________________________________________________________________________________
________________________________________________________________________________
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) May 6, 2003
-----------
REGENCY CENTERS CORPORATION
---------------------------
(Exact name of registrant as specified in its charter)
Florida 001-12298 59-3191743
(State or other jurisdiction Commission (IRS Employer
of incorporation) File Number) Identification No.)
121 West Forsyth Street, Suite 200 32202
Jacksonville, Florida -----
---------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (904) 598-7000
Not Applicable
(Former name or former address, if changed since last report)
________________________________________________________________________________
________________________________________________________________________________
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.1 Earnings release issued May 6, 2003, by
Regency Centers Corporation for the three
months ended March 31, 2003.
Exhibit 99.2 Supplemental Information.
Item 12. Disclosure of Results of Operations and Financial Condition
On May 6, 2003, Regency issued an earnings release for the three months ended
March 31, 2003, which is attached as Exhibit 99.1. The release reports Funds
From Operations (FFO) as a supplemental earnings measure. Regency considers FFO
to be an accurate benchmark to its peer group and the most meaningful
performance measurement for the company because it excludes various items in net
income that do not relate to or are not indicative of the operating performance
of the ownership, management and development of real estate. FFO is defined by
the National Association of Real Estate Investment Trusts generally as net
earnings (computed in accordance with GAAP), (1) excluding real estate
depreciation and amortization, gains and losses from sales of properties (except
those gains and losses sold by Regency's taxable REIT subsidiary), after
adjustment for unconsolidated partnerships and joint ventures and (2) excluding
items classified by GAAP as extraordinary or unusual, along with significant
non-recurring events. Regency also adjusts for the payment of preferred stock
dividends.
On May 6, 2003, Regency posted on its website at www.regencycenters.com the
supplemental information attached as Exhibit 99.2 relating to the three months
ended March 31, 2003.
2
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
REGENCY CENTERS CORPORATION
(registrant)
May 12, 2003 By: /s/ J. Christian Leavitt
--------------------------------------
J. Christian Leavitt, Senior Vice
President and Chief Accounting
Officer
3
EXHIBIT 99.1
Regency Centers Corporation
Press Release
- --------------------------------------------------------------------------------
www.RegencyCenters.com CONTACT: LISA PALMER
- ---------------------- (904) 598-7636
- --------------------------------------------------------------------------------
REGENCY CENTERS ANNOUNCES SOLID FIRST QUARTER RESULTS
Rent growth and same property NOI growth demonstrate healthy core portfolio
Jacksonville, Fla. (May 6, 2003) -- Regency Centers Corporation announced today
financial and operating results for the quarter ended March 31, 2003. Results
were in line with the Company's expectations and guidance.
"Great real estate and strong tenants are the keys to sustainable earnings
growth, especially in the current environment," said Martin E. Stein, Jr.,
Chairman and Chief Executive Officer. "Focusing on market-dominant anchors and
locations that benefit from high household income and dense, in-fill populations
has afforded Regency insulation in the current economic downturn. Our results
reflect the strength of our portfolio and the soundness of our strategy."
Net income for common stockholders from continuing operations for the quarter
was $18.6 million or $0.31 per diluted share, compared to $19.1 million or $0.31
per diluted share in the first quarter of last year. The year-over-year
comparison was negatively impacted by a $2.65 million expense associated with
the redemption of perpetual preferred units in the first quarter of this year.
After accounting for discontinued operations, net income for common stockholders
was $17.9 million or $0.30 per diluted share, compared to $24.5 million and
$0.42 per diluted share for the same period last year.
Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be the most meaningful performance measurement in
the ownership, management and development of real estate and an accurate
benchmark to its peer group. FFO was $40.3 million, or $0.65 on a diluted per
share basis, compared to $39.9 million and $0.65 per diluted share for the same
period last year. Bruce M. Johnson, Chief Financial Officer, noted, "We're
impressed with this quarter's results and the ability of the Company to maintain
FFO per share in spite of the dilutive effect of selling over $200 million in
non-strategic assets last year, as well as the $750,000 premium paid this
quarter to redeem $75 million of perpetual preferred units."
Portfolio Results
At March 31, 2003, Regency's investment in real estate before depreciation was
approximately $3.2 billion. At quarter end, the Company owned 261 shopping
centers and single tenant properties totaling over 29.5 million square feet
located in top markets across the nation. Occupancy of the operating portfolio
increased over the prior quarter to 94.9%. Same property NOI growth was 1.6% for
the quarter and rent growth remained solid at 9.7%. During the quarter Regency
completed 273 new and renewal lease transactions, including development
properties, for a total of over 1.1 million square feet.
Investment and Development Activity
During the first quarter Regency completed five shopping center developments and
re-developments and commenced two more. The two additions represent $12.4
million in estimated net development costs. As of March 31, 2003, the Company
had 31 properties under development for an estimated total net investment at
completion of $433 million. Demand for development space is strong, with 578,131
square feet leased during the quarter. The development portfolio is 79% leased
and committed and 52% funded. "We expect another year of growth from our sound
development pipeline. Our talented investment officers continue to secure
quality development opportunities that add value and strengthen our portfolio,"
added Mr. Stein.
Capital Markets Activity
On March 27th Regency redeemed $35 million of Series C 9.0% Preferred Units and
$40 million of Series E 8.75% Preferred Units. Both of these series were private
placements completed in 1999 and 2000, respectively, with a non-callable
provision for five years and were redeemed prior to the five years. Because the
series were redeemed early, Regency paid a 1% premium on the face value of the
redeemed units totaling $750,000 and recognized a $1.9 million charge to net
income for the original issuance costs. This redemption was financed from
Regency's senior unsecured credit facility.
Subsequent to the end of the quarter, the company replaced the capital by
issuing $75 million of depository shares representing Series 3 Cumulative
Preferred Stock. The depository shares are redeemable at par at Regency's
election on or after April 3, 2008, pay a 7.45% annual dividend and have a
liquidation value of $25 per share. The proceeds from this offering were used to
reduce outstanding indebtedness under the Company's senior unsecured credit
facility.
Dividend
On May 6, 2003, the Board of Directors declared common stock and preferred stock
dividends. The common stock dividend of $0.52 per share is payable on June 4,
2003 to shareholders of record on May 21, 2003. The 7.45% Series 3 Preferred
Stock dividend is payable on June 30, 2003 to shareholders of record on May 30,
2003.
Conference Call
In conjunction with Regency's first quarter results, you are invited to listen
to its conference call that will be broadcast live over the internet on
Wednesday, May 7, 2003 at 9:00 am EST at the Company's web site
www.RegencyCenters.com. If you are unable to participate during the live
webcast, the call will also be archived on the web site.
Additional Information
The Company has published forward-looking statements in its first quarter 2003
supplemental information package that may help investors estimate earnings for
2003. A copy of the Company's first quarter 2003 supplemental information will
be available from the Company's web site at www.RegencyCenters.com or by written
request to Diane Ortolano, Investor Relations, Regency Centers Corporation, 121
West Forsyth Street, Suite 200, Jacksonville, Florida, 32202. The supplemental
information package contains more detailed financial and property results
including financial statements, an outstanding debt summary, acquisition and
development activity, investments in joint ventures, information pertaining to
securities issued other than common stock, property details, a significant
tenant report and a lease expiration table in addition to earnings and valuation
guidance assumptions. The information provided in the supplemental package is
unaudited and there can be no assurance that the information will not vary from
the final information for the quarter ended March 31, 2003. Regency may, but
assumes no obligation to, update information in the supplemental package from
time to time.
Funds From Operations Reconciliation to Net Income
For the periods ended March 31, 2003 and 2002
(000's)
Three Months Ended and Year to Date
-----------------------------------
2003 2002
Actual Actual
Net income for common stockholders $17,924 $24,518
Add (Less):
Depreciation expense - real property 17,551 15,989
Amortization of leasing commissions 1,692 1,209
Loss (gain) on sale of operating properties 803 (3,158)
Preferred stock dividends 0 759
Preferred unit issuance costs 1,922 0
Minority interest of exchangeable partnership units 437 651
-------------------------------
Funds from Operations $40,328 $39,967
===============================
Weighted average shares for net income 62,098 59,790
Weighted average share for funds from operations 62,098 61,278
Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be the most meaningful performance measurement in
the ownership, management and development of real estate and an accurate
benchmark to its peer group. FFO is defined by the National Association of Real
Estate Investment Trusts generally as net earnings (computed in accordance with
GAAP), excluding real estate depreciation and amortization, gains and losses
from sales of properties (except those gains and losses sold by the Company's
taxable REIT subsidiary), after adjustment from unconsolidated partnerships and
joint ventures and excluding items classified by GAAP as extraordinary or
unusual, along with significant non-recurring events. Regency also adjusts for
the payment of preferred stock dividends.
Regency Centers Corporation (NYSE: REG)
Regency is the leading national owner, operator, and developer focused on
grocery-anchored, neighborhood retail centers. Regency's total assets before
depreciation exceed $3 billion. As of March 31, 2003, the Company owned 261
retail properties totaling 29.5 million square feet located in high growth
markets throughout the United States. Operating as a fully integrated real
estate company, Regency is a qualified real estate investment trust that is
self-administered and self-managed.
###
In addition to historical information, the information in this press release
contains forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and projections about
the industry and markets in which Regency operates, management's beliefs and
assumptions. Forward-looking statements are not guarantees of future performance
and involve certain known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, but are not limited to,
changes in national and local economic conditions, financial difficulties of
tenants, competitive market conditions including pricing of acquisitions and
sales of properties and out parcels, changes in expected leasing activity and
market rents, timing of acquisitions, development starts and sales of properties
and out parcels, weather, obtaining governmental approvals and meeting
development schedules.
During the quarter, Regency's corporate representatives may reiterate these
forward-looking statements during private meetings with investors, investment
analysts, the media and others. At the same time, Regency will keep this
information publicly available on its web site www.regencycenters.com. The
public can continue to rely on this information as still being Regency's current
expectations, unless Regency publishes a notice stating otherwise.
EXHIBIT 99.2
March 31, 2003
---------------------------------------
SUPPLEMENTAL
INFORMATION
RegencyCenters
INVESTOR RELATIONS
Diane Ortolano
121 W. Forsyth St., Suite 200
Jacksonville, FL 32202
(904) 598-7727
ABOUT REGENCY
- --------------------------------------------------------------------
Regency Centers Corporation is the leading national owner, operator, and
developer focused on grocery-anchored, neighborhood and community retail
centers. Regency's total assets before depreciation exceed $3 billion.
As of March 31, 2003, the Company owned 261 retail properties, including those
held in joint venture partnerships, totaling 29.6 million square feet and
located in high growth markets throughout the United States. Founded in 1963 and
operating as a fully integrated real estate company, Regency is a qualified real
estate investment trust that is self-administered and self-managed.
The quality of Regency's portfolio, anchored by preeminent supermarket chains
such as Kroger, Publix, Safeway and Albertson's, draws over 14,000 shopper
visits per week. In addition, 77% of the portfolio is leased to national and
regional retailers. This quality combination of tenants has enabled occupancy
rates to remain above 93% for the past seven years.
Regency's operating and development expertise continues to create value from the
operating portfolio and from new development opportunities. In 2002 Regency
successfully leased 84% of space in $505 million of developments in process.
2003 promises another year of growth with over $300 million projected for
investment.
Regency engages in a self-funding capital structure for its development program
by selling non-strategic operating assets and developments and selling an
interest in operating centers and completed developments to joint venture
partners then using these proceeds to fund our new investments and developments.
This program has afforded the Company an investment grade-rated balance sheet.
Regency's portfolio of market-dominant anchors and above average demographic
locations attract over 14,000 customer visits per week into each of our shopping
centers. We also have a proprietary database that helps build and nourish
relationships with premier side shop retailers to ensure a quality tenant mix.
Regency has centers located in the top markets in the country and has 19 offices
nation-wide. The Company is listed on the New York Stock Exchange and is traded
under the symbol REG. There is also a preferred class of shares that trade under
REG PrC.
Please visit our web site at www.RegencyCenters.com for more information.
SUPPLEMENTAL INFORMATION TABLE OF CONTENTS
March 31, 2003
- ----------------------------------------------------------------
QUARTER HIGHLIGHTS ...........................................................1
- ------------------
FINANCIAL INFORMATION:
- ---------------------
Summary Financial Information.................................................2
Consolidated Balance Sheet....................................................3
Consolidated Statement of Operations (FFO format).............................4
Funds from Operations.........................................................5
Consolidated Statement of Operations (GAAP format)............................6
Basic and Diluted Per Share Calculation (EPS and FFOPS).......................7
Outstanding Debt Summary....................................................8-9
Acquisitions, Dispositions and Sales .....................................10-12
Development Summary.......................................................13-14
Investments in Real Estate Partnerships......................................15
Unconsolidated Real Estate Partnerships Balance Sheet........................16
Unconsolidated Real Estate Partnerships Statements of Operations.............17
Securities Issued Other than Common Stock....................................18
REAL ESTATE INFORMATION:
- -----------------------
Summary Real Estate Information..............................................19
Real Estate Status Report.................................................20-26
Significant Tenant Rents.....................................................27
10 Year Lease Expiration Table...............................................28
FORWARD-LOOKING INFORMATION:
- ---------------------------
Earnings and Valuation Guidance..............................................29
FFO per Share Guidance Reconciliation........................................30
QUARTER HIGHLIGHTS
- --------------------------------------------------------------------
Operating Results
For the first quarter of 2003, same property NOI growth was
1.6%. Operating properties were 95% leased, with a renewal
percentage of 71% in the first quarter. As of March 31, 2003,
556,209 square feet of GLA was renewed or newly leased through
273 leasing transactions. Rent growth remained strong at 9.7%.
Financial Results
Net income for the quarter was $17.9 million, or $0.30 per
diluted share. Funds From Operations were $40.3 million, or
$0.65 per diluted share.
Development Activity
Regency began development of two new centers in the first
quarter: McMinnville Market Center in Oregon and Hermosa Beach
in California. For more information, please see page 13.
Acquisition Activity
During the quarter, Regency purchased Frankfort Crossing
Shopping Center in Frankfort, IL. The 107,734 square foot, Jewel
(Albertson's) anchored, shopping center is located approximately
40 miles southwest of Chicago. For more information, please see
page 10.
