UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 4, 2011
REGENCY CENTERS CORPORATION
(Exact name of registrant as specified in its charter)
| Florida | 001-12298 | 59-3191743 | ||
| (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)) |
EXPLANATORY NOTE
The Registrant is filing this Amendment No. 1 to the Registrant’s Quarterly Report on Form 8-K for the nine months ended September 30, 2011 to amend the unconsolidated statements of operations in the supplemental information.
| Item 2.02 | Disclosure of Results of Operations and Financial Condition |
On November 4, 2011 Regency posted on its website at www.regencycenters.com amended supplemental information for the nine months ended September 30, 2011 which is attached as Exhibit 99.2.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit 99.2 | Amended supplemental information posted on its website on November 4, 2011, for the nine months ended September 30, 2011. |
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REGENCY CENTERS CORPORATION | ||||
| (registrant) | ||||
| Date: November 7, 2011 | By: | /s/ J. Christian Leavitt | ||
| J. Christian Leavitt, Senior Vice President, | ||||
| Finance and Principal Accounting Officer | ||||
3
EXHIBIT 99.2
Regency Centers Corporation
September 30, 2011
Supplemental Information
Investor Relations
Diane Ortolano
One Independent Drive, Suite 114
Jacksonville, FL 32202
904-598-7727
About Regency
Regency Centers Corporation is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At September 30, 2011, Regency’s total market capitalization was $5.6 billion.
As of September 30, 2011, the Company owned 367 shopping centers and single tenant properties, including those held in co-investment partnerships. Total gross leasable area (GLA) under management, including tenant-owned square footage was 49.8 million square feet, located in top markets across the nation. 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.
Regency’s portfolio is distinguished by attractive demographics and strong retailers. The average household income in the trade area of Regency’s centers is more than $96,000, 33% higher than the national average. Regency’s quality portfolio is anchored by dominant grocers such as Kroger and Publix, as well as leading national retailers such as Target, which drive traffic into its centers. In addition, 78% of the portfolio is leased to national and regional retailers. The quality of the tenant base and the strength of the Company’s tenant relationships are fundamentally differentiating factors for Regency. Premier Customer Initiative (PCI) is Regency’s relationship-based operating system that focuses on the national, regional, and local retailers that are the best operators in their merchandising category.
Regency’s operating and development expertise continues to create value from the operating portfolio and from new development opportunities. Since 2000 Regency has developed 205 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. At the end of the third quarter of 2011, Regency had 22 projects under development for an estimated total investment at completion of $378.9 million. These in-process developments are 96% funded and 87% leased (92% leased and committed, including tenant-owned square footage).
Regency employs a capital recycling strategy to continue to improve the overall quality of the portfolio. The disposition of assets and an industry-leading co-investment partnership program are integral components of this strategy. The co-investment partnerships provide an embedded market for developments and acquisitions, enabling Regency to generate a growing stream of third-party revenue while profitably growing the portfolio. In the past eight years, capital recycling and co-investment partnerships have enabled Regency to cost effectively fund $9.6 billion in investments.
Regency has centers located in the top markets in the country and has 17 offices nationwide. The Company is listed on the New York Stock Exchange, traded under the symbol REG, and is included in the S&P MidCap 400 Index. There are also three series of preferred shares that trade under REG PRC, REG PRD and REG PRE.
Please visit www.RegencyCenters.com for more information.
The information provided in this supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter ended September 30, 2011. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.
Table of Contents
September 30, 2011
| Highlights |
1 | |||
| Summary Information: |
||||
| Definitions |
2 | |||
| Summary Financial Information |
3 | |||
| Summary Real Estate Information |
4 | |||
| Financial Information: |
||||
| Consolidated Balance Sheets |
5 | |||
| Consolidated Statements of Operations (FFO format) |
6 | |||
| FFO and Other Information |
7 | |||
| Consolidated Statements of Operations (GAAP basis) |
9 | |||
| Summary of Consolidated Debt |
10 | |||
| Summary of Unsecured Public Debt Covenants |
11 | |||
| Summary of Preferred Units and Stock |
12 | |||
| Investment Activity: |
||||
| Acquisitions, Dispositions and Development Sales |
13 | |||
| Development Information |
15 | |||
| Co-investment Partnerships: |
||||
| Unconsolidated Investments |
17 | |||
| Unconsolidated Balance Sheets |
18 | |||
| Unconsolidated Statements of Operations |
20 | |||
| Summary of Unconsolidated Debt |
22 | |||
| Real Estate Information: |
||||
| Leasing Statistics |
23 | |||
| Average Base Rent by State |
25 | |||
| Portfolio Summary Report by State |
27 | |||
| Significant Tenant Rents |
33 | |||
| Lease Expiration Schedule |
35 | |||
| Forward-Looking Information: |
||||
| Earnings and Valuation Guidance |
37 | |||
| Reconciliation of FFO to Net Income |
38 | |||
Highlights
September 30, 2011
Operating Results
(Wholly owned and Regency’s pro-rata share of co-investment partnerships)
For the quarter ended September 30, 2011, same property NOI declined 0.2%. When excluding termination fees, same property NOI increased 0.2%. Same property percent leased was 93.0%. Rental lease spreads declined 1.6%, or increased 0.5% for spaces vacant less than 12 months.
For the nine months ended September 30, 2011, same property NOI declined 0.9%. When excluding termination fees, same property NOI increased 0.2%. Same property percent leased was 93.0%. Rental lease spreads declined 2.1%, or increased 1.0% for spaces vacant less than 12 months.
Operating Results
(Wholly owned and 100% of co-investment partnerships)
For the quarter ended September 30, 2011, same property NOI was flat. When excluding termination fees, same property NOI increased 0.3%. Same property percent leased was 93.5%. Rental lease spreads declined 1.5%, or increased 1.1% for spaces vacant less than 12 months.
For the nine months ended September 30, 2011, same property NOI declined 0.6%. When excluding termination fees, same property NOI increased 0.4%. Same property percent leased was 93.5%. Rental lease spreads declined 2.3%, or increased 1.0% for spaces vacant less than 12 months.
Leasing Activity
During the quarter, 2.1 million square feet of GLA was renewed or newly leased through 478 leasing transactions.
For the nine months ended September 30, 2011, 5.1 million square feet of GLA was renewed or newly leased through 1,348 leasing transactions.
Financial Results
Recurring Funds From Operations for the quarter was $54.9 million, or $0.61 per diluted share. Funds From Operations for the quarter was $56.0 million, or $0.62 per diluted share. Net income attributable to common stockholders for the quarter was $8.5 million, or $0.09 per diluted share.
Development Activity
At quarter end, Regency had 22 projects in process for an estimated net development cost of $378.9 million, an expected return at completion of 5.3% and an expected return at stabilization of 6.6%.
For more information on this development activity, please see page 15.
Acquisition & Disposition Activity
During the third quarter, Regency:
| • | Purchased two wholly owned operating properties at a gross sales price of $90.3 million and a weighted average cap rate of 5.8%. |
| • | Purchased two co-investment operating properties at a cost of $41.5 million and a weighted average cap rate of 6.6%. Regency’s share of the purchase price was $9.4 million. |
| • | Sold three wholly owned operating properties at a gross sales price of $17.7 million and a weighted average cap rate of 8.7%. |
| • | Disposed of one co-investment operating property at a gross value of $18.2 million and a cap rate of 7.5%. Regency’s share of the value was $3.6 million. |
For more information on these acquisitions & dispositions, please see pages 13-14
1
Definitions
September 30, 2011
Recurring Funds From Operations (Recurring FFO): Recurring FFO is defined as funds from operations excluding the impact of gains from the sale of development and outparcels, net of related taxes and dead deal costs, provisions for impairment, gains and losses from the early extinguishment of debt and preferred stock, restructuring charges, non-recurring transaction fees and promotes, and other one-time items.
Funds From Operations (FFO): FFO is a supplemental earnings measure defined by the National Association of Real Estate Investment Trusts (NAREIT) as net income attributable to common stockholders (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. NAREIT developed FFO as a supplement to net income and as a measure of recurring operating performance for real estate companies (April 2002). NAREIT also clarified that FFO should include the results of discontinued operations, non-recurring amounts except for those classified as extraordinary under GAAP, and could include certain gains and losses from the sale of undepreciated property with adequate disclosure. NAREIT reiterated that FFO should exclude the impact of loss impairments (October 2011). Regency has excluded all loss impairments from depreciable assets and investments in joint ventures. Regency includes gains from the sale of land or land it develops (Development Properties) in its calculation of FFO because it considers those items to be significant recurring operating amounts included in its financial results. To the extent that development sales to co-investment partnerships are impacted by the Restricted Gain Method, Regency adds back the additional gain deferral except for that amount of the ownership it has retained in the development sold.
Development Properties: Properties that Regency acquires and develops, including partially operating properties specifically acquired for redevelopment, and if sold any related gains are included in its calculation of FFO, but not Recurring FFO. Once development properties become operating properties, related gains are no longer included in FFO unless it is owned by Regency’s taxable REIT subsidiary (TRS) and developed for the purpose of resale. A property is no longer considered a development property after the end of the third calendar year following completion.
2
Summary Financial Information
September 30, 2011
| Financial Results | Three Months Ended | Year to Date | ||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net income attributable to common stockholders |
$ | 8,510,410 | $ | 7,893,189 | $ | 23,556,766 | $ | 27,040,330 | ||||||||
| Basic EPS |
$ | 0.09 | $ | 0.10 | $ | 0.26 | $ | 0.33 | ||||||||
| Diluted EPS |
$ | 0.09 | $ | 0.09 | $ | 0.26 | $ | 0.32 | ||||||||
| Diluted EPS per share growth rate |
0.0 | % | -18.8 | % | ||||||||||||
| Funds from Operations for common stockholders |
$ | 56,027,878 | $ | 51,662,439 | $ | 163,782,211 | $ | 154,370,438 | ||||||||
| FFO per share - Diluted |
$ | 0.62 | $ | 0.62 | $ | 1.85 | $ | 1.85 | ||||||||
| Diluted FFO per share growth rate |
0.0 | % | -0.5 | % | ||||||||||||
| Recurring Funds from Operations for common stockholders |
$ | 54,902,798 | $ | 50,430,639 | $ | 156,310,910 | $ | 151,862,268 | ||||||||
| Recurring FFO per share - Diluted |
$ | 0.61 | $ | 0.60 | $ | 1.77 | $ | 1.82 | ||||||||
| Diluted Recurring FFO per share growth rate |
1.7 | % | -2.7 | % | ||||||||||||
| Dividends paid per share and unit |
$ | 0.463 | $ | 0.463 | $ | 1.388 | $ | 1.388 | ||||||||
| Payout ratio of Diluted Recurring FFO per share |
75.8 | % | 77.1 | % | 78.4 | % | 76.2 | % | ||||||||
| Interest Coverage Ratios |
||||||||||||||||
| Interest only |
3.3 | 2.8 | 3.2 | 2.9 | ||||||||||||
| Capitalized interest |
$ | 335,892 | $ | 1,001,130 | $ | 1,292,826 | $ | 4,324,542 | ||||||||
| Fixed Charge (Regency only) |
2.6 | 2.3 | 2.6 | 2.3 | ||||||||||||
| Fixed Charge (with pro-rata share of partnerships) |
2.3 | 2.0 | 2.3 | 2.1 | ||||||||||||
| Capital Information | 09/30/11 | YTD Change | 12/31/10 | 12/31/09 | ||||||||||||
| Closing common stock price per share |
$ | 35.33 | ($ | 6.91 | ) | $ | 42.24 | $ | 35.06 | |||||||
| Total Shareholder Return |
-13.1 | % | 26.6 | % | ||||||||||||
| Common Shares and Equivalents Outstanding |
90,090,398 | 8,026,362 | 82,064,036 | 82,007,507 | ||||||||||||
| Market equity value of Common and Convertible shares (000’s) |
$ | 3,182,894 | ($ | 283,491 | ) | $ | 3,466,385 | $ | 2,875,183 | |||||||
| Non-Convertible Preferred Units and shares (000’s) |
$ | 325,000 | — | $ | 325,000 | $ | 325,000 | |||||||||
| Outstanding debt (000’s) |
$ | 2,050,340 | ($ | 44,130 | ) | $ | 2,094,469 | $ | 1,886,380 | |||||||
| Total market capitalization (000’s) |
$ | 5,558,234 | ($ | 327,621 | ) | $ | 5,885,854 | $ | 5,086,563 | |||||||
| Debt to Total Market Capitalization |
36.9 | % | 1.3 | % | 35.6 | % | 37.1 | % | ||||||||
| Total real estate at cost before depreciation (000’s) |
$ | 4,576,790 | $ | 159,044 | $ | 4,417,746 | $ | 4,259,955 | ||||||||
| Total assets at cost before depreciation (000’s) |
$ | 4,865,448 | $ | 190,923 | $ | 4,674,525 | $ | 4,614,391 | ||||||||
| Debt to Total Assets before Depreciation |
42.1 | % | -2.7 | % | 44.8 | % | 40.9 | % | ||||||||
| Outstanding Classes of Stock and Partnership Units: |
||||||||||||||||
| Common Shares Outstanding |
89,913,234 | 8,026,362 | 81,886,872 | 81,539,296 | ||||||||||||
| Exchangeable O.P. Units held by noncontrolling interests |
177,164 | — | 177,164 | 468,211 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Common Shares and Equivalents Issued and Outstanding |
90,090,398 | 8,026,362 | 82,064,036 | 82,007,507 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Wtd Average Diluted Shares for FFO per share |
89,694,067 | 83,118,609 | 88,235,673 | 83,002,006 | ||||||||||||
| Treasury method shares related to fwd equity offering included above |
— | 1,409,596 | 565,080 | 1,339,602 | ||||||||||||
3
Summary Real Estate Information
September 30, 2011
Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships
| 9/30/11 | 6/30/11 | 9/30/10 | 6/30/10 | |||||||||||||
| Gross Leasable Area (GLA) |
29,942,962 | 29,940,666 | 29,662,913 | 29,618,371 | ||||||||||||
| GLA - Same properties only |
25,363,078 | 25,693,597 | 25,612,932 | 25,631,472 | ||||||||||||
| GLA including anchor-owned stores |
36,070,985 | 36,221,517 | 35,787,785 | 35,743,243 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| % leased - All properties |
92.6 | % | 91.8 | % | 91.9 | % | 91.7 | % | ||||||||
| % leased - Operating properties only |
92.9 | % | 92.1 | % | 92.8 | % | 92.8 | % | ||||||||
| % leased - Same properties only |
93.0 | % | 92.2 | % | 92.9 | % | 92.8 | % | ||||||||
| Average % leased - Same properties only |
92.3 | % | 92.1 | % | 92.8 | % | 92.8 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Rental rate growth - YTD (1) |
-2.1 | % | -2.5 | % | -1.3 | % | 0.5 | % | ||||||||
| Rental rate growth for spaces vacant less than 12 months - YTD (1) |
1.0 | % | 1.4 | % | 0.2 | % | 1.8 | % | ||||||||
| Same property NOI growth - YTD |
-0.9 | % | -1.2 | % | 1.4 | % | 1.5 | % | ||||||||
| Same property NOI growth without termination fees - YTD |
0.2 | % | 0.1 | % | -0.1 | % | -1.0 | % | ||||||||
|
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|
|
|
|
|
|
|||||||||
| Wholly Owned and 100% of Co-investment Partnerships |
||||||||||||||||
| 9/30/11 | 6/30/11 | 9/30/10 | 6/30/10 | |||||||||||||
| Gross Leasable Area (GLA) |
42,445,709 | 42,490,757 | 45,053,264 | 45,065,551 | ||||||||||||
| GLA - Same properties only |
37,515,352 | 38,042,997 | 40,802,372 | 40,877,961 | ||||||||||||
| GLA including anchor-owned stores |
49,799,565 | 50,091,041 | 53,123,081 | 53,135,368 | ||||||||||||
|
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|
|
|
|
|
|||||||||
| Number of retail shopping centers |
367 | 367 | 399 | 398 | ||||||||||||
| Number of centers under development (excluding expansions) |
18 | 19 | 30 | 34 | ||||||||||||
| Number of grocery-anchored shopping centers |
294 | 293 | 324 | 325 | ||||||||||||
|
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|
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|
|||||||||
| % leased - All properties |
93.1 | % | 92.3 | % | 92.5 | % | 92.3 | % | ||||||||
| % leased - Operating properties only |
93.4 | % | 92.6 | % | 93.2 | % | 93.0 | % | ||||||||
| % leased - Same properties only |
93.5 | % | 92.6 | % | 93.2 | % | 93.0 | % | ||||||||
| Average % leased - Same properties only |
92.8 | % | 92.7 | % | 93.0 | % | 93.0 | % | ||||||||
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|
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|
|
|||||||||
| Rental rate growth - YTD (1) |
-2.3 | % | -2.8 | % | -2.3 | % | -1.1 | % | ||||||||
| Rental rate growth for spaces vacant less than 12 months - YTD (1) |
1.0 | % | 0.9 | % | -0.4 | % | 0.6 | % | ||||||||
| Same property NOI growth - YTD |
-0.6 | % | -0.9 | % | 1.1 | % | 0.7 | % | ||||||||
| Same property NOI growth without termination fees - YTD |
0.4 | % | 0.4 | % | 0.1 | % | -1.1 | % | ||||||||
| (1) | Rent growth is calculated on a same-space, cash basis pertaining to new and renewal leases executed. |
4
Consolidated Balance Sheets
September 30, 2011 and December 31, 2010 and 2009
| 2011 | 2010 | 2009 | ||||||||||
| Assets |
||||||||||||
| Real estate investments at cost: |
||||||||||||
| Land, building and improvements |
$ | 3,629,385,547 | 3,378,221,458 | 2,993,704,413 | ||||||||
| Properties in development |
521,944,796 | 610,932,328 | 920,426,744 | |||||||||
|
|
|
|
|
|
|
|||||||
| 4,151,330,343 | 3,989,153,786 | 3,914,131,157 | ||||||||||
| Less: accumulated depreciation |
769,829,481 | 700,878,014 | 622,163,237 | |||||||||
|
|
|
|
|
|
|
|||||||
| 3,381,500,862 | 3,288,275,772 | 3,291,967,920 | ||||||||||
| Operating properties held for sale |
— | — | 19,611,481 | |||||||||
| Investments in real estate partnerships |
425,459,932 | 428,592,272 | 326,211,897 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net real estate investments |
3,806,960,794 | 3,716,868,044 | 3,637,791,298 | |||||||||
| Cash and cash equivalents |
21,194,919 | 22,460,118 | 99,477,017 | |||||||||
| Accounts receivable, net of allowance for uncollectible accounts |
29,243,238 | 36,599,785 | 40,871,064 | |||||||||
| Straight line rent receivables, net of reserves |
48,327,045 | 45,241,286 | 39,292,481 | |||||||||
| Notes receivable |
35,930,927 | 35,930,927 | 37,753,438 | |||||||||
| Deferred costs, net of accumulated amortization |
70,005,393 | 63,164,623 | 58,376,461 | |||||||||
| Acquired lease intangible assets, net of accumulated amortization |
26,855,144 | 18,219,347 | 10,007,309 | |||||||||
| Trading securities held in trust, at fair value |
20,682,910 | 20,890,523 | 18,421,621 | |||||||||
| Other assets |
36,418,908 | 35,163,886 | 50,237,446 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
$ | 4,095,619,278 | 3,994,538,539 | 3,992,228,135 | ||||||||
|
|
|
|
|
|
|
|||||||
| Liabilities and Equity |
||||||||||||
| Liabilities: |
||||||||||||
| Notes payable |
$ | 1,965,339,771 | 2,084,469,325 | 1,886,380,298 | ||||||||
| Unsecured line of credit |
85,000,000 | 10,000,000 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total notes payable |
2,050,339,771 | 2,094,469,325 | 1,886,380,298 | |||||||||
| Accounts payable and other liabilities |
114,872,660 | 138,195,855 | 130,354,232 | |||||||||
| Derivative instruments, at fair value |
— | — | 28,363,231 | |||||||||
| Acquired lease intangible liabilities, net of accumulated accretion |
13,694,628 | 6,682,371 | 5,895,885 | |||||||||
| Tenants’ security and escrow deposits |
19,240,687 | 10,790,173 | 10,627,805 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
2,198,147,746 | 2,250,137,724 | 2,061,621,451 | |||||||||
|
|
|
|
|
|
|
|||||||
| Equity: |
||||||||||||
| Stockholder’s Equity: |
||||||||||||
| Preferred stock |
275,000,000 | 275,000,000 | 275,000,000 | |||||||||
| Common stock, $.01 par |
899,132 | 818,869 | 815,393 | |||||||||
| Additional paid in capital, net of treasury stock |
2,263,724,710 | 2,023,436,667 | 2,008,374,437 | |||||||||
| Accumulated other comprehensive loss |
(73,799,958 | ) | (80,885,436 | ) | (49,973,134 | ) | ||||||
| Distributions in excess of net income |
(629,627,824 | ) | (533,194,159 | ) | (371,837,066 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total stockholders’ equity |
1,836,196,060 | 1,685,175,941 | 1,862,379,630 | |||||||||
|
|
|
|
|
|
|
|||||||
| Noncontrolling Interests: |
||||||||||||
| Preferred units |
49,157,977 | 49,157,977 | 49,157,977 | |||||||||
| Exchangeable operating partnership units |
(916,541 | ) | (761,705 | ) | 7,320,848 | |||||||
| Limited partners’ interest in consolidated partnerships |
13,034,036 | 10,828,602 | 11,748,229 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total noncontrolling interests |
61,275,472 | 59,224,874 | 68,227,054 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total equity |
1,897,471,532 | 1,744,400,815 | 1,930,606,684 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities and equity |
$ | 4,095,619,278 | 3,994,538,539 | 3,992,228,135 | ||||||||
|
|
|
|
|
|
|
|||||||
| Ratios |
2011 | 2010 | 2009 | |||||||||
| Debt to real estate assets, before depreciation |
44.8 | % | 47.4 | % | 44.3 | % | ||||||
| Debt to total assets, before depreciation |
42.1 | % | 44.6 | % | 40.9 | % | ||||||
| Debt to total assets, before depreciation and including prorata share of JV’s (1) |
45.3 | % | 48.1 | % | 45.7 | % | ||||||
| Debt + preferred to total assets, before deprec. and incl. prorata share of JV’s |
50.8 | % | 53.8 | % | 51.7 | % | ||||||
| Unsecured assets to total real estate assets (wholly owned only) |
79.9 | % | 81.6 | % | 81.6 | % | ||||||
| Unsecured NOI to total NOI (wholly owned only) |
81.1 | % | 81.5 | % | 79.5 | % | ||||||
| (1) | debt ratio would be 45.1% if current cash balances were used to reduce outstanding debt |
5
Consolidated Statements of Operations
For the Periods Ended September 30, 2011 and 2010
(Asset sales not separated as discontinued operations as required by GAAP - See Form 10Q and Form 10K)
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Real Estate Revenues: |
||||||||||||||||
| Minimum rent |
$ | 90,538,437 | 87,264,665 | $ | 269,605,956 | 259,997,067 | ||||||||||
| Percentage rent |
429,659 | 399,321 | 1,487,425 | 1,022,925 | ||||||||||||
| Recoveries from tenants |
23,328,463 | 22,788,165 | 71,896,966 | 70,721,856 | ||||||||||||
| Termination Fees |
428,541 | 792,762 | 3,530,540 | 5,928,637 | ||||||||||||
| Other income |
4,728,341 | 4,383,619 | 8,433,914 | 7,464,546 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 119,453,441 | 115,628,532 | 354,954,801 | 345,135,031 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Real Estate Operating Expenses: |
||||||||||||||||
| Operating and maintenance |
18,255,296 | 17,410,380 | 55,699,214 | 52,473,961 | ||||||||||||
| Provision for doubtful accounts |
335,350 | 316,641 | 2,547,346 | 2,677,564 | ||||||||||||
| Real estate taxes |
13,648,813 | 14,048,127 | 42,688,823 | 43,102,168 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 32,239,459 | 31,775,148 | 100,935,383 | 98,253,693 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Operating Income |
87,213,982 | 83,853,384 | 254,019,418 | 246,881,338 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fees, Development and Outparcel Gains: |
||||||||||||||||
| Asset management fees |
1,683,039 | 1,786,687 | 5,089,009 | 4,966,526 | ||||||||||||
| Property management fees |
3,666,944 | 3,924,334 | 11,338,867 | 11,768,204 | ||||||||||||
| Transaction fees |
— | — | 5,000,000 | 2,593,828 | ||||||||||||
| Leasing commissions and other fees |
1,590,139 | 813,607 | 5,565,165 | 3,645,439 | ||||||||||||
| Development gain |
— | 7,308 | — | 38,456 | ||||||||||||
| Gain on sale of outparcels |
— | 1,891 | — | 443,746 | ||||||||||||
| Dead deal and Acquisition costs |
(573,012 | ) | (266,903 | ) | (824,108 | ) | (1,033,812 | ) | ||||||||
| Income tax benefit (expense) on operations |
36,127 | (851,602 | ) | (105,346 | ) | (952,757 | ) | |||||||||
| Income tax benefit on provisions for impairment |
— | — | 1,738,568 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 6,403,237 | 5,415,322 | 27,802,155 | 21,469,630 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other Operating Expense (Income): |
||||||||||||||||
| General and administrative |
13,889,587 | 14,369,556 | 44,076,235 | 42,743,167 | ||||||||||||
| Other expenses |
1,080,267 | 1,269,590 | 2,263,521 | 2,109,851 | ||||||||||||
| Depreciation and amortization (including FF&E) |
33,272,185 | 30,475,857 | 100,518,497 | 93,308,047 | ||||||||||||
| Interest expense, net |
30,868,494 | 32,208,578 | 92,296,981 | 91,971,876 | ||||||||||||
| Gain on sale of operating properties including taxes |
(1,972,949 | ) | (477,075 | ) | (1,972,949 | ) | (7,353,568 | ) | ||||||||
| Unrealized loss on REG shares in deferred compensation trust, net |
64,646 | 1,991,541 | 1,120,309 | 1,965,520 | ||||||||||||
| Provision for impairment - wholly owned properties |
6,699,117 | — | 6,699,117 | — | ||||||||||||
| Hedge ineffectiveness |
— | (2,341,106 | ) | — | (1,418,709 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 83,901,347 | 77,496,942 | 245,001,711 | 223,326,185 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Equity in Income (Loss) of Unconsolidated Partnerships: |
||||||||||||||||
| Operating income |
4,586,360 | 2,902,096 | 9,104,495 | 5,412,976 | ||||||||||||
| Gain on sale of operating properties |
238,918 | (481 | ) | 264,137 | 932,172 | |||||||||||
| Provision for impairment - JV properties |
— | (800,000 | ) | (4,580,000 | ) | (6,353,168 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 4,825,278 | 2,101,615 | 4,788,632 | (8,020 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Income |
14,541,150 | 13,873,379 | 41,608,494 | 45,016,763 | ||||||||||||
| Noncontrolling Interests: |
||||||||||||||||
| Preferred units |
931,248 | 931,248 | 2,793,744 | 2,793,744 | ||||||||||||
| Exchangeable operating partnership units |
26,912 | 34,126 | 76,780 | 154,892 | ||||||||||||
| Limited partners’ interest in consolidated partnerships |
153,789 | 96,025 | 424,831 | 271,424 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Income Attributable to Noncontrolling Interests |
1,111,949 | 1,061,399 | 3,295,355 | 3,220,060 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Income Attributable to Controlling Interests |
13,429,201 | 12,811,980 | 38,313,139 | 41,796,703 | ||||||||||||
| Preferred Stock Dividends |
4,918,791 | 4,918,791 | 14,756,373 | 14,756,373 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Income Attributable to Common Stockholders |
$ | 8,510,410 | 7,893,189 | $ | 23,556,766 | 27,040,330 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
These Consolidated Statements of Operations are not accordance with GAAP because they do not reflect discontinued operations in accordance with FASB ASC Topic 360. The Company believes that the presentation is useful to readers of this report who wish to understand the Company’s operations without reclassifying sales of real estate into discontinued operations. The presentation of the Consolidated Statements of Operations prepared in accordance with GAAP are presented in the following pages.
