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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

November 1, 2017
Date of Report (Date of earliest event reported)
 
 
 
REGENCY CENTERS CORPORATION
(Exact name of registrant as specified in its charter)
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-reglogocover123116a03.jpg
 
Florida
59-3191743
(State or other jurisdiction
of incorporation)
001-12298
(IRS Employer
Identification No.)
 
(Commission
File Number)
 
 
 
 
One Independent Drive, Suite 114
Jacksonville, Florida 32202
(Address of principal executive offices) (Zip Code)
 
 
 
 (904) 598-7000
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
 
 

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:

 o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
 o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 





Item 2.02    Disclosure of Results of Operations and Financial Condition

On November 1, 2017, Regency issued an earnings release for the three and nine months ended September 30, 2017, which is attached as Exhibit 99.1.

On November 1, 2017, Regency posted on its website, at www.regencycenters.com, the supplemental information for the three and nine months ended September 30, 2017, which is attached as Exhibit 99.2.


Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1 Earnings release issued by Regency on November 1, 2017, for the three and nine months ended
September 30, 2017.

Exhibit 99.2Supplemental information posted on its website on November 1, 2017, for the three and nine months ended September 30, 2017.
    




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
REGENCY CENTERS CORPORATION
November 1, 2017
By:

/s/ J. Christian Leavitt
J. Christian Leavitt, Senior Vice President and Treasurer
(Principal Accounting Officer)



Exhibit
EXHIBIT 99.1


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Regency Centers Reports Third Quarter 2017 Results

JACKSONVILLE, FL. (November 1, 2017) - Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended September 30, 2017.

Third Quarter 2017 Highlights

•
Net Income Attributable to Common Stockholders (“Net Income”) of $0.35 per diluted share.
•
NAREIT Funds From Operations (“NAREIT FFO”) of $0.91 per diluted share and Core Funds From Operations (“Core FFO”) of $0.95 per diluted share.
•
Same property Net Operating Income (“NOI”) as adjusted, which reflects adjustments for the Equity One merger, excluding termination fees, increased 5.0% as compared to the same period in the prior year.
•
As of September 30, 2017, the same property portfolio was 96.1% leased, a 20 basis point increase sequentially.
•
Spaces less than 10,000 square feet (“Small Shops”) were 92.5% leased, a 40 basis point increase sequentially.
•
Executed 1.8 million square feet of new and renewal leases on a comparable basis, resulting in 17.4% blended rent spreads.
•
As of September 30, 2017, a total of 30 properties were in development or redevelopment representing a combined investment of approximately $600 million.

“Our experienced and deep team, unequaled high quality portfolio, value add asset management and development capabilities and opportunities, and strong balance sheet continue to drive solid performance even in today’s challenging environment,” stated Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency is well positioned to grow NOI, NAV, earnings and shareholder value at levels that are at or near the top of our shopping center peers.”

Financial Results

Regency reported Net Income for the third quarter of $59.7 million, or $0.35 per diluted share compared to Net Income of $5.3 million, or $0.05 per diluted share, for the same period in 2016. For the nine months ended September 30, 2017 Net Income was $74.8 million, or $0.48 per diluted share, compared to $88.0 million, or $0.88 per diluted share, for the same period in 2016.

The Company reported NAREIT FFO for the third quarter of $155.7 million, or $0.91 per diluted share, compared to $30.1 million, or $0.29 per diluted share, for the same period in 2016. For the nine months ended September 30, 2017 NAREIT FFO was $333.5 million, or $2.13 per diluted share, compared to $194.2 million, or $1.94 per diluted share, for the same period in 2016. NAREIT FFO for the third quarter included a non-recurring charge of $1.9 million, or $0.01 per diluted share, related to repair and clean-up caused by Hurricanes Harvey and Irma.



1
EXHIBIT 99.1

Core FFO for the third quarter was $161.7 million, or $0.95 per diluted share, compared to $84.3 million, or $0.81 per diluted share, for the same period in 2016. For the nine months ended September 30, 2017 Core FFO was $434.2 million, or $2.78 per diluted share, compared to $244.1 million, or $2.43 per diluted share for the same period in 2016. Given the non-comparable nature of the $1.9 million expense incurred in the third quarter related to the hurricanes, these charges have been added back to Core FFO.

Operating Results

Third quarter same property NOI as adjusted, excluding termination fees, increased 5.0% compared to the same period in 2016. This growth included an 80 basis point positive impact from redevelopments. The $1.9 million hurricane related expenses charged to our captive insurance program were excluded from same property NOI. Consistent with previous practice, gains and losses in our captive insurance program are excluded from same property NOI. Please note that for purposes of evaluating same property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, same property NOI as adjusted is presented on a pro forma basis as if the merger had occurred January 1, 2016. Please refer to the Company’s supplemental package for additional details.

As of September 30, 2017, Regency’s wholly owned portfolio plus its pro-rata share of co-investment partnerships was 95.3% leased. The same property portfolio was 96.1% leased, which is an increase of 20 basis points sequentially and an increase of 40 basis points from the same period in 2016 when adjusted for the current same property pool. Within the same property portfolio, Small Shops were 92.5% leased, an increase of 40 basis points sequentially and an increase of 70 basis points from the same period in 2016 when adjusted for the current same property pool.

Regency executed 1.8 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 7.8%. Rent spreads on new and renewal leases were 17.4% and 5.7%, respectively.

Investments

Property Transactions

During the quarter, the Company sold one co-investment property for a gross sales price of $29.9 million. Regency’s share of the gross sales price was $6.0 million. Subsequent to the third quarter, the Company sold one wholly-owned property for a gross sales price of $29.0 million, bringing gross sales proceeds for the year to $46.3 million on a pro rata basis.

Developments and Redevelopments

At quarter end, the Company had 30 properties in development or redevelopment with combined, estimated net development costs of approximately $600 million. In-process development projects were a combined 54% funded and 80% leased, and expected to yield an average return of 7.3%.

Subsequent to the third quarter the Company started a ground up development project in the Midtown neighborhood of Raleigh, NC. The project, named “Midtown East”, will feature a 120,000 square foot Wegmans, which is expected to open July of 2019, and 54,000 square feet of additional retail. Midtown East is a 50/50 joint venture between Regency Centers and ITB Holdings, LLC representing a total investment of approximately $44 million at a projected 7.9% stabilized yield.

Balance Sheet

Preferred Redemption

As previously announced, Regency redeemed all of its issued and outstanding 6.0% Series 7 cumulative redeemable preferred shares (the “Preferred Stock”). The 3,000,000 shares of Preferred Stock were

2
EXHIBIT 99.1

redeemed on August 23, 2017 (the “Redemption Date”) with proceeds from the Company’s June 30,2017, senior unsecured debt offering of $175 million 3.6% notes due 2027 and $125 million 4.4% notes due 2047. The redemption price for the Preferred Stock was $25.22083 per share, equal to $25.00 plus accrued and unpaid dividends to, but excluding, the Redemption Date. The aggregate amount paid to redeem the Preferred Stock was $75.7 million.

2017 Guidance

The Company has updated certain components of its 2017 earnings guidance. These changes are summarized below. Please refer to the Company’s third quarter 2017 supplemental information package for a complete list of updates.

 
Full Year 2017 Guidance
 
Previous Guidance
Updated Guidance
Net Income per diluted share
$0.68 - $0.74
$0.76 - $0.81
NAREIT FFO per diluted share
$2.97 - $3.03
$3.00- $3.05
Core FFO per diluted share
$3.62 - $3.68
$3.66- $3.70
Acquisitions ($ thousands)
Cap Rate (weighted average)
$0 - $80,000
+/- 5.0%
+/- $225,000
+/- 5.0%
Dispositions ($ thousands)
Cap Rate (weighted average)
$100,000 - $200,000
6.25% - 7.25%
+/- $225,000
+/- 7.0%


Dividend

On October 31, 2017, Regency’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.53 per share. The dividend is payable on November 29, 2017 to shareholders of record as of November 15, 2017.

Conference Call Information

To discuss Regency’s third quarter results, the Company will host a conference call on Thursday, November 2, 2017 at 9:00 a.m. ET. Dial-in and webcast information is listed below.


Third Quarter Conference Call
Date:
 
Thursday, November 2, 2017
Time:
 
9:00 a.m. ET
Dial#:
 
877-407-0789 or 201-689-8562
Webcast:
 
www.regencycenters.com under Investors



Replay

Webcast Archive: Investor Relations page under Events & Webcasts



3
EXHIBIT 99.1



Non-GAAP Disclosure

The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered a substitute measure of cash flows from operations. Core FFO is an additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO: (a) transaction related income or expenses; (b) impairments on land; (c) gains or losses from the early extinguishment of debt; and (d) other non-comparable amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.




















4
EXHIBIT 99.1




Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Actual (in thousands)


For the Periods Ended June 30, 2017 and 2016
 
Three Months Ended
 
Year to Date
 
 
 
 
2017
2016
 
2017
2016
Net Income Attributable to Common Stockholders
 
$
59,666

5,305

 
$
74,810

87,992

Adjustments to reconcile to NAREIT Funds From Operations(1):
 
 
 
 
 
 
Depreciation and amortization (excluding FF&E)
 
99,284

47,826

 
266,873

143,373

Provision for impairment to operating properties
 
—

—

 
—

659

Gain on sale of operating properties
 
(3,349
)
(23,067
)
 
(8,415
)
(38,016
)
Exchangeable operating partnership units
 
132

16

 
217

165

NAREIT Funds From Operations
 
$
155,733

30,080

 
$
333,485

194,173

 
 
 
 
 
 
 
NAREIT Funds From Operations
 
$
155,733

30,080

 
333,485

194,173

Adjustments to reconcile to Core Funds From Operations(1):
 
 
 
 
 
 
Acquisition pursuit and closing costs
 
—

(47
)
 
138

1,766

Development pursuit costs
 
202

287

 
521

907

Gain on sale of land
 
(119
)
(628
)
 
(2,969
)
(7,886
)
Provision for impairment to land
 
—

35

 
—

547

Loss on derivative instruments and hedge ineffectiveness
 
2

40,586

 
(12
)
40,589

Early extinguishment of debt
 
—

13,943

 
12,404

13,957

Merger related costs
 
1,175

—

 
75,584

—

Merger related debt offering interest
 
—

—

 
975

—

Preferred redemption costs
 
2,859

—

 
12,226

—

Hurricane losses
 
1,852

—

 
1,852

—

Core Funds From Operations
 
$
161,704

84,256

 
$
434,204

244,053

 
 
 
 
 
 
 
 
 
Weighted Average Shares For Diluted Earnings per Share
 
170,466

104,255

 
156,190

100,128

Weighted Average Shares For Diluted FFO and Core FFO per Share
 
170,816

104,409

 
156,467

100,282

 
 
 
 
 
 
 
 
 
(1)  Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.
Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of income from operations to pro-rata same property NOI.















5
EXHIBIT 99.1

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


For the Periods Ended September 30, 2017 and 2016
 
Three Months Ended
 
Year to Date
 
 
 
 
2017
2016
 
2017
2016
Net Income Attributable to Common Stockholders
 
$
59,666

5,305

 
$
74,810

87,992

Less:
 
 
 
 
 
 
Management, transaction, and other fees
 
(6,047
)
(5,855
)
 
(19,353
)
(18,759
)
Gain on sale of real estate
 
(131
)
(9,580
)
 
(4,913
)
(22,997
)
Other(1)
 
(13,273
)
(3,680
)
 
(36,534
)
(11,170
)
Plus:
 
 
 
 
 
 
Depreciation and amortization
 
91,474

40,705

 
243,757

119,721

General and administrative
 
15,199

16,046

 
49,618

48,695

Other operating expense, excluding provision for doubtful accounts
 
2,130

498

 
78,774

4,346

Other expense (income)
 
33,708

75,653

 
106,734

125,416

Equity in income of investments in real estate excluded from NOI (2)
 
11,809

(116
)
 
38,519

21,681

Net income attributable to noncontrolling interests
 
769

543

 
2,101

1,545

Preferred stock dividends and issuance costs
 
3,147

5,266

 
16,128

15,797

NOI
 
198,451

124,785

 
549,641

372,267

 
 
 
 
 
 
 
Less non-same property NOI (4)
 
(7,626
)
(5,669
)
 
(23,824
)
(12,618
)
Plus same property NOI for non-ownership periods of Equity One(1)
 
—

62,555

 
43,005

188,063

 
 
 
 
 
 
 
Same Property NOI
 
$
190,825

181,671

 
$
568,822

547,712

 
 




 




Same Property NOI without termination fees
 
$
190,611

181,534

 
$
568,350

546,674

 
 
 
 
 
 
 
Same Property NOI without termination fees or redevelopments
 
$
166,742

159,950

 
$
498,755

482,686

 
(1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below
(3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.
(4) Refer to page 2 of the Company's third quarter 2017 supplemental package for Same Property NOI detail for the non-ownership periods of Equity One.

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













6
EXHIBIT 99.1

Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Guidance
 
 
 
Full Year
NAREIT FFO and Core FFO Guidance:
 
2017
Net income attributable to common stockholders
 
$
0.76

0.81

Adjustments to reconcile net income to NAREIT FFO:
 
 
 
Depreciation and amortization
 
2.29

2.29

Gain on sale of operating properties
 
(0.05
)
(0.05
)
NAREIT Funds From Operations
 
$
3.00

3.05

 
 
 
 
Adjustments to reconcile NAREIT FFO to Core FFO:
 
 
 
Acquisition pursuit and closing costs
 
—

—

Development pursuit costs
 
0.01

0.01

Gain on sale of land
 
(0.02
)
(0.02
)
Early extinguishment of debt
 
0.08

0.08

Merger related costs
 
0.50

0.49

Preferred redemption costs
 
0.08

0.08

Hurricane losses
 
0.01

0.01

Core Funds From Operations
 
$
3.66

3.70




The Company has published forward-looking statements and additional financial information in its third quarter 2017 supplemental information package that may help investors estimate earnings for 2017. A copy of the Company’s third quarter 2017 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended September 30, 2017. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (NYSE: REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit regencycenters.com.
###

Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and

7
EXHIBIT 99.1

10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

8
Exhibit
EXHIBIT 99.2

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At Regency Centers, we have lived our values
for 50 years by executing and successfully
meeting our commitments to our people, our
customers, and our communities. We hold
ourselves to that high standard every day.
Our exceptional culture will set us apart
for the next 50 years through our unending
dedication to these beliefs:

We are our people.
We believe our people are our most
fundamental asset - the best professionals
in the business who bring our culture to life.
We are the company you want to work for and
the people you want to do business with.

We work together to sustain
superior results.
We believe that, by partnering with each other
and with our customers, our talented team
will sustain superior results over the long
term. We believe that when you are passionate
about what you are doing and who you are
working with in a results-oriented, family
atmosphere, you do it better.

We provide exceptional service
to our customers.
We believe in putting our customers first.
This starts by owning, operating, and
developing dominant shopping centers
that are exceptionally merchandised and
maintained and most preferred by the
neighborhoods and communities where our
best-in-class retailers will thrive.



