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REG 8-K 05.20.11
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) May 23, 2011
 
REGENCY CENTERS CORPORATION
REGENCY CENTERS, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
Florida (Regency Centers Corporation)
1-12298
59-3191743
Delaware (Regency Centers, L.P.)
0-24763
59-3429602
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
 
 
One Independent Drive, Suite 114
Jacksonville, Florida
32202
(Address of principal executive offices)
(Zip Code)
 
 
 
Registrant's telephone number including area code: (904) 598-7000
 
 
 
Not Applicable
(Former name or former address, if changed since last report)
 
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
Item 8.01    Other Events
 
Non-Qualified Deferred Compensation Plan
 
As reported in our Combined Quarterly Report of Regency Centers Corporation (the “Company”) and Regency Centers, L.P (the “Operating Partnership”) on Form 10-Q for the quarterly period ended March 31, 2011, the Company determined that it had not properly accounted for a non-qualified deferred compensation plan (“NQDCP”) or the unvested restricted stock awards which are deferred into the NQDCP in previously filed financial statements. The Company determined it should have been consolidating the assets, liabilities, and activities of the NQDCP and the unvested restricted stock awards which are deferred into the NQDCP should have been treated as liability-classified awards since they permit settlement in assets other than Company stock.
 
In the Combined Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, the Company corrected its Consolidated Balance Sheet as of December 31, 2010 and the Consolidated Balance Sheet of the Operating Partnership as of December 31, 2010, for the effects of consolidating the NQDCP and accounting for restricted stock awards that have been deferred into the plan as liability-classified awards. Similar corrections were also reflected in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the three months ended March 31, 2010. These corrections were not considered material to prior period financial statements and their effects on net income (loss) attributable to common stockholders for the years ended December 31, 2010, 2009, and 2008 were noted.
 
The Company considered the guidance in ASC Topic 250 in evaluating whether a restatement of previously issued financial statements is required as a result of an error contained in such financial statements. ASC Topic 250 requires that corrections of errors be reported by restatement of prior periods if the error is material and in accordance with the guidance, the Company evaluated the materiality of the errors from qualitative and quantitative perspectives. The Company believes the errors and related corrections are not material to its previously issued historical consolidated financial statements.
 
The purpose of this Current Report is to provide information as to the effects of the immaterial corrections on our previously issued historical consolidated financial statements that were addressed in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010. The information included herein as Exhibit 99.1 shows the impact of the immaterial corrections on the selected financial data for the five years ended December 31, 2010 and on the quarterly financial data for each of the quarters in the years ended December 31, 2010 and 2009.
 
This Current Report does not reflect any events occurring after December 31, 2010 or modify or update the disclosures in the 2010 Form 10-K that may have been affected by subsequent events, except as required to reflect the effects of the immaterial corrections related to the NQDCP.
 
This Current Report should be read in conjunction with the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and subsequent reports filed with the U.S. Securities Exchange Commission.
 

2
 

 
Item 9.01    Financial Statements and Exhibits
 
(d)    Exhibits
 
Exhibit 99.1     Selected financial data for the five years ended December 31, 2010 and quarterly financial data for each of the quarters in the years ended December 31, 2010 and 2009.
 
 

3
 

SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: May 23, 2011
REGENCY CENTERS CORPORATION and REGENCY CENTERS, L.P.
 
 
 
/s/ J. Christian Leavitt
J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)
 

4
99.1 - 01
 

Exhibit 99.1
 
 
Selected Financial Data
(in thousands, except per share and per unit data, number of properties, and ratio of earnings to fixed charges)
The following tables set forth Selected Financial Data for Regency on a historical basis for the five years ended December 31, 2010. The historical Selected Financial Data has been derived from our previously issued historical consolidated financial statements in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and reflects the effects of the immaterial corrections previously discussed in Item 8.01. The effect on net income (loss) attributable to common stockholders of the Company and net income (loss) attributable to common unit holders of the Operating Partnership was a decrease in income of $3.1 million for the year ended December 31, 2010, an increase in income of $3.7 million, $6.0 million, and $4.1 million for the years ended December 31, 2009, 2008, and 2007, respectively, and a decrease in income of $11.1 million for the year ended December 31, 2006.
 
