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8-K
false000106624700009106060000910606srt:PartnershipInterestMember2023-08-032023-08-0300009106062023-08-032023-08-03

 

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

August 3, 2023

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/344cc7c2ac780b12efff687e12049239-img38254755_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 2.02

Disclosure of Results of Operations and Financial Condition

 

On August 3, 2023, Regency Centers Corporation ("Regency") issued an earnings release for the three and six months ended June 30, 2023, which is attached as Exhibit 99.1.

On August 3, 2023, Regency posted on its website, at investors.regencycenters.com, certain supplemental information for the three and six months ended June 30, 2023, which are attached as Exhibit 99.2 and Exhibit 99.3, respectively.

The information furnished under this Item 2.02, including Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, shall not be deemed "filed" for the 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 (the "Securities Act"), or the Exchange Act.

 

Item 7.01

Regulation FD Disclosures

 

On August 3, 2023, Regency posted on its website, at investors.regencycenters.com, the Regency Centers August 2023 Earnings Presentation.

The information furnished under this item 7.01 shall not be deemed "filed" for purposes of Section 18 of 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, or the Exchange Act.

 

Item 9.01

Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit 99.1

Earnings release issued by Regency on August 3, 2023, for the three and six months ended June 30, 2023.

 

 

Exhibit 99.2

Supplemental information posted on its website on August 3, 2023, for the three and six months ended June 30, 2023.

 

 

Exhibit 99.3

Fixed income supplemental information posted on its website on August 3, 2023, for the three and six months ended June 30, 2023.

104

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

 

 

 

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

 

 

 

 

 

August 3, 2023

 

By:

 

/s/ Terah L. Devereaux

 

 

 

 

Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGENCY CENTERS, L.P.

 

 

 

 

 

 

 

By: Regency Centers Corporation, its general partner

 

 

 

 

 

August 3, 2023

 

By:

 

/s/ Terah L. Devereaux

 

 

 

 

Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)

 

 
EX-99.1

Exhibit 99.1

 

https://cdn.kscope.io/344cc7c2ac780b12efff687e12049239-img24873041_0.jpg 

 

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Second Quarter 2023 Results

JACKSONVILLE, Fla. (August 3, 2023) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three months ended June 30, 2023 and 2022, Net Income was $0.51 per diluted share and $0.61 per diluted share, respectively.

Second Quarter 2023 Highlights

•
Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter
•
Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share
•
The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021
•
Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021
•
Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%
•
Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%
•
Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis
•
Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share
•
As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million
•
Issued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESG
•
Pro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023
•
On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock

Subsequent Highlights

•
On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share

"Regency’s second quarter was one of the strongest and most active in our history, reflected in tremendous leasing progress, robust development starts, and the announcement of our merger with Urstadt Biddle,” said Lisa Palmer, President and Chief Executive Officer. “Our success revolves around the hard work of our exceptional teams, the quality of our portfolio, and the strength of our balance sheet. And importantly, we remain well positioned to continue to drive sustainable cash flow growth."

 

 

 

Financial Results

Net Income

•
For the three months ended June 30, 2023, Net Income Attributable to Common Shareholders (“Net Income”) was $86.8 million, or $0.51 per diluted share, compared to Net Income of $104.8 million, or $0.61 per diluted share, for the same period in 2022.

Nareit FFO

•
For the three months ended June 30, 2023, Nareit Funds From Operations (“Nareit FFO”) was $176.8 million, or $1.03 per diluted share, compared to $173.9 million, or $1.00 per diluted share, for the same period in 2022.
o
Nareit FFO in the second quarter of 2023 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $1.2 million, or $0.01 per diluted share, compared to $5.8 million, or $0.03 per diluted share, in the second quarter of 2022.
o
Nareit FFO in the second quarter of 2023 also benefitted from the reinstatement of straight-line rent receivables of $1.7 million, or approximately $0.01 per diluted share, due to the conversion of certain cash basis tenants back to accrual basis accounting, compared to $3.5 million, or $0.02 per diluted share, in the second quarter of 2022.

Core Operating Earnings

•
For the three months ended June 30, 2023, Core Operating Earnings was $164.7 million, or $0.96 per diluted share, compared to $163.1 million, or $0.94 per diluted share, for the same period in 2022.
o
Core Operating Earnings in the second quarter of 2023 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.01 per diluted share, compared to $0.03 per diluted share in second quarter 2022.

Portfolio Performance

Same Property NOI

•
Second quarter 2023 Same Property NOI, excluding lease termination fees and collection of receivables reserved during 2020 and 2021, increased by 3.6% compared to the same period in 2022.
o
Second quarter 2023 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 1.5% compared to the same period in 2022.
o
Growth in Same Property base rents contributed 3.8% to Same Property NOI growth in the second quarter of 2023.

Occupancy

•
As of June 30, 2023, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.6% leased.
 
•
As of June 30, 2023, Regency’s Same Property portfolio was 95.2% leased, an increase of 10 basis points sequentially and an increase of 70 basis points compared to June 30, 2022.
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 92.7%, an increase of 60 basis points sequentially and an increase of 170 basis points compared to June 30, 2022.
 
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.6%, a decline of 30 basis points sequentially and a decline of 10 basis points compared to June 30, 2022.
•
As of June 30, 2023, Regency’s Same Property portfolio was 92.7% commenced, a decline of 10 basis points sequentially and an increase of 50 basis points compared to June 30, 2022.

 

2

 

Leasing Activity

•
During the three months ended June 30, 2023, Regency executed approximately 2.0 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.7% and a blended straight-lined rent spread of +20.0%.
•
During the trailing twelve months ended June 30, 2023, the Company executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +15.8%.

Corporate Responsibility

•
On May 25, 2023, Regency issued its annual Corporate Responsibility Report, illustrating the Company’s continued commitment to and leadership in ESG, as well as describing its key environmental, social and governance initiatives and achievements. The report can be found on Regency’s Corporate Responsibility website.
•
Regency remains committed to its short-term (2030) greenhouse gas emissions reduction target, which was endorsed by the Science Based Targets initiative (SBTi), as well as its long-term (2050) target to achieve net zero emissions.

Capital Allocation and Balance Sheet

Developments and Redevelopments

•
During the second quarter, Regency started approximately $175 million of development and redevelopment projects, at the Company’s share.
o
As previously announced, during the second quarter the Company started the ground-up development SunVet in Holbook, Long Island, NY. The project will convert a vacant mall into a new 168,000 square foot Whole Foods-anchored open-air shopping center. Total project costs are estimated at $87 million.
o
As previously announced, during the second quarter the Company started Phase 3 of the redevelopment of Serramonte Center in Daly City, CA, featuring a world-class Asian food market in the former JC Penney space and the addition of small shop buildings adjacent to Macy’s.
•
During the second quarter, the Company completed redevelopment projects with combined costs of approximately $68 million, at the Company’s share, including the $56 million redevelopment of The Crossing Clarendon in Arlington, VA.
•
As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $410 million at the Company’s share, 44% of which have been incurred to date.

Balance Sheet

•
On May 18, 2023, in conjunction with the purchase of the SunVet development project, Regency issued 338,704 operating partnership (“OP”) units at a price of $59.05 per share, for a total of $20.0 million. As previously announced, in anticipation of this OP unit issuance, Regency repurchased 349,519 shares of common stock in late March 2023 at an average price of $57.22 per share, for $20.0 million.
•
As of June 30, 2023, Regency had approximately $1.2 billion of capacity under its revolving credit facility.
•
As of June 30, 2023, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 4.9x on a trailing 12-month basis.

Urstadt Biddle Merger

•
As previously announced, the Company and Urstadt Biddle entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock.
•
The transaction is expected to close mid-to-late August 2023, subject to shareholder approval at the currently scheduled August 16, 2023 Urstadt Biddle shareholder meeting, as well as the satisfaction of other closing conditions.

3

 


 

Dividend

•
On August 1, 2023, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. The dividend is payable on October 4, 2023, to shareholders of record as of September 14, 2023.

2023 Guidance

Regency Centers has updated its 2023 guidance, as summarized in the table below. The 2023 guidance ranges and assumptions remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts from the pending Urstadt Biddle transaction. Please refer to the Company’s Earnings Presentation for additional detail, as well as in the Company’s second quarter 2023 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Full Year 2023 Guidance (in thousands, except per share data)

2Q YTD

Current Guidance

Previous Guidance

 

 

 

 

Net Income Attributable to Common Shareholders per diluted share

$1.07

$2.05-$2.09

$2.01-$2.09

 

 

 

 

 

 

 

 

Nareit Funds From Operations ("Nareit FFO") per diluted share

$2.11

$4.11-$4.15

$4.07-$4.15

 

 

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$1.99

$3.89-$3.93

$3.87-$3.93

 

 

 

 

 

 

 

 

Same property NOI growth without termination fees

2.0%

+1.0% to +1.5%

+0.5% to +1.5%

 

 

 

 

Same property NOI growth without termination fees or collection of 2020/2021 reserves

5.0%

+3.0% to +3.5%

+2.5% to +3.5%

 

 

 

 

 

 

 

 

Collection of 2020/2021 reserves (2)

$2,687

+/-$4,000

+/-$4,000

 

 

 

 

 

 

 

 

Certain non-cash items (3)

$20,842

+/-$37,500

$34,500-$37,500

 

 

 

 

 

 

 

 

G&A expense, net (4)

$47,563

$88,000-$91,000

$88,000-$91,000

 

 

 

 

 

 

 

 

Interest expense, net

$82,905

+/-$168,000

+/-$168,000

 

 

 

 

 

 

 

 

Recurring third party fees & commissions

$12,663

+/-$25,000

+/-$25,000

 

 

 

 

 

 

 

 

Development and Redevelopment spend

$84,768

+/-$130,000

+/-$130,000

 

 

 

 

 

 

 

 

Acquisitions

$0

$0

$0

Cap rate (weighted average)

0.0%

0%

0%

 

 

 

 

 

 

 

 

Dispositions

$0

+/-$65,000

+/-$65,000

Cap rate (weighted average)

0.0%

+/- 7.0%

+/- 7.0%

 

 

 

 

 

 

 

 

Unit issuance (gross)

$20,000

$20,000

$20,000

 

 

 

 

 

 

 

 

Share Repurchase settlement (gross)

$20,000

$20,000

$20,000

 

 

 

 

Note: The 2023 guidance ranges and assumptions above remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts for the pending Urstadt Biddle transaction. With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.

 

4

 

Conference Call Information

To discuss Regency’s second quarter results and provide further business updates, management will host a conference call on Friday, August 4th, at 11:00 a.m. ET. Dial-in and webcast information is below.

Second Quarter 2023 Earnings Conference Call

 

Date:

Friday, August 4, 2023

Time:

11:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

2nd Quarter 2023 Webcast Link

Replay: Webcast Archive: Investor Relations page under Events & Webcasts

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a 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.

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO and Core Operating Earnings – Actual (in thousands, except per share amounts)

 

For the Periods Ended June 30, 2023 and 2022

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

Adjustments to reconcile to Nareit Funds From Operations (1):

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

89,505

 

 

 

85,738

 

 

 

178,540

 

 

 

169,868

 

Gain on sale of real estate

 

 

(64

)

 

 

(17,089

)

 

 

(305

)

 

 

(119,099

)

Exchangeable operating partnership units

 

 

550

 

 

 

452

 

 

 

970

 

 

 

1,315

 

Nareit Funds From Operations

 

$

176,773

 

 

 

173,897

 

 

$

363,268

 

 

 

352,108

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

1.03

 

 

 

1.00

 

 

$

2.11

 

 

 

2.04

 

Weighted average shares (diluted)

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

176,773

 

 

 

173,897

 

 

$

363,268

 

 

 

352,108

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Non Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

-

 

 

176

 

 

-

 

 

176

 

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(1,784

)

 

 

(2,534

)

 

 

(4,173

)

 

 

(6,012

)

Uncollectible straight-line rent

 

 

(1,755

)

 

 

(3,071

)

 

 

(2,390

)

 

 

(5,454

)

Above/below market rent amortization, net

 

 

(8,554

)

 

 

(5,323

)

 

 

(14,219

)

 

 

(10,715

)

Debt premium/discount amortization

 

 

8

 

 

 

(51

)

 

 

-

 

 

 

(157

)

Core Operating Earnings

 

$

164,688

 

 

 

163,094

 

 

 

342,486

 

 

 

329,946

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.96

 

 

 

0.94

 

 

$

1.99

 

 

 

1.91

 

Weighted average shares (diluted)

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,275

 

 

 

172,424

 

 

 

171,369

 

 

 

172,036

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 
(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

 

5

 

Same Property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to pro-rata Same Property NOI.

 

Reconciliation of Net Income Attributable to Common Shareholders to Pro-Rata Same Property NOI - Actual (in thousands)

 

For the Periods Ended June 30, 2023 and 2022

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income attributable to common shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(7,106

)

 

 

(6,499

)

 

 

(13,144

)

 

 

(13,183

)

Other(1)

 

 

(12,799

)

 

 

(12,110

)

 

 

(22,301

)

 

 

(24,731

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

83,161

 

 

 

79,350

 

 

 

165,868

 

 

 

157,192

 

General and administrative

 

 

25,065

 

 

 

17,645

 

 

 

50,345

 

 

 

36,437

 

Other operating expense

 

 

1,682

 

 

 

617

 

 

 

1,185

 

 

 

2,790

 

Other expense

 

 

35,133

 

 

 

37,876

 

 

 

69,549

 

 

 

(24,840

)

Equity in income of investments in real estate excluded from NOI (2)

 

 

11,813

 

 

 

(375

)

 

 

23,598

 

 

 

12,013

 

Net income attributable to noncontrolling interests

 

 

1,390

 

 

 

1,191

 

 

 

2,597

 

 

 

2,779

 

NOI

 

 

225,121

 

 

 

222,491

 

 

 

461,760

 

 

 

448,481

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(1,245

)

 

 

(1,528

)

 

 

(3,486

)

 

 

(1,589

)

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

223,876

 

 

 

220,963

 

 

$

458,274

 

 

 

446,892

 

% change

 

 

1.3

%

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

223,225

 

 

 

220,023

 

 

$

452,905

 

 

 

444,004

 

% change

 

 

1.5

%

 

 

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

188,874

 

 

 

188,758

 

 

$

383,794

 

 

 

378,963

 

% change

 

 

0.1

%

 

 

 

 

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves

 

$

222,059

 

 

 

214,267

 

 

$

450,218

 

 

 

428,971

 

% change

 

 

3.6

%

 

 

 

 

 

5.0

%

 

 

 
(1)
Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2)
Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its second quarter 2023 supplemental package that may help investors estimate earnings. A copy of the Company’s second quarter 2023 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended June 30, 2023. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

 

6

 

Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO.

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2023 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) under Item 1A. “Risk Factors” and on Form 10-Q for the three months ended March 31, 2023 under Part II, Item 1A. “Risk Factors”. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

7

 

Risk Factors Related to the Company’s Pending Acquisition of Urstadt Biddle

Please refer to disclosures in our 424(b)(3) prospectus, filed with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition.

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety and regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

 

8

 

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at current or historical rates.

Risk Factors Related to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign shareholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

9

EX-99.2

Exhibit 99.2

https://cdn.kscope.io/344cc7c2ac780b12efff687e12049239-img25796562_0.jpg 

 

 

Table of Contents

June 30, 2023

 

Forward-Looking Statements

i

 

 

Earnings Press Release

iii

 

 

Summary Information:

 

 

 

Summary Financial Information

1

 

 

Summary Real Estate Information

2

 

 

Financial Information:

 

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Operations

4

 

 

Supplemental Details of Operations (Consolidated Only)

5

 

 

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

6

 

 

Supplemental Details of Operations (Real Estate Partnerships Only)

7

 

 

Supplemental Details of Same Property NOI (Pro-Rata)

8

 

 

Reconciliations of Non-GAAP Financial Measures

9

 

 

Capital Expenditures and Additional Disclosures

10

 

 

Summary of Consolidated Debt

11

 

 

Summary of Consolidated Debt Detail

12

 

 

Summary of Unsecured Debt Covenants and Leverage Ratios

13

 

 

Summary of Unconsolidated Debt

14

 

 

Unconsolidated Investments

15

 

 

Investment Activity:

 

 

 

Property Transactions

16

 

 

Summary of In-Process Developments and Redevelopments

17

 

 

Development and Redevelopment Current Year Completions

18

 

 

Real Estate Information:

 

 

 

Leasing Statistics

19

 

 

New Lease Net Effective Rent and Leases Signed Not Yet Commenced

20

 

 

Annual Base Rent by State

21

 

 

Annual Base Rent by CBSA

22

 

 

Annual Base Rent by Tenant Category

23

 

 

Significant Tenant Rents

24

 

 

Tenant Lease Expirations

25

 

 

Portfolio Summary Report by State

26

 

 

Additional Disclosures and Forward-Looking Information:

 

 

 

Components of NAV

41

 

 

Earnings Guidance

42

 

 

Glossary of Terms

43

 

 

 

Safe Harbor Language

June 30, 2023

 

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, such as our 2023 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments, or otherwise, except as to the extent required by law. These risks and events include, without limitation:

 

Risk Factors Related to the Company’s Pending Acquisition of Urstadt Biddle

Please refer to disclosures in our 424(b)(3) prospectus, filed, with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition.

 

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.

 

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

 

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results from operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety and regulations may have a material negative effect on us.
 

 

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.
 

Supplemental Information i

 

 

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.

 

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial, or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

 

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

 

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at current or historical rates.

 

Risk Factors Related to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign shareholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

 

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

 

 

Supplemental Information ii

 

 

https://cdn.kscope.io/344cc7c2ac780b12efff687e12049239-img25796562_1.jpg 

 

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Second Quarter 2023 Results

JACKSONVILLE, Fla. (August 3, 2023) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three months ended June 30, 2023 and 2022, Net Income was $0.51 per diluted share and $0.61 per diluted share, respectively.

Second Quarter 2023 Highlights

•
Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter
•
Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share
•
The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021
•
Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021
•
Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%
•
Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%
•
Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis
•
Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share
•
As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million
•
Issued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESG
•
Pro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023
•
On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock

Subsequent Highlights

•
On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share

"Regency’s second quarter was one of the strongest and most active in our history, reflected in tremendous leasing progress, robust development starts, and the announcement of our merger with Urstadt Biddle,” said Lisa Palmer, President and Chief Executive Officer. “Our success revolves around the hard work of our exceptional teams, the quality of our portfolio, and the strength of our balance sheet. And importantly, we remain well positioned to continue to drive sustainable cash flow growth."

 

Supplemental Information iii

 

Financial Results

Net Income

•
For the three months ended June 30, 2023, Net Income Attributable to Common Shareholders (“Net Income”) was $86.8 million, or $0.51 per diluted share, compared to Net Income of $104.8 million, or $0.61 per diluted share, for the same period in 2022.

Nareit FFO

•
For the three months ended June 30, 2023, Nareit Funds From Operations (“Nareit FFO”) was $176.8 million, or $1.03 per diluted share, compared to $173.9 million, or $1.00 per diluted share, for the same period in 2022.
o
Nareit FFO in the second quarter of 2023 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $1.2 million, or $0.01 per diluted share, compared to $5.8 million, or $0.03 per diluted share, in the second quarter of 2022.
o
Nareit FFO in the second quarter of 2023 also benefitted from the reinstatement of straight-line rent receivables of $1.7 million, or approximately $0.01 per diluted share, due to the conversion of certain cash basis tenants back to accrual basis accounting, compared to $3.5 million, or $0.02 per diluted share, in the second quarter of 2022.

Core Operating Earnings

•
For the three months ended June 30, 2023, Core Operating Earnings was $164.7 million, or $0.96 per diluted share, compared to $163.1 million, or $0.94 per diluted share, for the same period in 2022.
o
Core Operating Earnings in the second quarter of 2023 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.01 per diluted share, compared to $0.03 per diluted share in second quarter 2022.

Portfolio Performance

Same Property NOI

•
Second quarter 2023 Same Property NOI, excluding lease termination fees and collection of receivables reserved during 2020 and 2021, increased by 3.6% compared to the same period in 2022.
o
Second quarter 2023 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 1.5% compared to the same period in 2022.
o
Growth in Same Property base rents contributed 3.8% to Same Property NOI growth in the second quarter of 2023.

Occupancy

•
As of June 30, 2023, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.6% leased.
 
•
As of June 30, 2023, Regency’s Same Property portfolio was 95.2% leased, an increase of 10 basis points sequentially and an increase of 70 basis points compared to June 30, 2022.
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 92.7%, an increase of 60 basis points sequentially and an increase of 170 basis points compared to June 30, 2022.
 
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.6%, a decline of 30 basis points sequentially and a decline of 10 basis points compared to June 30, 2022.
•
As of June 30, 2023, Regency’s Same Property portfolio was 92.7% commenced, a decline of 10 basis points sequentially and an increase of 50 basis points compared to June 30, 2022.

 

Supplemental Information iv

 

Leasing Activity

•
During the three months ended June 30, 2023, Regency executed approximately 2.0 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.7% and a blended straight-lined rent spread of +20.0%.
•
During the trailing twelve months ended June 30, 2023, the Company executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +15.8%.

Corporate Responsibility

•
On May 25, 2023, Regency issued its annual Corporate Responsibility Report, illustrating the Company’s continued commitment to and leadership in ESG, as well as describing its key environmental, social and governance initiatives and achievements. The report can be found on Regency’s Corporate Responsibility website.
•
Regency remains committed to its short-term (2030) greenhouse gas emissions reduction target, which was endorsed by the Science Based Targets initiative (SBTi), as well as its long-term (2050) target to achieve net zero emissions.

Capital Allocation and Balance Sheet

Developments and Redevelopments

•
During the second quarter, Regency started approximately $175 million of development and redevelopment projects, at the Company’s share.
o
As previously announced, during the second quarter the Company started the ground-up development SunVet in Holbook, Long Island, NY. The project will convert a vacant mall into a new 168,000 square foot Whole Foods-anchored open-air shopping center. Total project costs are estimated at $87 million.
o
As previously announced, during the second quarter the Company started Phase 3 of the redevelopment of Serramonte Center in Daly City, CA, featuring a world-class Asian food market in the former JC Penney space and the addition of small shop buildings adjacent to Macy’s.
•
During the second quarter, the Company completed redevelopment projects with combined costs of approximately $68 million, at the Company’s share, including the $56 million redevelopment of The Crossing Clarendon in Arlington, VA.
•
As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $410 million at the Company’s share, 44% of which have been incurred to date.

Balance Sheet

•
On May 18, 2023, in conjunction with the purchase of the SunVet development project, Regency issued 338,704 operating partnership (“OP”) units at a price of $59.05 per share, for a total of $20.0 million. As previously announced, in anticipation of this OP unit issuance, Regency repurchased 349,519 shares of common stock in late March 2023 at an average price of $57.22 per share, for $20.0 million.
•
As of June 30, 2023, Regency had approximately $1.2 billion of capacity under its revolving credit facility.
•
As of June 30, 2023, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 4.9x on a trailing 12-month basis.

Urstadt Biddle Merger

•
As previously announced, the Company and Urstadt Biddle entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock.
•
The transaction is expected to close mid-to-late August 2023, subject to shareholder approval at the currently scheduled August 16, 2023 Urstadt Biddle shareholder meeting, as well as the satisfaction of other closing conditions.

Supplemental Information v

 


 

Dividend

•
On August 1, 2023, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. The dividend is payable on October 4, 2023, to shareholders of record as of September 14, 2023.

2023 Guidance

Regency Centers has updated its 2023 guidance, as summarized in the table below. The 2023 guidance ranges and assumptions remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts from the pending Urstadt Biddle transaction. Please refer to the Company’s Earnings Presentation for additional detail, as well as in the Company’s second quarter 2023 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Full Year 2023 Guidance (in thousands, except per share data)

2Q YTD

Current Guidance

Previous Guidance

 

 

 

 

Net Income Attributable to Common Shareholders per diluted share

$1.07

$2.05-$2.09

$2.01-$2.09

 

 

 

 

 

 

 

 

Nareit Funds From Operations ("Nareit FFO") per diluted share

$2.11

$4.11-$4.15

$4.07-$4.15

 

 

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$1.99

$3.89-$3.93

$3.87-$3.93

 

 

 

 

 

 

 

 

Same property NOI growth without termination fees

2.0%

+1.0% to +1.5%

+0.5% to +1.5%

 

 

 

 

Same property NOI growth without termination fees or collection of 2020/2021 reserves

5.0%

+3.0% to +3.5%

+2.5% to +3.5%

 

 

 

 

 

 

 

 

Collection of 2020/2021 reserves (2)

$2,687

+/-$4,000

+/-$4,000

 

 

 

 

 

 

 

 

Certain non-cash items (3)

$20,842

+/-$37,500

$34,500-$37,500

 

 

 

 

 

 

 

 

G&A expense, net (4)

$47,563

$88,000-$91,000

$88,000-$91,000

 

 

 

 

 

 

 

 

Interest expense, net

$82,905

+/-$168,000

+/-$168,000

 

 

 

 

 

 

 

 

Recurring third party fees & commissions

$12,663

+/-$25,000

+/-$25,000

 

 

 

 

 

 

 

 

Development and Redevelopment spend

$84,768

+/-$130,000

+/-$130,000

 

 

 

 

 

 

 

 

Acquisitions

$0

$0

$0

Cap rate (weighted average)

0.0%

0%

0%

 

 

 

 

 

 

 

 

Dispositions

$0

+/-$65,000

+/-$65,000

Cap rate (weighted average)

0.0%

+/- 7.0%

+/- 7.0%

 

 

 

 

 

 

 

 

Unit issuance (gross)

$20,000

$20,000

$20,000

 

 

 

 

 

 

 

 

Share Repurchase settlement (gross)

$20,000

$20,000

$20,000

 

 

 

 

Note: The 2023 guidance ranges and assumptions above remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts for the pending Urstadt Biddle transaction. With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.