 
We add value.
We believe in creating value from every
transaction. We realize the critical importance
of executing, performing and delivering on our
commitments.

We perform for our investors.
We believe that the capital that our investors
have entrusted to us is precious. We are
open and transparent. We are committed
to enhancing the investments of our
shareholders, bond and mortgage holders,
lenders, and co-investment partners.

We connect to our communities.
We believe in contributing to the betterment
of our communities. We strive to develop
and operate thriving shopping centers that
are connected to our neighborhoods. We are
continuously reducing our environmental
impact through our greengenuity® program.

We do what is right.
We believe in unwavering standards of
honesty and integrity. Since 1963, our
Company has built its reputation by
maintaining the highest ethical principles.
You will find differentiation in our character –
we do what is right and you can take us at
our word.

We are the industry leader.
We believe that through dedication to
excellence, innovation, and ongoing process
improvements, and by remaining focused on
our core values, we will continue to be the
industry leader in a highly competitive and
ever-changing market.

Our Mission is to enhance our standing as the preeminent national shopping center company through the first-rate performance of our exceptionally merchandised portfolio of dominant grocery-anchored shopping centers, the value-added service from the best team of professionals in the business to our top-performing retailers, and profitable growth and development.


Table of Contents
September 30, 2017

 
 
 
Non-GAAP Disclosures..............................................................................................................................................
 
 
 
Earnings Press Release................................................................................................................................................
 
 
 
Summary Information:
 
 
 
 
Summary Financial Information..................................................................................................................................
 
 
 
Summary Real Estate Information..............................................................................................................................
 
 
 
Financial Information:
 
 
 
 
Consolidated Balance Sheets.......................................................................................................................................
 
 
 
Consolidated Statements of Operations.......................................................................................................................
 
 
 
Supplemental Details of Operations............................................................................................................................
 
 
 
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)........................................................
 
 
 
Supplemental Details of Operations (Real Estate Partnerships Only)........................................................................
 
 
 
Supplemental Details of Same Property NOI as adjusted (Pro-Rata).........................................................................
 
 
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures.......................................................
 
 
 
Summary of Consolidated Debt .................................................................................................................................
 
 
Summary of Unsecured Debt Covenants and Leverage Ratios...................................................................................
 
 
 
Summary of Unconsolidated Debt..............................................................................................................................
 
 
 
Investment Activity:
 
 
 
 
Property Transactions..................................................................................................................................................
 
 
 
Summary of Development...........................................................................................................................................
 
 
 
Summary of Redevelopment.......................................................................................................................................
 
 
 
Co-investment Partnerships:
 
 
 
 
Unconsolidated Investments........................................................................................................................................
 
 
 
Real Estate Information:
 
 
 
 
Leasing Statistics.........................................................................................................................................................
 
 
 
Average Base Rent by CBSA......................................................................................................................................
 
 
 
Significant Tenant Rents..............................................................................................................................................
 
 
 
Tenant Lease Expirations.............................................................................................................................................
 
 
Portfolio Summary Report by State............................................................................................................................
 
 
 
Forward-Looking Information:
 
 
 
 
Earnings and Valuation Guidance................................................................................................................................
 
 
 
Reconciliation of Net Income to NAREIT FFO and Core FFO Guidance................................................................
 
 
 
Glossary of Terms........................................................................................................................................................



Non-GAAP Disclosures
September 30, 2017

We use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP. The pro- rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio, regardless of ownership structure.

•
The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.

•
The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated co-investment partnerships.

•
A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item.

We do not control the unconsolidated investment partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we
use to prepare our pro-rata share.

The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:

•
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•
Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information.

Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata details as a supplement.


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The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:

•
NAREIT Funds From Operations (NAREIT FFO): The Company believes NAREIT FFO provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO.

•
Core Funds From Operations (Core FFO): The Company believes Core FFO, which excludes certain non-cash and non-comparable items from the computation of NAREIT FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of NAREIT FFO to Core FFO.

•
Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio properties. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to pro-rata NOI.

•
Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes bother termination fee income and expenses.

•
Same Property NOI as adjusted: For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI as adjusted, which is on a pro forma basis as if the merger had occurred January 1, 2016. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI and growth for future periods. We derived this information from the accounting records of Equity One and did not adjust such information. Equity One’s financial information for the two month period ended February 28, 2017 and nine month period ended September 30, 2016 was subject to a limited internal review by Regency. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted.
Following is the detail for the current non-ownership periods of Equity One included in Same Property NOI as adjusted:
 
Two months ended February 2017
 
Three Months Ended September 2016
Nine months Ended September 2016
Same Property NOI detail for non-ownership periods of Equity One:
 
 
 
 
 
 
 
Real Estate Revenues:
 
 
 
 
Base Rent
$
44,593

 
$
65,305

194,952

Recoveries from Tenants
14,175

 
20,647

61,627

Percentage Rent
1,151

 
1,128

4,331

Termination Fees
30

 
191

263

Other Income
585

 
727

2,473

Total Real Estate Revenues
60,534

 
87,998

263,646

 
 
 
 
 
Real Estate Operating Expenses:
 
 
 
 
Operating and Maintenance
9,456

 
13,709

40,788

Termination Expense
—

 
170

170

Real Estate Taxes
7,808

 
11,264

32,959

Ground Rent
35

 
79

236

Provision for Doubtful Accounts
230

 
221

1,430

Total Real Estate Operating Expenses
17,529

 
25,443

75,583

 
 
 
 
 
Same Property NOI
$
43,005

 
$
62,555

188,063

 
 
 
 
 
Same Property NOI without Termination Fees
$
42,975

 
$
62,534

187,970

 
 
 
 
 
Same Property NOI without Termination Fees or Redevelopments
$
37,666

 
$
55,147

166,339



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Regency Centers Reports Third Quarter 2017 Results

JACKSONVILLE, FL. (November 1, 2017) - Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended September 30, 2017.

Third Quarter 2017 Highlights

•
Net Income Attributable to Common Stockholders (“Net Income”) of $0.35 per diluted share.
•
NAREIT Funds From Operations (“NAREIT FFO”) of $0.91 per diluted share and Core Funds From Operations (“Core FFO”) of $0.95 per diluted share.
•
Same property Net Operating Income (“NOI”) as adjusted, which reflects adjustments for the Equity One merger, excluding termination fees, increased 5.0% as compared to the same period in the prior year.
•
As of September 30, 2017, the same property portfolio was 96.1% leased, a 20 basis point increase sequentially.
•
Spaces less than 10,000 square feet (“Small Shops”) were 92.5% leased, a 40 basis point increase sequentially.
•
Executed 1.8 million square feet of new and renewal leases on a comparable basis, resulting in 17.4% blended rent spreads.
•
As of September 30, 2017, a total of 30 properties were in development or redevelopment representing a combined investment of approximately $600 million.

“Our experienced and deep team, unequaled high quality portfolio, value add asset management and development capabilities and opportunities, and strong balance sheet continue to drive solid performance even in today’s challenging environment,” stated Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Regency is well positioned to grow NOI, NAV, earnings and shareholder value at levels that are at or near the top of our shopping center peers.”

Financial Results

Regency reported Net Income for the third quarter of $59.7 million, or $0.35 per diluted share compared to Net Income of $5.3 million, or $0.05 per diluted share, for the same period in 2016. For the nine months ended September 30, 2017 Net Income was $74.8 million, or $0.48 per diluted share, compared to $88.0 million, or $0.88 per diluted share, for the same period in 2016.

The Company reported NAREIT FFO for the third quarter of $155.7 million, or $0.91 per diluted share, compared to $30.1 million, or $0.29 per diluted share, for the same period in 2016. For the nine months ended September 30, 2017 NAREIT FFO was $333.5 million, or $2.13 per diluted share, compared to $194.2 million, or $1.94 per diluted share, for the same period in 2016. NAREIT FFO for the third quarter included a non-recurring charge of $1.9 million, or $0.01 per diluted share, related to repair and clean-up caused by Hurricanes Harvey and Irma.



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Core FFO for the third quarter was $161.7 million, or $0.95 per diluted share, compared to $84.3 million, or $0.81 per diluted share, for the same period in 2016. For the nine months ended September 30, 2017 Core FFO was $434.2 million, or $2.78 per diluted share, compared to $244.1 million, or $2.43 per diluted share for the same period in 2016. Given the non-comparable nature of the $1.9 million expense incurred in the third quarter related to the hurricanes, these charges have been added back to Core FFO.

Operating Results

Third quarter same property NOI as adjusted, excluding termination fees, increased 5.0% compared to the same period in 2016. This growth included an 80 basis point positive impact from redevelopments. The $1.9 million hurricane related expenses charged to our captive insurance program were excluded from same property NOI. Consistent with previous practice, gains and losses in our captive insurance program are excluded from same property NOI. Please note that for purposes of evaluating same property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, same property NOI as adjusted is presented on a pro forma basis as if the merger had occurred January 1, 2016. Please refer to the Company’s supplemental package for additional details.

As of September 30, 2017, Regency’s wholly owned portfolio plus its pro-rata share of co-investment partnerships was 95.3% leased. The same property portfolio was 96.1% leased, which is an increase of 20 basis points sequentially and an increase of 40 basis points from the same period in 2016 when adjusted for the current same property pool. Within the same property portfolio, Small Shops were 92.5% leased, an increase of 40 basis points sequentially and an increase of 70 basis points from the same period in 2016 when adjusted for the current same property pool.

Regency executed 1.8 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 7.8%. Rent spreads on new and renewal leases were 17.4% and 5.7%, respectively.

Investments

Property Transactions

During the quarter, the Company sold one co-investment property for a gross sales price of $29.9 million. Regency’s share of the gross sales price was $6.0 million. Subsequent to the third quarter, the Company sold one wholly-owned property for a gross sales price of $29.0 million, bringing gross sales proceeds for the year to $46.3 million on a pro rata basis.

Developments and Redevelopments

At quarter end, the Company had 30 properties in development or redevelopment with combined, estimated net development costs of approximately $600 million. In-process development projects were a combined 54% funded and 80% leased, and expected to yield an average return of 7.3%.

Subsequent to the third quarter the Company started a ground up development project in the Midtown neighborhood of Raleigh, NC. The project, named “Midtown East”, will feature a 120,000 square foot Wegmans, which is expected to open July of 2019, and 54,000 square feet of additional retail. Midtown East is a 50/50 joint venture between Regency Centers and ITB Holdings, LLC representing a total investment of approximately $44 million at a projected 7.9% stabilized yield.

Balance Sheet

Preferred Redemption

As previously announced, Regency redeemed all of its issued and outstanding 6.0% Series 7 cumulative redeemable preferred shares (the “Preferred Stock”). The 3,000,000 shares of Preferred Stock were

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redeemed on August 23, 2017 (the “Redemption Date”) with proceeds from the Company’s June 30,2017, senior unsecured debt offering of $175 million 3.6% notes due 2027 and $125 million 4.4% notes due 2047. The redemption price for the Preferred Stock was $25.22083 per share, equal to $25.00 plus accrued and unpaid dividends to, but excluding, the Redemption Date. The aggregate amount paid to redeem the Preferred Stock was $75.7 million.

2017 Guidance

The Company has updated certain components of its 2017 earnings guidance. These changes are summarized below. Please refer to the Company’s third quarter 2017 supplemental information package for a complete list of updates.

 
Full Year 2017 Guidance
 
Previous Guidance
Updated Guidance
Net Income per diluted share
$0.68 - $0.74
$0.76 - $0.81
NAREIT FFO per diluted share
$2.97 - $3.03
$3.00- $3.05
Core FFO per diluted share
$3.62 - $3.68
$3.66- $3.70
Acquisitions ($ thousands)
Cap Rate (weighted average)
$0 - $80,000
+/- 5.0%
+/- $225,000
+/- 5.0%
Dispositions ($ thousands)
Cap Rate (weighted average)
$100,000 - $200,000
6.25% - 7.25%
+/- $225,000
+/- 7.0%


Dividend

On October 31, 2017, Regency’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.53 per share. The dividend is payable on November 29, 2017 to shareholders of record as of November 15, 2017.

Conference Call Information

To discuss Regency’s third quarter results, the Company will host a conference call on Thursday, November 2, 2017 at 9:00 a.m. ET. Dial-in and webcast information is listed below.


Third Quarter Conference Call
Date:
 
Thursday, November 2, 2017
Time:
 
9:00 a.m. ET
Dial#:
 
877-407-0789 or 201-689-8562
Webcast:
 
www.regencycenters.com under Investors



Replay

Webcast Archive: Investor Relations page under Events & Webcasts



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Non-GAAP Disclosure

The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from dispositions of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered a substitute measure of cash flows from operations. Core FFO is an additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO, but is not limited to: (a) transaction related income or expenses; (b) impairments on land; (c) gains or losses from the early extinguishment of debt; and (d) other non-comparable amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.





















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Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Actual (in thousands)


For the Periods Ended September 30, 2017 and 2016
 
Three Months Ended
 
Year to Date
 
 
 
 
2017
2016
 
2017
2016
Net Income Attributable to Common Stockholders
 
$
59,666

5,305

 
$
74,810

87,992

Adjustments to reconcile to NAREIT Funds From Operations(1):
 
 
 
 
 
 
Depreciation and amortization (excluding FF&E)
 
99,284

47,826

 
266,873

143,373

Provision for impairment to operating properties
 
—

—

 
—

659

Gain on sale of operating properties
 
(3,349
)
(23,067
)
 
(8,415
)
(38,016
)
Exchangeable operating partnership units
 
132

16

 
217

165

NAREIT Funds From Operations
 
$
155,733

30,080

 
$
333,485

194,173

 
 
 
 
 
 
 
NAREIT Funds From Operations
 
$
155,733

30,080

 
333,485

194,173

Adjustments to reconcile to Core Funds From Operations(1):
 
 
 
 
 
 
Acquisition pursuit and closing costs
 
—

(47
)
 
138

1,766

Development pursuit costs
 
202

287

 
521

907

Gain on sale of land
 
(119
)
(628
)
 
(2,969
)
(7,886
)
Provision for impairment to land
 
—

35

 
—

547

Loss on derivative instruments and hedge ineffectiveness
 
2

40,586

 
(12
)
40,589

Early extinguishment of debt
 
—

13,943

 
12,404

13,957

Merger related costs
 
1,175

—

 
75,584

—

Merger related debt offering interest
 
—

—

 
975

—

Preferred redemption costs
 
2,859

—

 
12,226

—

Hurricane losses
 
1,852

—

 
1,852

—

Core Funds From Operations
 
$
161,704

84,256

 
$
434,204

244,053

 
 
 
 
 
 
 
 
 
Weighted Average Shares For Diluted Earnings per Share
 
170,466

104,255

 
156,190

100,128

Weighted Average Shares For Diluted FFO and Core FFO per Share
 
170,816

104,409

 
156,467

100,282

 
 
 
 
 
 
 
 
 
(1)  Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.
Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of income from operations to pro-rata same property NOI.