6
Funds From Operations (FFO) and Other Information
For the Periods Ended September 30, 2011 and 2010
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Reconciliation of Net income to Funds from Operations |
||||||||||||||||
| Net income attributable to common stockholders |
$ | 8,510,410 | 7,893,189 | $ | 23,556,766 | 27,040,330 | ||||||||||
| Adjustments to reconcile to Funds from Operations: |
||||||||||||||||
| Depreciation and amortization - consolidated real estate |
28,336,534 | 25,733,946 | 85,199,084 | 78,930,967 | ||||||||||||
| Depreciation and amortization - unconsolidated partnerships |
10,792,650 | 12,109,930 | 33,022,669 | 37,396,274 | ||||||||||||
| Consolidated JV partners’ share of depreciation |
(177,268 | ) | (134,258 | ) | (559,098 | ) | (405,541 | ) | ||||||||
| Provision for impairment (2) |
6,699,117 | 800,000 | 11,279,117 | 6,353,168 | ||||||||||||
| Amortization of leasing commissions and intangibles |
3,986,744 | 3,710,559 | 12,323,670 | 11,220,568 | ||||||||||||
| Gain on sale of operating properties (2) |
(2,211,867 | ) | (476,594 | ) | (2,237,086 | ) | (8,285,740 | ) | ||||||||
| Income deferrals under the Restricted Gain Method for GAAP |
0 | 0 | — | — | ||||||||||||
| Unrealized loss on REG shares in deferred compensation trust |
64,646 | 1,991,541 | 1,120,309 | 1,965,520 | ||||||||||||
| Noncontrolling interest of exchangeable partnership units |
26,912 | 34,126 | 76,780 | 154,892 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Funds From Operations (1) |
$ | 56,027,878 | 51,662,439 | $ | 163,782,211 | 154,370,438 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Reconciliation of FFO to Recurring FFO |
||||||||||||||||
| Funds from operations |
$ | 56,027,878 | 51,662,439 | $ | 163,782,211 | 154,370,438 | ||||||||||
| Adjustments to reconcile to Recurring Funds from Operations: |
||||||||||||||||
| Development and outparcel loss (gain), net of dead deal costs and tax (2) |
613,252 | 1,109,306 | (730,552 | ) | 1,504,367 | |||||||||||
| Provision for hedge ineffectiveness |
0 | (2,341,106 | ) | — | (1,418,709 | ) | ||||||||||
| Gain on early debt extinguishment (2) |
(1,738,332 | ) | 0 | (1,740,749 | ) | — | ||||||||||
| Restructuring charges |
0 | 0 | — | — | ||||||||||||
| Transaction fees and promotes |
0 | 0 | (5,000,000 | ) | (2,593,828 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Recurring Funds From Operations (1) |
$ | 54,902,798 | 50,430,639 | $ | 156,310,910 | 151,862,268 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| FFO Per Share Reconciliation (Diluted): |
||||||||||||||||
| Net income attributable to common stockholders |
$ | 0.09 | $ | 0.09 | $ | 0.26 | $ | 0.32 | ||||||||
| Adjustments to reconcile to Funds from Operations per share: |
||||||||||||||||
| Depreciation and amortization - consolidated real estate |
0.32 | 0.31 | 0.97 | 0.94 | ||||||||||||
| Depreciation and amortization - unconsolidated partnerships |
0.12 | 0.15 | 0.37 | 0.45 | ||||||||||||
| Consolidated JV partners’ share of depreciation |
— | — | — | — | ||||||||||||
| Provision for impairment (2) |
0.07 | 0.01 | 0.13 | 0.08 | ||||||||||||
| Amortization of leasing commissions and intangibles |
0.04 | 0.05 | 0.14 | 0.14 | ||||||||||||
| Gain on sale of operating properties (2) |
(0.02 | ) | (0.01 | ) | (0.03 | ) | (0.10 | ) | ||||||||
| Gain deferrals under the Restricted Gain Method |
— | — | — | — | ||||||||||||
| Unrealized loss on REG shares in deferred compensation trust |
— | 0.02 | 0.01 | 0.02 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Funds From Operations |
$ | 0.62 | $ | 0.62 | $ | 1.85 | $ | 1.85 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Reconciliation of FFO to Recurring FFO |
||||||||||||||||
| Funds from operations |
$ | 0.62 | $ | 0.62 | $ | 1.85 | $ | 1.85 | ||||||||
| Adjustments to reconcile to Recurring Funds from Operations: |
||||||||||||||||
| Development and outparcel loss (gain), net of dead deal costs and tax (2) |
0.01 | 0.01 | — | 0.02 | ||||||||||||
| Provision for hedge ineffectiveness |
— | (0.03 | ) | — | (0.02 | ) | ||||||||||
| Gain on early debt extinguishment (2) |
(0.02 | ) | — | (0.02 | ) | — | ||||||||||
| Restructuring charges |
— | — | — | — | ||||||||||||
| Transaction fees and promotes |
— | — | (0.06 | ) | (0.03 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Funds From Operations - Recurring |
$ | 0.61 | $ | 0.60 | $ | 1.77 | $ | 1.82 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | See the definition of Funds from Operations and Recurring Funds from Operations included on page 2 of this supplemental report. |
| (2) | Includes Regency’s pro-rata share of unconsolidated co-investment partnerships. |
7
Additional Disclosures
For the Periods Ended September 30, 2011 and 2010
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Additional Disclosures: |
||||||||||||||||
| Straight-line rental income, net of reserve |
$ | 730,849 | 2,179,318 | $ | 3,257,143 | 4,544,261 | ||||||||||
| Above- and below- market rent amortization |
319,017 | 183,730 | 717,358 | 960,598 | ||||||||||||
| Pro-rata share of JV straight-line rental income, net |
203,587 | 545,424 | 567,515 | 1,384,495 | ||||||||||||
| Pro-rata share of JV above- and below- mkt rent amortization |
400,494 | 635,909 | 1,284,229 | 1,762,369 | ||||||||||||
| Debt premium (discount) amortization income (expense) |
$ | 75,863 | (13,302 | ) | $ | 85,712 | 5,361 | |||||||||
| FFO impairment losses including pro-rata share of JV’s |
6,699,117 | 800,000 | 11,279,117 | 6,353,168 | ||||||||||||
| Hedge ineffectiveness charged against net income |
— | (2,341,106 | ) | — | (1,418,709 | ) | ||||||||||
| Stock based compensation expense |
2,767,884 | 1,779,186 | 8,293,000 | 5,311,239 | ||||||||||||
| Capitalized direct leasing compensation costs |
2,625,000 | 2,574,999 | 7,875,000 | 6,725,001 | ||||||||||||
| Capitalized direct development compensation costs |
602,411 | 645,774 | 2,081,150 | 1,451,387 | ||||||||||||
| Fees earned from 3rd parties as reported for GAAP |
$ | 6,940,122 | 6,524,628 | $ | 26,993,041 | 22,973,997 | ||||||||||
| Fees earned from 3rd parties, excluding REG owned portion |
5,552,867 | 5,095,138 | 22,758,591 | 18,730,861 | ||||||||||||
| Components of same property NOI (wholly owned and Regency’s pro-rata share of co-investment partnerships): |
||||||||||||||||
| Revenues |
$ | 126,612,183 | 128,245,156 | $ | 387,097,754 | 392,665,528 | ||||||||||
| Expenses |
34,403,175 | 35,843,253 | 109,283,829 | 112,332,450 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Same property NOI |
$ | 92,209,008 | 92,401,903 | $ | 277,813,925 | 280,333,078 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Capital Expenditures (non-revenue enhancing only): |
||||||||||||||||
| Leasing commissions, including pro rata share of JV’s |
$ | 5,134,609 | $ | 3,337,074 | $ | 11,831,189 | $ | 9,813,060 | ||||||||
| Tenant improvements, including pro rata share of JV’s |
2,171,451 | 1,347,047 | 4,985,450 | 4,410,038 | ||||||||||||
| Building improvements, including pro rata share of JV’s |
5,880,257 | 4,824,381 | 11,446,494 | 8,909,896 | ||||||||||||
| Major Renovations, including pro rata share of JV’s |
496,999 | — | 574,690 | — | ||||||||||||
8
Consolidated Statements of Operations (GAAP Basis)
For the Periods Ended September 30, 2011 and 2010
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: |
||||||||||||||||
| Minimum rent |
$ | 90,129,099 | 86,486,742 | 268,169,291 | 257,389,485 | |||||||||||
| Percentage rent |
429,659 | 399,321 | 1,487,425 | 1,022,925 | ||||||||||||
| Recoveries from tenants and other income |
28,248,230 | 27,383,173 | 83,040,249 | 83,150,117 | ||||||||||||
| Management, transaction, and other fees |
6,940,122 | 6,524,628 | 26,993,041 | 22,973,997 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
125,747,110 | 120,793,864 | 379,690,006 | 364,536,524 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating Expenses: |
||||||||||||||||
| Depreciation and amortization |
33,166,152 | 30,181,837 | 100,005,646 | 92,323,872 | ||||||||||||
| Operating and maintenance |
18,101,073 | 17,145,593 | 55,105,683 | 51,521,347 | ||||||||||||
| General and administrative |
11,671,170 | 17,760,320 | 43,801,275 | 45,734,363 | ||||||||||||
| Real estate taxes |
13,532,798 | 13,787,648 | 42,162,806 | 42,267,171 | ||||||||||||
| Provision for doubtful accounts |
325,571 | 247,827 | 2,533,828 | 2,634,349 | ||||||||||||
| Other expense (income) |
1,900,400 | 2,382,172 | 1,737,655 | 4,070,660 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
78,697,164 | 81,505,397 | 245,346,893 | 238,551,762 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other Expense (Income): |
||||||||||||||||
| Interest expense, net of interest income |
30,868,494 | 32,208,578 | 92,296,981 | 91,972,081 | ||||||||||||
| Gain on sale of operating properties and properties in development |
— | (479,164 | ) | — | (1,044,159 | ) | ||||||||||
| Provision for impairment |
6,361,781 | — | 6,361,781 | — | ||||||||||||
| (Income) loss from deferred compensation plan |
2,283,063 | (1,399,223 | ) | 1,395,269 | (1,025,676 | ) | ||||||||||
| Gain on derivative instruments |
— | (2,341,106 | ) | — | (1,418,709 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other expense |
39,513,338 | 27,989,085 | 100,054,031 | 88,483,537 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before equity in income (loss) of investments in real estate partnerships |
7,536,609 | 11,299,382 | 34,289,082 | 37,501,225 | ||||||||||||
| Equity in income (loss) of investments in real estate partnerships |
4,825,278 | 2,101,615 | 4,788,632 | (8,020 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income from continuing operations |
12,361,887 | 13,400,997 | 39,077,714 | 37,493,205 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Discontinued Operations, net: |
||||||||||||||||
| Operating (loss) income |
(141,983 | ) | 469,877 | 209,534 | 756,454 | |||||||||||
| (Loss) gain on sale of properties |
2,321,246 | 2,505 | 2,321,246 | 6,767,104 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from discontinued operations |
2,179,263 | 472,382 | 2,530,780 | 7,523,558 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
14,541,150 | 13,873,379 | 41,608,494 | 45,016,763 | ||||||||||||
| Noncontrolling Interests: |
||||||||||||||||
| Preferred units |
(931,248 | ) | (931,248 | ) | (2,793,744 | ) | (2,793,744 | ) | ||||||||
| Exchangeable operating partnership units |
(26,912 | ) | (34,126 | ) | (76,780 | ) | (154,892 | ) | ||||||||
| Limited partners’ interests in consolidated partnerships |
(153,789 | ) | (96,025 | ) | (424,831 | ) | (271,424 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to noncontrolling interests |
(1,111,949 | ) | (1,061,399 | ) | (3,295,355 | ) | (3,220,060 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to controlling interests |
13,429,201 | 12,811,980 | 38,313,139 | 41,796,703 | ||||||||||||
| Preferred stock dividends |
(4,918,791 | ) | (4,918,791 | ) | (14,756,373 | ) | (14,756,373 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to common stockholders |
$ | 8,510,410 | 7,893,189 | $ | 23,556,766 | 27,040,330 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
These consolidated statements of operations should be read in conjunction with the Company’s most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.
9
Summary of Consolidated Debt
September 30, 2011 and December 31, 2010
| Total Debt Outstanding: |
9/30/11 | 12/31/10 | ||||||
| Mortgage loans payable: |
||||||||
| Fixed rate secured loans |
$ | 442,859,824 | 402,150,902 | |||||
| Variable rate secured loans |
12,699,178 | 11,189,507 | ||||||
| Unsecured debt offering fixed rate |
1,509,780,769 | 1,671,128,916 | ||||||
| Unsecured line of credit |
85,000,000 | 10,000,000 | ||||||
|
|
|
|
|
|||||
| Total |
$ | 2,050,339,771 | 2,094,469,325 | |||||
|
|
|
|
|
|||||
| Schedule of Maturities by Year: |
Scheduled Principal Payments |
Mortgage Loan Maturities |
Unsecured Maturities(1) |
Total | Weighted Average Fixed Interest Rate |
|||||||||||||||
| 2011 |
$ | 1,757,197 | — | 20,000,000 | 21,757,197 | 7.2 | % | |||||||||||||
| 2012 |
6,997,720 | — | 192,377,000 | 199,374,720 | 6.8 | % | ||||||||||||||
| 2013 |
6,995,420 | 16,339,730 | — | 23,335,150 | 7.1 | % | ||||||||||||||
| 2014 |
6,481,456 | 29,742,631 | 150,000,000 | 186,224,087 | 5.0 | % | ||||||||||||||
| 2015 |
5,169,657 | 46,312,553 | 435,000,000 | 486,482,210 | 5.3 | % | ||||||||||||||
| 2016 |
4,857,332 | 14,161,143 | — | 19,018,475 | 6.2 | % | ||||||||||||||
| 2017 |
4,263,152 | 75,510,749 | 400,000,000 | 479,773,901 | 5.9 | % | ||||||||||||||
| 2018 |
3,745,694 | 57,357,572 | — | 61,103,266 | 6.2 | % | ||||||||||||||
| 2019 |
2,704,446 | 106,000,000 | — | 108,704,446 | 7.8 | % | ||||||||||||||
| 2020 |
2,676,075 | 43,329,660 | 150,000,000 | 196,005,735 | 6.1 | % | ||||||||||||||
| >10 years |
11,100,909 | 5,847,935 | 250,000,000 | 266,948,844 | 4.9 | % | ||||||||||||||
| Unamortized debt (discount)/premium | — | 4,207,970 | (2,596,231 | ) | 1,611,739 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 56,749,058 | 398,809,943 | 1,594,780,769 | 2,050,339,771 | 5.8 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | Includes unsecured public debt and Unsecured line of credit. The Line is included in 2015 maturities and matures in September 2015. |
| Percentage of Total Debt: |
9/30/11 | 12/31/10 | ||||||
| Fixed |
95.2 | % | 99.7 | % | ||||
| Variable |
4.8 | % | 0.3 | % | ||||
| Current Average Interest Rates:(2) |
||||||||
| Fixed |
5.8 | % | 6.4 | % | ||||
| Variable |
1.8 | % | 5.3 | % | ||||
| Effective Interest Rate |
5.6 | % | 6.4 | % | ||||
| (2) | Interest rates are as of the quarter end and exclude the impact of deferred loan cost amortization. |
| Average Maturity Date: |
||||||||
| Fixed |
03/22/17 | 11/11/14 | ||||||
| Variable |
07/19/15 | 03/15/14 | ||||||
10
Summary of Line of Credit, Unsecured Public Debt and Public Debt Covenants
September 30, 2011
| Outstanding Line of Credit and Unsecured Public Debt: | Origination | Maturity | Rate | Balance | ||||||||||
| $600 Million Line of Credit |
09/07/11 | 09/05/15 | LIBOR + 1.25% | $ | 85,000,000 | |||||||||
| Unsecured Public Debt: |
12/10/01 | 12/12/11 | 7.250% | $ | 20,000,000 | |||||||||
| 01/18/02 | 01/15/12 | 6.750% | $ | 192,377,000 | ||||||||||
| 04/01/04 | 04/15/14 | 4.950% | $ | 150,000,000 | ||||||||||
| 07/18/05 | 08/01/15 | 5.250% | $ | 350,000,000 | ||||||||||
| 06/05/07 | 06/15/17 | 5.875% | $ | 400,000,000 | ||||||||||
| 06/02/10 | 06/15/20 | 6.000% | $ | 150,000,000 | ||||||||||
| 10/07/10 | 04/15/21 | 4.800% | $ | 250,000,000 | ||||||||||
| Unsecured Public Debt Covenants: | Required | 6/30/11 | 3/31/11 | 12/31/10 | 9/30/10 | |||||||||||||||
| Fair Market Value Calculation Method Covenants(1) |
||||||||||||||||||||
| Total Consolidated Debt to Total Consolidated Assets |
£ | 65 | % | 35 | % | 34 | % | 38 | % | 36 | % | |||||||||
| Secured Consolidated Debt to Total Consolidated Assets |
£ | 40 | % | 8 | % | 7 | % | 7 | % | 7 | % | |||||||||
| Consolidated Income for Debt Service to Consolidated Debt Service |
³ | 1.5 | x | 2.9 | 2.7 | 2.8 | 2.7 | |||||||||||||
| Unencumbered Consolidated Assets to Unsecured Consolidated Debt |
> | 150 | % | 310 | % | 315 | % | 281 | % | 294 | % | |||||||||
| Historical Cost Basis Covenants(1) |
||||||||||||||||||||
| Total Consolidated Debt to Total Undepreciated Assets |
£ | 60 | % | 41 | % | 41 | % | 45 | % | 43 | % | |||||||||
| Secured Consolidated Debt to Total Undepreciated Assets |
£ | 40 | % | 9 | % | 9 | % | 9 | % | 8 | % | |||||||||
| Consolidated Income for Debt Service to Consolidated Debt Service |
³ | 1.5 | x | 2.9 | 2.7 | 2.8 | 2.7 | |||||||||||||
| Unencumbered Consolidated Assets to Unsecured Consolidated Debt |
> | 150 | % | 260 | % | 266 | % | 236 | % | 249 | % | |||||||||
Note: Debt covenant disclosure is in arrears due to current quarter calculations being dependent on the Company’s most recent Form 10-Q or Form 10-K filing.
| (1) | For a complete listing of all Debt Covenant related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission. |
11
Summary of Preferred Units and Stock
September 30, 2011
| Distribution Rate |
Issuance Date |
Callable Date |
Exchangeable Date(1) |
Par Value |
Current Balance |
Issuance Costs |
||||||||||||||||
| Preferred Units: |
|
|||||||||||||||||||||
| Series D |
7.45 | % | 9/29/1999 | 9/29/2009 | 1/1/2014 | $ | 50,000,000 | 49,157,977 | 842,023 | |||||||||||||
| Preferred Stock: |
||||||||||||||||||||||
| Series 3 |
7.45 | % | 4/3/2003 | 4/3/2008 | N/A | $ | 75,000,000 | 75,000,000 | 2,705,034 | |||||||||||||
| Series 4 |
7.25 | % | 8/31/2004 | 8/31/2009 | N/A | 125,000,000 | 125,000,000 | 4,288,376 | ||||||||||||||
| Series 5 |
6.70 | % | 8/2/2005 | 8/2/2010 | N/A | 75,000,000 | 75,000,000 | 2,222,292 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 275,000,000 | 275,000,000 | 9,215,702 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
| (1) | Preferred units are exchangeable only into preferred stock. Preferred stock is not exchangeable into common stock. |
12
Acquisitions
September 30, 2011
| Date |
Property Name |
Co-investment Partner |
City/State | Total GLA |
Purchase Price |
Regency’s Share |
Yield | Anchor Tenant | ||||||||||||||||
| Consolidated: |
||||||||||||||||||||||||
| Jun-11 |
Ocala Corners | Tallahassee, FL | 86,772 | $ | 11,029,387 | $ | 11,029,387 | 7.6 | % | Publix | ||||||||||||||
| Aug-11 |
Oak Shade Town Center | Davis, CA | 103,762 | $ | 34,858,600 | $ | 34,858,600 | 5.8 | % | Safeway, Rite Aid, Office Max | ||||||||||||||
| Sep-11 |
Tech Ridge Center | Austin, TX | 187,350 | $ | 55,400,000 | $ | 55,400,000 | 5.8 | % | H-E-B, Office Depot, Petco | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
377,884 | $ | 101,287,987 | $ | 101,287,987 | 6.0 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Unconsolidated: |
||||||||||||||||||||||||
| Acquisitions from 3rd Parties: |
||||||||||||||||||||||||
| Jul-11 |
Calhoun Commons | CalSTRS | Minneapolis, MN | 66,150 | $ | 21,020,000 | $ | 5,255,000 | 6.4 | % | Whole Foods | |||||||||||||
| Aug-11 |
Rockridge Center | Oregon | Plymouth, MN | 125,213 | $ | 20,500,000 | $ | 4,100,000 | 7.0 | % | Cub Foods | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total | 191,363 | $ | 41,520,000 | $ | 9,355,000 | 6.6 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Regency Contributions: |
||||||||||||||||||||||||
| None |
— | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
— | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Acquisitions from 3rd Parties |
569,247 | $ | 142,807,987 | $ | 110,642,987 | 6.0 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total Acquisitions including Regency Contributions |
569,247 | $ | 142,807,987 | $ | 110,642,987 | 6.0 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Partnership with CalSTRS - Regency owns 25% |
||||||||||||||||||||||||
| Partnership with Oregon - Regency owns 20% |
||||||||||||||||||||||||
13
Dispositions
September 30, 2011
| Date |
Property Name | Co- investment Partner |
City/State | GLA | Sales Price | Regency’s Share of Sales Price |
Regency’s Pro Rata Cap Rate |
Anchor Tenant | ||||||||||||||||||||
| Consolidated: |
||||||||||||||||||||||||||||
| Aug-11 |
Park Place Center | Columbus, OH | 106,832 | $ | 2,061,250 | $ | 2,061,250 | 3.6 | % | None | ||||||||||||||||||
| Sep-11 |
Fort Bend Center | Houston, TX | 30,164 | $ | 3,653,000 | $ | 3,653,000 | 9.6 | % | |
Kroger (NAP) |
| ||||||||||||||||
| Sep-11 |
Prestonwood Park | Plano, TX | 101,167 | $ | 11,950,000 | $ | 11,950,000 | 9.3 | % | None | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 238,163 | $ | 17,664,250 | $ | 17,664,250 | 8.7 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Unconsolidated: |
||||||||||||||||||||||||||||
| Mar-11 |
Oaks Shopping Center | GRI | Des Plaines, IL | 135,005 | $ | 10,743,868 | $ | 4,297,547 | 12.2 | % | Dominick’s | |||||||||||||||||
| Jun-11 |
601 King Street | GRI | Alexandria, VA | 8,003 | $ | 3,050,000 | $ | 1,220,000 | 4.9 | % | ||||||||||||||||||
| Sep-11 |
Deer Grove | Oregon | Chicago, IL | 236,173 | $ | 18,191,800 | $ | 3,638,360 | 7.5 | % | Dominick’s | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 379,181 | $ | 31,985,668 | $ | 9,155,907 | 9.3 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Dispositions | 617,344 | $ | 49,649,918 | $ | 26,820,157 | 8.9 | % | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Partnership with GRI - Regency owns 40% | ||||||||||||||||||||||||||||
| Partnership with Oregon - Regency owns 20% | ||||||||||||||||||||||||||||
| NAP means the anchor store is anchor owned and not a part of the center’s GLA | ||||||||||||||||||||||||||||
14
Development Status Report
September 30, 2011
| Project Name |
State | CBSA | Anchor Tenant |
Anchor Opens |
Est. Net Dev Costs After Partner Participation |
Est. Net Costs to Complete (1) |
Stabilized Yield |
Completion Yield (2) |
Completion Year Yield Qtr/Year |
Company Owned GLA |
Company Owned % Leased |
Gross GLA |
Gross % Leased |
|||||||||||||||||||||||||||||||||||
| In-Process Dev Starts After 1/1/09: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Centerplace of Greeley III Ph II |
CO | Greeley | TJ Maxx | 03/01/12 | 2,157,888 | 1,933,810 | 9.8 | % | 9.8 | % | Q1 - 2012 | 25,000 | 100 | % | 25,000 | 100 | % | |||||||||||||||||||||||||||||||
| Kent Place |
CO | Denver-Aurora | King Soopers | 10/01/12 | 8,765,009 | 3,430,716 | 9.3 | % | 9.3 | % | Q4 - 2013 | 47,418 | 63 | % | 47,418 | 63 | % | |||||||||||||||||||||||||||||||
| Market at Colonnade |
NC | Raleigh-Cary | Whole Foods | 03/01/11 | 15,563,040 | 1,835,099 | 9.1 | % | 9.1 | % | Q2 - 2012 | 57,625 | 85 | % | 57,625 | 85 | % | |||||||||||||||||||||||||||||||
| Shops at Stonewall Ph II |
VA | Washington- Arlington- Alexandria |
Dick’s Sporting Goods |
11/01/11 | 4,961,243 | 1,290,702 | 8.7 | % | 8.7 | % | Q4 - 2011 | 40,670 | 100 | % | 40,670 | 100 | % | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total In-Process Dev Starts After 1/1/09 |
$ | 31,447,180 | $ | 8,490,328 | 9.1 | % | 9.1 | % | 170,713 | 85 | % | 170,713 | 85 | % | ||||||||||||||||||||||||||||||||||
|
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|
|
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|
|
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|
|
|
|||||||||||||||||||||||||||||||||
| In-Process Dev Starts Prior to 1/1/09: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Shoppes at Fairhope Village |
AL | Mobile | Publix | 07/01/09 | 16,747,993 | 1,917 | 6.8 | % | 5.7 | % | Q2 - 2012 | 84,740 | 86 | % | 84,740 | 86 | % | |||||||||||||||||||||||||||||||
| Golden Hills Promenade |
CA | San Luis Obispo-Paso Robles |
Lowe’s | 11/01/09 | 31,951,037 | 698,574 | 4.4 | % | 3.3 | % | Q4 - 2012 | 216,846 | 91 | % | 216,846 | 91 | % | |||||||||||||||||||||||||||||||
| Indio Towne Center |
CA | Riverside-San Bernardino- Ontario |
WinCo Foods | 09/01/08 | 41,700,607 | 1,291,319 | 5.4 | % | 3.5 | % | Q4 - 2011 | 132,678 | 75 | % | 368,512 | 91 | % | |||||||||||||||||||||||||||||||
| Jefferson Square |
CA | Riverside-San Bernardino- Ontario |
Fresh & Easy | 03/01/13 | 9,356,119 | (1,968,801 | ) | 5.5 | % | 3.5 | % | Q2 - 2012 | 38,013 | 75 | % | 38,013 | 75 | % | ||||||||||||||||||||||||||||||
| Paseo Del Sol |
CA | Santa Barbara-Santa |
Whole Foods | 10/01/09 | 26,191,162 | (4,417,139 | ) | 6.7 | % | 6.7 | % | Q4 - 2011 | 49,680 | 77 | % | 49,680 | 77 | % | ||||||||||||||||||||||||||||||
| Centerplace of Greeley III |
CO | Greeley | Best Buy, Sports Authority |
09/01/08 | 16,297,150 | (1,174,223 | ) | 8.1 | % | 5.1 | % | Q4 - 2011 | 94,090 | 81 | % | 94,090 | 81 | % | ||||||||||||||||||||||||||||||
| Shops at Quail Creek |
CO | Boulder | King Soopers | 05/01/09 | 7,287,975 | 150,872 | 11.7 | % | 9.8 | % | Q2 - 2012 | 37,585 | 80 | % | 137,429 | 94 | % | |||||||||||||||||||||||||||||||
| Nocatee Town Center |
FL | Jacksonville | Publix | 02/01/10 | 14,203,045 | (4,141,533 | ) | 6.7 | % | 4.5 | % | Q1 - 2013 | 69,679 | 91 | % | 69,679 | 91 | % | ||||||||||||||||||||||||||||||
| Suncoast Crossing Ph I |
FL | Tampa-St. Petersburg- Clearwater |
Kohl’s | 10/01/08 | 8,891,780 | (281,134 | ) | 6.5 | % | 2.6 | % | Q4 - 2011 | 108,434 | 94 | % | 108,434 | 94 | % | ||||||||||||||||||||||||||||||
| Suncoast Crossing Ph II |
FL | Tampa-St. Petersburg- Clearwater |
Target | 08/01/09 | 7,670,562 | 483,017 | 3.0 | % | 1.5 | % | Q3 - 2012 | 9,451 | 59 | % | 151,649 | 97 | % | |||||||||||||||||||||||||||||||
| Walton Towne Center |
KY | Cincinnati- Middletown |
Kroger | 11/01/08 | 6,441,884 | (347,205 | ) | 7.7 | % | 4.6 | % | Q4 - 2011 | 23,186 | 76 | % | 139,618 | 96 | % | ||||||||||||||||||||||||||||||
| Village at Lee Airpark (f.k.a. Village at Lee Airport) |
MD | Baltimore- Towson |
Giant | 11/01/10 | 24,352,984 | 2,746,010 | 8.3 | % | 8.0 | % | Q4 - 2011 | 87,549 | 100 | % | 87,549 | 100 | % | |||||||||||||||||||||||||||||||
| Harris Crossing |
NC | Raleigh-Cary | Harris Teeter | 03/01/11 | 8,409,965 | (2,046,522 | ) | 7.0 | % | 6.4 | % | Q4 - 2012 | 65,150 | 91 | % | 65,150 | 91 | % | ||||||||||||||||||||||||||||||
| Deer Springs Town Center |
NV | Las Vegas- Paradise |
Target, Home Depot |
03/01/09 | 82,111,547 | 1,574,434 | 5.3 | % | 3.6 | % | Q1 - 2012 | 330,907 | 89 | % | 463,267 | 92 | % | |||||||||||||||||||||||||||||||
| Lower Nazareth Commons |
PA | Allentown- Bethlehem- Easton |
Target, Sports Authority |
08/01/09 | 28,104,479 | 154,315 | 6.8 | % | 6.8 | % | Q3 - 2012 | 65,368 | 98 | % | 198,368 | 99 | % | |||||||||||||||||||||||||||||||
| Hickory Creek Plaza |
TX | Dallas-Fort Worth- Arlington |
Kroger | 02/01/09 | 9,885,105 | 191,414 | 8.3 | % | 7.0 | % | Q4 - 2011 | 28,134 | 78 | % | 109,398 | 94 | % | |||||||||||||||||||||||||||||||
| Waterside Marketplace |
TX | Houston- Baytown- Sugar Land |
Kroger | 10/01/09 | 5,767,371 | 87,003 | 11.5 | % | 11.5 | % | Q2 - 2012 | 24,858 | 88 | % | 147,858 | 98 | % | |||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total In-Process Consolidated Dev Starts Prior to 1/1/09 |
$ | 345,370,765 | $ | (6,997,682 | ) | 6.3 | % | 4.9 | % | 1,466,348 | 87 | % | 2,530,280 | 93 | % | |||||||||||||||||||||||||||||||||
|
|
|
|
|
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|
|
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|
|
|
|||||||||||||||||||||||||||||||||
| Shoppes at Bartram Park - Phase III |
FL | Jacksonville | Publix | 10/01/04 | 2,034,206 | (658,059 | ) | 11.4 | % | 2.9 | % | Q1 - 2012 | 14,639 | 41 | % | 33,639 | 74 | % | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| Total In-Process Unconsolidated Dev Starts Prior to 1/1/09 |
$ | 2,034,206 | $ | (658,059 | ) | 11.4 | % | 2.9 | % | 14,639 | 41 | % | 33,639 | 74 | % | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total In-Process Developments |
22 | $ | 378,852,150 | $ | 834,586 | 6.6 | % | 5.3 | % | 1,651,700 | 87 | % | 2,734,632 | 92 | % | |||||||||||||||||||||||||||||||||
|
|
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|
||||||||||||||||||||||||||||||||
| Completions: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Airport Crossing |
IN | Chicago- Naperville- Joliet |
Kohl’s | 10/01/07 | 2,684,960 | (675,067 | ) | 6.0 | % | 2.7 | % | Q1 - 2011 | 11,924 | 78 | % | 101,835 | 97 | % | ||||||||||||||||||||||||||||||
| Applegate Ranch Shopping Center |
CA | Merced | Wal-Mart, Target |
08/01/08 | 37,727,400 | (526,106 | ) | 4.9 | % | 3.5 | % | Q2 - 2011 | 144,444 | 82 | % | 464,136 | 95 | % | ||||||||||||||||||||||||||||||
| Plaza Rio Vista |
CA | Riverside-San Bernardino- Ontario |
Stater Bros. | 05/01/08 | 18,788,250 | 402,718 | 7.2 | % | 4.1 | % | Q2 - 2011 | 67,622 | 83 | % | 67,622 | 83 | % | |||||||||||||||||||||||||||||||
| Caligo Crossing |
FL | Miami-Fort Lauderdale- Miami Beach |
Kohl’s | 10/01/08 | 6,709,434 | (36,481 | ) | 8.2 | % | 8.2 | % | Q2 - 2011 | 10,763 | 100 | % | 108,928 | 100 | % | ||||||||||||||||||||||||||||||
| Seminole Shoppes |
FL | Jacksonville | Publix | 09/01/10 | 15,116,699 | 484,215 | 9.9 | % | 9.9 | % | Q2 - 2011 | 73,241 | 96 | % | 73,241 | 96 | % | |||||||||||||||||||||||||||||||
| Shops at Saugus |
MA | Boston- Cambridge- Quincy |
Trader Joe’s, PetSmart, La-Z-Boy |
08/01/08 | 35,701,401 | 457,345 | 6.7 | % | 6.2 | % | Q2 - 2011 | 90,055 | 95 | % | 90,055 | 95 | % | |||||||||||||||||||||||||||||||
| State Street Crossing |
MI | Ann Arbor | Wal-Mart | 10/01/09 | 7,792,326 | (1,425,854 | ) | 6.7 | % | 1.4 | % | Q2 - 2011 | 21,049 | 60 | % | 168,540 | 95 | % | ||||||||||||||||||||||||||||||
| Indio Towne Center-Babies/Toys |
CA | Riverside-San Bernardino- Ontario |
Babies “R” Us, Toys “R” Us |
09/01/11 | 5,846,657 | 605,095 | 11.0 | % | 11.0 | % | Q3 - 2011 | 46,827 | 100 | % | 46,827 | 100 | % | |||||||||||||||||||||||||||||||
| Canopy Oak Center |
FL | Ocala | Publix | 09/01/08 | 17,668,723 | (331,973 | ) | 9.8 | % | 6.7 | % | Q3 - 2011 | 90,042 | 79 | % | 90,042 | 79 | % | ||||||||||||||||||||||||||||||
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| Total Completed (4) |
9 | $ | 148,035,851 | $ | (1,046,108 | ) | 7.2 | % | 5.6 | % | 555,967 | 87 | % | 1,211,226 | 94 | % | ||||||||||||||||||||||||||||||||
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Notes:
No new starts for the quarter.
