raleigh Southeast 1997 1998 122,832
Southpoint Crossing NC Raleigh Southeast 1998 1998 103,128
Union Square Shopping Center NC Charlotte Southeast 1989 1996 97,191
Woodcroft Shopping Center NC Raleigh Southeast 1984 1996 89,835
- ------------------------------------------------------------------------------------------------------------------------------------
NC 1,050,061
====================================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Ashford Place 53,450 98.57% 100.0% - --
Briarcliff La Vista 39,203 100.00% 100.0% - --
Briarcliff Village 187,156 98.51% 98.5% 43,454 Publix
Buckhead Court 55,235 81.24% 81.2% - --
Cambridge Square Shopping Ctr 71,475 98.95% 100.0% 40,852 Kroger
Cromwell Square 70,282 100.00% 100.0% - --
Cumming 400 126,900 95.90% 94.6% 56,146 Publix
Delk Spectrum 100,539 100.00% 96.8% 45,044 Publix
Dunwoody Hall 89,351 100.00% 96.5% 44,271 Publix
Dunwoody Village 120,597 92.00% 87.1% 18,400 Fresh Market
Killian Hill Center 113,216 97.55% 97.5% 54,340 Publix
Loehmanns Plaza Georgia 137,601 95.36% 97.8% - --
Memorial Bend Shopping Center 177,283 95.46% 95.0% 56,146 Publix
Orchard Square 93,222 94.85% 94.9% 44,271 Publix
Paces Ferry Plaza 61,696 100.00% 100.0% - --
Powers Ferry Square 97,705 91.59% 91.6% - --
Powers Ferry Village 78,996 99.87% 99.9% 47,955 Publix
Rivermont Station 90,267 100.00% 100.0% 58,261 Kroger
Roswell Village 145,334 83.67% 84.3% 37,888 Publix
Russell Ridge 98,558 100.00% 100.0% 63,296 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
2,008,066 95.8% 95.4% 610,324 13
====================================================================================================================================
Bent Tree Plaza 79,503 100.00% 98.5% 54,153 Kroger
Carmel Commons 137,151 93.24% 97.4% 14,300 Fresh Market
Garner 221,776 100.00% 98.3% 57,590 Kroger
Glenwood Village 42,864 89.73% 89.7% 27,764 Harris Teeter
Kernersville Plaza 72,590 100.00% 100.0% 57,590 Harris Teeter
Lake Pine Plaza 87,691 100.00% 92.0% 57,590 Kroger
Maynard Crossing 122,832 100.00% 100.0% 55,973 Kroger
Southpoint Crossing 103,128 100.00% 96.9% 59,160 Kroger
Union Square Shopping Center 97,191 100.00% 100.0% 33,000 Harris Teeter
Woodcroft Shopping Center 89,835 100.00% 98.7% 40,832 Food Lion
- ------------------------------------------------------------------------------------------------------------------------------------
1,054,561 98.7% 97.7% 457,952 10
====================================================================================================================================
26
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Merchants Village JV-M SC Charleston Southeast 1997 1997 79,724
Murray Landing SC Columbia Southeast 2003 2002 64,441
Pelham Commons SC Greenville Southeast 2003 2002 76,541
Queensborough JV-O SC Charleston Southeast 1993 1998 82,333
Rosewood Shopping Center JV-M SC Columbia Southeast 2001 2001 36,887
- ------------------------------------------------------------------------------------------------------------------------------------
SC 339,926
====================================================================================================================================
Dickson (Hwy 46 & 70) TN None Southeast 1998 1998 10,908
Harpeth Village Fieldstone TN Nashville Southeast 1998 1997 70,091
