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8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 12, 2022

Date of Report (Date of earliest event reported)

 

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

https://cdn.kscope.io/932f4b9651c5a1d990fcd4ca24181b97-img37324537_0.jpg 

 

 

Florida (Regency Centers Corporation)

Delaware (Regency Centers, L. P.)

 

001-12298 (Regency Centers Corporation)

0-24763 (Regency Centers, L.P.)

 

59-3191743 (Regency Centers Corporation)

59-3429602 (Regency Centers, L.P.)

(State or other jurisdiction of incorporation)

 

Commission File Number)

 

(IRS Employer Identification No.)

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(Address of principal executive offices) (Zip Code)

 

(904) 598-7000

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Regency Centers Corporation

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

REG

 

The Nasdaq Stock Market LLC

 

Regency Centers, L.P.

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

None

 

N/A

 

N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

☐

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

Item 8.01

Other Events

 

Transaction Activity

On January 12, 2022, Regency Centers Corporation (“Regency”) issued a press release providing an update on its transaction activity during the fourth quarter of 2021 and year-to-date in 2022. A copy of this press release is filed as Exhibit 99.1 to this report.

The information furnished under this item 8.01, including Exhibit 99.1 incorporated by reference herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01(d)

Financial Statements and Exhibits

 

Exhibit 99.1

Press release dated January 12, 2022.

 

 

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents)

 

 

 

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SIGNATURES

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

 

 

 

 

January 12, 2022

By:

 

/s/ J. Christian Leavitt

 

 

 

J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

REGENCY CENTERS, L.P.

 

 

 

 

 

By: Regency Centers Corporation, its general partner

 

 

 

 

January 12, 2022

By:

 

/s/ J. Christian Leavitt

 

 

 

J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)

 

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EX-99.1

 

Exhibit 99.1

https://cdn.kscope.io/932f4b9651c5a1d990fcd4ca24181b97-img24873041_0.jpg  

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

 

Regency Centers Provides an Update on Recent Transaction Activity

 

JACKSONVILLE, FL (January 12, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq:REG) today announced recently completed transaction activity during the fourth quarter of 2021 and year-to-date in 2022.

 

Acquisitions

During the fourth quarter of 2021, the Company completed acquisitions for a combined total of $311 million. These transactions were completed on a wholly-owned basis.
o
On November 18, 2021, Regency completed the previously-announced acquisition of Blakeney Shopping Center, a 383,000 square foot grocery-anchored community center located in South Charlotte, North Carolina, for $181 million. The open-air center is anchored by Harris Teeter, Marshalls, HomeGoods, Best Buy and PetSmart, and shadow-anchored by Target.
o
On December 30, 2021, Regency acquired a portfolio of four grocery-anchored neighborhood centers for $130 million, each located on Long Island in New York. This 387,000 square foot portfolio includes three centers anchored by King Kullen and one anchored by Stew Leonard’s.
Including these transactions, during the full year 2021 the Company completed acquisitions for a combined total of $489 million, at Regency’s share, at a 5.1% blended cap rate.

 

Dispositions

During the fourth quarter of 2021, the Company completed the disposition of two properties for a combined total of $87 million, at Regency’s share.
o
On November 16, 2021, the Company closed on the sale of its Marina Shores property located in Long Beach, California, for $14 million, at Regency’s share. The property was 20% owned by Regency in a co-investment partnership, and sold to a private buyer for a proposed multifamily development.
o
On December 15, 2021, the Company closed on the sale of its wholly-owned Sequoia Station center located in Redwood City (Bay Area), California for $73 million. The property was sold to a private buyer for a proposed mixed-use densification project.

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Including these transactions, during the full year 2021 the Company completed dispositions for a combined total of $279 million, at Regency’s share. The blended cap rate was 5.2% excluding non-income producing properties, and 4.3% including non-income producing properties.
Subsequent to year-end, on January 11, 2022, the Company closed on the sale of its wholly-owned Costa Verde Center in San Diego, California for $125 million. The cap rate on in-place NOI was approximately 1.5%. The property was sold to another public REIT for the proposed development of office/laboratory space.

 

“Following the acquisition of Blakeney, we are excited to have also added four outstanding neighborhood centers on Long Island to our portfolio during the fourth quarter. Investing in high-quality, well-located grocery-anchored retail, as we did successfully in 2021, is at the core of Regency’s capital allocation strategy,” said Lisa Palmer, President and Chief Executive Officer. “Importantly, our recent acquisitions were largely self-funded on an earnings accretive basis by monetizing the value we’ve created through the sale of properties where the highest and best use evolved into predominantly non-retail.”

 

About Regency Centers Corporation (Nasdaq:REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

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