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


For the Periods Ended September 30, 2017 and 2016
 
Three Months Ended
 
Year to Date
 
 
 
 
2017
2016
 
2017
2016
Net Income Attributable to Common Stockholders
 
$
59,666

5,305

 
$
74,810

87,992

Less:
 
 
 
 
 
 
Management, transaction, and other fees
 
(6,047
)
(5,855
)
 
(19,353
)
(18,759
)
Gain on sale of real estate
 
(131
)
(9,580
)
 
(4,913
)
(22,997
)
Other(1)
 
(13,273
)
(3,680
)
 
(36,534
)
(11,170
)
Plus:
 
 
 
 
 
 
Depreciation and amortization
 
91,474

40,705

 
243,757

119,721

General and administrative
 
15,199

16,046

 
49,618

48,695

Other operating expense, excluding provision for doubtful accounts
 
2,130

498

 
78,774

4,346

Other expense (income)
 
33,708

75,653

 
106,734

125,416

Equity in income of investments in real estate excluded from NOI (2)
 
11,809

(116
)
 
38,519

21,681

Net income attributable to noncontrolling interests
 
769

543

 
2,101

1,545

Preferred stock dividends and issuance costs
 
3,147

5,266

 
16,128

15,797

NOI
 
198,451

124,785

 
549,641

372,267

 
 
 
 
 
 
 
Less non-same property NOI (4)
 
(7,626
)
(5,669
)
 
(23,824
)
(12,618
)
Plus same property NOI for non-ownership periods of Equity One(1)
 
—

62,555

 
43,005

188,063

 
 
 
 
 
 
 
Same Property NOI
 
$
190,825

181,671

 
$
568,822

547,712

 
 




 




Same Property NOI without termination fees
 
$
190,611

181,534

 
$
568,350

546,674

 
 
 
 
 
 
 
Same Property NOI without termination fees or redevelopments
 
$
166,742

159,950

 
$
498,755

482,686

 
(1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below
(3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.
(4) Refer to page 2 of the Company's third quarter 2017 supplemental package for Same Property NOI detail for the non-ownership periods of Equity One.

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













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Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Guidance
 
 
 
Full Year
NAREIT FFO and Core FFO Guidance:
 
2017
Net income attributable to common stockholders
 
$
0.76

0.81

Adjustments to reconcile net income to NAREIT FFO:
 
 
 
Depreciation and amortization
 
2.29

2.29

Gain on sale of operating properties
 
(0.05
)
(0.05
)
NAREIT Funds From Operations
 
$
3.00

3.05

 
 
 
 
Adjustments to reconcile NAREIT FFO to Core FFO:
 
 
 
Acquisition pursuit and closing costs
 
—

—

Development pursuit costs
 
0.01

0.01

Gain on sale of land
 
(0.02
)
(0.02
)
Early extinguishment of debt
 
0.08

0.08

Merger related costs
 
0.50

0.49

Preferred redemption costs
 
0.08

0.08

Hurricane losses
 
0.01

0.01

Core Funds From Operations
 
$
3.66

3.70




The Company has published forward-looking statements and additional financial information in its third quarter 2017 supplemental information package that may help investors estimate earnings for 2017. A copy of the Company’s third quarter 2017 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the quarter ended September 30, 2017. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (NYSE: REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit regencycenters.com.
###

Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and

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10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.



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Summary Financial Information
September 30, 2017
(in thousands, except per share data)
 
 
Three Months Ended
 
Year to Date
 
 
2017
 
2016
 
2017
 
2016
Financial Results
 
 
 
 
 
 
 
 
Net income attributable to common stockholders (page 13)
 
$
59,666

 
$
5,305

 
$
74,810

 
$
87,992

Net income per diluted share
 
$
0.35

 
$
0.05

 
$
0.48

 
$
0.88

 
 
 
 
 
 
 
 
 
NAREIT Funds From Operations (NAREIT FFO) (page 18)
 
$
155,733

 
$
30,080

 
$
333,485

 
$
194,173

NAREIT FFO per diluted share
 
$
0.91

 
$
0.29

 
$
2.13

 
$
1.94

 
 
 
 
 
 
 
 
 
Core Funds From Operations (Core FFO) (page 18)
 
$
161,704

 
$
84,256

 
$
434,204

 
$
244,053

Core FFO per diluted share
 
$
0.95

 
$
0.81

 
$
2.78

 
$
2.43

 
 
 
 
 
 
 
 
 
Same Property NOI as adjusted without termination fees (page 17)
 
$
190,611

 
$
181,534

 
$
568,350

 
$
546,674

% growth
 
5.0
%
 
 
 
4.0
%
 
 
 
 
 
 
 
 
 
 
 
Dividends paid per share and unit
 
$
0.53

 
$
0.50

 
$
1.57

 
$
1.50

Payout ratio of Core FFO per share (diluted)
 
55.8
%
 
61.7
%
 
56.5
%
 
61.7
%
 
 
 
 
 
 
 
 
 
Diluted share and unit count
 
 
 
 
 
 
 
 
Weighted average shares (diluted) - Net income
 
170,466

 
104,255

 
156,190

 
100,128

Weighted average shares (diluted) - NAREIT FFO and Core FFO
 
170,816

 
104,409

 
156,467

 
100,282

 
 
 
 
 
 
 
 
 
 
 
As of
 
As of
 
As of
 
As of
 
 
9/30/2017
 
12/31/2016
 
12/31/2015
 
12/31/2014
Capital Information
 
 
 
 
 
 
 
 
Market price per common share
 
$
62.04

 
$
68.95

 
$
68.12

 
$
63.78

 
 
 
 
 
 
 
 
 
Common shares outstanding
 
170,109

 
104,497

 
97,213

 
94,108

Exchangeable units held by noncontrolling interests
 
350

 
154

 
154

 
154

Common shares and equivalents issued and outstanding
 
170,459

 
104,651

 
97,367

 
94,262

Market equity value of common and convertible shares
 
$
10,575,273

 
$
7,215,718

 
$
6,632,627

 
$
6,012,045

 
 
 
 
 
 
 
 
 
Non-convertible preferred stock
 
$
—

 
$
325,000

 
$
325,000

 
$
325,000

 
 
 
 
 
 
 
 
 
Outstanding debt
 
$
4,043,634

 
$
2,111,450

 
$
2,363,238

 
$
2,528,137

Less: cash
 
(30,641
)
 
(17,879
)
 
(40,623
)
 
(121,789
)
Net debt
 
$
4,012,993

 
$
2,093,571

 
$
2,322,615

 
$
2,406,348

 
 
 
 
 
 
 
 
 
Total market capitalization
 
$
14,588,266

 
$
9,634,289

 
$
9,280,242

 
$
8,743,393

 
 
 
 
 
 
 
 
 
Debt metrics (pro-rata; trailing 12 months "TTM") (1)
 
 
 
 
 
 
 
 
Net Debt-to-Adjusted EBITDA
 
5.4x

 
4.4x

 
5.2x

 
5.7x

Fixed charge coverage
 
4.1x

 
3.3x

 
2.8x

 
2.5x

 
 
 
 
 
 
 
 
 
(1) In light of the merger with Equity One on March 1, 2017, debt metric calculations include legacy Regency results for the trailing 12 months and the annualized impact of year to date results for the Equity One contribution post merger.


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Summary Real Estate Information
September 30, 2017
(GLA in thousands)
Wholly Owned and 100% of Co-investment Partnerships
 
9/30/2017
 
6/30/2017
 
3/31/2017*
 
12/31/2016
 
9/30/2016
Number of properties
 
427
 
428
 
429
 
307
 
307
Number of retail operating properties
 
413
 
414
 
416
 
301
 
302
Number of same properties
 
399
 
400
 
402
 
289
 
292
Number of properties in redevelopment
 
22
 
21
 
23
 
15
 
16
Number of properties in development
 
8
 
8
 
7
 
6
 
5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Leasable Area (GLA) - All properties
 
54,067
 
54,162
 
54,038
 
37,831
 
37,635
GLA including retailer-owned stores - All properties
 
59,031
 
59,125
 
59,002
 
42,246
 
42,050
GLA - Retail operating properties
 
52,250
 
52,344
 
52,473
 
36,923
 
37,090
GLA - Same properties
 
50,624
 
50,719
 
50,848
 
35,316
 
35,707
GLA - Properties in redevelopment(1)
 
4,907
 
4,591
 
4,691
 
2,692
 
2,926
GLA - Properties in development
 
1,348
 
1,348
 
1,096
 
908
 
545
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholly Owned and Pro-Rata Share of Co-investment Partnerships
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GLA - All properties
 
44,281
 
44,284
 
44,075
 
28,745
 
28,565
GLA including retailer-owned stores - All properties
 
49,244
 
49,248
 
49,039
 
33,160
 
32,979
GLA - Retail operating properties
 
42,536
 
42,540
 
42,583
 
27,837
 
28,020
GLA - Same properties
 
41,073
 
41,076
 
41,120
 
26,392
 
26,636
Spaces ≥ 10,000 sf
 
25,914
 
25,930
 
25,912
 
16,113
 
16,298
Spaces < 10,000 sf
 
15,159
 
15,146
 
15,208
 
10,279
 
10,338
GLA - Properties in redevelopment(1)
 
4,138
 
3,865
 
4,211
 
2,277
 
2,535
GLA - Properties in development
 
1,348
 
1,348
 
1,096
 
908
 
545
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% leased - All properties
 
95.3%
 
95.0%
 
95.3%
 
95.4%
 
95.6%
% leased - Retail operating properties
 
95.9%
 
95.7%
 
95.8%
 
96.0%
 
95.8%
% leased - Same properties (2)
 
96.1%
 
95.9%
 
96.0%
 
96.2%
 
96.0%
Spaces ≥ 10,000 sf (2)
 
98.2%
 
98.1%
 
98.4%
 
98.3%
 
98.1%
Spaces < 10,000 sf (2)
 
92.5%
 
92.1%
 
91.8%
 
93.0%
 
92.7%
Average % leased - Same properties (2)
 
96.0%
 
96.1%
 
96.1%
 
96.1%
 
96.2%
% commenced - Same properties(2)(3)
 
93.7%
 
93.7%
 
93.7%
 
94.3%
 
94.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI as adjusted growth - YTD (see page 17) (2) (4)
 
3.9%
 
3.3%
 
3.3%
 
3.9%
 
3.6%
Same property NOI as adjusted growth without termination fees - YTD(2) (4)
 
4.0%
 
3.5%
 
3.7%
 
3.5%
 
3.4%
Same property NOI as adjusted growth without termination fees or redevelopments - YTD (2) (4)
 
3.3%
 
2.9%
 
3.1%
 
3.1%
 
3.0%
Rent spreads - Trailing 12 months (5) (see page 27)
 
9.4%
 
9.1%
 
9.8%
 
11.3%
 
11.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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*Note: Beginning with the quarter ended 3/31/17, information includes the impact of the Equity One merger closed March 1, 2017. The information presented for periods prior to 3/31/17 has not been restated and is therefore not comparable.
(1) Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
 
 
 
 
 
 
 
(2) Periods prior to 3/31/17 are not adjusted for current same property pool.
(3) Excludes leases that are signed but have not yet commenced.
 
 
 
 
 
 
 
 
 
 
(4) From 3/31/17 forward, Same Property NOI growth is presented as adjusted, as if the merger had occurred on 1/1/16. Please see page 17 for more detail.
(5) Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

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Consolidated Balance Sheets
September 30, 2017 and December 31, 2016
(in thousands)
 
2017
 
2016
 
(unaudited)
 

Assets
 
 
 
Real estate investments at cost:
 
 
 
Land, building and improvements
$
10,412,550

 
$
4,752,621

Properties in development
433,707

 
180,878

 
10,846,257

 
4,933,499

Less: accumulated depreciation
1,281,510

 
1,124,391

 
9,564,747

 
3,809,108

Properties held for sale
27,802

 
—

Investments in real estate partnerships
380,930

 
296,699

Net real estate investments
9,973,479

 
4,105,807

 
 
 
 
Cash and cash equivalents
30,641

 
17,879

Accounts receivable, net
45,491

 
31,418

Straight line rent receivables, net
83,678

 
69,823

Notes receivable
13,984

 
10,481

Deferred leasing costs, net
71,826

 
69,000

Acquired lease intangible assets, net
508,868

 
118,831

Trading securities held in trust, at fair value
30,720

 
28,588

Goodwill
302,303

 
—

Other assets
57,755

 
37,079

Total assets
$
11,118,745

 
$
4,488,906

 
 
 
 
Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Notes payable
$
2,943,986

 
$
1,363,925

Unsecured credit facilities
578,144

 
278,495

Total notes payable
3,522,130

 
1,642,420

 
 
 
 
Accounts payable and other liabilities
276,363

 
138,936

Acquired lease intangible liabilities, net
637,217

 
54,180

Tenants' security and escrow deposits
46,351

 
28,868

Total liabilities
4,482,061

 
1,864,404

 
 
 
 
Equity:


 

Stockholders' Equity:
 
 
 
Preferred stock
—

 
325,000

Common stock, $.01 par
1,701

 
1,045

Additional paid in capital
7,761,055

 
3,277,861

Accumulated other comprehensive loss
(14,141
)
 
(18,346
)
Distributions in excess of net income
(1,153,153
)
 
(994,259
)
Total stockholders' equity
6,595,462

 
2,591,301

Noncontrolling Interests:
 
 
 
Exchangeable operating partnership units
10,906

 
(1,967
)
Limited partners' interest
30,316

 
35,168

Total noncontrolling interests
41,222

 
33,201

Total equity
6,636,684

 
2,624,502

Total liabilities and equity
$
11,118,745

 
$
4,488,906

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

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Consolidated Statements of Operations
For the Periods Ended September 30, 2017 and 2016
(in thousands)
unaudited
 
Three Months Ended
 
Year to Date
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 
 
 
  Minimum rent
$
195,393

 
111,886

 
$
532,625

 
329,506

  Percentage rent
1,147

 
495

 
5,509

 
2,651

  Recoveries from tenants and other income
59,554

 
34,532

 
162,089

 
103,894

  Management, transaction, and other fees
6,047

 
5,855

 
19,353

 
18,759

        Total revenues
262,141

 
152,768

 
719,576

 
454,810

Operating Expenses:
 
 
 
 
 
 
 
  Depreciation and amortization
91,474

 
40,705

 
243,757

 
119,721

  Operating and maintenance
38,020

 
23,373

 
103,888

 
69,767

  General and administrative
15,199

 
16,046

 
49,618

 
48,695

  Real estate taxes
29,315

 
17,058

 
79,636

 
49,697

  Other operating expense
3,195

 
1,046

 
81,621

 
5,795

        Total operating expenses
177,203

 
98,228

 
558,520

 
293,675

Other Expense (Income):
 
 
 
 
 
 
 
  Interest expense, net of interest income
34,679

 
21,945

 
97,285

 
70,489

  Provision for impairment
—

 
—

 
—

 
1,666

  Early extinguishment of debt
—

 
13,943

 
12,404

 
13,943

  Net investment (income) loss
(971
)
 
(821
)
 
(2,955
)
 
(1,268
)
  Loss on derivative instruments
—

 
40,586

 
—

 
40,586

       Total other expense
33,708

 
75,653

 
106,734

 
125,416

        Income (loss) from operations before equity in income of
        investments in real estate partnerships
51,230

 
(21,113
)
 
54,332

 
35,719

  Equity in income of investments in real estate partnerships
12,221

 
22,647

 
33,804

 
46,618

        Income from operations
63,451

 
1,534

 
88,126

 
82,337

  Gain on sale of real estate, net of tax
131

 
9,580

 
4,913

 
22,997

        Net income
63,582

 
11,114

 
93,039

 
105,334

Noncontrolling Interests:
 
 
 
 
 
 
 
  Exchangeable operating partnership units
(132
)
 
(16
)
 
(217
)
 
(165
)
  Limited partners' interests in consolidated partnerships
(637
)
 
(527
)
 
(1,884
)
 
(1,380
)
        Net income attributable to noncontrolling interests
(769
)
 
(543
)
 
(2,101
)
 
(1,545
)
        Net income attributable to controlling interests
62,813

 
10,571

 
90,938

 
103,789

  Preferred stock dividends and issuance costs
(3,147
)
 
(5,266
)
 
(16,128
)
 
(15,797
)
        Net income attributable to common stockholders
$
59,666

 
5,305

 
$
74,810

 
87,992

 
 
 
 
 
 
 
 
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.