Nashboro TN Nashville Southeast 1998 1998 86,811
Northlake Village I & II TN Nashville Southeast 1988 2000 151,629
Peartree Village TN Nashville Southeast 1997 1997 114,795
West End Avenue TN Nashville Southeast 1998 1998 10,000
- ------------------------------------------------------------------------------------------------------------------------------------
TN 444,234
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Southeast 10,328,962
====================================================================================================================================
Southwest Region
Anthem Marketplace AZ Phoenix Southwest 2000 2003 113,292
Anthem, The Shops AZ Phoenix Southwest 2000 2003 35,710
Palm Valley Marketplace JV-C AZ Phoenix Southwest 1999 2001 107,629
Paseo Village AZ Phoenix Southwest 1998 1999 92,399
Pima Crossing AZ Phoenix Southwest 1996 1999 239,438
Stonebridge Center AZ Phoenix Southwest 2000 2000 30,236
The Provinces AZ Phoenix Southwest 2000 2000 34,202
- ------------------------------------------------------------------------------------------------------------------------------------
AZ 652,906
====================================================================================================================================
Boulevard Center CO Denver Southwest 1986 1999 88,511
Buckley Square CO Denver Southwest 1978 1999 111,146
Centerplace of Greeley CO Greeley Southwest 2003 2002 148,610
Centerplace of Greeley II CO Greeley Southwest 2003 2002 98,124
Cheyenne Meadows JV-M CO Colorado Springs Southwest 1998 1998 89,893
Crossroads Commons JV-C CO Boulder Southwest 1986 2001 144,288
Hilltop Village CO Denver Southwest 2003 2002 100,048
Monument Jackson Creek CO Colorado Springs Southwest 1999 1998 85,263
Leetsdale Marketplace CO Denver Southwest 1993 1999 119,916
Littleton Square CO Denver Southwest 1997 1999 94,257
Lloyd King Center CO Denver Southwest 1998 1998 83,326
New Windsor Marketplace CO Greeley Southwest 2003 2002 95,877
Stroh Ranch CO Denver Southwest 1998 1998 93,436
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Merchants Village 79,724 100.00% 100.0% 37,888 Publix
Murray Landing 64,441 91.35% 91.3% 44,840 Publix
Pelham Commons 76,541 90.58% 90.6% 44,271 Publix
Queensborough 82,333 100.00% 100.0% 65,796 Publix
Rosewood Shopping Center 36,887 95.12% 97.6% 27,887 Publix
- ------------------------------------------------------------------------------------------------------------------------------------
339,926 95.7% 96.0% 220,682 5
====================================================================================================================================
Dickson (Hwy 46 & 70) 10,908 100.00% 100.0% - --
Harpeth Village Fieldstone 70,091 100.00% 100.0% 55,377 Publix
Nashboro 86,811 95.16% 95.2% 61,224 Kroger
Northlake Village I & II 151,629 92.48% 92.5% 64,537 Kroger
Peartree Village 114,795 100.00% 100.0% 65,538 Harris Teeter
West End Avenue 10,000 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
444,234 96.5% 96.5% 246,676 4
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 10,197,229 95.1% 95.0% 3,845,737 79
====================================================================================================================================
Southwest Region
