SECURITIES AND EXCHANGE COMMISSION
UNITED STATES
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 31, 1996
REGENCY REALTY CORPORATION
(Exact name of registrant as specified in its charter)
Florida 1-12298 59-3191743
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
121 West Forsyth Street, Suite 200
Jacksonville, Florida 32202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (904)-356-7000
Not Applicable
(Former name or former address, if changed since last report)
REGENCY REALTY CORPORATION
__________________________
Supplemental Financial Information
December 31, 1996
TABLE OF CONTENTS
1. Summary of Operations...............................................1
2. Income Statements...................................................2
3. Funds from Operations and Cash Available for Distribution...........3
4. Balance Sheets......................................................4
5. Security Capital U.S. Realty Strategic Alliance Summary.............5
6. $50 Million Private Placement Summary...............................6
7. Partnership Units Summary...........................................7
8. Unconsolidated Real Estate Investments..............................8
9. Debt Summary........................................................9
10. Real Estate Status Report.......................................10-13
11. Summary of Significant Tenants.....................................14
12. Analysis of Lease Costs............................................15
13. Lease Expiration Table.............................................16
14. 1996 Shopping Center Acquisitions and Developments..............17-18
15. Press Release...................................................19-20
INVESTOR RELATIONS
Brenda Paradise
121 W. Forsyth Street, Suite 200
Jacksonville, FL 32202
(904) 356-7000
Regency Realty Corporation
Income Statements
For the Periods Ended December 31, 1996 and 1995
Three Months Ended Year to Date
1996 1995 1996 1995
Actual Actual Actual Actual
Operations and Capitalization:
Funds from Operations (see page 3 for detail) ......... 5,677,366 3,302,884 20,770,430 12,300,736
FFO per share ......................................... $0.52 $0.48 $2.01 $1.86
FFO per share Growth .................................. 9.0% -- 8.3% --
Cash available for Distribution (see page 3 for detail) 5,024,371 2,799,307 19,239,186 11,312,673
CAD per share (a) ..................................... $0.46 $0.40 $1.86 $1.71
EBITDA ................................................ 7,764,229 5,536,308 29,500,064 20,861,170
Net Income for common stockholders .................... 1,709,400 1,126,451 9,907,145 4,993,799
Net Income per share (a) .............................. $0.16 $0.16 $0.96 $0.75
Dividends declared per share .......................... $ 0.405 $0.395 $ 1.620 $1.580
Dividend payout ratio of FFO .......................... 78.1% 83.0% 80.7% 85.2%
Dividend payout ratio of CAD .......................... 88.2% 97.9% 87.1% 92.6%
Debt to Total Market Capitalization Analysis 12-31-96 12-31-95
Common shares and CSE's outstanding (a) ............ 13,619,221 9,704,191
Common equity value based on closing stock price ... $ 357,505 $ 167,397
Series A Preferred Stock equity value .............. 0 1,916
Outstanding debt ................................... 171,607 115,617
---------- --------
Total Market Capitalization ........................ $ 529,112 $ 284,931
Debt to Total Market Capitalization ................ 32.4% 40.6%
Three Months Ended Year to Date
1996 1995 1996 1995
Actual Actual Actual Actual
Real Estate Portfolio:
Company owned GLA (excluding current development) ..... 5,512,009 3,980,909
Portfolio Increase since prior year end ............... 38.5% na
Total GLA including anchor owned stores ............... 5,907,300 4,336,057
Percent leased (including preleased) .................. 95.4% 96.2%
Net Operating Income .................................. 8,811,718 6,337,681 31,505,641 23,112,461
NOI growth ............................................ 39.0% na 36.3% na
NOI - same properties (b) ............................. 5,788,938 5,777,514 23,792,223 23,115,167
NOI growth - same properties .......................... 0.2% na 2.9% na
Average base rent per square foot ..................... $ 8.73 $ 8.54
Company owned retail GLA (excl current development) ... 5,213,770 3,682,670
Portfolio Increase since prior year end ............... 41.6% na
Total retail GLA ...................................... 5,609,061 4,037,818
Percent leased (including preleased) .................. 95.4% 96.2%
Percent of total company owned GLA .................... 94.6% 92.5%
Retail Same Property NOI (b) .......................... 5,071,027 5,112,457 20,978,323 20,405,043
Retail NOI as a percent of total NOI .................. 87.6% 88.5% 88.2% 88.3%
Average base rent per square foot ..................... $ 8.40 $ 8.08
Company owned office GLA .............................. 298,239 298,239
Percent leased (including preleased) .................. 94.7% 95.8%
Office Same Property NOI .............................. 717,911 665,057 2,813,900 2,710,124
Average base rent per square foot ..................... $ 14.54 $ 14.14
a) includes the common shares (CSE's) that the Class B common stock will be
convertible into after three years from the issuance date (12/95), subject to
certain limitations. All per share amounts reflect the Class B common and OP
Units as if they have been converted into common stock (i.e per share amounts
are fully diluted). (b) 1996 same property NOI excludes properties acquired
after 6/30/95, and 1995 includes properties acquired before 6/30/95 as if they
had occured on 1/1/95. New developments, and additions or expansions to existing
properties are included in same property NOI and reflect pro forma rent from the
anchors as if they occupied on 1/1/95.