Disposition Activity
Regency sold three operating properties and one development
property in the first quarter: Tequesta Shoppes in Tequesta, FL,
Redlands Marketplace in Grand Junction, CO, Sedgefield Village
in Greensboro, NC and the Regency-Macquarie CountryWide joint
venture sold Oakley Plaza in Asheville, NC. For more information
on the dispositions, please see pages 11 & 12.
1
SUMMARY FINANCIAL INFORMATION
March 31, 2003
- --------------------------------------------------------------------------------
Financial Results
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
------ ------ ------ ------
Net Income for common stockholders $17,924,452 $24,518,035 $17,924,452 $24,518,035
- ----------------------------------
Basic EPS $0.30 $0.42 $0.30 $0.42
Diluted EPS $0.30 $0.42 $0.30 $0.42
Diluted EPS per share growth rate -28.6% -28.6%
Funds from Operations (FFO) $40,328,307 $39,966,614 $40,328,307 $39,966,614
- ---------------------------
FFO per share - Basic $0.66 $0.67 $0.66 $0.67
FFO per share - Diluted $0.65 $0.65 $0.65 $0.65
Diluted FFO per share growth rate 0.0% 0.0%
Dividends paid per share and unit $0.520 $0.510 $0.520 $0.510
- ---------------------------------
Payout ratio of Diluted FFO per share 80.0% 78.5% 80.0% 78.5%
Payout ratio of Diluted AFFO per share 91.2% 94.4% 91.2% 94.4%
Interest Coverage Ratios
Interest only 3.0 2.9 3.0 2.9
Capitalized interest $2,784,675 $3,797,547 $2,784,675 $3,797,547
Fixed Charge (debt svc + preferred
dividends) 1.9 2.0 1.9 2.0
Capital Information
Current YTD Change 12/31/02 12/31/01
================================= ===============================
Closing common stock price per share $32.95 $0.55 $32.40 $27.75
High $33.53 $32.40 $27.75
Low $30.40 $25.22 $20.75
================= ===============================
YTD Shareholder Return 3.3%
Common shares and Equivalents Outstanding 61,900,744 388,850 61,511,894 60,644,594
Market equity value of Common and Convertible shares $2,039,630 $46,644 $1,992,985 $1,682,887
Preferred Units $309,000 -$75,000 $384,000 $384,000
Outstanding debt (000's) $1,429,910 $96,386 $1,333,524 $1,396,721
-------------------------------- --------------------------------
Total market capitalization (000's) $3,778,539 $68,030 $3,710,509 $3,463,608
Debt to Total Market Capitalization 37.8% 35.9% 40.3%
================= ================================
Total real estate investments at cost (000's) $3,168,098 $72,114 $3,095,983 $3,156,831
Debt to Total Assets, at Cost before Depreciation 43.1% 40.2% 42.2%
================= ================================
Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding 60,404,451 - 59,557,036 57,601,451
Exchangeable O.P Units held by minority interests 1,496,293 - 1,504,458 1,555,636
Series 2 Cumulative Convertible Preferred Stock 0 450,400 1,487,507
----------------- --------------------------------
Total Common Shares & Equivalents 61,900,744 - 61,511,894 60,644,594
================= ================================
(a) includes all capitalized costs on all operating properties not
undergoing development or significant revenue enhancing
redevelopment.
2
BALANCE SHEET
For the Periods Ended March 31, 2003 and December 31, 2002 and 2001
- --------------------------------------------------------------------------------
Assets 2003 2002 2001
- ------ ---- ---- ----
Real Estate Investments:
Operating properties $ 2,789,727,933 2,688,756,594 2,515,042,827
Properties in development 253,232,722 276,085,435 408,437,476
------------------- ------------------------------------
3,042,960,655 2,964,842,029 2,923,480,303
Operating properties held for sale 0 5,658,905 158,121,462
Less: accumulated depreciation 261,251,148 244,595,928 202,325,324
------------------- ------------------------------------
2,781,709,507 2,725,905,006 2,879,276,441
Investments in real estate partnerships 125,136,875 125,482,151 75,229,636
------------------- ------------------------------------
Net real estate investments 2,906,846,382 2,851,387,157 2,954,506,077
Cash and cash equivalents 28,273,745 56,447,329 27,853,264
Notes receivable 30,877,475 56,630,876 32,504,941
Tenant receivables, net of allowances for
uncollectible accounts 34,775,383 47,983,160 47,723,145
Deferred costs, less accumulated amortization 36,930,152 37,367,196 34,399,242
Other assets 16,034,832 19,112,148 12,327,567
------------------- ------------------------------------
$ 3,053,737,969 3,068,927,866 3,109,314,236
=================== ====================================
Liabilities and Stockholders' Equity
- ------------------------------------
Notes payable $ 1,251,159,768 1,253,524,045 1,022,720,748
Unsecured line of credit 178,750,000 80,000,000 374,000,000
------------------- ------------------------------------
Total Notes Payable 1,429,909,768 1,333,524,045 1,396,720,748
------------------- ------------------------------------
Tenant security and escrow deposits 9,185,789 8,847,603 8,656,456
Accounts payable and other liabilities 58,204,057 83,977,263 73,434,322
------------------- ------------------------------------
Total liabilities 1,497,299,614 1,426,348,911 1,478,811,526
------------------- ------------------------------------
Preferred units 302,325,891 375,403,652 375,403,652
Exchangeable operating partnership units 29,914,215 30,629,974 32,108,191
Limited partners' interest in consolidated partnerships 16,358,120 14,825,256 3,940,011
------------------- ------------------------------------
Total minority interests 348,598,226 420,858,882 411,451,854
------------------- ------------------------------------
Stockholders' Equity
- --------------------
Convertible preferred stock 0 10,505,591 34,696,112
Common stock, $.01 par 643,833 634,804 609,955
Additional paid in capital, net of Treasury stock 1,300,181,625 1,290,109,653 1,260,233,020
Distributions in excess of net income (92,985,329) (79,529,975) (68,226,276)
Stock loans 0 0 (8,261,955)
------------------- ------------------------------------
Total Stockholders' Equity 1,207,840,129 1,221,720,073 1,219,050,856
------------------- ------------------------------------
$ 3,053,737,969 3,068,927,866 3,109,314,236
=================== ====================================
Other Summary Information
- -------------------------
2003 2002
---- ----
Fixed Charge Coverage Ratio 1.9 2.0
Interest Coverage Ratio 3.0 3.6
Debt to Real Assets, at cost before depreciation 45.1% 43.1%
Unsecured Assets to Total Real Estate Assets 81.9% 81.9%
Unsecured NOI to Total NOI 85.0% 85.0%
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Asset sales not separated as discontinued operations as required
by GAAP - See Form 10Q and Form 10K)
For the Periods Ended March 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Real Estate Revenues:
Minimum rent $70,165,341 $71,938,429 $70,165,341 $71,938,429
Percentage rent 309,895 653,581 309,895 653,581
Recoveries from tenants 19,117,304 18,843,462 19,117,304 18,843,462
Other tenant income 1,867,021 1,931,870 1,867,021 1,931,870
------------------------------------ ------------------------------------
91,459,561 93,367,342 91,459,561 93,367,342
------------------------------------ ------------------------------------
Real Estate Operating Expenses:
Operating and maintenance 13,463,116 12,465,068 13,463,116 12,465,068
Real estate taxes 10,227,030 10,830,085 10,227,030 10,830,085
------------------------------------ ------------------------------------
23,690,146 23,295,153 23,690,146 23,295,153
------------------------------------ ------------------------------------
Net Operating Income 67,769,415 70,072,189 67,769,415 70,072,189
------------------------------------ ------------------------------------
Service Operations Revenue:
Development profits (373,298) 748,613 (373,298) 748,613
Fees and commissions 1,560,848 747,063 1,560,848 747,063
Gains on sales of outparcels 2,483,314 167,590 2,483,314 167,590
Provision for income tax (expense) 0 0 0 0
------------------------------------ ------------------------------------
3,670,864 1,663,266 3,670,864 1,663,266
------------------------------------ ------------------------------------
Other Operating Expense (Income):
General and administrative 4,134,899 3,989,595 4,134,899 3,989,595
Depreciation and amortization 18,863,396 17,389,543 18,863,396 17,389,543
Net interest expense 20,768,119 20,174,960 20,768,119 20,174,960
Loss (gain) on sale of operating properties 802,604 (3,158,438) 802,604 (3,158,438)
------------------------------------ ------------------------------------
44,569,018 38,395,660 44,569,018 38,395,660
------------------------------------ ------------------------------------
Minority interests (income)
Equity in income of unconsolidated partnerships (2,335,979) (1,065,511) (2,335,979) (1,065,511)
Preferred unit distributions 10,782,379 8,368,752 10,782,379 8,368,752
Exchangeable operating partnership units 436,701 650,779 436,701 650,779
Limited partners' interest in consolidated
partnerships 63,708 109,112 63,708 109,112
------------------------------------ ------------------------------------
Net income 17,924,452 25,276,663 17,924,452 25,276,663
Preferred stock dividends 0 758,628 0 758,628
------------------------------------ ------------------------------------
Net income for common stockholders $17,924,452 $24,518,035 $17,924,452 $24,518,035
==================================== ====================================
4
RECONCILIATION OF FFO TO NET INCOME
For the Periods Ended March 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Funds From Operations:
- ---------------------
Net income for common stockholders $17,924,452 $24,518,035 $17,924,452 $24,518,035
Add (Less):
Depreciation expense - real property 17,550,501 15,988,609 17,550,501 15,988,609
Amortization of leasing commissions 1,691,810 1,209,001 1,691,810 1,209,001
Loss (gain) on sale of operating properties 802,604 (3,158,438) 802,604 (3,158,438)
Preferred stock dividends 0 758,628 0 758,628
Preferred unit issuance costs 1,922,239 0 1,922,239 0
Minority interest of exchangeable partnership
units 436,701 650,779 436,701 650,779
------------------------------------ ------------------------------------
Funds from Operations* $40,328,307 $39,966,614 $40,328,307 $39,966,614
==================================== ====================================
Capital Expenditures:
- --------------------
Leasing commissions - Non-revenue enhancing $1,386,641 $2,517,888 $1,386,641 $2,517,888
Tenant improvements - Non-revenue enhancing $1,560,159 $2,311,508 $1,560,159 $2,311,508
Building improvements - Non-revenue enhancing $1,013,299 $792,466 $1,013,299 $792,466
Total Capital Expenditures:
Leasing commissions $2,237,496 $2,912,407 $2,237,496 $2,912,407
Tenant improvements $1,714,502 $2,863,634 $1,714,502 $2,863,634
Building improvements $1,125,592 $792,466 $1,125,592 $792,466
Additional Disclosure:
- ---------------------
Straight-lining of rents adjustment $1,103,851 $1,404,277 $1,103,851 $1,404,277
*Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be an accurate benchmark to its peer group and the
most meaningful performance measurement for the Company because it excludes
various items in net income that do not relate to or are not indicative of the
operating performance of the ownership, management and development of real
estate. FFO is defined by the National Association of Real Estate Investment
Trusts generally as net earnings (computed in accordance with GAAP), excluding
real estate depreciation and amortization, gains and losses from sales of
properties (except those gains and losses sold by the Company's taxable REIT
subsidiary), after adjustment from unconsolidated partnerships and joint
ventures and excluding items classified by GAAP as extraordinary or unusual,
along with significant non-recurring events. Regency also adjusts for the
payment of preferred stock dividends.