 

Supplemental Information vi

 

Conference Call Information

To discuss Regency’s second quarter results and provide further business updates, management will host a conference call on Friday, August 4th, at 11:00 a.m. ET. Dial-in and webcast information is below.

Second Quarter 2023 Earnings Conference Call

 

Date:

Friday, August 4, 2023

Time:

11:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

2nd Quarter 2023 Webcast Link

Replay: Webcast Archive: Investor Relations page under Events & Webcasts

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a 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.

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO and Core Operating Earnings – Actual (in thousands, except per share amounts)

 

For the Periods Ended June 30, 2023 and 2022

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

Adjustments to reconcile to Nareit Funds From Operations (1):

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

89,505

 

 

 

85,738

 

 

 

178,540

 

 

 

169,868

 

Gain on sale of real estate

 

 

(64

)

 

 

(17,089

)

 

 

(305

)

 

 

(119,099

)

Exchangeable operating partnership units

 

 

550

 

 

 

452

 

 

 

970

 

 

 

1,315

 

Nareit Funds From Operations

 

$

176,773

 

 

 

173,897

 

 

$

363,268

 

 

 

352,108

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

1.03

 

 

 

1.00

 

 

$

2.11

 

 

 

2.04

 

Weighted average shares (diluted)

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

176,773

 

 

 

173,897

 

 

$

363,268

 

 

 

352,108

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Not Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

176

 

 

 

-

 

 

 

176

 

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(1,784

)

 

 

(2,534

)

 

 

(4,173

)

 

 

(6,012

)

Uncollectible straight-line rent

 

 

(1,755

)

 

 

(3,071

)

 

 

(2,390

)

 

 

(5,454

)

Above/below market rent amortization, net

 

 

(8,554

)

 

 

(5,323

)

 

 

(14,219

)

 

 

(10,715

)

Debt premium/discount amortization

 

 

8

 

 

 

(51

)

 

 

-

 

 

 

(157

)

Core Operating Earnings

 

$

164,688

 

 

 

163,094

 

 

 

342,486

 

 

 

329,946

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.96

 

 

 

0.94

 

 

$

1.99

 

 

 

1.91

 

Weighted average shares (diluted)

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,275

 

 

 

172,424

 

 

 

171,369

 

 

 

172,036

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 
(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

 

Supplemental Information vii

 

Same Property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to pro-rata Same Property NOI.

 

Reconciliation of Net Income Attributable to Common Shareholders to Pro-Rata Same Property NOI - Actual (in thousands)

 

For the Periods Ended June 30, 2023 and 2022

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income attributable to common shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(7,106

)

 

 

(6,499

)

 

 

(13,144

)

 

 

(13,183

)

Other(1)

 

 

(12,799

)

 

 

(12,110

)

 

 

(22,301

)

 

 

(24,731

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

83,161

 

 

 

79,350

 

 

 

165,868

 

 

 

157,192

 

General and administrative

 

 

25,065

 

 

 

17,645

 

 

 

50,345

 

 

 

36,437

 

Other operating expense

 

 

1,682

 

 

 

617

 

 

 

1,185

 

 

 

2,790

 

Other expense

 

 

35,133

 

 

 

37,876

 

 

 

69,549

 

 

 

(24,840

)

Equity in income of investments in real estate excluded from NOI (2)

 

 

11,813

 

 

 

(375

)

 

 

23,598

 

 

 

12,013

 

Net income attributable to noncontrolling interests

 

 

1,390

 

 

 

1,191

 

 

 

2,597

 

 

 

2,779

 

NOI

 

 

225,121

 

 

 

222,491

 

 

 

461,760

 

 

 

448,481

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(1,245

)

 

 

(1,528

)

 

 

(3,486

)

 

 

(1,589

)

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

223,876

 

 

 

220,963

 

 

$

458,274

 

 

 

446,892

 

% change

 

 

1.3

%

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

223,225

 

 

 

220,023

 

 

$

452,905

 

 

 

444,004

 

% change

 

 

1.5

%

 

 

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

188,874

 

 

 

188,758

 

 

$

383,794

 

 

 

378,963

 

% change

 

 

0.1

%

 

 

 

 

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves

 

$

222,059

 

 

 

214,267

 

 

$

450,218

 

 

 

428,971

 

% change

 

 

3.6

%

 

 

 

 

 

5.0

%

 

 

 
(1)
Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2)
Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its second quarter 2023 supplemental package that may help investors estimate earnings. A copy of the Company’s second quarter 2023 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended June 30, 2023. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

 

Supplemental Information viii

 

Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO.

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2023 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) under Item 1A. “Risk Factors” and on Form 10-Q for the three months ended March 31, 2023 under Part II, Item 1A. “Risk Factors”. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

Supplemental Information ix

 

Risk Factors Related to the Company’s Pending Acquisition of Urstadt Biddle

Please refer to disclosures in our 424(b)(3) prospectus, filed with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition.

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety and regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

 

Supplemental Information x

 

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at current or historical rates.

Risk Factors Related to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign shareholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

Supplemental Information xi

 

Summary Financial Information

June 30, 2023

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Year to Date

 

 

2023

 

2022

 

2023

 

2022

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders (page 4)

 

$86,782

 

$104,796

 

$184,063

 

$300,024

Net income per diluted share

 

$0.51

 

$0.61

 

$1.07

 

$1.74

 

 

 

 

 

 

 

 

Nareit Funds From Operations (Nareit FFO) (page 9)

 

$176,773

 

$173,897

 

$363,268

 

$352,108

Nareit FFO per diluted share

 

$1.03

 

$1.00

 

$2.11

 

$2.04

 

 

 

 

 

 

 

 

Core Operating Earnings (page 9)

 

$164,688

 

$163,094

 

$342,486

 

$329,946

Core Operating Earnings per diluted share

 

$0.96

 

$0.94

 

$1.99

 

$1.91

 

 

 

 

 

 

 

 

Same Property NOI without termination fees (page 8)

 

$223,225

 

$220,023

 

$452,905

 

$444,004

% growth

 

1.5%

 

 

 

2.0%

 

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees or collection of 2020/2021 reserves (page 8)

 

$222,059

 

$214,267

 

$450,218

 

$428,971

% growth

 

3.6%

 

 

 

5.0%

 

 

 

 

 

 

 

 

 

 

Operating EBITDAre (page 9)

 

$209,102

 

$206,565

 

$430,581

 

$417,185

 

 

 

 

 

 

 

 

Dividends declared per share and unit

 

$0.650

 

$0.625

 

$1.300

 

$1.250

Payout ratio of Core Operating Earnings per share (diluted)

 

67.7%

 

66.5%

 

65.3%

 

65.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted share and unit count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (diluted) - Net income

 

171,275

 

172,424

 

171,369

 

172,036

Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings

 

172,176

 

173,165

 

172,192

 

172,791

_________________________________________________________________________________________________

 

 

 

As of

 

As of

 

As of

 

As of

 

 

6/30/2023

 

12/31/2022

 

12/31/2021

 

12/31/2020

Capital Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price per common share

 

$61.77

 

$62.50

 

$75.35

 

$45.59

 

 

 

 

 

 

 

 

Common shares outstanding

 

170,998

 

171,125

 

171,213

 

169,680

Exchangeable units held by noncontrolling interests

 

1,080

 

741

 

760

 

765

Common shares and equivalents issued and outstanding

 

172,078

 

171,866

 

171,973

 

170,445

Market equity value of common and convertible shares

 

$10,629,267

 

$10,741,627

 

$12,958,170

 

$7,770,596

 

 

 

 

 

 

 

 

Outstanding debt

 

$4,214,544

 

$4,225,014

 

$4,235,735

 

$4,457,742

Less: cash

 

(43,108)

 

(68,776)

 

(95,027)

 

(378,450)

Net debt

 

$4,171,436

 

$4,156,238

 

$4,140,708

 

$4,079,292

 

 

 

 

 

 

 

 

Total market capitalization

 

$14,800,703

 

$14,897,865

 

$17,098,878

 

$11,849,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt metrics (pro-rata; trailing 12 months "TTM")

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt-to-Operating EBITDAre

 

4.9x

 

5.0x

 

5.1x

 

6.0x

Fixed charge coverage

 

4.8x

 

4.7x

 

4.5x

 

3.6x

 

Supplemental Information 1

 

Summary Real Estate Information

June 30, 2023

(GLA in thousands)

 

Wholly Owned and 100% of Co-investment Partnerships

 

6/30/2023

 

3/31/2023

 

12/31/2022

 

9/30/2022

 

6/30/2022

Number of properties

 

406

 

404

 

404

 

404

 

404

Number of retail operating properties

 

402

 

402

 

401

 

399

 

399

Number of same properties

 

395

 

395

 

389

 

390

 

390

Number of properties in redevelopment

 

6

 

6

 

6

 

6

 

6

Number of properties in development (1)

 

4

 

2

 

2

 

4

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA) - All properties

 

51,325

 

51,137

 

51,145

 

51,115

 

51,102

GLA including retailer-owned stores - All properties

 

55,072

 

54,884

 

54,891

 

54,862

 

54,849

GLA - Retail operating properties

 

50,618

 

50,628

 

50,634

 

50,429

 

50,416

GLA - Same properties

 

49,807

 

49,808

 

49,043

 

49,218

 

49,205

GLA - Properties in redevelopment (2)

 

1,623

 

1,914

 

1,913

 

1,958

 

1,958

GLA - Properties in development (1)

 

707

 

509

 

511

 

686

 

686

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned and Pro-Rata Share of Co-investment Partnerships

 

 

 

 

 

 

 

 

 

 

GLA - All properties

 

43,491

 

43,307

 

43,314

 

43,183

 

43,173

GLA including retailer-owned stores - All properties

 

47,238

 

47,053

 

47,061

 

46,929

 

46,919

GLA - Retail operating properties

 

42,862

 

42,876

 

42,882

 

42,575

 

42,565

GLA - Same properties (3)

 

42,143

 

42,148

 

42,153

 

42,222

 

42,212

Spaces > 10,000 sf (3)

 

26,303

 

26,313

 

26,319

 

26,357

 

26,348

Spaces < 10,000 sf (3)

 

15,841

 

15,835

 

15,834

 

15,865

 

15,863

GLA - Properties in redevelopment (2)

 

1,576

 

1,867

 

1,866

 

1,958

 

1,958

GLA - Properties in development (1)

 

629

 

431

 

433

 

608

 

608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% leased - All properties

 

94.6%

 

94.9%

 

94.8%

 

94.6%

 

94.2%

% leased - Retail operating properties

 

95.0%

 

95.0%

 

94.9%

 

94.8%

 

94.5%

% leased - Same properties (3)

 

95.2%

 

95.1%

 

95.1%

 

94.7%

 

94.5%

Spaces ≥ 10,000 sf (3)

 

96.6%

 

96.9%

 

97.0%

 

96.8%

 

96.7%

Spaces < 10,000 sf (3)

 

92.7%

 

92.1%

 

91.9%

 

91.4%

 

91.0%

% commenced - Same properties (3) (4)

 

92.7%

 

92.8%

 

92.8%

 

92.3%

 

92.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same property NOI Growth - YTD (see page 8)

 

2.5%

 

3.7%

 

2.7%

 

2.4%

 

4.1%

Same property NOI Growth without Termination Fees - YTD (see page 8)

 

2.0%

 

2.5%

 

2.9%

 

2.5%

 

4.1%

Same property NOI Growth without Termination Fees or Redevelopments - YTD (see page 8)

 

1.3%

 

2.5%

 

2.5%

 

2.2%

 

3.4%

Same property NOI Growth without Termination Fees or Collection of 2020/2021 Reserves - YTD (see page 8)

 

5.0%

 

6.3%

 

6.3%

 

6.5%

 

8.6%

Rent spreads - Trailing 12 months (5) (see page 19)

 

8.1%

 

7.3%

 

7.4%

 

8.8%

 

8.3%

 

 

 

 

 

 

 

 

 

 

 
(1)
Includes current ground-up developments.
(2)
Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
(3)
Prior periods adjusted for current same property pool.
(4)
Excludes leases that are signed but have not yet commenced.
(5)
Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Amounts may not foot due to rounding.

Supplemental Information 2

 

Consolidated Balance Sheets

June 30, 2023 and December 31, 2022

(in thousands)

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

 

 

Assets:

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets at cost

 

$

11,953,086

 

 

$

11,858,064

 

Less: accumulated depreciation

 

 

2,549,937

 

 

 

2,415,860

 

Real estate assets, net

 

 

9,403,149

 

 

 

9,442,204

 

Investments in real estate partnerships

 

 

342,439

 

 

 

350,377

 

Net real estate investments

 

 

9,745,588

 

 

 

9,792,581

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

 

43,108

 

 

 

68,776

 

 

 

 

 

 

 

 

Tenant receivables, net

 

 

28,239

 

 

 

31,486

 

Straight-line rent receivables, net

 

 

133,690

 

 

 

128,214

 

Other receivables

 

 

44,124

 

 

 

29,163

 

Tenant and other receivables

 

 

206,053

 

 

 

188,863

 

 

 

 

 

 

 

 

Deferred leasing costs, net

 

 

69,788

 

 

 

68,945

 

Acquired lease intangible assets, net

 

 

178,849

 

 

 

197,745

 

Right of use assets

 

 

303,716

 

 

 

275,513

 

Other assets

 

 

280,843

 

 

 

267,797

 

 

 

 

 

 

 

Total assets

 

$

10,827,945

 

 

$

10,860,220

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,709,074

 

 

$

3,726,754

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

317,894

 

 

 

317,259

 

Acquired lease intangible liabilities, net

 

 

336,636

 

 

 

354,204

 

Lease liabilities

 

 

243,462

 

 

 

213,722

 

Tenants' security, escrow deposits, and prepaid rent

 

 

77,093

 

 

 

70,242

 

Total liabilities

 

 

4,684,159

 

 

 

4,682,181

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

Common stock, $.01 par

 

 

1,710

 

 

 

1,711

 

Additional paid in capital

 

 

7,834,573

 

 

 

7,852,691

 

Accumulated other comprehensive loss

 

 

7,336

 

 

 

7,560

 

Distributions in excess of net income

 

 

(1,803,406

)

 

 

(1,764,977

)

Total shareholders' equity

 

 

6,040,213

 

 

 

6,096,985

 

Noncontrolling Interests:

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

54,281

 

 

 

34,489

 

Limited partners' interest

 

 

49,292

 

 

 

46,565

 

Total noncontrolling interests

 

 

103,573

 

 

 

81,054

 

Total equity

 

 

6,143,786

 

 

 

6,178,039

 

 

 

 

 

 

 

Total liabilities and equity

 

$

10,827,945

 

 

$

10,860,220

 

 

These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 3

 

Consolidated Statements of Operations

For the Periods Ended June 30, 2023 and 2022

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income

 

$

304,458

 

 

 

292,864

 

 

$

613,259

 

 

 

586,509

 

Other property income

 

 

2,683

 

 

 

2,720

 

 

 

5,821

 

 

 

5,824

 

Management, transaction, and other fees

 

 

7,106

 

 

 

6,499

 

 

 

13,144

 

 

 

13,183

 

Total revenues

 

 

314,247

 

 

 

302,083

 

 

 

632,224

 

 

 

605,516

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

83,161

 

 

 

79,350

 

 

 

165,868

 

 

 

157,192

 

Property operating expense

 

 

54,394

 

 

 

47,750

 

 

 

105,416

 

 

 

94,211

 

Real estate taxes

 

 

38,509

 

 

 

36,700

 

 

 

76,986

 

 

 

73,569

 

General and administrative

 

 

25,065

 

 

 

17,645

 

 

 

50,345

 

 

 

36,437

 

Other operating expense

 

 

1,682

 

 

 

617

 

 

 

1,185

 

 

 

2,790

 

Total operating expenses

 

 

202,811

 

 

 

182,062

 

 

 

399,800

 

 

 

364,199

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

36,956

 

 

 

36,699

 

 

 

73,349

 

 

 

73,437

 

Gain on sale of real estate, net of tax

 

 

(81

)

 

 

(4,291

)

 

 

(331

)

 

 

(106,239

)

Net investment (income) loss

 

 

(1,742

)

 

 

5,468

 

 

 

(3,469

)

 

 

7,962

 

Total other expense (income)

 

 

35,133

 

 

 

37,876

 

 

 

69,549

 

 

 

(24,840

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before equity in income of

 

 

 

 

 

 

 

 

 

 

 

 

investments in real estate partnerships

 

 

76,303

 

 

 

82,145

 

 

 

162,875

 

 

 

266,157

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in income of investments in real estate partnerships

 

 

11,869

 

 

 

23,842

 

 

 

23,785

 

 

 

36,646

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

88,172

 

 

 

105,987

 

 

 

186,660

 

 

 

302,803

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(550

)

 

 

(452

)

 

 

(970

)

 

 

(1,315

)

Limited partners' interests in consolidated partnerships

 

 

(840

)

 

 

(739

)

 

 

(1,627

)

 

 

(1,464

)

Income attributable to noncontrolling interests

 

 

(1,390

)

 

 

(1,191

)

 

 

(2,597

)

 

 

(2,779

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

 

These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 4

 

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended June 30, 2023 and 2022

(in thousands)

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

213,977

 

 

 

204,353

 

 

$

426,907

 

 

 

403,605

 

*

Recoveries from tenants

 

 

74,748

 

 

 

68,464

 

 

 

145,974

 

 

 

136,238

 

*

Percentage rent

 

 

1,380

 

 

 

751

 

 

 

8,410

 

 

 

5,699

 

*

Termination Fees

 

 

504

 

 

 

838

 

 

 

5,221

 

 

 

2,328

 

*

Uncollectible lease income

 

 

(343

)

 

 

4,900

 

 

 

1,594

 

 

 

11,046

 

*

Other lease income

 

 

2,562

 

 

 

2,472

 

 

 

5,061

 

 

 

4,807

 

Straight-line rent on lease income

 

 

2,879

 

 

 

5,473

 

 

 

5,476

 

 

 

11,484

 

Above/below market rent amortization

 

 

8,751

 

 

 

5,613

 

 

 

14,616

 

 

 

11,302

 

Lease income

 

 

304,458

 

 

 

292,864

 

 

 

613,259

 

 

 

586,509

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

2,683

 

 

 

2,720

 

 

 

5,821

 

 

 

5,824

 

 

 

 

 

 

 

 

 

 

 

 

 

Property management fees

 

 

3,487

 

 

 

3,310

 

 

 

6,945

 

 

 

6,928

 

Asset management fees

 

 

1,648

 

 

 

1,670

 

 

 

3,277

 

 

 

3,425

 

Leasing commissions and other fees

 

 

1,971

 

 

 

1,519

 

 

 

2,922

 

 

 

2,830

 

Management, transaction, and other fees

 

 

7,106

 

 

 

6,499

 

 

 

13,144

 

 

 

13,183

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

314,247

 

 

 

302,083

 

 

 

632,224

 

 

 

605,516

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

83,161

 

 

 

79,350

 

 

 

165,868

 

 

 

157,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

50,584

 

 

 

44,000

 

 

 

97,529

 

 

 

86,660

 

*

Ground rent

 

 

3,077

 

 

 

2,962

 

 

 

6,394

 

 

 

5,970

 

Straight-line rent on ground rent

 

 

346

 

 

 

401

 

 

 

719

 

 

 

807

 

Above/below market ground rent amortization

 

 

387

 

 

 

387

 

 

 

774

 

 

 

774

 

Property operating expense

 

 

54,394

 

 

 

47,750

 

 

 

105,416

 

 

 

94,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

38,509

 

 

 

36,700

 

 

 

76,986

 

 

 

73,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross general & administrative

 

 

22,189

 

 

 

20,625

 

 

 

42,964

 

 

 

39,876

 

Stock-based compensation

 

 

4,105

 

 

 

4,366

 

 

 

8,924

 

 

 

8,574

 

Capitalized direct development compensation costs

 

 

(2,721

)

 

 

(2,595

)

 

 

(4,483

)

 

 

(5,006

)

General & administrative, net

 

 

23,573

 

 

 

22,396

 

 

 

47,405

 

 

 

43,444

 

Loss (gain) on deferred compensation plan (1)

 

 

1,492

 

 

 

(4,751

)

 

 

2,940

 

 

 

(7,007

)

General & administrative

 

 

25,065

 

 

 

17,645

 

 

 

50,345

 

 

 

36,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

1,361

 

 

 

773

 

 

 

2,334

 

 

 

2,781

 

Development pursuit costs, net

 

 

321

 

 

 

(156

)

 

 

(1,149

)

 

 

9

 

Other operating expenses

 

 

1,682

 

 

 

617

 

 

 

1,185

 

 

 

2,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

202,811

 

 

 

182,062

 

 

 

399,800

 

 

 

364,199

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

37,127

 

 

 

36,430

 

 

 

73,638

 

 

 

72,723

 

Derivative amortization

 

 

110

 

 

 

110

 

 

 

219

 

 

 

219

 

Debt cost amortization

 

 

1,382

 

 

 

1,396

 

 

 

2,777

 

 

 

2,786

 

Debt premium/discount amortization

 

 

9

 

 

 

(58

)

 

 

-

 

 

 

(173

)

Capitalized interest

 

 

(1,284

)

 

 

(1,019

)

 

 

(2,534

)

 

 

(1,815

)

Interest income

 

 

(388

)

 

 

(160

)

 

 

(751

)

 

 

(303

)

Interest expense, net

 

 

36,956

 

 

 

36,699

 

 

 

73,349

 

 

 

73,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate, net of tax

 

 

(81

)

 

 

(4,291

)

 

 

(331

)

 

 

(106,239

)

Net investment (income) loss (1)

 

 

(1,742

)

 

 

5,468

 

 

 

(3,469

)

 

 

7,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

35,133

 

 

 

37,876

 

 

 

69,549

 

 

 

(24,840

)

* Component of Net Operating Income

(1)
The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value of assets held in the plan which is included in Net investment income.