Regency Realty Corporation
Income Statements
For the Periods Ended December 31, 1996 and 1995
Three Months Ended Year to Date
1996 1995 1996 1995
Actual Actual Actual Actual
Real Estate Operating Revenues:
Minimum rent 9,807,333 6,789,034 34,705,905 25,044,201
Percentage rent 399,196 193,728 997,981 672,986
Recoveries from tenants 2,293,527 1,833,113 7,729,404 5,840,043
Equity income of unconsolidated partnerships 31,858 (9,467) 69,990 1,956
------------- ----------- ------------- ------------
12,531,914 8,806,408 43,503,280 31,559,186
------------- ----------- ------------- ------------
Real Estate Operating Expenses:
Operating and maintenance 2,299,803 1,562,707 7,655,934 5,682,967
Real estate taxes 1,437,653 973,580 4,409,460 3,000,557
------------- ------------- ------------- ------------
3,737,456 2,536,287 12,065,394 8,683,524
------------- ------------- ------------- ------------
Net Property Revenues 8,794,458 6,270,121 31,437,886 22,875,662
Third Party Revenues:
Leasing, brokerage and development fees 774,182 516,395 2,851,945 1,639,103
Property management fees 158,177 128,412 592,342 786,630
------------ ------------ ----------- ------------
932,359 644,807 3,444,287 2,425,733
------------ ------------ ----------- ------------
Other Expenses (Income):
General and administrative 2,150,031 1,508,749 6,048,140 4,894,432
Depreciation & amortization 2,650,099 1,770,356 8,758,067 6,436,092
Interest expense 3,404,730 2,333,431 10,777,131 8,840,376
Interest (income) (187,443) (130,129) (666,031) (454,207)
-------------- ------------ ------------- -------------
8,017,417 5,482,407 24,917,307 19,716,693
-------------- ------------ ------------- -------------
Net Income 1,709,400 1,432,521 9,964,866 5,584,702
Preferred Stock Dividends 0 306,070 57,721 590,903
------------- ----------- ------------- -----------
Net income for common stockholders 1,709,400 1,126,451 9,907,145 4,993,799
============= =========== ============= ===========
Other Information:
NOI to gross rents - - 72% 73%
Tenant Recoveries to Property Expenses - - 64% 66%
G&A / property revenues (2) - - 6% 8%
EBITDA 7,764,229 5,536,308 29,500,064 20,861,170
Net operating income:
Net Property Revenues $ 8,794,458 6,270,121 31,437,886 22,875,662
Joint venture depreciation add back 10,228 6,420 39,627 29,019
Straight-lining of rents reversal 7,032 61,140 28,128 207,780
-------------- ------------ -------------- -----------
Net Operating Income - actual $ 8,811,718 6,337,681 31,505,641 23,112,461
============== ============ ============== ===========
NOI Growth 39.0% 36.3%
Net Operating Income - same property comparison 5,788,938 5,777,514 (1) 23,792,223 23,115,167
NOI Growth - same property 0.2% 2.9%
(1) 1996 same property NOI excludes properties acquired after 6/30/95, and 1995
includes properties acquired before 6/30/95 as if they had occured on 1/1/95.
New developments, and additions or expansions to existing properties are
included in same property NOI and reflect pro forma rent from the anchors as if
they occupied on 1/1/95.
(2) G&A is net of third party revenues
Regency Realty Corporation
Income Statements
For the Periods Ended December 31, 1996 and 1995
Three Months Ended Year to Date
1996 1995 1996 1995
Actual Actual Actual Actual
Funds From Operations:
Net Income for common stockholders 1,709,400 1,126,451 9,907,145 4,993,799
Depreciation expense - real property 2,408,897 1,525,749 7,761,764 5,610,875
Amortization of leasing commissions 82,586 90,917 287,306 221,874
Straight-line rent leveling 7,032 61,140 28,128 207,780
Board fees and 401K contributions paid in RRC stock 251,798 118,024 613,356 451,237
RRC Long-term Omnibus Plan stock compensation 1,217,653 380,603 2,172,731 815,171
------------- ------------- ------------ -----------
Funds from Operations 5,677,366 3,302,884 20,770,430 12,300,736
============= ============= ============= ============
FFO per share $0.52 $0.48 $2.01 $1.86
FFO per share growth 9.0% 8.3%
Note: The Company intends to adopt a more conservative method of
calculating funds from operations beginning in 1997. The new
calculation will no longer add back stock based compensation
which is disclosed above as board fees, 401K contributions, and
long-term omnibus plan stock compensation; however, a
significant portion of these amounts will continue to be paid
in stock. For purposes of determining cash available for
distribution, stock based compensation will be added back under
the new method.
Three Months Ended Year to Date
1996 1995 1996 1995
Actual Actual Actual Actual
Cash Available for Distribution:
Funds from Operations 5,677,366 3,302,884 20,770,430 12,300,736
Leasing Commissions 96,237 15,427 341,906 161,644
Tenant Improvements 159,749 80,647 341,605 260,983
Building Improvements 397,009 407,503 847,733 565,436
------------- ------------ ------------- ------------
Total capital expenditures 652,995 503,577 1,531,244 988,063
------------- ------------ ------------- ------------
Cash Available for Distribution 5,024,371 2,799,307 19,239,186 11,312,673
============= ============= ============ ============
Analysis of Capital Expenditures Incurred:
Leasing Commissions Capitalized 208,869 69,440 585,889 423,875
less: revenue enhancing amounts (112,632) (54,013) (243,983) (262,231)
Tenant Improvements (1) 368,203 255,335 1,194,921 793,688
less: revenue enhancing amounts (1) (208,454) (174,688) (853,316) (532,705)
Building Improvements 672,771 479,999 1,703,330 1,184,955
less: amts identified at acquisition and reserved (275,762) (72,496) (855,597) (619,519)
------------ ----------- ------------- --------------
Capital expenditures used for CAD 652,995 503,577 1,531,244 988,063
============ =========== ============== =============
(1) includes costs associated with redevelopment of Ocean Breeze for occupancy
by Martin Medical ($650K)
Regency Realty Corporation
Income Statements (continued)
For the Periods Ended December 31, 1996 and 1995
Three Months Ended Year to Date
1996 1995 1996 1995
Actual Actual Actual Actual
Common Share Data:
Common shares issued and outstanding 10,614,905 6,728,723 10,614,905 6,728,723
Common stock equivalents (CSE) (b) 2,975,468 - 2,975,468 -
Convertible OP Units 28,848 - 28,848 -
Common shares and CSE's 13,619,221 6,728,723 13,619,221 6,728,723
Wtd average common shares & CSE's 10,943,042 6,940,275 10,341,239 6,630,385
Debt Service Coverage Ratio (interest & preferred dividends):
Based on FFO 2.7 2.3 2.9 2.3
Based on CAD 2.5 2.1 2.8 2.2
Based on EBITDA 2.3 2.1 2.7 2.2
(b) Common stock equivalent - the common shares that the Class B common stock
will be convertible into subject to certain limitations three years from the
issuance date, 12-20-95.