| (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. Negative amounts due to expected outparcel proceeds. |
| (2) | The yield at completion, no later than 3 years from last company owned anchor open date or 4 years from sitework start date. |
| (3) | The NOI stabilized yield on costs above after allocating land basis for outparcel proceeds is estimated to be 6.1% (in-process) and 6.8% (completions). |
| (4) | All completed projects are consolidated, but Canopy Oak. |
15
Project Development Funding, Completions and Land Held
September 30, 2011
In-Process Developments Projected Funding (1)
($ Thousands)
| Q4 2011E | Q1 2012E | Q2 2012E | Q3 2012E | Q4 2012E | 2013+E | |||||||
| $1,000 - $1,500 | $400 - $500 | $400 - $500 | $400 - $500 | $100 - $200 | $(1,500)(2) - $(1,000)(2) | |||||||
Estimated Development Completion Schedule
($ Thousands)
| Completed(3) | Q4 2011E | 2012E | 2013+E | |||||||||||||
| Net Dev. Costs: |
$ | 598,408 | $ | 109,000 - $139,000 | $ | 200,000 - $220,000 | $ | 14,000 - $25,000 | ||||||||
Land Held for Future Development (4)
($ Thousands)
| # of Projects |
Net Development Costs To Date |
|||
| 14 | $ | 91,142 | ||
| (1) | Net Funding for in-process consolidated and unconsolidated developments, excludes projected funding of future developments. |
| (2) | Negative amount due to expected outparcel proceeds. |
| (3) | Development properties already completed but not yet sold. |
| (4) | Net development costs at completion subject to change as costs based on preliminary development plans only. |
16
Unconsolidated Investments
September 30, 2011
| Regency | ||||||||||||||||||||||||||||||||
| Co-investment Partner and |
Property Name |
Number of Properties |
Total GLA |
Total Assets |
Total Debt |
Ownership Interest |
Share of Debt |
Investment 9/30/11 |
Equity Pick-up |
|||||||||||||||||||||||
| State of Oregon |
||||||||||||||||||||||||||||||||
| (JV-C, JV-C2) |
Various | 29 | 3,371,796 | $ | 583,588,928 | $ | 310,372,836 | 20.00 | % | $ | 62,074,567 | $ | 30,789,466 | $ | 2,648,673 | |||||||||||||||||
| (JV-CCV) |
Cameron Village |
1 | 554,738 | 104,817,783 | 47,300,000 | 30.00 | % | 14,190,000 | 17,048,033 | 279,506 | ||||||||||||||||||||||
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|
||||||||||||||||||||||||||
| 30 | 3,926,534 | 688,406,711 | 357,672,836 | |||||||||||||||||||||||||||||
| GRI |
||||||||||||||||||||||||||||||||
| (JV-GRI) |
Various | 81 | 10,246,627 | 2,010,520,635 | 1,015,962,887 | 40.00 | % | 406,385,154 | 289,039,483 | 4,950,933 | ||||||||||||||||||||||
| Charter Hall Retail REIT |
||||||||||||||||||||||||||||||||
| (JV-M3) |
Various | 4 | 376,174 | 62,130,772 | 44,070,000 | 24.95 | % | 10,995,465 | (244,210 | ) | (174,865 | ) | ||||||||||||||||||||
| Charter Hall Retail REIT and DESCO (1) |
||||||||||||||||||||||||||||||||
| (JV-D) |
Various | — | — | — | — | — | — | — | (316,347 | ) | ||||||||||||||||||||||
| CalSTRS |
||||||||||||||||||||||||||||||||
| (JV-RC) |
Various | 9 | 1,022,974 | 200,878,797 | 92,880,116 | 25.00 | % | 23,220,029 | 22,720,346 | 300,835 | ||||||||||||||||||||||
| Regency Retail Partners |
||||||||||||||||||||||||||||||||
| (JV-RRP) |
Various | 9 | 1,535,454 | 335,133,148 | 207,936,868 | 20.00 | % | 41,496,640 | 16,696,154 | 174,154 | ||||||||||||||||||||||
| USAA |
||||||||||||||||||||||||||||||||
| (JV-USA) |
Various | 8 | 809,079 | 129,357,427 | 66,924,500 | 20.01 | % | 13,390,254 | 3,375,420 | 208,509 | ||||||||||||||||||||||
| Publix |
||||||||||||||||||||||||||||||||
| (JV-O) |
Various | 6 | 551,436 | 76,812,111 | — | 50.00 | % | — | 37,648,464 | 1,252,611 | ||||||||||||||||||||||
| H.E.B. |
||||||||||||||||||||||||||||||||
| (JV-O) |
Various (2) | 1 | 136,625 | 39,495,096 | 26,549,307 | 50.00 | % | 13,274,654 | 6,523,798 | 98,607 | ||||||||||||||||||||||
| Individual Investors |
||||||||||||||||||||||||||||||||
| (JV-O) |
East San Marco (2) |
— | — | 12,489,401 | — | 50.00 | % | — | 1,862,978 | (4,633,984 | ) | |||||||||||||||||||||
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|
||||||||||||||||||||
| 148 | 18,604,903 | $ | 3,555,224,098 | $ | 1,811,996,514 | $ | 585,026,763 | $ | 425,459,932 | $ | 4,788,632 | |||||||||||||||||||||
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|
||||||||||||||||||||
| (1) The liquidation of Regency’s 16.35% Co-investment Partnership with Charter Hall Retail REIT and DESCO was complete effective May 4, 2011. (2) Includes land held for future development
|
| |||||||||||||||||||||||||||||||
| Reconciliation of Equity of Regency Centers in Unconsolidated Partnerships to Regency Centers’ Investment in Real Estate Partnerships: | ||||||||||||||||||||||||||||||||
| Equity of Regency Centers in Unconsolidated Partnerships |
|
$ | 551,148,294 | |||||||||||||||||||||||||||||
| less: APB 18 Impairment recorded at Regency Centers |
|
(5,880,000 | ) | |||||||||||||||||||||||||||||
| less: Ownership percentage or Restricted Gain Method deferral recorded at Regency Centers |
|
(41,606,040 | ) | |||||||||||||||||||||||||||||
| less: Net book equity in excess of purchase price for 15% buy-up in JV-GRI |
|
(78,202,322 | ) | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
| Regency Centers’ Investment in Real Estate Partnerships |
|
$ | 425,459,932 | |||||||||||||||||||||||||||||
|
|
|
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17
Unconsolidated Balance Sheets
September 30, 2011 and December 31, 2010
| 2011 | 2010 | |||||||
| Assets |
||||||||
| Real estate, at cost |
$ | 3,841,309,329 | $ | 4,205,321,979 | ||||
| Less: accumulated depreciation |
589,702,106 | 565,801,328 | ||||||
|
|
|
|
|
|||||
| 3,251,607,223 | 3,639,520,651 | |||||||
| Properties in development |
53,365,003 | 41,814,619 | ||||||
|
|
|
|
|
|||||
| Net real estate investments |
3,304,972,226 | 3,681,335,270 | ||||||
| Cash and cash equivalents |
44,889,867 | 61,387,146 | ||||||
| Accounts receivable, net of allowance for uncollectible accounts |
23,684,576 | 37,164,261 | ||||||
| Straight line rent receivable, net of reserves |
35,392,877 | 32,262,316 | ||||||
| Deferred costs, less accumulated amortization |
37,911,821 | 30,713,536 | ||||||
| Acquired lease intangible assets, net |
91,870,542 | 120,162,709 | ||||||
| Other assets |
11,627,567 | 14,866,754 | ||||||
| Regency only assets (1) |
4,874,622 | 5,229,894 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 3,555,224,098 | $ | 3,983,121,886 | ||||
|
|
|
|
|
|||||
| Liabilities and Equity |
||||||||
| Liabilities: |
||||||||
| Notes payable |
$ | 1,811,996,514 | $ | 2,117,694,714 | ||||
| Accounts payable and other liabilities |
66,636,357 | 60,781,412 | ||||||
| Tenants’ security and escrow deposits |
8,514,441 | 8,448,349 | ||||||
| Acquired lease intangible liabilities, net |
52,989,809 | 75,551,209 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,940,137,121 | 2,262,475,684 | ||||||
|
|
|
|
|
|||||
| Equity: |
||||||||
| Equity - Regency Centers |
551,148,294 | 557,374,488 | ||||||
| Equity - Third parties |
1,063,938,683 | 1,163,271,714 | ||||||
|
|
|
|
|
|||||
| Total equity |
1,615,086,977 | 1,720,646,202 | ||||||
|
|
|
|
|
|||||
| Total Liabilities and Equity |
$ | 3,555,224,098 | $ | 3,983,121,886 | ||||
|
|
|
|
|
|||||
| (1) | Capitalized development costs |
18
Unconsolidated Balance Sheets - Regency’s Pro-Rata Share
September 30, 2011 and December 31, 2010
| 2011 | 2010 | |||||||
| Assets |
||||||||
| Real estate, at cost |
$ | 1,278,827,512 | $ | 1,338,374,799 | ||||
| Less: accumulated depreciation |
205,982,518 | 189,226,139 | ||||||
|
|
|
|
|
|||||
| 1,072,844,994 | 1,149,148,660 | |||||||
| Properties in development |
25,007,501 | 19,882,852 | ||||||
|
|
|
|
|
|||||
| Net real estate investments |
1,097,852,495 | 1,169,031,512 | ||||||
| Cash and cash equivalents |
13,783,773 | 20,859,552 | ||||||
| Accounts receivable, net of allowance for uncollectible accounts |
7,876,004 | 11,515,022 | ||||||
| Straight line rent receivable, net of reserves |
11,373,285 | 10,260,756 | ||||||
| Deferred costs, less accumulated amortization |
12,917,209 | 10,019,998 | ||||||
| Acquired lease intangible assets, net |
24,777,503 | 30,918,136 | ||||||
| Other assets |
4,337,603 | 5,565,168 | ||||||
| Regency only assets (1) |
4,874,623 | 5,229,897 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 1,177,792,495 | 1,263,400,041 | |||||
|
|
|
|
|
|||||
| Liabilities and Equity |
||||||||
| Liabilities: |
||||||||
| Notes payable |
$ | 585,026,763 | $ | 663,055,241 | ||||
| Accounts payable and other liabilities |
23,792,242 | 20,471,567 | ||||||
| Tenants’ security and escrow deposits |
2,836,500 | 2,784,264 | ||||||
| Acquired lease intangible liabilities, net |
14,988,696 | 19,714,481 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
626,644,201 | 706,025,553 | ||||||
|
|
|
|
|
|||||
| Equity: |
||||||||
| Equity - Regency Centers |
551,148,294 | 557,374,488 | ||||||
|
|
|
|
|
|||||
| Total Liabilities and Equity |
$ | 1,177,792,495 | $ | 1,263,400,041 | ||||
|
|
|
|
|
|||||
| (1) | Capitalized development costs |
Pro-rata financial information is not and is not intended to be a presentation in accordance with generally accepted accounting principles. However, management believes that providing such information is useful to investors in assessing the impact of its unconsolidated real estate partnership activities on the operations of the Company which include such items on a single line presentation under the equity method in the Company’s consolidated financial statements.
19
Unconsolidated Statements of Operations
For the periods ended September 30, 2011 and 2010
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: |
||||||||||||||||
| Minimum rent |
$ | 73,591,202 | 82,866,840 | $ | 229,125,309 | 246,876,943 | ||||||||||
| Percentage rent |
236,731 | 307,062 | 2,020,732 | 1,535,979 | ||||||||||||
| Recoveries from tenants |
20,050,659 | 24,410,097 | 67,727,783 | 76,873,602 | ||||||||||||
| Termination fees |
105,549 | 160,933 | 389,841 | 2,111,423 | ||||||||||||
| Other income |
2,765,443 | 2,711,028 | 5,253,788 | 4,233,630 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
96,749,584 | 110,455,960 | 304,517,453 | 331,631,577 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating expense (income): |
||||||||||||||||
| Operating and maintenance |
13,990,519 | 15,814,124 | 47,653,964 | 51,719,455 | ||||||||||||
| Real estate taxes |
11,597,472 | 15,023,038 | 37,974,625 | 44,946,084 | ||||||||||||
| Provision for doubtful accounts |
742,459 | 22,149 | 3,697,390 | 1,580,822 | ||||||||||||
| Other expense (income) |
(7,244 | ) | 47,176 | 112,690 | 423,885 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
26,323,206 | 30,906,487 | 89,438,669 | 98,670,246 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net operating income |
70,426,378 | 79,549,473 | 215,078,784 | 232,961,331 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other expense (income): |
||||||||||||||||
| General and administrative |
2,880,575 | 1,512,483 | 6,375,501 | 5,647,553 | ||||||||||||
| Depreciation and amortization expense |
32,067,381 | 38,896,101 | 101,991,828 | 116,594,543 | ||||||||||||
| Interest expense, net |
26,095,231 | 31,703,465 | 85,477,843 | 98,189,819 | ||||||||||||
| Gain on sale of real estate |
(201,271 | ) | (498,469 | ) | (791,004 | ) | (2,830,100 | ) | ||||||||
| Gain on extinguishment of debt |
(8,691,660 | ) | — | (8,718,893 | ) | — | ||||||||||
| Provision for impairment |
— | 2,000,000 | — | 17,433,011 | ||||||||||||
| Other expense (income) |
426,639 | 8,992 | 798,068 | (360,903 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other expense |
52,576,895 | 73,622,572 | 185,133,343 | 234,673,924 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | 17,849,484 | 5,926,902 | $ | 29,945,442 | (1,712,593 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
20
Unconsolidated Statements of Operations - Regency’s Pro-Rata Share
For the periods ended September 30, 2011 and 2010
| Three Months Ended | Year to Date | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: |
||||||||||||||||
| Minimum rent |
$ | 24,028,581 | 25,951,561 | $ | 73,376,878 | 79,721,135 | ||||||||||
| Percentage rent |
80,765 | 100,948 | 731,410 | 690,066 | ||||||||||||
| Recoveries from tenants |
6,764,632 | 7,687,116 | 21,843,768 | 24,954,384 | ||||||||||||
| Termination fees |
31,954 | 54,891 | 109,417 | 684,448 | ||||||||||||
| Other income |
871,045 | 856,996 | 1,668,581 | 1,408,063 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
31,776,977 | 34,651,512 | 97,730,054 | 107,458,096 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating expense (income): |
||||||||||||||||
| Operating and maintenance |
4,578,330 | 5,012,679 | 15,205,582 | 16,962,693 | ||||||||||||
| Real estate taxes |
3,935,131 | 4,716,129 | 12,269,011 | 14,455,947 | ||||||||||||
| Provision for doubtful accounts |
418,897 | 29,786 | 1,386,101 | 708,636 | ||||||||||||
| Other expense (income) |
(6,723 | ) | 20,114 | 26,537 | 159,428 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
8,925,635 | 9,778,708 | 28,887,231 | 32,286,704 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net operating income |
22,851,342 | 24,872,804 | 68,842,823 | 75,171,392 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other expense (income): |
||||||||||||||||
| General and administrative |
655,077 | 373,164 | 1,514,407 | 1,382,609 | ||||||||||||
| Depreciation and amortization expense |
10,668,197 | 12,113,463 | 32,916,399 | 37,388,468 | ||||||||||||
| Interest expense, net |
8,293,227 | 9,664,216 | 26,479,313 | 31,345,960 | ||||||||||||
| Gain on sale of real estate |
(59,567 | ) | (199,388 | ) | (288,040 | ) | (1,132,040 | ) | ||||||||
| Gain on extinguishment of debt |
(1,738,332 | ) | — | (1,741,064 | ) | — | ||||||||||
| Provision for impairment |
— | 800,000 | — | 6,353,168 | ||||||||||||
| Other expense (income) |
85,228 | 2,142 | 493,619 | (148,708 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other expense |
17,903,830 | 22,753,597 | 59,374,634 | 75,189,457 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) before Regency only expense (income) |
4,947,512 | 2,119,207 | 9,468,189 | (18,065 | ) | |||||||||||
| Regency only expense (income): |
||||||||||||||||
| Accretion of excess investment |
(54,471 | ) | (23,767 | ) | (157,044 | ) | (151,971 | ) | ||||||||
| Depreciation of capitalized costs |
176,704 | 41,359 | 256,601 | 157,162 | ||||||||||||
| Brokerage fees |
— | — | — | (15,236 | ) | |||||||||||
| Provision for impairment on investment in real estate partnerships |
— | — | 4,580,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Regency only expense (income) |
122,233 | 17,592 | 4,679,557 | (10,045 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) |
$ | 4,825,279 | 2,101,615 | $ | 4,788,632 | (8,020 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Pro-rata financial information is not and is not intended to be a presentation in accordance with generally accepted accounting principles. However, the impact of its unconsolidated real estate partnership activities on the operations of the Company which include such management believes that providing such information is useful to investors in assessing items on a single line presentation under the equity method in the Company’s consolidated financial statements.
21
Summary of Unconsolidated Debt
September 30, 2011 and December 31, 2010
| Total Debt Outstanding: |
9/30/11 | 12/31/10 | ||||||
| Mortgage loans payable: |
||||||||
| Fixed rate secured loans |
$ | 1,800,798,637 | 2,097,889,505 | |||||
| Unsecured line of credit variable rate |
11,197,877 | 19,805,209 | ||||||
|
|
|
|
|
|||||
| Total |
$ | 1,811,996,514 | 2,117,694,714 | |||||
|
|
|
|
|
|||||
| Schedule of Maturities by Year: |
Scheduled Principal Payments |
Mortgage
Loan Maturities |
Unsecured Maturities |
Total | Regency’s Pro Rata Share |
Weighted Average Fixed Interest Rate |
||||||||||||||||||
| 2011 |
1,803,137 | — | 1,803,137 | 549,841 | 0.0 | % | ||||||||||||||||||
| 2012 |
12,844,493 | 244,418,296 | 11,197,877 | 268,460,666 | 101,475,701 | 5.3 | % | |||||||||||||||||
| 2013 |
16,610,001 | 24,373,194 | 40,983,195 | 14,883,060 | 5.0 | % | ||||||||||||||||||
| 2014 |
17,360,289 | 77,369,016 | 94,729,305 | 28,123,437 | 5.7 | % | ||||||||||||||||||
| 2015 |
17,401,564 | 130,795,869 | 148,197,433 | 47,761,673 | 5.6 | % | ||||||||||||||||||
| 2016 |
14,478,536 | 329,757,425 | 344,235,961 | 103,704,731 | 5.9 | % | ||||||||||||||||||
| 2017 |
13,821,029 | 190,654,500 | 204,475,529 | 44,723,142 | 6.0 | % | ||||||||||||||||||
| 2018 |
14,262,408 | 87,341,125 | 101,603,533 | 23,841,247 | 6.0 | % | ||||||||||||||||||
| 2019 |
13,818,782 | 65,939,205 | 79,757,987 | 19,874,913 | 7.4 | % | ||||||||||||||||||
| 2020 |
10,544,219 | 214,199,326 | 224,743,545 | 82,089,278 | 5.8 | % | ||||||||||||||||||
| >10 Years |
17,036,695 | 281,565,649 | 298,602,344 | 117,050,704 | 4.9 | % | ||||||||||||||||||
| Net unamortized debt premium |
4,403,879 | 4,403,879 | 949,036 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $ | 149,981,153 | 1,650,817,484 | 11,197,877 | 1,811,996,514 | 585,026,763 | 5.7 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Percentage of Total Debt: |
9/30/11 | 12/31/10 | ||||||
| Fixed |
99.4 | % | 99.1 | % | ||||
| Variable |
0.6 | % | 0.9 | % | ||||
| Current Average Interest Rates:(1) |
||||||||
| Fixed |
5.7 | % | 5.8 | % | ||||
| Variable |
3.0 | % | 2.1 | % | ||||
| Effective Interest Rate |
5.6 | % | 5.8 | % | ||||
| (1) | Interest rates are as of the quarter end and exclude the impact of deferred loan cost amortization. |
| Average Maturity Date: |
||||||||
| Fixed |
September 26, 2017 | June 15, 2015 | ||||||
| Variable |
September 28, 2012 | February 10, 2012 | ||||||
| Summary of Unconsolidated Debt - Regency’s Pro-Rata Share |
||||||||
| Mortgage Loans Payable: |
||||||||
| Fixed rate secured loans |
$ | 582,787,188 | 656,466,320 | |||||
| Unsecured line of credit variable rate |
2,239,575 | 6,588,921 | ||||||
|
|
|
|
|
|||||
| Total |
$ | 585,026,763 | 663,055,241 | |||||
|
|
|
|
|
|||||
22
Leasing Statistics - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships
September 30, 2011
| Total |
Leasing Transactions |
Sq. Feet | Base Rent Per Sq. Ft. |
Rent Growth % |
Weighted Avg. Lease Term |
Tenant Improvements Per Sq. Ft. |
Rent Growth (spaces vacant < 12 mo) |
|||||||||||||||||||||
| 3rd Quarter 2011 |
478 | 1,507,697 | $ | 17.50 | -1.6 | % | 5.9 | $ | 1.55 | 0.5 | % | |||||||||||||||||
| 2nd Quarter 2011 |
510 | 1,356,404 | 17.58 | -1.0 | % | 5.3 | 1.82 | 2.8 | % | |||||||||||||||||||
| 1st Quarter 2011 |
360 | 958,079 | 15.97 | -4.9 | % | 5.8 | 1.43 | -1.0 | % | |||||||||||||||||||
| 4th Quarter 2010 |
450 | 937,379 | 20.06 | -3.5 | % | 5.6 | 2.54 | -1.2 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total - 12 months |
1,798 | 4,759,559 | $ | 17.72 | -2.4 | % | 5.7 | $ | 1.80 | 0.5 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| New Leases |
Leasing Transactions |
Sq. Feet | Base Rent Per Sq. Ft. |
Rent Growth % |
Weighted Avg. Lease Term |
Tenant Improvements Per Sq. Ft. |
Rent Growth (spaces vacant < 12 mo) |
|||||||||||||||||||||
| 3rd Quarter 2011 |
183 | 434,979 | $ | 20.88 | -10.5 | % | 9.0 | $ | 4.96 | -6.1 | % | |||||||||||||||||
| 2nd Quarter 2011 |
206 | 436,498 | 18.03 | -11.5 | % | 7.0 | 5.19 | 2.0 | % | |||||||||||||||||||
| 1st Quarter 2011 |
121 | 314,184 | 15.84 | -18.4 | % | 8.7 | 4.12 | -3.4 | % | |||||||||||||||||||
| 4th Quarter 2010 |
179 | 356,171 | 19.72 | -11.1 | % | 8.1 | 5.62 | -4.2 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total - 12 months |
689 | 1,541,832 | $ | 18.78 | -12.2 | % | 8.2 | $ | 5.00 | -3.0 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Renewals |
Leasing Transactions |
Sq. Feet | Base Rent Per Sq. Ft. |
Rent Growth % |
Weighted Avg. Lease Term |
Tenant Improvements Per Sq. Ft. |
Rent Growth (spaces vacant < 12 mo) |
|||||||||||||||||||||
| 3rd Quarter 2011 |
295 | 1,072,718 | $ | 16.13 | 1.8 | % | 4.5 | $ | 0.17 | 1.8 | % | |||||||||||||||||
| 2nd Quarter 2011 |
304 | 919,906 | 17.36 | 2.9 | % | 4.5 | 0.23 | 2.9 | % | |||||||||||||||||||
| 1st Quarter 2011 |
239 | 643,895 | 16.03 | -0.7 | % | 4.4 | 0.11 | -0.7 | % | |||||||||||||||||||
| 4th Quarter 2010 |
271 | 581,209 | 20.26 | -0.6 | % | 4.0 | 0.65 | -0.6 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total - 12 months |
1,109 | 3,217,727 | $ | 17.21 | 1.2 | % | 4.4 | $ | 0.26 | 1.2 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notes:
Rent growth is on a same space, cash basis
All amounts reported at execution
23
Leasing Statistics - Wholly Owned and 100% of Co-investment Partnerships
September 30, 2011
| Total |
Leasing Transactions |
Sq. Feet | Base Rent Per Sq. Ft. |
Rent Growth % |
Weighted Avg. Lease Term |
Tenant Improvements Per Sq. Ft. |
Rent Growth (spaces vacant < 12 mo) |
|||||||||||||||||||||
| 3rd Quarter 2011 |
478 | 2,085,451 | $ | 17.29 | -1.5 | % | 5.8 | $ | 1.44 | 1.1 | % | |||||||||||||||||
| 2nd Quarter 2011 |
510 | 1,793,298 | 18.08 | -1.2 | % | 5.5 | 1.83 | 2.6 | % | |||||||||||||||||||
| 1st Quarter 2011 |
360 | 1,271,108 | 17.02 | -5.2 | % | 5.6 | 1.39 | -1.5 | % | |||||||||||||||||||
| 4th Quarter 2010 |
450 | 1,350,242 | 19.40 | -3.8 | % | 5.7 | 2.41 | -1.6 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total - 12 months |
1,798 | 6,500,099 | $ | 17.89 | -2.6 | % | 5.6 | $ | 1.74 | 0.4 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| New Leases |
Leasing Transactions |
Sq. Feet | Base Rent Per Sq. Ft. |
Rent Growth % |
Weighted Avg. Lease Term |
Tenant Improvements Per Sq. Ft. |
Rent Growth (spaces vacant < 12 mo) |
|||||||||||||||||||||
| 3rd Quarter 2011 |
183 | 614,009 | $ | 19.86 | -11.7 | % | 8.7 | $ | 4.47 | -5.8 | % | |||||||||||||||||
| 2nd Quarter 2011 |
206 | 587,273 | 18.54 | -10.5 | % | 7.2 | 5.09 | 3.7 | % | |||||||||||||||||||
| 1st Quarter 2011 |
121 | 396,035 | 16.33 | -18.4 | % | 8.3 | 4.26 | -1.8 | % | |||||||||||||||||||
| 4th Quarter 2010 |
179 | 514,066 | 19.00 | -8.5 | % | 8.5 | 5.34 | -0.2 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total - 12 months |
689 | 2,111,383 | $ | 18.62 | -11.6 | % | 8.2 | $ | 4.81 | -1.3 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Renewals |
Leasing Transactions |
Sq. Feet | Base Rent Per Sq. Ft. |
Rent Growth % |
Weighted Avg. Lease Term |
Tenant Improvements Per Sq. Ft. |
Rent Growth (spaces vacant < 12 mo) |
|||||||||||||||||||||
| 3rd Quarter 2011 |
295 | 1,471,442 | $ | 16.21 | 2.6 | % | 4.4 | $ | 0.18 | 2.6 | % | |||||||||||||||||
| 2nd Quarter 2011 |
304 | 1,206,025 | 17.85 | 2.4 | % | 4.6 | 0.25 | 2.4 | % | |||||||||||||||||||
| 1st Quarter 2011 |
239 | 875,073 | 17.33 | -1.5 | % | 4.3 | 0.10 | -1.5 | % | |||||||||||||||||||
| 4th Quarter 2010 |
271 | 836,176 | 19.65 | -2.0 | % | 3.9 | 0.61 | -2.0 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total - 12 months |