 
Parent Company
 
 
 
2010
 
2009
 
2008
 
2007
 
2006
Operating Data:
 
 
 
 
 
 
 
 
 
 
 
 Revenues
$
486,806
 
 
488,073
 
 
494,934
 
 
434,737
 
 
404,602
 
 
 Operating expenses
 
316,802
 
 
306,182
 
 
265,753
 
 
243,709
 
 
246,075
 
 
 Other expense
 
151,751
 
 
190,729
 
 
109,286
 
 
29,280
 
 
11,174
 
 
 Income (loss) before equity in income (loss)
    of investments in real estate partnerships
 
18,253
 
 
(8,838
)
 
119,895
 
 
161,748
 
 
147,353
 
 
 Equity in income (loss) of investments in
    real estate partnerships
 
(12,884
)
 
(26,373
)
 
5,292
 
 
18,093
 
 
2,580
 
 
 Income (loss) from continuing operations
 
5,369
 
 
(35,211
)
 
125,187
 
 
179,841
 
 
149,933
 
 
 Income from discontinued operations
 
7,632
 
 
6,174
 
 
22,297
 
 
34,284
 
 
68,970
 
 
 Net income (loss)
 
13,001
 
 
(29,037
)
 
147,484
 
 
214,125
 
 
218,903
 
 
 Net income attributable to noncontrolling
    interests
 
(4,185
)
 
(3,961
)
 
(5,333
)
 
(6,365
)
 
(11,464
)
 
 Net income (loss) attributable to controlling
    interests
 
8,816
 
 
(32,998
)
 
142,151
 
 
207,760
 
 
207,439
 
 
 Preferred stock dividends
 
(19,675
)
 
(19,675
)
 
(19,675
)
 
(19,675
)
 
(19,675
)
 
 Net income (loss) attributable to common
    stockholders
 
(10,859
)
 
(52,673
)
 
122,476
 
 
188,085
 
 
187,764
 
 
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) per common share - diluted:
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations
 $
(0.23
)
 
(0.78
)
 
1.44
 
 
2.22
 
 
1.73
 
 
 Net income (loss) attributable to common
    stockholders
 $
(0.14
)
 
(0.70
)
 
1.76
 
 
2.72
 
 
2.75
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other Information:
 
 
 
 
 
 
 
 
 
 
 
 Common dividends declared per share
 $
1.85
 
 
2.11
 
 
2.90
 
 
2.64
 
 
2.38
 
 
 Common stock outstanding including
    exchangeable operating partnership units
 
81,717
 
 
81,670
 
 
70,091
 
 
69,653
 
 
69,375
 
 
 Combined Basis gross leasable area (GLA)
 
45,077
 
 
44,972
 
 
49,645
 
 
51,107
 
 
47,187
 
 
 Combined Basis number of properties owned
 
396
 
 
400
 
 
440
 
 
451
 
 
405
 
 
 Ratio of earnings to fixed charges
 
2.4
 
 
1.0
 
 
1.6
 
 
2.0
 
 
2.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
 Real estate investments before accumulated
    depreciation
 $
4,417,746
 
 
4,259,990
 
 
4,425,895
 
 
4,367,191
 
 
3,870,629
 
 
 Total assets
 
3,994,539
 
 
3,992,228
 
 
4,158,568
 
 
4,137,069
 
 
3,665,759
 
 
 Total debt
 
2,094,469
 
 
1,886,380
 
 
2,135,571
 
 
2,007,975
 
 
1,575,386
 
 
 Total liabilities
 
2,250,138
 
 
2,061,621
 
 
2,416,824
 
 
2,249,200
 
 
1,791,329
 
 
 Stockholders' equity
 
1,685,176
 
 
1,862,380
 
 
1,676,323
 
 
1,810,401
 
 
1,791,410
 
 
 Noncontrolling interests
 
59,225
 
 
68,227
 
 
65,421
 
 
77,468
 
 
83,020
 
 
 