These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 5

 

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

June 30, 2023 and December 31, 2022

(in thousands)

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate assets at cost

 

$

(100,945

)

 

 

(101,127

)

 

$

1,210,630

 

 

 

1,200,127

 

Less: accumulated depreciation

 

 

(17,263

)

 

 

(16,173

)

 

 

461,017

 

 

 

447,002

 

Real estate assets, net

 

 

(83,682

)

 

 

(84,954

)

 

 

749,613

 

 

 

753,125

 

Investments in sales-type lease, net

 

 

-

 

 

 

-

 

 

 

32,409

 

 

 

31,538

 

Net real estate investments

 

 

(83,682

)

 

 

(84,954

)

 

 

782,022

 

 

 

784,663

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

 

(2,995

)

 

 

(3,549

)

 

 

20,972

 

 

 

18,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant recivables, net

 

 

(120

)

 

 

(174

)

 

 

2,804

 

 

 

3,700

 

Straight-line rent receivables, net

 

 

(1,984

)

 

 

(1,883

)

 

 

20,770

 

 

 

19,836

 

Other receivables

 

 

(64

)

 

 

(77

)

 

 

742

 

 

 

842

 

Tenant and other receivables

 

 

(2,168

)

 

 

(2,134

)

 

 

24,316

 

 

 

24,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred leasing costs, net

 

 

(1,333

)

 

 

(1,315

)

 

 

15,439

 

 

 

15,113

 

Acquired lease intangible assets, net

 

 

(1,305

)

 

 

(1,396

)

 

 

4,163

 

 

 

4,654

 

Right of use assets

 

 

(1,749

)

 

 

(1,590

)

 

 

4,930

 

 

 

5,043

 

Other assets

 

 

(1,221

)

 

 

(1,198

)

 

 

31,342

 

 

 

29,378

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

(94,453

)

 

 

(96,136

)

 

$

883,184

 

 

 

881,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

(39,204

)

 

 

(40,012

)

 

$

505,470

 

 

 

498,260

 

Accounts payable and other liabilities

 

 

(3,252

)

 

 

(6,983

)

 

 

20,416

 

 

 

20,031

 

Acquired lease intangible liabilities, net

 

 

(269

)

 

 

(290

)

 

 

4,403

 

 

 

4,865

 

Lease liabilities

 

 

(2,119

)

 

 

(1,932

)

 

 

4,226

 

 

 

4,259

 

Tenants' security, escrow deposits, and prepaid rent

 

 

(317

)

 

 

(354

)

 

 

6,230

 

 

 

3,501

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

(45,161

)

 

 

(49,571

)

 

$

540,745

 

 

 

530,916

 

 

Note

Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and Share of JVs represents the Company's share of co-investment partnerships' activities, of which each are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

Supplemental Information 6

 

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended June 30, 2023 and 2022

(in thousands)

 

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

(2,046

)

 

 

(1,967

)

 

$

(4,045

)

 

 

(3,954

)

 

$

24,160

 

 

 

24,085

 

 

$

48,299

 

 

 

48,861

 

*

Recoveries from tenants

 

 

(601

)

 

 

(549

)

 

 

(1,118

)

 

 

(1,086

)

 

 

8,373

 

 

 

7,686

 

 

 

16,351

 

 

 

16,211

 

*

Percentage rent

 

 

(10

)

 

 

-

 

 

 

(11

)

 

 

(1

)

 

 

380

 

 

 

265

 

 

 

1,021

 

 

 

836

 

*

Termination Fees

 

 

(1

)

 

 

(11

)

 

 

(11

)

 

 

(11

)

 

 

182

 

 

 

103

 

 

 

197

 

 

 

562

 

*

Uncollectible lease income

 

 

(8

)

 

 

(40

)

 

 

(44

)

 

 

(53

)

 

 

(25

)

 

 

443

 

 

 

41

 

 

 

992

 

*

Other lease income

 

 

(37

)

 

 

(34

)

 

 

(74

)

 

 

(66

)

 

 

373

 

 

 

350

 

 

 

719

 

 

 

651

 

Straight-line rent on lease income

 

 

(47

)

 

 

(120

)

 

 

(123

)

 

 

(159

)

 

 

1,002

 

 

 

714

 

 

 

1,805

 

 

 

1,038

 

Above/below market rent amortization

 

 

1

 

 

 

-

 

 

 

2

 

 

 

(2

)

 

 

198

 

 

 

106

 

 

 

394

 

 

 

208

 

Lease income

 

 

(2,749

)

 

 

(2,721

)

 

 

(5,424

)

 

 

(5,332

)

 

 

34,643

 

 

 

33,752

 

 

 

68,827

 

 

 

69,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

(1

)

 

 

(1

)

 

 

(11

)

 

 

(4

)

 

 

133

 

 

 

201

 

 

 

380

 

 

 

327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(242

)

 

 

(250

)

 

 

(481

)

 

 

(529

)

Management, transaction, and other fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(242

)

 

 

(250

)

 

 

(481

)

 

 

(529

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

(2,750

)

 

 

(2,722

)

 

 

(5,435

)

 

 

(5,336

)

 

 

34,534

 

 

 

33,703

 

 

 

68,726

 

 

 

69,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

(650

)

 

 

(688

)

 

 

(1,306

)

 

 

(1,333

)

 

 

7,519

 

 

 

7,611

 

 

 

14,941

 

 

 

15,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

(438

)

 

 

(402

)

 

 

(865

)

 

 

(894

)

 

 

5,813

 

 

 

5,280

 

 

 

11,183

 

 

 

10,879

 

*

Ground rent

 

 

(31

)

 

 

(30

)

 

 

(62

)

 

 

(59

)

 

 

85

 

 

 

86

 

 

 

169

 

 

 

154

 

Straight-line rent on ground rent

 

 

(13

)

 

 

(15

)

 

 

(26

)

 

 

(30

)

 

 

30

 

 

 

30

 

 

 

60

 

 

 

60

 

Above/below market ground rent amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9

 

 

 

9

 

 

 

19

 

 

 

19

 

Property operating expense

 

 

(482

)

 

 

(447

)

 

 

(953

)

 

 

(983

)

 

 

5,937

 

 

 

5,405

 

 

 

11,431

 

 

 

11,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

(333

)

 

 

(358

)

 

 

(685

)

 

 

(696

)

 

 

3,996

 

 

 

4,300

 

 

 

8,273

 

 

 

8,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General & administrative, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

92

 

 

 

94

 

 

 

158

 

 

 

154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(5

)

 

 

(23

)

 

 

(26

)

 

 

(55

)

 

 

271

 

 

 

268

 

 

 

556

 

 

 

514

 

Development pursuit costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

5

 

Other operating expenses

 

 

(5

)

 

 

(23

)

 

 

(26

)

 

 

(55

)

 

 

271

 

 

 

272

 

 

 

556

 

 

 

519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

(1,470

)

 

 

(1,516

)

 

 

(2,970

)

 

 

(3,067

)

 

 

17,815

 

 

 

17,682

 

 

 

35,359

 

 

 

35,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

(411

)

 

 

(360

)

 

 

(777

)

 

 

(688

)

 

 

4,701

 

 

 

4,618

 

 

 

9,284

 

 

 

9,259

 

Debt cost amortization

 

 

(13

)

 

 

(13

)

 

 

(28

)

 

 

(23

)

 

 

207

 

 

 

82

 

 

 

390

 

 

 

260

 

Debt premium/discount amortization

 

 

(18

)

 

 

(12

)

 

 

(35

)

 

 

(12

)

 

 

17

 

 

 

19

 

 

 

35

 

 

 

28

 

 

Interest income

 

 

2

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

(92

)

 

 

-

 

 

 

(153

)

 

 

-

 

Interest expense, net

 

 

(440

)

 

 

(385

)

 

 

(838

)

 

 

(723

)

 

 

4,833

 

 

 

4,719

 

 

 

9,556

 

 

 

9,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate

 

 

-

 

 

 

(82

)

 

 

-

 

 

 

(82

)

 

 

17

 

 

 

(12,716

)

 

 

26

 

 

 

(12,778

)

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

 

 

176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

(440

)

 

 

(467

)

 

 

(838

)

 

 

(805

)

 

 

4,850

 

 

 

(7,821

)

 

 

9,582

 

 

 

(3,055

)

* Component of Net Operating Income

 

Note

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Information 7

 

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended June 30, 2023 and 2022

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Same Property NOI Detail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

$

234,199

 

 

 

225,891

 

 

$

467,119

 

 

 

449,156

 

Recoveries from tenants

 

 

82,213

 

 

 

75,332

 

 

 

160,544

 

 

 

151,556

 

Percentage rent

 

 

1,721

 

 

 

1,015

 

 

 

9,392

 

 

 

6,530

 

Termination fees

 

 

651

 

 

 

940

 

 

 

5,369

 

 

 

2,888

 

Uncollectible lease income

 

 

(353

)

 

 

5,257

 

 

 

1,506

 

 

 

11,891

 

Other lease income

 

 

2,931

 

 

 

2,895

 

 

 

5,780

 

 

 

5,524

 

Other property income

 

 

2,117

 

 

 

2,221

 

 

 

4,780

 

 

 

4,750

 

Total real estate revenues

 

 

323,479

 

 

 

313,551

 

 

 

654,490

 

 

 

632,295

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance

 

 

55,044

 

 

 

49,349

 

 

 

106,838

 

 

 

98,181

 

Real estate taxes

 

 

41,631

 

 

 

40,288

 

 

 

83,406

 

 

 

81,358

 

Ground rent

 

 

2,928

 

 

 

2,951

 

 

 

5,972

 

 

 

5,864

 

Total real estate operating expenses

 

 

99,603

 

 

 

92,588

 

 

 

196,216

 

 

 

185,403

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

223,876

 

 

 

220,963

 

 

$

458,274

 

 

 

446,892

 

% change

 

 

1.3

%

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

223,225

 

 

 

220,023

 

 

$

452,905

 

 

 

444,004

 

% change

 

 

1.5

%

 

 

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

188,874

 

 

 

188,758

 

 

$

383,794

 

 

 

378,963

 

% change

 

 

0.1

%

 

 

 

 

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves

 

$

222,059

 

 

 

214,267

 

 

$

450,218

 

 

 

428,971

 

% change

 

 

3.6

%

 

 

 

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent Contribution to Same Property NOI Performance:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

 

3.8

%

 

 

 

 

 

4.0

%

 

 

 

Uncollectible lease income (1)

 

 

-0.5

%

 

 

 

 

 

0.4

%

 

 

 

Collection of 2020/2021 reserves

 

 

-2.1

%

 

 

 

 

 

-2.8

%

 

 

 

Net expense recoveries

 

 

-0.1

%

 

 

 

 

 

-0.4

%

 

 

 

Other lease / property income

 

 

0.0

%

 

 

 

 

 

0.1

%

 

 

 

Percentage rent

 

 

0.3

%

 

 

 

 

 

0.6

%

 

 

 

Same Property NOI without Termination Fees (% impact)

 

 

1.5

%

 

 

 

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income Attributable to Common Shareholders to Same Property NOI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(7,106

)

 

 

(6,499

)

 

 

(13,144

)

 

 

(13,183

)

Other (2)

 

 

(12,799

)

 

 

(12,110

)

 

 

(22,301

)

 

 

(24,731

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

83,161

 

 

 

79,350

 

 

 

165,868

 

 

 

157,192

 

General and administrative

 

 

25,065

 

 

 

17,645

 

 

 

50,345

 

 

 

36,437

 

Other operating expense

 

 

1,682

 

 

 

617

 

 

 

1,185

 

 

 

2,790

 

Other expense

 

 

35,133

 

 

 

37,876

 

 

 

69,549

 

 

 

(24,840

)

Equity in income of investments in real estate excluded from NOI (3)

 

 

11,813

 

 

 

(375

)

 

 

23,598

 

 

 

12,013

 

Net income attributable to noncontrolling interests

 

 

1,390

 

 

 

1,191

 

 

 

2,597

 

 

 

2,779

 

NOI

 

 

225,121

 

 

 

222,491

 

 

 

461,760

 

 

 

448,481

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (4)

 

 

(1,245

)

 

 

(1,528

)

 

 

(3,486

)

 

 

(1,589

)

Same Property NOI

 

$

223,876

 

 

 

220,963

 

 

$

458,274

 

 

 

446,892

 
(1)
Excludes the impact of collection on '20/'21 reserves or write offs.
(2)
Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(3)
Includes non-NOI income and expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(4)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Also includes adjustments for earnings at the four properties we acquired from our former unconsolidated RegCal partnership in 2022 in order to calculate growth on a comparable basis for the periods presented.

Supplemental Information 8

 

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended June 30, 2023 and 2022

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Shareholders

 

$

86,782

 

 

 

104,796

 

 

$

184,063

 

 

 

300,024

 

Adjustments to reconcile to Nareit Funds From Operations (1):

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

89,505

 

 

 

85,738

 

 

 

178,540

 

 

 

169,868

 

Gain on sale of real estate

 

 

(64

)

 

 

(17,089

)

 

 

(305

)

 

 

(119,099

)

Exchangeable operating partnership units

 

 

550

 

 

 

452

 

 

 

970

 

 

 

1,315

 

Nareit Funds From Operations

 

$

176,773

 

 

 

173,897

 

 

$

363,268

 

 

 

352,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

1.03

 

 

 

1.00

 

 

$

2.11

 

 

 

2.04

 

Weighted average shares (diluted)

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

176,773

 

 

 

173,897

 

 

$

363,268

 

 

 

352,108

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Not Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

176

 

 

 

-

 

 

 

176

 

Certain Non Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(1,784

)

 

 

(2,534

)

 

 

(4,173

)

 

 

(6,012

)

Uncollectible straight-line rent

 

 

(1,755

)

 

 

(3,071

)

 

 

(2,390

)

 

 

(5,454

)

Above/below market rent amortization, net

 

 

(8,554

)

 

 

(5,323

)

 

 

(14,219

)

 

 

(10,715

)

Debt premium/discount amortization

 

 

8

 

 

 

(51

)

 

 

-

 

 

 

(157

)

Core Operating Earnings

 

$

164,688

 

 

 

163,094

 

 

$

342,486

 

 

 

329,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.96

 

 

 

0.94

 

 

$

1.99

 

 

 

1.91

 

Weighted average shares (diluted)

 

 

172,176

 

 

 

173,165

 

 

 

172,192

 

 

 

172,791

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

88,172

 

 

 

105,987

 

 

$

186,660

 

 

 

302,803

 

Adjustments to reconcile to Nareit EBITDAre (2):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

42,269

 

 

 

41,578

 

 

 

83,809

 

 

 

83,287

 

Income tax expense

 

 

171

 

 

 

(97

)

 

 

485

 

 

 

23

 

Depreciation and amortization

 

 

90,680

 

 

 

86,961

 

 

 

180,809

 

 

 

172,225

 

Gain on sale of real estate

 

 

(64

)

 

 

(17,007

)

 

 

(305

)

 

 

(119,017

)

Nareit EBITDAre

 

$

221,228

 

 

 

217,422

 

 

$

451,458

 

 

 

439,321

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit EBITDAre

 

$

221,228

 

 

 

217,422

 

 

$

451,458

 

 

 

439,321

 

Adjustments to reconcile to Operating EBITDAre (2):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

176

 

 

 

-

 

 

 

176

 

Straight-line rent, net

 

 

(3,573

)

 

 

(5,710

)

 

 

(6,660

)

 

 

(11,595

)

Above/below market rent amortization, net

 

 

(8,553

)

 

 

(5,323

)

 

 

(14,217

)

 

 

(10,717

)

Operating EBITDAre

 

$

209,102

 

 

 

206,565

 

 

$

430,581

 

 

 

417,185

 
(1)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.
(2)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

 

Supplemental Information 9

 

Capital Expenditures and Additional Disclosures

For the Periods Ended June 30, 2023 and 2022

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Properties (1)

 

 

 

 

 

 

 

 

 

 

 

 

Tenant allowance and landlord work

 

$

9,969

 

 

 

14,995

 

 

$

19,403

 

 

 

24,890

 

Leasing commissions

 

 

5,240

 

 

 

4,172

 

 

 

8,491

 

 

 

7,086

 

Leasing Capital Expenditures

 

 

15,209

 

 

 

19,167

 

 

 

27,894

 

 

 

31,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building improvements

 

 

5,877

 

 

 

6,905

 

 

 

10,651

 

 

 

13,135

 

Operating Capital Expenditures

 

$

21,086

 

 

 

26,072

 

 

$

38,545

 

 

 

45,111

 

 

 

 

 

 

 

 

 

 

 

 

 

Development & Redevelopment Properties (1)

 

 

 

 

 

 

 

 

 

 

 

 

Ground-up development

 

$

33,655

 

 

 

10,168

 

 

$

39,725

 

 

 

26,597

 

Redevelopment

 

 

26,368

 

 

 

15,311

 

 

 

45,043

 

 

 

31,375

 

Development & Redevelopment Expenditures

 

$

60,023

 

 

 

25,479

 

 

$

84,768

 

 

 

57,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Non Cash Expense (2)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative amortization

 

$

110

 

 

 

109

 

 

$

219

 

 

 

219

 

Debt cost amortization

 

 

1,576

 

 

 

1,465

 

 

 

3,139

 

 

 

3,022

 

Stock-based compensation

 

 

4,105

 

 

 

4,366

 

 

 

8,924

 

 

 

8,574

 

Other Non Cash Expense

 

$

5,791

 

 

 

5,940

 

 

$

12,282

 

 

 

11,815

 
(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.
(2)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

 

Supplemental Information 10

 

Summary of Consolidated Debt

June 30, 2023 and December 31, 2022

(in thousands)

 

Total Debt Outstanding:

 

6/30/2023

 

 

12/31/2022

 

Notes Payable:

 

 

 

 

 

 

Fixed rate mortgage loans

 

$

454,808

 

 

$

474,193

 

Variable rate mortgage loans

 

 

3,702

 

 

 

4,188

 

Fixed rate unsecured public debt

 

 

3,055,008

 

 

 

3,053,550

 

Fixed rate unsecured private debt

 

 

195,556

 

 

 

194,823

 

Total

 

$

3,709,074

 

 

$

3,726,754

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities (1)

 

 

Total

 

 

Weighted Average
Contractual
Interest Rate
on Maturities

2023

 

$

4,490

 

 

 

30,592

 

 

 

-

 

 

 

35,082

 

 

3.35%

2024

 

 

5,044

 

 

 

90,742

 

 

 

250,000

 

 

 

345,786

 

 

3.70%

2025

 

 

3,942

 

 

 

43,750

 

 

 

250,000

 

 

 

297,692

 

 

3.82%

2026

 

 

4,127

 

 

 

127,096

 

 

 

200,000

 

 

 

331,223

 

 

3.89%

2027

 

 

3,788

 

 

 

137,915

 

 

 

525,000

 

 

 

666,703

 

 

3.66%

2028

 

 

2,799

 

 

 

170

 

 

 

300,000

 

 

 

302,969

 

 

4.13%

2029

 

 

22

 

 

 

146

 

 

 

425,000

 

 

 

425,168

 

 

2.95%

2030

 

 

24

 

 

 

-

 

 

 

600,000

 

 

 

600,024

 

 

3.70%

2031

 

 

26

 

 

 

-

 

 

 

-

 

 

 

26

 

 

0.00%

2032

 

 

2

 

 

 

3

 

 

 

-

 

 

 

5

 

 

8.00%

>10 years

 

 

-

 

 

 

-

 

 

 

725,000

 

 

 

725,000

 

 

4.56%

Unamortized debt premium/(discount), net of issuance costs

 

 

-

 

 

 

3,832

 

 

 

(24,436

)

 

 

(20,604

)

 

 

 

$

24,264

 

 

 

434,246

 

 

 

3,250,564

 

 

 

3,709,074

 

 

3.83%

 

Percentage of Total Debt:

 

6/30/2023

 

12/31/2022

Fixed

 

99.9%

 

99.9%

Variable

 

0.1%

 

0.1%

 

 

 

 

Current Weighted Average Contractual Interest Rates:(2)

 

 

 

 

Fixed

 

3.8%

 

3.8%

Variable

 

6.5%

 

5.7%

Combined

 

3.8%

 

3.8%

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rate:(3)

 

 

 

 

Combined

 

4.0%

 

4.0%

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

Fixed

 

8.2

 

8.6

Variable

 

1.7

 

2.2
(1)
Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.
(2)
Interest rates are calculated as of the quarter end.
(3)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees.

 

Supplemental Information 11

 

Summary of Consolidated Debt

June 30, 2023 and December 31, 2022

(in thousands)

 

 

 

 

 

Contractual

 

 

Effective

 

 

 

 

 

 

 

 

Lender

 

Collateral

 

Rate

 

 

Rate(1)

 

Maturity

 

6/30/2023

 

 

12/31/2022

 

Secured Debt - Fixed Rate Mortqaqe Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TD Bank

 

Brick Walk Shopping Center

 

3.35%

 

 

 

 

11/01/23

 

$

30,805

 

 

$

31,131

 

Genworth Life Insurance Company

 

Aventura, Oakbrook & Treasure Coast

 

6.50%

 

 

 

 

02/28/24

 

 

2,378

 

 

 

3,916

 

Prudential Insurance Company of America

 

4S Commons Town Center

 

3.50%

 

 

 

 

06/05/24

 

 

79,930

 

 

 

80,811

 

Ellis Partners

 

Pruneyard

 

4.25%

 

 

 

 

06/30/24

 

 

2,200

 

 

 

2,200

 

Great-West Life & Annuity Insurance Co

 

Erwin Square

 

3.78%

 

 

 

 

09/01/24

 

 

10,000

 

 

 

10,000

 

PNC Bank

 

Circle Marina Center

 

2.54%

 

 

 

 

03/17/25

 

 

24,000

 

 

 

24,000

 

Prudential Insurance Company of America

 

Country Walk Plaza

 

3.91%

 

 

 

 

11/05/25

 

 

16,000

 

 

 

16,000

 

Metropolitan Life Insurance Company

 

Westbury Plaza

 

3.76%

 

 

 

 

02/01/26

 

 

88,000

 

 

 

88,000

 

Santander Bank

 

Baederwood Shoppes

 

3.28%

 

 

 

 

12/19/26

 

 

24,365

 

 

 

24,365

 

TD Bank

 

Black Rock Shopping Center

 

6.03%

 

 

 

 

12/31/26

 

 

15,435

 

 

 

18,637

 

The Guardian Life Insurance of America

 

Willa Springs

 

3.81%

 

 

 

 

03/01/27

 

 

16,700

 

 

 

16,700

 

The Guardian Life Insurance of America

 

Alden Bridge

 

3.81%

 

 

 

 

03/01/27

 

 

26,000

 

 

 

26,000

 

The Guardian Life Insurance of America

 

Bethany Park Place

 

3.81%

 

 

 

 

03/01/27

 

 

10,200

 

 

 

10,200

 

The Guardian Life Insurance of America

 

Blossom Valley

 

3.81%

 

 

 

 

03/01/27

 

 

22,300

 

 

 

22,300

 

The Guardian Life Insurance of America

 

Dunwoody Hall

 

3.81%

 

 

 

 

03/01/27

 

 

13,800

 

 

 

13,800

 

The Guardian Life Insurance of America

 

Hasley Canyon Village

 

3.81%

 

 

 

 

03/01/27

 

 

16,000

 

 

 

16,000

 

PNC Bank

 

Fellsway Plaza

 

4.06%

 

 

 

 

06/02/27

 

 

35,159

 

 

 

35,446

 

New York Life Insurance

 

Oak Shade Town Center

 

6.05%

 

 

 

 

05/10/28

 

 

4,483

 

 

 

4,869

 

New York Life Insurance

 

Von's Circle Center

 

5.20%

 

 

 

 

10/10/28

 

 

4,657

 

 

 

5,031

 

New York Life Insurance

 

Copps Hill Plaza

 

6.06%

 

 

 

 

01/01/29

 

 

8,343

 

 

 

8,962

 

City of Rollingwood

 

Shops at Mira Vista

 

8.00%

 

 

 

 

03/01/32

 

 

173

 

 

 

180

 

Wells Fargo

 

Hewlett I

 

4.41%

 

 

 

 

01/06/23

 

 

-

 

 

 

8,879

 

State Farm Life Insurance Company

 

Tech Ridge Center

 

5.83%

 

 

 

 

06/01/23

 

 

-

 

 

 

715

 

American United Life Insurance Company

 

Westport Plaza

 

7.49%

 

 

 

 

08/01/23

 

 

-

 

 

 

1,457

 

Unamortized premiums on assumed debt of acquired properties, net of issuance costs

 

 

 

 

 

 

 

 

 

3,880

 

 

 

4,594

 

Total Fixed Rate Mortgage Loans

 

3.81%

 

 

3.51%

 

 

 

$

454,808

 

 

$

474,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Offering (5/16/14)

 

Fixed-rate unsecured

 

3.75%

 

 

 

 

06/15/24

 

$

250,000

 

 

$

250,000

 

Debt Offering (8/17/15)

 

Fixed-rate unsecured

 

3.90%

 

 

 

 

11/01/25

 

 

250,000

 

 

 

250,000

 

Debt Placement (5/11/16)

 

Fixed-rate unsecured

 

3.81%

 

 

 

 

05/11/26

 

 

100,000

 

 

 

100,000

 

Debt Placement (8/11/16)

 

Fixed-rate unsecured

 

3.91%

 

 

 

 

08/11/26

 

 

100,000

 

 

 

100,000

 

Debt Offering (1/17/17)

 

Fixed-rate unsecured

 

3.60%

 

 

 

 

02/01/27

 

 

525,000

 

 

 

525,000

 

Debt Offering (3/9/18)

 

Fixed-rate unsecured

 

4.13%

 

 

 

 

03/15/28

 

 

300,000

 

 

 

300,000

 

Debt Offering (8/13/19)

 

Fixed-rate unsecured

 

2.95%

 

 

 

 

09/15/29

 

 

425,000

 

 

 

425,000

 

Debt Offering (5/13/20)

 

Fixed-rate unsecured

 

3.70%

 

 

 

 

06/15/30

 

 

600,000

 

 

 

600,000

 

Debt Offering (1/17/17)

 

Fixed-rate unsecured

 

 

 

 

 

02/01/47

 

 

425,000

 

 

 

425,000

 

Debt Offering (3/6/19)

 

Fixed-rate unsecured

 

4.65%

 

 

 

 

03/15/49

 

 

300,000

 

 

 

300,000

 

Revolving Line of Credit

 

Variable-rate unsecured

 

Adjusted SOFR + 0.865%

(2)

 

 

 

03/23/25

 

 

-

 

 

 

-

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

 

 

(24,436

)

 

 

(26,627

)

Total Unsecured Debt, Net of Discounts

 

3.83%

 

 

3.98%

 

 

 

$

3,250,564

 

 

$

3,248,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Rate Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PNC Bank

 

Market at Springwoods Village

 

SOFR + 1.40%

 

 

 

 

03/28/25

 

$

3,750

 

 

$

4,250

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

(48

)

 

 

(62

)

Total Variable Rate Mortgage Loans

 

6.48%

 

 

7.21%

 

 

 

$

3,702

 

 

$

4,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

3.83%

 

 

4.04%

 

 

 

$

3,709,074

 

 

$

3,726,754

 
(1)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
(2)
Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option. Effective 1/12/23, the interest rate has been amended to SOFR plus a 0.10% market adjustment ("Adjusted SOFR") plus our current applicable margin of 0.865%.