Regency Realty Corporation
Balance Sheets
December 31, 1996 and December 31, 1995
Assets 1996 1995
- ------ ---- ----
Real estate rental property, at cost $ 390,672,625 278,731,167
Less: accumulated depreciation 26,213,225 18,631,310
---------------- ----------------
Real estate rental property, net 364,459,400 260,099,857
Construction in progress 1,695,062 0
Investments in unconsolidated real estate partnerships 1,035,107 315,389
---------------- ----------------
Total investments in real estate, net 367,189,569 260,415,246
Cash & cash equivalents 8,293,229 3,401,701
Accounts receivable 5,281,419 2,620,763
Deferred costs, net of amortization 3,961,439 3,598,011
Other assets 1,798,393 969,676
---------------- ----------------
$ 386,524,049 271,005,397
================ ================
Liabilities and Stockholders' Equity
- ------------------------------------
Securitized mortgage loan 51,000,000 51,000,000
Other mortgage loans 46,906,288 42,277,273
Acquisition and development line of credit 73,701,185 22,339,803
---------------- ----------------
Total Notes Payable 171,607,473 115,617,076
---------------- ----------------
Tenant security and escrow deposits 1,381,673 976,515
Accrued expenses 936,052 936,695
Accounts payable & other liabilities 5,364,588 6,468,537
---------------- ----------------
Total Liabilities 179,289,786 123,998,823
---------------- ----------------
Convertible Operating Partnership Units 508,486 0
Stockholders' Equity
- --------------------
Series A Preferred stock 0 1,916,268
Common stock, $.01 par 106,149 67,287
Class B Common stock, $.01 par 25,000 25,000
Additional paid-in capital 223,080,831 155,221,241
Distributions in excess of net income (13,981,770) (8,073,188)
Stock loans (2,504,433) (2,150,034)
---------------- ----------------
Total Stockholders Equity 206,725,777 147,006,574
---------------- ----------------
$ 386,524,049 271,005,397
================ ================
Market Data
Closing common stock price per share $26.250 $17.250
Stock Price High for the Year $26.250 $18.375
Stock Price Low for the Year $15.875 $15.250
Share Volume for the Year 6,429,500 2,376,300
Common Shares Outstanding (excludes CSE's) 10,614,905 6,728,723
Common share equivalents of Class B common (CSE) 2,975,468 2,975,468
Partnership units held by minority interests 28,848 0
Common Stockholders' Value 357,504,551 167,397,295
Series A Preferred Stockholder's Value $0 $1,916,268
Total Market Capitalization (TMC) 529,112,024 284,930,639
Debt to Total Market Capitalization 32.4% 40.6%
REGENCY REALTY CORPORATION
$132 MILLION STRATEGIC ALLIANCE WITH
SECURITY CAPITAL U.S. REALTY ("US Realty")
- -------------------------------------------------------------------------------
The following summarizes the strategic alliance between the Company and US
Realty and is not a complete description of the terms of the various agreements.
Investment: The Company will sell an aggregate of 7,499,400 shares of Common
Stock to US Realty at a price of $17.625 per share for an aggregate purchase
price of up to $132,176,925. During 1996, the Company sold 3,651,800 shares to
US Realty for a total purchase price of $64,362,975. Not later than June 1, 1997
("Subsequent Closing"), the Company may sell up to 3,847,600 shares for a total
of $67,813,950. US Realty will have the right, exercisable on a one-time basis
in June 1997, to purchase from the Company additional shares of Common Stock to
the extent that the shares to be acquired at the Subsequent Closing has not yet
been purchased. At the completion of the sale of the 7,499,400 shares, US Realty
will own approximately 43.2% of the outstanding Common Stock of the Company on a
fully diluted basis.
Other Provisions: Other provisions related to the transaction are contained in
the Stock Purchase Agreement, and the exhibits thereto that have been filed with
the Security and Exchange Commission.
REGENCY REALTY CORPORATION
$50 MILLION PRIVATE PLACEMENT
- ------------------------------------------------------------------------
Security Issued:
2,500,000 shares of Class B Common Stock at $20 per share.
Issuance Date:
December 20, 1995
Dividend Rights:
Dividends are payable when and if declared by the Board of Directors pari passu
with any dividend on the common stock of the corporation. Dividends are
calculated on a calendar quarterly basis from the issuance date. Dividends do
not accrue in arrears.
Voting Rights:
None except those issues specifically involving Class B holders.
Liquidation Preference:
None. Pari passu with the holders of record of common stock.
Conversion Rights:
Convertible into 2,975,468 shares of common stock. Holder shall have the right
to begin converting on the third anniversary of the issuance date subject to
certain limitations. Holder is limited to owning no more than 4.9% of the
Company's outstanding common stock, or acquiring from conversion more than
495,911 shares (1/6 of the total) during any consecutive three month period.
Such limitations may be exceeded if the holder exercises piggyback registration
rights in connection with a public offering, or the holder arranges a sale in
compliance with securities law which will not be effected on a securities
exchange, quotation system, or over-the-counter market.
Financial Reporting:
The Class B Common Stock is considered to be a common stock equivalent, and
therefore all reported per share amounts in the Company's financial statements
reflect the Class B Common Shares as if they had been converted to common stock.
REGENCY REALTY CORPORATION
OPERATING PARTNERSHIP UNITS
===============================================================================
Security Issued:
28,848 Partnership Operating Units or $525,000 RRC Operating Partnership of
Georgia, L.P.
Purpose:
The OP Units were issued for the sole purpose of acquiring Parkway Station, a
Kroger anchored shopping center located in Warner Robins, Georgia.
Issuance Date:
February 28, 1996 and July 1, 1996
Preferred Return:
None. Distribution per OP Unit is equal to the cash dividend per common shares
declared by Regency on the same date as holders of record of common stock.
Conversion Rights:
Each OP Unit is convertible into 1 share of common stock after the first
anniversary of the issuance date.