----------------
Anthem Marketplace 113,292 100.00% 100.0% 55,256 Safeway
Anthem, The Shops 35,710 86.89% 86.9% - --
Palm Valley Marketplace 107,629 96.26% 100.0% 55,403 Safeway
Paseo Village 92,399 67.20% 66.5% - --
Pima Crossing 239,438 100.00% 100.0% - --
Stonebridge Center 30,236 75.93% 75.9% 55,250 Safeway
The Provinces 34,296 72.83% 96.0% 55,256 Safeway
- ------------------------------------------------------------------------------------------------------------------------------------
653,000 91.5% 93.2% 221,165 4
====================================================================================================================================
Boulevard Center 88,511 92.04% 95.5% 52,700 Safeway
Buckley Square 111,146 100.00% 96.8% 62,400 King Soopers
Centerplace of Greeley 148,610 76.22% 87.2% 58,374 Safeway
Centerplace of Greeley II 98,124 90.10% 90.1% - --
Cheyenne Meadows 89,893 100.00% 100.0% 69,913 King Soopers
Crossroads Commons 144,288 100.00% 100.0% 40,846 Whole Foods
Hilltop Village 100,028 84.89% 87.5% 66,000 King Soopers
Monument Jackson Creek 85,263 100.00% 100.0% 69,913 King Soopers
Leetsdale Marketplace 119,916 100.00% 100.0% 62,600 Safeway
Littleton Square 94,257 100.00% 100.0% 49,751 King Soopers
Lloyd King Center 83,326 100.00% 100.0% 61,040 King Soopers
New Windsor Marketplace 95,877 76.08% 81.9% 66,507 King Soopers
Stroh Ranch 93,436 100.00% 100.0% 69,719 King Soopers
27
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Willow Creek Center JV-C CO Denver Southwest 1985 2001 166,421
Woodmen Plaza CO Colorado Springs Southwest 1998 1998 104,558
- ------------------------------------------------------------------------------------------------------------------------------------
CO 1,623,674
====================================================================================================================================
Addison Town Center JV-C TX Dallas Southwest 1993 2003 183,983
Alden Bridge TX Houston Southwest 1998 2002 138,952
Arapaho Village TX Dallas Southwest 1997 1999 103,033
Atascocita Center TX Houston Southwest 2003 2002 94,180
Bethany Park Place TX Dallas Southwest 1998 1998 74,066
Casa Linda Plaza TX Dallas Southwest 1997 1999 324,639
Champions Forest TX Houston Southwest 1983 1999 115,247
Cochran's Crossing TX Houston Southwest 1994 2002 138,192
Cooper Street TX Fort Worth Southwest 1992 1999 133,196
Creekside JV-O TX Fort Worth Southwest 1998 1998 101,016
Fort Bend Center TX Houston Southwest 2000 2000 30,164
Hancock TX Austin Southwest 1998 1999 410,438
Hebron Park JV-M TX Dallas Southwest 1999 1999 46,800
Hillcrest Village TX Dallas Southwest 1991 1999 14,530
Indian Springs Center JV-O TX Houston Southwest 2003 2002 135,756
Keller Town Center TX Fort Worth Southwest 1999 1999 114,937
Kleinwood Center TX Houston Southwest 2003 2002 152,906
Lebanon/Legacy Center TX Dallas Southwest 2002 2000 56,669
MacArthur Park Phase II JV-C TX Dallas Southwest 1999 1999 198,443
Main Street Center TX Dallas Southwest 2002 2002 42,821
Market at Preston Forest TX Dallas Southwest 1990 1999 90,171
Market at Round Rock TX Austin Southwest 1987 1999 123,046
Matlock Center TX Dallas Southwest 2000 2000 40,068
Mills Pointe TX Dallas Southwest 1986 1999 126,186
Mockingbird Common TX Dallas Southwest 1987 1999 120,321