 

Supplemental Information 12

 

Summary of Unsecured Debt Covenants and Leverage Ratios

June 30, 2023

(in thousands)

 

Outstanding Unsecured Public Debt:

 

Origination

 

Maturity

 

Rate

 

Balance

 

 

05/16/14

 

06/15/24

 

3.750%

 

$

250,000

 

 

08/17/15

 

11/01/25

 

3.900%

 

$

250,000

 

 

01/17/17

 

02/01/27

 

3.600%

 

$

525,000

 

 

03/09/18

 

03/15/28

 

4.125%

 

$

300,000

 

 

08/20/19

 

09/15/29

 

2.950%

 

$

425,000

 

 

05/13/20

 

06/15/30

 

3.700%

 

$

600,000

 

 

01/17/17

 

02/01/47

 

4.400%

 

$

425,000

 

 

 

03/06/19

 

03/15/49

 

4.650%

 

$

300,000

 

 

Unsecured Public Debt Covenants:

 

Required

 

6/30/2023

 

3/31/2023

 

12/31/2022

 

9/30/2022

 

6/30/2022

Fair Market Value Calculation Method Covenants (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Debt to Total Consolidated Assets

 

≤ 65%

 

26%

 

26%

 

26%

 

26%

 

26%

Secured Consolidated Debt to Total Consolidated Assets

 

≤ 40%

 

3%

 

3%

 

3%

 

3%

 

3%

Consolidated Income for Debt Service to Consolidated Debt Service

 

≥ 1.5x

 

5.6x

 

5.7x

 

5.6x

 

5.7x

 

5.8x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt

 

>150%

 

407%

 

400%

 

400%

 

399%

 

397%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios:

 

 

 

6/30/2023

 

3/31/2023

 

12/31/2022

 

9/30/2022

 

6/30/2022

Consolidated Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

25.6%

 

25.9%

 

25.4%

 

27.9%

 

26.2%

Net debt to real estate assets, before depreciation

 

 

 

29.8%

 

30.0%

 

30.0%

 

29.5%

 

29.9%

Net debt to total assets, before depreciation

 

 

 

27.5%

 

27.8%

 

27.7%

 

27.3%

 

27.6%

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

4.4x

 

4.4x

 

4.5x

 

4.4x

 

4.5x

Fixed charge coverage

 

 

 

5.3x

 

5.3x

 

5.2x

 

5.2x

 

5.2x

Interest coverage

 

 

 

5.7x

 

5.7x

 

5.6x

 

5.6x

 

5.6x

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured assets to total real estate assets

 

 

 

90.4%

 

90.2%

 

89.5%

 

89.4%

 

89.2%

Unsecured NOI to total NOI - TTM

 

 

 

91.6%

 

91.6%

 

90.9%

 

91.0%

 

90.9%

Unencumbered assets to unsecured debt

 

 

 

332%

 

326%

 

326%

 

324%

 

323%

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-Rata Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

28.2%

 

28.4%

 

27.9%

 

30.7%

 

28.8%

Net debt to real estate assets, before depreciation

 

 

 

31.6%

 

31.8%

 

31.8%

 

31.5%

 

31.8%

Net debt to total assets, before depreciation

 

 

 

29.1%

 

29.4%

 

29.3%

 

29.0%

 

29.4%

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

4.9x

 

4.9x

 

5.0x

 

5.0x

 

5.0x

Fixed charge coverage

 

 

 

4.8x

 

4.7x

 

4.7x

 

4.6x

 

4.6x

Interest coverage

 

 

 

5.1x

 

5.1x

 

5.1x

 

5.0x

 

5.0x
(1)
For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.
(2)
Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing.

 

Supplemental Information 13

 

Summary of Unconsolidated Debt

June 30, 2023 and December 31, 2022

(in thousands)

 

Total Debt Outstanding:

 

6/30/2023

 

 

12/31/2022

 

Mortgage loans payable:

 

 

 

 

 

 

Fixed rate secured loans

 

$

1,376,413

 

 

$

1,368,330

 

Variable rate secured loans

 

 

14,763

 

 

 

6,167

 

Unsecured credit facilities variable rate

 

 

25,800

 

 

 

23,800

 

Total

 

$

1,416,976

 

 

$

1,398,297

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities

 

 

Total

 

 

Weighted Average Contractual Interest Rate on Maturities

 

Regency's Pro Rata Share

 

 

Regency's Pro Rata Weighted Average Contractual Interest Rate on Maturities

2023

 

$

1,037

 

 

 

-

 

 

 

-

 

 

 

1,037

 

 

-

 

 

340

 

 

-

2024

 

 

2,205

 

 

 

33,690

 

 

 

-

 

 

 

35,895

 

 

3.86%

 

 

14,298

 

 

3.75%

2025

 

 

4,506

 

 

 

143,636

 

 

 

-

 

 

 

148,142

 

 

3.74%

 

 

46,314

 

 

3.82%

2026

 

 

5,728

 

 

 

223,608

 

 

 

25,800

 

 

 

255,136

 

 

5.09%

 

 

82,563

 

 

5.10%

2027

 

 

5,829

 

 

 

32,800

 

 

 

-

 

 

 

38,629

 

 

2.60%

 

 

13,231

 

 

2.41%

2028

 

 

3,935

 

 

 

213,674

 

 

 

-

 

 

 

217,609

 

 

4.86%

 

 

79,489

 

 

4.98%

2029

 

 

2,724

 

 

 

60,000

 

 

 

-

 

 

 

62,724

 

 

4.34%

 

 

12,959

 

 

4.34%

2030

 

 

1,860

 

 

 

179,317

 

 

 

-

 

 

 

181,177

 

 

2.86%

 

 

70,399

 

 

2.88%

2031

 

 

370

 

 

 

352,240

 

 

 

-

 

 

 

352,610

 

 

3.14%

 

 

137,070

 

 

3.13%

2032

 

 

388

 

 

 

129,000

 

 

 

-

 

 

 

129,388

 

 

2.97%

 

 

51,678

 

 

2.97%

>10 Years

 

 

617

 

 

 

5,497

 

 

 

-

 

 

 

6,114

 

 

4.72%

 

 

1,223

 

 

4.72%

Unamortized debt premium / (discount) and issuance costs (2)

 

 

-

 

 

 

(11,485

)

 

 

-

 

 

 

(11,485

)

 

 

 

 

(4,094

)

 

 

 

$

29,199

 

 

 

1,361,977

 

 

 

25,800

 

 

 

1,416,976

 

 

3.82%

 

 

505,470

 

 

3.79%

 

Percentage of Total Debt:

 

6/30/2023

 

12/31/2022

Fixed

 

97.1%

 

97.9%

Variable

 

2.9%

 

2.1%

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(1)

 

 

 

 

Fixed

 

3.7%

 

3.7%

Variable

 

7.0%

 

5.9%

Combined

 

3.8%

 

3.7%

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rates:(2)

 

 

 

 

Combined

 

4.0%

 

3.9%

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

Fixed

 

5.7

 

5.5

Variable

 

3.0

 

3.1
(1)
Interest rates are calculated as of the quarter end.
(2)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

 

Supplemental Information 14

 

Unconsolidated Investments

June 30, 2023

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency

 

Investment Partner and

 

Number of

 

 

Total

 

 

Total

 

 

Total

 

 

Ownership

 

Share

 

 

Investment

 

 

Equity

 

Portfolio Summary Abbreviation

 

Properties

 

 

GLA

 

 

Assets

 

 

Debt

 

 

Interest

 

of Debt

 

 

June 30, 2023

 

 

Pick-up

 

State of Oregon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-C, JV-C2)

 

 

20

 

 

 

2,274

 

 

$

541,476

 

 

$

269,864

 

 

20.00%

 

$

53,973

 

 

$

48,545

 

 

$

1,791

 

(JV-CCV)

 

 

1

 

 

 

559

 

 

 

96,139

 

 

 

74,787

 

 

30.00%

 

 

22,436

 

 

 

5,635

 

 

 

757

 

 

 

21

 

 

 

2,833

 

 

 

637,615

 

 

 

344,651

 

 

 

 

 

 

 

 

 

 

 

 

GRI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-GRI)

 

 

66

 

 

 

8,436

 

 

 

1,493,785

 

 

 

925,713

 

 

40.00%

 

 

370,285

 

 

 

148,545

 

 

 

18,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CalSTRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-RC)

 

 

1

 

 

 

108

 

 

 

23,619

 

 

 

-

 

 

25.00%

 

 

-

 

 

 

5,572

 

 

 

241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYSCRF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-NYC) (1)

 

 

0

 

 

 

0

 

 

 

553

 

 

 

-

 

 

30.00%

 

 

-

 

 

 

116

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Publix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-O)

 

 

2

 

 

 

215

 

 

 

26,055

 

 

 

-

 

 

50.00%

 

 

-

 

 

 

12,796

 

 

 

746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

 

2

 

 

 

249

 

 

 

125,133

 

 

 

-

 

 

49.90%

 

 

-

 

 

 

61,894

 

 

 

692

 

Bloom on Third (fka Town and Country Center)

 

 

1

 

 

 

73

 

 

 

214,466

 

 

 

96,870

 

 

35.00%

 

 

33,904

 

 

 

41,703

 

 

 

561

 

Others

 

 

3

 

 

 

402

 

 

 

84,482

 

 

 

49,742

 

 

50.00%

 

 

24,872

 

 

 

17,633

 

 

 

731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

12,316

 

 

$

2,605,708

 

 

$

1,416,976

 

 

 

 

$

505,470

 

 

$

342,439

 

 

$

23,785

 
(1)
The NYC partnership has no remaining properties since selling the final two in May 2022.

 

Supplemental Information 15

 

Property Transactions

June 30, 2023

(in thousands)

 

Acquisitions:

 

Date

Property Name

Co-investment Partner (REG %)

Market

Total
GLA

Regency's
Share of
Purchase Price

Weighted Average
Cap Rate

Anchor(s)

None

 

 

 

 

 

 

Property Total

 

-

-

 

 

 

Dispositions:

 

Date

Property Name

Co-investment Partner (REG %)

Market

Total
GLA

Regency's
Share of
Sales Price

 

Weighted Average
Cap Rate

Anchor(s)

None

 

 

 

 

 

 

 

Property/Outparcel(s) Total

 

-

-

 

 

 

 

 

 

 

 

 

 

 

Non-Income Producing Land Total

 

 

$

1,920

 

 

 

 

Supplemental Information 16

 

Summary of In-Process Developments and Redevelopments

June 30, 2023

(in thousands)

 

In-Process Developments and Redevelopments (1)

Shopping Centers

 

Market

 

Grocer/Anchor Tenant

 

Center GLA(a)

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement(b)

 

Est Stabilization
Year(c)

 

Net Project
Costs(d)

 

% of Costs
Incurred

 

Stabilized
Yield(e)

Ground-up Developments

 

 

 

 

 

707

 

 

71%

 

 

 

 

 

 

 

$152M

 

40%

 

7% +/-

Glenwood Green (2)(3)

 

Metro NYC

 

ShopRite / Target

 

 

353

 

 

91%

 

Q1-2022

 

1H-2024

 

2025

 

$46M

 

59%

 

7% +/-

Baybrook East - Phase 1B (2)(3)

 

Houston, TX

 

H-E-B

 

 

156

 

 

94%

 

Q2-2022

 

2H-2023

 

2025

 

$10M

 

59%

 

8% +/-

Sienna - Phase 1 (2)(3)

 

Houston, TX

 

Retail

 

 

30

 

 

19%

 

Q2-2023

 

2H-2024

 

2027

 

$9M

 

25%

 

8% +/-

SunVet (2)

 

Long Island, NY

 

Whole Foods

 

 

168

 

 

26%

 

Q2-2023

 

2H-2025

 

2027

 

$87M

 

29%

 

7% +/-

Redevelopments

 

 

 

 

 

 

3,638

 

 

85%

 

 

 

 

 

 

 

$258M

 

46%

 

9% +/-

The Abbot

 

Boston, MA

 

Retail / Office Users

 

 

64

 

 

77%

 

Q2-2019

 

2H-2022

 

2025

 

$59M

 

46%

 

9% +/-

Westbard Square Phase I (4)(5)

 

Bethesda, MD

 

Giant

 

 

123

 

 

68%

 

Q2-2021

 

2H-2023

 

2025

 

$37M

 

90%

 

6% +/-

Buckhead Landing

 

Atlanta, GA

 

Publix

 

 

152

 

 

73%

 

Q2-2022

 

2H-2024

 

2025

 

$28M

 

68%

 

6% +/-

Bloom on Third (fka Town & Country Center) (4)

 

Los Angeles, CA

 

Whole Foods

 

 

147

 

 

60%

 

Q4-2022

 

1H-2026

 

2027

 

$25M

 

19%

 

15% +/-

Mandarin Landing (4)

 

Jacksonville, FL

 

Whole Foods

 

 

136

 

 

88%

 

Q2-2023

 

1H-2024

 

2025

 

$15M

 

10%

 

8% +/-

Serramonte Center - Phase 3

 

San Francisco, CA

 

Jagalchi

 

 

1,072

 

 

97%

 

Q2-2023

 

1H-2025

 

2025

 

$37M

 

3%

 

11% +/-

Various Redevelopments (est costs < $10 million individually)

 

 

 

 

 

 

1,944

 

 

80%

 

 

 

 

 

 

 

$57M

 

33%

 

9% +/-

Total In-Process (In Construction)

 

 

4,345

 

 

83%

 

 

 

 

 

 

 

$410M

 

44%

 

8% +/-

 

In Process Development and Redevelopment Descriptions

Ground-up Developments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glenwood Green

 

Located in Old Bridge, NJ (Metro NYC) and situated on Route 9, Glenwood Green is a 353k SF ground-up development anchored by Target, ShopRite and a medical office building; and includes approximately 70k SF of in-line shop space and leased outparcels.

Baybrook East - Phase 1B

 

Phase 1B of ground-up development in Houston, TX. The scope for Phase 1B calls for in-line shop space & outparcels for ground lease, representing approximately 50K SF. Combined with the previously completed Phase 1A, which features the market's leading grocer, H.E.B., Baybrook East will be approximately 156K SF.

Sienna - Phase 1

 

Located approximately 20 miles southwest of Houston, TX, in a 10,500-acre master-planned development that is consistently among the top-selling communities in the United States, Phase 1 will feature approximately 30k SF of shop space and outparcels.

SunVet

 

Located in Long Island, NY, SunVet will include the development of a vacant enclosed mall into a 168k open-air shopping center, anchored by Whole Foods and other leading retailers in a mix of junior anchors, shop space, and outparcels.

Redevelopments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Abbot

 

Generational redevelopment and modernization of three historic buildings in the heart of Harvard Square into an unparalleled mixed-use project with flagship retail and Class A office space.

Westbard Square Phase I

 

Existing property includes a Giant-anchored retail center, a 3-level office building, two gas stations, and a vacant senior housing building. Phase I of the redevelopment will include construction of a 123k SF retail building anchored by a 70k SF Giant, and realignment of Westbard Avenue at the intersection with River Road. Regency will also participate in a joint venture whereby the partner will construct a ~100-unit senior living building.

Buckhead Landing

 

Buckhead Landing will be anchored by a 55k SF Publix with 38k SF of junior anchors and 57k SF of restaurant & retail space. This redevelopment will include the complete scrape and rebuild of the existing anchor box, in addition to delivering extensive site improvements and enhanced placemaking.

Bloom on Third (fka Town & Country Center)

 

Located in Los Angeles, CA, directly across from The Grove and The Original Farmers Market, this transformational redevelopment will include the demolition of a former Kmart building into new retail space and approximately 300 luxury mid-rise apartments. Regency has partnered with a leading multifamily developer, who will construct the apartments on a ground lease.

Mandarin Landing

 

The redevelopment will transform a Whole Foods-anchored site in Jacksonville, FL into a modern healthy-living center, featuring a 25k SF medical care facility to replace a vacant, former Office Depot space. The project also features a reconfiguration of adjacent shop space, an additional two-tenant pad building, and a full façade renovation.

Serramonte Center - Phase 3

 

Redevelopment of the northeastern portion of the site, including a backfill of the former J.C. Penney box with a world class Asian food market, as well as the development of two new small shop buildings adjacent to Macy’s.

Various Redevelopments (est costs < $10 million individually)

 

Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

See next page for footnotes

Supplemental Information 17

 

Development and Redevelopment Current Year Completions

June 30, 2023

(in thousands)

 

 

Current Year Development and Redevelopment Completions

Shopping Center Name

 

Market

 

Center GLA(a)

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement(b)

 

Est Stabilization
Year(c)

 

Net Project
Costs(d)

 

% of Costs
Incurred

 

Stabilized
Yield(e)

Ground-up Developments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redevelopments

 

 

 

 

1,602

 

 

98%

 

 

 

 

 

 

 

$70M

 

90%

 

8% +/-

The Crossing Clarendon (4)

 

Metro DC

 

 

129

 

 

100%

 

Q4-2018

 

1H-2022

 

2024

 

$56M

 

90%

 

8% +/-

Redevelopment Completion (est costs < $10 million individually)

 

 

 

 

1,473

 

 

98%

 

 

 

 

 

 

 

$14M

 

92%

 

8% +/-

Total Completions

 

 

1,602

 

 

98%

 

 

 

 

 

 

 

$70M

 

90%

 

8% +/-
(a)
Center GLA represents 100% of the owned GLA at the property, unless footnoted otherwise.
(b)
Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.
(c)
Estimated Stabilization Year represents the estimated year that the project will reach the stated stabilized yield on an annualized basis.
(d)
Represents Regency's pro-rata share of net project costs.
(e)
A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

 

(1)
Scope, economics and timing of development and redevelopment projects could change materially from estimates provided.
(2)
Ground-up development or redevelopment that is excluded from the Same Property NOI pool.
(3)
Estimated costs represent Regency's pro-rata share: Glenwood Green (70%); Baybrook East - Phase 1B (50%); Sienna Phase 1 (anticipated 75%)
(4)
GLA and % Leased represents: Westbard Square – Phase I only; Bloom on Third – fully redeveloped center (existing center is 73k SF and 100% leased); Mandarin Landing – fully redeveloped center (existing center is 129k SF and 93% leased); and The Crossing Clarendon – only includes the former office building now leased to Life Time Fitness and ground floor retail.
(5)
Estimated costs are net of expected land sale proceeds of $50m. Combined net project costs for phase I and future phases are expected to be $80m - $90m with an incremental yield of 6% - 7%. Future phase(s) will include ~200 units of apartments, 44k SF of additional retail, and ~100 for-sale townhomes.

 

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $528,600 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 39% for Ground-up Developments and Redevelopments In-Process.

Supplemental Information 18

 

Leasing Statistics

June 30, 2023

(Retail Operating Properties Only)

 

Leasing Statistics - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
& Landlord
Work/Sq. Ft.

 

2nd Quarter 2023

 

 

369

 

 

 

1,960

 

 

$

25.29

 

 

11.7%

 

20.0%

 

 

6.7

 

 

$

10.97

 

1st Quarter 2023

 

 

350

 

 

 

1,076

 

 

 

28.00

 

 

5.5%

 

14.1%

 

 

5.5

 

 

 

6.41

 

4th Quarter 2022

 

 

433

 

 

 

1,692

 

 

 

26.80

 

 

7.2%

 

15.1%

 

 

6.6

 

 

 

6.15

 

3rd Quarter 2022

 

 

459

 

 

 

2,191

 

 

 

23.08

 

 

7.3%

 

13.8%

 

 

5.8

 

 

 

4.46

 

Total - 12 months

 

 

1,611

 

 

 

6,920

 

 

$

25.39

 

 

8.1%

 

15.8%

 

 

6.2

 

 

$

6.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
& Landlord
Work/Sq. Ft.

 

2nd Quarter 2023

 

 

106

 

 

 

497

 

 

$

28.83

 

 

29.3%

 

44.0%

 

 

11.3

 

 

$

43.02

 

1st Quarter 2023

 

 

89

 

 

 

192

 

 

 

34.77

 

 

4.8%

 

16.1%

 

 

8.4

 

 

 

33.77

 

4th Quarter 2022

 

 

102

 

 

 

279

 

 

 

32.01

 

 

5.9%

 

16.7%

 

 

8.8

 

 

 

32.20

 

3rd Quarter 2022

 

 

105

 

 

 

270

 

 

 

34.64

 

 

14.1%

 

26.3%

 

 

8.7

 

 

 

32.96

 

Total - 12 months

 

 

402

 

 

 

1,238

 

 

$

31.77

 

 

15.2%

 

27.7%

 

 

9.7

 

 

$

36.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
& Landlord
Work/Sq. Ft.

 

2nd Quarter 2023

 

 

263

 

 

 

1,463

 

 

$

24.14

 

 

6.1%

 

12.2%

 

 

5.2

 

 

$

0.56

 

1st Quarter 2023

 

 

261

 

 

 

884

 

 

 

26.55

 

 

5.7%

 

13.5%

 

 

4.9

 

 

 

0.55

 

4th Quarter 2022

 

 

331

 

 

 

1,413

 

 

 

25.90

 

 

7.5%

 

14.7%

 

 

6.2

 

 

 

1.63

 

3rd Quarter 2022

 

 

354

 

 

 

1,921

 

 

 

21.55

 

 

5.9%

 

11.3%

 

 

5.4

 

 

 

0.71

 

Total - 12 months

 

 

1,209

 

 

 

5,681

 

 

$

24.09

 

 

6.3%

 

12.8%

 

 

5.5

 

 

$

0.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasing Statistics - Comparable and Non-comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

 

 

 

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
& Landlord
Work/Sq. Ft.

 

2nd Quarter 2023

 

 

425

 

 

 

2,184

 

 

$

26.52

 

 

 

 

 

 

 

6.6

 

 

$

14.40

 

1st Quarter 2023

 

 

404

 

 

 

1,326

 

 

 

27.03

 

 

 

 

 

 

 

5.7

 

 

 

9.26

 

4th Quarter 2022

 

 

498

 

 

 

2,020

 

 

 

25.67

 

 

 

 

 

 

 

6.4

 

 

 

9.91

 

3rd Quarter 2022

 

 

528

 

 

 

2,497

 

 

 

23.37

 

 

 

 

 

 

 

5.5

 

 

 

6.01

 

Total - 12 months

 

 

1,855

 

 

 

8,027

 

 

$

25.39

 

 

 

 

 

 

 

6.1

 

 

$

9.76

 

 

Notes:

•
Represents Regency's wholly owned and pro-rata share of co-investment partnerships.
•
All amounts reported at execution.
•
Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
•
Rent Spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months.
•
Rent Spreads % (Cash) represent the percentage change between the initial 12 months of rent of the executed lease and the rent over the last 12 months of the prior lease.
•
Rent Spreads % (Straight-lined) represent the percentage change between the average rent over the duration of the executed lease and the average rent over the duration of the prior lease.
•
Tenant Allowance & Landlord Work includes costs for landlord work required to return space to a baseline condition, as well as tenant allowances and improvements as it relates to a specific lease.