Regency Realty Corporation
Unconsolidated Real Estate Investments
December 31, 1996
RRC
Total Principal Total Total Ownership RRC Investment Balance
Property Name Location GLA Tenants Assets Debt (1) Interest 12-31-96 12-31-95
- ------------- -------- --- ------- ------ -------- -------- -------- --------
Village Commons Tallahassee, FL 233,580 Wal-Mart $8,394,299 $5,165,078 10.00% $314,433 $315,389
Stein Mart
Ocean East (2) Stuart, FL 113,363 Stuart Fine 4,751,967 1,658,385 25.00% 720,674 0
Foods
Walgreen's (3)
---------- ------------- ------------- ----------- -----------
346,943 $13,146,266 $6,823,463 $1,035,107 $315,389
========== ============= ============= =========== ===========
(1)See summary of outstanding debt for specific information regarding debt terms
(2) Property acquired in 1996 and in process of redevelopment - see Acquisitions
and Development Summary
(3) Walgreen's to be replaced by Martin Memorial as part of the redevelopment
plan
Regency Realty Corporation
Summary of Outstanding Debt
Lender Rate Maturity 12-31-96 12-31-95
Fixed Rate Loans:
Metropolitan Life - Parkway Station 8.28% 08-01-97 3,801,821 -
American United Life - Berkshire Commons 9.80% 02-01-99 8,000,421 8,097,910
Securitized Loan - Banker's Trust 6.72% 11-05-00 51,000,000 51,000,000
Wachovia Bank of Georgia - Newberry Square 7.60% 06-28-01 6,801,694 6,935,861
Wachovia Bank of Georgia - Carriage Gate 7.60% 06-28-01 2,429,176 2,477,093
Fortis Benefits Insurance - Aventura 9.50% 03-01-02 8,823,403 8,931,412
Wachovia Bank of Georgia - The Marketplace 7.60% 04-01-02 2,331,091 2,371,571
Wachovia Bank of Georgia - Peachland Promenade 7.60% 06-01-02 4,370,784 4,453,789
Wachovia Bank of Georgia - Russell Ridge 8.01% 08-17-02 6,532,665 6,651,967
-------------- --------------
94,091,055 90,919,603
-------------- --------------
Variable Rate Loans:
Wells Fargo (1) Libor + 1.625% 05-23-00 73,701,185 0
First Union National Bank of Florida - Line of Credit Libor + 2.00% 12-14-96 0 11,169,902
Barnett Bank of Florida - Line of Credit Libor + 2.00% 12-14-96 0 11,169,901
Sun Bank of North Florida - Paragon Building 5yr T + 2.00% 03-01-97 2,296,902 2,357,670
Wachovia Bank - Construction loans Prime + 1/4 03-28-98 1,518,331 0
-------------- --------------
77,516,418 24,697,473
-------------- --------------
171,607,473 115,617,076
============== ==============
Percentage of Total Debt:
Fixed 54.83% 78.64%
Variable 45.17% 21.36%
Weighted Average Interest Rate:
Fixed 7.58% 7.52%
Variable 7.47% 8.07%
------------- -------------
Total 7.54% 7.66%
============= =============
Scheduled Term
Schedule of Maturities by Year: Amortization Maturities Total
1996 771,949 0 771,949
1997 680,468 5,943,437 6,623,905
1998 735,332 19,943,627 20,678,959
1999 669,432 44,527,538 45,196,969
2000 726,556 69,425,296 70,151,852
2001 647,109 8,040,603 8,687,712
2002 221,641 19,274,484 19,496,126
------------- ------------- ---------------
4,452,488 167,154,985 171,607,473
============= ============= ===============
RRC RRC's Share
Unconsolidated Partnership Loans: Ownership Rate Maturity 12-31-96 12-31-95
Wachovia Bank of Georgia - Village Commons 10% 7.99% 10-09-01 516,508 514,449
Wachovia Bank of Georgia - Ocean East 25% Libor + 1.85% 11-25-03 414,596 -
- ------------------------------
(1) The Company closed on a $75 million unsecured revolving line of credit and
paid off the previous lines carried with First Union and Barnett Bank. The new
revolving line is interest only for two years, and if then terminated, becomes a
2 year term loan maturing in May, 2000 with principal due in seven equal
quarterly installments. However, the borrower may request a one year extension
of the interest only revolving period annually, in May of each year beginning in
May 1997. In September, 1996, the Company increased the facility to a $90
million commitment.
Regency Realty
Real Estate Status Report
Dec-96
Land Total Operating Owned GLA Percent Leased
Property Name Year Area Operating GLA Operating GLA
State City Acquired (acres) 12-31-95 CY Acq Current 12-31-95 Current
Bonner's Point AL Roanoke 1993 11.9 87,280 0 87,280 100.0% 100.0%
Country Club AL Montgomery 1993 5.5 67,622 0 67,622 100.0% 100.0%
The Marketplace AL Alexander City 1993 13.0 162,723 0 162,723 100.0% 100.0%
Village In Trussville AL Birmingham 1993 8.0 69,300 0 69,300 97.8% 97.8%
West County Marketplace AL Birmingham 1993 14.0 129,155 0 129,155 100.0% 100.0%
Anastasia Shopping Plaza FL St. Augustine 1993 11.4 102,342 0 102,342 94.4% 95.5%
Aventura FL Miami 1994 8.6 102,876 0 102,876 94.6% 81.1%
Berkshire Commons FL Naples 1994 12.5 106,434 0 106,434 99.0% 98.8%
Bolton Plaza FL Jacksonville 1994 15.1 172,938 0 172,938 99.3% 98.4%
Carriage Gate FL Tallahassee 1994 8.7 76,833 0 76,833 93.2% 93.2%
Chasewood Plaza FL Jupiter 1992 14.4 141,034 0 141,034 92.3% 95.0%
Chasewood Storage FL Jupiter 1992 2.9 42,810 0 42,810 99.9% 99.9%
Courtyard FL Jacksonville 1987 17.0 67,794 0 67,794 93.6% 95.5%
Market Place - St. Petersburg FL St. Petersburg 1995 9.3 90,296 0 90,296 100.0% 98.1%
Martin Downs Shoppes FL Stuart 1992 6.4 48,932 0 48,932 70.4% 67.4%