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Supplemental Details of Operations (Consolidated Only)
For the Periods Ended September 30, 2017 and 2016
(in thousands)
 
Three Months Ended
 
Year to Date
 
2017
2016
 
2017
2016
Real Estate Revenues:
 
 
 
 
 
Base rent
$
182,921

108,702

 
$
498,603

321,647

Recoveries from tenants
54,483

31,444

 
149,811

94,684

Percentage rent
1,147

495

 
5,509

2,651

Termination fees
191

93

 
623

611

Other income
4,921

2,995

 
11,696

8,599

Total real estate revenues
243,663

143,729

 
666,242

428,192

 
 
 
 
 
 
Real Estate Operating Expenses:
 
 
 
 
 
Operating and maintenance
35,046

20,589

 
95,346

63,128

Real estate taxes
29,315

17,058

 
79,636

49,697

Ground rent
2,218

1,857

 
6,433

5,251

Provision for doubtful accounts
1,065

548

 
2,847

1,449

Total real estate operating expenses
67,644

40,052

 
184,262

119,525

 
 
 
 
 
 
Other Rent Amounts:
 
 
 
 
 
Straight line rent, net
4,719

1,137

 
13,048

4,150

Above/below market rent amortization, net
6,956

1,120

 
18,824

2,321

Total other rent amounts
11,675

2,257

 
31,872

6,471

 
 
 
 
 
 
Fee Income:
 
 
 
 
 
Property management fees
3,446

3,197

 
10,452

9,819

Asset management fees
1,761

1,611

 
5,313

4,935

Leasing commissions and other fees
840

1,047

 
3,588

4,005

Total fee income
6,047

5,855

 
19,353

18,759

 
 
 
 
 
 
Interest Expense, net:
 
 
 
 
 
Gross interest expense
35,286

21,075

 
97,387

66,792

Derivative amortization
2,102

1,807

 
6,306

6,306

Debt cost and premium/discount amortization
263

309

 
827

936

Capitalized interest
(2,488
)
(857
)
 
(5,778
)
(2,622
)
Interest income
(486
)
(389
)
 
(1,452
)
(923
)
Total interest expense, net
34,677

21,945

 
97,290

70,489

 
 
 
 
 
 
General & Administrative, net:
 
 
 
 
 
Gross general & administrative
17,629

17,557

 
55,511

52,796

Stock-based compensation
3,749

3,163

 
11,150

9,967

Capitalized direct leasing compensation costs
(2,507
)
(2,763
)
 
(7,483
)
(8,049
)
Capitalized direct development compensation costs
(4,632
)
(2,766
)
 
(12,517
)
(7,343
)
Total general & administrative, net
14,239

15,191

 
46,661

47,371

 
 
 
 
 
 
Real Estate (Gains) Losses:
 
 
 
 
 
Gain on sale of operating properties
(12
)
(8,952
)
 
(2,635
)
(15,135
)
Provision for impairment of operating properties
—

—

 
—

866

Gain on sale of land
(119
)
(628
)
 
(2,278
)
(7,862
)
Provision for impairment of land
—

—

 
—

800

Total real estate (gains) losses
(131
)
(9,580
)
 
(4,913
)
(21,331
)
 
 
 
 
 
 
Depreciation, Transaction and Other Expense (Income):
 
 
 
 
 
Depreciation and amortization (including FF&E)
91,474

40,705

 
243,757

119,721

Acquisition pursuit and closing costs
—

(47
)
 
131

1,766

Development pursuit costs
193

280

 
507

896

Merger related costs
1,175

—

 
75,584

—

Loss from deferred compensation plan, net
23

34

 
70

56

Early extinguishment of debt
—

13,943

 
12,404

13,943

Loss on derivative instruments and hedge ineffectiveness
2

40,586

 
(4
)
40,586

Gain on sale of investments
(34
)
—

 
(69
)
—

Other expenses
762

265

 
2,552

1,684

Total depreciation, transaction and other expense (income)
93,595

95,766

 
334,932

178,652

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

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Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)
September 30, 2017 and December 31, 2016
(in thousands)
 
Noncontrolling Interests
 
Share of JVs
 
 
 
 
 
 
 
2017
2016
 
2017
2016
Assets
 
 
 
 
 
Land, building and improvements
$
(67,272
)
(67,245
)
 
$
1,246,979

1,084,975

Properties in development
(10,695
)
(7,655
)
 
5,460

1,858

 
(77,967
)
(74,900
)
 
1,252,439

1,086,833

Less: accumulated depreciation
(10,189
)
(9,127
)
 
379,897

347,074

Net real estate investments
(67,778
)
(65,773
)
 
872,542

739,759

 
 
 
 
 
 
Cash and cash equivalents
(2,666
)
(2,366
)
 
13,283

6,811

Accounts receivable, net
(1,134
)
(1,311
)
 
4,701

6,299

Straight line rent receivables, net
(1,404
)
(1,213
)
 
16,206

14,514

Deferred leasing costs, net
(942
)
(1,007
)
 
13,316

11,527

Acquired lease intangible assets, net
(1,133
)
(1,379
)
 
14,754

10,710

Other assets
(317
)
(344
)
 
7,331

7,168

 
 
 
 
 
 
Total assets
$
(75,374
)
(73,393
)
 
$
942,133

796,788

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
(41,464
)
(35,731
)
 
521,504

469,030

Accounts payable and other liabilities
(2,805
)
(1,645
)
 
24,833

20,371

Acquired lease intangible liabilities, net
(512
)
(604
)
 
11,757

7,336

Tenants' security and escrow deposits
(277
)
(245
)
 
3,109

3,352

 
 
 
 
 
 
Total liabilities
$
(45,058
)
(38,225
)
 
$
561,203

500,089

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

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Supplemental Details of Operations (Real Estate Partnerships Only)
For the Periods Ended June 30, 2017 and 2016
(in thousands)
 
Noncontrolling Interests
 
Share of JVs
 
Three Months Ended
 
Year to Date
 
Three Months Ended
 
Year to Date
 
2017
2016
 
2017
2016
 
2017
2016
 
2017
2016
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Revenues:
 
 
 
 
 
 
 
 
 
 
 
Base rent
$
(1,711
)
(1,553
)
 
$
(4,938
)
(5,122
)
 
$
25,241

22,911

 
$
74,183

68,861

Recoveries from tenants
(475
)
(374
)
 
(1,422
)
(1,289
)
 
7,688

6,770

 
23,309

21,421

Percentage rent
—

—

 
(4
)
(5
)
 
141

149

 
1,102

1,139

Termination fees
—

(4
)
 
(20
)
(4
)
 
83

23

 
241

344

Other income
(49
)
(53
)
 
(113
)
(115
)
 
584

725

 
1,925

1,932

Total real estate revenues
(2,235
)
(1,984
)
 
(6,497
)
(6,535
)
 
33,737

30,578

 
100,760

93,697

 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Operating Expenses:
 
 
 
 
 
 
 
 
 
 
 
Operating and maintenance
(287
)
(282
)
 
(938
)
(968
)
 
4,907

4,270

 
14,959

13,702

Real estate taxes
(317
)
(242
)
 
(804
)
(792
)
 
4,511

3,670

 
12,647

11,212

Ground rent
(26
)
(25
)
 
(78
)
(75
)
 
91

94

 
273

269

Termination expense
—

—

 
—

—

 
—

—

 
113

—

Provision for doubtful accounts
(7
)
(12
)
 
(15
)
(1
)
 
198

13

 
445

215

Total real estate operating expenses
(637
)
(561
)
 
(1,835
)
(1,836
)
 
9,707

8,047

 
28,437

25,398

 
 
 
 
 
 
 
 
 
 
 
 
Other Rent Amounts:
 
 
 
 
 
 
 
 
 
 
 
Straight line rent, net
(24
)
(31
)
 
(173
)
(147
)
 
133

146

 
721

1,027

Above/below market rent amortization, net
(15
)
(11
)
 
(46
)
(8
)
 
352

212

 
827

681

Total other rent amounts
(39
)
(42
)
 
(219
)
(155
)
 
485

358

 
1,548

1,708

 
 
 
 
 
 
 
 
 
 
 
 
Fee Income:
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
—

—

 
—

—

 
(284
)
(263
)
 
(860
)
(813
)
Total fee income
—

—

 
—

—

 
(284
)
(263
)
 
(860
)
(813
)
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, net:
 
 
 
 
 
 
 
 
 
 
 
Gross interest expense
(391
)
(420
)
 
(1,145
)
(1,345
)
 
6,230

5,873

 
18,364

17,746

Debt cost and premium/discount amortization
(10
)
37

 
(38
)
127

 
187

186

 
580

572

Total interest expense, net
(401
)
(383
)
 
(1,183
)
(1,218
)
 
6,417

6,059

 
18,944

18,318

 
 
 
 
 
 
 
 
 
 
 
 
General & Administrative, net:
 
 
 
 
 
 
 
 
 
 
 
Gross general & administrative
—

—

 
—

—

 
28

26

 
134

135

Total general & administrative, net
—

—

 
—

—

 
28

26

 
134

135

 
 
 
 
 
 
 
 
 
 
 
 
Real Estate (Gains) Losses:
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of operating properties
—

—

 
—

128

 
(3,337
)
(14,115
)
 
(5,780
)
(23,009
)
Provision for impairment of operating properties
—

35

 
—

(207
)
 
—

—

 
—

—

Gain on sale of land
—

—

 
—

—

 
—

—

 
(691
)
(24
)
Provision for impairment of land
—

—

 
—

(253
)
 
—

—

 
—

—

Total real estate (gains) losses
—

35

 
—

(332
)
 
(3,337
)
(14,115
)
 
(6,471
)
(23,033
)
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, Transaction and Other Expense (Income):
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization (including FF&E)
(588
)
(573
)
 
(1,736
)
(1,866
)
 
8,480

7,860

 
25,285

26,343

Acquisition pursuit and closing costs
—

—

 
—

—

 
—

—

 
7

—

Development pursuit costs
—

—

 
—

—

 
9

7

 
14

11

Early extinguishment of debt
—

—

 
—

—

 
—

—

 
—

14

Hedge ineffectiveness
—

—

 
—

—

 
—

—

 
(8
)
4

Other expenses
(11
)
(17
)
 
(78
)
(58
)
 
413

142

 
1,302

784

Total depreciation, transaction and other expense (income)
(599
)
(590
)
 
(1,814
)
(1,924
)
 
8,902

8,009

 
26,600

27,156

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

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Supplemental Details of Same Property NOI as adjusted (Pro-Rata)
For the Periods Ended September 30, 2017 and 2016
(in thousands)
Same Property NOI is a non-GAAP key measure used by management in evaluating the operating performance of our properties and includes pro-rata share of unconsolidated co-investment partnerships. For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI as adjusted, which is on a pro forma basis as if the merger had occurred January 1, 2016. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI growth for future periods.
 
 
 
 
 
 
 
Three Months Ended
 
Year to Date
 
2017
2016
 
2017
2016
Same Property NOI as adjusted Detail:
 
 
 
 
 
 
 
 
 
Real Estate Revenues:
 
 
 
 
 
Base Rent
$
197,529

190,618

 
$
588,465

568,979

Recoveries from Tenants
59,033

56,694

 
178,979

172,084

Percentage Rent
1,270

1,764

 
7,294

8,093

Termination Fees
214

307

 
585

1,208

Other Income
4,143

3,223

 
9,853

9,950

Total Real Estate Revenues
262,189

252,606

 
785,176

760,314

 
 
 
 
 
 
Real Estate Operating Expenses:
 
 
 
 
 
Operating and Maintenance
36,538

37,415

 
112,207

113,249

Termination Expense
—

170

 
113

170

Real Estate Taxes
31,886

30,592

 
94,710

90,445

Ground Rent
1,986

2,006

 
5,893

5,825

Provision for Doubtful Accounts
954

752

 
3,431

2,913

Total Real Estate Operating Expenses
71,364

70,935

 
216,354

212,602

 
 
 
 
 
 
Same Property NOI as adjusted
$
190,825

181,671

 
$
568,822

547,712

% change
5.0
%
 
 
3.9
%
 
 
 
 
 
 
 
Same Property NOI as adjusted without Termination Fees
$
190,611

181,534

 
$
568,350

546,674

% change
5.0
%
 
 
4.0
%
 
 
 
 
 
 
 
Same Property NOI as adjusted without Termination Fees or Redevelopments
$
166,742

159,950

 
$
498,755

482,686

% change
4.2
%
 
 
3.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Income from Operations to Same Property NOI as adjusted:
 
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
$
59,666

5,305

 
$
74,810

87,992

Less:
 
 
 
 
 
Management, transaction, and other fees
(6,047
)
(5,855
)
 
(19,353
)
(18,759
)
Gain on sale of real estate
(131
)
(9,580
)
 
(4,913
)
(22,997
)
Other(1)
(13,273
)
(3,680
)
 
(36,534
)
(11,170
)
Plus:
 
 
 
 
 
Depreciation and amortization
91,474

40,705

 
243,757

119,721

General and administrative
15,199

16,046

 
49,618

48,695

Other operating expense, excluding provision for doubtful accounts
2,130

498

 
78,774

4,346

Other expense (income)
33,708

75,653

 
106,734

125,416

Equity in income of investments in real estate excluded from NOI(2)
11,809

(116
)
 
38,519

21,681

Net income attributable to noncontrolling interests
769

543

 
2,101

1,545

Preferred stock dividends and issuance costs
3,147

5,266

 
16,128

15,797

NOI
198,451

124,785

 
549,641

372,267

 
 
 
 
 
 

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Less non-same property NOI(3)
(7,626
)
(5,669
)
 
(23,824
)
(12,618
)
Plus same property NOI for non-ownership periods of Equity One(4)
—

62,555

 
43,005

188,063

 
 