Supplemental Information 19

 

New Lease Net Effective Rent and Leases Signed Not Yet Commenced

June 30, 2023

(Retail Operating Properties Only)

 

New Lease Net Effective Rent (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trailing Twelve Months

 

 

Three Months Ended

 

 

 

6/30/2023

 

 

6/30/2023

 

 

3/31/2023

 

 

12/31/2022

 

 

9/30/2022

 

 

6/30/2022

 

New Leases weighted avg. over lease term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

$

34.97

 

 

$

35.73

 

 

$

34.06

 

 

$

31.64

 

 

$

38.36

 

 

$

37.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant allowance and landlord work (2)

 

 

(4.70

)

 

 

(5.03

)

 

 

(4.10

)

 

 

(4.57

)

 

 

(4.86

)

 

 

(3.76

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third party leasing commissions

 

 

(0.89

)

 

 

(0.90

)

 

 

(1.05

)

 

 

(0.81

)

 

 

(0.82

)

 

 

(0.70

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Effective Rent

 

$

29.39

 

 

$

29.80

 

 

$

28.92

 

 

$

26.27

 

 

$

32.68

 

 

$

32.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net effective rent / base rent

 

 

84

%

 

 

83

%

 

 

85

%

 

 

83

%

 

 

85

%

 

 

88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted avg. lease term (years)

 

 

9.4

 

 

 

10.6

 

 

 

8.8

 

 

 

9.0

 

 

 

8.6

 

 

 

10.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent of New Leases by Anchor & Shop

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

≥ 10,000 SF

 

 

34

%

 

 

41

%

 

 

32

%

 

 

36

%

 

 

20

%

 

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

< 10,000 SF

 

 

66

%

 

 

59

%

 

 

68

%

 

 

64

%

 

 

80

%

 

 

77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases Signed Not Yet Commenced (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of 6/30/2023:

 

Leases

 

 

GLA
(in 000s)

 

 

Annual ABR
($ in 000s)

 

 

Annual ABR
($ PSF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

≥ 10,000 SF

 

 

20

 

 

 

528

 

 

$

7,505

 

 

$

17.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

< 10,000 SF

 

 

280

 

 

 

717

 

 

 

23,878

 

 

 

38.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

300

 

 

 

1,246

 

 

$

31,384

 

 

$

30.38

 

 

 

 

 

 

 
(1)
Includes comparable and non-comparable leasing transactions.
(2)
Tenant Allowance & Landlord Work includes costs for landlord work required to return space to a baseline condition, as well as tenant allowances and improvements as it relates to a specific lease.
(3)
Only represents leases on spaces that are currently vacant.

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships, except GLA which is shown at 100%.

Supplemental Information 20

 

Annual Base Rent by State

June 30, 2023

(in thousands)

 

State

 

Number of
Properties

 

 

GLA

 

 

% Leased (1)

 

 

ABR

 

 

ABR/Sq. Ft.

 

 

% of Number
of Properties

 

 

% of GLA

 

 

% of ABR

 

California

 

 

69

 

 

 

9,052

 

 

 

95.3

%

 

$

260,472

 

 

$

29.97

 

 

 

17.0

%

 

 

20.8

%

 

 

26.1

%

Florida

 

 

94

 

 

 

10,992

 

 

 

95.2

%

 

 

212,255

 

 

 

20.26

 

 

 

23.2

%

 

 

25.3

%

 

 

21.3

%

Texas

 

 

32

 

 

 

3,610

 

 

 

97.3

%

 

 

73,788

 

 

 

21.21

 

 

 

7.9

%

 

 

8.3

%

 

 

7.4

%

New York

 

 

18

 

 

 

2,168

 

 

 

81.6

%

 

 

62,577

 

 

 

35.38

 

 

 

4.4

%

 

 

5.0

%

 

 

6.3

%

Georgia

 

 

22

 

 

 

2,115

 

 

 

94.0

%

 

 

46,865

 

 

 

23.85

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

Virginia

 

 

21

 

 

 

1,670

 

 

 

92.1

%

 

 

46,158

 

 

 

29.31

 

 

 

5.2

%

 

 

3.8

%

 

 

4.6

%

Connecticut

 

 

15

 

 

 

1,529

 

 

 

90.4

%

 

 

36,690

 

 

 

26.41

 

 

 

3.7

%

 

 

3.5

%

 

 

3.7

%

North Carolina

 

 

17

 

 

 

1,593

 

 

 

97.9

%

 

 

34,954

 

 

 

22.48

 

 

 

4.2

%

 

 

3.7

%

 

 

3.5

%

Washington

 

 

17

 

 

 

1,267

 

 

 

97.4

%

 

 

34,463

 

 

 

27.92

 

 

 

4.2

%

 

 

2.9

%

 

 

3.5

%

Illinois

 

 

10

 

 

 

1,338

 

 

 

98.4

%

 

 

26,859

 

 

 

21.35

 

 

 

2.5

%

 

 

3.1

%

 

 

2.7

%

Massachusetts

 

 

8

 

 

 

897

 

 

 

93.7

%

 

 

26,265

 

 

 

29.66

 

 

 

2.0

%

 

 

2.1

%

 

 

2.6

%

Colorado

 

 

19

 

 

 

1,408

 

 

 

96.7

%

 

 

22,957

 

 

 

16.76

 

 

 

4.7

%

 

 

3.2

%

 

 

2.3

%

Pennsylvania

 

 

10

 

 

 

711

 

 

 

96.4

%

 

 

18,773

 

 

 

26.97

 

 

 

2.5

%

 

 

1.6

%

 

 

1.9

%

Maryland

 

 

11

 

 

 

583

 

 

 

98.4

%

 

 

16,263

 

 

 

29.50

 

 

 

2.7

%

 

 

1.3

%

 

 

1.6

%

Ohio

 

 

8

 

 

 

1,221

 

 

 

95.3

%

 

 

16,225

 

 

 

13.47

 

 

 

2.0

%

 

 

2.8

%

 

 

1.6

%

Oregon

 

 

8

 

 

 

779

 

 

 

89.7

%

 

 

15,158

 

 

 

21.54

 

 

 

2.0

%

 

 

1.8

%

 

 

1.5

%

New Jersey

 

 

5

 

 

 

648

 

 

 

90.0

%

 

 

13,816

 

 

 

23.70

 

 

 

1.2

%

 

 

1.5

%

 

 

1.4

%

Minnesota

 

 

5

 

 

 

390

 

 

 

99.3

%

 

 

7,366

 

 

 

19.05

 

 

 

1.2

%

 

 

0.9

%

 

 

0.7

%

Indiana

 

 

3

 

 

 

335

 

 

 

96.8

%

 

 

5,600

 

 

 

17.30

 

 

 

0.7

%

 

 

0.8

%

 

 

0.6

%

Tennessee

 

 

3

 

 

 

314

 

 

 

99.1

%

 

 

5,506

 

 

 

17.49

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

Missouri

 

 

4

 

 

 

408

 

 

 

99.5

%

 

 

4,526

 

 

 

11.14

 

 

 

1.0

%

 

 

0.9

%

 

 

0.5

%

Delaware

 

 

2

 

 

 

255

 

 

 

96.0

%

 

 

4,401

 

 

 

17.98

 

 

 

0.5

%

 

 

0.6

%

 

 

0.4

%

South Carolina

 

 

2

 

 

 

83

 

 

 

100.0

%

 

 

2,140

 

 

 

25.81

 

 

 

0.5

%

 

 

0.2

%

 

 

0.2

%

Washington, D.C.

 

 

2

 

 

 

30

 

 

 

89.0

%

 

 

1,517

 

 

 

57.62

 

 

 

0.5

%

 

 

0.1

%

 

 

0.2

%

Michigan

 

 

1

 

 

 

97

 

 

 

74.0

%

 

 

630

 

 

 

8.76

 

 

 

0.2

%

 

 

0.2

%

 

 

0.1

%

Total All Properties

 

 

406

 

 

 

43,491

 

 

 

94.6

%

 

$

996,225

 

 

$

24.16

 

 

 

100

%

 

 

100

%

 

 

100

%

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships.

(1)
Includes Properties in Development and leases that are executed but have not commenced.

 

Supplemental Information 21

 

Annual Base Rent by CBSA

June 30, 2023

(in thousands)

Largest CBSAs by Population (1)

 

Number of
Properties

 

 

GLA

 

 

% Leased (2)

 

 

ABR

 

 

ABR/Sq. Ft.

 

 

% of Number
of Properties

 

 

% of GLA

 

 

% of ABR

 

1) New York-Newark-Jersey City

 

21

 

 

 

2,442

 

 

 

82.3

%

 

$

71,390

 

 

$

35.51

 

 

 

5.2

%

 

 

5.6

%

 

 

7.2

%

2) Los Angeles-Long Beach-Anaheim

 

24

 

 

 

2,443

 

 

 

97.5

%

 

$

73,299

 

 

$

30.79

 

 

 

5.9

%

 

 

5.6

%

 

 

7.4

%

3) Chicago-Naperville-Elgin

 

11

 

 

 

1,617

 

 

 

94.8

%

 

$

31,467

 

 

$

20.53

 

 

 

2.7

%

 

 

3.7

%

 

 

3.2

%

4) Dallas-Fort Worth-Arlington

 

11

 

 

 

913

 

 

 

97.5

%

 

$

20,181

 

 

$

22.67

 

 

 

2.7

%

 

 

2.1

%

 

 

2.0

%

5) Houston-Woodlands-Sugar Land

 

15

 

 

 

1,827

 

 

 

96.7

%

 

$

35,769

 

 

$

20.26

 

 

 

3.7

%

 

 

4.2

%

 

 

3.6

%

6) Washington-Arlington-Alexandri

 

27

 

 

 

1,817

 

 

 

94.8

%

 

$

52,832

 

 

$

30.68

 

 

 

6.7

%

 

 

4.2

%

 

 

5.3

%

7) Philadelphia-Camden-Wilmington

 

10

 

 

 

1,165

 

 

 

94.7

%

 

$

24,128

 

 

$

21.86

 

 

 

2.5

%

 

 

2.7

%

 

 

2.4

%

8) Atlanta-SandySprings-Alpharett

 

22

 

 

 

2,115

 

 

 

92.1

%

 

$

46,865

 

 

$

24.06

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

9) Miami-Ft Lauderdale-PompanoBch

 

41

 

 

 

5,308

 

 

 

93.0

%

 

$

110,845

 

 

$

22.44

 

 

 

10.1

%

 

 

12.2

%

 

 

11.1

%

10) Phoenix-Mesa-Chandler

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

11) Boston-Cambridge-Newton

 

8

 

 

 

897

 

 

 

98.4

%

 

$

26,265

 

 

$

29.77

 

 

 

2.0

%

 

 

2.1

%

 

 

2.6

%

12) Rvrside-San Bernardino-Ontario

 

1

 

 

 

99

 

 

 

97.0

%

 

$

3,069

 

 

$

32.04

 

 

 

0.2

%

 

 

0.2

%

 

 

0.3

%

13) San Francisco-Oakland-Berkeley

 

18

 

 

 

3,343

 

 

 

93.9

%

 

$

96,096

 

 

$

30.61

 

 

 

4.4

%

 

 

7.7

%

 

 

9.6

%

14) Detroit-Warren-Dearborn

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

15) Seattle-Tacoma-Bellevue

 

17

 

 

 

1,267

 

 

 

97.4

%

 

$

34,463

 

 

$

27.93

 

 

 

4.2

%

 

 

2.9

%

 

 

3.5

%

16) Minneapol-St. Paul-Bloomington

 

5

 

 

 

390

 

 

 

99.3

%

 

$

7,366

 

 

$

19.04

 

 

 

1.2

%

 

 

0.9

%

 

 

0.7

%

17) San Diego-Chula Vista-Carlsbad

 

10

 

 

 

1,370

 

 

 

96.8

%

 

$

41,569

 

 

$

31.37

 

 

 

2.5

%

 

 

3.1

%

 

 

4.2

%

18) Tampa-St Petersburg-Clearwater

 

9

 

 

 

1,296

 

 

 

98.5

%

 

$

26,170

 

 

$

20.50

 

 

 

2.2

%

 

 

3.0

%

 

 

2.6

%

19) Denver-Aurora-Lakewood

 

11

 

 

 

940

 

 

 

96.4

%

 

$

15,120

 

 

$

16.69

 

 

 

2.7

%

 

 

2.2

%

 

 

1.5

%

20) Baltimore-Columbia-Towson

 

4

 

 

 

267

 

 

 

93.3

%

 

$

6,840

 

 

$

27.49

 

 

 

1.0

%

 

 

0.6

%

 

 

0.7

%

21) St. Louis

 

4

 

 

 

408

 

 

 

99.5

%

 

$

4,526

 

 

$

11.14

 

 

 

1.0

%

 

 

0.9

%

 

 

0.5

%

22) Charlotte-Concord-Gastonia

 

4

 

 

 

604

 

 

 

97.4

%

 

$

14,808

 

 

$

25.18

 

 

 

1.0

%

 

 

1.4

%

 

 

1.5

%

23) Orlando-Kissimmee-Sanford

 

7

 

 

 

833

 

 

 

96.0

%

 

$

15,848

 

 

$

19.81

 

 

 

1.7

%

 

 

1.9

%

 

 

1.6

%

24) San Antonio-New Braunfels

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

25) Portland-Vancouver-Hillsboro

 

5

 

 

 

436

 

 

 

84.4

%

 

$

8,331

 

 

$

22.62

 

 

 

1.2

%

 

 

1.0

%

 

 

0.8

%

26) Austin-Round Rock-Georgetown

 

5

 

 

 

834

 

 

 

98.5

%

 

$

17,839

 

 

$

21.74

 

 

 

1.2

%

 

 

1.9

%

 

 

1.8

%

27) Sacramento-Roseville-Folsom

 

4

 

 

 

318

 

 

 

99.8

%

 

$

7,670

 

 

$

24.20

 

 

 

1.0

%

 

 

0.7

%

 

 

0.8

%

28) Pittsburgh

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

29) Las Vegas-Henderson-Paradise

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

30) Cincinnati

 

5

 

 

 

899

 

 

 

97.8

%

 

$

12,263

 

 

$

13.95

 

 

 

1.2

%

 

 

2.1

%

 

 

1.2

%

31) Kansas City

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

32) Columbus

 

3

 

 

 

322

 

 

 

100.0

%

 

$

3,963

 

 

$

12.30

 

 

 

0.7

%

 

 

0.7

%

 

 

0.4

%

33) Indianapolis-Carmel-Anderson

 

2

 

 

 

56

 

 

 

80.8

%

 

$

993

 

 

$

22.13

 

 

 

0.5

%

 

 

0.1

%

 

 

0.1

%

34) Cleveland-Elyria

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

35) Nashvil-Davdsn-Murfree-Frankln

 

3

 

 

 

314

 

 

 

99.1

%

 

$

5,506

 

 

$

17.68

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

36) San Jose-Sunnyvale-Santa Clara

 

6

 

 

 

645

 

 

 

97.0

%

 

$

19,658

 

 

$

31.40

 

 

 

1.5

%

 

 

1.5

%

 

 

2.0

%

37) Virginia Beach-Norfolk-Newport News

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

38) Providence-Warwick

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

39) Jacksonville

 

20

 

 

 

1,913

 

 

 

97.4

%

 

$

32,056

 

 

$

17.20

 

 

 

4.9

%

 

 

4.4

%

 

 

3.2

%

40) Milwaukee-Waukesha

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

41) Raleigh-Cary

 

9

 

 

 

691

 

 

 

97.8

%

 

$

14,951

 

 

$

22.14

 

 

 

2.2

%

 

 

1.6

%

 

 

1.5

%

42) Oklahoma City

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

43) Memphis

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

44) Richmond

 

3

 

 

 

199

 

 

 

90.6

%

 

$

4,266

 

 

$

23.70

 

 

 

0.7

%

 

 

0.5

%

 

 

0.4

%

45) Louisville/Jefferson County

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

46) Salt Lake City

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

47) New Orleans-Metairie

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

48) Hartford-E Hartford-Middletown

 

2

 

 

 

302

 

 

 

88.1

%

 

$

5,579

 

 

$

20.95

 

 

 

0.5

%

 

 

0.7

%

 

 

0.6

%

49) Buffalo-Cheektowaga

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

50) Birmingham-Hoover

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Top 50 CBSAs by Population

 

 

347

 

 

 

38,287

 

 

 

94.7

%

 

$

891,989

 

 

$

24.55

 

 

 

85.5

%

 

 

88.0

%

 

 

89.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 51 - 75 by Population

 

22

 

 

 

1,941

 

 

 

93.3

%

 

 

51,750

 

 

 

28.27

 

 

 

5.4

%

 

 

4.5

%

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 76 - 100 by Population

 

14

 

 

 

885

 

 

 

93.5

%

 

 

14,711

 

 

 

17.77

 

 

 

3.4

%

 

 

2.0

%

 

 

1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other CBSAs

 

23

 

 

 

2,377

 

 

 

94.4

%

 

 

37,775

 

 

 

16.80

 

 

 

5.7

%

 

 

5.5

%

 

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Properties

 

 

406

 

 

 

43,491

 

 

 

94.6

%

 

$

996,225

 

 

$

24.16

 

 

 

100

%

 

 

100

%

 

 

100

%

Note: Represents Regency's wholly owned and pro-rata share of co-investments partnerships.

(1)
Population Data Source: Synergos Technologies, Inc.
(2)
Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 22

 

Annual Base Rent By Tenant Category

June 30, 2023

 

Tenant Category Exposure

 

% of ABR(1)

Grocery

 

19%

Restaurant - Quick Service/Fast Casual

 

13%

Personal Services

 

7%

Medical

 

6%

Restaurant - Full Service

 

6%

Off-Price

 

5%

Apparel/Accessories

 

5%

Fitness

 

5%

Banks

 

5%

Business Services

 

5%

Hobby/Sports

 

4%

Home

 

3%

Pet

 

3%

Office/Communications

 

3%

Pharmacy

 

3%

Other

 

2%

Beauty/Cosmetics

 

2%

Home Improvement/Auto

 

2%

Liquor/Wine/Beer

 

1%

Entertainment

 

1%

 

 

 

Anchor/Shop Exposure(2)

 

% of ABR

Shop

 

57%

Anchor

 

43%
(1)
Represents Regency's wholly owned and pro-rata share of co-investment partnerships; includes properties in development, includes leases that are executed but have not rent commenced.
(2)
Shop tenants defined as <10K SF, Anchor tenants defined as >10K SF.

Supplemental Information 23

 

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

June 30, 2023

(in thousands)

 

#

 

Tenant

 

Tenant
GLA

 

% of Company-
Owned GLA

 

Total
Annualized
Base Rent

 

% of Total
Annualized
Base Rent

 

Total # of
Leased
Stores

1

 

Publix

 

2,910

 

7.1%

 

$32,857

 

3.3%

 

67

2

 

Kroger Co.(1)

 

2,933

 

7.1%

 

30,150

 

3.0%

 

52

3

 

Albertsons Companies, Inc.(2)

 

1,921

 

4.7%

 

29,366

 

2.9%

 

46

4

 

Amazon/Whole Foods

 

1,194

 

2.9%

 

28,124

 

2.8%

 

37

5

 

TJX Companies, Inc.(3)

 

1,487

 

3.6%

 

26,074

 

2.6%

 

64

6

 

CVS

 

658

 

1.6%

 

15,508

 

1.6%

 

55

7

 

Ahold/Delhaize(4)

 

473

 

1.2%

 

12,003

 

1.2%

 

13

8

 

L.A. Fitness Sports Club

 

474

 

1.2%

 

10,130

 

1.0%

 

13

9

 

Trader Joe's

 

283

 

0.7%

 

9,801

 

1.0%

 

28

10

 

JPMorgan Chase Bank

 

142

 

0.3%

 

9,222

 

0.9%

 

46

11

 

Ross Dress For Less

 

534

 

1.3%

 

8,853

 

0.9%

 

24

12

 

Nordstrom(5)

 

308

 

0.7%

 

8,511

 

0.9%

 

9

13

 

Starbucks

 

137

 

0.3%

 

8,033

 

0.8%

 

88

14

 

Gap, Inc.(6)

 

250

 

0.6%

 

7,852

 

0.8%

 

21

15

 

H.E. Butt Grocery Company(7)

 

482

 

1.2%

 

7,376

 

0.7%

 

6

16

 

Petco Health & Wellness Company, Inc.(8)

 

286

 

0.7%

 

6,934

 

0.7%

 

30

17

 

JAB Holding Company(9)

 

166

 

0.4%

 

6,859

 

0.7%

 

59

18

 

Bank of America

 

119

 

0.3%

 

6,855

 

0.7%

 

40

19

 

Target

 

654

 

1.6%

 

6,790

 

0.7%

 

6

20

 

Wells Fargo Bank

 

122

 

0.3%

 

6,741

 

0.7%

 

43

21

 

Kohl's

 

526

 

1.3%

 

6,247

 

0.6%

 

7

22

 

Walgreens Boots Alliance(10)

 

230

 

0.6%

 

5,919

 

0.6%

 

21

23

 

Best Buy

 

229

 

0.6%

 

5,277

 

0.5%

 

7

24

 

Ulta

 

172

 

0.4%

 

4,980

 

0.5%

 

19

25

 

Xponential Fitness(11)

 

123

 

0.3%

 

4,849

 

0.5%

 

74

26

 

Dick's Sporting Goods, Inc.

 

274

 

0.7%

 

4,832

 

0.5%

 

4

27

 

Life Time

 

111

 

0.3%

 

4,700

 

0.5%

 

1

28

 

AT&T, Inc.(12)

 

100

 

0.2%

 

4,630

 

0.5%

 

55

29

 

Barnes & Noble

 

197

 

0.5%

 

4,540

 

0.5%

 

14

 

 

Top Tenants

 

17,495

 

42.7%

 

$324,013

 

32.5%

 

949

 

(1)
Kroger 19 / King Soopers 11 / Ralphs 9 / Harris Teeter 8 / Mariano's Fresh Market 3 / Quality Food Centers 2
(2)
Safeway 20 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Dominick's 1 / Pavilions 1
(3)
TJ Maxx 24 / Marshalls 20 / Homegoods 18 / Homesense 1 / Sierra Trading Post 1
(4)
Giant 9 / Stop & Shop 3 / Food Lion 1
(5)
Nordstrom Rack 9
(6)
Old Navy 12 / Athleta 4 / The Gap 3 / Banana Republic 2
(7)
H.E.B. 5 / Central Market 1
(8)
Petco 25 / Unleashed by Petco 5
(9)
Panera 28 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger's Bagel 4 / Krispy Kreme 3 / Noah's NY Bagels 3
(10)
Walgreens 20 / Duane Reade 1
(11)
Club Pilates 31 / Pure Barre 14 / Row House 8 / Cyclebar 7 / Stretchlab 7 / Yoga Six 6 / AKT 1
(12)
AT&T 48 / Cricket 7

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships, includes properties in development and leases that are executed but have not rent commenced. Amounts may not foot due to rounding.

Supplemental Information 24

 

Tenant Lease Expirations

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

Anchor Tenants (1)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

18

 

 

0.0%

 

0.0%

 

$

6.72

 

2023

 

 

280

 

 

0.7%

 

0.2%

 

 

7.83

 

2024

 

 

3,093

 

 

7.7%

 

5.0%

 

 

15.73

 

2025

 

 

3,002

 

 

7.4%

 

4.8%

 

 

15.58

 

2026

 

 

3,057

 

 

7.6%

 

5.0%

 

 

15.99

 

2027

 

 

3,567

 

 

8.8%

 

6.0%

 

 

16.31

 

2028

 

 

3,223

 

 

8.0%

 

5.9%

 

 

17.84

 

2029

 

 

1,743

 

 

4.3%

 

2.5%

 

 

13.71

 

2030

 

 

1,304

 

 

3.2%

 

2.4%

 

 

17.60

 

2031

 

 

839

 

 

2.1%

 

1.7%

 

 

19.10

 

2032

 

 

913

 

 

2.3%

 

1.7%

 

 

17.58

 

10 Year Total

 

 

21,039

 

 

52.1%

 

35.2%

 

$

16.22

 

Thereafter

 

 

4,484

 

 

11.1%

 

7.9%

 

 

17.15

 

 

 

25,523

 

 

63.3%

 

43.1%

 

$

16.38

 

 

 

 

 

 

Shop Tenants (2)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

211

 

 

0.5%

 

0.6%

 

$

28.37

 

2023

 

 

683

 

 

1.7%

 

2.4%

 

 

34.64

 

2024

 

 

1,997

 

 

5.0%

 

7.3%

 

 

35.28

 

2025

 

 

2,171

 

 

5.4%

 

8.1%

 

 

36.20

 

2026

 

 

2,009

 

 

5.0%

 

7.6%

 

 

36.58

 

2027

 

 

2,205

 

 

5.5%

 

8.4%

 

 

37.06

 

2028

 

 

1,790

 

 

4.4%

 

7.1%

 

 

38.57

 

2029

 

 

784

 

 

1.9%

 

3.1%

 

 

38.60

 

2030

 

 

633

 

 

1.6%

 

2.6%

 

 

39.95

 

2031

 

 

687

 

 

1.7%

 

2.8%

 

 

39.01

 

2032

 

 

773

 

 

1.9%

 

3.2%

 

 

40.14

 

10 Year Total

 

 

13,944

 

 

34.6%

 

53.2%

 

$

37.03

 

Thereafter

 

 

880

 

 

2.2%

 

3.7%

 

 

40.28

 

 

 

14,824

 

 

36.7%

 

56.9%

 

$

37.22

 

 

 

 

 

 

All Tenants

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

229

 

 

0.6%

 

0.6%

 

$

26.66

 

2023

 

 

963

 

 

2.4%

 

2.7%

 

 

26.84

 

2024

 

 

5,090

 

 

12.6%

 

12.3%

 

 

23.40

 

2025

 

 

5,172

 

 

12.8%

 

12.9%

 

 

24.23

 

2026

 

 

5,065

 

 

12.6%

 

12.6%

 

 

24.15

 

2027

 

 

5,772

 

 

14.3%

 

14.4%

 

 

24.24

 

2028

 

 

5,014

 

 

12.4%

 

13.0%

 

 

25.24

 

2029

 

 

2,528

 

 

6.3%

 

5.6%

 

 

21.43

 

2030

 

 

1,937

 

 

4.8%

 

5.0%

 

 

24.90

 

2031

 

 

1,526

 

 

3.8%

 

4.4%

 

 

28.07

 

2032

 

 

1,687

 

 

4.2%

 

4.9%

 

 

27.92

 

10 Year Total

 

 

34,983

 

 

86.7%

 

88.4%

 

$

24.51

 

Thereafter

 

 

5,364

 

 

13.3%

 

11.6%

 

 

20.94

 

 

 

40,347

 

 

100%

 

100%

 

$

24.04

 

Notes: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. Amounts may not foot due to rounding.