Martin Downs Town Center FL Stuart 1996 7.6 - 64,546 64,546 0.0% 100.0%
Martin Downs Village Center FL Stuart 1992 20.1 121,998 0 121,998 94.0% 93.4%
Millhopper FL Gainesville 1993 11.0 84,444 0 84,444 100.0% 99.4%
Newberry Square FL Gainesville 1994 16.0 181,006 0 181,006 97.9% 98.0%
North Miami Shopping Center FL Miami 1993 4.0 42,500 0 42,500 100.0% 100.0%
Ocean Breeze FL Stuart 1992 11.7 111,551 0 111,551 93.2% 94.6%
Ocean East Mall FL Stuart 1996 11.3 - 104,772 104,772 0.0% 93.3%
Old St. Augustine Plaza FL Jacksonville 1996 23.9 - 170,220 170,220 0.0% 97.5%
Palm Harbor FL Palm Coast 1996 24.0 - 168,448 168,448 0.0% 99.6%
Peachland Promenade FL Port Charlotte 1995 14.5 82,082 0 82,082 100.0% 96.9%
Regency Square at Brandon FL Tampa 1986 52.6 341,751 0 341,751 98.9% 93.8%
Seven Springs FL Tampa 1994 19.5 162,580 0 162,580 96.1% 97.0%
Tequesta Shoppes FL Tequesta 1996 12.5 - 109,766 109,766 0.0% 97.0%
Terrace Walk FL Tampa 1990 4.4 50,926 0 50,926 99.0% 88.0%
University Collections FL Tampa 1996 11.3 - 106,627 106,627 0.0% 97.6%
University Market Place FL Ft. Lauderdale 1990 13.0 124,101 0 124,101 91.3% 93.1%
Village Center FL Tampa 1995 17.0 181,096 0 181,096 100.0% 97.4%
Village Commons FL Tallahassee 1988 23.8 105,827 0 105,827 71.4% 91.3%
Welleby FL Ft. Lauderdale 1996 12.0 - 109,949 109,949 0.0% 92.3%
Wellington Market Place FL W. Palm Beach 1995 18.7 178,555 0 178,555 97.6% 94.4%
Wellington Town Square FL W. Palm Beach 1996 11.3 - 105,150 105,150 0.0% 94.4%
Fairway Executive Center FLO Ft. Lauderdale 1985 2.0 33,135 0 33,135 97.9% 83.8%
Paragon Cable Building FLO Tampa 1993 3.2 40,298 0 40,298 100.0% 100.0%
Quadrant Phase I FLO Jacksonville 1984 8.2 93,827 0 93,827 95.7% 95.0%
Quadrant Phase II FLO Jacksonville 1985 9.6 94,675 0 94,675 100.0% 97.9%
Westland One FLO Jacksonville 1988 3.6 36,304 0 36,304 78.6% 89.9%
Cambridge Square GA Atlanta 1996 9.5 - 68,725 68,725 0.0% 91.4%
LaGrange Marketplace GA LaGrange 1993 8.2 76,327 0 76,327 100.0% 93.7%
Orchard Square GA Atlanta 1995 14.8 85,940 0 85,940 87.4% 91.2%
Parkway Station GA Warner Robins 1996 10.5 - 94,290 94,290 0.0% 94.3%
Russell Ridge GA Atlanta 1994 16.5 98,556 0 98,556 100.0% 100.0%
Sandy Plains Village GA Atlanta 1996 19.0 - 168,513 168,513 0.0% 80.6%
Columbia Marketplace MS Columbia 1993 21.7 136,002 0 136,002 97.5% 100.0%
Lucedale Marketplace MS Lucedale 1993 6.1 49,059 0 49,059 100.0% 100.0%
City View NC Charlotte 1996 14.5 - 77550 77,550 0.0% 98.5%
Union Square NC Monroe 1996 18.8 - 97,191 97,191 0.0% 98.8%
Woodcroft NC Durham 1996 11.8 - 85,353 85,353 0.0% 98.6%
Regency Realty
Real Estate Status Report
December 1996
Land Total Company Owned GLA Percent Leased
Property Name # of Year Area Operating GLA Operating GLA
State Properties Acquired (acres) 12-31-95 CY Acq Current 12-31-95 Current
Totals by Property Type:
Retail Shopping Centers - 46 - 650.3 3,682,670 1,531,100 5,213,770 96.2% 95.4%
Retail % to total 93% 100% 95%
Suburban Office Buildings - 4 - 26.5 298,239 0 298,239 95.8% 94.7%
Office % to total 7% 0% 5%
Total - 50 - 676.7 3,980,909 1,531,100 5,512,009 96.2% 95.4%
Grocery Centers Only - 40 - 2,842,653 1,531,100 4,373,753 97.1% 95.9%
Grocery % to Retail 77% 100% 84%
Totals by State:
Florida Retail FL 30 - 446.4 2,720,706 939,478 3,660,184 95.5% 95.1%
FL % to total 68% 61% 66%
Georgia Retail GA 6 - 78.6 260,823 331,528 592,351 95.9% 90.5%
GA % to total 7% 22% 11%
North Carolina Retail NC 3 - 45.0 0 260,094 260,094 0% 98.6%
NC % to total 0% 17% 5%
Alabama Retail AL 5 - 52.5 516,080 0 516,080 99.7% 99.7%
AL % to total 13% 0% 9%
Mississippi Retail MS 2 - 27.9 185,061 0 185,061 98.2% 100.0%
MS % to total 5% 0 3%
Florida Suburban Office FLO 4 - 26.5 298,239 0 298,239 95.8% 94.7%
FL % to total 7% 0% 5%
1995 Same Property:
All Retail Properties - 32 - 452.5 3,682,670 0 3,682,670 96.2% 95.7%
Regency Realty
Real Estate Status Report
Dec-96
Grocery Tenant Tenant Average Base Rent
Property Name Anchor Grocery Owned Owned PSF/All Tenants
State GLA Anchor All Other Principal Tenants GLA (a) Name 12-31-95 Current
Bonner's Point AL 34,700 Winn-Dixie Wal-Mart 0 $5.02 $5.02
Country Club AL 35,922 Winn-Dixie Harco Drugs 0 $8.52 $8.57
The Marketplace AL 47,668 Winn-Dixie Wal-Mart (c), Beall's, Cato 0 $5.64 $5.68
Village In Trussville AL 38,380 Bruno's Big B Drugs, Movie Gallery 0 $7.22 $7.30
West County Marketplace AL 42,848 Food World (a) Wal-Mart, Eckerd Drugs 42,848 Food World $5.94 $6.01
Anastasia Shopping Plaza FL 48,555 Publix 0 $6.89 $7.06
Aventura FL 35,908 Publix Eckerd Drugs, Safra Bank, Chase Federal 0 $11.86 $10.71
Berkshire Commons FL 65,537 Publix Walgreen's 0 $10.38 $10.40
Bolton Plaza FL 0 Wal-Mart, Blockbuster, Cato 0 $6.38 $6.41
Carriage Gate FL 0 TJX, Discovery Zone 0 $7.01 $7.09
Chasewood Plaza FL 39,795 Publix Walgreen's, Barnett Bank, Ben Franklin 0 $10.56 $10.35
Chasewood Storage FL 0 Mini storage 0 $5.63 $6.11
Courtyard FL 66,446 Albertsons (a) Luria's 66,446 Albertsons $7.70 $7.95
Market Place - St. Pete. FL 36,464 Publix Eckerd Drugs 0 $8.32 $8.28
Martin Downs Shoppes FL 0 1st Bank of Indiantown 0 $9.60 $9.31
Martin Downs Town Center FL 56,146 Publix 0 NA $10.65