North Hills TX Austin Southwest 1995 1999 144,019
Northview Plaza TX Dallas Southwest 1991 1999 116,016
Panther Creek TX Houston Southwest 1994 2002 165,660
Preston Park TX Dallas Southwest 1985 1999 273,396
Prestonbrook TX Dallas Southwest 1998 1998 91,274
Prestonwood Park TX Dallas Southwest 1999 1999 101,024
Rockwall TX Dallas Southwest 2004 2002 65,644
Shiloh Springs TX Dallas Southwest 1998 1998 110,040
Signature Plaza TX Dallas Southwest 2004 2003 28,795
Southlake JV-O TX Fort Worth Southwest 1998 1998 118,092
Southpark TX Tyler Southwest 1997 1999 147,088
Spring West Center TX Houston Southwest 2004 2003 128,796
Sterling Ridge TX Houston Southwest 2000 2002 128,643
Sweetwater Plaza JV-C TX Houston Southwest 2000 2001 134,045
Company Owned GLA % Leased
- -----------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- -----------------------------------------------------------------------------------------------------------------------------------
Willow Creek Center 166,421 97.88% 97.9% 53,294 Safeway
Woodmen Plaza 104,558 100.00% 100.0% 69,716 King Soopers
- ------------------------------------------------------------------------------------------------------------------------------------
1,623,654 94.2% 95.7% 852,773 14
====================================================================================================================================
Addison Town Center 183,983 79.16% 75.1% 50,540 Kroger
Alden Bridge 138,952 96.51% 96.5% 67,768 Kroger
Arapaho Village 103,033 82.80% 82.8% 43,256 Tom Thumb
Atascocita Center 94,180 77.46% 80.3% 62,680 Kroger
Bethany Park Place 74,066 100.00% 100.0% 58,374 Kroger
Casa Linda Plaza 324,639 85.09% 81.5% 59,561 Albertson's
Champions Forest 115,247 88.61% 85.5% 56,457 Randall's Food
Cochran's Crossing 138,192 100.00% 100.0% 63,449 Kroger
Cooper Street 133,196 100.00% 100.0% - --
Creekside - 98.61% 0.0% 60,932 Kroger
Fort Bend Center 30,164 76.39% 76.4% 67,106 Kroger
Hancock 410,329 96.75% 96.4% 90,217 H.E.B.
Hebron Park 46,800 88.03% 88.0% 59,460 Albertson's
Hillcrest Village 14,530 100.00% 100.0% - --
Indian Springs Center 135,756 63.78% 72.7% 79,000 H.E.B.
Keller Town Center 114,937 96.71% 97.8% 63,631 Tom Thumb
Kleinwood Center 152,906 72.52% 77.0% 78,348 H.E.B.
Lebanon/Legacy Center 56,669 64.65% 67.3% 62,804 Albertson's
MacArthur Park Phase II 198,443 100.00% 100.0% 63,373 Kroger
Main Street Center 42,922 70.13% 70.0% 62,322 Albertson's
Market at Preston Forest 90,171 100.00% 100.0% 50,365 Tom Thumb
Market at Round Rock 123,046 95.81% 95.8% 63,800 Albertson's
Matlock Center 40,068 91.75% 95.5% 42,000 Wal-Mart
Mills Pointe 126,186 85.32% 85.3% 52,688 Tom Thumb
Mockingbird Common 120,321 91.15% 89.6% 48,525 Tom Thumb
North Hills 144,019 100.00% 98.7% 60,465 H.E.B.
Northview Plaza 116,016 90.32% 90.3% 58,890 Kroger
Panther Creek 165,660 93.36% 94.3% 65,800 Randall's Food
Preston Park 273,396 78.24% 79.0% 52,688 Tom Thumb
Prestonbrook 91,274 100.00% 100.0% 63,373 Kroger
Prestonwood Park 101,024 88.38% 82.5% 62,322 Albertson's
Rockwall 65,644 0.00% 0.0% 57,017 Tom Thumb
Shiloh Springs 110,040 93.64% 95.0% 60,932 Kroger
Signature Plaza 28,795 0.00% 11.8% 61,962 Kroger
Southlake - 96.42% 0.0% 60,932 Kroger
Southpark - 97.96% 0.0% 54,980 Albertson's
Spring West Center 128,796 72.89% 74.1% 109,121 H.E.B.