(1)
Anchor tenants represent any tenant occupying at least 10,000 square feet.
(2)
Shop tenants represent any tenant occupying less than 10,000 square feet.
(3)
Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. Represents Regency's wholly owned and pro-rata share of co-investment partnerships.
(4)
Month to month lease or in process of renewal.

Supplemental Information 25

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

200 Potrero

 

CA

San Francisco-Oakland-Berkeley

31

31

100.0%

 

 

 

Gizmo Art Production, INC.

$11.57

 

4S Commons Town Center

M

85%

CA

San Diego-Chula Vista-Carlsbad

252

252

88.3%

 

 

68

Ace Hardware, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA

$35.83

 

Amerige Heights Town Center

 

CA

Los Angeles-Long Beach-Anaheim

97

97

100.0%

 

143

58

Albertsons, (Target)

$32.23

 

Balboa Mesa Shopping Center

 

CA

San Diego-Chula Vista-Carlsbad

207

207

100.0%

 

 

42

CVS, Kohl's, Von's

$29.20

 

Bayhill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

122

49

100.0%

 

 

32

CVS, Mollie Stone's Market

$28.19

 

Bloom on Third (fka Town and Country Center)

O

35%

CA

Los Angeles-Long Beach-Anaheim

73

26

100.0%

 

 

41

Whole Foods, CVS, Citibank

$57.60

 

Blossom Valley

 

CA

San Jose-Sunnyvale-Santa Clara

93

93

93.7%

 

 

34

Safeway

$27.58

 

Brea Marketplace

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

352

141

94.3%

 

 

25

24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target

$20.97

 

Circle Center West

 

CA

Los Angeles-Long Beach-Anaheim

63

63

100.0%

 

 

 

Marshalls

$38.94

 

Circle Marina Center

 

CA

Los Angeles-Long Beach-Anaheim

118

118

87.0%

 

 

 

Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies

$31.71

 

Clayton Valley Shopping Center

 

CA

San Francisco-Oakland-Berkeley

260

260

90.8%

 

 

14

Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less

$23.62

 

Corral Hollow

 

CA

Stockton

167

167

70.4%

 

 

66

Safeway, CVS

$20.74

 

Culver Center

 

CA

Los Angeles-Long Beach-Anaheim

217

217

92.4%

 

 

37

Ralphs, Best Buy, LA Fitness, Sit N' Sleep

$33.29

 

Diablo Plaza

 

CA

San Francisco-Oakland-Berkeley

63

63

100.0%

 

53

53

Bevmo!, (Safeway), (CVS)

$43.04

 

El Camino Shopping Center

 

CA

Los Angeles-Long Beach-Anaheim

136

136

100.0%

 

 

31

Bristol Farms, CVS

$42.66

 

El Cerrito Plaza

 

CA

San Francisco-Oakland-Berkeley

256

256

93.8%

 

 

78

Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS)

$29.27

 

El Norte Pkwy Plaza

 

CA

San Diego-Chula Vista-Carlsbad

91

91

99.0%

 

 

42

Von's, Children's Paradise, ACE Hardware

$20.32

 

Encina Grande

 

CA

San Francisco-Oakland-Berkeley

106

106

100.0%

 

 

38

Whole Foods, Walgreens

$35.93

 

Five Points Shopping Center

GRI

40%

CA

Santa Maria-Santa Barbara

145

58

97.6%

 

 

35

Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO

$30.90

 

French Valley Village Center

 

CA

Rvrside-San Bernardino-Ontario

99

99

97.0%

 

 

44

Stater Bros, CVS

$27.81

 

Friars Mission Center

 

CA

San Diego-Chula Vista-Carlsbad

147

147

100.0%

 

 

55

Ralphs, CVS

$39.69

 

Gelson's Westlake Market Plaza

 

CA

Oxnard-Thousand Oaks-Ventura

85

85

98.8%

 

 

40

Gelson's Markets, John of Italy Salon & Spa

$31.43

 

Golden Hills Plaza

 

CA

San Luis Obispo-Paso Robles

244

244

87.0%

 

 

 

Lowe's, TJ Maxx

$7.10

 

Granada Village

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

226

91

99.1%

 

 

24

Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx

$27.64

 

Hasley Canyon Village

 

CA

Los Angeles-Long Beach-Anaheim

66

66

100.0%

 

 

52

Ralphs

$27.07

 

Heritage Plaza

 

CA

Los Angeles-Long Beach-Anaheim

230

230

100.0%

 

 

44

Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods

$42.51

 

Laguna Niguel Plaza

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

42

17

95.8%

 

39

39

CVS,(Albertsons)

$31.64

 

Mariposa Shopping Center

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

127

51

94.0%

 

 

43

Safeway, CVS, Ross Dress for Less

$22.12

 

Morningside Plaza

 

CA

Los Angeles-Long Beach-Anaheim

91

91

100.0%

 

 

43

Stater Bros.

$25.36

 

Supplemental Information 26

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Navajo Shopping Center

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

102

41

98.7%

 

 

44

Albertsons, Rite Aid, O'Reilly Auto Parts

$15.42

 

Newland Center

 

CA

Los Angeles-Long Beach-Anaheim

152

152

95.6%

 

 

58

Albertsons

$28.69

 

Oakshade Town Center

 

CA

Sacramento-Roseville-Folsom

104

104

99.3%

 

 

40

Safeway, Office Max, Rite Aid

$23.38

 

Oakbrook Plaza

 

CA

Oxnard-Thousand Oaks-Ventura

83

83

96.3%

 

 

44

Gelson's Markets, (CVS), (Ace Hardware)

$22.48

 

Persimmon Place

 

CA

San Francisco-Oakland-Berkeley

153

153

100.0%

 

 

40

Whole Foods, Nordstrom Rack, Homegoods

$37.69

 

Plaza Escuela

 

CA

San Francisco-Oakland-Berkeley

154

154

93.5%

 

 

 

The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble

$43.81

 

Plaza Hermosa

 

CA

Los Angeles-Long Beach-Anaheim

95

95

97.4%

 

 

37

Von's, CVS

$27.89

 

Pleasant Hill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

227

91

98.3%

 

 

 

Target, Burlington, Ross Dress for Less, Homegoods

$24.34

 

Point Loma Plaza

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

205

82

99.4%

 

 

50

Von's, Jo-Ann Fabrics, Marshalls, UFC Gym

$24.02

 

Potrero Center

 

CA

San Francisco-Oakland-Berkeley

227

227

75.4%

 

 

60

Safeway, 24 Hour Fitness, Ross Dress for Less, Petco

$32.52

 

Powell Street Plaza

 

CA

San Francisco-Oakland-Berkeley

166

166

98.4%

 

 

10

Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy

$35.84

 

Prairie City Crossing

 

CA

Sacramento-Roseville-Folsom

90

90

100.0%

 

 

55

Safeway

$22.59

 

Raley's Supermarket

C

20%

CA

Sacramento-Roseville-Folsom

63

13

100.0%

 

 

63

Raley's

$14.00

 

Ralphs Circle Center

 

CA

Los Angeles-Long Beach-Anaheim

60

60

98.5%

 

 

35

Ralphs

$20.77

 

Rancho San Diego Village

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

153

61

97.2%

 

 

40

Smart & Final, 24 Hour Fitness, (Longs Drug)

$25.13

 

Rona Plaza

 

CA

Los Angeles-Long Beach-Anaheim

52

52

95.9%

 

 

37

Superior Super Warehouse

$21.64

 

San Carlos Marketplace

 

CA

San Francisco-Oakland-Berkeley

154

154

89.9%

 

 

 

TJ Maxx, Best Buy, PetSmart, Bassett Furniture

$39.51

 

Scripps Ranch Marketplace

 

CA

San Diego-Chula Vista-Carlsbad

132

132

99.2%

 

 

57

Vons, CVS

$33.85

 

San Leandro Plaza

 

CA

San Francisco-Oakland-Berkeley

50

50

100.0%

 

38

38

(Safeway), (CVS)

$40.25

 

Seal Beach

C

20%

CA

Los Angeles-Long Beach-Anaheim

97

19

96.9%

 

 

48

Pavilions, CVS

$26.86

 

Serramonte Center

 

CA

San Francisco-Oakland-Berkeley

1072

1072

97.3%

 

 

 

Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy, Party City, Ross Dress for Less, Target, TJ Maxx, Uniqlo, Jagalchi

$27.31

 

Shoppes at Homestead

 

CA

San Jose-Sunnyvale-Santa Clara

116

116

97.8%

 

53

 

CVS, Crunch Fitness, (Orchard Supply Hardware)

$26.15

 

Silverado Plaza

GRI

40%

CA

Napa

85

34

95.7%

 

 

32

Nob Hill, CVS

$21.57

 

Snell & Branham Plaza

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

92

37

98.5%

 

 

53

Safeway

$21.62

 

Talega Village Center

 

CA

Los Angeles-Long Beach-Anaheim

102

102

92.9%

 

 

46

Ralphs

$21.79

 

Tassajara Crossing

 

CA

San Francisco-Oakland-Berkeley

146

146

98.2%

 

 

56

Safeway, CVS, Alamo Hardware

$26.26

 

The Hub Hillcrest Market

 

CA

San Diego-Chula Vista-Carlsbad

149

149

94.1%

 

 

52

Ralphs, Trader Joe's

$43.20

 

Supplemental Information 27

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

The Marketplace

 

CA

Sacramento-Roseville-Folsom

111

111

100.0%

 

 

35

Safeway, CVS, Petco

$27.46

 

The Pruneyard

 

CA

San Jose-Sunnyvale-Santa Clara

260

260

97.3%

 

 

13

Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls

$41.57

 

Tustin Legacy

 

CA

Los Angeles-Long Beach-Anaheim

112

112

100.0%

 

 

44

Stater Bros, CVS

$35.33

 

Twin Oaks Shopping Center

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

98

39

100.0%

 

 

41

Ralphs, Rite Aid

$22.52

 

Twin Peaks

 

CA

San Diego-Chula Vista-Carlsbad

208

208

99.4%

 

 

45

Target, Grocer

$24.05

 

Valencia Crossroads

 

CA

Los Angeles-Long Beach-Anaheim

173

173

100.0%

 

 

35

Whole Foods, Kohl's

$28.93

 

Village at La Floresta

 

CA

Los Angeles-Long Beach-Anaheim

87

87

100.0%

 

 

37

Whole Foods

$37.71

 

Von's Circle Center

 

CA

Los Angeles-Long Beach-Anaheim

151

151

100.0%

 

 

45

Von's, Ross Dress for Less, Planet Fitness

$27.73

 

West Park Plaza

 

CA

San Jose-Sunnyvale-Santa Clara

88

88

100.0%

 

 

25

Safeway, Rite Aid

$20.75

 

Westlake Village Plaza and Center

 

CA

Oxnard-Thousand Oaks-Ventura

201

201

97.1%

 

 

72

Von's, Sprouts, (CVS)

$42.39

 

Willows Shopping Center

 

CA

San Francisco-Oakland-Berkeley

241

241

82.7%

 

 

 

REI, UFC Gym, Old Navy, Ulta, Five Below

$30.48

 

Woodman Van Nuys

 

CA

Los Angeles-Long Beach-Anaheim

108

108

99.2%

 

 

78

El Super

$17.48

 

Woodside Central

 

CA

San Francisco-Oakland-Berkeley

81

81

93.6%

 

113

 

Chuck E. Cheese, Marshalls, (Target)

$26.16

 

Ygnacio Plaza

GRI

40%

CA

San Francisco-Oakland-Berkeley

110

44

99.1%

 

 

 

Sports Basement,TJ Maxx

$40.50

 

CA

10,517

9,089

95.3%

95.3%

439

2,542

$29.97

 

Applewood Shopping Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

360

144

93.4%

 

 

71

Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos

$16.36

 

Alcove On Arapahoe

GRI

40%

CO

Boulder

159

64

89.5%

 

 

44

PETCO, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon

$19.57

 

Belleview Square

 

CO

Denver-Aurora-Lakewood

117

117

100.0%

 

 

65

King Soopers

$21.66

 

Boulevard Center

 

CO

Denver-Aurora-Lakewood

77

77

90.6%

 

53

53

Eye Care Specialists, (Safeway)

$32.94

 

Buckley Square

 

CO

Denver-Aurora-Lakewood

116

116

93.7%

 

 

62

Ace Hardware, King Soopers

$11.99

 

Centerplace of Greeley III

 

CO

Greeley

119

119

100.0%

 

 

 

Hobby Lobby, Best Buy, TJ Maxx

$12.24

 

Cherrywood Square Shop Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

97

39

100.0%

 

 

72

King Soopers

$12.86

 

Crossroads Commons

C

20%

CO

Boulder

143

29

93.6%

 

 

66

Whole Foods, Barnes & Noble

$30.12

 

Crossroads Commons II

C

20%

CO

Boulder

18

4

100.0%

 

 

 

(Whole Foods), (Barnes & Noble)

$41.28

 

Falcon Marketplace

 

CO

Colorado Springs

22

22

100.0%

 

184

50

(Wal-Mart)

$25.79

 

Hilltop Village

 

CO

Denver-Aurora-Lakewood

101

101

100.0%

 

 

66

King Soopers

$13.04

 

Littleton Square

 

CO

Denver-Aurora-Lakewood

99

99

100.0%

 

 

78

King Soopers

$12.04

 

Lloyd King Center

 

CO

Denver-Aurora-Lakewood

83

83

100.0%

 

 

61

King Soopers

$12.23

 

Marketplace at Briargate

 

CO

Colorado Springs

29

29

100.0%

 

66

66

(King Soopers)

$35.27

 

Monument Jackson Creek

 

CO

Colorado Springs

85

85

98.4%

 

 

70

King Soopers

$12.63

 

Ralston Square Shopping Center

GRI

40%

CO

Denver-Aurora-Lakewood

83

33

98.5%

 

 

55

King Soopers

$16.30

 

Supplemental Information 28

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Shops at Quail Creek

 

CO

Denver-Aurora-Lakewood

38

38

74.0%

 

100

100

(King Soopers)

$27.34

 

Stroh Ranch

 

CO

Denver-Aurora-Lakewood

93

93

99.9%

 

 

70

King Soopers

$14.23

 

Woodmen Plaza

 

CO

Colorado Springs

116

116

97.6%

 

 

70

King Soopers

$13.89

 

CO

1,955

1,408

96.7%

96.7%

403

1,119

$16.76

 

22 Crescent Road

 

CT

Bridgeport-Stamford-Norwalk

4

4

100.0%

 

 

 

-

$69.00

 

91 Danbury Road

 

CT

Bridgeport-Stamford-Norwalk

5

5

100.0%

 

 

 

-

$30.14

 

Black Rock

M

80%

CT

Bridgeport-Stamford-Norwalk

95

95

97.7%

 

 

 

Old Navy, The Clubhouse

$29.70

 

Brick Walk

M

80%

CT

Bridgeport-Stamford-Norwalk

122

122

98.4%

 

 

 

-

$45.36

 

Brookside Plaza

 

CT

Hartford-E Hartford-Middletown

227

227

84.8%

 

 

60

Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx

$16.45

 

Compo Acres Shopping Center

 

CT

Bridgeport-Stamford-Norwalk

43

43

95.9%

 

 

12

Trader Joe's

$55.32

 

Copps Hill Plaza

 

CT

Bridgeport-Stamford-Norwalk

173

173

62.4%

 

 

59

Rite Aid, Stop & Shop, Homegoods

$26.12

 

Corbin's Corner

GRI

40%

CT

Hartford-E Hartford-Middletown

189

75

98.1%

 

 

10

Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's

$32.03

 

Danbury Green

 

CT

Bridgeport-Stamford-Norwalk

124

124

99.0%

 

 

12

Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors

$27.05

 

Darinor Plaza

 

CT

Bridgeport-Stamford-Norwalk

153

153

100.0%

 

 

 

Kohl's, Old Navy, Party City

$20.28

 

Fairfield Center

M

80%

CT

Bridgeport-Stamford-Norwalk

95

95

84.5%

 

 

 

Fairfield University Bookstore, Merril Lynch

$33.05

 

Post Road Plaza

 

CT

Bridgeport-Stamford-Norwalk

20

20

100.0%

 

 

11

Trader Joe's

$58.03

 

Southbury Green

 

CT

New Haven-Milford

156

156

86.7%

 

 

60

ShopRite, Homegoods

$22.18

 

Westport Row

 

CT

Bridgeport-Stamford-Norwalk

95

95

96.8%

 

 

22

The Fresh Market, Pottery Barn

$43.70

 

Walmart Norwalk

 

CT

Bridgeport-Stamford-Norwalk

142

142

100.0%

 

 

112

WalMart, HomeGoods

$0.56

 

CT

1,643

1,529

90.4%

90.4%

0

358

$26.41

 

Shops at The Columbia

 

DC

Washington-Arlington-Alexandri

23

23

85.8%

 

 

12

Trader Joe's

$42.56

 

Spring Valley Shopping Center

GRI

40%

DC

Washington-Arlington-Alexandri

17

7

100.0%

 

 

 

-

$101.25

 

DC

40

30

89.0%

89.0%

0

12

$57.62

 

Pike Creek

 

DE

Philadelphia-Camden-Wilmington

229

229

96.2%

 

 

49

Acme Markets, Edge Fitness, Pike Creek Community Hardware

$17.14

 

Shoppes of Graylyn

GRI

40%

DE

Philadelphia-Camden-Wilmington

64

26

94.6%

 

 

 

Rite Aid

$25.56

 

DE

294

255

96.0%

96.0%

0

49

$17.98

 

Alafaya Village

 

FL

Orlando-Kissimmee-Sanford

38

38

93.9%

 

 

58

-

$26.08

 

Anastasia Plaza

 

FL

Jacksonville

102

102

92.4%

 

 

49

Publix

$14.84

 

Atlantic Village

 

FL

Jacksonville

110

110

99.1%

 

 

 

LA Fitness, Pet Supplies Plus

$18.85

 

Aventura Shopping Center

 

FL

Miami-Ft Lauderdale-PompanoBch

97

97

95.7%

 

 

49

CVS, Publix

$37.67

 

Aventura Square

 

FL

Miami-Ft Lauderdale-PompanoBch

144

144

78.8%

 

 

 

Bed Bath & Beyond, DSW Warehouse, Jewelry Exchange, Old Navy

$39.74

 

Banco Popular Building

 

FL

Miami-Ft Lauderdale-PompanoBch

0

0

100.0%

 

 

 

-

$0.00

 

Supplemental Information 29

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Berkshire Commons

 

FL

Naples-Marco Island

110

110

100.0%

 

 

66

Publix, Walgreens

$15.96

 

Bird 107 Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

40

40

92.9%

 

 

 

Walgreens

$22.00

 

Bird Ludlam

 

FL

Miami-Ft Lauderdale-PompanoBch

192

192

97.6%

 

 

44

CVS, Goodwill, Winn-Dixie

$26.02

 

Bloomingdale Square

 

FL

Tampa-St Petersburg-Clearwater

252

252

98.9%

 

 

48

Bealls, Dollar Tree, Home Centric, LA Fitness, Publix

$20.56

 

Boca Village Square

 

FL

Miami-Ft Lauderdale-PompanoBch

92

92

100.0%

 

 

36

CVS, Publix

$22.85

 

Boynton Lakes Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

91.9%

 

 

46

Citi Trends, Pet Supermarket, Publix

$16.82

 

Boynton Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

105

105

100.0%

 

 

54

CVS, Publix

$21.44

 

Brooklyn Station on Riverside

 

FL

Jacksonville

50

50

97.2%

 

 

20

The Fresh Market

$28.38

 

Caligo Crossing

 

FL

Miami-Ft Lauderdale-PompanoBch

11

11

100.0%

 

98

 

(Kohl's)

$46.99

 

Carriage Gate

 

FL

Tallahassee

73

73

100.0%

 

 

13

Trader Joe's, TJ Maxx

$25.17

 

Cashmere Corners

 

FL

Port St. Lucie

86

86

96.4%

 

 

44

WalMart

$14.94

 

Charlotte Square

 

FL

Punta Gorda

91

91

94.1%

 

 

44

WalMart, Buffet City

$11.80

 

Chasewood Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

152

152

96.3%

 

 

54

Publix, Pet Smart

$27.95

 

Concord Shopping Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

309

309

100.0%

 

 

78

Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club

$14.43

 

Coral Reef Shopping Center

 

FL

Miami-Ft Lauderdale-PompanoBch

75

75

88.3%

 

 

25

Aldi, Walgreens

$32.09

 

Corkscrew Village

 

FL

Cape Coral-Fort Myers

82

82

97.8%

 

 

51

Publix

$15.32

 

Country Walk Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

96.7%

 

 

40

Publix, CVS

$22.69

 

Countryside Shops

 

FL

Miami-Ft Lauderdale-PompanoBch

193

193

72.6%

 

 

46

Publix, Ross Dress for Less

$25.55

 

Courtyard Shopping Center

 

FL

Jacksonville

137

137

100.0%

 

63

63

Target, (Publix)

$3.68

(2)

East San Marco

 

FL

Jacksonville

59

59

100.0%

 

 

39

Publix

$28.74

 

Fleming Island

 

FL

Jacksonville

132

132

97.4%

 

130

48

Publix, PETCO, Planet Fitness, (Target)

$17.41

 

Fountain Square

 

FL

Miami-Ft Lauderdale-PompanoBch

177

177

100.0%

 

140

46

Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target)

$28.94

 

Gardens Square

 

FL

Miami-Ft Lauderdale-PompanoBch

90

90

99.1%

 

 

42

Publix

$19.28

 

Glengary Shoppes

 

FL

North Port-Sarasota-Bradenton

93

93

97.0%

 

 

 

Best Buy, Barnes & Noble

$20.42

 

Shoppes of Grande Oak

 

FL

Cape Coral-Fort Myers

79

79

100.0%

 

 

54

Publix

$18.10

 

Greenwood Shopping Centre

 

FL

Miami-Ft Lauderdale-PompanoBch

133

133

96.8%

 

 

50

Publix, Bealls

$17.15

 

Hammocks Town Center

 

FL

Miami-Ft Lauderdale-PompanoBch

187

187

91.6%

 

86

40

CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena)

$18.53

 

Hibernia Pavilion

 

FL

Jacksonville

51

51

89.3%

 

 

39

Publix

$16.44

 

John's Creek Center

C

20%

FL

Jacksonville

76

15

100.0%

 

 

45

Publix

$16.91

 

Julington Village

C

20%

FL

Jacksonville

82

16

100.0%

 

 

51

Publix, (CVS)

$17.42

 

Supplemental Information 30

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Kirkman Shoppes

 

FL

Orlando-Kissimmee-Sanford

116

116

98.5%

 

 

 

LA Fitness, Walgreens

$26.14

 

Lake Mary Centre

 

FL

Orlando-Kissimmee-Sanford

356

356

94.8%

 

 

25

The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot

$17.76

 

Mandarin Landing

 

FL

Jacksonville

129

129

93.5%

 

 

50

Whole Foods, Aveda Institute, Baptist Health

$19.65

 

Millhopper Shopping Center

 

FL

Gainesville

80

80

100.0%

 

 

46

Publix

$19.77

 

Naples Walk

 

FL

Naples-Marco Island

125

125

96.6%

 

 

51

Publix

$19.34

 

Newberry Square

 

FL

Gainesville

181

181

88.3%

 

 

40

Publix, Floor & Décor, Dollar Tree

$9.49

 

Nocatee Town Center

 

FL

Jacksonville

114

114

99.0%

 

 

54

Publix

$23.23

 

Northgate Square

 

FL

Tampa-St Petersburg-Clearwater

75

75

98.1%

 

 

48

Publix

$16.18

 

Oakleaf Commons

 

FL

Jacksonville

77

77

100.0%

 

 

46

Publix

$16.81

 

Ocala Corners

 

FL

Tallahassee

93

93

91.7%

 

 

61

Publix

$14.38

 

Old St Augustine Plaza

 

FL

Jacksonville

248

248

100.0%

 

 

52

Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less

$11.48

 

Pablo Plaza

 

FL

Jacksonville

161

161

100.0%

 

 