Martin Downs Village FL 39,795 Publix Walgreen's, Barnett Bank 0 $9.25 $9.37
Millhopper FL 37,244 Publix Eckerd Drugs, Clothworld 0 $4.41 $4.54
Newberry Square FL 39,795 Publix Kmart, Jo-Ann Fabrics, Cato, Dockside 0 $6.80 $6.85
North Miami SC FL 32,000 Publix Eckerd Drugs 0 $6.17 $6.17
Ocean Breeze FL 36,464 Publix Walgreen's, Barnett Bank, Coastal Care 0 $7.68 $7.83
Ocean East Mall FL 38,100 Stuart Foods Walgreen's 0 NA $7.99
Old St. Augustine Plaza FL 42,112 Publix Eckerd Drugs, Waccamaw 0 NA $6.79
Palm Harbor FL 45,254 Publix Eckerd, Bealls, Blockbuster 0 NA $8.69
Peachland Promenade FL 48,890 Publix Ace Hardware 0 $8.80 $8.89
Regency Square-Brandon FL 0 Mrshlls, JoAnn, AMC, Stpls, 0 $9.23 $9.60
Mchls, TJX, Luria, S&K
Seven Springs FL 35,000 Winn-Dixie Kmart 0 $6.90 $7.03
Tequesta Shoppes FL 39,795 Publix Walgreen's 0 NA $7.82
Terrace Walk FL 0 Luria's (c) 0 $9.18 $8.63
University Collections FL 40,143 Kash N Karry Eckerd Drug, Jo Ann, Dockside, 40,143 Kash N NA $13.10
Fuddruckers, Chilis
University Market Place FL 63,139 Albertsons (a) Petsmart, Linens Supermarket, 63,139 Albertsons $10.55 $10.45
Squiggles & Giggles
Village Center FL 36,434 Publix Walgreens, Stein Mart, Cato, Dockside 0 $8.64 $8.89
Village Commons FL 0 Wal-Mart (a) , Steinmart, Shoe Station, 127,753 Wal-Mart $11.13 $10.53
Ben Franklin
Welleby FL 46,779 Publix Walgreens 0 NA $8.57
Wellington Market Place FL 46,475 Winn-Dixie Walgreens, United Artists 0 $11.74 $11.88
Wellington Town Square FL 36,464 Publix Eckerd Drug 0 NA $10.68
Fairway Executive Center FLO 0 Tarmac of Florida (b) 0 $13.72 $14.97
Paragon Cable Building FLO 0 Paragon Cable (b) 0 $7.44 $7.81
Quadrant Phase I FLO 0 RS&H, AT&T, Caterpillar (b) 0 $17.47 $17.87
Quadrant Phase II FLO 0 TSS, GTE, Xerox, AmSouth (b) 0 $15.74 $16.24
Westland One FLO 0 Logistics Services (b) 0 $8.33 $8.53
Cambridge Square GA 32,000 Winn-Dixie Big B Drugs 0 NA $7.85
LaGrange Marketplace GA 46,733 Winn-Dixie Eckerd Drugs 0 $6.69 $6.63
Orchard Square GA 36,990 A&P Big B Drugs 0 $7.53 $8.02
Parkway Station GA 42,130 Kroger 0 NA $7.68
Russell Ridge GA 63,296 Kroger Blockbuster 0 $10.37 $10.43
Sandy Plains Village GA 60,009 Kroger Revco, Blockbuster, Ace Hardware 0 NA $11.44
Columbia Marketplace MS 41,895 Winn-Dixie Wal-Mart, Cato 0 $4.59 $4.69
Lucedale Marketplace MS 35,059 Delchamps Wal-Mart (a) 54,962 Wal-Mart $6.66 $6.81
City View NC 44,000 Winn-Dixie Revco, Public Library 0 NA $8.37
Union Square NC 33,000 Harris Teeter Revco, Consolidated Theatres, Blockbuster 0 NA $8.87
Woodcroft NC 26,752 Food Lion Kerr Drugs 0 NA $9.26
Regency Realty
Real Estate Status Report
Dec-96
Grocery Tenant Tenant Average Base Rent PSF
Property Name Anchor Grocery Owned Owned All Tenants
State GLA Anchor All Other Principal GLA (a) Name 12-31-95 Current
Tenants
Totals by Property Type:
Retail Shopping Centers - - - See detail of tenant 395,291 - $8.08 $8.40
names by property
Retail % to total
Suburban Office Buildings - - - " 0 - $14.14 $14.54
Office % to total
Total - - - " 395,291 - $8.54 $8.73
Grocery Centers Only - 1,714,116 40 " 267,538 - $7.99 $8.38
Grocery % to Retail 1 -
Totals by State:
Florida Retail FL 1,052,734 24 " 297,481 - $8.63 $8.76
FL % to total 61%
Georgia Retail GA 281,158 6 " 0 - $8.39 $9.07
GA % to total 16%
North Carolina Retail NC 103,752 3 " 0 - $0.00 $8.85
NC % to total 6%
Alabama Retail AL 199,518 5 " 42,848 - $6.20 $6.25
AL % to total 12%
Mississippi Retail MS 76,954 2 " 54,962 - $5.15 $5.25
MS % to total 4%
Florida Suburban Office FLO - - " - - $14.14 $14.54
FL % to total
1995 Same Property:
All Retail Properties - 1,131,432 21 " 355,148 - $8.08 $8.13
Regency Realty Corporation
Summary of Principal Tenant Rents > 1% of Annualized Total Rent
December 31, 1996
% to Company # of
Tenant SF Base Rent Total Rent Total Rent Stores
------ -- --------- ---------- ---------- ------
Publix 763,431 4,294,946 5,654,617 10.69% 18
Winn Dixie 364,393 2,116,799 2,432,073 4.60% 9
Wal-Mart 393,487 1,588,180 1,765,280 3.34% 5
Kroger 165,435 1,360,421 1,566,150 2.96% 3
Walgreens 116,640 1,013,270 1,469,878 2.78% 9
AMC Theater 72,616 838,032 1,003,651 1.90% 1
K-Mart 168,306 948,153 987,130 1.87% 2
Eckerd 101,095 600,738 887,746 1.68% 10
Luria's 69,855 451,908 592,686 1.12% 3
Waccamaw 87,752 434,372 538,633 1.02% 1
Jo-Ann Fabrics 52,230 457,016 527,396 1.00% 4
Regency Realty Corporation
Analysis of Lease Costs
December 31, 1996
- --------------------------------------------------------------------------------
Tenant Improvements Sq Ft (a) TI $ TI $ PSF
- --------------------------------------------------------------------------------
Revenue Enhancing Leases (b) 79,776 $853,316 $10.70
Non Revenue Enhancing Leases 346,226 $341,605 $0.99
----------------------------------------
426,002 $1,194,921 $2.80
========================================
- ----------------------------------------------------------------------------
Leasing Commissions Sq Ft (a) Comm $ Comm $ PSF
- ----------------------------------------------------------------------------
Revenue Enhancing Leases 97,144 $243,983 $2.51
Non Revenue Enhancing Leases 303,941 $341,906 $1.12