 
 
 
 
Same Property NOI as adjusted
$
190,825

181,671

 
$
568,822

547,712

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


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Reconciliations of Non-GAAP Financial Measures and Additional Disclosures
For the Periods Ended September 30, 2017 and 2016
(in thousands, except per share data)
 
Three Months Ended
 
Year to Date
 
2017
2016
 
2017
2016
 
 
 
 
 
 
Reconciliation of Net Income to NAREIT FFO:
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Common Stockholders
$
59,666

5,305

 
$
74,810

87,992

Adjustments to reconcile to NAREIT Funds From Operations(1):
 
 
 
 
 
Depreciation and amortization (excluding FF&E)
99,284

47,826

 
266,873

143,373

Provision for impairment to operating properties
—

—

 
—

659

Gain on sale of operating properties
(3,349
)
(23,067
)
 
(8,415
)
(38,016
)
Exchangeable operating partnership units
132

16

 
217

165

NAREIT Funds From Operations
$
155,733

30,080

 
$
333,485

194,173

 
 
 
 
 
 
NAREIT FFO per share (diluted)
$
0.91

0.29

 
$
2.13

1.94

Weighted average shares (diluted)
170,816

104,409

 
156,467

100,282

 
 
 
 
 
 
Reconciliation of NAREIT FFO to Core FFO:
 
 
 
 
 
 
 
 
 
 
 
NAREIT Funds From Operations
$
155,733

30,080

 
$
333,485

194,173

Adjustments to reconcile to Core Funds From Operations(1):
 
 
 
 
 
Acquisition pursuit and closing costs
—

(47
)
 
138

1,766

Development pursuit costs
202

287

 
521

907

Gain on sale of land
(119
)
(628
)
 
(2,969
)
(7,886
)
Provision for impairment to land
—

35

 
—

547

Loss on derivative instruments and hedge ineffectiveness
2

40,586

 
(12
)
40,589

Early extinguishment of debt
—

13,943

 
12,404

13,957

Merger related costs
1,175

—

 
75,584

—

Merger related debt offering interest
—

—

 
975

—

Preferred redemption costs
2,859

—

 
12,226

—

Hurricane losses
1,852

—

 
1,852

—

Core Funds From Operations
$
161,704

84,256

 
$
434,204

244,053

 
 
 
 
 
 
Core FFO per share (diluted)
$
0.95

0.81

 
$
2.78

2.43

Weighted average shares (diluted)
170,816

104,409

 
156,467

100,282

 
 
 
 
 
 
Additional Disclosures:
 
 
 
 
 
 
 
 
 
 
 
Non Cash Expense (Income)(1)
 
 
 
 
 
Straight line rent, net
$
(4,828
)
(1,253
)
 
$
(13,596
)
(5,030
)
Above/below market rent amortization, net
(7,293
)
(1,322
)
 
(19,605
)
(2,994
)
Derivative amortization
2,102

1,807

 
6,306

6,306

Debt cost and premium/discount amortization
440

532

 
1,369

1,635

Stock-based compensation
3,749

3,163

 
11,150

9,967

Non Cash Expense (Income)
$
(5,830
)
2,927

 
$
(14,376
)
9,884

 
 
 
 
 
 
Capital Expenditures(1)
 
 
 
 
 
Leasing commissions
$
4,627

3,532

 
$
13,706

10,646

Tenant improvements and other landlord leasing costs
8,389

4,032

 
22,556

13,493

Building improvements
6,220

4,298

 
11,864

8,782

Capital Expenditures
$
19,236

11,862

 
$
48,126

32,921

 
 
 
 
 
 

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Three Months Ended
 
Year to Date
 
2017
2016
 
2017
2016
(1)  Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

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Summary of Consolidated Debt
September 30, 2017 and December 31, 2016
(in thousands)
Total Debt Outstanding:
 
9/30/2017
 
12/31/2016
Notes Payable:
 
 
 
 
Fixed-rate mortgage loans
 
$
586,699

 
465,255

Variable-rate mortgage loans
 
32,206

 
6,500

Fixed-rate unsecured public debt
 
2,137,947

 
892,170

Fixed-rate unsecured private debt
 
187,134

 
—

Unsecured credit facilities:
 
 
 
 
Revolving line of credit
 
15,000

 
15,000

Term Loans
 
563,144

 
263,495

     Total
 
$
3,522,130

 
1,642,420

Schedule of Maturities by Year:
 
Scheduled Principal Payments
 
 Mortgage Loan Maturities
 
Unsecured Maturities (1)
 
 Total
 
Weighted Average Contractual Interest Rate on Maturities
2017
 
$
2,708

 
—

 
—

 
2,708

 
—%
2018
 
10,641

 
139,976

 
—

 
150,617

 
5.5%
2019
 
13,860

 
13,216

 
15,000

 
42,076

 
3.7%
2020
 
11,122

 
51,580

 
450,000

 
512,702

 
4.3%
2021
 
11,426

 
39,001

 
250,000

 
300,427

 
4.9%
2022
 
11,618

 
5,848

 
565,000

 
582,466

 
3.0%
2023
 
10,043

 
50,492

 
—

 
60,535

 
3.2%
2024
 
5,301

 
88,537

 
250,000

 
343,838

 
3.7%
2025
 
4,207

 
—

 
250,000

 
254,207

 
3.9%
2026
 
4,420

 
88,000

 
200,000

 
292,420

 
3.8%
>10 years
 
13,085

 
33,302

 
950,000

 
996,387

 
3.6%
Unamortized debt premium/(discount) and issuance costs
 
—

 
10,522

 
(26,775
)
 
(16,253
)
 
 
 
 
$
98,431

 
520,474

 
2,903,225

 
3,522,130

 
4.0%
Percentage of Total Debt:
 
9/30/2017
 
12/31/2016
Fixed
 
98.7%
 
98.7%
Variable
 
1.3%
 
1.3%
 
 
 
 
 
Current Weighted Average Contractual Interest Rates: (2)
 
 
 
 
Fixed
 
4.0%
 
4.4%
Variable
 
2.1%
 
0.2%
Combined
 
4.0%
 
4.5%
 
 
 
 
 
Current Weighted Average Effective Interest Rate: (3)
 
 
 
 
Combined
 
4.3%
 
5.1%
Average Years to Maturity:
 
 
 
 
Fixed
 
8.9
 
5.2
Variable
 
1.2
 
2.4
 
 
 
 
 
(1) Includes unsecured public and private placement debt, unsecured term loans, and unsecured revolving line of credit.
(2) Interest rates are calculated as of the quarter end.
(3) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.

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Summary of Consolidated Debt
As of September 30, 2017 and December 31, 2016
(in thousands)
Lender
 
Collateral
 
Contractual Rate
 
Effective Rate (1)
 
Maturity
 
9/30/2017
 
12/31/2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured Debt - Fixed Rate Mortgage Loans
 
 
 
 
 
 
 
 
 
 
TIAA-CREF
 
Westchase
 
5.5%
 
 
 
07/10/18
 
6,372

 
6,623

Allianz Life Insurance Company
 
Sheridan Plaza
 
6.3%
 
 
 
10/10/18
 
56,197

 
—

Guardian Life Insurance Company
 
Amerige Heights Town Center
 
6.1%
 
 
 
12/01/18
 
15,911

 
16,105

Guardian Life Insurance Company
 
El Cerrito Plaza
 
6.4%
 
 
 
12/01/18
 
36,641

 
37,237

Peoples United Bank
 
The Village Center
 
6.3%
 
 
 
06/01/19
 
14,047

 
—

Allianz Life Insurance Company
 
Willow Festival
 
7.3%
 
 
 
01/10/20
 
39,505

 
39,505

Nationwide Bank
 
Kent Place
 
3.3%
 
 
 
04/01/20
 
8,250

 
8,250

CUNA Mutal Insurance Society
 
Ocala Corners
 
6.5%
 
 
 
04/01/20
 
4,447

 
4,615

Wells Fargo
 
University Commons
 
5.5%
 
 
 
01/10/21
 
37,131

 
37,532

Jefferson Pilot
 
BridgeMill
 
7.9%
 
 
 
05/05/21
 
5,712

 
—

John Hancock Life Insurance Company
 
Kirkwood Commons
 
7.7%
 
 
 
10/01/22
 
9,536

 
9,978

TD Bank
 
Black Rock Shopping Center
 
2.8%
 
 
 
04/01/23
 
20,000

 
20,000

State Farm Life Insurance Company
 
Tech Ridge Center
 
5.8%
 
 
 
06/01/23
 
7,028

 
7,784

American United Life Insurance Company
 
Westport Plaza
 
7.5%
 
 
 
08/01/23
 
2,957

 
—

TD Bank
 
Brickwalk Shopping Center
 
3.2%
 
 
 
11/01/23
 
33,000

 
33,000

Genworth Life Insurance Company
 
Aventura, Oakbrook & Treasure Coast
 
6.5%
 
 
 
02/28/24
 
17,225

 
—

Prudential Insurance Company of America
 
4S Commons Town Center
 
3.5%
 
 
 
06/05/24
 
85,000

 
62,500

Great-West Life & Annuity Insurance Co
 
Erwin Square
 
3.8%
 
 
 
09/01/24
 
10,000

 
10,000

Metropolitan Life Insurance Company
 
Westbury Plaza
 
3.8%
 
 
 
02/01/26
 
88,000

 
—

PNC Bank
 
Fellsway Plaza
 
4.1%
 
 
 
06/02/27
 
37,500

 
34,600

NYLIM Real Estate Group
 
Oak Shade Town Center
 
6.1%
 
 
 
05/10/28
 
8,289

 
8,695

New York Life Insurance
 
Von's Circle Center
 
5.2%
 
 
 
10/10/28
 
8,425

 
—

CIGNA
 
Copps Hill Plaza
 
6.1%
 
 
 
01/01/29
 
14,445

 
—

City of Rollingwood
 
Shops at Mira Vista
 
8.0%
 
 
 
03/01/32
 
236

 
242

Allianz Life Insurance Company
 
Circle Center West
 
5.0%
 
 
 
10/01/36
 
10,279

 
—

Jefferson Pilot
 
Peartree Village
 
8.4%
 
 
 
06/01/17
 
—

 
6,153

Bank of America
 
Grand Ridge Plaza
 
5.8%
 
 
 
07/01/17
 
—

 
10,931

Metropolitan Life Insurance Company
 
Corkscrew Village
 
6.2%
 
 
 
08/01/17
 
—

 
7,343

Allianz Life Insurance Company
 
Tassajara Crossing
 
7.8%
 
 
 
07/10/19
 
—

 
19,800

Allianz Life Insurance Company
 
Plaza Hermosa
 
7.8%
 
 
 
07/10/19
 
—

 
13,800

Allianz Life Insurance Company
 
Sequoia Station
 
7.8%
 
 
 
07/10/19
 
—

 
21,100

Allianz Life Insurance Company
 
Mockingbird Commons
 
7.8%
 
 
 
07/10/19
 
—

 
10,300

Allianz Life Insurance Company
 
Sterling Ridge
 
7.8%
 
 
 
07/10/19
 
—

 
13,900

Allianz Life Insurance Company
 
Frisco Prestonbrook
 
7.8%
 
 
 
07/10/19
 
—

 
6,800

Allianz Life Insurance Company
 
Wellington Town Square
 
7.8%
 
 
 
07/10/19
 
—

 
12,800

Allianz Life Insurance Company
 
Berkshire Commons
 
7.8%
 
 
 
07/10/19
 
—

 
7,500

Unamortized premiums on assumed debt of acquired properties and issuance costs
 
 
 
 
 
10,566

 
4,662

          Total Fixed Rate Mortgage Loans
 
5.0%
 
4.3%
 
 
 
$
586,699

 
471,755

 
 
 
 
 
 
 
 
 
 
 
 
 

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Summary of Consolidated Debt
As of September 30, 2017 and December 31, 2016
(in thousands)
Lender
 
Collateral
 
Contractual Rate
 
Effective Rate (1)
 
Maturity
 
9/30/2017
 
12/31/2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Debt Offering (6/2/10)
 
Fixed-rate unsecured
 
6.0%
 
 
 
06/15/20
 
150,000

 
150,000

Debt Offering (10/7/10)
 
Fixed-rate unsecured
 
4.8%
 

 
04/15/21
 
250,000

 
250,000

Debt Offering (10/22/12)
 
Fixed-rate unsecured
 
3.8%
 

 
11/11/22
 
300,000

 
—

Debt Offering (5/16/14)
 
Fixed-rate unsecured
 
3.8%
 

 
06/15/24
 
250,000

 
250,000

Debt Offering (8/17/15)
 
Fixed-rate unsecured
 
3.9%
 

 
11/01/25
 
250,000

 
250,000

Debt Placement (5/11/2016)
 
Fixed-rate unsecured
 
3.8%
 
 
 
05/11/26
 
100,000

 
—

Debt Placement (8/11/2016)
 
Fixed-rate unsecured
 
3.9%
 
 
 
08/11/26
 
100,000

 
—

Debt Offering (1/17/17)
 
Fixed-rate unsecured
 
3.6%
 
 
 
02/01/27
 
525,000

 
—

Debt Offering (1/17/17)
 
Fixed-rate unsecured
 
4.4%
 
 
 
02/01/47
 
425,000

 
—

Term Loan
 
Fixed-rate unsecured
 
2.8%
(2) 
 
 
12/02/20
 
300,000

 
—

Term Loan
 
Fixed-rate unsecured
 
2.0%
(3) 
 
 
01/05/22
 
265,000

 
265,000

Revolving Line of Credit
 
Variable-rate unsecured
 
LIBOR + 0.925%
(4) 
 
 
05/13/19
 
15,000

 
15,000

Unamortized debt discount and issuance costs
 
 
 
 
 
 
 
(26,775
)
 
(9,335
)
          Total Unsecured Debt, Net of Discounts
 
3.8%
 
4.2%
 
 
 
$
2,903,225

 
1,170,665


 
 
 
 
 
 
 
 
 
 
 
 
Variable Rate Mortgage Loans
 
 
 
 
 
 
 
 
 
 
 
 
TD Bank
 
Concord Shopping Plaza
 
LIBOR + 1.35%
 
 
 
06/28/18
 
27,750

 
—

PNC Bank
 
Market at Springwoods Village
 
LIBOR + 1.75%
 
 
 
12/28/19
 
4,499

 
—

Unamortized debt discount and issuance costs
 
 
 
 
 
 
 
(43
)
 
 
 
 
 
 
 
 
 
 
 
 
$
32,206

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
               Total
 
 
 
4.0%
 
4.3%
 
 
 
$
3,522,130

 
1,642,420

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)  Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
(2) Underlying debt is LIBOR+0.95%; however, interest rate swaps are in place to fix the interest rate on the entire $300,000 balance at 2.774% through maturity. Contractual rate represents blended contractual terms, including the swap.
(3) Effective July 7, 2016, the interest rate on the underlying debt is LIBOR + 0.95%, with an interest rate swap in place to fix the interest rate on the entire $265,000 balance at 2.00% through maturity.
(4) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option.