Sterling Ridge 128,643 100.00% 100.0% 63,373 Kroger
Sweetwater Plaza 134,045 100.00% 100.0% 65,241 Kroger
28
Company Owned GLA
- ------------------------------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-03
- ------------------------------------------------------------------------------------------------------------------------------------
Trophy Club TX Fort Worth Southwest 1999 1999 106,607
Valley Ranch Centre TX Dallas Southwest 1997 1999 117,187
- ------------------------------------------------------------------------------------------------------------------------------------
TX 5,086,086
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals Southwest 7,362,666
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Centers Total 30,347,744
====================================================================================================================================
Company Owned GLA % Leased
- -----------------------------------------------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Mar-04 Dec-03 Mar-04 GLA Grocery Anchor
- -----------------------------------------------------------------------------------------------------------------------------------
Trophy Club 106,607 85.30% 85.3% 63,654 Tom Thumb
Valley Ranch Centre 117,187 86.69% 85.5% 55,750 Tom Thumb
- ------------------------------------------------------------------------------------------------------------------------------------
4,719,882 88.1% 87.4% 2,423,156 36
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 6,996,536 89.8% 89.9% 3,497,094 54
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Centers Total 29,761,376 92.6% 92.8% 12,070,010 222
====================================================================================================================================
JV-C: Joint Venture with Columbia (Oregon Public Employees Retirement Fund)
JV-M: Joint Venture with Macquarie Country-wide U.S.
JV-MD: Joint Venture with Macquarie Direct Property U.S.
JV-O: Other, single property joint ventue
29
SUMMARY OF TENANT RENTS EXCEEDING .5% OF TOTAL RENTS
March 31, 2004
- ----------------------------------------------------------
% of Pro-Rata # of
Pro-Rata Annualized Leased
% of Company Annualized Company Total # of Stores in
Tenant Tenant GLA* Owned GLA Base Rent* Base Rent Leased Shares JV
===============================================================================================================================
Kroger 3,305,011 11.1% 25,063,678 8.11% 55 12
Publix 2,453,698 8.2% 15,782,464 5.11% 53 17
Safeway 1,907,364 6.4% 15,208,036 4.92% 39 6
Albertsons 852,599 2.9% 6,822,488 2.21% 16 3
Blockbuster 382,181 1.3% 6,674,674 2.16% 68 8
H.E.B. Grocery 417,151 1.4% 4,497,612 1.46% 5 1
Kohl's Department Store 265,782 0.9% 3,079,752 1.00% 3 0
Harris Teeter 244,499 0.8% 2,914,612 0.94% 5 0
Washington Mutual Bank 129,543 0.4% 2,732,521 0.88% 34 5
Walgreens 225,216 0.8% 2,586,623 0.84% 16 2
Winn Dixie 379,470 1.3% 2,533,716 0.82% 7 2
Shoppers Food Warehouse/ Supervalu 183,364 0.6% 2,252,476 0.73% 3 1
Hallmark 170,493 0.6% 2,132,587 0.69% 40 9
Eckerd 187,858 0.6% 1,945,040 0.63% 20 4
Stater Brothers 130,441 0.4% 1,930,417 0.62% 3 0
Starbucks 81,337 0.3% 1,830,312 0.59% 53 13
Long's Drugs 235,576 0.8% 1,774,785 0.57% 10 3
Circuit City 116,860 0.4% 1,764,956 0.57% 4 0
The UPS Store 107,990 0.4% 1,738,967 0.56% 77 21
Hollywood Video 93,518 0.3% 1,729,141 0.56% 15 2
Subway 84,570 0.3% 1,696,746 0.55% 68 12
Michaels 166,015 0.6% 1,658,716 0.54% 6 0
Target 240,086 0.8% 1,589,996 0.51% 2 0
Great Clips 85,607 0.3% 1,573,290 0.51% 67 11
Petco 131,791 0.4% 1,570,386 0.51% 10 3
# of Tenant-
Owned Total # of Stores (including
GLA owned & occupied by the anchor not included above: Stores Tenant-Owned)
------------------------------------------------------
Albertsons 439,518 7 23
Safeway 481,523 9 48
Kroger 191,748 3 58
Target 890,494 7 9
Wal-Mart 133,524 2 4
----------------
2,136,807
================
* GLA includes 100% of the GLA in unconsolidated joint ventures. Pro-Rata
Annualized Base Rent includes only Regency's pro-rata share of rent from
unconsolidated joint ventures.