----------------------------------------
401,085 $585,889 $1.46
========================================
- ----------------------------------------------------------------------------
Total Costs Total Comm $ PSF
- ----------------------------------------------------------------------------
Revenue Enhancing Leases $1,097,299 $13.21
Non Revenue Enhancing Leases $683,511 $2.11
---------------------------
$1,780,810 $4.27
===========================
(a) Total includes SF for transactions closed in the previous year if
expenditures were made in the current year.
(b) Costs associated with center redevelopment of space to be occupied by
Coastal Care, a subsidiary of Martin County Medical Hospital at Ocean Breeze.
Regency Realty Corporation
Tenant Lease Expirations
The following table sets forth, for retail leases in place as of December 31,
1996, a schedule of the lease expirations for the retail shopping centers for
the next ten years, assuming that no tenants exercise renewal options:
Percent of Future
Total Minimum
Lease Company Rent Under Percent of
Expiration Expiring Square Expiring Total
Year GLA Footage Leases Rent (2)
---- --- ------- ------ --------
(1) 104,491 1.9% $1,143,716 2.5%
1997 400,588 7.3% 4,403,023 9.5%
1998 524,025 9.5% 4,930,303 10.6%
1999 403,446 7.3% 4,744,269 10.2%
2000 214,602 3.9% 2,598,493 5.6%
2001 306,335 5.6% 3,457,572 7.4%
2002 314,026 5.7% 2,303,083 5.0%
2003 216,386 3.9% 1,565,877 3.4%
2004 133,002 2.4% 1,242,960 2.7%
2005 174,354 3.2% 1,705,906 3.7%
2006 208,155 3.8% 1,562,226 3.4%
-------------------------------------------------------
10 Yr Total 2,999,410 54.4% 29,657,428 63.8%
--------------------------------------------------------
- -----------------
(1) leases currently under month to month lease or in process of renewal (2)
Total rent includes current minimum rent and future contractual rent steps for
all properties, but excludes additional rent such as percentage rent, common
area maintenance, real estate taxes, and insurance reimbursements.
The following table sets forth, for office leases in place as of December 31,
1996, a schedule of the lease expirations for the office complexes for all
office tenants, assuming that no tenants exercise renewal options:
Percent of Future
Total Minimum
Lease Company Rent Under Percent of
Expiration Expiring Square Expiring Total
Year NRA Footage Leases Rent (2)
---- --- ------- ------ --------
1997 36,957 0.7% 563,261 1.2%
1998 92,325 1.7% 1,504,915 3.2%
1999 38,780 0.7% 635,643 1.4%
2000 46,421 0.8% 736,469 1.6%
2001 28,539 0.5% 420,137 0.9%
2007 40,298 0.7% 512,591 1.1%
----------------------------------------------------------
Total 283,320 5.1% 4,373,016 9.4%
----------------------------------------------------------
Regency Realty Corporation
1996 Shopping Center Acquisitions and Developments
I. Acquisitions
Occupancy
Date Year at Completed NOI
Acquired Property Name City/State GLA Built Acquisition Cost Yield Anchor Tenants
-------- ------------- ---------- --- ----- ---------- ---- ----- -------------
02-28-96 Parkway Station (1) Warner Robins, GA 94,290 1983/1987 97.6% $5,400,000 10.74% Kroger
05-31-96 Welleby Plaza Sunrise, FL 109,949 1982 93.7% $7,146,000 10.52% Publix,
Walgreens
07-16-96 Union Square S.C. Monroe, N.C. 97,191 1989 94.7% $7,229,000 10.27% Harris Teeter,
Revco
07-16-96 City View S.C. Charlotte, N.C. 77,550 1993 98.5% $5,610,000 10.38% Winn Dixie,
Revco
08-01-96 Palm Harbour Palm Coast, FL 159,369 1978/1991 99.5% $12,967,000 10.16% Publix, Eckerd
Bealls
08-09-96 Sandy Plains Village Atlanta, GA 168,513 1979/1990 98.3% $13,302,000 10.15% Kroger,
Revco
Blockbuster
10-01-96 Tequesta Shoppes Tequesta, FL 109,766 1986 99.3% $8,225,000 9.66% Publix,
Walgreens
10-24-96 University Collections Tampa, FL 106,627 1984 95.6% $11,527,000 10.39% Kash N Karry,
Eckerd
Jo Ann Fabrics
Dockside,
Fudruckers
Chili's,
Kinko's
12-06-96 Old St. Augustine Plaza Jacksonville, FL 170,220 1990 97.5% $9,455,000 10.21% Publix,
Eckerd
Wacammaw
12-10-96 Wellington Town Square W. Palm Beach, FL 105,160 1982 94.4% $9,425,000 9.59% Publix,
Eckerd
12-20-96 Woodcroft S.C. Durham, NC 85,353 1984 98.6% $6,776,000 9.83% Food Lion,
Kerr Drug
12-27-96 Cambridge Square Atlanta, GA 68,725 1979 91.4% $3,806,000 10.24% Winn-Dixie,
Big B
12-27-96 Town Center at Martin Downs Stuart, FL 64,546 1996 100.0% $6,250,000 10.23% Publix
------------ -----
$107,118,000 10.16%
============= ======
Regency Realty Corporation
1996 Shopping Center Acquisitions and Developments
II. Development/Redevelopments
Estimated Estimated Estimated
Date GLA at Completion Current Completed Stabilized Anchor Tenants
Acquired Property Name City/State Completion Date Prelease Cost Yield At Completion
- -------- ------------- ---------- ---------- ---- -------- ---- ----- -------------
01-31-96 Ocean East Mall (1) (R) Stuart, FL 113,363 3rd Qtr 1997 58.23% $8,611,247 12.27% Stuart Fine
Foods,
Martin
Memorial
03-21-96 South Monroe (2) (N) Tallahassee, FL 80,440 3rd Qtr 1997 60.00% $6,592,000 11.00% Winn Dixie
Eckerds
$15,203,247
============
- --------------------------------------
(1) Regency acquired a 25% interest.