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Summary of Unsecured Debt Covenants and Leverage Ratios
September 30, 2017
(in thousands)
Outstanding Unsecured Unsecured Public Debt:
Origination
 
Maturity
 
Rate
 
Balance
 
 
6/2/2010
 
6/15/2020
 
6.00%
$
150,000

 
 
10/7/2010
 
4/15/2021
 
4.80%
$
250,000

 
 
10/25/2012
 
11/15/2022
 
3.75%
$
300,000

 
 
5/16/2014
 
6/15/2024
 
3.75%
$
250,000

 
 
8/17/2015
 
11/1/2025
 
3.90%
$
250,000

 
 
1/17/2017
 
2/1/2027
 
3.60%
$
525,000

 
 
1/17/2017
 
2/1/2047
 
4.40%
$
425,000

Unsecured Public Debt Covenants:
 
Required
 
6/30/17
 
3/31/17
 
12/31/16
 
9/30/16
 
 
 
 
 
 
 
 
 
 
 
Fair Market Value Calculation Method Covenants (1)(2)
 
 
 
 
 
 
 
 
 
 
Total Consolidated Debt to Total Consolidated Assets
 
≤ 65%

 
27
%
 
26
%
 
24
%
 
25
%
Secured Consolidated Debt to Total Consolidated Assets
 
≤ 40%

 
5
%
 
6
%
 
7
%
 
7
%
Consolidated Income for Debt Service to Consolidated Debt Service
 
≥ 1.5x

 
5.1x

 
5.2x

 
4.7x

 
4.3x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt
 
>150%

 
393
%
 
410
%
 
480
%
 
479
%
 
 
 
 
 
 
 
 
 
 
 
Ratios:
 
9/30/17
 
6/30/17
 
3/31/17
 
12/31/16
 
9/30/16
Consolidated Only
 
 
 
 
 
 
 
 
 
 
Net debt to total market capitalization
 
24.8
%
 
24.0
%
 
22.8
%
 
17.7
%
 
15.8
%
Net debt to real estate assets, before depreciation
 
31.0
%
 
30.3
%
 
29.6
%
 
31.1
%
 
30.6
%
Net debt to total assets, before depreciation
 
28.2
%
 
27.6
%
 
27.4
%
 
29.0
%
 
28.7
%
Net debt + preferred to total assets, before depreciation
 
28.2
%
 
28.2
%
 
28.0
%
 
34.8
%
 
34.6
%
 
 
 
 
 
 
 
 
 
 
 
Net debt to Adjusted EBITDA - TTM(3)
 
4.8x

 
4.6x

 
4.5x

 
3.6x

 
3.6x

Fixed charge coverage
 
4.9x

 
5.1x

 
5.1x

 
4.0x

 
3.8x

Fixed charge coverage excluding preferreds
 
5.1x

 
5.5x

 
5.6x

 
4.7x

 
4.4x

Interest coverage
 
5.7x

 
6.2x

 
6.3x

 
5.3x

 
4.9x

 
 
 
 
 
 
 
 
 
 
 
Unsecured assets to total real estate assets
 
86.6
%
 
86.5
%
 
83.2
%
 
83.0
%
 
83.0
%
Unsecured NOI to total NOI - TTM(3)
 
87.0
%
 
86.9
%
 
83.2
%
 
81.5
%
 
81.2
%
Unencumbered assets to unsecured debt
 
322
%
 
323
%
 
336
%
 
347
%
 
349
%
 
 
 
 
 
 
 
 
 
 
 
Total Pro-Rata Share
 
 
 
 
 
 
 
 
 
 
Net debt to total market capitalization
 
27.5
%
 
26.8
%
 
25.5
%
 
21.7
%
 
19.4
%
Net debt to real estate assets, before depreciation
 
33.1
%
 
32.5
%
 
31.8
%
 
34.8
%
 
34.3
%
Net debt to total assets, before depreciation
 
30.1
%
 
29.7
%
 
29.5
%
 
32.5
%
 
32.2
%
Net debt + preferred to total assets, before depreciation
 
30.1
%
 
30.2
%
 
30.1
%
 
37.5
%
 
37.4
%
 
 
 
 
 
 
 
 
 
 
 
Net debt to Adjusted EBITDA - TTM(3)
 
5.4x

 
5.2x

 
4.9x

 
4.4x

 
4.4x

Fixed charge coverage
 
4.1x

 
4.3x

 
4.5x

 
3.3x

 
3.2x

Fixed charge coverage excluding preferreds
 
4.3x

 
4.5x

 
4.9x

 
3.8x

 
3.5x

Interest coverage
 
4.9x

 
5.2x

 
5.6x

 
4.4x

 
4.1x

 
 
 
 
 
 
 
 
 
 
 
(1) For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
(2) 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.
(3) In light of the merger with Equity One on March 1, 2017, debt metric calculations include legacy Regency results for the trailing 12 months and the annualized impact of year to date results for the Equity One contribution post merger.

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Summary of Unconsolidated Debt
September 30, 2017 and December 31, 2016
(in thousands)
Total Debt Outstanding:
 
9/30/2017
 
12/31/2016
Mortgage loans payable:
 
 
 
 
Fixed rate secured loans
 
$
1,498,094

 
1,290,296

Unsecured credit facilities variable rate
 
19,635

 
19,635

     Total
 
$
1,517,729

 
1,309,931

Schedule of Maturities by Year:
 
Scheduled Principal Payments
 
Mortgage Loan Maturities
 
Unsecured Maturities
 
Total
 
Regency's Pro-Rata Share
 
Weighted Average Contractual Interest Rate on Maturities
2017
 
$
5,043

 
—

 
19,635

 
24,678

 
5,755

 
2.7%
2018
 
21,059

 
30,022

 
—

 
51,081

 
19,647

 
4.1%
2019
 
19,852

 
73,259

 
—

 
93,111

 
24,448

 
7.3%
2020
 
16,823

 
222,199

 
—

 
239,022

 
86,167

 
5.8%
2021
 
10,818

 
269,942

 
—

 
280,760

 
100,402

 
4.6%
2022
 
7,569

 
195,702

 
—

 
203,271

 
73,369

 
4.2%
2023
 
2,631

 
171,608

 
—

 
174,239

 
65,003

 
4.8%
2024
 
380

 
33,690

 
—

 
34,070

 
13,760

 
3.9%
2025
 
—

 
162,000

 
—

 
162,000

 
48,900

 
3.6%
2026
 
—

 
101,000

 
—

 
101,000

 
44,400

 
3.8%
>10 Years
 
—

 
165,000

 
—

 
165,000

 
43,008

 
3.9%
Unamortized debt premium/(discount) and issuance costs (2)
 
—

 
(10,503
)
 
—

 
(10,503
)
 
(3,355
)
 
 
 
 
$
84,175

 
1,413,919

 
19,635

 
1,517,729

 
521,504

 
4.6%
Percentage of Total Debt:
 
9/30/2017
 
12/31/2016
  Fixed
 
98.7%
 
98.5%
  Variable
 
1.3%
 
1.5%
 
 
 
 
 
Current Weighted Average Contractual Interest Rates: (1)
 
 
 
 
  Fixed
 
4.6%
 
4.8%
  Variable
 
2.7%
 
2.3%
  Combined
 
4.6%
 
4.7%
 
 
 
 
 
Current Weighted Average Effective Interest Rates: (2)
 
 
 
 
  Combined
 
4.7%
 
4.9%
 
 
 
 
 
Average Years to Maturity:
 
 
 
 
  Fixed
 
5.5
 
5.7
  Variable
 
0.2
 
0.9
 
 
 
 
 
(1) Interest rates are calculated as of the quarter end.
(2) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

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Property Transactions
September 30, 2017
(in thousands)
Acquisitions:
Date
Property Name
Co-investment Partner (REG %)
Market
Total GLA
Regency’s Share of Purchase Price
Weighted Average Cap Rate
Anchor(s)(2)
None


























 
Total
 
 
—
$
—


 
 
 
 
 
 
 
 
 
Dispositions for Development Funding:
Date
Property Name
Co-investment Partner (REG %)
Market
Total GLA
Regency’s Share of Sales Price
Weighted Average Cap Rate
Anchor(s)(2)
Mar-17
 1900/2000 Offices
 DRA (20%)
Boca Raton, FL
117
$
4,200


--
May-17
 Shops at Arizona

Anthem, AZ
22
2,625


Ace Hardware
May-17
 Palm Valley Marketplace
 Oregon (20%)
Phoenix, AZ
93
4,490


Safeway
Aug-17
Maynard Crossing
 USAA (20%)
Cary, NC
123
5,985


Kroger
 
Total
 
 
355
$
17,300

6.1%
 
 
 
 
 
 
 
 
 
(1) Retailers in parenthesis are shadow anchors and not a part of the owned property
 
 
 
 
 
 
 
 

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Summary of Development
September 30, 2017
(in thousands)
Property Name
 Market
 Grocer/Anchor Tenant
 Dev Start
 Anchor
Opens
 Estimated Net Development Costs After
JV Buyout
%
of Costs Incurred
Development Yield Before
JV Buyout (1)
Return
After
JV Buyout
GLA
% Leased
Properties in Development:
 
 
 
 
 
 
 
 
 
 
 
Chimney Rock
 New York, NY
 Whole Foods, Nordstrom Rack & Saks Off 5th
 Q4-2016
May-18
$71,254
59%
6.5%
6.5%
218
83%
Market at Springwoods Village (3)
 Houston, TX
 Kroger
 Q1-2016
May-17
$14,571
75%
9.0%
9.0%
89
86%
Mellody Farm
 Chicago, IL
 Whole Foods, Nordstrom Rack & REI
 Q2-2017
Oct-18
$97,399
31%
6.9%
6.9%
252
59%
Northgate Marketplace Ph II
 Medford, OR
 Dick's & HomeGoods
 Q4-2015
Oct-16
$40,700
96%
7.3%
7.3%
177
92%
Pinecrest Place
 Miami, FL
 Whole Foods
 Q1-2017
Mar-18
$16,427
16%
7.3%
7.3%
70
75%
The Field at Commonwealth
 Metro DC
 Wegmans
 Q1-2017
Aug-18
$45,210
48%
7.5%
7.5%
187
81%
The Village at Riverstone
 Houston, TX
 Kroger
 Q4-2016
Oct-18
$30,638
45%
8.0%
7.8%
165
80%
The Village at Tustin Legacy
 Los Angeles, CA
 Stater Brothers
 Q3-2016
Oct-17
$37,472
81%
8.5%
8.5%
112
93%
Total Properties in Development
8
 
 
 
$353,670
54%
7.3%
7.3
%
(2) 
1,270
80%
 
 
 
 
 
 
 
 
 
 
 
 
Development Completions:
 
 
 
 
 
 
 
 
 
 
 
Willow Oaks Crossing
 Charlotte, NC
 Publix
 Q2-2014
Dec-15
$13,991
99%
8.0%
8.0%
 
69
95%
Total Development Completions
1
 
 

$13,991
99%
8.0%
8.0%
(2) 
69
95%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI from Properties in Development (Current Quarter)
 
$898
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rent from Development Completions for leases signed but not yet rent-paying (Current Quarter)
 
$0
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
New starts for the quarter are in bold and italicized.
 
 
 
See Page 53 for additional disclosures regarding undeveloped land classified on the non-GAAP balance sheet as Land, building, and improvements rather than Properties in Development
 
 

 
 
 
 
 
 
 
(1) Represents the ratio of Regency's underwritten NOI at stabilization to total estimated net development costs, before any adjustments for expected JV partner buyouts.
 
 
 
(2) After allocating land basis for outparcel proceeds, additional interest and overhead capitalization, returns are estimated to be 6.7% for Projects in Development and 7.6% for Development Completions.
(3) Reflects Regency's 53% controlling interest. Anchor rent commencement date is May-2017. Expected Anchor opening date is Nov-2017.
 
 
 
 
 
 
 
 
 
 
 
 

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Summary of Redevelopment
September 30, 2017
(in thousands)
Property Name
 Market
 Description
Target Completion Year (1)
Incremental
Costs (2)
%
of Costs Incurred
Incremental
Yield
Properties in Redevelopment (>$5M):
 
 
 
 
 
 
Aventura Shopping Center
 Miami
 Tear down of existing center and development of 86K SF center anchored by Publix and CVS.
2017
$20,158
72%
9% - 10%
Countryside Shops
 Miami
 Relocation and expansion of existing Publix including reduction of shop space and leasing former Publix space to Ross; addition of pad building leased to Chipotle; refaçade remaining center.
2018
$21,337
47%
6% - 7%
El Camino Shopping Center
 Los Angeles
 Reconfiguration of previous Haggen anchor box with Bristol Farms and Pet Food Express and improvements to remaining center.
2017
$13,499
78%
8% - 9%
Nocatee Town Center
 Jacksonville
 Addition of a 23K SF shop building.
2017
$5,490
87%
10% - 11%
Old St. Augustine Plaza
 Jacksonville
 Reconfiguration of vacant shop space and increasing GLA for LA Fitness.
2017
$7,910
72%
7% - 8%
Paces Ferry Plaza
 Atlanta
 Reconfiguration of center including construction of Whole Foods 365, parking deck, and façade renovations.
2018
$14,891
23%
9% - 10%
Point Royale Shopping Center
 Miami
 Reconfiguration of the former Best Buy space for Burlington Coat and two junior anchors; construction of new outparcel leased to Panera Bread; façade enhancements to remaining center.
2018
$10,935
44%
7% - 8%
Serramonte Shopping Center
 San Francisco
 Additional 250K SF of new retail including new parking deck. Anchor leases executed with Nordstrom Rack, Ross, TJ Maxx, Buy Buy Baby, Cost Plus World Market, Dave & Busters and Daiso.
2018
$116,200
80%
6% - 7%
Various Properties
14
 Redevelopments located in various markets with project costs <$5M
 
$33,897
53%
7% - 10%
Total Properties in Redevelopment
22
 
 
$244,317
67%
7% - 9%
 
 
 
 
 
 
 
Reconciliation of Summary of Development and Redevelopment to Properties In Development (Balance Sheet):
 
 
Developments
% of estimated development costs, including GAAP allocations
 
$208,498
 
 
Redevelopments
% of incremental costs
 
171,337
 
 
Other Costs
Pre-development costs and accruals for costs not yet paid
 
48,637
 
 
Properties in Development (Pro-Rata)
 
 
 
$428,472
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Target completion year reflects the year that construction is expected to be substantially complete.
 
 
(2) Includes Regency's pro-rata share of unconsolidated co-investment partnerships.
 