5 
 

 
Operating Partnership
 
 
 
2010
 
2009
 
2008
 
2007
 
2006
 Operating Data:
 
 
 
 
 
 
 
 
 
 
 
 Revenues
 $
486,806
 
 
488,073
 
 
494,934
 
 
434,737
 
 
404,602
 
 
 Operating expenses
 
316,802
 
 
306,182
 
 
265,753
 
 
243,709
 
 
246,075
 
 
 Other expense (income)
 
151,751
 
 
190,729
 
 
109,286
 
 
29,280
 
 
11,174
 
 
 Income (loss) before equity in income (loss)
    of investments in real estate partnerships
 
18,253
 
 
(8,838
)
 
119,895
 
 
161,748
 
 
147,353
 
 
 Equity in income (loss) of investments in
    real estate partnerships
 
(12,884
)
 
(26,373
)
 
5,292
 
 
18,093
 
 
2,580
 
 
 Income (loss) from continuing operations
 
5,369
 
 
(35,211
)
 
125,187
 
 
179,841
 
 
149,933
 
 
 Income from discontinued operations
 
7,632
 
 
6,174
 
 
22,297
 
 
34,284
 
 
68,970
 
 
 Net income (loss)
 
13,001
 
 
(29,037
)
 
147,484
 
 
214,125
 
 
218,903
 
 
 Net income attributable to noncontrolling
     interests
 
(376
)
 
(452
)
 
(701
)
 
(990
)
 
(4,863
)
 
 Net income (loss) attributable to controlling
    interests
 
12,625
 
 
(29,489
)
 
146,783
 
 
213,135
 
 
214,040
 
 
 Preferred unit distributions
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
 Net income (loss) attributable to common
    unit holders
 
(10,775
)
 
(52,889
)
 
123,383
 
 
189,735
 
 
190,640
 
 
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) per common unit - diluted:
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations
 $
(0.23
)
 
(0.78
)
 
1.44
 
 
2.22
 
 
1.73
 
 
 Net income (loss) attributable to common
    unit holders
 $
(0.14
)
 
(0.70
)
 
1.76
 
 
2.72
 
 
2.75
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other Information:
 
 
 
 
 
 
 
 
 
 
 
 Distributions per unit
 $
1.85
 
 
2.11
 
 
2.90
 
 
2.64
 
 
2.38
 
 
 Common units outstanding
 
81,717
 
 
81,670
 
 
70,091
 
 
69,653
 
 
69,375
 
 
 Preferred units outstanding
 
500
 
 
500
 
 
500
 
 
500
 
 
500
 
 
 Combined Basis gross leasable area (GLA)
 
45,077
 
 
44,972
 
 
49,645
 
 
51,107
 
 
47,187
 
 
 Combined Basis number of properties owned
 
396
 
 
400
 
 
440
 
 
451
 
 
405
 
 
 Ratio of earnings to fixed charges
 
2.4
 
 
1.0
 
 
1.6
 
 
2.0
 
 
2.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
 Real estate investments before accumulated
    depreciation
 $
4,417,746
 
 
4,259,990
 
 
4,425,895
 
 
4,367,191
 
 
3,870,629
 
 
 Total assets
 
3,994,539
 
 
3,992,228
 
 
4,158,568
 
 
4,137,069
 
 
3,665,759
 
 
 Total debt
 
2,094,469
 
 
1,886,380
 
 
2,135,571
 
 
2,007,975
 
 
1,575,386
 
 
 Total liabilities
 
2,250,138
 
 
2,061,621
 
 
2,416,824
 
 
2,249,200
 
 
1,791,329
 
 
 Partners' capital
 
1,733,572
 
 
1,918,859
 
 
1,733,764
 
 
1,869,478
 
 
1,856,633
 
 
 Noncontrolling interests
 
10,829
 
 
11,748
 
 
7,980
 
 
18,391
 
 
17,797
 
 
 

6 
 

                                                
Summary of Quarterly Financial Data
(in thousands, except per share and per unit data)
 
The following tables set forth selected Quarterly Financial Data for the Company on a historical basis for each of the quarters for the years ended December 31, 2010 and 2009. The historical Quarterly Financial Data has been derived from the previously issued historical consolidated financial statements in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and reflects the effects of the immaterial corrections previously discussed in Item 8.01.
 