(2) Regency acquired a 100% interest.
(R) Redevelopment Project
(N) New Development Project
Regency Realty Corporation
Press Release
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE CONTACT: Bruce Johnson or
Brenda Paradise (904) 356-7000
- --------------------------------------------------------------------------------
REGENCY REALTY CORPORATION REPORTS
FUNDS FROM OPERATIONS OF $2.01 FOR THE YEAR ENDED DECEMBER 31, 1996 AND
INCREASES QUARTERLY DIVIDEND TO $.42
Jacksonville, FL, January 28, 1997 -- The Board of Directors of Regency
Realty Corporation (NYSE:REG), yesterday declared and increased its quarterly
cash dividend to $.42 per share, ($1.68 on an annualized basis) payable on
February 26, 1997, to shareholders of record on February 12, 1997. The 4th
quarter dividend pay out ratio of Funds From Operations ("FFO") is 78% vs. 83%
in the comparable prior year quarter.
The Company also announced its 1996 financial results. For the quarters
ended December 31, 1996 and 1995, FFO was $5,677,366 or $.52 cents per share vs.
$3,302,884 or $.48 cents per share, respectively. For the year ended December
31, 1996 and 1995, FFO was $20,770,430 or $2.01 per share vs. $12,300,736 or
$1.86 per share, respectively. Net income for common stockholders for the year
ended December 31, 1996 and 1995 was $9,907,145 or $.96 per share vs. $4,993,799
or $.75 cents per share, respectively.
The real estate portfolio containing 5.5 million SF of primarily grocery
anchored shopping centers was 95.4% leased at December 31, 1996. During 1996,
the Company acquired 13 grocery anchored shopping centers for approximately
$107.1 million representing 1.5 million SF.
Regency Realty Corporation is dedicated to being the leading investor,
operator, and developer of grocery anchored neighborhood shopping centers in
targeted infill markets in the Southeast. The Company headquartered in
Jacksonville, Florida, currently owns and manages approximately 5.5 million
square feet in 50 properties. Operating as a fully integrated real estate
company, Regency Realty Corporation is a qualified real estate investment trust
which is self administered and self managed.
Supplemental Financial Report
A copy of the Company's 1996 supplemental financial report for the
quarter ended December 31, 1996 is available to all interested parties upon
written request to Brenda Paradise, Investor Relations, Regency Realty
Corporation, 121 West Forsyth Street, Suite 200, Jacksonville, Florida, 32202.
Previously issued press releases are also available through PR Newswire's fax
service at 800-758-5804 ext. 738469 or on the Internet at
http://www.prnewswire.com.
Regency Realty Corporation
Summary Consolidated Statements of Operations
For the Periods Ended December 31, 1996 and 1995
(in thousands, except per share data - unaudited)
Three Months Ended Twelve Months Ended
1996 1995 1996 1995
Actual Actual Actual Actual
Real estate operation revenues $ 13,464 $ 9,451 $ 46,948 $ 33,985
Real estate operation expenses 8,538 5,815 26,872 20,014
Net interest expense 3,217 2,203 10,111 8,386
------ ------ ------ ------
Net income 1,709 1,433 9,965 5,585
Preferred stock dividends 0 306 58 591
------- -------- -------- ---------
Net income for common stockholders $ 1,709 $ 1,127 $ 9,907 $ 4,994
======== ======== ======== =========
Property net operating income 8,812 6,338 31,506 23,112
Funds from operations (FFO) 5,677 3,303 20,770 12,301
Weighted average shares outstanding 10,943 6,940 10,341 6,630
Net income per common share $0.16 $0.16 $.96 $0.75
FFO per share $0.52 $0.48 $2.01 $1.86
Summary Consolidated Balance Sheet
December 31, 1996 and 1995
(in thousands)
Assets: 1996 1995
- ------- ---- ----
Investments in real estate, at cost net of
accumulated depreciation $ 367,190 $ 260,415
Cash and cash equivalents 8,293 3,402
Accounts receivable, net 5,281 2,621
Deferred costs and other assets 5,760 4,567
---------- ----------
Total Assets $ 386,524 $ 271,005
========== ==========
Liabilities and Stockholders' Equity:
Mortgage loans and acquisition line of credit $ 171,607 $ 115,617
Other liabilities 7,133 8,382
-------- ----------
Total Liabilities 179,290 123,999
Convertible Partnership Units 508 -
Stockholders' Equity 206,726 147,006
----------- -----------
Total Liabilities and Stockholders' Equity $ 386,524 $ 271,005
=========== ==========