5
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS)
For the Periods Ended March 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Revenues:
Minimum rent $70,007,271 $64,980,920 $70,007,271 $64,980,920
Percentage rent 306,801 593,031 306,801 593,031
Recoveries from tenants 20,908,683 18,916,420 20,908,683 18,916,420
Service operations revenue (third party income) 3,937,115 2,022,609 3,937,115 2,022,609
Equity in income of investments in
real estate partnerships 2,335,979 1,065,511 2,335,979 1,065,511
------------------------------------ -------------------------------
Total revenues 97,495,849 87,578,491 97,495,849 87,578,491
------------------------------------ -------------------------------
Expenses:
Depreciation and amortization 18,819,364 16,066,340 18,819,364 16,066,340
Operating and maintenance 13,343,330 11,240,412 13,343,330 11,240,412
General and administrative 4,134,899 3,989,595 4,134,899 3,989,595
Real estate taxes 10,246,523 9,686,598 10,246,523 9,686,598
Net interest expense 20,632,944 19,622,302 20,632,944 19,622,302
(Gain) loss on sale of operating properties 0 (1,494,225) 0 (1,494,225)
Provision for loss on real estate 0 0 0 0
Other operating expenses (income) 426,739 359,343 426,739 359,343
------------------------------------ -------------------------------
Total expenses 67,603,799 59,470,365 67,603,799 59,470,365
------------------------------------ -------------------------------
Income before minority interests 29,892,050 28,108,126 29,892,050 28,108,126
Minority interest preferred unit distributions (10,782,379) (8,368,752) (10,782,379) (8,368,752)
Minority interest of exchangeable partnership units (453,273) (492,720) (453,273) (492,720)
Minority interest of limited partners (63,708) (109,112) (63,708) (109,112)
------------------------------------ -------------------------------
Income from continuing operations 18,592,690 19,137,542 18,592,690 19,137,542
------------------------------------ -------------------------------
Discontinued Operations:
Income from discontinued operations (41,661) 4,433,136 (41,661) 4,433,136
Gain from sale of operating properties (626,577) 1,705,985 (626,577) 1,705,985
------------------------------------ -------------------------------
Income from discontinued operations (668,238) 6,139,121 (668,238) 6,139,121
------------------------------------ -------------------------------
Net Income 17,924,452 25,276,663 17,924,452 25,276,663
------------------------------------ -------------------------------
Preferred stock dividends 0 (758,628) 0 (758,628)
------------------------------------ -------------------------------
Net income for common stockholders $17,924,452 $24,518,035 $17,924,452 $24,518,035
==================================== ===============================
6
CALCULATION OF EARNINGS AND FFO PER SHARE
For the Periods Ended March 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
Earnings Per Share
Net Income for Basic EPS $17,924,452 $24,518,035 $17,924,452 $24,518,035
Increases to Diluted EPS as a result of Dilutive CSE's
Convertible Preferred stock dividends $0 $0 $0 $0
Minority interests of exchangeable partnership units 436,701 650,779 436,701 650,779
------------------------------------ --------------------------------
Net Income for Diluted EPS $18,361,153 $25,168,814 $18,361,153 $25,168,814
==================================== ================================
Net Income from discontinued operations for Basic EPS (668,238) 6,139,121 (668,238) 6,139,121
Minority Interests of exchangeable O.P. units (16,572) 158,059 (16,572) 158,059
------------------------------------ --------------------------------
Net Income from discontinued operations for Diluted EPS ($684,810) $6,297,180 ($684,810) $6,297,180
==================================== ================================
Earnings Per Share:
Basic NI for CS before Disc. Ops. $0.31 $0.31 $0.31 $0.31
Diluted NI for CS before Disc. Ops. $0.31 $0.31 $0.31 $0.31
Basic Discontinued Operations ($0.01) $0.11 ($0.01) $0.11
Diluted Discontinued Operations ($0.01) $0.11 ($0.01) $0.11
Basic NI for common stockholders $0.30 $0.42 $0.30 $0.42
Diluted NI for common stockholders $0.30 $0.42 $0.30 $0.42
Funds From Operations Per Share
Funds from Operations for Basic FFO per share $39,891,606 $38,557,207 $39,891,606 $38,557,207
==================================== ================================
Increases to Diluted FFO as a result of Dilutive CSE's
Preferred stock dividends 0 758,628 0 758,628
Minority interests of exchangeable partnership units 436,701 650,779 436,701 650,779
------------------------------------ --------------------------------
Funds from Operations for Diluted FFO per share $40,328,307 $39,966,614 $40,328,307 $39,966,614
==================================== ================================
FFO Per Share:
Basic $0.66 $0.67 $0.66 $0.67
Diluted $0.65 $0.65 $0.65 $0.65
Weighted Average Shares Outstanding
Weighted Average Shares for Basic
Net Income and FFO Per Share 60,164,417 57,856,315 60,164,417 57,856,315
==================================== ================================
Dilutive Common Stock Equivalents for EPS:
O.P. Unit equivalents after conversion to common 1,496,293 1,541,395 1,496,293 1,541,395
Compensation based stock options (Treasury Method) 437,019 392,285 437,019 392,285
------------------------------------ --------------------------------
Weighted Average Shares for Diluted EPS 62,097,729 59,789,995 62,097,729 59,789,995
==================================== ================================
Dilutive Common Stock Equivalents for FFO:
Series 2 Cumulative Convertible Preferred Stock 0 1,487,507 0 1,487,507
------------------------------------ --------------------------------
Weighted Average Shares for Diluted
Funds from Operations Per Share 62,097,729 61,277,502 62,097,729 61,277,502
==================================== ================================
7
SUMMARY OF OUTSTANDING DEBT
- --------------------------------------------------------------------------------
Total Debt Outstanding 03/31/03 12/31/02
- ---------------------- -------- --------
Mortgage Loans Payable:
Fixed rate secured loans $ 227,702,305 229,551,448
Variable rate secured loans 24,439,967 24,998,148
Unsecured debt offering fixed rate 999,017,496 998,974,449
Unsecured line of credit variable rate 178,750,000 80,000,000
---------------- -----------------
Total $ 1,429,909,768 1,333,524,045
================ =================
Scheduled Unsecured Term
Schedule of Maturities by Year: Amortization Line of Credit Maturities Total
- ------------------------------ ------------ -------------- ---------- -----
2003 $ 3,672,282 - 22,704,118 26,376,400
2004 5,240,969 178,750,000 220,531,849 404,522,818
2005 4,044,895 - 147,746,197 151,791,092
2006 3,359,423 - 24,093,240 27,452,663
2007 2,767,919 - 25,699,059 28,466,978
2008 2,324,080 - 28,960,861 31,284,941
2009 2,255,462 - 53,089,859 55,345,321
2010 2,023,486 - 177,113,564 179,137,050
2011 2,172,794 - 239,657,252 241,830,046
2012 2,228,583 - 255,385,520 257,614,103
>10 years 8,176,286 - 12,101,681 20,277,967
Net unamortized debt premiums - - 5,810,390 5,810,390
-------------- ---------------- ---------------- -----------------
$ 38,266,179 178,750,000 1,212,893,588 1,429,909,768
============== ================ ================ =================
Percentage of Total Debt: 03/31/03 12/31/02
- ------------------------- -------- --------
Fixed 85.79% 92.13%
Variable 14.21% 7.87%
Current Average Interest Rate:
Fixed 7.49% 7.51%
Variable 2.07% 2.60%
Effective Interest Rate 6.84% 6.93%
8
SUMMARY OF OUTSTANDING DEBT
Consolidated debt by maturity date
- --------------------------------------------------------------------------------
Lender Secured Property Rate Maturity 03/31/03 12/31/02
- ------ ---------------
Fixed Rate Loans:
Nationwide Life Insurance Company Glenwood Village 8.625% 06/01/03 $ 1,771,996 1,803,015
G.E. Capital Pike Creek 9.040% 11/21/03 11,425,732 11,497,054
Debt Offering Unsecured 7.400% 04/01/04 199,967,500 199,959,700
Principal Mutual Life Insurance Co. Cochran's Crossing 8.410% 12/01/04 5,792,858 5,816,004
Ellen Kelly Woolaver Hillsboro Pike 7.100% 01/15/05 403,200 604,800
Nationwide Life Insurance Co. Friar's Mission 9.500% 06/10/05 15,421,787 15,510,135
IDS Certificate Co. St. Ann Square 9.500% 07/01/05 4,452,855 4,488,979
Debt Offering Unsecured 7.125% 07/15/05 99,922,216 99,913,573
Teachers Ins & Annuity of America Westchester Plaza 8.010% 09/05/05 5,313,495 5,348,002
Teachers Ins & Annuity of America East Pointe Crossing 8.010% 09/05/05 4,537,300 4,566,501
Allstate Insurance Company of America Memorial Bend 7.920% 10/01/05 7,139,178 7,221,233
DLJ Commercial Mortgage Northlake Village 8.780% 11/01/05 6,616,946 6,648,152
Woodmen of the World Life Ins. Society Market at Round Rock 8.625% 09/01/05 6,823,609 6,865,056
Allstate Life Insurance Company Highlands Square 8.450% 02/01/06 3,419,202 3,455,408
Principal Mutual Life Insurance Co. Briarcliff Village 7.040% 02/01/06 12,476,733 12,531,048
Teachers Ins & Annuity of America Statler Square 8.110% 05/01/06 5,084,940 5,111,624
Teachers Ins & Annuity of America Northgate Plaza/Maxtown 7.050% 08/01/06 4,956,882 4,989,474
Teachers Ins & Annuity of America Kernersville Plaza 8.730% 04/01/07 4,865,428 4,890,002
Teachers Ins & Annuity of America Maynard Crossing 8.735% 04/01/07 10,919,563 10,974,680
Principal Mutual Life Ins. Lakeshore 7.240% 12/10/07 3,435,245 3,455,153
Principal Mutual Life Ins. Shoppes at Mason 7.240% 12/10/07 3,616,047 3,637,003
Principal Mutual Life Ins. Lake Pine Plaza 7.240% 12/10/07 5,514,472 5,546,430
Northwestern Mutual Life Insurance Co. Sterling Ridge 6.640% 07/01/08 10,804,950 10,839,265
Allstate Insurance Company of America Alden Bridge 6.750% 08/01/08 10,391,525 10,429,774
Laureate Capital LLC Southgate Village 6.820% 10/01/08 5,280,788 5,309,307
Nationwide Life Insurance Co. West Hills Plaza 7.990% 12/10/08 5,017,377 5,031,871
Debt Offering Unsecured 7.750% 04/01/09 50,000,000 50,000,000
Allstate Insurance Company of America Ashford Place 8.950% 08/01/09 4,151,416 4,186,394
Northwestern Mutual Life Insurance Co. Panther Creek 7.830% 04/01/10 10,476,918 10,489,641
Debt Offering Unsecured 8.450% 08/29/10 149,798,653 149,791,864
Principal Mutual Life Insurance Co. Cumming 400 7.970% 12/15/10 6,077,671 6,101,134
Debt Offering Unsecured 8.000% 12/15/10 10,000,000 10,000,000
Principal Mutual Life Insurance Co. Powers Ferry Village 7.970% 12/15/10 2,762,577 2,773,243
Debt Offering Unsecured 7.950% 01/22/11 219,766,622 219,759,308
Debt Offering Unsecured 7.250% 12/12/11 19,890,630 19,887,504
Debt Offering Unsecured 6.750% 01/15/12 249,671,875 249,662,500
Prudential Mortgage Capital Co. Tall Oaks Village Center 7.600% 05/01/12 6,359,115 6,373,672
Allstate Life Insurance Company North Hills Town Center 7.370% 01/01/14 7,651,651 7,740,499
United of Omaha Life Insurance Co. Fleming Island 7.400% 03/05/15 2,957,158 2,995,516
Municipal Tax Bonds Payable Friar's Mission 7.600% 09/02/15 1,202,154 1,202,154
Aid Association of Lutherans Woodman Van-Nuys 8.800% 09/15/15 5,242,576 5,299,635
Jefferson Pilot Peartree Village 8.400% 06/01/17 11,971,768 12,027,522
Aid Association of Lutherans Murrayhill Marketplace 8.050% 05/01/19 7,556,803 7,613,250
Net unamortized premiums on assumed debt of acquired properties 5,810,390 6,178,818
-----------------------------
Total Fixed Rate Debt 1,226,719,801 1,228,525,897
-----------------------------
Variable Rate Loans:
First Star Bank Hampstead Village LIBOR + 1.35% 10/31/04 8,541,405 9,088,701
Suntrust Delk Sprectrum LIBOR + 1.30% 12/01/03 9,506,390 9,563,345
AmSouth Trace Crossing LIBOR + 1.50% 11/05/04 6,392,172 6,346,102
Wells Fargo Bank $600 Million Line
of Credit LIBOR + 0.85% 04/30/04 178,750,000 80,000,000
-----------------------------
Total Variable Rate Debt 203,189,967 104,998,148
-----------------------------
Total $ 1,429,909,768 1,333,524,045
=============================
9
2003 SHOPPING CENTER ACQUISITIONS
Regency's 100% Owned Only
- --------------------------------------------------------------------------------
Year of Regency
Date Property City/State GLA Construction Cost Yield Anchor Tenant
---- -------- ---------- --- ------------ ---- ----- -------------
(in thousands)
Feb-03 Frankfort Crossing Frankfort, IL 107,734 1992 $15,494,300 8.69% Jewel Osco
-----------------------
Total Acquisitions $15,494,300 8.69%
=======================
10
2003 SHOPPING CENTER SALES
Non-Development
- --------------------------------------------------------------------------------
Regency
Sales
Date Property Name City/State GLA Proceeds Yield Anchor Tenant
---- ------------- ---------- --- -------- ----- -------------
(in thousands)
Jan-03 Tequesta Shoppes West Palm Beach, FL 109,937 $7,500,000 7.43% Publix
Feb-03 Oakley Plaza * Asheville, NC 118,728 $9,400,000 9.62% Bi-Lo
Mar-03 Redlands Marketplace Grand Junction, CO 14,659 $1,665,000 10.00% Albertsons
----------- ------------------------
Total Dispositions 243,324 $18,565,000 8.77%
=========== ========================
* sold from the MCW joint venture in which Regency has a 25% minority
interest
11
2003 DEVELOPMENT SALES
- --------------------------------------------------------------------------------
Regency
Property Name City/State GLA Proceeds Yield Anchor Tenant
------------- ---------- --- -------- ----- -------------
(in thousands)
Sedgefield Village Greensboro, NC 56,630 $4,820,000 7.48% Food Lion
------------------------------------------
Total Development Sales 56,630 $4,820,000 7.48%
==========================================
12
IN-PROCESS DEVELOPMENTS
March 31, 2003
- --------------------------------------------------------------------------------
Est. Net
Anchor Development Est. Gross
Project Name City State Anchor Tenant Opens Costs Costs
=======================================================================================================================
Trace Crossing Hoover AL Publix 10/09/02 8,580,123 10,800,330
Valleydale Village Shopping Center Hoover AL Publix 06/25/03 12,055,177 14,309,337
230th & Hawthorne (Strouds) Torrance CA Sav-On or CVS 07/01/05 3,885,895 3,885,895
Gelson's Westlake Thousand Oaks CA Gelson's 06/28/02 12,716,615 12,716,615
Gilroy Gilroy CA Kohl's, Target 03/01/04 45,175,928 62,700,183
Hermosa-PCH & 2nd Hermosa CA Sav-On 05/01/04 5,472,264 5,472,264
McBean & Valencia Valencia CA Kohl's 04/01/03 35,330,124 35,553,744
Rosecrans & Inglewood Hawthorn CA CVS 10/01/03 4,683,399 4,683,399
Slatten Ranch Antioch CA BBB, B&N, Sport Chalet 03/01/04 39,354,658 54,041,261
Vista Village Phase I Vista CA Krikorian Theatres 01/01/04 21,597,796 22,092,796
Westridge Center Phase I only Valencia CA Albertsons 09/01/03 19,531,326 19,988,826
Centerplace of Greeley Greeley CO Safeway 11/01/03 18,904,512 27,516,177
Hilltop Center Thorton CO King Soopers 10/01/03 7,325,502 13,161,505
New Windsor Windsor CO King Soopers 11/01/03 6,022,184 12,237,463
East Towne Center Clermont FL Publix 10/15/03 8,570,797 10,008,420
Vineyard Shopping Center Tallahassee FL Publix 11/14/02 6,185,038 9,070,652
Killian Hill Market & Merchants
Center Atlanta GA Publix 02/06/03 11,844,510 12,852,939
Echelon Village Plaza Voorhees NJ Genuardi's 08/22/01 13,668,279 16,190,575
McMinnville Market Center McMinnville OR Albertson's 02/01/04 6,958,628 7,458,628
Murray Landing Irmo SC Publix 09/24/03 7,116,008 9,848,608
Pelham Commons Greenville SC Publix 06/26/03 8,628,061 9,516,637
Atascocita Center Atascocita TX Kroger 11/01/03 11,530,668 16,316,920
Indian Springs The Woodlands TX HEB 05/01/04 19,470,002 25,151,000
Kleinwood Center Spring TX HEB 10/01/03 23,342,615 26,831,808
Legacy Center Frisco TX Albertson's 06/01/03 9,449,514 16,103,187
Main Street Center Frisco TX Albertson's 10/01/03 5,040,072 9,668,465
Rockwall Rockwall TX Tom Thumb 07/01/04 9,939,708 14,158,817
Somerset Gainesville VA Shoppers Food Warehouse 11/01/03 18,741,136 18,741,136
Padden Parkway Vancouver WA Albertson's 07/01/03 5,981,937 6,804,937
- -----------------------------------------------------------------------------------------------------------------------
Total Consolidated 407,102,476 507,882,524
- -----------------------------------------------------------------------------------------------------------------------
Regency Village (Tinwood) Ph I & II Orlando FL Publix 06/27/02 13,049,288 23,479,854
Shops of San Marco Delray Beach FL Publix 05/15/03 12,616,514 14,148,624
- -----------------------------------------------------------------------------------------------------------------------
Total Unconsolidated 25,665,802 37,628,478
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Total In-Process Developments 432,768,278 545,511,002
- -----------------------------------------------------------------------------------------------------------------------
Est. NOI
Est. Gross Yield on Co.