1,109 | 4,388,716 | $ | 17.54 | 0.7 | % | 4.4 | $ | 0.27 | 0.7 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Notes:
Rent growth is on a same space, cash basis
All amounts reported at execution
24
Average Base Rent by State - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships
September 30, 2011
| State |
Number
of Properties |
GLA | % of
Total GLA |
% Leased(1) | Annualized Base Rent(2) |
% of Ann. Base Rent |
Average Base Rent/ Sq. Ft |
|||||||||||||||||||||
| Alabama |
2 | 143,973 | 0.5 | % | 77.3 | % | $ | 1,409,175 | 0.3 | % | $ | 13.32 | ||||||||||||||||
| Arizona |
4 | 409,968 | 1.4 | % | 88.3 | % | 4,990,481 | 1.1 | % | 13.90 | ||||||||||||||||||
| California |
70 | 6,489,797 | 21.7 | % | 94.3 | % | 128,566,280 | 29.1 | % | 21.93 | ||||||||||||||||||
| Colorado |
20 | 1,494,751 | 5.0 | % | 89.6 | % | 16,872,797 | 3.8 | % | 13.36 | ||||||||||||||||||
| Connecticut |
1 | 71,946 | 0.2 | % | 99.8 | % | 1,654,714 | 0.4 | % | 23.05 | ||||||||||||||||||
| Delaware |
4 | 335,315 | 1.1 | % | 90.0 | % | 4,384,726 | 1.0 | % | 14.67 | ||||||||||||||||||
| District of Columbia |
2 | 12,437 | 0.0 | % | 100.0 | % | 726,228 | 0.2 | % | 63.10 | ||||||||||||||||||
| Florida |
56 | 4,829,173 | 16.1 | % | 91.7 | % | 55,398,521 | 12.5 | % | 13.00 | ||||||||||||||||||
| Georgia |
19 | 1,475,279 | 4.9 | % | 89.1 | % | 19,961,457 | 4.5 | % | 16.08 | ||||||||||||||||||
| Illinois |
15 | 1,307,748 | 4.4 | % | 94.9 | % | 15,895,293 | 3.6 | % | 13.52 | ||||||||||||||||||
| Indiana |
5 | 110,038 | 0.4 | % | 85.4 | % | 1,678,419 | 0.4 | % | 18.13 | ||||||||||||||||||
| Kentucky |
1 | 23,186 | 0.1 | % | 75.9 | % | 300,015 | 0.1 | % | 17.05 | ||||||||||||||||||
| Maryland |
16 | 734,877 | 2.5 | % | 91.3 | % | 12,044,339 | 2.7 | % | 18.97 | ||||||||||||||||||
| Massachusetts |
3 | 397,353 | 1.3 | % | 94.8 | % | 6,855,249 | 1.6 | % | 18.34 | ||||||||||||||||||
| Michigan |
2 | 118,273 | 0.4 | % | 39.2 | % | 478,768 | 0.1 | % | 21.34 | ||||||||||||||||||
| Minnesota |
5 | 207,262 | 0.7 | % | 98.9 | % | 2,783,214 | 0.6 | % | 13.71 | ||||||||||||||||||
| Missouri |
4 | 408,347 | 1.4 | % | 98.7 | % | 4,098,055 | 0.9 | % | 10.17 | ||||||||||||||||||
| Nevada |
2 | 439,422 | 1.5 | % | 87.1 | % | 4,590,696 | 1.0 | % | 13.14 | ||||||||||||||||||
| New Jersey |
2 | 62,593 | 0.2 | % | 96.2 | % | 1,004,592 | 0.2 | % | 16.91 | ||||||||||||||||||
| North Carolina |
16 | 1,237,422 | 4.1 | % | 90.4 | % | 15,556,204 | 3.5 | % | 14.20 | ||||||||||||||||||
| Ohio |
14 | 1,697,834 | 5.7 | % | 95.8 | % | 17,975,453 | 4.1 | % | 11.24 | ||||||||||||||||||
| Oregon |
8 | 697,137 | 2.3 | % | 92.9 | % | 11,050,579 | 2.5 | % | 17.32 | ||||||||||||||||||
| Pennsylvania |
11 | 630,194 | 2.1 | % | 96.3 | % | 11,706,175 | 2.6 | % | 19.77 | ||||||||||||||||||
| South Carolina |
6 | 175,513 | 0.6 | % | 96.1 | % | 2,245,001 | 0.5 | % | 13.43 | ||||||||||||||||||
| Tennessee |
6 | 478,923 | 1.6 | % | 93.8 | % | 6,046,433 | 1.4 | % | 13.56 | ||||||||||||||||||
| Texas |
32 | 3,334,762 | 11.1 | % | 92.5 | % | 52,238,878 | 11.8 | % | 17.48 | ||||||||||||||||||
| Virginia |
28 | 1,882,085 | 6.3 | % | 94.6 | % | 29,355,449 | 6.6 | % | 17.20 | ||||||||||||||||||
| Washington |
11 | 629,702 | 2.1 | % | 94.0 | % | 11,753,095 | 2.7 | % | 19.92 | ||||||||||||||||||
| Wisconsin |
2 | 107,651 | 0.4 | % | 93.5 | % | 649,107 | 0.1 | % | 7.43 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total All Properties |
367 | 29,942,962 | 100.0 | % | 92.6 | % | $ | 442,269,394 | 100.0 | % | $ | 16.55 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | % leased includes leases that are executed but not yet rent paying. |
| (2) | Annualized Base Rent does not include ground leases. |
25
Average Base Rent by State - Wholly Owned and 100% of Co-investment Partnerships
September 30, 2011
| State |
Number of Properties |
GLA | % of
total GLA |
% Leased(1) | Annualized Base Rent(2) |
% of Ann. Base Rent |
Average Base Rent/ Sq. Ft |
|||||||||||||||||||
| Alabama |
2 | 203,206 | 0.5 | % | 73.6 | % | $ | 1,844,749 | 0.3 | % | $ | 12.81 | ||||||||||||||
| Arizona |
4 | 496,074 | 1.2 | % | 89.1 | % | 6,138,781 | 1.0 | % | 13.97 | ||||||||||||||||
| California |
70 | 8,857,871 | 20.9 | % | 94.4 | % | 171,130,608 | 27.1 | % | 21.23 | ||||||||||||||||
| Colorado |
20 | 2,102,951 | 5.0 | % | 91.3 | % | 24,624,812 | 3.9 | % | 13.40 | ||||||||||||||||
| Connecticut |
1 | 179,864 | 0.4 | % | 99.8 | % | 4,136,786 | 0.7 | % | 23.05 | ||||||||||||||||
| Delaware |
4 | 474,267 | 1.1 | % | 89.9 | % | 6,380,707 | 1.0 | % | 15.25 | ||||||||||||||||
| District of Columbia |
2 | 39,647 | 0.1 | % | 100.0 | % | 2,090,329 | 0.3 | % | 58.17 | ||||||||||||||||
| Florida |
56 | 5,391,536 | 12.7 | % | 91.8 | % | 62,490,643 | 9.9 | % | 13.10 | ||||||||||||||||
| Georgia |
19 | 1,669,960 | 3.9 | % | 89.3 | % | 22,250,040 | 3.5 | % | 15.69 | ||||||||||||||||
| Illinois |
15 | 2,191,178 | 5.2 | % | 95.9 | % | 26,648,887 | 4.2 | % | 13.33 | ||||||||||||||||
| Indiana |
5 | 193,368 | 0.5 | % | 88.9 | % | 3,141,473 | 0.5 | % | 18.42 | ||||||||||||||||
| Kentucky |
1 | 23,186 | 0.1 | % | 75.9 | % | 300,015 | 0.0 | % | 17.05 | ||||||||||||||||
| Maryland |
16 | 1,853,256 | 4.4 | % | 91.0 | % | 28,775,674 | 4.6 | % | 18.03 | ||||||||||||||||
| Massachusetts |
3 | 545,576 | 1.3 | % | 95.4 | % | 8,344,134 | 1.3 | % | 16.13 | ||||||||||||||||
| Michigan |
2 | 118,273 | 0.3 | % | 39.2 | % | 478,768 | 0.1 | % | 21.34 | ||||||||||||||||
| Minnesota |
5 | 674,883 | 1.6 | % | 99.1 | % | 9,031,782 | 1.4 | % | 13.62 | ||||||||||||||||
| Missouri |
4 | 408,347 | 1.0 | % | 98.7 | % | 4,098,055 | 0.6 | % | 10.17 | ||||||||||||||||
| Nevada |
2 | 439,422 | 1.0 | % | 87.1 | % | 4,590,696 | 0.7 | % | 13.14 | ||||||||||||||||
| New Jersey |
2 | 156,482 | 0.4 | % | 96.2 | % | 2,511,481 | 0.4 | % | 16.91 | ||||||||||||||||
| North Carolina |
16 | 2,186,592 | 5.2 | % | 92.4 | % | 28,537,976 | 4.5 | % | 14.45 | ||||||||||||||||
| Ohio |
14 | 2,123,450 | 5.0 | % | 95.3 | % | 23,235,730 | 3.7 | % | 11.67 | ||||||||||||||||
| Oregon |
8 | 752,998 | 1.8 | % | 92.9 | % | 11,701,880 | 1.9 | % | 16.97 | ||||||||||||||||
| Pennsylvania |
11 | 1,282,111 | 3.0 | % | 95.6 | % | 20,959,172 | 3.3 | % | 17.38 | ||||||||||||||||
| South Carolina |
6 | 360,643 | 0.8 | % | 96.3 | % | 4,398,071 | 0.7 | % | 12.72 | ||||||||||||||||
| Tennessee |
6 | 478,923 | 1.1 | % | 93.8 | % | 6,046,433 | 1.0 | % | 13.56 | ||||||||||||||||
| Texas |
32 | 4,201,677 | 9.9 | % | 92.5 | % | 64,489,168 | 10.2 | % | 17.09 | ||||||||||||||||
| Virginia |
28 | 3,732,326 | 8.8 | % | 95.6 | % | 63,204,426 | 10.0 | % | 18.31 | ||||||||||||||||
| Washington |
11 | 1,038,514 | 2.4 | % | 92.4 | % | 17,298,815 | 2.7 | % | 18.08 | ||||||||||||||||
| Wisconsin |
2 | 269,128 | 0.6 | % | 93.5 | % | 1,622,766 | 0.3 | % | 7.43 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
| Total All Properties |
367 | 42,445,709 | 100.0 | % | 93.1 | % | $ | 630,502,858 | 100.0 | % | $ | 16.49 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
| (1) | % leased includes leases that are executed but not yet rent paying. |
| (2) | Annualized Base Rent does not include ground leases. |
26
Portfolio Summary Report By State
September 30, 2011
| JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
|||||||||||||||||||||||||||||||||||||||||||||||||
| Property Name |
JV | REG’s Ownership % |
State | CBSA |
Yr Const, Last Renovation or Dev Start Yr |
GLA | GLA | % Leased |
% Leased |
% Leased - Operating Properties |
% Leased - Operating Properties |
Anchor- Owned GLA |
Grocery Anchor GLA |
Major Tenants(1) |
Average Base Rent/ Sq. Ft(2) |
|||||||||||||||||||||||||||||||||||||||
| Shoppes at Fairhope Village |
AL | Mobile | 2008 | 84,740 | 84,740 | 86.2 | % | 86.2 | % | — | 54,340 | Publix | $ | 14.42 | ||||||||||||||||||||||||||||||||||||||||
| Valleydale Village Shop Center |
JV-O | 50 | % | AL | Birmingham-Hoover | 2003 | 118,466 | 59,233 | 64.6 | % | 64.6 | % | — | 44,271 | Publix | $ | 11.39 | |||||||||||||||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||||||||||||||
| AL | 203,206 | 143,973 | 73.6 | % | 77.3 | % | 64.6 | % | 64.6 | % | — | 98,611 | ||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||
| Anthem Marketplace |
AZ | Phoenix-Mesa-Scottsdale | 2000 | 113,293 | 113,293 | 88.1 | % | 88.1 | % | — | 55,256 | Safeway | $ | 15.06 | ||||||||||||||||||||||||||||||||||||||||
| Palm Valley Marketplace |
JV-C | 20 | % | AZ | Phoenix-Mesa-Scottsdale | 1999 | 107,633 | 21,527 | 93.2 | % | 93.2 | % | — | 55,403 | Safeway | $ | 14.30 | |||||||||||||||||||||||||||||||||||||
| Pima Crossing |
AZ | Phoenix-Mesa-Scottsdale | 1996 | 239,438 | 239,438 | 88.9 | % | 88.9 | % | — | — | Golf & Tennis Pro Shop, Inc. |
$ | 13.66 | ||||||||||||||||||||||||||||||||||||||||
| Shops at Arizona |
AZ | Phoenix-Mesa-Scottsdale | 2000 | 35,710 | 35,710 | 81.5 | % | 81.5 | % | — | — | — | $ | 11.36 | ||||||||||||||||||||||||||||||||||||||||
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| AZ | 496,074 | 409,968 | 89.1 | % | 88.3 | % | 89.1 | % | 88.3 | % | — | 110,659 | ||||||||||||||||||||||||||||||||||||||||||
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| 4S Commons Town Center |
CA | San Diego-Carlsbad-San Marcos | 2004 | 240,060 | 240,060 | 94.3 | % | 94.3 | % | — | 68,000 | Ralphs, Jimbo’s...Naturally! |
$ | 27.29 | ||||||||||||||||||||||||||||||||||||||||
| Amerige Heights Town Center |
CA | Los Angeles-Long Beach-Santa Ana | 2000 | 89,181 | 89,181 | 97.8 | % | 97.8 | % | 142,600 | 57,560 | Albertsons, (Target) |
$ | 26.06 | ||||||||||||||||||||||||||||||||||||||||
| Applegate Ranch Shopping Center |
CA | Merced | 2006 | 144,444 | 144,444 | 82.4 | % | 82.4 | % | 319,692 | 178,500 | (Super Target), (Home Depot) |
$ | 15.25 | ||||||||||||||||||||||||||||||||||||||||
| Auburn Village |
JV-GRI | 40 | % | CA | Sacramento--Arden-Arcade--Roseville | 1990 | 133,944 | 53,578 | 85.5 | % | 85.5 | % | — | 45,540 | Bel Air Market | $ | 18.55 | |||||||||||||||||||||||||||||||||||||
| Bayhill Shopping Center |
JV-GRI | 40 | % | CA | San Francisco-Oakland-Fremont | 1990 | 121,846 | 48,738 | 99.2 | % | 99.2 | % | — | 32,110 | Mollie Stone’s Market |
$ | 21.12 | |||||||||||||||||||||||||||||||||||||
| Blossom Valley |
JV-USAA | 20 | % | CA | San Jose-Sunnyvale-Santa Clara | 1990 | 93,316 | 18,663 | 100.0 | % | 100.0 | % | — | 34,208 | Safeway | $ | 24.05 | |||||||||||||||||||||||||||||||||||||
| Brea Marketplace |
JV-GRI | 40 | % | CA | Los Angeles-Long Beach-Santa Ana | 1987 | 352,022 | 140,809 | 98.3 | % | 98.3 | % | — | 24,867 | Sprout’s Markets, Target |
$ | 15.75 | |||||||||||||||||||||||||||||||||||||
| Clayton Valley Shopping Center |
CA | San Francisco-Oakland-Fremont | 2004 | 260,205 | 260,205 | 94.2 | % | 94.2 | % | — | 14,000 | Fresh & Easy, Orchard Supply Hardware |
$ | 19.01 | ||||||||||||||||||||||||||||||||||||||||
| Clovis Commons |
CA | Fresno | 2004 | 174,990 | 174,990 | 99.3 | % | 99.3 | % | 145,653 | 145,653 | (Super Target) | $ | 20.53 | ||||||||||||||||||||||||||||||||||||||||
| Corral Hollow |
JV-RC | 25 | % | CA | Stockton | 2000 | 167,184 | 41,796 | 97.4 | % | 97.4 | % | — | 65,715 | Safeway, Orchard Supply & Hardware |
$ | 15.59 | |||||||||||||||||||||||||||||||||||||
| Costa Verde Center |
CA | San Diego-Carlsbad-San Marcos | 1988 | 178,623 | 178,623 | 96.0 | % | 96.0 | % | — | 40,000 | Bristol Farms | $ | 34.49 | ||||||||||||||||||||||||||||||||||||||||
| Diablo Plaza |
CA | San Francisco-Oakland-Fremont | 1982 | 63,265 | 63,265 | 100.0 | % | 100.0 | % | 53,000 | 53,000 | (Safeway) | $ | 36.37 | ||||||||||||||||||||||||||||||||||||||||
| El Camino Shopping Center |
CA | Los Angeles-Long Beach-Santa Ana | 1995 | 135,728 | 135,728 | 92.4 | % | 92.4 | % | — | 35,650 | Von’s Food & Drug |
$ | 22.72 | ||||||||||||||||||||||||||||||||||||||||
| El Cerrito Plaza |
CA | San Francisco-Oakland-Fremont | 2000 | 256,035 | 256,035 | 99.1 | % | 99.1 | % | 66,700 | 77,888 | (Lucky’s) | $ | 25.27 | ||||||||||||||||||||||||||||||||||||||||
| El Norte Pkwy Plaza |
CA | San Diego-Carlsbad-San Marcos | 1984 | 90,549 | 90,549 | 92.9 | % | 92.9 | % | — | 42,315 | Von’s Food & Drug |
$ | 15.93 | ||||||||||||||||||||||||||||||||||||||||
| Encina Grande |
CA | San Francisco-Oakland-Fremont | 1965 | 102,413 | 102,413 | 98.3 | % | 98.3 | % | — | 22,500 | Safeway | $ | 20.46 | ||||||||||||||||||||||||||||||||||||||||
| Falcon Ridge Town Center Phase I |
JV-RRP | 20 | % | CA | Riverside-San Bernardino-Ontario | 2004 | 232,754 | 46,551 | 96.0 | % | 96.0 | % | 123,735 | 43,718 | Stater Bros., (Target) |
$ | 15.76 | |||||||||||||||||||||||||||||||||||||
| Falcon Ridge Town Center Phase II |
JV-RRP | 20 | % | CA | Riverside-San Bernardino-Ontario | 2005 | 66,864 | 13,373 | 100.0 | % | 100.0 | % | — | — | 24 Hour Fitness | $ | 26.57 | |||||||||||||||||||||||||||||||||||||
| Five Points Shopping Center |
JV-GRI | 40 | % | CA | Santa Barbara-Santa Maria-Goleta | 1960 | 144,553 | 57,821 | 98.9 | % | 98.9 | % | — | 35,305 | Albertsons | $ | 24.54 | |||||||||||||||||||||||||||||||||||||
| Folsom Prairie City Crossing |
CA | Sacramento--Arden-Arcade--Roseville | 1999 | 90,237 | 90,237 | 94.2 | % | 94.2 | % | — | 55,255 | Safeway | $ | 19.21 | ||||||||||||||||||||||||||||||||||||||||
| French Valley Village Center |
CA | Riverside-San Bernardino-Ontario | 2004 | 98,752 | 98,752 | 96.8 | % | 96.8 | % | — | 44,054 | Stater Bros. | $ | 23.33 | ||||||||||||||||||||||||||||||||||||||||
| Friars Mission Center |
CA | San Diego-Carlsbad-San Marcos | 1989 | 146,897 | 146,897 | 90.3 | % | 90.3 | % | — | 55,303 | Ralphs | $ | 29.20 | ||||||||||||||||||||||||||||||||||||||||
| Gateway 101 |
CA | San Francisco-Oakland-Fremont | 2008 | 92,110 | 92,110 | 100.0 | % | 100.0 | % | 212,485 | — | (Home Depot), (Best Buy), Sports Authority, Nordstrom Rack |
$ | 31.14 | ||||||||||||||||||||||||||||||||||||||||
| Gelson’s Westlake Market Plaza |
CA | Oxnard-Thousand Oaks-Ventura | 2002 | 84,975 | 84,975 | 91.7 | % | 91.7 | % | — | 37,500 | Gelson’s Markets | $ | 16.40 | ||||||||||||||||||||||||||||||||||||||||
| Golden Hills Promenade |
CA | San Luis Obispo-Paso Robles | 2006 | 216,846 | 216,846 | 90.6 | % | 90.6 | % | — | — | Lowe’s | $ | 4.59 | ||||||||||||||||||||||||||||||||||||||||
| Granada Village |
JV-GRI | 40 | % | CA | Los Angeles-Long Beach-Santa Ana | 1965 | 226,708 | 90,683 | 89.6 | % | 89.6 | % | — | 25,000 | Sprout’s Markets | $ | 19.53 | |||||||||||||||||||||||||||||||||||||
| Hasley Canyon Village |
JV-USAA | 20 | % | CA | Los Angeles-Long Beach-Santa Ana | 2003 | 65,801 | 13,160 | 100.0 | % | 100.0 | % | — | 51,800 | Ralphs | $ | 22.21 | |||||||||||||||||||||||||||||||||||||
| Heritage Plaza |
CA | Los Angeles-Long Beach-Santa Ana | 1981 | 231,371 | 231,371 | 97.5 | % | 97.5 | % | — | 44,376 | Ralphs | $ | 29.41 | ||||||||||||||||||||||||||||||||||||||||
| Indio Towne Center |
CA | Riverside-San Bernardino-Ontario | 2006 | 132,678 | 132,678 | 74.7 | % | 74.7 | % | 235,834 | 93,696 | (Home Depot), (WinCo), Toys R Us |
$ | 17.79 | ||||||||||||||||||||||||||||||||||||||||
| Indio Towne Center Phase II |
CA | Riverside-San Bernardino-Ontario | 2010 | 46,827 | 46,827 | 100.0 | % | 100.0 | % | — | — | Toys “R” Us/ Babies “R” Us |
NA | |||||||||||||||||||||||||||||||||||||||||
| Jefferson Square |
CA | Riverside-San Bernardino-Ontario | 2007 | 38,013 | 38,013 | 74.7 | % | 74.7 | % | — | 13,969 | Fresh & Easy | $ | 17.86 | ||||||||||||||||||||||||||||||||||||||||
| Laguna Niguel Plaza |
JV-GRI | 40 | % | CA | Los Angeles-Long Beach-Santa Ana | 1985 | 41,943 | 16,777 | 83.8 | % | 83.8 | % | 38,917 | 38,917 | (Albertsons) | $ | 26.15 | |||||||||||||||||||||||||||||||||||||
| Loehmanns Plaza California |
CA | San Jose-Sunnyvale-Santa Clara | 1983 | 113,310 | 113,310 | 94.2 | % | 94.2 | % | 53,000 | 53,000 | (Safeway) | $ | 17.12 | ||||||||||||||||||||||||||||||||||||||||
| Marina Shores |
JV-C2 | 20 | % | CA | Los Angeles-Long Beach-Santa Ana | 2001 | 67,727 | 13,545 | 100.0 | % | 100.0 | % | — | 25,987 | Whole Foods | $ | 31.38 | |||||||||||||||||||||||||||||||||||||
| Mariposa Shopping Center |
JV-GRI | 40 | % | CA | San Jose-Sunnyvale-Santa Clara | 1957 | 126,658 | 50,663 | 96.8 | % | 96.8 | % | — | 42,896 | Safeway | $ | 18.18 | |||||||||||||||||||||||||||||||||||||
| Morningside Plaza |
CA | Los Angeles-Long Beach-Santa Ana | 1996 | 91,212 | 91,212 | 93.8 | % | 93.8 | % | — | 42,630 | Stater Bros. | $ | 21.79 | ||||||||||||||||||||||||||||||||||||||||
| Navajo Shopping Center |
JV-GRI | 40 | % | CA | San Diego-Carlsbad-San Marcos | 1964 | 102,139 | 40,856 | 94.6 | % | 94.6 | % | — | 44,180 | Albertsons | $ | 12.77 | |||||||||||||||||||||||||||||||||||||
| Newland Center |
CA | Los Angeles-Long Beach-Santa Ana | 1985 | 149,140 | 149,140 | 98.8 | % | 98.8 | % | — | 58,000 | Albertsons | $ | 20.56 | ||||||||||||||||||||||||||||||||||||||||
| Oakbrook Plaza |
CA | Oxnard-Thousand Oaks-Ventura | 1982 | 83,286 | 83,286 | 90.1 | % | 90.1 | % | — | 43,842 | Albertsons | $ | 14.85 | ||||||||||||||||||||||||||||||||||||||||
| Oak Shade Town Center |
CA | Sacramento--Arden-Arcade--Roseville | 1998 | 103,762 | 103,762 | 93.1 | % | 93.1 | % | — | 40,000 | Safeway | $ | 19.09 | ||||||||||||||||||||||||||||||||||||||||
| Park Plaza Shopping Center |
JV-C | 20 | % | CA | Los Angeles-Long Beach-Santa Ana | 1991 | 194,396 | 38,879 | 91.4 | % | 91.4 | % | — | 28,210 | Henry’s Marketplace |
$ | 18.64 | |||||||||||||||||||||||||||||||||||||
| Paseo Del Sol |
CA | Santa Barbara-Santa Maria-Goleta | 2004 | 49,680 | 49,680 | 77.2 | % | 77.2 | % | — | 29,884 | Whole Foods | $ | 50.94 | ||||||||||||||||||||||||||||||||||||||||
| Plaza Hermosa |
CA | Los Angeles-Long Beach-Santa Ana | 1984 | 94,777 | 94,777 | 92.9 | % | 92.9 | % | — | 36,800 | Von’s Food & Drug |
$ | 21.54 | ||||||||||||||||||||||||||||||||||||||||
| Pleasant Hill Shopping Center |
JV-GRI | 40 | % | CA | San Francisco-Oakland-Fremont | 1970 | 227,681 | 91,072 | 99.1 | % | 99.1 | % | — | — | Target, Toys “R” Us |
$ | 21.98 | |||||||||||||||||||||||||||||||||||||
| Point Loma Plaza |
JV-GRI | 40 | % | CA | San Diego-Carlsbad-San Marcos | 1987 | 212,415 | 84,966 | 91.7 | % | 91.7 | % | — | 50,000 | Von’s Food & Drug |
$ | 18.01 | |||||||||||||||||||||||||||||||||||||
| Powell Street Plaza |
CA | San Francisco-Oakland-Fremont | 1987 | 165,928 | 165,928 | 100.0 | % | 100.0 | % | — | 10,122 | Trader Joe’s | $ | 28.93 | ||||||||||||||||||||||||||||||||||||||||
| Raley’s Supermarket |
JV-C2 | 20 | % | CA | Sacramento--Arden-Arcade--Roseville | 1964 | 62,827 | 12,565 | 100.0 | % | 100.0 | % | — | 62,827 | Raley’s | $ | 5.41 | |||||||||||||||||||||||||||||||||||||
| Rancho San Diego Village |
JV-GRI | 40 | % | CA | San Diego-Carlsbad-San Marcos | 1981 | 153,256 | 61,302 | 90.1 | % | 90.1 | % | — | 39,777 | Von’s Food & Drug |
$ | 18.76 | |||||||||||||||||||||||||||||||||||||
| Rio Vista Town Center |
CA | Riverside-San Bernardino-Ontario | 2005 | 67,622 | 67,622 | 83.5 | % | 83.5 | % | — | 44,700 | Stater Bros. | $ | 17.65 | ||||||||||||||||||||||||||||||||||||||||
| Rona Plaza |
CA | Los Angeles-Long Beach-Santa Ana | 1989 | 51,760 | 51,760 | 100.0 | % | 100.0 | % | — | 37,194 | Superior Super Warehouse |
$ | 18.36 | ||||||||||||||||||||||||||||||||||||||||
| San Leandro Plaza |
CA | San Francisco-Oakland-Fremont | 1982 | 50,432 | 50,432 | 100.0 | % | 100.0 | % | 38,250 | 38,250 | (Safeway) | $ | 29.78 | ||||||||||||||||||||||||||||||||||||||||
| Seal Beach |
JV-C | 20 | % | CA | Los Angeles-Long Beach-Santa Ana | 1966 | 96,858 | 19,372 | 95.5 | % | 95.5 | % | — | 48,000 | Von’s Food & Drug |
$ | 22.84 | |||||||||||||||||||||||||||||||||||||
| Sequoia Station |
CA | San Francisco-Oakland-Fremont | 1996 | 103,148 | 103,148 | 100.0 | % | 100.0 | % | 62,050 | 62,050 | (Safeway) | $ | 34.52 | ||||||||||||||||||||||||||||||||||||||||
| Silverado Plaza |
JV-GRI | 40 | % | CA | Napa | 1974 | 84,916 | 33,966 | 100.0 | % | 100.0 | % | — | 31,833 | Nob Hill | $ | 15.42 | |||||||||||||||||||||||||||||||||||||
| Snell & Branham Plaza |
JV-GRI | 40 | % | CA | San Jose-Sunnyvale-Santa Clara | 1988 | 92,352 | 36,941 | 96.4 | % | 96.4 | % | — | 52,550 | Safeway | $ | 15.12 | |||||||||||||||||||||||||||||||||||||
| Stanford Ranch Village |
JV-GRI | 40 | % | CA | Sacramento--Arden-Arcade--Roseville | 1991 | 89,875 | 35,950 | 97.2 | % | 97.2 | % | — | 45,540 | Bel Air Market | $ | 15.64 | |||||||||||||||||||||||||||||||||||||
| Strawflower Village |
CA | San Francisco-Oakland-Fremont | 1985 | 78,827 | 78,827 | 98.3 | % | 98.3 | % | — | 33,753 | Safeway | $ | 18.64 | ||||||||||||||||||||||||||||||||||||||||
| Tassajara Crossing |
CA | San Francisco-Oakland-Fremont | 1990 | 146,140 | 146,140 | 96.3 | % | 96.3 | % | — | 56,496 | Safeway | $ | 20.70 | ||||||||||||||||||||||||||||||||||||||||
| Twin Oaks Shopping Center |
JV-GRI | 40 | % | CA | Los Angeles-Long Beach-Santa Ana | 1978 | 98,399 | 39,360 | 94.2 | % | 94.2 | % | — | 40,775 | Ralphs | $ | 13.78 | |||||||||||||||||||||||||||||||||||||
| Twin Peaks |
CA | San Diego-Carlsbad-San Marcos | 1988 | 198,139 | 198,139 | 98.7 | % | 98.7 | % | — | 44,686 | Albertsons, Target | $ | 17.51 | ||||||||||||||||||||||||||||||||||||||||
| Valencia Crossroads |
CA | Los Angeles-Long Beach-Santa Ana | 2003 | 172,856 | 172,856 | 98.2 | % | 98.2 | % | — | 35,000 | Whole Foods, Kohl’s |
$ | 23.00 | ||||||||||||||||||||||||||||||||||||||||
| Ventura Village |
CA | Oxnard-Thousand Oaks-Ventura | 1984 | 76,070 | 76,070 | 90.7 | % | 90.7 | % | — | 42,500 | Von’s Food & Drug |
$ | 18.47 | ||||||||||||||||||||||||||||||||||||||||
| Vine at Castaic |
CA | Los Angeles-Long Beach-Santa Ana | 2005 | 27,314 | 27,314 | 72.9 | % | 72.9 | % | — | — | — | $ | 24.39 | ||||||||||||||||||||||||||||||||||||||||
| Vista Village Phase I |
JV-RRP | 20 | % | CA | San Diego-Carlsbad-San Marcos | 2003 | 129,009 | 25,802 | 95.4 | % | 95.4 | % | 165,000 | — | Krikorian Theaters, (Lowe’s) |
$ | 25.77 | |||||||||||||||||||||||||||||||||||||
| Vista Village Phase II |
JV-RRP | 20 | % | CA | San Diego-Carlsbad-San Marcos | 2003 | 55,000 | 11,000 | 45.5 | % | 45.5 | % | — | 25,000 | Frazier Farms | $ | 17.28 | |||||||||||||||||||||||||||||||||||||
27
Portfolio Summary Report By State
September 30, 2011
| JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
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| Property Name |
JV | REG’s Ownership % |
State | CBSA |
Yr Const, Last Renovation or Dev Start Yr |
GLA | GLA | % Leased |
% Leased |
% Leased - Operating Properties |
% Leased - Operating Properties |
Anchor- Owned GLA |
Grocery Anchor GLA |
Major Tenants(1) |
Average Base Rent/ Sq. Ft(2) |
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| Vista Village IV |
CA | San Diego-Carlsbad-San Marcos | 2006 | 11,000 | 11,000 | 100.0 | % | 100.0 | % | — | — | — | $ | 40.16 | ||||||||||||||||||||||||||||||||||||
| West Park Plaza |