34

Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart

$18.50

 

Pavillion

 

FL

Naples-Marco Island

168

168

100.0%

 

 

 

LA Fitness, Paragon Theaters, J. Lee Salon Suites

$23.98

 

Pine Island

 

FL

Miami-Ft Lauderdale-PompanoBch

255

255

99.5%

 

 

40

Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club

$15.17

 

Pine Ridge Square

 

FL

Miami-Ft Lauderdale-PompanoBch

118

118

72.7%

 

 

17

The Fresh Market, Marshalls, Ulta

$20.35

 

Pine Tree Plaza

 

FL

Jacksonville

63

63

96.9%

 

 

38

Publix

$14.77

 

Pinecrest Place

 

FL

Miami-Ft Lauderdale-PompanoBch

70

70

100.0%

 

173

47

Whole Foods, (Target)

$43.13

 

Plaza Venezia

C

20%

FL

Orlando-Kissimmee-Sanford

203

41

99.7%

 

 

51

Publix, Eddie V's

$32.66

 

Point Royale Shopping Center

 

FL

Miami-Ft Lauderdale-PompanoBch

202

202

100.0%

 

 

45

Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture

$16.87

 

Prosperity Centre

 

FL

Miami-Ft Lauderdale-PompanoBch

124

124

100.0%

 

 

 

Bed Bath & Beyond, Office Depot, TJ Maxx, CVS

$23.99

 

Regency Square

 

FL

Tampa-St Petersburg-Clearwater

352

352

97.4%

 

66

 

AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill)

$20.31

 

Ryanwood Square

 

FL

Sebastian-Vero Beach

115

115

93.3%

 

 

40

Publix, Beall's, Harbor Freight Tools

$12.73

 

Sawgrass Promenade

 

FL

Miami-Ft Lauderdale-PompanoBch

107

107

90.7%

 

 

36

Publix, Walgreens, Dollar Tree

$15.30

 

Seminole Shoppes

O

50%

FL

Jacksonville

87

44

100.0%

 

 

54

Publix

$24.07

 

Sheridan Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

507

507

95.3%

 

 

66

Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington, Marshalls

$19.88

 

Shoppes @ 104

 

FL

Miami-Ft Lauderdale-PompanoBch

112

112

95.0%

 

 

46

Winn-Dixie, CVS

$20.51

 

Shoppes at Bartram Park

O

50%

FL

Jacksonville

135

67

99.0%

 

97

45

Publix, (Kohl's), (Tutor Time)

$22.41

 

Shoppes at Lago Mar

 

FL

Miami-Ft Lauderdale-PompanoBch

83

83

92.3%

 

 

42

Publix, YouFit Health Club

$16.13

 

Shoppes at Sunlake Centre

 

FL

Tampa-St Petersburg-Clearwater

117

117

100.0%

 

 

46

Publix

$24.98

 

Shoppes of Jonathan's Landing

 

FL

Miami-Ft Lauderdale-PompanoBch

27

27

100.0%

 

54

54

(Publix)

$30.49

 

Supplemental Information 31

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Shoppes of Oakbrook

 

FL

Miami-Ft Lauderdale-PompanoBch

200

200

54.0%

 

 

44

Publix, Duffy's Sports Bar, CVS

$21.74

 

Shoppes of Pebblebrook Plaza

O

50%

FL

Naples-Marco Island

80

40

97.0%

 

 

61

Publix, (Walgreens)

$16.63

 

Shoppes of Silver Lakes

 

FL

Miami-Ft Lauderdale-PompanoBch

127

127

97.1%

 

 

48

Publix, Goodwill

$20.86

 

Shoppes of Sunset

 

FL

Miami-Ft Lauderdale-PompanoBch

22

22

74.2%

 

 

 

-

$26.01

 

Shoppes of Sunset II

 

FL

Miami-Ft Lauderdale-PompanoBch

28

28

79.0%

 

 

 

-

$23.46

 

Shops at John's Creek

 

FL

Jacksonville

15

15

100.0%

 

 

 

-

$26.89

 

Shops at Skylake

 

FL

Miami-Ft Lauderdale-PompanoBch

287

287

97.4%

 

 

51

Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical

$24.96

 

South Beach Regional

 

FL

Jacksonville

308

308

94.2%

 

 

13

Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples, Nordstrom Rack

$17.55

 

South Point

 

FL

Sebastian-Vero Beach

65

65

100.0%

 

 

45

Publix

$15.81

 

Starke

 

FL

Jacksonville

13

13

100.0%

 

 

 

CVS

$27.05

 

Suncoast Crossing

 

FL

Tampa-St Petersburg-Clearwater

118

118

98.8%

 

143

 

Kohl's, (Target)

$7.28

 

Tamarac Town Square

 

FL

Miami-Ft Lauderdale-PompanoBch

125

125

87.0%

 

 

38

Publix, Dollar Tree, Retro Fitness

$12.84

 

The Plaza at St. Lucie West

 

FL

Port St. Lucie

27

27

100.0%

 

 

 

-

$26.05

 

The Village at Hunter's Lake

 

FL

Tampa-St Petersburg-Clearwater

72

72

100.0%

 

 

29

Sprouts

$28.21

 

Town and Country

 

FL

Orlando-Kissimmee-Sanford

78

78

100.0%

 

 

 

Ross Dress for Less

$11.53

 

Town Square

 

FL

Tampa-St Petersburg-Clearwater

44

44

100.0%

 

 

 

PETCO, Barnes & Noble

$35.27

 

Treasure Coast Plaza

 

FL

Sebastian-Vero Beach

134

134

98.2%

 

 

59

Publix, TJ Maxx

$19.00

 

Unigold Shopping Center

 

FL

Orlando-Kissimmee-Sanford

115

115

91.2%

 

 

31

YouFit Health Club, Ross Dress for Less

$15.50

 

University Commons

 

FL

Miami-Ft Lauderdale-PompanoBch

180

180

100.0%

 

 

51

Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond

$35.01

 

Village Center

 

FL

Tampa-St Petersburg-Clearwater

186

186

97.4%

 

 

50

Publix, PGA Tour Superstore, Walgreens

$22.54

 

Waterstone Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

61

61

100.0%

 

 

46

Publix

$17.83

 

Welleby Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

96.8%

 

 

47

Publix, Dollar Tree

$15.05

 

Wellington Town Square

 

FL

Miami-Ft Lauderdale-PompanoBch

108

108

94.3%

 

 

45

Publix, CVS

$24.87

 

West Bird Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

99

99

97.9%

 

 

38

Publix

$25.69

 

West Lake Shopping Center

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

98.6%

 

 

46

Winn-Dixie, CVS

$22.37

 

Westchase

 

FL

Tampa-St Petersburg-Clearwater

79

79

100.0%

 

 

51

Publix

$17.71

 

Westport Plaza

 

FL

Miami-Ft Lauderdale-PompanoBch

47

47

91.6%

 

 

28

Publix

$21.30

 

Willa Springs

 

FL

Orlando-Kissimmee-Sanford

90

90

100.0%

 

 

44

Publix

$23.41

 

FL

11,431

10,992

95.2%

 

1,049

3,422

$20.26

 

Supplemental Information 32

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Ashford Place

 

GA

Atlanta-SandySprings-Alpharett

53

53

100.0%

 

 

 

Harbor Freight Tools

$26.03

 

Briarcliff La Vista

 

GA

Atlanta-SandySprings-Alpharett

43

43

100.0%

 

 

 

Michael's

$22.47

 

Briarcliff Village

 

GA

Atlanta-SandySprings-Alpharett

189

189

100.0%

 

 

43

Burlington, Party City, Publix, Shoe Carnival, TJ Maxx

$17.30

 

Bridgemill Market

 

GA

Atlanta-SandySprings-Alpharett

89

89

91.7%

 

 

38

Publix

$17.98

 

Brighten Park

 

GA

Atlanta-SandySprings-Alpharett

137

137

100.0%

 

 

25

Lidl, Big Blue Swim School, Kohl's

$28.73

 

Buckhead Court

 

GA

Atlanta-SandySprings-Alpharett

49

49

83.5%

 

 

 

-

$31.79

 

Buckhead Landing

 

GA

Atlanta-SandySprings-Alpharett

152

152

72.4%

 

 

56

Binders Art Supplies & Frames, Publix

$30.60

 

Buckhead Station

 

GA

Atlanta-SandySprings-Alpharett

234

234

82.9%

 

 

 

Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta

$26.45

 

Cambridge Square

 

GA

Atlanta-SandySprings-Alpharett

70

70

37.3%

 

 

41

-

$26.17

 

Chastain Square

 

GA

Atlanta-SandySprings-Alpharett

92

92

100.0%

 

 

37

Publix

$23.87

 

Cornerstone Square

 

GA

Atlanta-SandySprings-Alpharett

80

80

100.0%

 

 

18

Aldi, Barking Hound Village, CVS, HealthMarkets Insurance

$19.16

 

Sope Creek Crossing

 

GA

Atlanta-SandySprings-Alpharett

99

99

95.5%

 

 

45

Publix

$16.86

 

Dunwoody Hall

 

GA

Atlanta-SandySprings-Alpharett

86

86

96.2%

 

 

44

Publix

$21.15

 

Dunwoody Village

 

GA

Atlanta-SandySprings-Alpharett

121

121

96.6%

 

 

18

The Fresh Market, Walgreens, Dunwoody Prep

$22.11

 

Howell Mill Village

 

GA

Atlanta-SandySprings-Alpharett

92

92

100.0%

 

 

31

Publix

$25.29

 

Paces Ferry Plaza

 

GA

Atlanta-SandySprings-Alpharett

82

82

99.9%

 

 

30

Whole Foods

$40.59

 

Powers Ferry Square

 

GA

Atlanta-SandySprings-Alpharett

97

97

100.0%

 

 

 

HomeGoods, PETCO

$35.64

 

Powers Ferry Village

 

GA

Atlanta-SandySprings-Alpharett

69

69

100.0%

 

 

48

Publix, Barrel Town

$10.50

 

Russell Ridge

 

GA

Atlanta-SandySprings-Alpharett

101

101

90.8%

 

 

63

Kroger

$13.37

 

Sandy Springs

 

GA

Atlanta-SandySprings-Alpharett

113

113

98.1%

 

 

12

Trader Joe's, Fox's, Peter Glenn Ski & Sports

$26.48

 

The Shops at Hampton Oaks

 

GA

Atlanta-SandySprings-Alpharett

21

21

89.8%

 

 

 

(CVS)

$11.86

 

Williamsburg at Dunwoody

 

GA

Atlanta-SandySprings-Alpharett

45

45

100.0%

 

 

 

-

$24.70

 

GA

2,115

2,115

92.1%

92.1%

0

551

$23.85

 

Civic Center Plaza

GRI

40%

IL

Chicago-Naperville-Elgin

265

106

96.6%

 

 

87

Super H Mart, Home Depot, O'Reilly Automotive, King Spa

$10.66

 

Clybourn Commons

 

IL

Chicago-Naperville-Elgin

32

32

95.0%

 

 

 

PETCO

$37.47

 

Glen Oak Plaza

 

IL

Chicago-Naperville-Elgin

63

63

100.0%

 

 

12

Trader Joe's, Walgreens, Northshore University Healthsystems

$27.64

 

Hinsdale Lake Commons

 

IL

Chicago-Naperville-Elgin

185

185

94.3%

 

 

57

Whole Foods, Goodwill, Charter Fitness, Petco

$16.55

 

Mellody Farm

 

IL

Chicago-Naperville-Elgin

259

259

97.1%

 

 

45

Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm

$29.83

(2)

Naperville Plaza

C

20%

IL

Chicago-Naperville-Elgin

115

23

96.8%

 

 

39

Casey's Foods, Trader Joe's, Oswald's Pharmacy

$26.38

 

Supplemental Information 33

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Riverside Sq & River's Edge

GRI

40%

IL

Chicago-Naperville-Elgin

169

68

99.3%

 

 

74

Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness

$17.66

 

Roscoe Square

GRI

40%

IL

Chicago-Naperville-Elgin

140

56

70.7%

 

 

51

Mariano's Fresh Market, Walgreens

$28.47

 

Westchester Commons

 

IL

Chicago-Naperville-Elgin

143

143

93.1%

 

 

80

Mariano's Fresh Market, Goodwill

$18.13

 

Willow Festival

 

IL

Chicago-Naperville-Elgin

404

404

91.7%

 

 

60

Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta

$19.16

 

IL

1,775

1,338

93.7%

93.7%

0

505

$21.35

 

Shops on Main

M

94%

IN

Chicago-Naperville-Elgin

279

279

100.0%

 

 

40

Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls

$16.52

 

Willow Lake Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

86

34

76.2%

 

64

64

Indiana Bureau of Motor Vehicles, (Kroger)

$18.75

 

Willow Lake West Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

53

21

88.2%

 

 

12

Trader Joe's

$26.86

 

IN

418

335

96.8%

96.8%

64

116

$17.30

 

Fellsway Plaza

M

75%

MA

Boston-Cambridge-Newton

158

158

100.0%

 

 

61

Stop & Shop, Planet Fitness, BioLife Plasma Services

$26.12

 

Shaw's at Plymouth

 

MA

Boston-Cambridge-Newton

60

60

100.0%

 

 

60

Shaw's

$19.34

 

Shops at Saugus

 

MA

Boston-Cambridge-Newton

87

87

100.0%

 

 

11

Trader Joe's, La-Z-Boy, PetSmart

$30.66

 

Star's at Cambridge

 

MA

Boston-Cambridge-Newton

66

66

100.0%

 

 

66

Star Market

$41.18

 

Star's at Quincy

 

MA

Boston-Cambridge-Newton

101

101

100.0%

 

 

101

Star Market

$23.63

 

Star's at West Roxbury

 

MA

Boston-Cambridge-Newton

76

76

100.0%

 

 

55

Shaw's

$27.58

 

The Abbot

 

MA

Boston-Cambridge-Newton

64

64

77.1%

 

 

 

Center for Effective Alturism

$0.00

 

Twin City Plaza

 

MA

Boston-Cambridge-Newton

285

285

100.0%

 

 

63

Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs

$22.52

 

MA

897

897

98.4%

98.4%

0

416

$29.66

 

Burnt Mills

C

20%

MD

Washington-Arlington-Alexandri

31

6

79.2%

 

 

9

Trader Joe's

$42.46

 

Cloppers Mill Village

GRI

40%

MD

Washington-Arlington-Alexandri

137

55

95.8%

 

 

70

Shoppers Food Warehouse, Dollar Tree

$19.55

 

Festival at Woodholme

GRI

40%

MD

Baltimore-Columbia-Towson

81

32

91.6%

 

 

10

Trader Joe's

$40.70

 

Firstfield Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

22

9

100.0%

 

 

 

-

$43.94

 

Parkville Shopping Center

GRI

40%

MD

Baltimore-Columbia-Towson

165

66

96.0%

 

 

41

Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville

$17.21

 

Southside Marketplace

GRI

40%

MD

Baltimore-Columbia-Towson

125

50

84.3%

 

 

44

Giant

$25.52

 

Takoma Park

GRI

40%

MD

Washington-Arlington-Alexandri

107

43

99.2%

 

 

64

Planet Fitness

$15.79

 

Village at Lee Airpark

 

MD

Baltimore-Columbia-Towson

118

118

96.1%

 

75

63

Giant, (Sunrise)

$31.34

 

Watkins Park Plaza

GRI

40%

MD

Washington-Arlington-Alexandri

111

45

98.5%

 

 

 

LA Fitness, CVS

$29.23

 

Westbard Square

 

MD

Washington-Arlington-Alexandri

132

132

96.7%

 

 

55

Giant, Bowlmor AMF

$38.39

 

Woodmoor Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

68

27

97.9%

 

 

 

CVS

$36.32

 

MD

1,098

583

95.3%

95.3%

75

357

$29.50

 

Supplemental Information 34

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Fenton Marketplace

 

MI

Flint

97

97

74.0%

 

 

 

Family Farm & Home

$8.76

 

MI

97

97

74.0%

74.0%

0

0

$8.76

 

Apple Valley Square

 

MN

Minneapol-St. Paul-Bloomington

179

179

100.0%

 

87

 

Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi)

$16.94

 

Cedar Commons

 

MN

Minneapol-St. Paul-Bloomington

66

66

100.0%

 

 

50

Whole Foods

$28.37

 

Colonial Square

GRI

40%

MN

Minneapol-St. Paul-Bloomington

93

37

100.0%

 

 

44

Lund's

$26.64

 

Rockford Road Plaza

GRI

40%

MN

Minneapol-St. Paul-Bloomington

204

82

96.9%

 

 

 

Kohl's, PetSmart, HomeGoods, TJ Maxx

$13.85

 

Rockridge Center

C

20%

MN

Minneapol-St. Paul-Bloomington

125

25

99.4%

 

 

89

CUB Foods

$14.73

 

MN

668

390

99.3%

99.3%

87

183

$19.05

 

Brentwood Plaza

 

MO

St. Louis

60

60

100.0%

 

 

52

Schnucks

$11.54

 

Bridgeton

 

MO

St. Louis

71

71

97.3%

 

130

63

Schnucks, (Home Depot)

$12.65

 

Dardenne Crossing

 

MO

St. Louis

67

67

100.0%

 

 

63

Schnucks

$11.62

 

Kirkwood Commons

 

MO

St. Louis

210

210

100.0%

 

258

136

Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's)

$10.36

 

MO

408

408

99.5%

99.5%

388

314

$11.14

 

Blakeney Town Center

 

NC

Charlotte-Concord-Gastonia

384

384

99.1%

 

124

 

Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target)

$26.77

 

Carmel Commons

 

NC

Charlotte-Concord-Gastonia

141

141

91.3%

 

 

14

Chuck E. Cheese, The Fresh Market, Party City

$24.93

 

Cochran Commons

C

20%

NC

Charlotte-Concord-Gastonia

66

13

100.0%

 

15

42

Harris Teeter, (Walgreens)

$17.60

 

Market at Colonnade Center

 

NC

Raleigh-Cary

58

58

100.0%

 

 

40

Whole Foods

$28.41

 

Glenwood Village

 

NC

Raleigh-Cary

43

43

100.0%

 

 

28

Harris Teeter

$18.41

 

Holly Park

 

NC

Raleigh-Cary

158

158

97.7%

 

 

12

DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta

$20.20

 

Lake Pine Plaza

 

NC

Raleigh-Cary

88

88

100.0%

 

 

58

Harris Teeter

$14.41

 

Midtown East

O

50%

NC

Raleigh-Cary

159

79

100.0%

 

 

120

Wegmans

$24.35

 

Ridgewood Shopping Center

C

20%

NC

Raleigh-Cary

94

19

88.7%

 

 

30

Whole Foods, Walgreens

$21.79

 

Shops at Erwin Mill

M

55%

NC

Durham-Chapel Hill

91

91

100.0%

 

 

53

Harris Teeter

$19.78

 

Shoppes of Kildaire

GRI

40%

NC

Raleigh-Cary

145

58

100.0%

 

 

46

Trader Joe's, Aldi, Staples, Barnes & Noble

$21.18

 

Southpoint Crossing

 

NC

Durham-Chapel Hill

103

103

100.0%

 

 

59

Harris Teeter

$17.29

 

Sutton Square

C

20%

NC

Raleigh-Cary

101

20

82.3%

 

 

24

The Fresh Market

$21.39

 

Village District

C

30%

NC

Raleigh-Cary

559

168

96.4%

 

 

87

Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club, Ballard Designs

$27.07

 

Village Plaza

C

20%

NC

Durham-Chapel Hill

73

15

96.7%

 

 

42

Whole Foods

$23.25

 

Willow Oaks

 

NC

Charlotte-Concord-Gastonia

65

65

100.0%

 

 

49

Publix

$17.91

 

Woodcroft Shopping Center

 

NC

Durham-Chapel Hill

90

90

98.6%

 

 

41

Food Lion, ACE Hardware

$14.55

 

Supplemental Information 35

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

NC

2,418

1,593

97.9%

97.9%

139

744

$22.48

 

Chimney Rock

 

NJ

New York-Newark-Jersey City

218

218

92.8%

 

 

50

Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta

$38.89

 

District at Metuchen

C

20%

NJ

New York-Newark-Jersey City

67

13

97.9%

 

 

44

Whole Foods

$32.44

(2)

Glenwood Green

M

70%

NJ

Philadelphia-Camden-Wilmington

353

353

90.7%

 

 

80

ShopRite, Target, Rendina

$14.61

 

Haddon Commons

GRI

40%

NJ

Philadelphia-Camden-Wilmington

54

22

100.0%

 

 

34

Acme Markets

$15.18

 

Plaza Square

GRI

40%

NJ

New York-Newark-Jersey City

104

42

62.0%

 

 

43

Grocer

$19.82

 

NJ

796

648

90.0%

89.2%

0

251

$23.70

 

101 7th Avenue

 

NY

New York-Newark-Jersey City

57

57

0.0%

 

 

 

-

$0.00

 

1175 Third Avenue

 

NY

New York-Newark-Jersey City

25

25

35.9%

 

 

25

-

$185.00

 

1225-1239 Second Ave

 

NY

New York-Newark-Jersey City

18

18

100.0%

 

 

 

CVS

$137.95

 

90 - 30 Metropolitan Avenue

 

NY

New York-Newark-Jersey City

60

60

93.9%

 

 

11

Michaels, Staples, Trader Joe's

$36.87

 

Broadway Plaza

 

NY

New York-Newark-Jersey City

147

147

83.2%

 

 

18

Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness

$40.78

 

Clocktower Plaza Shopping Ctr

 

NY

New York-Newark-Jersey City

79

79

90.4%

 

 

63

Stop & Shop

$50.76

 

East Meadow

 

NY

New York-Newark-Jersey City

141

141

93.3%

 

 

 

Marshalls, Stew Leonard's

$16.06

(2)

East Meadow Plaza

 

NY

New York-Newark-Jersey City

195

195

55.9%

 

 

31

Lidl, Dollar Deal

$24.95

 

Eastport

 

NY

New York-Newark-Jersey City

48

48

94.1%

 

 

 

King Kullen, Rite Aid

$12.61

 

The Gallery at Westbury Plaza

 

NY

New York-Newark-Jersey City

312

312

100.0%

 

 

13

Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear

$52.21

 

Hewlett Crossing I & II

 

NY

New York-Newark-Jersey City

52

52

100.0%

 

 

 

-

$38.52

 

Rivertowns Square

 

 

NY

New York-Newark-Jersey City

116

116

90.9%

 

 

18

Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas

$25.98

 

The Point at Garden City Park

 

NY

New York-Newark-Jersey City

105

105

100.0%

 

 

52

King Kullen, Ace Hardware

$30.54

 

Lake Grove Commons

GRI

40%

NY

New York-Newark-Jersey City

141

57

100.0%

 

 

48

Whole Foods, LA Fitness

$35.78

(2)

SunVet

M

100%

NY

New York-Newark-Jersey City

168

168

7.2%

 

 

40

Whole Foods

$60.23

 

Valley Stream

 

NY

New York-Newark-Jersey City

99

99

90.3%

 

 

 

King Kullen

$30.42

 

Wading River

 

NY

New York-Newark-Jersey City

99

99

84.1%

 

 

 

King Kullen, CVS, Ace Hardware

$23.50

 

Westbury Plaza

 

NY

New York-Newark-Jersey City

390

390

100.0%

 

 

110

WalMart, Costco, Marshalls, Total Wine and More, Olive Garden

$27.18

 

NY

2,253

2,168

81.6%

87.8%

0

428

$27.18

 

Cherry Grove

 

OH

Cincinnati

203

203

99.0%

 

 

66

Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning

$12.93

 

East Pointe

 

OH

Columbus

111

111

100.0%

 

 

76

Kroger

$11.39

 

Hyde Park

 

OH

Cincinnati

397

397

97.3%

 

 

100

Kroger, Kohl's, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls, Five Below

$17.04

 

Supplemental Information 36

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Kroger New Albany Center

 

OH

Columbus

93

93

100.0%

 

 

65

Kroger

$13.60

 

Northgate Plaza (Maxtown Road)

 

OH

Columbus

117

117

100.0%

 

90

91

Kroger, (Home Depot)

$12.16

 

Red Bank Village

 

OH

Cincinnati

176

176

100.0%

 

 

152

WalMart

$7.80

 

Regency Commons

 

OH

Cincinnati

34

34

78.8%

 

 

 

-

$27.67

 

West Chester Plaza

 

OH

Cincinnati

88

88

100.0%

 

 

67

Kroger

$10.50

 

OH

1,221

1,221

98.4%

98.4%

90

616

$13.47

 

Corvallis Market Center

 

OR

Corvallis

85

85

100.0%

 

 

12

Michaels, TJ Maxx, Trader Joe's

$23.06

 

Greenway Town Center

GRI

40%

OR

Portland-Vancouver-Hillsboro

93

37

100.0%

 

 

38

Dollar Tree, Rite Aid, Whole Foods

$16.74

 