Costs to Net Dev Company Owned % Gross
Project Name Complete (1) Cost (2) GLA Leased GLA % Leased
=============================================================================================================
Trace Crossing 223,520 9.83% 74,130 87% 74,130 87%
Valleydale Village Shopping Center 3,520,783 10.37% 118,466 77% 118,466 77%
230th & Hawthorne (Strouds) 294,471 10.29% 13,860 100% 13,860 100%
Gelson's Westlake 1,798,282 9.11% 82,315 90% 82,315 90%
Gilroy 41,890,321 10.90% 339,808 50% 473,825 64%
Hermosa-PCH & 2nd 2,002,244 11.06% 13,129 100% 13,129 100%
McBean & Valencia 16,751,311 10.50% 180,528 94% 180,528 94%
Rosecrans & Inglewood 1,071,319 10.00% 12,000 100% 12,000 100%
Slatten Ranch 32,588,364 10.99% 206,824 73% 441,030 87%
Vista Village Phase I 18,026,942 11.40% 129,665 69% 129,665 69%
Westridge Center Phase I only 10,713,476 10.34% 87,284 91% 87,284 91%
Centerplace of Greeley 15,951,838 10.45% 148,110 39% 273,110 67%
Hilltop Center 7,491,787 10.65% 99,836 66% 99,836 66%
New Windsor 7,864,791 10.68% 94,950 69% 94,950 69%
East Towne Center 7,458,190 10.27% 69,841 70% 69,841 70%
Vineyard Shopping Center 383,326 10.60% 62,821 82% 62,821 82%
Killian Hill Market & Merchants
Center 526,514 9.50% 113,001 86% 113,001 86%
Echelon Village Plaza 372,710 9.23% 88,993 82% 88,993 82%
McMinnville Market Center 7,194,302 10.57% 73,913 73% 73,913 73%
Murray Landing 6,451,766 10.10% 64,441 78% 64,441 78%
Pelham Commons 3,523,105 10.28% 76,541 58% 76,541 58%
Atascocita Center 11,190,306 10.33% 94,180 70% 94,180 70%
Indian Springs 13,816,196 10.43% 135,977 57% 135,977 57%
Kleinwood Center 13,171,648 10.12% 152,906 65% 152,906 65%
Legacy Center 3,676,021 11.04% 56,802 37% 119,606 70%
Main Street Center 3,748,354 11.05% 32,680 22% 95,002 73%
Rockwall 7,926,192 10.61% 65,644 0% 122,661 46%
Somerset 11,973,697 10.25% 108,870 64% 108,870 64%
Padden Parkway 3,558,323 10.09% 54,473 96% 54,473 96%
- -------------------------------------------------------------------------------------------------------------
Total Consolidated 255,160,098 10.46% 2,851,988 68% 3,527,354 74%
- -------------------------------------------------------------------------------------------------------------
Regency Village (Tinwood) Ph I & II 1,083,234 10.19% 83,170 89% 83,170 89%
Shops of San Marco 3,420,695 11.69% 91,538 95% 91,538 95%
- -------------------------------------------------------------------------------------------------------------
Total Unconsolidated 4,503,929 10.93% 174,708 92% 174,708 92%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Total In-Process Developments 259,664,027 10.49% 3,026,696 69% 3,702,062 75%
- -------------------------------------------------------------------------------------------------------------
Notes:
(1) Construction in progress (CIP) balance and costs to date on in process
developments are not equal. CIP balance contains costs of land held for
development, deposits on contracts and other pre-closing costs.
(2) The NOI Yield on total costs after allocating land basis for outparcel
proceeds is estimated to be 9.7%.
13
IN-PROCESS DEVELOPMENTS FUNDING & STABILIZATION SCHEDULE
March 31, 2003
- --------------------------------------------------------------------------------
In-Process Developments Projected Funding (1)
($ Thousands)
Q2 2003E Q3 2003E Q4 2003E 2004+E
Properties in development $70,000 - $80,000 $50,000 - $60,000 $40,000 - $50,000 $70,000 - $100,000
(1) Funding for in-process consolidated and
unconsolidated developments, excludes
projected funding of future developments.
Estimated Property Stabilization
($ Thousands)
Q2 2003E Q3 2003E Q4 2003E 2004+E
Properties in development (2)
Gross Dev. Costs: $0 $12,000 - $25,000 $125,000 - $185,000 $257,000 - $307,000
Net Dev. Costs: $0 $12,000 - $22,000 $105,000 - $165,000 $157,000 - $207,000
(2) 40%- 80% of properties in development are
expected to be sold within 6 months of
stabilization at a 10-20% profit margin and
between 7-12% after out parcel allocation
and income taxes.
14
INVESTMENTS IN REAL ESTATE PARTNERSHIPS
March 31, 2003
- --------------------------------------------------------------------------------
RRC
Number of Total Total Ownership
Legal Entity Property Name Properties Assets Debt Lender Maturity Interest
- ------------ ------------- ---------- ------ ----- ------ -------- --------
RRG-RMC Tracy, LLC Corral Hollow 1 $ 24,604,952 $ - - - 50.00%
OTR/Regency Texas Village Ctr. Southlake 2 20,728,535 - - 30.00%
Realty Holdings, L.P. and Creekside
Tinwood LLC Regency Village 1 19,612,037 - - 50.00%
Columbia Regency Retail
Partners, LLC Cascade Plaza
Crossroads Commons
Julington Village
MacArthur Park Phase II
Overton Park Plaza
Palm Valley
Park Plaza
Roswell Village
Seal Beach
Sweetwater Plaza
Village Center Dulles
Willow Creek Center
12 290,591,689 78,243,503 Various - 20.00%
Macquarie CountryWide-
Regency, LLC
Anastasia Plaza
Brookville
Campus Marketplace
Cheyenne Meadows
Garden Village
Hebron Park
James Center
Kings Crossing Sun City
Lovejoy
Merchants Village
Ocala Corners
Orchard Square
Pebblebrook Crossing
Shoppes @ 104
Silverlake
15 185,235,589 84,914,350 Various - 25.00%
Jog Road, LLC Shoppes of San Marco 1 14,432,619 7,190,862 Union Bank May-07 50.00%
Regency Woodlands/
Kuykendahl Retail, Indian Springs 1 16,061,173 - - 50.00%
Ltd.
------------------------------------------
33 $571,266,594$ 170,348,715
==========================================
Regency
Share Investment Equity
Legal Entity of Debt 03/31/03 Pick-up
- ------------ ------- -------- -------
RRG-RMC Tracy, LLC $ - $ 23,842,359 $ 901,484
OTR/Regency Texas 16,056,639 99,328
Realty Holdings, L.P.
Tinwood LLC 10,350,819 42,144
Columbia Regency Retail
Partners, LLC
15,648,701 742,270,278 683,874
Macquarie CountryWide-
Regency, LLC
21,228,588 521,568,043 609,135
Jog Road, LLC 3,595,431 42,686,670 14
Regency Woodlands/
Kuykendahl Retail, - 8,362,067 -
Ltd.
----------------------------------------------
$ 40,472,719 $ 125,136,875 $ 2,335,979
==============================================
15
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Balance Sheet
March 31, 2003 and December 31, 2002
- --------------------------------------------------------------------------------
(in thousands)
2003 2002
---- ----
Assets
Real estate, at cost
Land $ 203,502 207,002
Buildings and improvements 323,506 329,022
----------------- -----------------
527,008 536,025
Less: accumulated depreciation 13,995 11,228
----------------- -----------------
513,013 524,796
Properties in development 31,437 28,322
----------------- -----------------
Net real estate investments 544,450 553,118
Cash and cash equivalents 15,814 6,914
Tenant receivables, net of allowance for uncollectible accounts 5,727 3,960
Deferred costs, less accumulated amortization 4,736 4,680
Other assets 540 167
----------------- -----------------
$ 571,267 568,839
================= =================
Liabilities and Equity
Liabilities:
Notes payable $ 170,349 167,071
Accounts payable and other liabilities 9,689 8,899
Tenants' security and escrow deposits 1,599 1,487
----------------- -----------------
Total liabilities 181,637 177,457
----------------- -----------------
Equity:
Equity - Regency Centers 125,137 125,482
Equity - Third parties 264,493 265,900
----------------- -----------------
Total equity 389,630 391,382
----------------- -----------------
$ 571,267 568,839
================= =================
DEBT: (in thousands)
Average Interest Rate Average Maturity 2003 2002
---------------------- ------------------ ---- ----
Fixed 5.83% 01/16/09 110,898 102,019
Variable LIBOR + 1.39% 11/14/03 59,451 65,052
16
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Statements of Operations
March 31, 2003 and 2002
- --------------------------------------------------------------------------------
(in thousands)
2003 2002
---- ----
Revenues:
Property revenues $ 16,260 9,294
Service operations revenue (18) (26)
----------------- ------------------
Total revenues 16,242 9,268
----------------- ------------------
Operating expenses:
Operating and maintenance 2,297 1,205
Real estate taxes 1,886 1,318
----------------- ------------------
Total operating expenses 4,183 2,523
----------------- ------------------
Net Operating Income 12,059 6,745
----------------- ------------------
Other expense (income):
General and administrative 494 227
Depreciation and amortization expense 3,297 1,479
Interest expense, net 2,292 1,075
Gain on sale of operating properties (693) (798)
----------------- ------------------
Total other expenses 5,390 1,983
----------------- ------------------
Net income $ 6,669 4,762
================= ==================
17
SECURITIES ISSUED OTHER THAN COMMON STOCK
- --------------------------------------------------------------------------------
Security Issued: SERIES 3 CUMULATIVE PREFERRED STOCK
- ---------------
-Regency Centers Corporation
o Issuance Date April 3, 2003
o Shares Outstanding 3,000,000
o Conversion Nonconvertible
o Dividend 7.45% annual dividend
o Redeemable On or after April 3, 2008
Security Issued: PERPETUAL PREFERRED UNITS
- ---------------
- Regency Centers, L.P.
o Issuance Dates Jun-98, Sep-99, May-00, Sep-00
o Original Amount Issued $384 Million
o Redemption $75 Million
o Average Rate 8.72%
o Current Balance $309 Million
Security Issued: EXCHANGEABLE OPERATING PARTNERSHIP UNITS
- ---------------
-Regency Centers, L.P.