CA | San Jose-Sunnyvale-Santa Clara | 1996 | 88,104 | 88,104 | 82.7 | % | 82.7 | % | — | 24,712 | Safeway | $ | 17.03 | ||||||||||||||||||||||||||||||||||||
| Westlake Village Plaza and Center |
CA | Oxnard-Thousand Oaks-Ventura | 1975 | 190,529 | 190,529 | 90.0 | % | 90.0 | % | — | 41,300 | Von’s Food & Drug and Sprouts |
$ | 28.41 | ||||||||||||||||||||||||||||||||||||
| Westridge Village |
CA | Los Angeles-Long Beach-Santa Ana | 2003 | 92,287 | 92,287 | 100.0 | % | 100.0 | % | — | 50,782 | Albertsons | $ | 25.35 | ||||||||||||||||||||||||||||||||||||
| Woodman Van Nuys |
CA | Los Angeles-Long Beach-Santa Ana | 1992 | 107,614 | 107,614 | 97.2 | % | 97.2 | % | — | 77,648 | El Super | $ | 13.58 | ||||||||||||||||||||||||||||||||||||
| Woodside Central |
CA | San Francisco-Oakland-Fremont | 1993 | 80,591 | 80,591 | 95.9 | % | 95.9 | % | 113,000 | — | (Target) | $ | 20.59 | ||||||||||||||||||||||||||||||||||||
| Ygnacio Plaza |
JV-GRI | 40 | % | CA | San Francisco-Oakland-Fremont | 1968 | 109,701 | 43,880 | 100.0 | % | 100.0 | % | — | 17,050 | Fresh & Easy |
$ | 32.93 | |||||||||||||||||||||||||||||||||
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| CA | 8,857,871 | 6,489,797 | 94.4 | % | 94.3 | % | 95.0 | % | 95.1 | % | 1,769,916 | 2,934,373 | ||||||||||||||||||||||||||||||||||||||
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| Applewood Shopping Center |
JV-GRI | 40 | % | CO | Denver-Aurora | 1956 | 370,221 | 148,088 | 95.7 | % | 95.7 | % | — | 71,074 | King Soopers, Wal-Mart |
$ | 9.66 | |||||||||||||||||||||||||||||||||
| Arapahoe Village |
JV-GRI | 40 | % | CO | Boulder | 1957 | 159,237 | 63,695 | 92.0 | % | 92.0 | % | — | 43,500 | Safeway | $ | 15.80 | |||||||||||||||||||||||||||||||||
| Belleview Square |
CO | Denver-Aurora | 1978 | 117,335 | 117,335 | 97.8 | % | 97.8 | % | — | 65,104 | King Soopers |
$ | 15.33 | ||||||||||||||||||||||||||||||||||||
| Boulevard Center |
CO | Denver-Aurora | 1986 | 80,320 | 80,320 | 90.0 | % | 90.0 | % | 52,700 | 52,700 | (Safeway) | $ | 21.40 | ||||||||||||||||||||||||||||||||||||
| Buckley Square |
CO | Denver-Aurora | 1978 | 116,147 | 116,147 | 95.0 | % | 95.0 | % | — | 62,400 | King Soopers |
$ | 8.62 | ||||||||||||||||||||||||||||||||||||
| Centerplace of Greeley III Phase I |
CO | Greeley | 2007 | 94,090 | 94,090 | 81.5 | % | 81.5 | % | — | — | Sports Authority |
$ | 14.69 | ||||||||||||||||||||||||||||||||||||
| Centerplace of Greeley III Phase II |
CO | Greeley | 2011 | 25,000 | 25,000 | 100.0 | % | 100.0 | % | — | — | — | NA | |||||||||||||||||||||||||||||||||||||
| Cherrywood Square |
JV-GRI | 40 | % | CO | Denver-Aurora | 1978 | 86,162 | 34,465 | 93.3 | % | 93.3 | % | — | 51,640 | King Soopers |
$ | 10.89 | |||||||||||||||||||||||||||||||||
| Crossroads Commons |
JV-C | 20 | % | CO | Boulder | 1986 | 142,694 | 28,539 | 98.7 | % | 98.7 | % | — | 39,247 | Whole Foods |
$ | 24.77 | |||||||||||||||||||||||||||||||||
| Falcon Marketplace |
CO | Colorado Springs | 2005 | 22,491 | 22,491 | 72.5 | % | 72.5 | % | 184,305 | 50,000 | (Wal-Mart Supercenter) |
$ | 20.80 | ||||||||||||||||||||||||||||||||||||
| Hilltop Village |
JV-M3 | 25 | % | CO | Denver-Aurora | 2003 | 100,030 | 25,008 | 93.8 | % | 93.8 | % | — | 66,000 | King Soopers |
$ | 8.92 | |||||||||||||||||||||||||||||||||
| Kent Place |
CO | Denver-Aurora | 2011 | 47,418 | 47,418 | 63.3 | % | 63.3 | % | — | 30,018 | King Soopers |
NA | |||||||||||||||||||||||||||||||||||||
| Littleton Square |
CO | Denver-Aurora | 1997 | 94,222 | 94,222 | 72.2 | % | 72.2 | % | — | 49,751 | King Soopers |
$ | 12.02 | ||||||||||||||||||||||||||||||||||||
| Lloyd King Center |
CO | Denver-Aurora | 1998 | 83,326 | 83,326 | 91.6 | % | 91.6 | % | — | 61,040 | King Soopers |
$ | 11.05 | ||||||||||||||||||||||||||||||||||||
| Marketplace at Briargate |
CO | Colorado Springs | 2006 | 29,075 | 29,075 | 94.7 | % | 94.7 | % | 66,000 | 66,000 | (King Soopers) |
$ | 27.54 | ||||||||||||||||||||||||||||||||||||
| Monument Jackson Creek |
CO | Colorado Springs | 1999 | 85,263 | 85,263 | 100.0 | % | 100.0 | % | — | 69,913 | King Soopers |
$ | 10.83 | ||||||||||||||||||||||||||||||||||||
| Ralston Square Shopping Center |
JV-GRI | 40 | % | CO | Denver-Aurora | 1977 | 82,750 | 33,100 | 96.2 | % | 96.2 | % | — | 55,311 | King Soopers |
$ | 9.18 | |||||||||||||||||||||||||||||||||
| Shops at Quail Creek |
CO | Denver-Aurora | 2008 | 37,585 | 37,585 | 79.7 | % | 79.7 | % | 99,844 | 99,844 | (King Soopers) |
$ | 23.94 | ||||||||||||||||||||||||||||||||||||
| South Lowry Square |
CO | Denver-Aurora | 1993 | 119,916 | 119,916 | 82.3 | % | 82.3 | % | — | 62,600 | Safeway | $ | 12.02 | ||||||||||||||||||||||||||||||||||||
| Stroh Ranch |
CO | Denver-Aurora | 1998 | 93,436 | 93,436 | 97.0 | % | 97.0 | % | — | 69,719 | King Soopers |
$ | 11.96 | ||||||||||||||||||||||||||||||||||||
| Woodmen Plaza |
CO | Colorado Springs | 1998 | 116,233 | 116,233 | 87.5 | % | 87.5 | % | — | 69,716 | King Soopers |
$ | 12.57 | ||||||||||||||||||||||||||||||||||||
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| CO | 2,102,951 | 1,494,751 | 91.3 | % | 89.6 | % | 92.5 | % | 91.3 | % | 402,849 | 1,135,577 | ||||||||||||||||||||||||||||||||||||||
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| Corbin’s Corner |
JV-GRI | 40 | % | CT | Hartford-West Hartford-East Hartford | 1962 | 179,864 | 71,946 | 99.8 | % | 99.8 | % | — | 10,150 | Trader Joe’s |
$ | 23.05 | |||||||||||||||||||||||||||||||||
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| CT | 179,864 | 71,946 | 99.8 | % | 99.8 | % | 99.8 | % | 99.8 | % | — | 10,150 | ||||||||||||||||||||||||||||||||||||||
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| Shops at The Columbia |
JV-RC | 25 | % | DC | Washington-Arlington-Alexandria | 2006 | 22,812 | 5,703 | 100.0 | % | 100.0 | % | — | 11,833 | Trader Joe’s |
$ | 38.36 | |||||||||||||||||||||||||||||||||
| Spring Valley Shopping Center |
JV-GRI | 40 | % | DC | Washington-Arlington-Alexandria | 1930 | 16,835 | 6,734 | 100.0 | % | 100.0 | % | — | — | — | $ | 80.65 | |||||||||||||||||||||||||||||||||
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| DC | 39,647 | 12,437 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | — | 11,833 | ||||||||||||||||||||||||||||||||||||||
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| First State Plaza |
JV-GRI | 40 | % | DE | Philadelphia-Camden-Wilmington | 1988 | 164,779 | 65,912 | 86.7 | % | 86.7 | % | — | 57,319 | Shop Rite | $ | 14.85 | |||||||||||||||||||||||||||||||||
| Pike Creek |
DE | Philadelphia-Camden-Wilmington | 1981 | 231,772 | 231,772 | 89.8 | % | 89.8 | % | — | 49,069 | Acme Markets, K-Mart |
$ | 12.96 | ||||||||||||||||||||||||||||||||||||
| Shoppes of Graylyn |
JV-GRI | 40 | % | DE | Philadelphia-Camden-Wilmington | 1971 | 66,808 | 26,723 | 96.1 | % | 96.1 | % | — | — | — | $ | 21.00 | |||||||||||||||||||||||||||||||||
| White Oak - Dover, DE |
DE | Dover | 2000 | 10,908 | 10,908 | 100.0 | % | 100.0 | % | — | — | — | $ | 32.73 | ||||||||||||||||||||||||||||||||||||
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| DE | 474,267 | 335,315 | 89.9 | % | 90.0 | % | 89.9 | % | 90.0 | % | — | 106,388 | ||||||||||||||||||||||||||||||||||||||
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| Anastasia Plaza |
FL | Jacksonville | 1988 | 102,342 | 102,342 | 95.3 | % | 95.3 | % | — | 48,555 | Publix | $ | 11.41 | ||||||||||||||||||||||||||||||||||||
| Aventura Shopping Center |
FL | Miami-Fort Lauderdale-Miami Beach | 1974 | 102,876 | 102,876 | 87.3 | % | 87.3 | % | — | 35,908 | Publix | $ | 15.50 | ||||||||||||||||||||||||||||||||||||
| Beneva Village Shops |
FL | Sarasota-Bradenton-Venice | 1987 | 141,532 | 141,532 | 86.1 | % | 86.1 | % | — | 42,112 | Publix | $ | 11.20 | ||||||||||||||||||||||||||||||||||||
| Berkshire Commons |
FL | Naples-Marco Island | 1992 | 110,062 | 110,062 | 100.0 | % | 100.0 | % | — | 65,537 | Publix | $ | 13.32 | ||||||||||||||||||||||||||||||||||||
| Bloomingdale Square |
FL | Tampa-St. Petersburg-Clearwater | 1987 | 267,736 | 267,736 | 96.3 | % | 96.3 | % | — | 39,795 | Publix, Wal-Mart, Bealls |
$ | 8.76 | ||||||||||||||||||||||||||||||||||||
| Boynton Lakes Plaza |
FL | Miami-Fort Lauderdale-Miami Beach | 1993 | 117,124 | 117,124 | 78.4 | % | 78.4 | % | — | 56,000 | Publix | $ | 17.19 | ||||||||||||||||||||||||||||||||||||
| Caligo Crossing |
FL | Miami-Fort Lauderdale-Miami Beach | 2007 | 10,763 | 10,763 | 100.0 | % | 100.0 | % | 98,165 | — | (Kohl’s) | $ | 33.39 | ||||||||||||||||||||||||||||||||||||
| Canopy Oak Center |
JV-O | 50 | % | FL | Ocala | 2006 | 90,041 | 45,021 | 79.4 | % | 79.4 | % | — | 54,340 | Publix | $ | 17.89 | |||||||||||||||||||||||||||||||||
| Carriage Gate |
FL | Tallahassee | 1978 | 76,784 | 76,784 | 86.8 | % | 86.8 | % | — | — | — | $ | 14.20 | ||||||||||||||||||||||||||||||||||||
| Chasewood Plaza |
FL | Miami-Fort Lauderdale-Miami Beach | 1986 | 155,603 | 155,603 | 95.0 | % | 95.0 | % | — | 54,420 | Publix | $ | 18.02 | ||||||||||||||||||||||||||||||||||||
| Corkscrew Village |
FL | Cape Coral-Fort Myers | 1997 | 82,011 | 82,011 | 95.3 | % | 95.3 | % | — | 51,420 | Publix | $ | 12.94 | ||||||||||||||||||||||||||||||||||||
| Courtyard Shopping Center |
FL | Jacksonville | 1987 | 137,256 | 137,256 | 100.0 | % | 100.0 | % | 62,771 | 62,771 | (Publix), Target |
$ | 3.33 | ||||||||||||||||||||||||||||||||||||
| East Port Plaza |
FL | Port St. Lucie-Fort Pierce | 1991 | 162,831 | 162,831 | 91.1 | % | 91.1 | % | — | 42,112 | Publix | $ | 13.27 | ||||||||||||||||||||||||||||||||||||
| East Towne Center |
FL | Orlando | 2003 | 69,841 | 69,841 | 86.0 | % | 86.0 | % | — | 44,840 | Publix | $ | 12.54 | ||||||||||||||||||||||||||||||||||||
| First Street Village |
FL | Cape Coral-Fort Myers | 2006 | 54,926 | 54,926 | 94.7 | % | 94.7 | % | — | 39,393 | Publix | $ | 15.36 | ||||||||||||||||||||||||||||||||||||
| Five Corners Plaza |
JV-RC | 25 | % | FL | Miami-Fort Lauderdale-Miami Beach | 2001 | 44,647 | 11,162 | 93.5 | % | 93.5 | % | — | 27,887 | Publix | $ | 12.61 | |||||||||||||||||||||||||||||||||
| Fleming Island |
FL | Jacksonville | 2000 | 136,663 | 136,663 | 66.3 | % | 66.3 | % | 129,807 | 47,955 | Publix, (Target) |
$ | 20.51 | ||||||||||||||||||||||||||||||||||||
| Garden Square |
FL | Miami-Fort Lauderdale-Miami Beach | 1991 | 90,258 | 90,258 | 95.7 | % | 95.7 | % | — | 42,112 | Publix | $ | 14.53 | ||||||||||||||||||||||||||||||||||||
| Grande Oak |
FL | Cape Coral-Fort Myers | 2000 | 78,784 | 78,784 | 94.7 | % | 94.7 | % | — | 54,379 | Publix | $ | 14.05 | ||||||||||||||||||||||||||||||||||||
| Hibernia Pavilion |
FL | Jacksonville | 2006 | 51,298 | 51,298 | 97.4 | % | 97.4 | % | — | 39,203 | Publix | $ | 17.11 | ||||||||||||||||||||||||||||||||||||
| Hibernia Plaza |
FL | Jacksonville | 2006 | 8,400 | 8,400 | 16.7 | % | 16.7 | % | — | — | — | $ | 13.23 | ||||||||||||||||||||||||||||||||||||
| Horton’s Corner |
FL | Jacksonville | 2007 | 14,820 | 14,820 | 100.0 | % | 100.0 | % | — | — | — | $ | 25.71 | ||||||||||||||||||||||||||||||||||||
| Island Crossing |
JV-C2 | 20 | % | FL | Port St. Lucie-Fort Pierce | 1996 | 58,456 | 11,691 | 97.6 | % | 97.6 | % | — | 47,955 | Publix | $ | 9.91 | |||||||||||||||||||||||||||||||||
| John’s Creek Center |
JV-C2 | 20 | % | FL | Jacksonville | 2004 | 75,101 | 15,020 | 88.8 | % | 88.8 | % | — | 44,840 | Publix | $ | 12.33 | |||||||||||||||||||||||||||||||||
| Julington Village |
JV-C | 20 | % | FL | Jacksonville | 1999 | 81,820 | 16,364 | 100.0 | % | 100.0 | % | — | 51,420 | Publix | $ | 14.15 | |||||||||||||||||||||||||||||||||
| Kings Crossing Sun City |
FL | Tampa-St. Petersburg-Clearwater | 1999 | 75,020 | 75,020 | 95.5 | % | 95.5 | % | — | 51,420 | Publix | $ | 11.76 | ||||||||||||||||||||||||||||||||||||
| Lynnhaven |
JV-O | 50 | % | FL | Panama City-Lynn Haven | 2001 | 63,871 | 31,936 | 100.0 | % | 100.0 | % | — | 44,271 | Publix | $ | 11.81 | |||||||||||||||||||||||||||||||||
| Marketplace Shopping Center |
FL | Tampa-St. Petersburg-Clearwater | 1983 | 90,296 | 90,296 | 71.1 | % | 71.1 | % | — | — | LA Fitness | $ | 18.28 | ||||||||||||||||||||||||||||||||||||
| Martin Downs Village Center |
FL | Port St. Lucie-Fort Pierce | 1985 | 112,667 | 112,667 | 89.1 | % | 89.1 | % | — | — | — | $ | 15.72 | ||||||||||||||||||||||||||||||||||||
| Martin Downs Village Shoppes |
FL | Port St. Lucie-Fort Pierce | 1998 | 48,937 | 48,937 | 87.9 | % | 87.9 | % | — | — | — | $ | 17.60 | ||||||||||||||||||||||||||||||||||||
| Millhopper Shopping Center |
FL | Gainesville | 1974 | 80,421 | 80,421 | 100.0 | % | 100.0 | % | — | 37,244 | Publix | $ | 14.15 | ||||||||||||||||||||||||||||||||||||
| Naples Walk Shopping Center |
FL | Naples-Marco Island | 1999 | 125,390 | 125,390 | 82.0 | % | 82.0 | % | — | 51,420 | Publix | $ | 14.34 | ||||||||||||||||||||||||||||||||||||
| Newberry Square |
FL | Gainesville | 1986 | 180,524 | 180,524 | 94.7 | % | 94.7 | % | — | 39,795 | Publix, K- Mart |
$ | 7.66 | ||||||||||||||||||||||||||||||||||||
| Nocatee Town Center |
FL | Jacksonville | 2007 | 69,679 | 69,679 | 90.8 | % | 90.8 | % | — | 54,340 | Publix | $ | 14.19 | ||||||||||||||||||||||||||||||||||||
28
Portfolio Summary Report By State
September 30, 2011
| JVs at 100% |
REG’s pro- rata share |
JVs at 100% |
REG’s pro- rata share |
JVs at 100% |
REG’s pro-rata share |
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| Property Name |
JV | REG’s Ownership % |
State | CBSA |
Yr Const, Last Renovation or Dev Start Yr |
GLA | GLA | % Leased |
% Leased |
% Leased - Operating Properties |
% Leased - Operating Properties |
Anchor- Owned GLA |
Grocery Anchor GLA |
Major Tenants(1) |
Average Base Rent/ Sq. Ft(2) |
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| Northgate Square |
FL | Tampa-St. Petersburg-Clearwater | 1995 | 75,495 | 75,495 | 92.3 | % | 92.3 | % | — | 47,955 | Publix | $ | 12.42 | ||||||||||||||||||||||||||||||||||||
| Oakleaf Commons |
FL | Jacksonville | 2006 | 73,717 | 73,717 | 84.8 | % | 84.8 | % | — | 45,600 | Publix | $ | 13.72 | ||||||||||||||||||||||||||||||||||||
| Ocala Corners |
FL | Tallahassee | 2000 | 86,772 | 86,772 | 95.9 | % | 95.9 | % | — | 61,171 | Publix | $ | 12.51 | ||||||||||||||||||||||||||||||||||||
| Old St Augustine Plaza |
FL | Jacksonville | 1990 | 232,459 | 232,459 | 98.3 | % | 98.3 | % | — | 51,832 | Publix, Burlington Coat Factory, Hobby Lobby |
$ | 7.80 | ||||||||||||||||||||||||||||||||||||
| Pebblebrook Plaza |
JV-O | 50 | % | FL | Naples-Marco Island | 2000 | 76,767 | 38,384 | 100.0 | % | 100.0 | % | — | 61,166 | Publix | $ | 12.72 | |||||||||||||||||||||||||||||||||
| Pine Tree Plaza |
FL | Jacksonville | 1999 | 63,387 | 63,387 | 96.8 | % | 96.8 | % | — | 37,866 | Publix | $ | 12.97 | ||||||||||||||||||||||||||||||||||||
| Plantation Plaza |
JV-C2 | 20 | % | FL | Jacksonville | 2004 | 77,747 | 15,549 | 89.9 | % | 89.9 | % | — | 44,840 | Publix | $ | 15.12 | |||||||||||||||||||||||||||||||||
| Regency Square |
FL | Tampa-St. Petersburg-Clearwater | 1986 | 349,848 | 349,848 | 92.0 | % | 92.0 | % | 66,000 | — | AMC Theater, Michaels, (Best Buy), (Macdill) |
$ | 14.55 | ||||||||||||||||||||||||||||||||||||
| Seminole Shoppes |
FL | Jacksonville | 2009 | 73,241 | 73,241 | 96.4 | % | 96.4 | % | — | 54,340 | Publix | $ | 18.61 | ||||||||||||||||||||||||||||||||||||
| Shoppes @ 104 |
FL | Miami-Fort Lauderdale-Miami Beach | 1990 | 108,192 | 108,192 | 98.8 | % | 98.8 | % | — | 46,368 | Winn-Dixie | $ | 13.50 | ||||||||||||||||||||||||||||||||||||
| Shoppes at Bartram Park |
JV-O | 50 | % | FL | Jacksonville | 2004 | 105,319 | 52,660 | 92.0 | % | 92.0 | % | 97,000 | 44,840 | Publix, (Kohl’s) |
$ | 17.15 | |||||||||||||||||||||||||||||||||
| Shoppes at Bartram Park Phase II |
JV-O | 50 | % | FL | Jacksonville | 2008 | 14,639 | 7,320 | 40.5 | % | 40.5 | % | — | — | — | $ | 20.37 | |||||||||||||||||||||||||||||||||
| Shops at John’s Creek |
FL | Jacksonville | 2004 | 15,490 | 15,490 | 73.5 | % | 73.5 | % | — | — | — | $ | 18.20 | ||||||||||||||||||||||||||||||||||||
| Starke |
FL | None | 2000 | 12,739 | 12,739 | 100.0 | % | 100.0 | % | — | — | — | $ | 24.65 | ||||||||||||||||||||||||||||||||||||
| Suncoast Crossing Phase I |
FL | Tampa-St. Petersburg-Clearwater | 2007 | 108,434 | 108,434 | 93.5 | % | 93.5 | % | — | — | Kohl’s | $ | 4.37 | ||||||||||||||||||||||||||||||||||||
| Suncoast Crossing Phase II |
FL | Tampa-St. Petersburg-Clearwater | 2008 | 9,451 | 9,451 | 59.3 | % | 59.3 | % | 143,055 | — | (Target) | $ | 18.41 | ||||||||||||||||||||||||||||||||||||
| Town Center at Martin Downs |
FL | Port St. Lucie-Fort Pierce | 1996 | 64,546 | 64,546 | 100.0 | % | 100.0 | % | — | 56,146 | Publix | $ | 12.48 | ||||||||||||||||||||||||||||||||||||
| Town Square |
FL | Tampa-St. Petersburg-Clearwater | 1999 | 44,380 | 44,380 | 86.4 | % | 86.4 | % | — | — | — | $ | 26.55 | ||||||||||||||||||||||||||||||||||||
| Village Center |
FL | Tampa-St. Petersburg-Clearwater | 1993 | 181,110 | 181,110 | 93.8 | % | 93.8 | % | — | 36,434 | Publix | $ | 12.81 | ||||||||||||||||||||||||||||||||||||
| Vineyard Shopping Center |
JV-M3 | 25 | % | FL | Tallahassee | 2002 | 62,821 | 15,705 | 84.7 | % | 84.7 | % | — | 44,271 | Publix | $ | 10.41 | |||||||||||||||||||||||||||||||||
| Welleby Plaza |
FL | Miami-Fort Lauderdale-Miami Beach | 1982 | 109,949 | 109,949 | 86.7 | % | 86.7 | % | — | 46,779 | Publix | $ | 10.62 | ||||||||||||||||||||||||||||||||||||
| Wellington Town Square |
FL | Miami-Fort Lauderdale-Miami Beach | 1982 | 107,325 | 107,325 | 99.2 | % | 99.2 | % | — | 44,840 | Publix | $ | 18.80 | ||||||||||||||||||||||||||||||||||||
| Westchase |
FL | Tampa-St. Petersburg-Clearwater | 1998 | 78,998 | 78,998 | 98.7 | % | 98.7 | % | — | 51,420 | Publix | $ | 12.93 | ||||||||||||||||||||||||||||||||||||
| Willa Springs |
JV-USAA | 20 | % | FL | Orlando | 2000 | 89,930 | 17,986 | 100.0 | % | 100.0 | % | — | 44,271 | Publix | $ | 16.47 | |||||||||||||||||||||||||||||||||
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| FL | 5,391,536 | 4,829,173 | 91.8 | % | 91.7 | % | 92.0 | % | 91.8 | % | 596,798 | 2,091,583 | ||||||||||||||||||||||||||||||||||||||
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| Ashford Place |
GA | Atlanta-Sandy Springs-Marietta | 1993 | 53,449 | 53,449 | 93.3 | % | 93.3 | % | — | — | — | $ | 18.79 | ||||||||||||||||||||||||||||||||||||
| Briarcliff La Vista |
GA | Atlanta-Sandy Springs-Marietta | 1962 | 39,204 | 39,204 | 100.0 | % | 100.0 | % | — | — | — | $ | 17.07 | ||||||||||||||||||||||||||||||||||||
| Briarcliff Village |
GA | Atlanta-Sandy Springs-Marietta | 1990 | 189,551 | 189,551 | 93.2 | % | 93.2 | % | — | 43,454 | Publix | $ | 14.64 | ||||||||||||||||||||||||||||||||||||
| Buckhead Court |
GA | Atlanta-Sandy Springs-Marietta | 1984 | 48,318 | 48,318 | 97.5 | % | 97.5 | % | — | — | — | $ | 15.60 | ||||||||||||||||||||||||||||||||||||
| Cambridge Square |
GA | Atlanta-Sandy Springs-Marietta | 1979 | 71,429 | 71,429 | 100.0 | % | 100.0 | % | — | 40,852 | Kroger | $ | 13.25 | ||||||||||||||||||||||||||||||||||||
| Chapel Hill Centre |
GA | Atlanta-Sandy Springs-Marietta | 2005 | 66,970 | 66,970 | 96.4 | % | 96.4 | % | 88,713 | — | (Kohl’s), Hobby Lobby |
$ | 11.44 | ||||||||||||||||||||||||||||||||||||
| Cornerstone Square |
GA | Atlanta-Sandy Springs-Marietta | 1990 | 80,406 | 80,406 | 77.6 | % | 77.6 | % | — | — | — | $ | 15.57 | ||||||||||||||||||||||||||||||||||||
| Delk Spectrum |
GA | Atlanta-Sandy Springs-Marietta | 1991 | 100,539 | 100,539 | 77.4 | % | 77.4 | % | — | 45,044 | Publix | $ | 14.03 | ||||||||||||||||||||||||||||||||||||
| Dunwoody Hall |
JV-USAA | 20 | % | GA | Atlanta-Sandy Springs-Marietta | 1986 | 89,351 | 17,870 | 96.5 | % | 96.5 | % | — | 44,271 | Publix | $ | 14.90 | |||||||||||||||||||||||||||||||||
| Dunwoody Village |
GA | Atlanta-Sandy Springs-Marietta | 1975 | 120,169 | 120,169 | 88.5 | % | 88.5 | % | — | 18,400 | Fresh Market |
$ | 17.17 | ||||||||||||||||||||||||||||||||||||
| Howell Mill Village |
GA | Atlanta-Sandy Springs-Marietta | 1984 | 92,118 | 92,118 | 83.0 | % | 83.0 | % | — | 31,000 | Publix | $ | 15.06 | ||||||||||||||||||||||||||||||||||||
| King Plaza |
JV-C2 | 20 | % | GA | Atlanta-Sandy Springs-Marietta | 1998 | 81,432 | 16,286 | 90.1 | % | 90.1 | % | — | 51,420 | Publix | $ | 11.98 | |||||||||||||||||||||||||||||||||
| Loehmanns Plaza Georgia |
GA | Atlanta-Sandy Springs-Marietta | 1986 | 137,139 | 137,139 | 93.3 | % | 93.3 | % | — | — | — | $ | 18.90 | ||||||||||||||||||||||||||||||||||||
| Lost Mountain Crossing |
JV-C2 | 20 | % | GA | Atlanta-Sandy Springs-Marietta | 1994 | 72,568 | 14,514 | 86.4 | % | 86.4 | % | — | 47,814 | Publix | $ | 11.37 | |||||||||||||||||||||||||||||||||
| Paces Ferry Plaza |
GA | Atlanta-Sandy Springs-Marietta | 1987 | 61,698 | 61,698 | 100.0 | % | 100.0 | % | — | — | — | $ | 31.03 | ||||||||||||||||||||||||||||||||||||
| Powers Ferry Square |
GA | Atlanta-Sandy Springs-Marietta | 1987 | 97,897 | 97,897 | 85.1 | % | 85.1 | % | — | — | — | $ | 23.49 | ||||||||||||||||||||||||||||||||||||
| Powers Ferry Village |
GA | Atlanta-Sandy Springs-Marietta | 1994 | 78,896 | 78,896 | 81.0 | % | 81.0 | % | — | 47,955 | Publix | $ | 10.28 | ||||||||||||||||||||||||||||||||||||
| Rivermont Station |
GA | Atlanta-Sandy Springs-Marietta | 1996 | 90,267 | 90,267 | 83.3 | % | 83.3 | % | — | 58,261 | Kroger | $ | 14.30 | ||||||||||||||||||||||||||||||||||||
| Russell Ridge |
GA | Atlanta-Sandy Springs-Marietta | 1995 | 98,559 | 98,559 | 87.3 | % | 87.3 | % | — | 63,296 | Kroger | $ | 11.35 | ||||||||||||||||||||||||||||||||||||
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| GA | 1,669,960 | 1,475,279 | 89.3 | % | 89.1 | % | 89.3 | % | 89.1 | % | 88,713 | 491,767 | ||||||||||||||||||||||||||||||||||||||
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| Baker Hill Center |
JV-C | 20 | % | IL | Chicago-Naperville-Joliet | 1998 | 135,355 | 27,071 | 99.1 | % | 99.1 | % | — | 72,397 | Dominick’s | $ | 14.46 | |||||||||||||||||||||||||||||||||
| Brentwood Commons |
JV-GRI | 40 | % | IL | Chicago-Naperville-Joliet | 1962 | 125,550 | 50,220 | 99.1 | % | 99.1 | % | — | 64,762 | Dominick’s | $ | 10.53 | |||||||||||||||||||||||||||||||||
| Civic Center Plaza |
JV-GRI | 40 | % | IL | Chicago-Naperville-Joliet | 1989 | 264,973 | 105,989 | 98.0 | % | 98.0 | % | — | 87,135 | Super H Mart, Home Depot |
$ | 10.90 | |||||||||||||||||||||||||||||||||
| Frankfort Crossing Shpg Ctr |
IL | Chicago-Naperville-Joliet | 1992 | 114,534 | 114,534 | 84.8 | % | 84.8 | % | — | 64,937 | Jewel / OSCO |
$ | 11.39 | ||||||||||||||||||||||||||||||||||||
| Geneva Crossing |
JV-C | 20 | % | IL | Chicago-Naperville-Joliet | 1997 | 123,182 | 24,636 | 98.8 | % | 98.8 | % | — | 72,385 | Dominick’s | $ | 14.24 | |||||||||||||||||||||||||||||||||
| Glen Oak Plaza |
IL | Chicago-Naperville-Joliet | 1967 | 62,616 | 62,616 | 100.0 | % | 100.0 | % | — | 11,944 | Trader Joe’s | $ | 21.09 | ||||||||||||||||||||||||||||||||||||