 
Parent Company and Operating Partnership
 
 
 
For the three months ended
 
 
 
March 31, 2010
 
March 31, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
124,368
 
—
 
124,368
 
 
120,159
 
—
 
120,159
 
 
Reclassified to discontinued operations
 
(290
)
—
 
(290
)
 
(744
)
—
 
(744
)
 
Adjusted revenues
$
124,078
 
—
 
124,078
 
 
119,415
 
—
 
119,415
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
12,368
 
(969
)
11,399
 
 
19,563
 
7,427
 
26,990
 
 
Net income of limited partners
 
94
 
—
 
94
 
 
164
 
—
 
164
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
12,462
 
(969
)
11,493
 
 
19,727
 
7,427
 
27,154
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
0.15
 
(0.01
)
0.14
 
 
0.28
 
0.10
 
0.38
 
 
Diluted
$
0.15
 
(0.01
)
0.14
 
 
0.28
 
0.10
 
0.38
 
 
 
 
 
For the three months ended
 
 
 
June 30, 2010
 
June 30, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
121,600
 
—
 
121,600
 
 
116,461
 
—
 
116,461
 
 
Reclassified to discontinued operations
 
(348
)
—
 
(348
)
 
(1,466
)
—
 
(1,466
)
 
Adjusted revenues
$
121,252
 
—
 
121,252
 
 
114,995
 
—
 
114,995
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
6,753
 
996
 
7,749
 
 
(17,180
)
(3,343
)
(20,523
)
 
Net income (loss) of limited partners
 
27
 
—
 
27
 
 
(92
)
—
 
(92
)
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
6,780
 
996
 
7,776
 
 
(17,272
)
(3,343
)
(20,615
)
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
0.08
 
0.01
 
0.09
 
 
(0.23
)
(0.04
)
(0.27
)
 
Diluted
$
0.08
 
0.01
 
0.09
 
 
(0.23
)
(0.04
)
(0.27
)
 

7 
 

 
 
 
For the three months ended
 
 
 
September 30, 2010
 
September 30, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
121,410
 
—
 
121,410
 
 
133,742
 
—
 
133,742
 
 
Reclassified to discontinued operations
 
165
 
—
 
165
 
 
(1,421
)
—
 
(1,421
)
 
Adjusted revenues
$
121,575
 
—
 
121,575
 
 
132,321
 
—
 
132,321
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
9,885
 
(1,992
)
7,893
 
 
(84,092
)
(1,162
)
(85,254
)
 
Net income (loss) of limited partners
 
34
 
—
 
34
 
 
(462
)
—
 
(462
)
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
9,919
 
(1,992
)
7,927
 
 
(84,554
)
(1,162
)
(85,716
)
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
0.12
 
(0.03
)
0.09
 
 
(1.05
)
(0.02
)
(1.07
)
 
Diluted
$
0.12
 
(0.03
)
0.09
 
 
(1.05
)
(0.02
)
(1.07
)
 
 
 
 
For the three months ended
 
 
 
December 31, 2010
 
December 31, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
119,901
 
—
 
119,901
 
 
121,625
 
—
 
121,625
 
 
Reclassified to discontinued operations
 
—
 
—
 
—
 
 
(283
)
—
 
(283
)
 
Adjusted revenues
$
119,901
 
—
 
119,901
 
 
121,342
 
—
 
121,342
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
(36,667
)
(1,232
)
(37,899
)
 
25,330
 
784
 
26,114
 
 
Net income (loss) of limited partners
 
(71
)
—
 
(71
)
 
174
 
—
 
174
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
(36,738
)
(1,232
)
(37,970
)
 
25,504
 
784
 
26,288
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
(0.45
)
(0.02
)
(0.47
)
 
0.31
 
0.01
 
0.32
 
 
Diluted
$
(0.44
)
(0.02
)
(0.46
)
 
0.31
 
0.01
 
0.32
 
 

8