o Issuance Date Variable
o Units Outstanding 1,496,293 OP Units
o Conversion Convertible into Common Stock 1:1
o Dividend Equal to current Common Dividend
18
SUMMARY RETAIL PROPERTY INFORMATION
For the Periods Ended March 31, 2003 and December 31, 2002
- --------------------------------------------------------------------------------
Retail Real Estate Portfolio Current YTD Change 12/31/02
- -------------------------------------------- ----------------------------------------------------
Company owned GLA 29,572,069 89,443 29,482,626
GLA under Development, Redevelopment, or Renovation 3,026,696 (99,787) 3,126,483
Company owned GLA Growth 0.3% - 1.4%
Total GLA including anchor owned stores 31,440,900 40,477 31,400,423
Retail Properties Operating or Under Development 261 (1) 262
Retail Properties in Development included above 31 (3) 34
Grocery anchored shopping centers 224 (1) 225
Grocery centers ranked #1, #2 or #3 in market 195 (1) 196
- -------------------------------------------------------------------- ----------------------------------
Percent leased - All Properties including Development 92.2% NA 91.5%
Percent leased - Operating Properties excluding
development 94.9% 0.1% 94.8%
- -------------------------------------------------------------------- ----------------------------------
Net Operating Income $67,769,415 - $282,136,389
NOI growth -3.4% - 6.2%
Base rent growth on leasing and transactions (YTD) 9.7% - 10.8%
NOI - same property growth (YTD) 1.6% - 3.0%
- ----------------------------------------------------------------------------------------------------------------
19
PORTFOLIO SUMMARY REPORT BY REGION
March 31, 2003
- --------------------------------------------------------------------------------
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
Mid- Atlantic Region
--------------------
Pike Creek Shopping Center DE Wilmington Mid-Atlantic 1981 1998 229,510 229,510
White Oak - Dover DE DE Dover Mid-Atlantic 2000 2000 10,908 10,908
- ---------------------------------------------------------------------------------------------------------------
DE 240,418 240,418
===============================================================================================================
Echelon Village Plaza NJ Philadelphia Mid-Atlantic 2000 2000 88,993 88,993
Hershey - Goodyear PA Mid-Atlantic 2000 2000 6,000 6,000
Ashburn Farm Market Center VA Washington DC Mid-Atlantic 2000 2000 92,019 92,019
Brookville Plaza JV-M VA Lynchburg Mid-Atlantic 1991 1998 63,664 63,664
Cheshire Station VA Washington DC Mid-Atlantic 2000 2000 97,249 97,156
Somerset JV-O VA Washington DC Mid-Atlantic 2002 2002 108,400 108,870
Statler Square Shopping Ctr VA None Mid-Atlantic 1996 1998 133,660 133,660
Tall Oaks Village Center VA Washington DC Mid-Atlantic 1998 2002 69,331 69,331
Village Center at Dulles JV-C VA Washington DC Mid-Atlantic 1991 2002 308,473 289,602
- ---------------------------------------------------------------------------------------------------------------
VA 872,796 854,302
- ---------------------------------------------------------------------------------------------------------------
Regional Totals Mid-Atlantic 1,208,207 1,189,713
===============================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping
Ctr IL Chicago Midwest 2003 - 107,734
Hinsdale Lake Commons IL Chicago Midwest 1986 1998 178,975 178,975
Westbrook Commons IL Chicago Midwest 1984 2001 121,502 121,502
- ---------------------------------------------------------------------------------------------------------------
IL 300,477 408,211
===============================================================================================================
Franklin Square Shopping
Center KY Lexington Midwest 1988 1998 205,307 201,673
Silverlake Shopping Center JV-M KY Cincinnati Midwest 1988 1998 99,352 99,352
- ---------------------------------------------------------------------------------------------------------------
KY 304,659 301,025
===============================================================================================================
Fenton Village Marketplace MI Flint Midwest 1999 1999 97,224 97,224
Lakeshore Village Shopping
Ctr MI Detroit Midwest 1996 1998 85,940 85,940
Waterford Towne Center MI Detroit Midwest 1998 1998 96,101 96,101
- ---------------------------------------------------------------------------------------------------------------
MI 279,265 279,265
===============================================================================================================
St. Ann Square MO St. Louis Midwest 1986 1998 82,498 82,498
Beckett Commons Shopping Ctr OH Cincinnati Midwest 1995 1998 121,497 121,497
Cherry Grove Plaza OH Cincinnati Midwest 1997 1998 195,497 195,497
Cherry Street Center OH Toledo Midwest 2000 2000 54,660 54,660
East Pointe Crossing Shopping
Ctr OH Columbus Midwest 1993 1998 86,524 86,524
Hyde Park Plaza OH Cincinnati Midwest 1995 1997 397,893 397,893
Kingsdale Shopping Center OH Columbus Midwest 1999 1997 270,470 270,470
Kroger New Albany Center JV-O OH Columbus Midwest 1999 1999 91,722 91,722
Northgate Plaza OH Columbus Midwest 1996 1998 85,100 85,100
Park Place Center OH Columbus Midwest 1988 1998 106,833 106,833
Regency Milford Center OH Cincinnati Midwest 2001 2001 108,903 108,903
Shoppes at Mason OH Cincinnati Midwest 1997 1998 80,800 80,800
Westchester Plaza OH Cincinnati Midwest 1988 1998 88,181 88,181
Windmiller Square OH Columbus Midwest 1997 1998 120,509 120,429
Worthington Park Centre OH Columbus Midwest 1991 1998 93,095 93,095
- ---------------------------------------------------------------------------------------------------------------
OH 1,901,684 1,901,604
- ---------------------------------------------------------------------------------------------------------------
Regional Totals Midwest 2,868,583 2,972,603
===============================================================================================================
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
Mid- Atlantic Region
--------------------
Pike Creek Shopping Center 99.0% 99.5% 49,069 Acme
White Oak - Dover DE 100.0% 100.0% - --
- ---------------------------------------------------------------------------------------------
99.0% 99.5% 49,069 1
=============================================================================================
Echelon Village Plaza 79.7% 81.7% 48,776 Genuardi's
Hershey - Goodyear 100.0% 100.0% - --
Ashburn Farm Market Center 100.0% 100.0% 48,999 Giant
Brookville Plaza 98.1% 98.1% 52,864 Kroger
Cheshire Station 97.8% 97.8% 55,256 Safeway
Somerset 61.8% 64.2% 67,000 Shoppers Food Warehouse
Statler Square Shopping Ctr 100.0% 100.0% 65,003 Kroger
Tall Oaks Village Center 100.0% 100.0% 38,763 Giant
Village Center at Dulles 93.1% 99.2% 48,424 Shoppers Food Warehouse
- ---------------------------------------------------------------------------------------------
92.4% 94.8% 376,309 7
- ---------------------------------------------------------------------------------------------
Regional Totals 92.8% 94.8% 74,154 9
=============================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping
Ctr NA 95.0% 64,937 Jewel
Hinsdale Lake Commons 97.3% 97.3% 69,540 Dominick's
Westbrook Commons 94.4% 91.4% 51,304 Dominicks
- ---------------------------------------------------------------------------------------------
96.1% 94.9% 185,781 3
=============================================================================================
Franklin Square Shopping
Center 95.6% 95.5% 50,499 Kroger
Silverlake Shopping Center 98.5% 98.5% 60,000 Kroger
- ---------------------------------------------------------------------------------------------
96.6% 96.5% 110,499 2
=============================================================================================
Fenton Village Marketplace 98.6% 98.6% 53,739 Farmer Jack
Lakeshore Village Shopping
Ctr 87.3% 89.2% 49,465 Kroger
Waterford Towne Center 91.3% 91.3% 60,202 Kroger
- ---------------------------------------------------------------------------------------------
92.6% 93.2% 163,406 3
=============================================================================================
St. Ann Square 92.9% 92.9% 43,483 National
Beckett Commons Shopping Ctr 100.0% 100.0% 70,815 Kroger
Cherry Grove Plaza 91.0% 90.2% 66,336 Kroger
Cherry Street Center 100.0% 100.0% 54,660 Farmer Jack
East Pointe Crossing Shopping
Ctr 100.0% 100.0% 59,120 Kroger
Hyde Park Plaza 94.4% 95.2% 138,592 Kroger/Thriftway
Kingsdale Shopping Center 65.4% 60.1% 56,006 Big Bear
Kroger New Albany Center 98.5% 98.5% 63,805 Kroger
Northgate Plaza 100.0% 100.0% 62,000 Kroger
Park Place Center 98.8% 98.8% 56,859 Big Bear
Regency Milford Center 88.0% 88.0% 65,000 Kroger
Shoppes at Mason 97.5% 97.5% 56,800 Kroger
Westchester Plaza 98.4% 100.0% 66,523 Kroger
Windmiller Square 97.9% 97.9% 76,555 Kroger
Worthington Park Centre 91.2% 91.2% 52,337 Kroger
- ---------------------------------------------------------------------------------------------
91.4% 90.8% 945,408 14
- ---------------------------------------------------------------------------------------------
Regional Totals 92.6% 92.2% 1,448,577 23
=============================================================================================
20
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
230th & Hawthorne CA Los Angeles Pacific 2002 2002 13,860 13,860
Amerige Heights Town Center CA Los Angeles Pacific 2000 2000 96,679 96,679
Blossom Valley Shopping Ctr CA San Jose Pacific 1990 1999 93,314 93,314
Campus Marketplace JV-M CA San Diego Pacific 2000 2000 144,288 144,288
Corral Hollow JV-O CA Stockton Pacific 2000 2000 168,238 167,118
Costa Verde CA San Diego Pacific 1988 1999 178,621 178,622
Country Club Village - Calif CA Oakland Pacific 1994 1999 111,251 111,251
Diablo Plaza CA Oakland Pacific 1982 1999 63,214 63,214
El Camino Shopping Center CA Los Angeles Pacific 1995 1999 135,883 135,883
El Cerrito Plaza CA San Francisco Pacific 2000 2000 254,840 256,177
El Norte Parkway Plaza CA San Diego Pacific 1984 1999 87,990 87,990
Encina Grande CA Oakland Pacific 1965 1999 102,499 102,499
Friars-Mission Center CA San Diego Pacific 1989 1999 146,898 146,898
Garden Village Shopping
Center JV-M CA Los Angeles Pacific 2000 2000 112,957 112,957
Gelson's Westlake CA Ventura Pacific 2002 2002 82,315 82,315
Gilroy CA San Jose Pacific 2002 2002 123,709 339,808
Heritage Plaza CA Orange County Pacific 1981 1999 231,102 231,222
Hermosa Beach JV-O CA Los Angeles Pacific 2003 2003 - 13,129
Loehmann's Plaza Calif CA San Jose Pacific 1983 1999 113,310 113,310
McBean & Valencia CA Los Angeles Pacific 2002 2002 179,227 180,528
Morningside Plaza CA Orange County Pacific 1996 1999 91,600 91,600
Newland Center CA Orange County Pacific 1985 1999 166,492 166,492
Oakbrook Plaza CA Ventura Pacific 1982 1999 83,279 83,279
Park Plaza Shopping Center JV-C CA Los Angeles Pacific 1991 2001 193,529 193,529
Plaza Hermosa CA Los Angeles Pacific 1984 1999 94,940 94,940
Powell Street Plaza CA Oakland Pacific 1987 2001 165,920 165,920
Prairie City Crossing CA Sacramento Pacific 1999 1999 82,503 82,503
Rona Plaza CA Orange County Pacific 1989 1999 51,754 51,754
Rosecrans & Inglewood CA Los Angeles Pacific 2002 2002 12,000 12,000
San Leandro Plaza CA Oakland Pacific 1982 1999 50,432 50,432
Santa Ana Downtown Plaza CA Orange County Pacific 1987 1999 100,305 100,305
Seal Beach JV-C CA Orange County Pacific 1966 2002 85,910 85,910
Sequoia Station CA San Francisco Pacific 1996 1999 103,148 103,148
Slatten Ranch JV-O CA Oakland Pacific 2002 2002 220,162 206,824
Strawflower Village CA San Francisco Pacific 1985 1999 78,827 78,827
Tassajara Crossing CA Oakland Pacific 1990 1999 146,188 146,188
Twin Peaks Plaza CA San Diego Pacific 1988 1999 198,139 198,139
Ventura Village Shopping Ctr CA Ventura Pacific 1984 1999 76,070 76,070
Vista Village CA San Diego Pacific 2002 2002 129,520 129,665
West Park Plaza CA San Jose Pacific 1996 1999 88,103 88,103
Westlake Plaza and Center CA Ventura Pacific 1975 1999 190,525 190,525
Westridge Center CA Los Angeles Pacific 2001 2001 87,284 87,284
Woodman - Van Nuys CA Los Angeles Pacific 1992 1999 107,614 107,614
Woodside Central Plaza CA San Francisco Pacific 1993 1999 80,591 80,591
- ---------------------------------------------------------------------------------------------------------------
CA 5,125,030 5,342,704
===============================================================================================================
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
230th & Hawthorne 100.0% 100.0% - --
Amerige Heights Town Center 98.5% 98.5% 57,560 Albertson's
Blossom Valley Shopping Ctr 100.0% 100.0% 34,208 Safeway
Campus Marketplace 94.4% 94.4% 58,527 Ralph's
Corral Hollow 100.0% 100.0% 65,715 Safeway
Costa Verde 100.0% 100.0% 40,000 Albertson's
Country Club Village - Calif 100.0% 100.0% 50,320 Ralph's
Diablo Plaza 100.0% 100.0% 53,000 Safeway
El Camino Shopping Center 100.0% 100.0% 35,650 Von's Food & Drug
El Cerrito Plaza 92.4% 94.1% 77,888 Albertson's/Trader Joe's
El Norte Parkway Plaza 96.4% 96.4% 42,315 Von's Food & Drug
Encina Grande 100.0% 100.0% 22,500 Safeway
Friars-Mission Center 100.0% 100.0% 55,303 Ralph's
Garden Village Shopping
Center 97.1% 95.1% 57,050 Albertson's
Gelson's Westlake 90.1% 90.1% 37,500 Gelsons
Gilroy 0.0% 50.4% - --
Heritage Plaza 96.9% 98.9% 44,376 Ralph's
Hermosa Beach NA 100.0% - --
Loehmann's Plaza Calif 100.0% 100.0% 53,000 Safeway
McBean & Valencia 69.2% 93.5% - --
Morningside Plaza 100.0% 100.0% 42,630 Stater Brother
Newland Center 99.1% 99.1% 58,000 Lucky's
Oakbrook Plaza 100.0% 100.0% 43,842 Albertson's
Park Plaza Shopping Center 96.0% 93.1% 28,210 Von's Food & Drug
Plaza Hermosa 100.0% 100.0% 36,800 Von's Food & Drug
Powell Street Plaza 100.0% 100.0% 10,122 Trader Joe's
Prairie City Crossing 100.0% 100.0% 55,255 Safeway
Rona Plaza 100.0% 100.0% 37,194 Food 4 Less