| Hinsdale |
IL | Chicago-Naperville-Joliet | 1986 | 178,960 | 178,960 | 93.8 | % | 93.8 | % | — | 69,540 | Dominick’s | $ | 12.90 | ||||||||||||||||||||||||||||||||||||
| McHenry Commons Shopping Center |
JV-GRI | 40 | % | IL | Chicago-Naperville-Joliet | 1988 | 99,448 | 39,779 | 89.8 | % | 89.8 | % | — | — | Hobby Lobby |
$ | 11.19 | |||||||||||||||||||||||||||||||||
| Riverside Sq & River’s Edge |
JV-GRI | 40 | % | IL | Chicago-Naperville-Joliet | 1986 | 169,435 | 67,774 | 100.0 | % | 100.0 | % | — | 74,495 | Dominick’s | $ | 14.61 | |||||||||||||||||||||||||||||||||
| Roscoe Square |
JV-GRI | 40 | % | IL | Chicago-Naperville-Joliet | 1981 | 140,461 | 56,184 | 89.5 | % | 89.5 | % | — | 51,298 | Mariano’s | $ | 14.31 | |||||||||||||||||||||||||||||||||
| Shorewood Crossing |
JV-C | 20 | % | IL | Chicago-Naperville-Joliet | 2001 | 87,705 | 17,541 | 98.4 | % | 98.4 | % | — | 65,977 | Dominick’s | $ | 14.88 | |||||||||||||||||||||||||||||||||
| Shorewood Crossing II |
JV-C2 | 20 | % | IL | Chicago-Naperville-Joliet | 2005 | 86,276 | 17,255 | 98.1 | % | 98.1 | % | — | — | — | $ | 13.45 | |||||||||||||||||||||||||||||||||
| Stonebrook Plaza Shopping Center |
JV-GRI | 40 | % | IL | Chicago-Naperville-Joliet | 1984 | 95,825 | 38,330 | 100.0 | % | 100.0 | % | — | 63,000 | Dominick’s | $ | 11.50 | |||||||||||||||||||||||||||||||||
| Westbrook Commons |
IL | Chicago-Naperville-Joliet | 1984 | 123,855 | 123,855 | 88.8 | % | 88.8 | % | — | 51,304 | Dominick’s | $ | 11.40 | ||||||||||||||||||||||||||||||||||||
| Willow Festival |
IL | Chicago-Naperville-Joliet | 2007 | 383,003 | 383,003 | 97.2 | % | 97.2 | % | — | 60,040 | Whole Foods, Lowe’s |
$ | 14.62 | ||||||||||||||||||||||||||||||||||||
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| IL | 2,191,178 | 1,307,748 | 95.9 | % | 94.9 | % | 95.9 | % | 94.9 | % | — | 809,214 | ||||||||||||||||||||||||||||||||||||||
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| Airport Crossing |
IN | Chicago-Naperville-Joliet | 2006 | 11,924 | 11,924 | 77.8 | % | 77.8 | % | 89,911 | — | (Kohl’s) | $ | 15.94 | ||||||||||||||||||||||||||||||||||||
| Augusta Center |
IN | Chicago-Naperville-Joliet | 2006 | 14,532 | 14,532 | 100.0 | % | 100.0 | % | 213,988 | — | (Menards) | $ | 22.02 | ||||||||||||||||||||||||||||||||||||
| Greenwood Springs |
IN | Indianapolis | 2004 | 28,028 | 28,028 | 65.0 | % | 65.0 | % | 265,798 | 50,000 | (Gander Mountain), (Wal-Mart Supercenter) |
$ | 14.64 | ||||||||||||||||||||||||||||||||||||
| Willow Lake Shopping Center |
JV-GRI | 40 | % | IN | Indianapolis | 1987 | 85,923 | 34,369 | 89.6 | % | 89.6 | % | 64,000 | 64,000 | (Kroger) | $ | 16.03 | |||||||||||||||||||||||||||||||||
| Willow Lake West Shopping Center |
JV-GRI | 40 | % | IN | Indianapolis | 2001 | 52,961 | 21,184 | 100.0 | % | 100.0 | % | — | 10,028 | Trader Joe’s | $ | 22.75 | |||||||||||||||||||||||||||||||||
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| IN | 193,368 | 110,038 | 88.9 | % | 85.4 | % | 88.9 | % | 85.4 | % | 633,697 | 124,028 | ||||||||||||||||||||||||||||||||||||||
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| Walton Towne Center |
KY | Cincinnati-Middletown | 2007 | 23,186 | 23,186 | 75.9 | % | 75.9 | % | 116,432 | 116,432 | (Kroger) | $ | 17.05 | ||||||||||||||||||||||||||||||||||||
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| KY | 23,186 | 23,186 | 75.9 | % | 75.9 | % | NA | NA | 116,432 | 116,432 | ||||||||||||||||||||||||||||||||||||||||
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| Shops at Saugus |
MA | Boston-Cambridge-Quincy | 2006 | 90,055 | 90,055 | 94.6 | % | 94.6 | % | — | 11,000 | Trader Joe’s | $ | 25.44 | ||||||||||||||||||||||||||||||||||||
| Speedway Plaza |
JV-C2 | 20 | % | MA | Worcester | 1988 | 185,279 | 37,056 | 96.8 | % | 96.8 | % | — | 59,970 | Stop & Shop, BJ’s Warehouse |
$ | 10.38 | |||||||||||||||||||||||||||||||||
| Twin City Plaza |
MA | Boston-Cambridge-Quincy | 2004 | 270,242 | 270,242 | 94.6 | % | 94.6 | % | — | 62,500 | Shaw’s, Marshall’s |
$ | 17.11 | ||||||||||||||||||||||||||||||||||||
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| MA | 545,576 | 397,353 | 95.4 | % | 94.8 | % | 95.4 | % | 94.8 | % | — | 133,470 | ||||||||||||||||||||||||||||||||||||||
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29
Portfolio Summary Report By State
September 30, 2011
| JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
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| Property Name |
JV | REG’s Ownership % |
State | CBSA |
Yr Const, Last Renovation or Dev Start Yr |
GLA | GLA | % Leased |
% Leased |
% Leased - Operating Properties |
% Leased - Operating Properties |
Anchor- Owned GLA |
Grocery Anchor GLA |
Major Tenants(1) |
Average Base Rent/ Sq. Ft(2) |
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| Bowie Plaza |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1966 | 102,904 | 41,162 | 87.3 | % | 87.3 | % | — | — | — | $ | 16.82 | |||||||||||||||||||||||||||||||||
| Clinton Park |
JV-C | 20 | % | MD | Washington-Arlington-Alexandria | 2003 | 206,050 | 41,210 | 92.9 | % | 92.9 | % | 49,000 | 43,000 | Giant Food, Sears, (Toys “R” Us) | $ | 8.31 | |||||||||||||||||||||||||||||||||
| Cloppers Mill Village |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1995 | 137,035 | 54,814 | 85.7 | % | 85.7 | % | — | 70,057 | Shoppers Food Warehouse | $ | 18.10 | |||||||||||||||||||||||||||||||||
| Elkridge Corners |
JV-GRI | 40 | % | MD | Baltimore-Towson | 1990 | 73,529 | 29,412 | 100.0 | % | 100.0 | % | — | 39,571 | Green Valley Markets | $ | 20.42 | |||||||||||||||||||||||||||||||||
| Festival at Woodholme |
JV-GRI | 40 | % | MD | Baltimore-Towson | 1986 | 81,016 | 32,406 | 85.3 | % | 85.3 | % | — | 10,370 | Trader Joe’s | $ | 35.61 | |||||||||||||||||||||||||||||||||
| Firstfield Shopping Center |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1978 | 22,328 | 8,931 | 93.3 | % | 93.3 | % | — | — | — | $ | 37.80 | |||||||||||||||||||||||||||||||||
| Goshen Plaza |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1987 | 45,654 | 18,262 | 85.1 | % | 85.1 | % | — | — | — | $ | 19.89 | |||||||||||||||||||||||||||||||||
| King Farm Village Center |
JV-RC | 25 | % | MD | Washington-Arlington-Alexandria | 2001 | 118,326 | 29,582 | 97.4 | % | 97.4 | % | — | 53,754 | Safeway | $ | 25.49 | |||||||||||||||||||||||||||||||||
| Mitchellville Plaza |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1991 | 156,125 | 62,450 | 83.4 | % | 83.4 | % | — | 45,100 | Food Lion | $ | 21.67 | |||||||||||||||||||||||||||||||||
| Parkville Shopping Center |
JV-GRI | 40 | % | MD | Baltimore-Towson | 1961 | 162,435 | 64,974 | 97.2 | % | 97.2 | % | — | 41,223 | Mrs. Greens | $ | 12.62 | |||||||||||||||||||||||||||||||||
| Southside Marketplace |
JV-GRI | 40 | % | MD | Baltimore-Towson | 1990 | 125,146 | 50,058 | 93.7 | % | 93.7 | % | — | 44,264 | Shoppers Food Warehouse | $ | 16.77 | |||||||||||||||||||||||||||||||||
| Takoma Park |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1960 | 106,469 | 42,588 | 93.4 | % | 93.4 | % | — | 63,643 | Shoppers Food Warehouse | $ | 10.43 | |||||||||||||||||||||||||||||||||
| Valley Centre |
JV-GRI | 40 | % | MD | Baltimore-Towson | 1987 | 247,837 | 99,135 | 82.4 | % | 82.4 | % | — | — | — | $ | 15.23 | |||||||||||||||||||||||||||||||||
| Village at Lee Airpark |
MD | Baltimore-Towson | 2005 | 87,556 | 87,556 | 100.0 | % | 100.0 | % | 75,000 | 70,260 | Giant Food, (Sunrise) | $ | 24.98 | ||||||||||||||||||||||||||||||||||||
| Watkins Park Plaza |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1985 | 113,443 | 45,377 | 97.0 | % | 97.0 | % | — | 43,205 | Safeway | $ | 19.48 | |||||||||||||||||||||||||||||||||
| Woodmoor Shopping Center |
JV-GRI | 40 | % | MD | Washington-Arlington-Alexandria | 1954 | 67,403 | 26,961 | 93.1 | % | 93.1 | % | — | — | — | $ | 24.92 | |||||||||||||||||||||||||||||||||
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| MD | 1,853,256 | 734,877 | 91.0 | % | 91.3 | % | 90.5 | % | 90.2 | % | 124,000 | 524,447 | ||||||||||||||||||||||||||||||||||||||
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| Fenton Marketplace |
MI | Flint | 1999 | 97,224 | 97,224 | 34.7 | % | 34.7 | % | — | — | — | $ | 18.60 | ||||||||||||||||||||||||||||||||||||
| State Street Crossing |
MI | Ann Arbor | 2006 | 21,049 | 21,049 | 60.0 | % | 60.0 | % | 147,491 | — | (Wal-Mart) | $ | 23.48 | ||||||||||||||||||||||||||||||||||||
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| MI | 118,273 | 118,273 | 39.2 | % | 39.2 | % | 39.2 | % | 39.2 | % | 147,491 | — | ||||||||||||||||||||||||||||||||||||||
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| Brentwood Plaza |
MO | St. Louis | 2002 | 60,452 | 60,452 | 96.5 | % | 96.5 | % | — | 51,800 | Schnucks | $ | 9.73 | ||||||||||||||||||||||||||||||||||||
| Bridgeton |
MO | St. Louis | 2005 | 70,762 | 70,762 | 97.3 | % | 97.3 | % | 129,802 | 63,482 | Schnucks, (Home Depot) | $ | 11.81 | ||||||||||||||||||||||||||||||||||||
| Dardenne Crossing |
MO | St. Louis | 1996 | 67,430 | 67,430 | 97.9 | % | 97.9 | % | — | 63,333 | Schnucks | $ | 10.72 | ||||||||||||||||||||||||||||||||||||
| Kirkwood Commons |
MO | St. Louis | 2000 | 209,703 | 209,703 | 100.0 | % | 100.0 | % | 258,000 | — | Wal-Mart, (Target), (Lowe’s) | $ | 9.58 | ||||||||||||||||||||||||||||||||||||
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| MO | 408,347 | 408,347 | 98.7 | % | 98.7 | % | 98.7 | % | 98.7 | % | 387,802 | 178,615 | ||||||||||||||||||||||||||||||||||||||
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| Apple Valley Square |
JV-RC | 25 | % | MN | Minneapolis-St. Paul-Bloomington | 1998 | 184,841 | 46,210 | 100.0 | % | 100.0 | % | 87,437 | 61,736 | Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory) | $ | 11.29 | |||||||||||||||||||||||||||||||||
| Calhoun Commons |
JV-RC | 25 | % | MN | Minneapolis-St. Paul-Bloomington | 1999 | 66,150 | 16,538 | 100.0 | % | 100.0 | % | — | 49,971 | Whole Foods | $ | 21.94 | |||||||||||||||||||||||||||||||||
| Colonial Square |
JV-GRI | 40 | % | MN | Minneapolis-St. Paul-Bloomington | 1959 | 93,200 | 37,280 | 97.9 | % | 97.9 | % | — | 43,978 | Lund’s | $ | 17.08 | |||||||||||||||||||||||||||||||||
| Rockford Road Plaza |
JV-GRI | 40 | % | MN | Minneapolis-St. Paul-Bloomington | 1991 | 205,479 | 82,192 | 98.5 | % | 98.5 | % | — | 65,608 | Rainbow Foods | $ | 12.32 | |||||||||||||||||||||||||||||||||
| Rockridge Center |
JV-C2 | 20 | % | MN | Minneapolis-St. Paul-Bloomington | 2006 | 125,213 | 25,043 | 98.9 | % | 98.9 | % | — | 89,219 | Cub Foods | $ | 12.19 | |||||||||||||||||||||||||||||||||
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| MN | 674,883 | 207,262 | 99.1 | % | 98.9 | % | 99.1 | % | 98.9 | % | 87,437 | 310,512 | ||||||||||||||||||||||||||||||||||||||
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| Cameron Village |
JV-CCV | 30 | % | NC | Raleigh-Cary | 1949 | 554,738 | 166,421 | 95.6 | % | 95.6 | % | — | 79,830 | Harris Teeter, Fresh Market | $ | 16.15 | |||||||||||||||||||||||||||||||||
| Carmel Commons |
NC | Charlotte-Gastonia-Concord | 1979 | 132,651 | 132,651 | 90.5 | % | 90.5 | % | — | 14,300 | Fresh Market | $ | 16.71 | ||||||||||||||||||||||||||||||||||||
| Cochran Commons |
JV-C2 | 20 | % | NC | Charlotte-Gastonia-Concord | 2003 | 66,020 | 13,204 | 95.9 | % | 95.9 | % | — | 41,500 | Harris Teeter | $ | 14.46 | |||||||||||||||||||||||||||||||||
| Colonnade Center |
NC | Raleigh-Cary | 2009 | 57,625 | 57,625 | 85.4 | % | 85.4 | % | — | 40,000 | Whole Foods | $ | 25.96 | ||||||||||||||||||||||||||||||||||||
| Fuquay Crossing |
JV-RC | 25 | % | NC | Raleigh-Cary | 2002 | 124,774 | 31,194 | 96.3 | % | 96.3 | % | — | 46,478 | Kroger | $ | 9.15 | |||||||||||||||||||||||||||||||||
| Garner Towne Square |
NC | Raleigh-Cary | 1998 | 221,776 | 221,776 | 76.5 | % | 76.5 | % | 273,000 | 57,590 | Kroger, (Home Depot), (Target) | $ | 11.58 | ||||||||||||||||||||||||||||||||||||
| Glenwood Village |
NC | Raleigh-Cary | 1983 | 42,864 | 42,864 | 96.8 | % | 96.8 | % | — | 27,764 | Harris Teeter | $ | 13.38 | ||||||||||||||||||||||||||||||||||||
| Harris Crossing |
NC | Raleigh-Cary | 2007 | 65,150 | 65,150 | 91.1 | % | 91.1 | % | — | 53,365 | Harris Teeter | $ | 8.20 | ||||||||||||||||||||||||||||||||||||
| Lake Pine Plaza |
NC | Raleigh-Cary | 1997 | 87,690 | 87,690 | 94.4 | % | 94.4 | % | — | 57,590 | Kroger | $ | 11.35 | ||||||||||||||||||||||||||||||||||||
| Maynard Crossing |
JV-USAA | 20 | % | NC | Raleigh-Cary | 1997 | 122,782 | 24,556 | 87.9 | % | 87.9 | % | — | 55,973 | Kroger | $ | 14.04 | |||||||||||||||||||||||||||||||||
| Providence Commons |
JV-RC | 25 | % | NC | Charlotte-Gastonia-Concord | 1994 | 197,801 | 49,450 | 96.7 | % | 96.7 | % | — | 50,420 | Lowe’s | $ | 14.64 | |||||||||||||||||||||||||||||||||
| Middle Creek Commons |
NC | Raleigh-Cary | 2006 | 73,634 | 73,634 | 98.4 | % | 98.4 | % | — | 49,495 | Lowes Foods | $ | 14.39 | ||||||||||||||||||||||||||||||||||||
| Shoppes of Kildaire |
JV-GRI | 40 | % | NC | Raleigh-Cary | 1986 | 145,101 | 58,040 | 95.5 | % | 95.5 | % | — | 18,613 | Trader Joe’s | $ | 15.14 | |||||||||||||||||||||||||||||||||
| Southpoint Crossing |
NC | Durham | 1998 | 103,128 | 103,128 | 88.4 | % | 88.4 | % | — | 59,160 | Kroger | $ | 15.20 | ||||||||||||||||||||||||||||||||||||
| Sutton Square |
JV-C2 | 20 | % | NC | Raleigh-Cary | 1985 | 101,025 | 20,205 | 96.9 | % | 96.9 | % | — | 24,167 | Fresh Market | $ | 15.30 | |||||||||||||||||||||||||||||||||
| Woodcroft Shopping Center |
NC | Durham | 1984 | 89,833 | 89,833 | 95.4 | % | 95.4 | % | — | 40,832 | Food Lion | $ | 12.14 | ||||||||||||||||||||||||||||||||||||
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| NC | 2,186,592 | 1,237,422 | 92.4 | % | 90.4 | % | 92.7 | % | 90.6 | % | 273,000 | 717,077 | ||||||||||||||||||||||||||||||||||||||
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| Plaza Square |
JV-GRI | 40 | % | NJ | New York-Northern New Jersey-Long Island | 1990 | 103,842 | 41,537 | 97.6 | % | 97.6 | % | — | 60,000 | Shop Rite | $ | 21.87 | |||||||||||||||||||||||||||||||||
| Haddon Commons |
JV-GRI | 40 | % | NJ | Philadelphia-Camden-Wilmington | 1985 | 52,640 | 21,056 | 93.4 | % | 93.4 | % | — | 34,240 | Acme Markets | $ | 6.90 | |||||||||||||||||||||||||||||||||
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| NJ | 156,482 | 62,593 | 96.2 | % | 96.2 | % | 96.2 | % | 96.2 | % | — | 94,240 | ||||||||||||||||||||||||||||||||||||||
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| Anthem Highlands Shopping Center |
NV | Las Vegas-Paradise | 2004 | 108,515 | 108,515 | 80.6 | % | 80.6 | % | — | 53,963 | Albertsons | $ | 12.96 | ||||||||||||||||||||||||||||||||||||
| Deer Springs Town Center |
NV | Las Vegas-Paradise | 2007 | 330,907 | 330,907 | 89.3 | % | 89.3 | % | 132,360 | — | (Target), Home Depot, Toys “R” Us | $ | 13.20 | ||||||||||||||||||||||||||||||||||||
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| NV | 439,422 | 439,422 | 87.1 | % | 87.1 | % | 80.6 | % | 80.6 | % | 132,360 | 53,963 | ||||||||||||||||||||||||||||||||||||||
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| Beckett Commons |
OH | Cincinnati-Middletown | 1995 | 121,498 | 121,498 | 87.0 | % | 87.0 | % | — | 70,815 | Kroger | $ | 11.03 | ||||||||||||||||||||||||||||||||||||
| Cherry Grove |
OH | Cincinnati-Middletown | 1997 | 195,513 | 195,513 | 97.0 | % | 97.0 | % | — | 66,336 | Kroger | $ | 10.13 | ||||||||||||||||||||||||||||||||||||
| East Pointe |
OH | Columbus | 1993 | 86,503 | 86,503 | 98.4 | % | 98.4 | % | — | 59,120 | Kroger | $ | 10.52 | ||||||||||||||||||||||||||||||||||||
| Hyde Park |
OH | Cincinnati-Middletown | 1995 | 396,861 | 396,861 | 97.6 | % | 97.6 | % | — | 169,267 | Kroger, Biggs | $ | 13.83 | ||||||||||||||||||||||||||||||||||||
| Indian Springs Market Center |
JV-RRP | 20 | % | OH | Cincinnati-Middletown | 2005 | 141,063 | 28,213 | 100.0 | % | 100.0 | % | 203,000 | — | Kohl’s, (Wal-Mart Supercenter) | $ | 4.84 | |||||||||||||||||||||||||||||||||
| Kroger New Albany Center |
OH | Columbus | 1999 | 93,286 | 93,286 | 91.8 | % | 91.8 | % | — | 63,805 | Kroger | $ | 11.06 | ||||||||||||||||||||||||||||||||||||
| Maxtown Road (Northgate) |
OH | Columbus | 1996 | 85,100 | 85,100 | 98.4 | % | 98.4 | % | 90,000 | 62,000 | Kroger, (Home Depot) | $ | 10.90 | ||||||||||||||||||||||||||||||||||||
| Red Bank Village |
OH | Cincinnati-Middletown | 2006 | 164,317 | 164,317 | 97.4 | % | 97.4 | % | — | — | Wal-Mart | $ | 5.76 | ||||||||||||||||||||||||||||||||||||
| Regency Commons |
OH | Cincinnati-Middletown | 2004 | 30,770 | 30,770 | 86.2 | % | 86.2 | % | — | — | — | $ | 24.47 | ||||||||||||||||||||||||||||||||||||
| Shoppes at Mason |
OH | Cincinnati-Middletown | 1997 | 80,800 | 80,800 | 92.6 | % | 92.6 | % | — | 56,800 | Kroger | $ | 10.16 | ||||||||||||||||||||||||||||||||||||
| Sycamore Crossing & Sycamore Plaza |
JV-RRP | 20 | % | OH | Cincinnati-Middletown | 1966 | 390,957 | 78,191 | 90.9 | % | 90.9 | % | — | 25,723 | Fresh Market, Macy’s Furniture Gallery, Toys ‘R Us, Dick’s Sporting Goods | $ | 16.93 | |||||||||||||||||||||||||||||||||
| Wadsworth Crossing |
OH | Cleveland-Elyria-Mentor | 2005 | 108,164 | 108,164 | 96.5 | % | 96.5 | % | 366,722 | — | (Kohl’s), (Lowe’s), (Target) | $ | 13.93 | ||||||||||||||||||||||||||||||||||||
| Westchester Plaza |
OH | Cincinnati-Middletown | 1988 | 88,181 | 88,181 | 97.0 | % | 97.0 | % | — | 66,523 | Kroger | $ | 9.50 | ||||||||||||||||||||||||||||||||||||
| Windmiller Plaza Phase I |
OH | Columbus | 1997 | 140,437 | 140,437 | 98.5 | % | 98.5 | % | — | 101,428 | Kroger | $ | 8.58 | ||||||||||||||||||||||||||||||||||||
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| OH | 2,123,450 | 1,697,834 | 95.3 | % | 95.8 | % | 95.3 | % | 95.8 | % | 659,722 | 741,817 | ||||||||||||||||||||||||||||||||||||||
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| Corvallis Market Center |
OR | Corvallis | 2006 | 84,548 | 84,548 | 100.0 | % | 100.0 | % | — | 12,017 | Trader Joe’s | $ | 18.58 | ||||||||||||||||||||||||||||||||||||
| Greenway Town Center |
JV-GRI | 40 | % | OR | Portland-Vancouver-Beaverton | 1979 | 93,101 | 37,240 | 92.5 | % | 92.5 | % | — | 37,500 | Lamb’s Thriftway | $ | 12.60 | |||||||||||||||||||||||||||||||||
| Murrayhill Marketplace |
OR | Portland-Vancouver-Beaverton | 1988 | 148,967 | 148,967 | 80.4 | % | 80.4 | % | — | 41,132 | Safeway | $ | 15.49 | ||||||||||||||||||||||||||||||||||||
| Sherwood Crossroads |
OR | Portland-Vancouver-Beaverton | 1999 | 87,966 | 87,966 | 92.1 | % | 92.1 | % | — | 55,227 | Safeway | $ | 10.36 | ||||||||||||||||||||||||||||||||||||
30
Portfolio Summary Report By State
September 30, 2011
| JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
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| Property Name |
JV |
REG’s Ownership % |
State | CBSA |
Yr Const, Last Renovation or Dev Start Yr |
GLA | GLA | % Leased |
% Leased |
% Leased - Operating Properties |
% Leased - Operating Properties |
Anchor- Owned GLA |
Grocery Anchor GLA |
Major Tenants(1) |
Average Base Rent/ Sq. Ft(2) |
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| Sherwood Market Center |
OR | Portland-Vancouver-Beaverton | 1995 | 124,259 | 124,259 | 97.8 | % | 97.8 | % | — | 49,793 | Albertsons | $ | 17.39 | ||||||||||||||||||||||||||||||||||||||
| Sunnyside 205 |
OR | Portland-Vancouver-Beaverton | 1988 | 53,547 | 53,547 | 89.9 | % | 89.9 | % | — | — | — | $ | 24.73 | ||||||||||||||||||||||||||||||||||||||
| Tanasbourne Market |
OR | Portland-Vancouver-Beaverton | 2006 | 71,000 | 71,000 | 100.0 | % | 100.0 | % | — | 56,500 | Whole Foods | $ | 24.90 | ||||||||||||||||||||||||||||||||||||||
| Walker Center |
OR | Portland-Vancouver-Beaverton | 1987 | 89,610 | 89,610 | 97.4 | % | 97.4 | % | — | — | Sports Authority | $ | 17.39 | ||||||||||||||||||||||||||||||||||||||
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| OR | 752,998 | 697,137 | 92.9 | % | 92.9 | % | 92.9 | % | 92.9 | % | — | 252,169 | ||||||||||||||||||||||||||||||||||||||||
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| Allen Street Shopping Center |
JV-GRI | 40 | % | PA | Allentown-Bethlehem-Easton | 1958 | 46,228 | 18,491 | 100.0 | % | 100.0 | % | — | 22,075 | Ahart Market | $ | 13.29 | |||||||||||||||||||||||||||||||||||
| City Avenue Shopping Center |
JV-GRI | 40 | % | PA | Philadelphia-Camden-Wilmington | 1960 | 159,095 | 63,638 | 91.4 | % | 91.4 | % | — | — | — | $ | 17.68 | |||||||||||||||||||||||||||||||||||
| Gateway Shopping Center |
PA | Philadelphia-Camden-Wilmington | 1960 | 214,213 | 214,213 | 98.4 | % | 98.4 | % | — | 11,100 | Trader Joe’s | $ | 24.62 | ||||||||||||||||||||||||||||||||||||||
| Hershey |
PA | Harrisburg-Carlisle | 2000 | 6,000 | 6,000 | 100.0 | % | 100.0 | % | — | — | — | $ | 30.41 | ||||||||||||||||||||||||||||||||||||||
| Kulpsville Village Center |
PA | Philadelphia-Camden-Wilmington | 2006 | 14,820 | 14,820 | 100.0 | % | 100.0 | % | — | — | — | $ | 30.36 | ||||||||||||||||||||||||||||||||||||||
| Lower Nazareth Commons |
PA | Allentown-Bethlehem-Easton | 2007 | 65,367 | 65,367 | 97.6 | % | 97.6 | % | 133,000 | — | (Target), Sports Authority | $ | 23.74 | ||||||||||||||||||||||||||||||||||||||
| Mercer Square Shopping Center |
JV-GRI | 40 | % | PA | Philadelphia-Camden-Wilmington | 1988 | 91,400 | 36,560 | 98.0 | % | 98.0 | % | — | 50,708 | Genuardi’s | $ | 19.65 | |||||||||||||||||||||||||||||||||||
| Newtown Square Shopping Center |
JV-GRI | 40 | % | PA | Philadelphia-Camden-Wilmington | 1970 | 146,959 | 58,784 | 94.3 | % | 94.3 | % | — | 56,226 | Acme Markets | $ | 15.27 | |||||||||||||||||||||||||||||||||||
| Silver Spring Square |
JV-RRP | 20 | % | PA | Harrisburg-Carlisle | 2005 | 314,450 | 62,890 | 96.4 | % | 96.4 | % | 139,377 | 130,000 | Wegmans, (Target) | $ | 15.02 | |||||||||||||||||||||||||||||||||||
| Stefko Boulevard Shopping Center |
JV-GRI | 40 | % | PA | Allentown-Bethlehem-Easton | 1976 | 133,899 | 53,560 | 92.8 | % | 92.8 | % | — | 73,000 | Valley Farm Market | $ | 7.15 | |||||||||||||||||||||||||||||||||||
| Warwick Square Shopping Center |
JV-GRI | 40 | % | PA | Philadelphia-Camden-Wilmington | 1999 | 89,680 | 35,872 | 92.5 | % | 92.5 | % | — | 50,658 | Genuardi’s | $ | 18.14 | |||||||||||||||||||||||||||||||||||
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| PA | 1,282,111 | 630,194 | 95.6 | % | 96.3 | % | 95.5 | % | 96.1 | % | 272,377 | 393,767 | ||||||||||||||||||||||||||||||||||||||||
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| Buckwalter Village |
SC | Hilton Head Island-Beaufort | 2006 | 59,601 | 59,601 | 95.3 | % | 95.3 | % | — | 45,600 | Publix | $ | 13.88 | ||||||||||||||||||||||||||||||||||||||
| Merchants Village |
JV-GRI | 40 | % | SC | Charleston-North Charleston | 1997 | 79,649 | 31,860 | 97.0 | % | 97.0 | % | — | 37,888 | Publix | $ | 13.91 | |||||||||||||||||||||||||||||||||||