 


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Unconsolidated Investments
September 30, 2017
(in thousands)
 
 
 
 
 
 
Regency
Investment Partner and Portfolio Summary Abbreviation
Number of Properties
Total GLA
Total Assets
Total Debt
 
Ownership Interest
Share of Debt
Investment 6/30/2017
 
Equity
Pick-up
 
 
 
 
 
 
 
 
 
 
 
State of Oregon
 
 
 
 
 
 
 
 
 
 
(JV-C, JV-C2)
18
2,200

$
463,694

$
237,878

 
20.00%
$
47,576

$
20,889

 
$
4,416

(JV-CCV)
1
558

101,146

59,711

 
30.00%
17,913

11,929

 
636

 
19
2,758

564,840

297,589

 
 
 
 
 
 
GRI
 
 
 
 
 
 
 
 
 
 
(JV-GRI)
70
9,081

1,661,465

911,953

 
40.00%
364,781

198,106

 
20,791

 
 
 
 
 
 
 
 
 
 
 
CalSTRS
 
 
 
 
 
 
 
 
 
 
(JV-RC)
7
730

139,005

12,721

 
25.00%
3,180

27,806

 
1,010

 
 
 
 
 
 
 
 
 
 
 
New York Common Retirement Fund
 
 
 
 
 
 
 
 
 
 
(JV-NYC)
6
1,152

287,240

142,861

 
30.00%
42,858

57,448

 
417

 
 
 
 
 
 
 
 
 
 
 
USAA
 
 
 
 
 
 
 
 
 
 
(JV-USA)
7
683

91,937

103,718

 
20.01%
20,752

(11,138
)
(1) 
4,251

 
 
 
 
 
 
 
 
 
 
 
Publix
 
 
 
 
 
 
 
 
 
 
(JV-O)
2
207

32,078

—

 
50.00%
—

15,330

 
1,552

 
 
 
 
 
 
 
 
 
 
 
Individual Investors
 
 
 
 
 
 
 
 
 
 
(JV-O) 
3
366

103,825

48,887

 
20.00% - 50.00%
24,444

49,422

 
731

 
 
 
 
 
 
 
 
 
 
 
 
114
14,977

$
2,880,390

$
1,517,729

 
 
$
521,504

$
369,792

 
$
33,804

 
 
 
 
 
 
 
 
 
 
 
(1) During 2017, the USAA partnership distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is classified within Accounts Payable and Other Liabilities in the Consolidated Balance Sheets.


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Leasing Statistics -Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
September 30, 2017
(Retail Operating Properties Only)
Leasing Statistics - Comparable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Leasing Transactions
 
GLA
(in 000s)
 
New Base Rent/Sq. Ft
 
Rent Spread %
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
 
3rd Quarter 2017
 
387
 
1,774
 
$
20.41

 
7.8%
 
5.6
 
$
2.37

 
2nd Quarter 2017
 
427
 
1,690
 
23.89

 
9.4%
 
5.5
 
1.83

 
1st Quarter 2017
 
274
 
1,069
 
22.99

 
8.2%
 
5.8
 
2.31

 
4th Quarter 2016
 
375
 
1,358
 
23.89

 
12.7%
 
7.2
 
2.96

 
Total - 12 months
 
1,463
 
5,891
 
$
22.61

 
9.4%
 
5.9
 
$
2.31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Leases
 
Leasing Transactions
 
GLA
(in 000s)
 
New Base Rent/Sq. Ft
 
Rent Spread %
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
 
3rd Quarter 2017
 
92
 
279
 
$
26.20

 
17.4%
 
9.3
 
$
13.58

 
2nd Quarter 2017
 
103
 
281
 
23.81

 
13.5%
 
7.4
 
9.87

 
1st Quarter 2017
 
62
 
185
 
22.26

 
0.2%
 
7.3
 
12.15

 
4th Quarter 2016
 
83
 
328
 
22.45

 
21.4%
 
11.5
 
8.22

 
Total - 12 months
 
340
 
1,073
 
$
23.76

 
14.6%
 
9.2
 
$
10.67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewals
 
Leasing Transactions
 
GLA
(in 000s)
 
New Base Rent/Sq. Ft
 
Rent Spread %
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
 
3rd Quarter 2017
 
295
 
1,495
 
$
19.41

 
5.7%
 
5.0
 
$
0.41

 
2nd Quarter 2017
 
324
 
1,409
 
23.91

 
8.7%
 
5.2
 
0.34

 
1st Quarter 2017
 
212
 
883
 
23.14

 
10.0%
 
5.5
 
0.30

 
4th Quarter 2016
 
292
 
1,030
 
24.48

 
9.7%
 
5.5
 
0.83

 
Total - 12 months
 
1,123
 
4,818
 
$
22.36

 
8.2%
 
5.2
 
$
0.44

 


Leasing Statistics - Comparable and Non-comparable
Total
 
Leasing Transactions
 
GLA
(in 000s)
 
New Base Rent/Sq. Ft
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
3rd Quarter 2017
 
452
 
2,042
 
$
20.79

 
5.5
 
$
2.80

2nd Quarter 2017
 
497
 
1,915
 
23.91

 
5.5
 
2.88

1st Quarter 2017
 
316
 
1,185
 
23.75

 
6.3
 
2.44

4th Quarter 2016
 
435
 
1,582
 
24.73

 
6.9
 
3.59

Total - 12 months
 
1,700
 
6,723
 
$
23.03

 
5.9
 
$
2.93


Notes:
• All amounts reported at execution.
• Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
• Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.
• Tenant Improvements represent the costs to accommodate tenant-specific needs over and above baseline condition.
• Excludes Non Retail Properties


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   32

Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
September 30, 2017
(in thousands)
Largest CBSAs by Population(1)
Number of Properties
GLA
% Leased(2)
ABR
ABR/Sq. Ft.
% of Number of Properties
% of GLA
% of ABR
New York-Northern New Jersey-Long Island
13

1,553

96.1
%
$
55,474

$
37.19

3.0
%
3.5
%
6.3
%
Los Angeles-Long Beach-Santa Ana
24

2,361

99.2
%
61,104

25.95

5.6
%
5.3
%
7.0
%
Chicago-Naperville-Joliet
11

1,591

87.2
%
24,889

17.79

2.6
%
3.6
%
2.8
%
Dallas-Fort Worth-Arlington
12

775

99.1
%
16,533

21.37

2.8
%
1.8
%
1.9
%
Houston-Baytown-Sugar Land
13

1,589

94.5
%
27,244

17.92

3.0
%
3.6
%
3.1
%
Washington-Arlington-Alexandria
33

2,654

89.2
%
52,037

21.72

7.7
%
6.0
%
6.0
%
Philadelphia-Camden-Wilmington
8

694

93.6
%
14,020

21.41

1.9
%
1.6
%
1.6
%
Miami-Fort Lauderdale-Miami Beach
50

5,885

96.0
%
107,704

19.05

11.7
%
13.3
%
12.3
%
Atlanta-Sandy Springs-Marietta
22

2,065

95.1
%
40,940

20.58

5.2
%
4.7
%
4.7
%
Boston-Cambridge-Quincy
11

1,124

98.2
%
25,251

22.72

2.6
%
2.5
%
2.9
%
Phoenix-Mesa-Scottsdale
—

—

—
%
—

—

—
%
—
%
—
%
San Francisco-Oakland-Fremont
23

3,881

94.6
%
102,196

27.80

5.4
%
8.8
%
11.7
%
Riverside-San Bernardino-Ontario
3

319

91.2
%
6,563

21.29

0.7
%
0.7
%
0.8
%
Detroit
—

—

—

—

—

—

—

—

Seattle-Tacoma-Bellevue
11

855

98.6
%
20,859

24.83

2.6
%
1.9
%
2.4
%
Minneapolis-St. Paul-Bloomington
5

207

98.4
%
3,143

15.45

1.2
%
0.5
%
0.4
%
San Diego-Carlsbad-San Marcos
10

1,404

97.3
%
38,140

27.61

2.3
%
3.2
%
4.4
%
Tampa-St. Petersburg-Clearwater
10

1,322

88.0
%
19,300

16.50

2.3
%
3.0
%
2.2
%
Denver-Aurora
12

994

96.3
%
13,859

14.38

2.8
%
2.2
%
1.6
%
St. Louis
4

408

100.0
%
4,352

10.66

0.9
%
0.9
%
0.5
%
Baltimore-Towson
5

353

96.8
%
7,744

22.47

1.2
%
0.8
%
0.9
%
Charlotte-Gastonia-Concord
5

300

97.2
%
6,599

21.86

1.2
%
0.7
%
0.8
%
Orlando
9

936

91.6
%
14,281

16.65

2.1
%
2.1
%
1.6
%
San Antonio
—

—

—
%
—

—

—
%
—
%
—
%
Portland-Vancouver-Beaverton
5

436

94.5
%
7,634

18.36

1.2
%
1.0
%
0.9
%
Top 25 CBSAs by Population
299

31,707

94.7
%
$
669,866

$
22.30

70.0
%
71.6
%
76.7
%
 
 
 
 
 
 
 
 
 
CBSAs Ranked 26 - 50 by Population
60

6,254

97.4
%
95,887

15.75

14.1
%
14.1
%
11.0
%
 
 
 
 
 
 
 
 
 
CBSAs Ranked 51 - 75 by Population
23

2,167

97.7
%
49,379

23.32

5.4
%
4.9
%
5.7
%
 
 
 
 
 
 
 
 
 
CBSAs Ranked 76 - 100 by Population
12

757

98.0
%
11,631

15.68

2.8
%
1.7
%
1.3
%
 
 
 
 
 
 
 
 
 
Other CBSAs
33

3,396

94.1
%
47,056

14.72

7.7
%
7.7
%
5.3
%
 
 
 
 
 
 
 
 
 
Total All Properties
427

44,281

95.3
%
$
873,819

$
20.61

100.0
%
100.0
%
100.0
%
 
 
 
 
 
 
 
 
 
(1) 2016 Population Data Source: Synergos Technologies, Inc.
 
 
 
 
 
 
(2) Includes Properties in Development and leases that are executed but have not commenced.
 
 
 
 

https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   33



Significant Tenant Rents - Wholly Owned and Regency’s Pro-Rata Share of
Co-investment Partnerships
September 30, 2017
(in thousands)
Tenant
 
Tenant GLA
 
% of Company-Owned GLA
 
Total Annualized Base Rent
 
% of Total Annualized Base Rent
 
Total # of Leased Stores - 100% Owned and JV
 
# of Leased Stores in JV
Kroger
 
2,927

 
6.6%
 
$
27,862

 
3.2%
 
59
 
17
Publix
 
2,728

 
6.2%
 
27,039

 
3.1%
 
68
 
13
Albertsons/Safeway
 
1,748

 
4.0%
 
24,656

 
2.8%
 
46
 
19
TJX Companies
 
1,421

 
3.2%
 
20,693

 
2.4%
 
57
 
16
Whole Foods
 
920

 
2.1%
 
19,128

 
2.2%
 
26
 
7
CVS
 
623

 
1.4%
 
12,619

 
1.4%
 
56
 
19
Ahold/Delhaize
 
623

 
1.4%
 
10,888

 
1.2%
 
16
 
8
L.A. Fitness Sports Club
 
497

 
1.1%
 
9,609

 
1.1%
 
13
 
3
Nordstrom
 
320

 
0.7%
 
8,629

 
1.0%
 
9
 
—
Ross Dress For Less
 
564

 
1.3%
 
8,072

 
0.9%
 
24
 
8
PETCO
 
347

 
0.8%
 
8,054

 
0.9%
 
42
 
14
Bed Bath & Beyond
 
500

 
1.1%
 
7,878

 
0.9%
 
16
 
—
Trader Joe's
 
252

 
0.6%
 
7,645

 
0.9%
 
25
 
6
Wells Fargo Bank
 
137

 
0.3%
 
6,475

 
0.7%
 
55
 
21
Gap
 
197

 
0.4%
 
6,448

 
0.7%
 
15
 
1
Starbucks
 
138

 
0.3%
 
6,399

 
0.7%
 
103
 
33
Target
 
570

 
1.3%
 
6,365

 
0.7%
 
6
 
2
JPMorgan Chase Bank
 
109

 
0.2%
 
5,985

 
0.7%
 
37
 
7
Dick's Sporting Goods
 
367

 
0.8%
 
5,931

 
0.7%
 
7
 
1
Bank of America
 
115

 
0.3%
 
5,854

 
0.7%
 
40
 
14
H.E.B.
 
344

 
0.8%
 
5,762

 
0.7%
 
5
 
—
Kohl's
 
612

 
1.4%
 
5,645

 
0.6%
 
8
 
2
Wal-Mart
 
573

 
1.3%
 
4,935

 
0.6%
 
7
 
1
Best Buy
 
216

 
0.5%
 
4,822

 
0.6%
 
7
 
1
Walgreens
 
220

 
0.5%
 
4,660

 
0.5%
 
17
 
4
Top 25 Tenants
 
17,068

 
38.6%
 
$
262,053

 
29.9%
 
764
 
217



https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   34

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
September 30, 2017
(GLA in thousands)
 
 
 
   Anchor Tenants(1)
 
Year
 
 
 GLA
Percent of GLA
Percent of Total ABR(3)
ABR
   MTM(4)
 
 
74

0.2
%
0.1
%
$
12.73

2017
 
 
192

0.5
%
0.2
%
10.33
2018
 
 
1,418

3.4
%
2.1
%
12.48
2019
 
 
3,206

7.8
%
4.7
%
12.39
2020
 
 
2,690

6.5
%
4.2
%
13.05
2021
 
 
2,920

7.1
%
4.3
%
12.41
2022
 
 
3,428

8.3
%
6.0
%
14.78
2023
 
 
2,079

5.0
%
4.0
%
16.12
2024
 
 
1,232

3.0
%
2.6
%
17.55
2025
 
 
1,290

3.1
%
2.5
%
16.51
2026
 
 
1,348

3.3
%
2.9
%
18.13
10 Year Total
 
 
19,877

48.2
%
33.6
%
$
14.25

 
 
 
 
 
 
 
Thereafter
 
 
6,654

16.1
%
11.3
%
14.27
 
 
 
26,531

64.4
%
44.9
%
$
14.25

 
 
 
 
 
 
 
 
 
 
   Shop Tenants(2)
 
Year
 
 
GLA
Percent of GLA
Percent of Total ABR(3)
ABR
   MTM(4)
 
 
331

0.8
%
1.2
%
$
29.29

2017
 
 
296

0.7
%
1.0
%
27.35

2018
 
 
1,876

4.6
%
6.7
%
30.25

2019
 
 
1,978

4.8
%
7.0
%
29.62

2020
 
 
2,115

5.1
%
7.6
%
30.33

2021
 
 
2,031

4.9
%
7.4
%
30.86

2022
 
 
2,103

5.1
%
7.9
%
31.70

2023
 
 
864

2.1
%
3.3
%
32.09

2024
 
 
740

1.8
%
2.9
%
32.90

2025
 
 
721

1.7
%
3.1
%
36.49

2026
 
 
651

1.6
%
2.7
%
35.45

10 Year Total
 
 
13,706

33.3
%
50.8
%
$
31.23

 
 
 
 
 
 
 
Thereafter
 
 
973

2.4
%
4.3
%
37.62

 
 
 
14,679

35.6
%
55.1
%
$
31.66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   35

 
 
 
   All Tenants
 
Year
 
 
GLA
Percent of GLA
Percent of Total ABR(3)
ABR
   MTM(4)
 
 
405

1.0
%
1.3
%
$
26.27

2017
 
 
488

1.2
%
1.2
%
20.65

2018
 
 
3,294

8.0
%
8.8
%
22.60

2019
 
 
5,184

12.6
%
11.7
%
18.96

2020
 
 
4,805

11.7
%
11.8
%
20.66

2021
 
 
4,951

12.0
%
11.7
%
19.98

2022
 
 
5,531

13.4
%
13.9
%
21.21

2023
 
 
2,943

7.1
%
7.3
%
20.81

2024
 
 
1,971

4.8
%
5.5
%
23.32

2025
 
 
2,011

4.9
%
5.6
%
23.68

2026
 
 
1,999

4.9
%
5.6
%
23.77

10 Year Total
 
 
33,582

81.5
%
84.4
%
$
21.18

 
 
 
 
 
 
 
Thereafter
 
 
7,629

18.5
%
15.6
%
17.25

 
 
 
41,210

100
%
100
%
$
20.45


Note: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options.
(1) Anchor tenants represent any tenant occupying at least 10,000 square feet.
(2) Shop tenants represent any tenant occupying less than 10,000 square feet.
(3) Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent,
common area maintenance, real estate taxes, and insurance reimbursements.
(4) Month to month lease or in process of renewal.