Rosecrans & Inglewood 100.0% 100.0% - --
San Leandro Plaza 100.0% 100.0% 38,250 Safeway
Santa Ana Downtown Plaza 100.0% 100.0% 37,972 Food 4 Less
Seal Beach 100.0% 100.0% 25,000 Pavilions
Sequoia Station 100.0% 100.0% 62,050 Safeway
Slatten Ranch 33.6% 73.2% - --
Strawflower Village 100.0% 100.0% 33,753 Safeway
Tassajara Crossing 100.0% 100.0% 56,496 Safeway
Twin Peaks Plaza 99.7% 100.0% 44,686 Albertson's
Ventura Village Shopping Ctr 100.0% 97.9% 42,500 Von's Food & Drug
Vista Village 69.2% 68.9% - --
West Park Plaza 100.0% 100.0% 24,712 Safeway
Westlake Plaza and Center 97.5% 97.5% 41,300 Von's Food & Drug
Westridge Center 88.7% 91.0% 50,216 Albertson's
Woodman - Van Nuys 100.0% 95.8% 77,648 Gigante
Woodside Central Plaza 100.0% 100.0% - --
- ---------------------------------------------------------------------------------------------
91.4% 93.4% 1,631,548 36
=============================================================================================
21
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
Cherry Park Market Center OR Portland Pacific 1997 1999 113,518 113,518
Hillsboro Market Center OR Portland Pacific 2000 2000 67,240 67,240
Hillsboro Market Center
Phase II OR Portland Pacific 2002 2002 83,116 83,126
McMinnville Market Center OR Portland Pacific 2003 2003 - 73,913
Murrayhill Marketplace OR Portland Pacific 1988 1999 149,214 149,214
Sherwood Crossroads OR Portland Pacific 1999 1999 88,489 89,189
Sherwood Market Center OR Portland Pacific 1995 1999 124,256 124,257
Sunnyside 205 OR Portland Pacific 1988 1999 53,094 53,094
Walker Center OR Portland Pacific 1987 1999 89,609 89,609
West Hills Plaza OR Portland Pacific 1998 1999 53,579 53,579
- ---------------------------------------------------------------------------------------------------------------
OR 822,115 896,739
===============================================================================================================
Cascade Plaza JV-C WA Seattle Pacific 1999 1999 217,657 217,657
Inglewood Plaza WA Seattle Pacific 1985 1999 17,253 17,253
James Center JV-M WA Tacoma Pacific 1999 1999 140,240 140,240
Padden Parkway WA Portland Pacific 2002 2002 54,473 54,473
Pine Lake Village WA Seattle Pacific 1989 1999 102,953 102,953
Sammamish Highland WA Seattle Pacific 1992 1999 101,289 101,289
South Point Plaza WA Seattle Pacific 1997 1999 190,355 190,355
Southcenter Plaza WA Seattle Pacific 1990 1999 58,282 58,282
Thomas Lake Center WA Seattle Pacific 1998 1999 103,872 103,872
- ---------------------------------------------------------------------------------------------------------------
WA 986,374 986,374
- ---------------------------------------------------------------------------------------------------------------
Regional Totals Pacific 6,933,519 7,225,817
===============================================================================================================
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
Cherry Park Market Center 88.6% 88.6% 55,164 Safeway
Hillsboro Market Center 100.0% 100.0% 57,370 Albertson's
Hillsboro Market Center
Phase II 91.1% 91.0% --
McMinnville Market Center NA 72.6% 53,667 Albertson's
Murrayhill Marketplace 90.2% 90.2% 41,132 Safeway
Sherwood Crossroads 87.0% 89.0% 55,150 Safeway
Sherwood Market Center 98.0% 98.0% 49,793 Albertson's
Sunnyside 205 96.3% 96.3% - --
Walker Center 100.0% 100.0% - --
West Hills Plaza 98.1% 98.1% 30,154 QFC
- ---------------------------------------------------------------------------------------------
93.7% 92.1% 342,430 7
=============================================================================================
Cascade Plaza 99.5% 98.7% 49,440 Safeway
Inglewood Plaza 100.0% 100.0% - --
James Center 95.5% 95.5% 68,273 Fred Myer
Padden Parkway 96.3% 96.3% 52,443 Albertson's
Pine Lake Village 100.0% 100.0% 40,982 Quality Foods
Sammamish Highland 100.0% 100.0% 55,000 Safeway
South Point Plaza 100.0% 100.0% 55,443 Cost Cutters
Southcenter Plaza 95.2% 89.7% - --
Thomas Lake Center 100.0% 100.0% 50,065 Albertson's
- ---------------------------------------------------------------------------------------------
98.8% 98.3% 371,646 7
- ---------------------------------------------------------------------------------------------
Regional Totals 92.7% 93.9% 2,345,624 50
=============================================================================================
22
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
Southeast Region
----------------
Bonner's Point AL None Southeast 1985 1993 87,282 87,282
Country Club Ala AL Montgomery Southeast 1991 1993 67,622 67,622
Southgate Village Shopping
Center AL Birmingham Southeast 1988 2001 75,392 75,392
The Marketplace - Alexander
City AL None Southeast 1987 1993 162,723 162,723
Trace Crossing Shopping
Center AL Birmingham Southeast 2001 2001 74,130 74,130
Valleydale Village Shopping
Center AL Birmingham Southeast 2002 2002 118,466 118,466
Village in Trussville, The AL Birmingham Southeast 1987 1993 59,281 59,281
- ---------------------------------------------------------------------------------------------------------------
AL 644,896 644,896
===============================================================================================================
Anastasia Plaza JV-M FL Jacksonville Southeast 1988 1993 102,342 102,342
Aventura FL Miami Southeast 1974 1994 102,876 102,876
Beneva Village Shops FL Sarasota Southeast 1987 1998 141,532 141,532
Berkshire Commons FL Naples Southeast 1992 1994 106,354 106,354
Bloomingdale Square FL Tampa Southeast 1987 1998 267,935 267,935
Bolton Plaza FL Jacksonville Southeast 1988 1994 172,938 172,938
Boynton Lakes Plaza FL West Palm Beach Southeast 1993 1997 130,924 130,924
Carriage Gate FL Tallahassee Southeast 1978 1994 76,833 76,833
Center of Seven Springs FL Tampa Southeast 1986 1994 162,580 162,580
Chasewood Plaza FL West Palm Beach Southeast 1986 1993 141,178 141,178
Chasewood Storage FL West Palm Beach Southeast 1986 1993 42,810 42,810
Courtyard, The FL Jacksonville Southeast 1987 1993 137,256 137,256
East Port Plaza FL Fort Pierce Southeast 1991 1997 235,842 235,842
East Towne Shopping Center FL Orlando Southeast 2002 2002 69,841 69,841
Fleming Island Shopping Ctr FL Jacksonville Southeast 2000 1998 136,662 136,662
Garden Square Shopping Ctr FL Miami Southeast 1991 1997 90,258 90,258
Grande Oaks FL Ft. Myers- Southeast 2000 2000 78,784 78,784
Cape Coral
Highlands Square Shopping Ctr FL Jacksonville Southeast 1999 1998 272,554 262,054
Julington Village JV-C FL Jacksonville Southeast 1999 1999 81,821 81,821
Kings Crossing - Sun City JV-M FL Tampa Southeast 1999 1999 75,020 75,020
Lynn Haven FL Panama City Southeast 2001 2001 63,871 63,871
Mainstreet Square Shopping
Ctr FL Orlando Southeast 1988 1997 107,134 107,134
Mariner's Village Shopping
Ctr FL Orlando Southeast 1986 1997 117,690 138,940
Market Place - St. Petersburg FL Tampa Southeast 1983 1995 90,296 90,296
Martin Downs Village Center FL Fort Pierce Southeast 1985 1993 121,946 121,946
Martin Downs Village Shoppes FL Fort Pierce Southeast 1998 1993 49,773 49,773
Millhopper Shopping Center FL Gainesville Southeast 1974 1993 84,065 84,065
Newberry Square FL Gainesville Southeast 1986 1994 180,524 180,524
Ocala Corners JV-M FL Tallahassee Southeast 2000 2000 86,772 86,772
Ocean Breeze Plaza FL Fort Pierce Southeast 1985 1993 108,209 108,209
Old St. Augustine Plaza FL Jacksonville Southeast 1990 1996 175,459 175,459
Palm Harbour Shopping Ctr FL Daytona Beach Southeast 1991 1996 172,758 172,758
Palm Trails Plaza FL Fort Lauderdale Southeast 1998 1997 76,067 76,067
Peachland Promenade FL Punta Gorda Southeast 1991 1995 82,082 82,082
Pebblebrooke Plaza JV-M FL Naples Southeast 2000 2000 76,767 76,767
Pine Tree Plaza FL Jacksonville Southeast 1999 1997 60,787 60,787
Regency Court FL Jacksonville Southeast 1992 1997 218,648 218,648
Regency Square at Brandon FL Tampa Southeast 1986 1993 349,848 349,848
Regency Village JV-O FL Orlando Southeast 2000 2000 83,170 83,170
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
Southeast Region
----------------
Bonner's Point 98.6% 98.6% 34,700 Winn-Dixie
Country Club Ala 92.9% 92.9% 35,922 Winn-Dixie
Southgate Village Shopping
Center 97.3% 96.9% 46,733 Publix
The Marketplace - Alexander
City 96.4% 95.7% 47,668 Winn-Dixie
Trace Crossing Shopping
Center 87.2% 87.2% 51,420 Publix
Valleydale Village Shopping
Center 77.8% 77.4% 44,271 Publix
Village in Trussville, The 79.9% 73.6% 38,380 Bruno's
- ---------------------------------------------------------------------------------------------
90.4% 89.6% 299,094 7
=============================================================================================
Anastasia Plaza 97.6% 97.1% 48,555 Publix
Aventura 94.9% 94.9% 35,908 Publix
Beneva Village Shops 98.0% 96.3% 42,112 Publix
Berkshire Commons 97.6% 98.7% 65,537 Publix
Bloomingdale Square 99.6% 99.3% 39,795 Publix
Bolton Plaza 96.5% 96.5% - --
Boynton Lakes Plaza 98.4% 98.4% 56,000 Winn-Dixie
Carriage Gate 87.6% 87.6% - --
Center of Seven Springs 37.8% 38.8% 35,000 Winn-Dixie
Chasewood Plaza 91.6% 93.8% 39,795 Publix
Chasewood Storage 100.0% 100.0% - --
Courtyard, The 100.0% 100.0% 62,771 Albertson's
East Port Plaza 55.3% 55.3% 42,112 Publix
East Towne Shopping Center 64.2% 70.2% 44,840 Publix
Fleming Island Shopping Ctr 95.9% 96.6% 47,955 Publix
Garden Square Shopping Ctr 98.6% 98.6% 42,112 Publix
Grande Oaks 93.1% 96.4% 54,379 Publix
Highlands Square Shopping Ctr 88.8% 92.3% 84,314 Publix/Winn-Dixie
Julington Village 100.0% 100.0% 51,420 Publix
Kings Crossing - Sun City 96.8% 98.4% 51,420 Publix
Lynn Haven 93.4% 97.8% 44,271 Publix
Mainstreet Square Shopping
Ctr 90.5% 93.6% 56,000 Winn-Dixie
Mariner's Village Shopping
Ctr 79.0% 97.3% 45,500 Winn-Dixie
Market Place - St. Petersburg 97.6% 98.8% 36,464 Publix
Martin Downs Village Center 96.7% 98.7% - --
Martin Downs Village Shoppes 92.3% 92.3% - --
Millhopper Shopping Center 100.0% 100.0% 37,244 Publix
Newberry Square 99.4% 97.0% 39,795 Publix
Ocala Corners 100.0% 100.0% 61,171 Publix
Ocean Breeze Plaza 84.7% 83.6% 36,464 Publix
Old St. Augustine Plaza 95.1% 100.0% 51,832 Publix
Palm Harbour Shopping Ctr 99.2% 98.8% 45,254 Publix
Palm Trails Plaza 97.6% 97.6% 59,562 Winn-Dixie
Peachland Promenade 96.9% 98.7% 48,890 Publix
Pebblebrooke Plaza 100.0% 100.0% 61,166 Publix
Pine Tree Plaza 100.0% 100.0% 37,866 Publix
Regency Court 79.4% 79.4% - --
Regency Square at Brandon 98.2% 97.1% - --
Regency Village 87.5% 89.4% 54,379 Publix
23
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
Shoppes at 104 JV-M FL Miami Southeast 1990 1998 108,190 108,192
Shops of San Marco JV-O FL West Palm Beach Southeast 2002 2002 91,538 91,538
Starke (US 301 & SR 100) FL Jacksonville Southeast 2000 2000 12,738 12,738
Tequesta Shoppes FL West Palm Beach Southeast 1986 1996 109,937 -
Terrace Walk FL Tampa Southeast 1990 1993 50,936 50,936
Town Center at Martin Downs FL Fort Pierce Southeast 1996 1996 64,546 64,546
Town Square FL Tampa Southeast 1999 1997 44,679 44,679
University Collection FL Tampa Southeast 1984 1996 106,899 106,899
University Marketplace FL Miami Southeast 1990 1993 129,121 129,121
Village Center 6 -Tampa FL Tampa Southeast 1993 1995 181,110 181,110
Vineyard Shopping Center FL Tallahassee Southeast 2001 2001 62,821 62,821
Welleby Plaza FL Fort Lauderdale Southeast 1982 1996 109,949 109,949
Wellington Town Square FL West Palm Beach Southeast 1982 1996 105,150 105,150
Willa Springs FL Orlando Southeast 2000 2000 83,730 89,930
- ---------------------------------------------------------------------------------------------------------------
FL 6,193,550 6,100,565
===============================================================================================================
Ashford Place GA Atlanta Southeast 1993 1997 53,450 53,450
Briarcliff LaVista Shopping
Ctr GA Atlanta Southeast 1962 1997 39,203 39,203
Briarcliff Village GA Atlanta Southeast 1990 1997 187,156 187,156
Buckhead Court GA Atlanta Southeast 1984 1997 55,229 55,229
Cambridge Square Shopping Ctr GA Atlanta Southeast 1979 1996 77,629 71,699
Cromwell Square GA Atlanta Southeast 1990 1997 70,282 70,282
Cumming 400 GA Atlanta Southeast 1994 1997 126,900 126,900
Delk Spectrum GA Atlanta Southeast 1991 1998 100,880 100,880
Dunwoody Hall GA Atlanta Southeast 1986 1997 89,511 89,471
Dunwoody Village GA Atlanta Southeast 1975 1997 120,597 120,597
Killian Hill Market GA Atlanta Southeast 2000 2000 113,227 113,001
LaGrange Marketplace GA Augusta-Aiken Southeast 1989 1993 76,327 76,327
Loehmann's Plaza Georgia GA Atlanta Southeast 1986 1997 137,601 137,601
Lovejoy Station JV-M GA Atlanta Southeast 1995 1997 77,336 77,336
Memorial Bend GA Atlanta Southeast 1995 1997 177,283 177,283
Orchard Square JV-M GA Atlanta Southeast 1987 1995 93,222 93,222
Paces Ferry Plaza GA Atlanta Southeast 1987 1997 61,696 61,696
Parkway Station GA Macon Southeast 1983 1996 94,290 94,290
Powers Ferry Square GA Atlanta Southeast 1987 1997 97,704 97,704
Powers Ferry Village GA Atlanta Southeast 1994 1997 78,995 78,996
Rivermont Station GA Atlanta Southeast 1996 1997 90,267 90,267
Roswell Village JV-C GA Atlanta Southeast 1997 1997 145,334 145,334
Russell Ridge GA Atlanta Southeast 1995 1994 98,558 98,558
Sandy Plains Village I & II GA Atlanta Southeast 1992 1996 175,035 175,035
- ---------------------------------------------------------------------------------------------------------------
GA 2,437,712 2,431,517
===============================================================================================================
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
Shoppes at 104 98.6% 98.7% 46,368 Winn-Dixie
Shops of San Marco 58.6% 95.3% 44,271 Publix
Starke (US 301 & SR 100) 100.0% 100.0% - --
Tequesta Shoppes 88.8% NA - --
Terrace Walk 90.2% 90.2% - --
Town Center at Martin Downs 100.0% 100.0% 56,146 Publix
Town Square 99.3% 99.3% - --
University Collection 96.2% 98.7% 40,143 Kash N Karry