Murrayhill Marketplace

 

OR

Portland-Vancouver-Hillsboro

150

150

84.2%

 

 

41

Safeway, Planet Fitness

$20.77

 

Northgate Marketplace

 

OR

Medford

81

81

88.9%

 

 

13

Trader Joe's, REI, PETCO

$23.80

 

Northgate Marketplace Ph II

 

OR

Medford

177

177

98.4%

 

 

 

Dick's Sporting Goods, Homegoods, Marshalls

$18.19

 

Sherwood Crossroads

 

OR

Portland-Vancouver-Hillsboro

88

88

98.6%

 

 

55

Safeway

$12.53

 

Tanasbourne Market

 

OR

Portland-Vancouver-Hillsboro

71

71

100.0%

 

 

57

Whole Foods

$32.96

 

Walker Center

 

OR

Portland-Vancouver-Hillsboro

90

90

52.1%

 

 

 

-

$33.28

 

OR

834

779

89.7%

89.7%

0

215

$21.54

 

Allen Street Shopping Ctr

GRI

40%

PA

Allentown-Bethlehem-Easton

46

18

100.0%

 

 

22

Grocery Outlet Bargain Market

$18.95

(2)

Baederwood Shopping Center

M

80%

PA

Philadelphia-Camden-Wilmington

117

117

97.5%

 

 

40

Whole Foods, Planet Fitness

$28.04

 

City Avenue Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

162

65

91.7%

 

 

 

Ross Dress for Less, TJ Maxx, Dollar Tree

$21.12

 

Gateway Shopping Center

 

PA

Philadelphia-Camden-Wilmington

224

224

99.0%

 

 

11

Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics

$35.43

 

Hershey

 

PA

Harrisburg-Carlisle

6

6

100.0%

 

 

 

-

$30.00

 

Lower Nazareth Commons

 

PA

Allentown-Bethlehem-Easton

96

96

100.0%

 

244

111

Burlington Coat Factory, PETCO, (Wegmans), (Target)

$27.73

 

Mercer Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

91

37

91.1%

 

 

51

Weis Markets

$22.40

 

Newtown Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

142

57

93.2%

 

 

56

Acme Markets, Michael's

$19.91

 

Stefko Boulevard Shopping Center

GRI

40%

PA

Allentown-Bethlehem-Easton

134

54

87.6%

 

 

73

Valley Farm Market, Dollar Tree

$11.49

 

Warwick Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

93

37

96.7%

 

 

25

Grocery Outlet Bargain Market, Planet Fitness

$17.36

 

PA

1,112

711

96.4%

96.4%

244

390

$26.97

 

Indigo Square

 

SC

Charleston-North Charleston

51

51

100.0%

 

 

22

Greenwise (Vac 8/29/20)

$30.33

 

Merchants Village

GRI

40%

SC

Charleston-North Charleston

80

32

100.0%

 

 

38

Publix

$18.56

 

SC

131

83

100.0%

100.0%

0

59

$25.81

 

Harpeth Village Fieldstone

 

TN

Nashvil-Davdsn-Murfree-Frankln

70

70

97.8%

 

 

55

Publix

$16.81

 

Northlake Village

 

TN

Nashvil-Davdsn-Murfree-Frankln

135

135

99.0%

 

 

75

Kroger

$15.53

 

Peartree Village

 

TN

Nashvil-Davdsn-Murfree-Frankln

110

110

100.0%

 

 

84

Kroger, PETCO

$20.35

 

TN

314

314

99.1%

99.1%

0

214

$17.49

 

Supplemental Information 37

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Alden Bridge

 

TX

Houston-Woodlands-Sugar Land

139

139

98.4%

 

 

68

Kroger, Walgreens

$21.53

(2)

Baybrook East

O

50%

TX

Houston-Woodlands-Sugar Land

156

78

93.9%

 

 

106

H.E.B

$13.19

 

Bethany Park Place

 

TX

Dallas-Fort Worth-Arlington

99

99

98.6%

 

 

83

Kroger

$11.90

 

CityLine Market

 

TX

Dallas-Fort Worth-Arlington

81

81

100.0%

 

 

40

Whole Foods

$30.31

 

CityLine Market Phase II

 

TX

Dallas-Fort Worth-Arlington

22

22

100.0%

 

 

 

CVS

$28.35

 

Cochran's Crossing

 

TX

Houston-Woodlands-Sugar Land

138

138

100.0%

 

 

63

Kroger

$20.49

 

Hancock

 

TX

Austin-Round Rock-Georgetown

263

263

98.1%

 

 

90

24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors

$19.53

 

Hillcrest Village

 

TX

Dallas-Fort Worth-Arlington

15

15

100.0%

 

 

 

-

$51.23

 

Indian Springs Center

 

TX

Houston-Woodlands-Sugar Land

137

137

97.9%

 

 

79

H.E.B.

$25.44

 

Keller Town Center

 

TX

Dallas-Fort Worth-Arlington

120

120

99.0%

 

 

64

Tom Thumb

$17.38

 

Lebanon/Legacy Center

 

TX

Dallas-Fort Worth-Arlington

56

56

100.0%

 

63

63

(WalMart)

$29.61

 

Market at Preston Forest

 

TX

Dallas-Fort Worth-Arlington

96

96

97.4%

 

 

64

Tom Thumb

$22.26

 

Market at Round Rock

 

TX

Austin-Round Rock-Georgetown

123

123

97.2%

 

 

30

Sprout's Markets, Office Depot, Tuesday Morning

$19.92

 

Market at Springwoods Village

M

53%

TX

Houston-Woodlands-Sugar Land

167

167

99.1%

 

 

100

Kroger

$17.85

 

Mockingbird Commons

 

TX

Dallas-Fort Worth-Arlington

120

120

95.9%

 

 

49

Tom Thumb, Ogle School of Hair Design

$21.13

 

North Hills

 

TX

Austin-Round Rock-Georgetown

164

164

98.8%

 

 

60

H.E.B.

$22.02

 

Panther Creek

 

TX

Houston-Woodlands-Sugar Land

166

166

100.0%

 

 

66

CVS, The Woodlands Childrens Museum, Fitness Project

$24.99

 

Prestonbrook

 

TX

Dallas-Fort Worth-Arlington

92

92

100.0%

 

 

64

Kroger

$15.63

(2)

Preston Oaks

 

TX

Dallas-Fort Worth-Arlington

103

103

100.0%

 

 

30

Central Market, Talbots

$40.21

 

Shiloh Springs

 

TX

Dallas-Fort Worth-Arlington

110

110

88.3%

 

 

61

Kroger

$14.80

 

Shops at Mira Vista

 

TX

Austin-Round Rock-Georgetown

68

68

100.0%

 

 

15

Trader Joe's, Champions Westlake Gymnastics & Cheer

$25.69

(2)

Sienna

 

TX

Houston-Woodlands-Sugar Land

30

30

19.2%

 

 

 

-

$37.38

 

Southpark at Cinco Ranch

 

TX

Houston-Woodlands-Sugar Land

265

265

98.9%

 

 

101

Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods

$14.24

 

Sterling Ridge

 

TX

Houston-Woodlands-Sugar Land

129

129

98.9%

 

 

63

Kroger, CVS

$22.33

 

Sweetwater Plaza

C

20%

TX

Houston-Woodlands-Sugar Land

134

27

95.3%

 

 

65

Kroger, Walgreens

$18.67

 

Tech Ridge Center

 

TX

Austin-Round Rock-Georgetown

216

216

98.9%

 

 

84

H.E.B., Pinstack, Baylor Scott & White

$23.94

 

The Village at Riverstone

 

TX

Houston-Woodlands-Sugar Land

165

165

96.3%

 

 

100

Kroger

$17.22

 

Weslayan Plaza East

GRI

40%

TX

Houston-Woodlands-Sugar Land

169

68

100.0%

 

 

 

Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle

$21.79

 

Weslayan Plaza West

GRI

40%

TX

Houston-Woodlands-Sugar Land

186

74

98.1%

 

 

52

Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble

$21.44

 

Westwood Village

 

TX

Houston-Woodlands-Sugar Land

206

206

95.3%

 

127

 

Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target)

$21.17

 

Supplemental Information 38

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Woodway Collection

GRI

40%

TX

Houston-Woodlands-Sugar Land

186

74

98.1%

 

 

52

Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble

$21.44

 

TX

4,029

3,573

97.3%

98.1%

190

1,706

$21.21

 

Ashburn Farm Village Center

GRI

40%

VA

Washington-Arlington-Alexandri

92

37

100.0%

 

 

27

Patel Brothers, The Shop Gym

$17.69

 

Belmont Chase

 

VA

Washington-Arlington-Alexandri

91

91

98.3%

 

 

40

Cooper's Hawk Winery, Whole Foods

$34.18

 

Braemar Village Center

RC

25%

VA

Washington-Arlington-Alexandri

108

27

100.0%

 

 

58

Safeway

$24.06

(2)

Carytown Exchange

M

67%

VA

Richmond

116

116

94.0%

 

 

38

Publix, CVS

$27.10

 

Centre Ridge Marketplace

GRI

40%

VA

Washington-Arlington-Alexandri

107

43

100.0%

 

 

55

United States Coast Guard Ex, Planet Fitness

$21.01

 

Point 50

 

VA

Washington-Arlington-Alexandri

48

48

100.0%

 

 

30

Amazon Fresh

$32.59

 

Festival at Manchester Lakes

GRI

40%

VA

Washington-Arlington-Alexandri

168

67

85.4%

 

 

32

Amazon Fresh, Homesense

$31.74

 

Fox Mill Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

103

41

91.8%

 

 

50

Giant

$26.88

 

Greenbriar Town Center

GRI

40%

VA

Washington-Arlington-Alexandri

340

136

98.4%

 

 

62

Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More

$29.18

 

Hanover Village Shopping Center

GRI

40%

VA

Richmond

90

36

87.8%

 

 

18

Aldi, Tractor Supply Company, Harbor Freight Tools

$9.67

 

Kamp Washington Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

71

29

89.3%

 

 

20

PGA Tour Superstore

$32.53

 

Kings Park Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

96

39

100.0%

 

 

51

Giant, CVS

$33.74

 

Lorton Station Marketplace

C

20%

VA

Washington-Arlington-Alexandri

136

27

84.1%

 

 

63

Amazon Fresh, Planet Fitness

$26.44

 

Saratoga Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

113

45

93.4%

 

 

56

Giant

$21.55

 

Shops at County Center

 

VA

Washington-Arlington-Alexandri

97

97

98.3%

 

 

52

Harris Teeter, Planet Fitness

$19.06

 

The Crossing Clarendon

 

VA

Washington-Arlington-Alexandri

420

420

90.8%

 

 

34

Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Life Time Fitness

$39.59

 

The Field at Commonwealth

 

VA

Washington-Arlington-Alexandri

167

167

99.0%

 

 

122

Wegmans

$22.41

 

Village Center at Dulles

C

20%

VA

Washington-Arlington-Alexandri

304

61

96.0%

 

 

48

Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max

$26.05

 

Village Shopping Center

GRI

40%

VA

Richmond

116

46

84.1%

 

 

45

Publix, CVS

$25.55

 

Willston Centre I

GRI

40%

VA

Washington-Arlington-Alexandri

105

42

80.6%

 

 

 

Fashion K City

$29.00

 

Willston Centre II

GRI

40%

VA

Washington-Arlington-Alexandri

136

54

96.7%

 

141

59

Safeway, (Target), (PetSmart)

$27.48

 

VA

3,026

1,670

94.0%

94.0%

141

960

$29.31

 

6401 Roosevelt

 

WA

Seattle-Tacoma-Bellevue

8

8

100.0%

 

 

 

-

$25.56

 

Supplemental Information 39

 

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Aurora Marketplace

GRI

40%

WA

Seattle-Tacoma-Bellevue

107

43

100.0%

 

 

49

Safeway, TJ Maxx

$18.82

 

Ballard Blocks I

O

50%

WA

Seattle-Tacoma-Bellevue

132

66

97.7%

 

 

12

LA Fitness, Ross Dress for Less, Trader Joe's

$27.75

 

Ballard Blocks II

O

50%

WA

Seattle-Tacoma-Bellevue

117

58

98.4%

 

 

25

Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine

$34.93

 

Broadway Market

C

20%

WA

Seattle-Tacoma-Bellevue

140

28

94.8%

 

 

64

Gold's Gym, Mosaic Salon Group, Quality Food Centers

$28.94

 

Cascade Plaza

C

20%

WA

Seattle-Tacoma-Bellevue

206

41

97.3%

 

 

49

Big 5 Sporting Goods, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's

$13.13

 

Eastgate Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

85

34

96.5%

 

 

29

Safeway, Rite Aid

$32.45

 

Grand Ridge Plaza

 

WA

Seattle-Tacoma-Bellevue

331

331

99.2%

 

 

45

Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta

$26.04

 

Inglewood Plaza

 

WA

Seattle-Tacoma-Bellevue

17

17

100.0%

 

 

 

-

$46.00

(2)

Island Village

 

WA

Seattle-Tacoma-Bellevue

106

106

100.0%

 

 

49

Safeway, Rite Aid

$16.26

 

Klahanie Shopping Center

 

WA

Seattle-Tacoma-Bellevue

67

67

86.2%

 

40

40

(QFC)

$38.13

 

Melrose Market

 

WA

Seattle-Tacoma-Bellevue

21

21

59.7%

 

 

 

-

$41.75

 

Overlake Fashion Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

87

35

97.9%

 

230

13

Marshalls, Bevmo!, Amazon Go Grocery

$29.27

 

Pine Lake Village

 

WA

Seattle-Tacoma-Bellevue

103

103

98.8%

 

 

41

Quality Food Centers, Rite Aid

$26.59

 

Roosevelt Square

 

WA

Seattle-Tacoma-Bellevue

150

150

96.6%

 

 

50

Whole Foods, Bartell, Guitar Center, LA Fitness

$27.26

 

Sammamish-Highlands

 

WA

Seattle-Tacoma-Bellevue

101

101

100.0%

 

55

67

Trader Joe's, Bartell Drugs, (Safeway)

$38.30

 

Southcenter

 

WA

Seattle-Tacoma-Bellevue

58

58

100.0%

 

112

 

(Target)

$33.98

 

WA

1,836

1,267

97.4%

97.4%

437

532

$27.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Regency Centers Total

 

51,325

43,491

94.6%

95.0%

3,747

16,061

$24.16
(1)
Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
(2)
Non-Same Property

 

Note:

In-process developments are bolded and italicized.

 

C:

Co-investment Partnership with Oregon

 

GRI:

Co-investment Partnership with GRI

 

M:

Co-investment Partnership with Minority Partner

 

O:

Other, single property co-investment Partnerships

 

RC:

Co-investment Partnership with CalSTRS

 

Supplemental Information 40

 

As of June 30, 2023

(unaudited and in thousands)

 

Real Estate - Operating

 

Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter

 

 

 

Wholly Owned NOI (page 5)

 

$

203,341

 

Share of JV NOI (page 7)

 

$

23,682

 

Less: Noncontrolling Interests (page 7)

 

$

(1,902

)

 

 

 

Quarterly Base Rent From Leases Signed But Not Yet Commenced

 

 

 

Retail Operating Properties Excluding In-Process Redevelopments (Quarterly)

 

$

5,839

 

Retail Operating Properties Including In-Process Redevelopments (Quarterly)

 

$

7,745

 

 

 

 

 

 

Real Estate: In-Process Ground-Up Developments and Redevelopments

 

 

 

In-Process Ground-Up Development

 

REG's Estimated Net Project Costs (page 17)

 

$

152,000

 

Stabilized Yield (page 17)

 

 

7

%

Annualized Proforma Stabilized NOI

 

$

10,640

 

% of Costs Incurred (page 17)

 

 

40

%

Construction in Progress

 

$

60,800

 

 

 

 

 

NOI from In-Process Ground-Up Development - Current Quarter

 

In-place NOI from Current Year Ground-Up Development Completions

 

$

-

 

In-place NOI from In-Process Ground-Up Developments

 

$

28

 

 

 

 

 

In-Process Redevelopment Projects

 

REG's Estimated Net Project Costs (page 17)

 

$

258,000

 

Stabilized Yield (page 17)

 

 

9

%

Annualized Proforma Stabilized NOI

 

$

23,220

 

% of Costs Incurred (page 17)

 

 

46

%

Construction in Progress

 

$

118,680

 

 

 

 

 

NOI from In-Process Redevelopment - Current Quarter

 

In-place NOI from Current Year Redevelopment Completions

 

$

503

 

In-place NOI from In-Process Redevelopments

 

$

(261

)

 

 

 

 

 

Fee Income

 

 

 

Third-Party Management Fees and Commissions - Current Quarter (page 5)

 

$

7,106

 

Less: Share of JV's Total fee income - Current Quarter (page 7)

 

$

(242

)

 

 

 

 

 

Other Assets

 

 

 

Estimated Market Value of Land

 

 

 

Land held for sale or future development

 

$

32,602

 

Outparcels at retail operating properties

 

 

8,448

 

101 7th Avenue at Book Value, Net

 

 

25,000

 

Total Estimated Market Value of Land

 

$

66,050

 

 

 

 

Regency's Pro-Rata Share (page 3 & 6)

 

 

 

Cash and Cash Equivalents

 

$

61,085

 

Tenant and other receivables, excluding Straight-line rent receivables

 

$

75,725

 

Other Assets, excluding Goodwill

 

$

143,902

 

 

 

 

 

 

Liabilities

 

 

 

Regency's Pro-Rata Share (page 3 & 6)

 

 

 

Notes payable

 

$

4,175,340

 

Accounts payable and other liabilities

 

$

335,058

 

Tenants' security, escrow deposits

 

$

83,006

 

 

 

 

 

 

Common Shares and Equivalents Outstanding

 

 

 

Common Shares and Equivalents Issued and Outstanding (page 1)

 

 

172,078

 

 

 

 

 

 

Supplemental Information 41

 

Earnings Guidance

June 30, 2023

 

Full Year 2023 Guidance (in thousands, except per share data)

2Q YTD

Current Guidance

Previous Guidance

Net Income Attributable to Common Shareholders per diluted share

$1.07

$2.05-$2.09

$2.01-$2.09

Nareit Funds From Operations ("Nareit FFO") per diluted share

$2.11

$4.11-$4.15

$4.07-$4.15

Core Operating Earnings per diluted share (1)

$1.99

$3.89-$3.93

$3.87-$3.93

Same property NOI growth without termination fees

2.0%

+1.0% to +1.5%

+0.5% to +1.5%

Same property NOI growth without termination fees or collection of 2020/2021 reserves

5.0%

+3.0% to +3.5%

+2.5% to +3.5%

Collection of 2020/2021 Reserves (2)

$2,687

+/-$4,000

+/-$4,000

Certain non-cash items (3)

$20,842

+/-$37,500

$34,500-$37,500

G&A expense, net (4)

$47,563

$88,000-$91,000

$88,000-$91,000

Interest expense, net

$82,905

+/-$168,000

+/-$168,000

Recurring third party fees & commissions

$12,663

+/-$25,000

+/-$25,000

Development and Redevelopment spend

$84,768

+/-$130,000

+/-$130,000

Acquisitions

$0

$0

$0

Cap rate (weighted average)

0.0%

0%

0%

Dispositions

$0

+/-$65,000

+/-$65,000

Cap rate (weighted average)

0.0%

+/- 7.0%

+/- 7.0%

Unit issuance (gross)

$20,000

$20,000

$20,000

Share repurchase settlement (gross)

$20,000

$20,000

$20,000

 

Reconcilliation of Net Income to Earnings Guidance (per diluted share)

 

Full Year
2023

 

 

Low

 

 

High

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

2.05

 

 

 

2.09

 

 

 

 

 

 

 

Adjustments to reconcile net income to Nareit FFO:

 

 

 

 

 

 

Depreciation and amortization

 

 

2.05

 

 

 

2.05

 

Exchangeable operating partnership units

 

 

0.01

 

 

 

0.01

 

Nareit Funds From Operations

 

$

4.11

 

 

 

4.15

 

 

 

 

 

 

 

Adjustments to reconcile Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

Straight-line rent, net

 

 

(0.07

)

 

 

(0.07

)

Above/below market rent amortization, net

 

 

(0.15

)

 

 

(0.15

)

Debt premium/discount amortization

 

 

0.00

 

 

 

0.00

 

Core Operating Earnings

 

$

3.89

 

 

 

3.93

 

Note: The 2023 guidance ranges and assumptions above remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts for the pending Urstadt Biddle transaction. With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.

Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Supplemental Information 42

 

Glossary of Terms

June 30, 2023

Core Operating Earnings: An additional performance measure used by Regency because the computation of Nareit FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO to Core Operating Earnings.

Development Completion: A Property in Development is deemed complete upon the earlier of (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations. Once deemed complete, the property is termed a Retail Operating Property.

Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders.

Nareit Funds From Operations (Nareit FFO): Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO.

Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

Non-Same Property: During either calendar year period being compared, a property acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. Please refer to the footnote on Property Summary Report for Non-Same Property detail.

Operating EBITDAre: Nareit EBITDAre is a measure of REIT performance, which the Nareit defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from Nareit EBITDAre certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income to Nareit EBITDAre to Operating EBITDAre.

Property In Development: Properties in various stages of ground-up development.

Property In Redevelopment: Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.

Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses.

Redevelopment Completion: A Property in Redevelopment is deemed complete upon the earlier of (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated.

Supplemental Information 43

EX-99.3

Exhibit 99.3

 

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SECOND QUARTER 2023 Fixed Income Supplemental Westlake Plaza and Center Los Angeles, CA Brick Walk New York, NY Village at Tustin Legacy Tustin, CA Market at Springwoods Village Houston, TX Aventura Shopping Center Miami, FL Mellody Farm Chicago, IL Regency Centers

 

 

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Highlights Second Quarter 2023  Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter  Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share  The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021  Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021  Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%  Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%  Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis  Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share  As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million  Issued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESG  Pro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023  On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock 2 Subsequent Highlights  On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share

 

 

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Credit Ratings & Select Ratios Credit Ratings Agency Credit Rating Outlook Last Review Date S&P BBB+ Stable 3/14/23 Moody's Baa1 Positive 9/16/22 i. For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission. ii. Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing. 3 Unsecured Public Debt Covenants Required 3/31/2023 12/31/2022 9/30/2022 6/30/2022 Fair Market Value Calculation Method Covenants(i)(ii) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 26% 26% 26% 26% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 3% 3% 3% 3% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.6x 5.7x 5.6x 5.7x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 407% 400% 400% 399%

 

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Capital Structure & Liquidity Profile Capital Structure (% of total capitalization) Debt Composition Pro-Rata Secured vs. Unsecured 4 $14.9 Billion Total Capitalization 23% <1% 77% Secured Fixed Rate Secured Variable Rate Unsecured Debt - Bonds Liquidity Profile ($ millions) Unsecured Credit Facility - Committed 1,250 Balance Outstanding - Undrawn Portion of Credit Facility 1,250 Cash, Cash Equivalents & marketable Securities 43 Total Liquidity 1,293 Equity Unsecured Debt - Bonds Unconsolidated Debt - Secured Consolidated Debt - Secured Credit Facilities Secured Unsecured 22% 3% 72% <1% 23% 77%

 

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A Well-Laddered Maturity Schedule Pro Rata Debt Maturity Profile as of June 30, 2023 Regency aims to have < 15% of total debt maturing in any given year Wtd Avg Interest Rate: 3.7% Wtd Avg Yrs to Maturity: 8.0 Years Total Pro Rata Debt: $4.2B 5 $31 2023 $359 2025 $338 2025 $409 2026 $676 2027 $391 2028 $446 2029 $672 2030 $139 2031 $52 2032 $2 2033 - 2046 $425 2047 $300 2049 unsecured debt - bonds consolidated debt secured unconsolidated debt secured

 

 

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Follow us Second Quarter 2023 Earnings Conference Call Friday, August 4th, 2023 Time: 11:00 AM ET Dial#: 877-407-0789 or 201 689-8562 Webcast: investors.regencycenters.com Contact Information: Christy McElroy Senior Vice President, Capital Markets 904-598-7616 ChristyMcElroy@RegencyCenters.com Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, such as our 2023 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments, or otherwise, except as to the extent required by law. These risks and events include, without limitation: Risk Factors Relating to the Current Economic Environment Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations. Risks Related to Pandemics or other Health Crises Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Based Shopping Centers Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results from operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety and regulations may have a material negative effect on us. Risk Factors Related to Real Estate Investments Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate. Risk Factors Related to the Environment Affecting Our Properties Climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial, or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders. Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at current or historical rates. Risk Factors Related to the Company’s Qualification as a REIT If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Risk Factors Related to the Company’s Common Stock Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future. Risk Factors Related to our Pending Merger with Urstadt Biddle Properties, Inc. Please refer to disclosures in our 424(b)(3) prospectus, filed, with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition. Non-GAAP disclosure We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non- GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company. Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO. Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.