30
TENANT LEASE EXPIRATIONS
- ----------------------------------------------------------------------
The following table sets forth, for all leases in place as of March 31, 2004, a
schedule of the lease expirations of operating properties for the next ten
years, assuming that no tenants exercise renewal options:
In-Place
Pro-Rata In- Minimum
Percent of Place Minimum Percent of Rent Under
Total Rent Under Total Expiring Expiring per
Lease Company Expiring Minimum Leases--at sq. ft A.B.R.
Expiration Year Expiring GLA SF Leases* Rent ** 100% at 100%
================================================================================================= ==================================
(1) 306,388 1.2% 3,774,475 1.3% 4,415,140 14.41
2004 923,371 3.5% 15,185,013 5.2% 17,228,192 18.66
2005 2,175,240 8.3% 30,871,555 10.5% 35,174,379 16.17
2006 2,734,554 10.5% 36,645,363 12.5% 41,325,816 15.11
2007 2,889,865 11.1% 36,849,515 12.6% 42,947,022 14.86
2008 2,684,505 10.3% 35,271,317 12.0% 40,444,890 15.07
2009 1,750,675 6.7% 20,623,602 7.0% 22,882,156 13.07
2010 1,039,271 4.0% 10,324,496 3.5% 12,486,932 12.02
2011 1,056,501 4.0% 11,233,258 3.8% 13,696,668 12.96
2012 1,206,923 4.6% 12,629,753 4.3% 17,141,301 14.20
2013 813,515 3.1% 10,197,264 3.5% 12,405,282 15.25
=========================================================================== =================================
10 Year Total 17,580,808 67.2% 223,605,609 76.2% 260,147,778
Thereafter 8,563,033 32.8% 69,930,591 23.8% 85,932,820 10.04
=========================================================================== =================================
26,143,841 100.0% 293,536,200 100.0% 346,080,598 13.24
- --------------------------------------------------------------------------------
(1) Leases currently under month to month lease or in process of renewal
* Expiring GLA includes 100% of the GLA in unconsolidated joint ventures.
Pro-Rata In-Place Minimum Rent Under Expiring Leases includes only Regency's
pro-rata share of rent from unconsolidated joint ventures.
**Total Minimum Rent includes base rent for all properties, but excludes
additional rent such as percentage rent, common area maintenance, real estate
taxes, and insurance reimbursements.
31
EARNINGS and VALUATION GUIDANCE
March 31, 2004
- ------------------------------------------------------------
($000s except per share numbers) Annual Quarterly
------------------------------------ -----------------------------------
2002A 2003A 2004E 1Q04A 2Q04E 3Q04E 4Q04E
FFO / Share before impairment and preferred
redemption charges (for actuals please see
related press release) $3.17 - $3.27 $0.67 - $0.70
Impairment charges
Preferred unit redemption charges $0.07
FFO / Share (for actuals please see related
press release) $3.10 -$3.20 $0.67 - $0.70
Operating Portfolio
Occupancy 94.8% 95.4% 95.0% 95.4%
Same store growth 3.0% 2.7% 2.0% - 2.5% 2.3%
Rental growth 10.8% 9.5% 4% - 6% 8.5%
Recovery rate 79.0% 80.0% 78% - 80% 78.1%
Percentage rent $5,443 $4,597 $3,500 - $4,500 $459
Investment Activity
Acquisitions - 100% REG owned $106,704 $75,427 $23,388 $0 $23,388
Acquisition cap rate 8.5% 8.3% 7.9% 7.9%
JV Acquisitions (gross $) $246,773 $271,945 $250,000 $0
JV Acquisition cap rate 9.0% 8.2% 7.0% - 8.25%
REG % Ownership 23% 24% 22%
Dispositions - op. properties (100% REG owned) $258,023 $157,971 $125,000 $23,740
Dispositions cap rate 9.5% 8.8% 9.0% 10.9%
Development starts $335,505 $300,300 $300,000 $4,868
Development stabilizations - net $250,000-
development costs $287,049 $194,220 $275,000 $97,479
NOI yield on net dev. Costs 10.4% 10.4% 10% - 10.5% 10.3%
Development stabilizations - total $265,000-
costs after out parcel allocation $310,206 $212,800 $290,000 104,376
NOI yield on total costs after
out parcel allocation 9.6% 9.5% 9.5% - 10% 9.7%
Transaction profits net of taxes $25,845 $35,701 $30,00$3,3535,000