University Marketplace 85.7% 87.8% 63,139 Albertson's
Village Center 6 -Tampa 98.4% 97.1% 36,434 Publix
Vineyard Shopping Center 81.6% 81.6% 44,271 Publix
Welleby Plaza 95.4% 97.1% 46,779 Publix
Wellington Town Square 98.9% 100.0% 36,464 Publix
Willa Springs 100.0% 98.6% 44,271 Publix
- ---------------------------------------------------------------------------------------------
90.9% 92.5% 2,018,169 42
=============================================================================================
Ashford Place 98.6% 98.6% - --
Briarcliff LaVista Shopping
Ctr 89.6% 89.6% - --
Briarcliff Village 99.8% 99.8% 43,454 Publix
Buckhead Court 90.5% 92.5% - --
Cambridge Square Shopping Ctr 92.4% 100.0% 40,852 Kroger
Cromwell Square 95.1% 95.1% - --
Cumming 400 97.0% 97.0% 56,146 Publix
Delk Spectrum 100.0% 100.0% 45,044 Publix
Dunwoody Hall 98.4% 99.9% 44,271 Publix
Dunwoody Village 88.7% 90.9% 18,400 Fresh Market
Killian Hill Market 78.4% 85.8% 54,340 Publix
LaGrange Marketplace 90.3% 90.3% 46,733 Winn-Dixie
Loehmann's Plaza Georgia 92.2% 90.7% - --
Lovejoy Station 100.0% 95.6% 47,955 Publix
Memorial Bend 93.4% 92.0% 56,146 Publix
Orchard Square 96.1% 96.1% 44,271 Publix
Paces Ferry Plaza 100.0% 100.0% - --
Parkway Station 83.0% 78.8% 42,130 Kroger
Powers Ferry Square 89.5% 89.5% - --
Powers Ferry Village 99.9% 99.9% 47,955 Publix
Rivermont Station 100.0% 100.0% 58,261 Kroger
Roswell Village 79.8% 81.1% 37,888 Publix
Russell Ridge 100.0% 100.0% 63,296 Kroger
Sandy Plains Village I & II 91.9% 91.9% 60,009 Kroger
- ---------------------------------------------------------------------------------------------
93.2% 93.5% 807,151 17
=============================================================================================
24
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
Bent Tree Plaza NC Raleigh Southeast 1994 1998 79,503 79,503
Carmel Commons NC Charlotte Southeast 1979 1997 132,651 132,651
Garner Towne Square NC Raleigh Southeast 1998 1998 221,576 221,776
Glenwood Village NC Raleigh Southeast 1983 1997 42,864 42,864
Kernersville Marketplace SC NC Greensboro Southeast 1997 1998 72,590 72,590
Lake Pine Plaza NC Raleigh Southeast 1997 1998 87,691 87,691
Maynard Crossing Shopping Ctr NC Raleigh Southeast 1997 1998 122,814 122,814
Oakley Plaza JV NC Asheville Southeast 1988 1997 118,728 -
Sedgefield Village NC Greensboro Southeast 2000 2000 56,630 -
Southpoint Crossing NC Raleigh Southeast 1998 1998 103,128 103,128
Union Square Shopping Center NC Charlotte Southeast 1989 1996 97,191 97,191
Woodcroft Shopping Center NC Raleigh Southeast 1984 1996 89,835 89,835
- ---------------------------------------------------------------------------------------------------------------
NC 1,225,201 1,050,043
===============================================================================================================
Merchants Village JV-M SC Charleston Southeast 1997 1997 79,724 79,724
Murray Landing SC Columbia Southeast 2002 2002 64,041 64,441
Pelham Commons SC Greenville Southeast 2002 2002 76,271 76,541
Queensborough Shopping Ctr JV-O SC Charleston Southeast 1993 1998 82,333 82,333
Rosewood Shopping Center SC Columbia Southeast 2001 2001 36,887 36,887
- ---------------------------------------------------------------------------------------------------------------
SC 339,256 339,926
===============================================================================================================
Dickson (Hwy 46 & 70) TN Southeast 1998 1998 10,908 10,908
Harpeth Village TN Nashville Southeast 1998 1997 70,091 70,091
Nashboro Village TN Nashville Southeast 1998 1998 86,811 86,811
Northlake Village TN Nashville Southeast 1988 2000 151,629 151,629
Peartree Village TN Nashville Southeast 1997 1997 114,795 114,795
West End Avenue TN Nashville Southeast 1998 1998 10,000 10,000
- ---------------------------------------------------------------------------------------------------------------
TN 444,234 444,234
- ---------------------------------------------------------------------------------------------------------------
Regional Totals Southeast 11,284,849 11,011,181
===============================================================================================================
Southwest Region
Carefree Marketplace AZ Phoenix Southwest 2000 2000 24,697 24,697
Palm Valley Marketplace JV-C AZ Phoenix Southwest 1999 2001 107,630 107,630
Paseo Village AZ Phoenix Southwest 1998 1999 92,399 92,399
Pima Crossing AZ Phoenix Southwest 1996 1999 236,539 236,539
Stonebridge Center AZ Phoenix Southwest 2000 2000 30,235 30,235
The Provinces Shopping Ctr AZ Phoenix Southwest 2000 2000 34,201 34,201
- ---------------------------------------------------------------------------------------------------------------
AZ 525,701 525,701
===============================================================================================================
Boulevard Center CO Denver Southwest 1986 1999 88,511 88,511
Buckley Square CO Denver Southwest 1978 1999 111,146 111,146
Centerplace of Greeley CO Greeley Southwest 2002 2002 148,110 148,110
Cheyenne Meadows Center JV-M CO Colorado Springs Southwest 1998 1998 89,893 89,893
Crossroads Commons JV-C CO Boulder Southwest 1986 2001 144,288 144,288
Hilltop Village CO Denver Southwest 2002 2002 99,836 99,836
Jackson Creek Crossing CO Colorado Springs Southwest 1999 1998 85,263 85,263
Leetsdale Marketplace CO Denver Southwest 1993 1999 119,916 119,916
Littleton Square CO Denver Southwest 1997 1999 94,257 94,257
Lloyd King Center CO Denver Southwest 1998 1998 83,326 83,326
New Windsor Marketplace CO Greeley Southwest 2002 2002 94,950 94,950
Redlands Marketplace CO Grand Junction Southwest 1999 1999 14,659 -
Stroh Ranch Center CO Denver Southwest 1998 1998 93,436 93,436
Willow Creek Center JV-C CO Denver Southwest 1985 2001 166,421 166,421
Woodmen Plaza CO Colorado Springs Southwest 1998 1998 104,558 104,558
- ---------------------------------------------------------------------------------------------------------------
CO 1,538,570 1,523,911
===============================================================================================================
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
Bent Tree Plaza 100.0% 100.0% 54,153 Kroger
Carmel Commons 98.0% 94.4% 14,300 Fresh Market
Garner Towne Square 100.0% 100.0% 57,590 Kroger
Glenwood Village 86.2% 91.8% 27,764 Harris Teeter
Kernersville Marketplace SC 97.9% 97.9% 57,590 Harris Teeter
Lake Pine Plaza 100.0% 100.0% 57,590 Kroger
Maynard Crossing Shopping Ctr 97.8% 97.8% 55,973 Kroger
Oakley Plaza 98.5% 0.0% - --
Sedgefield Village 76.9% 0.0% - --
Southpoint Crossing 100.0% 100.0% 59,160 Kroger
Union Square Shopping Center 100.0% 100.0% 33,000 Harris Teeter
Woodcroft Shopping Center 98.4% 98.4% 40,832 Food Lion
- ---------------------------------------------------------------------------------------------
97.6% 98.4% 457,952 10
=============================================================================================
Merchants Village 100.0% 100.0% 37,888 Publix
Murray Landing 76.6% 78.3% 44,840 Publix
Pelham Commons 58.0% 57.8% 44,271 Publix
Queensborough Shopping Ctr 100.0% 100.0% 65,796 Publix
Rosewood Shopping Center 95.1% 95.1% 27,887 Publix
- ---------------------------------------------------------------------------------------------
85.6% 85.9% 220,682 5
=============================================================================================
Dickson (Hwy 46 & 70) 100.0% 100.0% - --
Harpeth Village 100.0% 100.0% 55,377 Publix
Nashboro Village 96.8% 96.8% 61,224 Kroger
Northlake Village 88.1% 95.2% 64,537 Kroger
Peartree Village 100.0% 100.0% 65,538 Harris Teeter
West End Avenue 100.0% 100.0% - --
- ---------------------------------------------------------------------------------------------
95.3% 97.7% 246,676 4
- ---------------------------------------------------------------------------------------------
Regional Totals 92.1% 93.1% 4,049,724 85
=============================================================================================
Southwest Region
Carefree Marketplace 89.3% 89.3% 60,948 Fry's
Palm Valley Marketplace 98.1% 98.1% 55,403 Safeway
Paseo Village 97.5% 97.5% 23,800 ABCO
Pima Crossing 99.5% 99.5% - --
Stonebridge Center 78.4% 78.4% 55,250 Safeway
The Provinces Shopping Ctr 80.8% 80.8% 55,256 Safeway
- ---------------------------------------------------------------------------------------------
95.9% 95.9% 250,657 5
=============================================================================================
Boulevard Center 96.3% 90.4% 52,700 Safeway
Buckley Square 94.5% 95.8% 62,400 King Soopers
Centerplace of Greeley 39.2% 39.2% 58,092 Safeway
Cheyenne Meadows Center 94.1% 98.4% 69,913 King Soopers
Crossroads Commons 100.0% 100.0% 40,846 Whole Foods
Hilltop Village 67.3% 66.1% 67,150 King Soopers
Jackson Creek Crossing 100.0% 100.0% 69,913 King Soopers
Leetsdale Marketplace 100.0% 100.0% 62,600 Safeway
Littleton Square 97.7% 97.7% 49,751 King Soopers
Lloyd King Center 98.4% 100.0% 61,040 King Soopers
New Windsor Marketplace 69.0% 69.0% 65,550 King Soopers
Redlands Marketplace 7% NA - --
Stroh Ranch Center 98.5% 100.0% 69,719 King Soopers
Willow Creek Center 98.9% 97.4% 53,294 Safeway
Woodmen Plaza 100.0% 100.0% 69,716 King Soopers
- ---------------------------------------------------------------------------------------------
88.5% 88.6% 852,684 14
=============================================================================================
25
Company Owned GLA
- ---------------------------------------------------------------------------------------------------------------
Yr Const or Year
Property Name JV State MSA Region Last Rnvtn Acquired Dec-02 Mar '03
- ---------------------------------------------------------------------------------------------------------------
Alden Bridge TX Houston Southwest 1998 2002 138,952 138,952
Arapaho Village TX Dallas Southwest 1997 1999 103,033 103,033
Atascocita Center TX Houston Southwest 2002 2002 94,180 94,180
Bethany Park Place Shopping
Ctr TX Dallas Southwest 1998 1998 74,067 74,066
Casa Linda Plaza TX Dallas Southwest 1997 1999 324,639 324,639
Champion Forest Shopping Ctr TX Houston Southwest 1983 1999 115,247 115,247
Cochran's Crossing TX Houston Southwest 1994 2002 138,192 138,192
Coles Center TX Houston Southwest 2001 2001 42,063 42,063
Cooper Street Plaza TX Fort Worth Southwest 1992 1999 133,196 133,196
Creekside Plaza JV-O TX Fort Worth Southwest 1998 1998 96,816 96,816
Fort Bend Market TX Houston Southwest 2000 2000 30,158 30,158
Hancock Center TX Austin Southwest 1998 1999 410,438 410,438
Hebron Parkway Plaza JV-M TX Dallas Southwest 1999 1999 46,800 46,800
Hillcrest Village TX Dallas Southwest 1991 1999 14,530 14,530
Indian Springs Center JV-O TX Houston Southwest 2002 2002 135,977 135,977
Keller Town Center TX Fort Worth Southwest 1999 1999 114,937 114,937
Kleinwood Center TX Houston Southwest 2002 2002 152,959 152,906
Lebanon/Legacy Center TX Dallas Southwest 2000 2000 56,802 56,802
MacArthur Park - Phase 2 JV-C TX Dallas Southwest 1999 1999 198,443 198,443
Main Street Center TX Dallas Southwest 2002 2002 32,680 32,680
Market at Preston Forest, The TX Dallas Southwest 1990 1999 90,171 90,171
Market at Round Rock, The TX Austin Southwest 1987 1999 123,347 123,347
Matlock Center TX Dallas Southwest 2000 2000 40,139 40,139
Mills Pointe TX Dallas Southwest 1986 1999 126,186 126,186
Mockingbird Commons TX Dallas Southwest 1987 1999 121,564 121,564
North Hills Town Center TX Austin Southwest 1995 1999 144,019 144,019
Northview Plaza TX Dallas Southwest 1991 1999 116,016 116,016
Overton Park Plaza JV-C TX Fort Worth Southwest 1991 2001 350,856 350,856
Panther Creek TX Houston Southwest 1994 2002 164,080 164,080
Preston Park Village TX Dallas Southwest 1985 1999 273,396 273,396
Prestonbrook Crossing TX Dallas Southwest 1998 1998 91,274 91,274
Prestonwood Park TX Dallas Southwest 1999 1999 101,024 101,024
Rockwall TX Dallas Southwest 2002 2002 65,644 65,644
Shiloh Springs TX Dallas Southwest 1998 1998 110,040 110,040
Southlake - Village Center JV-O TX Fort Worth Southwest 1998 1998 118,092 118,092
Southpark TX Tyler Southwest 1997 1999 146,758 146,758
Sterling Ridge TX Houston Southwest 2000 2002 128,643 128,643
Sweetwater Plaza JV-C TX Houston Southwest 2000 2001 134,045 134,045
Trophy Club TX Fort Worth Southwest 1999 1999 106,607 106,607
Valley Ranch Centre TX Dallas Southwest 1997 1999 117,187 117,187
- ---------------------------------------------------------------------------------------------------------------
TX 5,123,197 5,123,143
- ---------------------------------------------------------------------------------------------------------------
Regional Totals Southwest 7,187,468 7,172,755
===============================================================================================================
- ---------------------------------------------------------------------------------------------------------------
Regency Centers Total 29,482,626 29,572,069
===============================================================================================================
% Leased
- ---------------------------------------------------------------------------------------------
Grocery Anchor
Property Name Dec-02 Mar '03 GLA Grocery Anchor
- ---------------------------------------------------------------------------------------------
Alden Bridge 100.0% 100.0% 67,768 Kroger
Arapaho Village 98.0% 98.0% 43,256 Tom Thumb
Atascocita Center 66.6% 69.7% 62,680 Kroger
Bethany Park Place Shopping
Ctr 100.0% 100.0% 58,374 Kroger
Casa Linda Plaza 83.7% 84.5% 59,561 Albertson's
Champion Forest Shopping Ctr 94.2% 92.6% 56,457 Randall's Food
Cochran's Crossing 100.0% 100.0% 63,449 Kroger
Coles Center 88.1% 93.4% 67,493 Randall's Food
Cooper Street Plaza 100.0% 100.0% - --
Creekside Plaza 100.0% 98.6% 60,932 Kroger
Fort Bend Market 72.2% 63.7% 67,106 Kroger
Hancock Center 91.2% 91.2% 90,217 H.E.B.