| Murray Landing |
JV-M3 | 25 | % | SC | Columbia | 2003 | 64,359 | 16,090 | 100.0 | % | 100.0 | % | — | 44,840 | Publix | $ | 12.51 | |||||||||||||||||||||||||||||||||||
| Orangeburg |
SC | Charleston-North Charleston | 2006 | 14,820 | 14,820 | 100.0 | % | 100.0 | % | — | — | — | $ | 23.01 | ||||||||||||||||||||||||||||||||||||||
| Queensborough Shopping Center |
JV-O | 50 | % | SC | Charleston-North Charleston | 1993 | 82,333 | 41,167 | 93.9 | % | 93.9 | % | — | 65,796 | Publix | $ | 9.57 | |||||||||||||||||||||||||||||||||||
| Surfside Beach Commons |
JV-C2 | 20 | % | SC | Myrtle Beach-Conway-North Myrtle Beach | 1999 | 59,881 | 11,976 | 94.7 | % | 94.7 | % | — | 46,624 | Bi-Lo | $ | 11.79 | |||||||||||||||||||||||||||||||||||
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| SC | 360,643 | 175,513 | 96.3 | % | 96.1 | % | 96.3 | % | 96.1 | % | — | 240,748 | ||||||||||||||||||||||||||||||||||||||||
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| Dickson Tn |
TN | Nashville-Davidson--Murfreesboro | 1998 | 10,908 | 10,908 | 100.0 | % | 100.0 | % | — | — | — | $ | 20.35 | ||||||||||||||||||||||||||||||||||||||
| Harpeth Village Fieldstone |
TN | Nashville-Davidson--Murfreesboro | 1998 | 70,091 | 70,091 | 97.7 | % | 97.7 | % | — | 55,377 | Publix | $ | 13.36 | ||||||||||||||||||||||||||||||||||||||
| Lebanon Center |
TN | Nashville-Davidson--Murfreesboro | 2006 | 63,800 | 63,800 | 89.0 | % | 89.0 | % | — | 45,600 | Publix | $ | 12.18 | ||||||||||||||||||||||||||||||||||||||
| Nashboro Village |
TN | Nashville-Davidson--Murfreesboro | 1998 | 86,811 | 86,811 | 95.2 | % | 95.2 | % | — | 61,224 | Kroger | $ | 10.69 | ||||||||||||||||||||||||||||||||||||||
| Northlake Village |
TN | Nashville-Davidson--Murfreesboro | 1988 | 137,807 | 137,807 | 87.6 | % | 87.6 | % | — | 64,537 | Kroger | $ | 11.76 | ||||||||||||||||||||||||||||||||||||||
| Peartree Village |
TN | Nashville-Davidson--Murfreesboro | 1997 | 109,506 | 109,506 | 100.0 | % | 100.0 | % | — | 60,647 | Harris Teeter | $ | 17.87 | ||||||||||||||||||||||||||||||||||||||
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| TN | 478,923 | 478,923 | 93.8 | % | 93.8 | % | 93.8 | % | 93.8 | % | — | 287,385 | ||||||||||||||||||||||||||||||||||||||||
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| Alden Bridge |
JV-USAA | 20 | % | TX | Houston-Baytown-Sugar Land | 1998 | 138,953 | 27,791 | 96.8 | % | 96.8 | % | — | 67,768 | Kroger | $ | 17.49 | |||||||||||||||||||||||||||||||||||
| Bethany Park Place |
JV-USAA | 20 | % | TX | Dallas-Fort Worth-Arlington | 1998 | 98,906 | 19,781 | 92.6 | % | 92.6 | % | — | 83,214 | Kroger | $ | 10.92 | |||||||||||||||||||||||||||||||||||
| Cochran’s Crossing |
TX | Houston-Baytown-Sugar Land | 1994 | 138,192 | 138,192 | 93.4 | % | 93.4 | % | — | 63,449 | Kroger | $ | 16.17 | ||||||||||||||||||||||||||||||||||||||
| Cooper Street |
TX | Dallas-Fort Worth-Arlington | 1992 | 127,696 | 127,696 | 91.4 | % | 91.4 | % | 102,950 | — | (Home Depot) | $ | 10.27 | ||||||||||||||||||||||||||||||||||||||
| Hancock |
TX | Austin-Round Rock | 1998 | 410,438 | 410,438 | 97.9 | % | 97.9 | % | — | 90,217 | H.E.B., Sears | $ | 12.95 | ||||||||||||||||||||||||||||||||||||||
| Hickory Creek Plaza |
TX | Dallas-Fort Worth-Arlington | 2006 | 28,134 | 28,134 | 77.6 | % | 77.6 | % | 81,264 | 81,264 | (Kroger) | $ | 20.68 | ||||||||||||||||||||||||||||||||||||||
| Hillcrest Village |
TX | Dallas-Fort Worth-Arlington | 1991 | 14,530 | 14,530 | 100.0 | % | 100.0 | % | — | — | — | $ | 22.30 | ||||||||||||||||||||||||||||||||||||||
| Indian Springs Center |
JV-O | 50 | % | TX | Houston-Baytown-Sugar Land | 2003 | 136,625 | 68,313 | 100.0 | % | 100.0 | % | — | 79,000 | H.E.B. | $ | 19.04 | |||||||||||||||||||||||||||||||||||
| Keller Town Center |
TX | Dallas-Fort Worth-Arlington | 1999 | 114,937 | 114,937 | 90.8 | % | 90.8 | % | — | 63,631 | Tom Thumb | $ | 14.22 | ||||||||||||||||||||||||||||||||||||||
| Kleinwood Center |
JV-M3 | 25 | % | TX | Houston-Baytown-Sugar Land | 2003 | 148,964 | 37,241 | 83.8 | % | 83.8 | % | — | 80,925 | H.E.B. | $ | 15.75 | |||||||||||||||||||||||||||||||||||
| Lebanon/Legacy Center |
TX | Dallas-Fort Worth-Arlington | 2002 | 56,674 | 56,674 | 86.6 | % | 86.6 | % | 62,804 | 62,804 | (Albertsons) | $ | 22.78 | ||||||||||||||||||||||||||||||||||||||
| Main Street Center |
JV-GRI | 40 | % | TX | Dallas-Fort Worth-Arlington | 2002 | 42,754 | 17,102 | 56.4 | % | 56.4 | % | 62,322 | 62,322 | (Albertsons) | $ | 19.34 | |||||||||||||||||||||||||||||||||||
| Market at Preston Forest |
TX | Dallas-Fort Worth-Arlington | 1990 | 96,353 | 96,353 | 100.0 | % | 100.0 | % | — | 64,228 | Tom Thumb | $ | 18.07 | ||||||||||||||||||||||||||||||||||||||
| Market at Round Rock |
TX | Austin-Round Rock | 1987 | 122,646 | 122,646 | 61.0 | % | 61.0 | % | — | 29,523 | Sprout’s Markets | $ | 17.71 | ||||||||||||||||||||||||||||||||||||||
| Mockingbird Common |
TX | Dallas-Fort Worth-Arlington | 1987 | 120,321 | 120,321 | 100.0 | % | 100.0 | % | — | 48,525 | Tom Thumb | $ | 16.14 | ||||||||||||||||||||||||||||||||||||||
| North Hills |
TX | Austin-Round Rock | 1995 | 144,020 | 144,020 | 99.0 | % | 99.0 | % | — | 60,465 | H.E.B. | $ | 20.51 | ||||||||||||||||||||||||||||||||||||||
| Panther Creek |
TX | Houston-Baytown-Sugar Land | 1994 | 166,077 | 166,077 | 100.0 | % | 100.0 | % | — | 65,800 | Randall’s Food | $ | 16.34 | ||||||||||||||||||||||||||||||||||||||
| Preston Park |
TX | Dallas-Fort Worth-Arlington | 1985 | 239,333 | 239,333 | 87.0 | % | 87.0 | % | — | 53,118 | Tom Thumb | $ | 25.18 | ||||||||||||||||||||||||||||||||||||||
| Prestonbrook |
TX | Dallas-Fort Worth-Arlington | 1998 | 91,537 | 91,537 | 96.9 | % | 96.9 | % | — | 63,636 | Kroger | $ | 13.38 | ||||||||||||||||||||||||||||||||||||||
| Rockwall Town Center |
TX | Dallas-Fort Worth-Arlington | 2004 | 46,095 | 46,095 | 93.5 | % | 93.5 | % | 73,770 | 57,017 | (Kroger) | $ | 23.65 | ||||||||||||||||||||||||||||||||||||||
| Shiloh Springs |
JV-USAA | 20 | % | TX | Dallas-Fort Worth-Arlington | 1998 | 110,040 | 22,008 | 81.6 | % | 81.6 | % | — | 60,932 | Kroger | $ | 13.38 | |||||||||||||||||||||||||||||||||||
| Shops at Highland Village |
TX | Dallas-Fort Worth-Arlington | 2005 | 351,635 | 351,635 | 87.4 | % | 87.4 | % | — | — | AMC Theater | $ | 23.45 | ||||||||||||||||||||||||||||||||||||||
| Signature Plaza |
TX | Dallas-Fort Worth-Arlington | 2004 | 32,415 | 32,415 | 80.0 | % | 80.0 | % | 61,962 | 61,962 | (Kroger) | $ | 21.10 | ||||||||||||||||||||||||||||||||||||||
| Sterling Ridge |
TX | Houston-Baytown-Sugar Land | 2000 | 128,643 | 128,643 | 100.0 | % | 100.0 | % | — | 63,373 | Kroger | $ | 18.51 | ||||||||||||||||||||||||||||||||||||||
| Sweetwater Plaza |
JV-C | 20 | % | TX | Houston-Baytown-Sugar Land | 2000 | 134,045 | 26,809 | 96.9 | % | 96.9 | % | — | 65,241 | Kroger | $ | 16.29 | |||||||||||||||||||||||||||||||||||
| Tech Ridge Center |
TX | Austin-Round Rock | 2001 | 187,350 | 187,350 | 90.4 | % | 90.4 | % | — | 84,352 | H.E.B. | $ | 19.73 | ||||||||||||||||||||||||||||||||||||||
| Trophy Club |
TX | Dallas-Fort Worth-Arlington | 1999 | 106,507 | 106,507 | 87.5 | % | 87.5 | % | — | 63,654 | Tom Thumb | $ | 12.89 | ||||||||||||||||||||||||||||||||||||||
| Waterside Marketplace |
TX | Houston-Baytown-Sugar Land | 2007 | 24,858 | 24,858 | 88.0 | % | 88.0 | % | 102,984 | 102,984 | (Kroger) | $ | 22.90 | ||||||||||||||||||||||||||||||||||||||
| Weslayan Plaza East |
JV-GRI | 40 | % | TX | Houston-Baytown-Sugar Land | 1969 | 169,693 | 67,877 | 100.0 | % | 100.0 | % | — | — | — | $ | 13.66 | |||||||||||||||||||||||||||||||||||
| Weslayan Plaza West |
JV-GRI | 40 | % | TX | Houston-Baytown-Sugar Land | 1969 | 185,964 | 74,386 | 100.0 | % | 100.0 | % | — | 51,960 | Randall’s Food | $ | 16.92 | |||||||||||||||||||||||||||||||||||
| Westwood Village |
TX | Houston-Baytown-Sugar Land | 2006 | 183,546 | 183,546 | 98.2 | % | 98.2 | % | 126,874 | — | (Target) | $ | 16.09 | ||||||||||||||||||||||||||||||||||||||
| Woodway Collection |
JV-GRI | 40 | % | TX | Houston-Baytown-Sugar Land | 1974 | 103,796 | 41,518 | 93.5 | % | 93.5 | % | — | 56,596 | Randall’s Food | $ | 15.74 | |||||||||||||||||||||||||||||||||||
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| TX | 4,201,677 | 3,334,762 | 92.5 | % | 92.5 | % | 92.7 | % | 92.6 | % | 674,930 | 1,787,960 | ||||||||||||||||||||||||||||||||||||||||
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| Ashburn Farm Market Center |
VA | Washington-Arlington-Alexandria | 2000 | 91,905 | 91,905 | 100.0 | % | 100.0 | % | — | 48,999 | Giant Food | $ | 21.26 | ||||||||||||||||||||||||||||||||||||||
| Ashburn Farm Village Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1996 | 88,897 | 35,559 | 96.9 | % | 96.9 | % | — | 57,030 | Shoppers Food Warehouse | $ | 13.56 | |||||||||||||||||||||||||||||||||||
| Braemar Shopping Center |
JV-RC | 25 | % | VA | Washington-Arlington-Alexandria | 2004 | 96,439 | 24,110 | 94.8 | % | 94.8 | % | — | 57,860 | Safeway | $ | 17.38 | |||||||||||||||||||||||||||||||||||
| Centre Ridge Marketplace |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1996 | 104,100 | 41,640 | 100.0 | % | 100.0 | % | — | 55,138 | Shoppers Food Warehouse | $ | 16.18 | |||||||||||||||||||||||||||||||||||
| Cheshire Station |
VA | Washington-Arlington-Alexandria | 2000 | 97,156 | 97,156 | 97.8 | % | 97.8 | % | — | 55,163 | Safeway | $ | 16.59 | ||||||||||||||||||||||||||||||||||||||
| Culpeper Colonnade |
VA | Culpeper | 2006 | 131,707 | 131,707 | 97.1 | % | 97.1 | % | 127,307 | 68,421 | Martin’s, (Target) | $ | 14.17 | ||||||||||||||||||||||||||||||||||||||
| Fairfax Shopping Center |
VA | Washington-Arlington-Alexandria | 1955 | 76,311 | 76,311 | 80.0 | % | 80.0 | % | — | — | — | $ | 13.09 | ||||||||||||||||||||||||||||||||||||||
| Festival at Manchester Lakes |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1990 | 165,130 | 66,052 | 100.0 | % | 100.0 | % | — | 65,000 | Shoppers Food Warehouse | $ | 22.69 | |||||||||||||||||||||||||||||||||||
31
Portfolio Summary Report By State
September 30, 2011
| JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
JVs at 100% |
REG’s pro-rata share |
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| Property Name |
JV | REG’s Ownership % |
State | CBSA |
Yr Const, Last Renovation or Dev Start Yr |
GLA | GLA | % Leased |
% Leased |
% Leased - Operating Properties |
% Leased - Operating Properties |
Anchor- Owned GLA |
Grocery Anchor GLA |
Major Tenants(1) |
Average Base Rent/ Sq. Ft(2) |
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| Fortuna Center Plaza |
JV-RRP | 20 | % | VA | Washington-Arlington-Alexandria | 2004 | 104,694 | 20,939 | 100.0 | % | 100.0 | % | 123,735 | 66,870 | Shoppers Food Warehouse, (Target) | $ | 14.80 | |||||||||||||||||||||||||||||||||||
| Fox Mill Shopping Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1977 | 103,269 | 41,308 | 94.7 | % | 94.7 | % | — | 49,837 | Giant Food | $ | 20.52 | |||||||||||||||||||||||||||||||||||
| Gayton Crossing |
JV-GRI | 40 | % | VA | Richmond | 1983 | 156,917 | 62,767 | 95.9 | % | 95.9 | % | 54,606 | 38,408 | Martin’s, (Kroger) | $ | 13.88 | |||||||||||||||||||||||||||||||||||
| Greenbriar Town Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1972 | 340,006 | 136,002 | 96.9 | % | 96.9 | % | — | 62,319 | Giant Food | $ | 21.30 | |||||||||||||||||||||||||||||||||||
| Hanover Village Shopping Center |
JV-GRI | 40 | % | VA | Richmond | 1971 | 88,006 | 35,202 | 82.1 | % | 82.1 | % | — | — | — | $ | 7.89 | |||||||||||||||||||||||||||||||||||
| Hollymead Town Center |
JV-C2 | 20 | % | VA | Charlottesville | 2004 | 153,739 | 30,748 | 98.1 | % | 98.1 | % | 142,500 | 60,607 | Harris Teeter, (Target) | $ | 20.41 | |||||||||||||||||||||||||||||||||||
| Kamp Washington Shopping Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1960 | 71,825 | 28,730 | 100.0 | % | 100.0 | % | — | — | — | $ | 33.38 | |||||||||||||||||||||||||||||||||||
| Kings Park Shopping Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1966 | 74,702 | 29,881 | 97.2 | % | 97.2 | % | — | 28,161 | Giant Food | $ | 23.61 | |||||||||||||||||||||||||||||||||||
| Lorton Station Marketplace |
JV-C2 | 20 | % | VA | Washington-Arlington-Alexandria | 2005 | 132,445 | 26,489 | 100.0 | % | 100.0 | % | — | 63,000 | Shoppers Food Warehouse | $ | 19.70 | |||||||||||||||||||||||||||||||||||
| Lorton Town Center |
JV-C2 | 20 | % | VA | Washington-Arlington-Alexandria | 2005 | 51,807 | 10,361 | 94.7 | % | 94.7 | % | — | — | — | $ | 26.17 | |||||||||||||||||||||||||||||||||||
| Market at Opitz Crossing |
VA | Washington-Arlington-Alexandria | 2003 | 149,791 | 149,791 | 79.7 | % | 79.7 | % | — | 51,922 | Safeway | $ | 12.34 | ||||||||||||||||||||||||||||||||||||||
| Saratoga Shopping Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1977 | 113,013 | 45,205 | 94.7 | % | 94.7 | % | — | 55,713 | Giant Food | $ | 17.03 | |||||||||||||||||||||||||||||||||||
| Shops at County Center |
VA | Washington-Arlington-Alexandria | 2005 | 96,695 | 96,695 | 93.4 | % | 93.4 | % | — | 52,409 | Harris Teeter | $ | 19.83 | ||||||||||||||||||||||||||||||||||||||
| Shops at Stonewall |
VA | Washington-Arlington-Alexandria | 2007 | 267,175 | 267,175 | 97.6 | % | 97.6 | % | — | 140,000 | Wegmans, Dick’s Sporting Goods | $ | 12.84 | ||||||||||||||||||||||||||||||||||||||
| Shops at Stonewall Phase II |
VA | Washington-Arlington-Alexandria | 2011 | 40,670 | 40,670 | 100.0 | % | 100.0 | % | — | — | Dick’s Sporting Goods | NA | |||||||||||||||||||||||||||||||||||||||
| Signal Hill |
JV-C2 | 20 | % | VA | Washington-Arlington-Alexandria | 2004 | 95,172 | 19,034 | 100.0 | % | 100.0 | % | — | 67,470 | Shoppers Food Warehouse | $ | 19.31 | |||||||||||||||||||||||||||||||||||
| Town Center at Sterling Shopping Center |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1980 | 190,069 | 76,028 | 90.4 | % | 90.4 | % | — | 46,935 | Giant Food | $ | 17.03 | |||||||||||||||||||||||||||||||||||
| Village Center at Dulles |
JV-C | 20 | % | VA | Washington-Arlington-Alexandria | 1991 | 298,271 | 59,654 | 98.3 | % | 98.3 | % | — | 48,424 | Shoppers Food Warehouse, Gold’s Gym | $ | 20.83 | |||||||||||||||||||||||||||||||||||
| Village Shopping Center |
JV-GRI | 40 | % | VA | Richmond | 1948 | 111,177 | 44,471 | 93.5 | % | 93.5 | % | — | 45,023 | Martin’s | $ | 19.31 | |||||||||||||||||||||||||||||||||||
| Willston Centre I |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1952 | 105,376 | 42,150 | 95.8 | % | 95.8 | % | — | — | — | $ | 21.29 | |||||||||||||||||||||||||||||||||||
| Willston Centre II |
JV-GRI | 40 | % | VA | Washington-Arlington-Alexandria | 1986 | 135,862 | 54,345 | 95.0 | % | 95.0 | % | 140,984 | 42,491 | Safeway, (Target) | $ | 19.16 | |||||||||||||||||||||||||||||||||||
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| VA | 3,732,326 | 1,882,085 | 95.6 | % | 94.6 | % | 95.5 | % | 94.5 | % | 589,132 | 1,327,200 | ||||||||||||||||||||||||||||||||||||||||
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| Aurora Marketplace |
JV-GRI | 40 | % | WA | Seattle-Tacoma-Bellevue | 1991 | 106,921 | 42,768 | 94.5 | % | 94.5 | % | — | 48,893 | Safeway | $ | 14.86 | |||||||||||||||||||||||||||||||||||
| Cascade Plaza |
JV-C | 20 | % | WA | Seattle-Tacoma-Bellevue | 1999 | 211,072 | 42,214 | 79.2 | % | 79.2 | % | — | 49,440 | Safeway | $ | 11.05 | |||||||||||||||||||||||||||||||||||
| Eastgate Plaza |
JV-GRI | 40 | % | WA | Seattle-Tacoma-Bellevue | 1956 | 78,230 | 31,292 | 100.0 | % | 100.0 | % | — | 28,775 | Albertsons | $ | 22.80 | |||||||||||||||||||||||||||||||||||
| Inglewood Plaza |
WA | Seattle-Tacoma-Bellevue | 1985 | 17,253 | 17,253 | 100.0 | % | 100.0 | % | — | — | — | $ | 29.94 | ||||||||||||||||||||||||||||||||||||||
| Orchards Market Center I |
JV-RRP | 20 | % | WA | Portland-Vancouver-Beaverton | 2004 | 100,663 | 20,133 | 100.0 | % | 100.0 | % | — | — | Wholesale Sports | $ | 13.11 | |||||||||||||||||||||||||||||||||||
| Orchards Market Center II |
WA | Portland-Vancouver-Beaverton | 2005 | 77,478 | 77,478 | 89.9 | % | 89.9 | % | — | — | LA Fitness | $ | 17.86 | ||||||||||||||||||||||||||||||||||||||
| Overlake Fashion Plaza |
JV-GRI | 40 | % | WA | Seattle-Tacoma-Bellevue | 1987 | 80,555 | 32,222 | 94.5 | % | 94.5 | % | 230,300 | — | (Sears) | $ | 23.06 | |||||||||||||||||||||||||||||||||||
| Pine Lake Village |
WA | Seattle-Tacoma-Bellevue | 1989 | 102,899 | 102,899 | 100.0 | % | 100.0 | % | — | 40,982 | Quality Foods | $ | 20.14 | ||||||||||||||||||||||||||||||||||||||
| Sammamish-Highlands |
WA | Seattle-Tacoma-Bellevue | 1992 | 101,289 | 101,289 | 95.5 | % | 95.5 | % | 55,000 | 55,000 | (Safeway) | $ | 24.62 | ||||||||||||||||||||||||||||||||||||||
| Southcenter |
WA | Seattle-Tacoma-Bellevue | 1990 | 58,282 | 58,282 | 97.0 | % | 97.0 | % | 111,900 | — | (Target) | $ | 28.20 | ||||||||||||||||||||||||||||||||||||||
| Thomas Lake |
WA | Seattle-Tacoma-Bellevue | 1998 | 103,872 | 103,872 | 89.5 | % | 89.5 | % | — | 50,065 | Albertsons | $ | 14.32 | ||||||||||||||||||||||||||||||||||||||
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| WA | 1,038,514 | 629,702 | 92.4 | % | 94.0 | % | 92.4 | % | 94.0 | % | 397,200 | 273,155 | ||||||||||||||||||||||||||||||||||||||||
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| Racine Centre Shopping Center |
JV-GRI | 40 | % | WI | Racine | 1988 | 135,827 | 54,331 | 95.4 | % | 95.4 | % | — | 50,979 | Piggly Wiggly | $ | 7.11 | |||||||||||||||||||||||||||||||||||
| Whitnall Square Shopping Center |
JV-GRI | 40 | % | WI | Milwaukee-Waukesha-West Allis | 1989 | 133,301 | 53,320 | 91.6 | % | 91.6 | % | — | 69,090 | Pick ‘N’ Save | $ | 7.69 | |||||||||||||||||||||||||||||||||||
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| WI | 269,128 | 107,651 | 93.5 | % | 93.5 | % | 93.5 | % | 93.5 | % | — | 120,069 | ||||||||||||||||||||||||||||||||||||||||
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| Regency Centers Total |
42,445,709 | 29,942,962 | 93.1 | % | 92.6 | % | 93.4 | % | 92.9 | % | 7,353,856 | 15,477,209 | ||||||||||||||||||||||||||||||||||||||||
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| (1) Major Tenants are the grocer anchor and any tenant over 40,000 square feet. Tenants in parenthesis own their own GLA. |
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| (2) Average Base Rent/Sq. Ft. does not include ground leases. |
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| JV-C: |
Co-investment Partnership with Oregon | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-C2: |
Co-investment Partnership with Oregon | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-CCV: |
Co-investment Partnership with Oregon | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-GRI: |
Co-investment Partnership with GRI | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-M3: |
Co-investment Partnership with Charter Hall Retail REIT | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-O: |
Other, single property Co-investment Partnerships | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-RC: |
Co-investment Partnership with CalSTRS | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-RRP: |
Regency Retail Partners (closed-end fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JV-USAA: |
Co-investment Partnership with USAA | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Properties managed by Regency, but not owned |
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| Northlake Promenade |
GA | Atlanta-Sandy Springs-Marietta | 25,394 | |||||||
| Powers Ferry Kroger |
GA | Atlanta-Sandy Springs-Marietta | 45,528 | |||||||
| Lindbergh Crossing |
GA | Atlanta-Sandy Springs-Marietta | 27,059 | |||||||
| Roswell Crossing |
GA | Atlanta-Sandy Springs-Marietta | 201,979 | |||||||
| Woodstock Crossing |
GA | Atlanta-Sandy Springs-Marietta | 66,122 | |||||||
| Centennial Crossroads Plaza |
NV | Las Vegas-Paradise | 99,064 | |||||||
| Cherry Park Market |
OR | Portland-Vancouver-Beaverton | 113,518 | |||||||
| Hillsboro Market Center |
OR | Portland-Vancouver-Beaverton | 148,051 | |||||||
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| Total square footage managed by Regency, but not owned |
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32
Significant Tenant Rents - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships
September 30, 2011
| Tenant |
Tenant GLA(1) |
% of Company- Owned GLA(1) |
Total Annualized Base Rent(2) |
% of Total Annualized Base Rent(2) |
Total #
of Leased Stores - 100% Owned and JV |
# of Leased Stores in JV |
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| Kroger |
2,148,361 | 7.2 | % | $ | 20,022,909 | 4.4 | % | 44 | 13 | |||||||||||||||
| Publix |
2,031,785 | 6.8 | % | 19,989,244 | 4.4 | % | 55 | 18 | ||||||||||||||||
| Safeway |
1,707,700 | 5.7 | % | 16,878,899 | 3.7 | % | 51 | 26 | ||||||||||||||||
| Supervalu |
925,485 | 3.1 | % | 10,775,538 | 2.4 | % | 27 | 15 | ||||||||||||||||
| CVS |
500,827 | 1.7 | % | 7,359,513 | 1.6 | % | 48 | 23 | ||||||||||||||||
| Whole Foods |
252,450 | 0.8 | % | 6,652,988 | 1.5 | % | 8 | 3 | ||||||||||||||||
| TJX Companies |
543,334 | 1.8 | % | 6,331,997 | 1.4 | % | 25 | 9 | ||||||||||||||||
| Ahold |
341,251 | 1.1 | % | 4,665,362 | 1.0 | % | 13 | 10 | ||||||||||||||||
| Ross Dress For Less |
278,612 | 0.9 | % | 4,353,146 | 1.0 | % | 17 | 11 | ||||||||||||||||
| H.E.B. |
294,765 | 1.0 | % | 4,325,545 | 1.0 | % | 5 | 2 | ||||||||||||||||
| PETCO |
213,379 | 0.7 | % | 3,993,390 | 0.9 | % | 23 | 10 | ||||||||||||||||
| Walgreens |
193,909 | 0.6 | % | 3,728,665 | 0.8 | % | 16 | 4 | ||||||||||||||||
| Starbucks |
101,637 | 0.3 | % | 3,578,601 | 0.8 | % | 84 | 32 | ||||||||||||||||
| Rite Aid |
234,160 | 0.8 | % | 3,547,086 | 0.8 | % | 26 | 15 | ||||||||||||||||
| Sports Authority |
181,523 | 0.6 | % | 3,460,631 | 0.8 | % | 5 | 1 | ||||||||||||||||
| Wells Fargo Bank |
64,830 | 0.2 | % | 3,434,976 | 0.8 | % | 37 | 21 | ||||||||||||||||
| Bank of America |
76,963 | 0.3 | % | 3,264,408 | 0.7 | % | 28 | 12 | ||||||||||||||||
| Sears Holdings |
423,487 | 1.4 | % | 3,184,303 | 0.7 | % | 10 | 5 | ||||||||||||||||
| Subway |
100,591 | 0.3 | % | 2,975,786 | 0.7 | % | 114 | 52 | ||||||||||||||||
| PetSmart |
178,850 | 0.6 | % | 2,959,265 | 0.7 | % | 10 | 4 | ||||||||||||||||
| Target |
349,683 | 1.2 | % | 2,883,723 | 0.6 | % | 4 | 2 | ||||||||||||||||
| Harris Teeter |
245,746 | 0.8 | % | 2,836,032 | 0.6 | % | 8 | 4 | ||||||||||||||||
| The UPS Store |
97,118 | 0.3 | % | 2,537,559 | 0.6 | % | 94 | 37 | ||||||||||||||||
| Wal-Mart |
498,204 | 1.7 | % | 2,465,948 | 0.5 | % | 4 | 1 | ||||||||||||||||
| JPMorgan Chase Bank |
54,572 | 0.2 | % | 2,400,703 | 0.5 | % | 22 | 6 | ||||||||||||||||
| Trader Joe’s |
89,994 | 0.3 | % | 2,285,832 | 0.5 | % | 11 | 5 | ||||||||||||||||
Fuel Pad base rent (below) is included in the respective grocer’s annualized base rent above.