Third party fees and commissions $4,617 $6,419 $7,500 - $8,500 $1,610
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation 40.3% 42.9% <43% 43.8%
Unsecured/secured debt offerings $250,000 $150,000 $150,000
-- interest rate 6.75% 4.95% 4.95%
-- interest rate after hedge settlement 5.47% 5.47%
Capitalized interest/gross interest 13.8% 13.4% 15% - 20% 13.6%
Capitalized interest $13,754 $13,106 $3,323
- ------------------------------------------------------------------------------------------------------------------------------------
Net Asset Valuation Guidance 1Q04
Expansion land and out parcels available
-- estimated market value $31,500
NOI from CIP properties $2,736
NOI from leases signed but not yet rent-paying
in stabilized developments $655
Straight-line rent receivable $22,481
- ------------------------------------------------------------------------------------------------------------------------------------
In addition to historical information, the information in this Supplemental
Information Package contains forward-looking statements under the federal
securities law. These statements are based on current expectations, estimates
and projections about the industry and the markets in which Regency operates,
management's beliefs and assumptions. Forward-looking statements are not
guarantees of future performatcapprovalsoand meetinn known and unknown risks
and uncertainties that could cause actual results to differ materially from
those expressed or implied by such statements. Such risks and uncertainties
include, but are not limited to, changes in national and local economic
conditions, financial difficulties of tenants, competitive market conditions
including pricing of acquisitions and sales of properties and out parcels,
changes in expected leasing activity and market rents, timing of acquisitions,
development starts and sales of properties and out parcels, weather, obtaining
government approvals and meeting development schedules. During the quarter,
Regency's corporate representatives may reiterate these forward-looking
statements during private meetings with investors, investment analysts, the
media and others. At the same time, Regency will keep this information publicly
available on its web site www.RegencyCenters.com.
32
RECONCILIATION OF FFO GUIDANCE TO NET INCOME
- --------------------------------------------------------
All numbers are per share except weighted average shares
Three Months Ended Full Year 2004
------------------ --------------
June 30, 2004
-------------
Funds From Operations Guidance:
Net income for common stockholders $0.33 $0.36 $2.04 $2.14
Add (Less):
Depreciation expense and Amortization $0.34 $0.34 $1.30 $1.30
Loss (gain) on sale of operating properties $0.00 $0.00 ($0.24) ($0.24)
---------------------------- ----------------------------
Funds from Operations $0.67 $0.70 $3.10 $3.20
============================ ============================
Weighted Average Shares (000's) 62,215 62,111
Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be an accurate benchmark to its peer group and a
meaningful performance measurement for the Company because it excludes various
items in net income that do not relate to or are not indicative of the operating
performance of the ownership, management and development of real estate. FFO is
defined by the National Association of Real Estate Investment Trusts generally
as net earnings (computed in accordance with GAAP), excluding real estate
depreciation and amortization, gains and losses from sales of properties (except
those gains and losses sold by the Company's taxable REIT subsidiary), after
adjustment from unconsolidated partnerships and joint ventures and excluding
items classified by GAAP as extraordinary or unusual, along with significant
non-recurring events. Regency also adjusts for the payment of convertible
preferred stock dividends.
33