Hebron Parkway Plaza 94.9% 94.9% 59,460 Albertson's
Hillcrest Village 100.0% 100.0% - --
Indian Springs Center 57.5% 57.5% 78,132 H.E.B.
Keller Town Center 95.1% 95.1% 63,631 Tom Thumb
Kleinwood Center 57.6% 64.8% 78,348 H.E.B.
Lebanon/Legacy Center 31.4% 36.9% 62,804 Albertson's
MacArthur Park - Phase 2 100.0% 100.0% 63,373 Kroger
Main Street Center 18.2% 22.5% 62,322 Albertson's
Market at Preston Forest, The 100.0% 100.0% 50,365 Tom Thumb
Market at Round Rock, The 98.3% 99.1% 63,800 Albertson's
Matlock Center 34.5% 34.5% 42,000 Wal-Mart
Mills Pointe 92.1% 93.5% 52,688 Tom Thumb
Mockingbird Commons 86.3% 86.3% 48,525 Tom Thumb
North Hills Town Center 98.9% 98.9% 60,465 H.E.B.
Northview Plaza 91.1% 91.1% 58,890 Kroger
Overton Park Plaza 99.1% 96.8% 59,561 Albertson's
Panther Creek 95.1% 95.1% 65,800 Randall's Food
Preston Park Village 78.5% 76.3% 52,688 Tom Thumb
Prestonbrook Crossing 96.9% 98.5% 63,373 Kroger
Prestonwood Park 85.9% 85.9% 62,322 Albertson's
Rockwall 0.0% 0.0% 57,017 Tom Thumb
Shiloh Springs 100.0% 96.2% 60,932 Kroger
Southlake - Village Center 97.0% 95.7% 60,932 Kroger
Southpark 94.4% 94.4% 54,980 Albertson's
Sterling Ridge 100.0% 100.0% 63,373 Kroger
Sweetwater Plaza 92.7% 93.2% 65,241 Kroger
Trophy Club 83.8% 83.8% 63,654 Tom Thumb
Valley Ranch Centre 89.0% 89.9% 55,750 Tom Thumb
- ---------------------------------------------------------------------------------------------
88.1% 88.2% 2,327,719 38
- ---------------------------------------------------------------------------------------------
Regional Totals 88.8% 88.8% 3,431,060 57
=============================================================================================
- ---------------------------------------------------------------------------------------------
Regency Centers Total 91.5% 92.2% 11,749,139 224
=============================================================================================
JV-C: Joint Venture with Columbia Regency Retail
Partners (Oregon Public Employees
Retirement Fund)
JV-M: Joint Venture with Macquarie CountryWide
U.S.
JV-O: Other, single property joint ventue
26
SUMMARY OF TENANT RENTS EXCEEDING .5% OF TOTAL RENTS
March 31, 2003
- --------------------------------------------------------------------------------
% to % of
Company Annualized # of
Owned GLA Annualized Company Leased
Tenant Tenant GLA (C) Base Rent Base Rent (C) Stores
===========================================================================================================
Kroger 3,508,194 11.9% 29,851,405 9.11% 59
Publix 2,403,191 8.1% 19,768,421 6.03% 52
Safeway 1,727,568 5.8% 15,260,409 4.66% 35
Albertsons 966,645 3.3% 9,242,175 2.82% 17
Blockbuster 395,004 1.3% 7,430,500 2.27% 71
Winn Dixie 579,493 2.0% 4,118,618 1.26% 12
H.E.B. Grocery 308,030 1.0% 3,865,550 1.18% 4
Hallmark 224,100 0.8% 3,438,727 1.05% 53
Long's Drugs 233,845 0.8% 2,771,270 0.85% 10
Walgreens 238,286 0.8% 2,736,177 0.84% 17
Kohl's Department Store 178,213 0.6% 2,372,488 0.72% 2
Barnes & Noble 144,497 0.5% 2,340,442 0.71% 7
Starbucks 82,532 0.3% 2,203,352 0.67% 54
Petco 131,791 0.4% 2,143,075 0.65% 10
Eckerd (JC Penney) 177,192 0.6% 2,036,536 0.62% 19
Mail Boxes, Etc. 106,675 0.4% 1,992,232 0.61% 76
Harris Teeter 183,892 0.6% 1,941,870 0.59% 4
T.J. Maxx / Marshalls 242,976 0.8% 1,841,634 0.56% 9
Subway 81,456 0.3% 1,764,851 0.54% 66
Shoppers Food Warehouse/ Supervalu 115,894 0.4% 1,671,710 0.51% 2
H & R Block 96,567 0.3% 1,635,414 0.50% 59
# of Stores
GLA owned & occupied by the anchor not included above: # of Stores w/ Leased
- ------------------------------------------------------ ----------- ---------
Albertsons 439,518 7 24
Safeway 574,016 11 46
Fry's / Kroger 128,054 2 61
Target 768,709 6 8
Wal-Mart 42,000 1 5
---------------
1,952,297
===============
(C)GLA and Annualized Company base rent includes all joint ventures and
properties under development
27
TENANT LEASE EXPIRATIONS
The following table sets forth, for all leases in place as of March 31, 2003 a
schedule of the lease expirations of operating properties for the next ten
years, assuming that no tenants exercise renewal options:
In-Place
Percent of Minimum Percent of
Lease Total Rent Under Total
Expiration Company Expiring Minimum
Year Expiring GLA SF Leases Rent (2)
===========================================================================================
(1) 288,021 1.1% 4,073,908 1.3%
2003 1,225,143 4.8% 19,514,475 6.0%
2004 2,229,056 8.7% 34,487,601 10.6%
2005 2,413,756 9.4% 36,763,838 11.3%
2006 2,659,259 10.3% 38,223,388 11.7%
2007 3,013,700 11.7% 43,601,032 13.4%
2008 1,668,059 6.5% 18,023,782 5.5%
2009 792,274 3.1% 9,343,109 2.9%
2010 925,660 3.6% 10,990,510 3.4%
2011 1,102,670 4.3% 13,772,123 4.2%
2012 1,317,847 5.1% 17,502,146 5.4%
=========================================================================
10 Year Total 17,635,445 68.5% 246,295,912 75.6%
Thereafter 8,123,692 31.5% 79,383,969 24.4%
-------------------------------------------------------------------------
25,759,137 100.0% 325,679,881 100.0%
- -------------------------------------------------------------------------------------------
(1) Leases currently under month to month lease or in process of renewal
Total rent includes minimum rent for all properties, but excludes additional
rent such as percentage rent, common area maintenance, real estate taxes, and
insurance reimbursements.
28
EARNINGS and VALUATION GUIDANCE
March 31, 2003
- --------------------------------------------------------------------------------
($000s except per share numbers) Annual
--------------------------------------------
2001A 2002A 2003E 1Q03A
-------------------------------------------------------------
FFO / Share (for actuals please see related press release) $3.02 - $3.06
Operating Portfolio
Occupancy 94.9% 94.8% 95.0% 94.9%
Same store growth 3.2% 3.0% 2% - 2.5% 1.6%
Rental growth 10.5% 10.8% 6% - 8% 9.7%
Recovery rate 78.0% 79.0% 78% -82% 80.7%
Percentage rent $5,834 $5,443 $5,200 - $5,800 $310
Investment Activity
Acquisitions - 100% REG owned $103,226 $106,704 $15,494 $15,494
Acquisition cap rate 9.1% 8.5% 8.7% 8.7%
JV Acquisitions (gross $) $185,210 $246,773 $70,000 $0
JV Acquisition cap rate 9.3% 9.0% 8% - 8.5%
REG % Ownership 21% 23% 20%
Dispositions - op. properties $38,363 $258,023 $100,000 - $125,000 $15,565
Dispositions cap rate 9.6% 9.5% 9% - 10% 8.8%
Development starts $155,700 $335,505 $300,000 $12,400
Development stabilizations - net $177,979 $287,049 $200,000 - $250,000 $72,810
development costs
NOI yield on net dev. Costs 10.4% 10.4% 10% - 10.5% 10.4%
Development stabilizations - total $192,486 $310,206 $220,000 - $270,000 $83,225
costs after out parcel allocation
NOI yield on total costs after 9.6% 9.6% 9.3% - 9.8% 9.1%
out parcel allocation
Out parcel sales gains $16,909 $6,202 $10,000 - $15,000 $2,483
Third party fees and commissions $3,437 $4,617 $6,000 $1,561
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation 42% 40.3% <43% 43.1%
Unsecured/secured debt offerings $220,000 $250,000
-- interest rate 8.0% 6.75%
Capitalized interest/gross interest 22.4% 13.8% 11.6%
Capitalized interest $21,195 $13,754 $2,785
Net Asset Valuation Guidance 1Q03
Expansion land and out parcels available 38.94
-- estimated market value $20,849
NOI from CIP properties $1,177
Straight-line rent receivable $20,233
($000s except per share numbers) Quarterly
------------------------------------------
2Q03E 3Q03E 4Q03E
------------------------------------------
FFO / Share (for actuals please see related press release) $0.65 - $0.70
Operating Portfolio
Occupancy
Same store growth
Rental growth
Recovery rate
Percentage rent
Investment Activity
Acquisitions - 100% REG owned
Acquisition cap rate
JV Acquisitions (gross $)
JV Acquisition cap rate
REG % Ownership
Dispositions - op. properties
Dispositions cap rate
Development starts
Development stabilizations - net
development costs
NOI yield on net dev. Costs
Development stabilizations - total
costs after out parcel allocation
NOI yield on total costs after
out parcel allocation
Out parcel sales gains
Third party fees and commissions
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation
Unsecured/secured debt offerings
-- interest rate
Capitalized interest/gross interest
Capitalized interest
Net Asset Valuation Guidance
Expansion land and out parcels available
-- estimated market value
NOI from CIP properties
Straight-line rent receivable
In addition to historical information, the information in this Supplemental
Information Package contains forward-looking statements under the federal
securities law. These statements are based on current expectations, estimates
and projections about the industry and the mprovalsiandhmeetingency operates,
management's beliefs and assumptions. Forward-looking statements are not
guarantees of future performance and involve certain known and unknown risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied by such statements. Such risks and uncertainties include,
but are not limited to, changes in national and local economic conditions,
financial difficulties of tenants, competitive market conditions including
pricing of acquisitions and sales of properties and out parcels, changes in
expected leasing activity and market rents, timing of acquisitions, development
starts and sales of properties and out parcels, weather, obtaining government
approvals and meeting development schedules.
During the quarter, Regency's corporate representatives may reiterate these
forward-looking statements during private meetings with investors, investment
analysts, the media and others. At the same time, Regency will keep this
information publicly available on its web site www.RegencyCenters.com. The
public can continue to rely on this information as still being Regency's current
expectations, unless Regency publishes a notice stating otherwise.
29
RECONCILIATION OF FFO GUIDANCE TO NET INCOME
- --------------------------------------------------------------------------------
All numbers are per share except weighted average shares
Three Months Ended Full Year 2003
------------------ --------------
June 30, 2003
-------------
Funds From Operations Guidance:
Net income for common stockholders $0.40 $0.45 $1.85 $1.89
Add (Less):
Depreciation expense and Amortization $0.29 $0.29 $1.17 $1.17
Loss (gain) on sale of operating properties ($0.05) $0.05) ($0.09) ($0.09)
Preferred stock dividends $0.00 $0.00 $0.03 $0.03
Minority interest of exchangeable partnership units $0.01 $0.01 $0.06 $0.06
----------------------- ------------------------
Funds from Operations $0.65 $0.70 $3.02 $3.06
======================= ========================
Weighted Average Shares (000's) 62,349 62,311
Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be an accurate benchmark to its peer group and the
most meaningful performance measurement for the Company because it excludes
various items in net income that do not relate to or are not indicative of the
operating performance of the ownership, management and development of real
estate. FFO is defined by the National Association of Real Estate Investment
Trusts generally as net earnings (computed in accordance with GAAP), excluding
real estate depreciation and amortization, gains and losses from sales of
properties (except those gains and losses sold by the Company's taxable REIT
subsidiary), after adjustment from unconsolidated partnerships and joint
ventures and excluding items classified by GAAP as extraordinary or unusual,
along with significant non-recurring events. Regency also adjusts for the
payment of preferred stock dividends.
30