| Grocer fuel pads on ground leases |
Annualized Base Rent(2) |
|||
| Safeway Total |
$ | 105,405 | ||
| Kroger Total |
$ | 34,450 | ||
| GLA owned and occupied by the anchor not included above: |
# of Tenant- Owned Stores |
# of Stores including Tenant- Owned | ||||||
| Target |
1,971,285 | 18 | 22 | |||||
| Kroger |
627,856 | 8 | 52 | |||||
| Wal-Mart |
575,487 | 4 | 8 | |||||
| Lowe’s Home Improvement |
314,659 | 3 | 6 | |||||
| Safeway |
314,000 | 6 | 57 | |||||
| Sears Holdings |
92,080 | 1 | 11 | |||||
| Supervalu |
78,371 | 2 | 29 | |||||
| Publix |
62,771 | 1 | 56 | |||||
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| 4,036,509 | ||||||||
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| (1) | GLA includes only Regency’s pro-rata share of GLA in unconsolidated co-investment partnerships. |
| (2) | Annualized Base Rent includes only Regency’s pro-rata share of rent from unconsolidated co-investment partnerships. |
33
Significant Tenants Rents - Wholly Owned and 100% of Co-investment Partnerships
September 30, 2011
| Tenant |
Tenant GLA(1) |
% of Company- Owned GLA(1) |
Total Annualized Base Rent(2) |
% of Total Annualized Base Rent(2) |
Total # of Leased Stores - 100% Owned and JV |
# of Leased Stores in JV | ||||||||||||||
| Safeway |
2,686,154 | 6.3 | % | $ | 28,318,188 | 4.4 | % | 51 | 26 | |||||||||||
| Publix |
2,603,933 | 6.1 | % | 25,718,175 | 4.0 | % | 55 | 18 | ||||||||||||
| Kroger |
2,671,943 | 6.3 | % | 24,446,176 | 3.8 | % | 44 | 13 | ||||||||||||
| Supervalu |
1,454,411 | 3.4 | % | 16,384,307 | 2.5 | % | 27 | 15 | ||||||||||||
| CVS |
726,744 | 1.7 | % | 11,133,088 | 1.7 | % | 48 | 23 | ||||||||||||
| Whole Foods |
363,569 | 0.9 | % | 9,398,199 | 1.5 | % | 8 | 3 | ||||||||||||
| TJX Companies |
689,172 | 1.6 | % | 7,913,552 | 1.2 | % | 25 | 9 | ||||||||||||
| Ahold |
632,515 | 1.5 | % | 7,627,978 | 1.2 | % | 13 | 10 | ||||||||||||
| Ross Dress For Less |
491,217 | 1.2 | % | 7,306,164 | 1.1 | % | 17 | 11 | ||||||||||||
| PETCO |
322,585 | 0.8 | % | 6,256,214 | 1.0 | % | 23 | 10 | ||||||||||||
| H.E.B. |
394,959 | 0.9 | % | 5,700,545 | 0.9 | % | 5 | 2 | ||||||||||||
| Wells Fargo Bank |
97,599 | 0.2 | % | 5,487,579 | 0.8 | % | 37 | 21 | ||||||||||||
| Rite Aid |
383,613 | 0.9 | % | 5,473,946 | 0.8 | % | 26 | 15 | ||||||||||||
| Harris Teeter |
409,347 | 1.0 | % | 4,838,121 | 0.7 | % | 8 | 4 | ||||||||||||
| Starbucks |
136,382 | 0.3 | % | 4,829,182 | 0.7 | % | 84 | 32 | ||||||||||||
| Bank of America |
102,158 | 0.2 | % | 4,769,577 | 0.7 | % | 28 | 12 | ||||||||||||
| Target |
514,078 | 1.2 | % | 4,760,504 | 0.7 | % | 4 | 2 | ||||||||||||
| Sears Holdings |
573,085 | 1.4 | % | 4,481,238 | 0.7 | % | 10 | 5 | ||||||||||||
| Subway |
148,331 | 0.3 | % | 4,416,013 | 0.7 | % | 114 | 52 | ||||||||||||
| Walgreens |
229,963 | 0.5 | % | 4,277,441 | 0.7 | % | 16 | 4 | ||||||||||||
| 24 Hour Fitness |
198,706 | 0.5 | % | 3,979,061 | 0.6 | % | 6 | 4 | ||||||||||||
| PetSmart |
240,700 | 0.6 | % | 3,924,549 | 0.6 | % | 10 | 4 | ||||||||||||
| Sports Authority |
209,757 | 0.5 | % | 3,820,620 | 0.6 | % | 5 | 1 | ||||||||||||
| Toys “R” Us |
262,446 | 0.6 | % | 3,785,358 | 0.6 | % | 6 | 5 | ||||||||||||
| The UPS Store |
132,172 | 0.3 | % | 3,454,859 | 0.5 | % | 94 | 37 | ||||||||||||
| Lowe’s Home Improvement |
448,112 | 1.1 | % | 3,386,132 | 0.5 | % | 3 | 1 | ||||||||||||
| Trader Joe’s |
128,365 | 0.3 | % | 3,219,094 | 0.5 | % | 11 | 5 | ||||||||||||
Fuel Pad base rent (below) is included in the respective grocer’s annualized base rent above.
| Grocer fuel pads on ground leases |
Annualized Base Rent(2) |
|||
| Safeway Total |
$ | 254,400 | ||
| Kroger Total |
$ | 44,200 | ||
| GLA owned and occupied by the anchor not included above: |
# of Tenant- Owned Stores |
# of Stores including Tenant- Owned |
||||||||||
| Target |
2,394,763 | 18 | 22 | |||||||||
| Wal-Mart |
737,887 | 4 | 8 | |||||||||
| Kroger |
666,256 | 8 | 52 | |||||||||
| Lowe’s Home Improvement |
446,659 | 3 | 6 | |||||||||
| Safeway |
314,000 | 6 | 57 | |||||||||
| Sears Holdings |
230,200 | 1 | 11 | |||||||||
| Supervalu |
101,721 | 2 | 29 | |||||||||
| Publix |
62,771 | 1 | 56 | |||||||||
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| 4,954,257 | ||||||||||||
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| (1) | GLA includes 100% of the GLA in unconsolidated co-investment partnerships. |
| (2) | Total Annualized Base Rent includes 100% of the base rent in unconsolidated co-investment partnerships. |
34
Tenant Lease Expirations
September 30, 2011
| All Tenants |
Regency’s Pro-Rata Share | Co-investment Partnerships at 100% | ||||||||||||||||||||||||||||||||||
| Lease Expiration Year |
Pro-Rata Expiring GLA |
Percent of Pro-Rata Expiring GLA |
Pro-Rata In-Place Minimum Rent Under Expiring Leases |
Percent of Expiring Pro-Rata Minimum Rent(2) |
Pro-rata Expiring A.B.R |
Expiring GLA at 100% |
Percent of Expiring GLA |
In-Place Minimum Rent Under Expiring Leases at 100% |
Percent of Expiring Minimum Rent(2) |
|||||||||||||||||||||||||||
| (1) |
230,655 | 0.9 | % | $ | 4,705,982 | 1.0 | % | $ | 20.40 | 318,658 | 0.8 | % | $ | 6,664,018 | 1.0 | % | ||||||||||||||||||||
| 2011 |
309,604 | 1.2 | % | 6,200,388 | 1.4 | % | 20.03 | 432,190 | 1.1 | % | 8,859,495 | 1.4 | % | |||||||||||||||||||||||
| 2012 |
2,990,306 | 11.2 | % | 57,842,756 | 12.7 | % | 19.34 | 4,171,812 | 10.9 | % | 81,062,419 | 12.5 | % | |||||||||||||||||||||||
| 2013 |
2,626,502 | 9.8 | % | 50,860,147 | 11.2 | % | 19.36 | 4,109,411 | 10.7 | % | 74,390,604 | 11.5 | % | |||||||||||||||||||||||
| 2014 |
2,546,658 | 9.5 | % | 50,220,000 | 11.1 | % | 19.72 | 3,710,487 | 9.7 | % | 72,456,424 | 11.2 | % | |||||||||||||||||||||||
| 2015 |
2,165,099 | 8.1 | % | 43,330,335 | 9.5 | % | 20.01 | 3,372,138 | 8.8 | % | 64,784,664 | 10.0 | % | |||||||||||||||||||||||
| 2016 |
2,784,410 | 10.4 | % | 46,441,723 | 10.2 | % | 16.68 | 4,012,503 | 10.5 | % | 68,145,553 | 10.5 | % | |||||||||||||||||||||||
| 2017 |
1,837,883 | 6.9 | % | 31,399,735 | 6.9 | % | 17.08 | 2,578,076 | 6.7 | % | 43,243,293 | 6.7 | % | |||||||||||||||||||||||
| 2018 |
1,395,655 | 5.2 | % | 22,144,019 | 4.9 | % | 15.87 | 1,948,991 | 5.1 | % | 30,778,722 | 4.8 | % | |||||||||||||||||||||||
| 2019 |
1,190,727 | 4.5 | % | 18,800,989 | 4.1 | % | 15.79 | 1,619,576 | 4.2 | % | 26,094,254 | 4.0 | % | |||||||||||||||||||||||
| 2020 |
1,596,564 | 6.0 | % | 23,391,229 | 5.1 | % | 14.65 | 2,141,949 | 5.6 | % | 30,334,865 | 4.7 | % | |||||||||||||||||||||||
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| 10 Year Total |
19,674,061 | 73.7 | % | 355,337,302 | 78.2 | % | 18.06 | 28,415,791 | 74.3 | % | 506,814,311 | 78.4 | % | |||||||||||||||||||||||
| Thereafter |
7,036,675 | 26.3 | % | 99,029,215 | 21.8 | % | 14.07 | 9,822,656 | 25.7 | % | 140,014,522 | 21.6 | % | |||||||||||||||||||||||
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| 26,710,736 | 100.0 | % | $ | 454,366,517 | 100.0 | % | $ | 17.01 | 38,238,447 | 100.0 | % | $ | 646,828,831 | 100.0 | % | |||||||||||||||||||||
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| Anchor Tenants(3) |
Regency’s Pro-Rata Share | Co-investment Partnerships at 100% | ||||||||||||||||||||||||||||||||||
| Lease Expiration Year |
Pro-Rata Expiring GLA |
Percent of Pro-Rata Expiring GLA |
Pro-Rata In-Place Minimum Rent Under Expiring Leases |
Percent of Expiring Pro-Rata Minimum Rent(2) |
Pro-rata Expiring A.B.R |
Expiring GLA at 100% |
Percent of Expiring GLA |
In-Place Minimum Rent Under Expiring Leases at 100% |
Percent of Expiring Minimum Rent(2) |
|||||||||||||||||||||||||||
| (1) |
51,922 | 0.3 | % | $ | 259,610 | 0.2 | % | — | 51,922 | 0.2 | % | $ | 259,610 | 0.1 | % | |||||||||||||||||||||
| 2011 |
40,832 | 0.3 | % | 214,250 | 0.1 | % | 5.25 | 40,832 | 0.2 | % | 214,250 | 0.1 | % | |||||||||||||||||||||||
| 2012 |
889,069 | 5.9 | % | 7,881,627 | 4.8 | % | 8.87 | 1,246,399 | 5.7 | % | 11,514,907 | 4.8 | % | |||||||||||||||||||||||
| 2013 |
815,899 | 5.4 | % | 7,000,577 | 4.3 | % | 8.58 | 1,567,183 | 7.2 | % | 13,312,571 | 5.6 | % | |||||||||||||||||||||||
| 2014 |
822,472 | 5.5 | % | 8,324,742 | 5.1 | % | 10.12 | 1,231,359 | 5.7 | % | 13,163,372 | 5.5 | % | |||||||||||||||||||||||
| 2015 |
686,068 | 4.6 | % | 6,734,466 | 4.1 | % | 9.82 | 1,218,976 | 5.6 | % | 11,882,928 | 5.0 | % | |||||||||||||||||||||||
| 2016 |
1,337,839 | 8.9 | % | 11,690,232 | 7.1 | % | 8.74 | 1,886,070 | 8.7 | % | 17,749,218 | 7.4 | % | |||||||||||||||||||||||
| 2017 |
1,114,657 | 7.4 | % | 13,304,264 | 8.1 | % | 11.94 | 1,625,067 | 7.5 | % | 19,345,248 | 8.1 | % | |||||||||||||||||||||||
| 2018 |
869,741 | 5.8 | % | 10,003,736 | 6.1 | % | 11.50 | 1,260,758 | 5.8 | % | 14,569,175 | 6.1 | % | |||||||||||||||||||||||
| 2019 |
927,672 | 6.2 | % | 12,216,788 | 7.4 | % | 13.17 | 1,237,851 | 5.7 | % | 16,245,790 | 6.8 | % | |||||||||||||||||||||||
| 2020 |
1,239,022 | 8.3 | % | 14,910,677 | 9.1 | % | 12.03 | 1,644,729 | 7.6 | % | 18,832,426 | 7.9 | % | |||||||||||||||||||||||
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| 10 Year Total |
8,795,194 | 58.6 | % | 92,540,969 | 56.4 | % | 10.52 | 13,011,146 | 59.8 | % | 137,089,496 | 57.2 | % | |||||||||||||||||||||||
| Thereafter |
6,210,770 | 41.4 | % | 71,460,464 | 43.6 | % | 11.51 | 8,735,659 | 40.2 | % | 102,656,346 | 42.8 | % | |||||||||||||||||||||||
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| 15,005,964 | 100.0 | % | $ | 164,001,434 | 100.0 | % | $ | 10.93 | 21,746,805 | 100.0 | % | $ | 239,745,843 | 100.0 | % | |||||||||||||||||||||
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Reflects in place leases as of September 30, 2011, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.
| (1) | Leases currently under month to month lease or in process of renewal. |
| (2) | Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. |
| (3) | Anchor tenants represent any tenant at least 20,000 square feet. |
35
Tenant Lease Expirations
September 30, 2011
| Inline Tenants |
Regency’s Pro-Rata Share | Co-investment Partnerships at 100% | ||||||||||||||||||||||||||||||||||
| Lease Expiration Year |
Pro-Rata Expiring GLA |
Percent
of Pro-Rata Expiring GLA |
Pro-Rata In-Place Minimum Rent Under Expiring Leases |
Percent
of Expiring Pro-Rata Minimum Rent(2) |
Pro-rata Expiring A.B.R |
Expiring GLA at 100% |
Percent
of Expiring GLA |
In-Place Minimum Rent Under Expiring Leases at 100% |
Percent
of Expiring Minimum Rent(2) |
|||||||||||||||||||||||||||
| (1) |
178,733 | 1.5 | % | $ | 4,446,372 | 1.5 | % | $ | 24.88 | 266,736 | 1.6 | % | $ | 6,404,408 | 1.6 | % | ||||||||||||||||||||
| 2011 |
268,772 | 2.3 | % | 5,986,138 | 2.1 | % | 22.27 | 391,358 | 2.4 | % | 8,645,245 | 2.1 | % | |||||||||||||||||||||||
| 2012 |
2,101,237 | 18.0 | % | 49,961,128 | 17.2 | % | 23.78 | 2,925,413 | 17.7 | % | 69,547,512 | 17.1 | % | |||||||||||||||||||||||
| 2013 |
1,810,603 | 15.5 | % | 43,859,570 | 15.1 | % | 24.22 | 2,542,228 | 15.4 | % | 61,078,032 | 15.0 | % | |||||||||||||||||||||||
| 2014 |
1,724,186 | 14.7 | % | 41,895,258 | 14.4 | % | 24.30 | 2,479,128 | 15.0 | % | 59,293,052 | 14.6 | % | |||||||||||||||||||||||
| 2015 |
1,479,031 | 12.6 | % | 36,595,870 | 12.6 | % | 24.74 | 2,153,162 | 13.1 | % | 52,901,736 | 13.0 | % | |||||||||||||||||||||||
| 2016 |
1,446,572 | 12.4 | % | 34,751,491 | 12.0 | % | 24.02 | 2,126,433 | 12.9 | % | 50,396,335 | 12.4 | % | |||||||||||||||||||||||
| 2017 |
723,226 | 6.2 | % | 18,095,470 | 6.2 | % | 25.02 | 953,009 | 5.8 | % | 23,898,045 | 5.9 | % | |||||||||||||||||||||||
| 2018 |
525,913 | 4.5 | % | 12,140,284 | 4.2 | % | 23.08 | 688,233 | 4.2 | % | 16,209,547 | 4.0 | % | |||||||||||||||||||||||
| 2019 |
263,055 | 2.2 | % | 6,584,200 | 2.3 | % | 25.03 | 381,725 | 2.3 | % | 9,848,463 | 2.4 | % | |||||||||||||||||||||||
| 2020 |
357,542 | 3.1 | % | 8,480,552 | 2.9 | % | 23.72 | 497,220 | 3.0 | % | 11,502,439 | 2.8 | % | |||||||||||||||||||||||
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| 10 Year Total |
10,878,868 | 92.9 | % | 262,796,333 | 90.5 | % | 24.16 | 15,404,645 | 93.4 | % | 369,724,814 | 90.8 | % | |||||||||||||||||||||||
| Thereafter |
825,904 | 7.1 | % | 27,568,751 | 9.5 | % | 33.38 | 1,086,997 | 6.6 | % | 37,358,175 | 9.2 | % | |||||||||||||||||||||||
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| 11,704,772 | 100.0 | % | $ | 290,365,084 | 100.0 | % | $ | 24.81 | 16,491,642 | 100.0 | % | $ | 407,082,989 | 100.0 | % | |||||||||||||||||||||
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Reflects in place leases as of September 30, 2011, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.
| (1) | Leases currently under month to month lease or in process of renewal. |
| (2) | Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. |
36
Earnings and Valuation Guidance
September 30, 2011
| ($000s except per share numbers) | 2009A | 2010A | 2011E | 1Q11A | 2Q11A | 3Q11A | 4Q11E | |||||||||||||||||
| FFO / Share (for actuals please see related press release) |
$2.45 - $2.51 | $.61 - $.67 | ||||||||||||||||||||||
| Recurring FFO / Share |
$2.34 - $2.40 | $.58 - $.64 | ||||||||||||||||||||||
| Same Property - Wholly owned and Regency’s pro-rata share of co-investment partnerships: |
||||||||||||||||||||||||
| Same property percent leased at period end |
93.1 | % | 92.8 | % | 92.0% - 93.5% | 92.0 | % | 92.2 | % | 93.0 | % | |||||||||||||
| Same property NOI growth |
-6.7 | % | 1.2 | % | (1.0)% - 0% | -1.6 | % | -0.8 | % | -0.2 | % | |||||||||||||
| Same property NOI growth without termination fees |
-6.1 | % | 0.0 | % | (0.25)% - 0.75% | 0.6 | % | -0.3 | % | 0.2 | % | |||||||||||||
| Same property recovery rate |
77.3 | % | 77.0 | % | 76% - 78% | 75.4 | % | 76.4 | % | 76.4 | % | |||||||||||||
| Rental rate growth |
-2.7 | % | -1.8 | % | (3.0)% - 0% | -4.9 | % | -1.0 | % | -1.6 | % | |||||||||||||
| Percentage Rent - Consolidated Only |
$ | 3,584 | $ | 2,540 | $2,000 - $2,800 | $ | 907 | $ | 151 | $ | 430 | |||||||||||||
| Recovery Rate - Consolidated Only - All Properties |
73.7 | % | 74.2 | % | 72% - 74% | 72.1 | % | 74.6 | % | 73.7 | % | |||||||||||||
| Investment Activity |
||||||||||||||||||||||||
| Regency’s Additional 15% Investment in GRI JV |
$ | 0 | $ | 239,718 | $0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
| Cap rate (average) |
0.0 | % | 9.6 | % | 0.0% | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
| Acquisitions - (REG Pro-Rata) |
$ | 8,942 | $ | 89,722 | $110,643 - $140,000 | $ | 0 | $ | 11,029 | $ | 99,614 | |||||||||||||
| Cap rate (average) |
9.3 | % | 6.7 | % | 5.8% - 6.0% | 0.0 | % | 7.6 | % | 5.9 | % | |||||||||||||
| JV Acquisitions - REG contributions (gross $) |
$ | 133,865 | $ | 0 | $0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
| Cap rate (average) |
8.8 | % | 0.0 | % | 0.0% | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
| REG % ownership |
20 | % | 0 | % | 0% | 0 | % | 0 | % | 0 | % | |||||||||||||
| Dispositions - (REG Pro-Rata) |
$ | 189,509 | $ | 62,600 | $32,000 - $90,000 | $ | 4,298 | $ | 1,220 | $ | 21,303 | |||||||||||||
| Cap rate (average) |
8.4 | % | 8.4 | % | 7.8% - 8.3% | 12.2 | % | 4.9 | % | 8.5 | % | |||||||||||||
| Development starts |
$ | 29,814 | $ | 6,060 | $40,000 - $100,000 | $ | 13,761 | $ | 2,109 | $ | 0 | |||||||||||||
| Development completions - net costs |
$ | 111,257 | $ | 306,188 | $257,000 - $287,000 | $ | 2,685 | $ | 121,836 | $ | 23,515 | |||||||||||||
| Stabilized yield (net dev costs) |
7.9 | % | 7.9 | % | 6.9% - 7.1% | 6.0 | % | 6.7 | % | 10.1 | % | |||||||||||||
| Completion yield (net dev costs) |
7.7 | % | 6.0 | % | 5.0% - 5.5% | 2.7 | % | 5.2 | % | 7.7 | % | |||||||||||||
| Capitalized interest on completions |
$ | 1,585 | $ | 607 | $345 - $500 | $ | 112 | $ | 100 | $ | 133 | |||||||||||||
| Transaction profits net of deal costs and taxes |
$ | 23,233 | $ | 3,597 | $5,700 to $8,000 | $ | 1,727 | $ | 4,619 | -$ | 537 | |||||||||||||
| Third party fees and commissions |
$ | 30,508 | $ | 26,806 | $27,500 - $29,000 | $ | 7,858 | $ | 7,194 | $ | 6,940 | |||||||||||||
| Net Asset Valuation Guidance: |
||||||||||||||||||||||||
| Estimated market value of expansion land and outparcels available |
$ | 90,511 | ||||||||||||||||||||||
| NOI from in-process developments (current quarter) |
$ | 4,512 | ||||||||||||||||||||||
| NOI from leases signed but not yet rent-paying in operating properties, including completed developments (current quarter) |
$ | 2,052 | ||||||||||||||||||||||
Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
37
Reconciliation of FFO and Recurring FFO Guidance to Net Income
September 30, 2011
All numbers are per share except weighted average shares
| Funds From Operations Guidance: |
Three Months
Ended December 31, 2011 |
Full Year 2011 | ||||||||||||||
| Net income attributable to common stockholders |
$ | 0.13 | $ | 0.19 | $ | 0.40 | $ | 0.46 | ||||||||
| Adjustments to reconcile net income to FFO: |
||||||||||||||||
| Depreciation expense, amortization and other amounts as defined below |
$ | 0.48 | 0.48 | $ | 2.05 | 2.05 | ||||||||||
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| Funds From Operations (1) |
$ | 0.61 | 0.67 | $ | 2.45 | $ | 2.51 | |||||||||
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| Adjustments to reconcile FFO to Recurring FFO: |
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| All non-recurring items as defined below |
(0.03 | ) | (0.03 | ) | (0.11 | ) | (0.11 | ) | ||||||||
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| Recurring Funds From Operations (1) |
$ | 0.58 | 0.64 | $ | 2.34 | 2.40 | ||||||||||
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| Weighted average shares (000’s) |
89,813 | 88,646 | ||||||||||||||
| (1) | See the definition of Funds from Operations and Recurring Funds from Operations included on page 2 of this supplemental report. |
38