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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 Potrero
 
 
CA
San Francisco-Oakland-Fremont
31
31
55.1%
 
—
—
—
$
8.93

4S Commons Town Center
M
85%
CA
San Diego-Carlsbad-San Marcos
240
240
100.0%
 
—
68
Ralphs, Jimbo's...Naturally!
$
32.98

Amerige Heights Town Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
89
89
100.0%
 
143
58
Albertsons, (Target)
$
29.25

Balboa Mesa Shopping Center
 
 
CA
San Diego-Carlsbad-San Marcos
207
207
100.0%
 
—
42
Von's Food & Drug, Kohl's
$
25.27

Bayhill Shopping Center
GRI
40%
CA
San Francisco-Oakland-Fremont
122
49
97.3%
 
—
32
Mollie Stone's Market
$
24.57

Blossom Valley
USAA
20%
CA
San Jose-Sunnyvale-Santa Clara
93
19
95.7%
 
—
34
Safeway
$
26.14

Brea Marketplace
GRI
40%
CA
Los Angeles-Long Beach-Santa Ana
352
141
100.0%
 
—
25
Sprout's Markets, Target
$
18.45

Circle Center West
 
 
CA
Los Angeles-Long Beach-Santa Ana
64
64
100.0%
 
—
—
—
$
27.22

Clayton Valley Shopping Center
 
 
CA
San Francisco-Oakland-Fremont
260
260
94.0%
 
—
14
Grocery Outlet, Orchard Supply Hardware
$
22.28

Corral Hollow
 
RC
25%
CA
Stockton
167
42
100.0%
 
—
66
Safeway, Orchard Supply & Hardware
$
17.32

Costa Verde Center
 
 
CA
San Diego-Carlsbad-San Marcos
179
179
90.1%
 
—
40
Bristol Farms
$
35.57

Culver Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
217
217
98.1%
 
—
37
Ralphs, Best Buy, LA Fitness
$
31.06

Diablo Plaza
 
 
CA
San Francisco-Oakland-Fremont
63
63
93.4%
 
53
53
(Safeway)
$
39.27

East Washington Place
 
 
CA
Santa Rosa-Petaluma
203
203
100.0%
 
137
25
(Target), Dick's Sporting Goods, TJ Maxx
$
24.08

El Camino Shopping Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
136
136
98.1%
 
—
31
Bristol Farms
$
35.05

El Cerrito Plaza
 
 
CA
San Francisco-Oakland-Fremont
256
256
94.3%
 
67
78
(Lucky's), Trader Joe's
$
29.51

El Norte Pkwy Plaza
 
 
CA
San Diego-Carlsbad-San Marcos
91
91
95.5%
 
—
42
Von's Food & Drug
$
18.01

Encina Grande
 
 
CA
San Francisco-Oakland-Fremont
106
106
100.0%
 
—
38
Whole Foods
$
30.51

Five Points Shopping Center
GRI
40%
CA
Santa Barbara-Santa Maria-Goleta
145
58
97.3%
 
—
35
Smart & Final
$
27.99

Folsom Prairie City Crossing
 
 
 
CA
Sacramento--Arden-Arcade--Roseville
90
90
96.7%
 
—
55
Safeway
$
20.54

French Valley Village Center
 
 
CA
Riverside-San Bernardino-Ontario
99
99
100.0%
 
—
44
Stater Bros.
$
25.82

Friars Mission Center
 
 
CA
San Diego-Carlsbad-San Marcos
147
147
100.0%
 
—
55
Ralphs
$
33.08

Gateway 101
 
 
CA
San Francisco-Oakland-Fremont
92
92
100.0%
 
212
—
(Home Depot), (Best Buy), Target, Nordstrom Rack
$
32.05

Gelson's Westlake Market Plaza
 
 
CA
Oxnard-Thousand Oaks-Ventura
85
85
97.1%
 
—
38
Gelson's Markets
$
24.24

Golden Hills Promenade
 
 
CA
San Luis Obispo-Paso Robles
244
244
97.5%
 
—
—
Lowe's
$
7.54

Granada Village
GRI
40%
CA
Los Angeles-Long Beach-Santa Ana
226
91
100.0%
 
—
24
Sprout's Markets
$
23.39

Hasley Canyon Village
USAA
20%
CA
Los Angeles-Long Beach-Santa Ana
66
13
100.0%
 
—
52
Ralphs
$
25.19

Heritage Plaza
 
 
CA
Los Angeles-Long Beach-Santa Ana
230
230
100.0%
 
—
44
Ralphs
$
35.73

Indio Towne Center
 
 
CA
Riverside-San Bernardino-Ontario
182
182
95.2%
 
236
94
(Home Depot), (WinCo), Toys R Us
$
19.11

Jefferson Square
 
 
CA
Riverside-San Bernardino-Ontario
38
38
49.3%
 
—
—
—
$
15.94

Laguna Niguel Plaza
GRI
40%
CA
Los Angeles-Long Beach-Santa Ana
42
17
100.0%
 
39
39
(Albertsons)
$
27.83

Marina Shores
C
20%
CA
Los Angeles-Long Beach-Santa Ana
68
14
100.0%
 
—
26
Whole Foods
$
35.80

Mariposa Shopping Center
GRI
40%
CA
San Jose-Sunnyvale-Santa Clara
127
51
100.0%
 
—
43
Safeway
$
19.10


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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Morningside Plaza
 
 
CA
Los Angeles-Long Beach-Santa Ana
91
91
98.4%
 
—
43
Stater Bros.
$
22.74

Navajo Shopping Center
GRI
40%
CA
San Diego-Carlsbad-San Marcos
102
41
98.0%
 
—
44
Albertsons
$
13.57

Newland Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
152
152
100.0%
 
—
58
Albertsons
$
25.05

Oak Shade Town Center
 
 
CA
Sacramento--Arden-Arcade--Roseville
104
104
100.0%
 
—
40
Safeway
$
20.16

Oakbrook Plaza
 
 
CA
Oxnard-Thousand Oaks-Ventura
83
83
94.4%
 
—
44
Gelson's Markets
$
19.55

Parnassus Heights Medical
RLP
50%
CA
San Francisco-Oakland-Fremont
146
73
99.6%
 
—
—
Central Parking System
$
37.77

Persimmon Place
 
 
CA
San Francisco-Oakland-Fremont
153
153
99.0%
 
—
40
Whole Foods, Nordstrom Rack
$
34.09

Plaza Escuela
 
 
CA
San Francisco-Oakland-Fremont
155
155
89.3%
 
—
—
—
$
45.18

Plaza Hermosa
 
 
CA
Los Angeles-Long Beach-Santa Ana
95
95
100.0%
 
—
37
Von's Food & Drug
$
25.83

Pleasant Hill Shopping Center
GRI
40%
CA
San Francisco-Oakland-Fremont
232
93
100.0%
 
—
—
Target, Toys "R" Us
$
24.71

Pleasanton Plaza
 
 
 
CA
San Francisco-Oakland-Fremont
167
167
85.6%
 
—
—
JCPenney
$
13.10

Point Loma Plaza
GRI
40%
CA
San Diego-Carlsbad-San Marcos
205
82
97.9%
 
—
50
Von's Food & Drug
$
22.22

Potrero Center
 
 
 
CA
San Francisco-Oakland-Fremont
229
229
84.0%
 
—
60
Safeway
$
32.93

Powell Street Plaza
 
 
CA
San Francisco-Oakland-Fremont
166
166
92.4%
 
—
10
Trader Joe's
$
33.38

Raley's Supermarket
C
20%
CA
Sacramento--Arden-Arcade--Roseville
63
13
100.0%
 
—
63
Raley's
$
12.50

Ralphs Circle Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
60
60
100.0%
 
—
35
Ralphs
$
17.61

Rancho San Diego Village
GRI
40%
CA
San Diego-Carlsbad-San Marcos
153
61
94.1%
 
—
40
Smart & Final
$
21.49

Rona Plaza
 
 
CA
Los Angeles-Long Beach-Santa Ana
52
52
100.0%
 
—
37
Superior Super Warehouse
$
20.49

San Carlos Marketplace
 
 
CA
San Francisco-Oakland-Fremont
154
154
100.0%
 
—
—
TJ Maxx, Best Buy
$
32.83

San Leandro Plaza
 
 
CA
San Francisco-Oakland-Fremont
50
50
95.3%
 
38
38
(Safeway)
$
34.93

Seal Beach
 
C
20%
CA
Los Angeles-Long Beach-Santa Ana
97
19
97.8%
 
—
48
Von's Food & Drug
$
23.86

Sequoia Station
 
 
 
CA
San Francisco-Oakland-Fremont
103
103
100.0%
 
62
62
(Safeway)
$
39.89

Serramonte Shopping Center
 
 
CA
San Francisco-Oakland-Fremont
1,076
1,076
96.4%
 
—
—
Macy's, Target, Dick's Sporting Goods, JCPenney, Dave & Buster's, Nordstrom Rack
$
23.20

Shoppes at Homestead (fka Loehmanns Plaza California)
 
 
CA
San Jose-Sunnyvale-Santa Clara
113
113
100.0%
 
53
53
(Safeway)
$
22.99

Silverado Plaza
GRI
40%
CA
Napa
85
34
97.4%
 
—
32
Nob Hill
$
16.93

Snell & Branham Plaza
GRI
40%
CA
San Jose-Sunnyvale-Santa Clara
92
37
100.0%
 
—
53
Safeway
$
18.41

South Bay Village
 
 
CA
Los Angeles-Long Beach-Santa Ana
108
108
100.0%
 
—
30
Wal-Mart, Orchard Supply Hardware
$
19.92

Strawflower Village
 
 
CA
San Francisco-Oakland-Fremont
79
79
96.9%
 
—
34
Safeway
$
19.35

Talega Village Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
102
102
100.0%
 
—
46
Ralphs
$
20.78

Tassajara Crossing
 
 
CA
San Francisco-Oakland-Fremont
146
146
95.9%
 
—
56
Safeway
$
23.90

The Hub Hillcrest Market (fka Uptown District)
 
 
CA
San Diego-Carlsbad-San Marcos
149
149
97.0%
 
—
52
Ralphs, Trader Joe's
$
38.47

The Marketplace Shopping Ctr
 
 
CA
Sacramento--Arden-Arcade--Roseville
111
111
95.2%
 
—
35
Safeway
$
24.40

Tustin Legacy
 
 
 
CA
Los Angeles-Long Beach-Santa Ana
112
112
92.7%
 
—
44
Stater Bros.
$
30.16

Twin Oaks Shopping Center
 
GRI
40%
CA
Los Angeles-Long Beach-Santa Ana
98
39
93.4%
 
—
41
Ralphs
$
17.17


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   38



Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Twin Peaks
 
 
 
CA
San Diego-Carlsbad-San Marcos
208
208
97.4%
 
—
—
Target
$
16.26

Valencia Crossroads
 
 
 
CA
Los Angeles-Long Beach-Santa Ana
173
173
100.0%
 
—
35
Whole Foods, Kohl's
$
26.17

Village at La Floresta
 
 
 
CA
Los Angeles-Long Beach-Santa Ana
87
87
100.0%
 
—
37
Whole Foods
$
32.48

Von's Circle Center
 
 
 
CA
Los Angeles-Long Beach-Santa Ana
151
151
100.0%
 
—
45
Von's, Ross Dress for Less
$
19.47

West Park Plaza
 
 
 
CA
San Jose-Sunnyvale-Santa Clara
88
88
97.8%
 
—
25
Safeway
$
18.14

Westlake Village Plaza and Center
 
 
 
CA
Oxnard-Thousand Oaks-Ventura
197
197
98.7%
 
—
72
Von's Food & Drug and Sprouts
$
37.88

Willows Shopping Center
 
 
 
CA
San Francisco-Oakland-Fremont
256
256
94.3%
 
—
—
—
$
27.75

Woodman Van Nuys
 
 
 
CA
Los Angeles-Long Beach-Santa Ana
108
108
100.0%
 
—
78
El Super
$
15.41

Woodside Central
 
 
 
CA
San Francisco-Oakland-Fremont
81
81
96.8%
 
113
—
(Target)
$
24.01

Ygnacio Plaza
 
GRI
40%
CA
San Francisco-Oakland-Fremont
110
44
98.5%
 
—
—
Sports Basement
$
36.68

 
 
 
 
CA
 
11,299
9,537
96.6%
96.8%
1,153
2,747
 
$
26.06

Applewood Shopping Center
GRI
40%
CO
Denver-Aurora
372
149
89.8%
 
—
71
King Soopers, Wal-Mart
$
12.07

Arapahoe Village
GRI
40%
CO
Boulder
159
64
96.7%
 
—
44
Safeway
$
18.26

Belleview Square
 
 
CO
Denver-Aurora
117
117
100.0%
 
—
65
King Soopers
$
18.68

Boulevard Center
 
 
CO
Denver-Aurora
79
79
89.7%
 
53
53
(Safeway)
$
28.46

Buckley Square
 
 
CO
Denver-Aurora
116
116
98.6%
 
—
62
King Soopers
$
11.12

Centerplace of Greeley III Phase I
 
 
CO
Greeley
119
119
100.0%
 
—
—
Hobby Lobby
$
11.94

Cherrywood Square
GRI
40%
CO
Denver-Aurora
97
39
97.8%
 
—
72
King Soopers
$
10.00

Crossroads Commons
C
20%
CO
Boulder
143
29
98.7%
 
—
66
Whole Foods
$
27.11

Falcon Marketplace
 
 
CO
Colorado Springs
22
22
93.8%
 
184
50
(Wal-Mart)
$
22.11

Hilltop Village
 
 
CO
Denver-Aurora
100
100
98.8%
 
—
66
King Soopers
$
9.62

Kent Place
 
M
50%
CO
Denver-Aurora
48
48
100.0%
 
—
30
King Soopers
$
19.60

Littleton Square
 
 
CO
Denver-Aurora
99
99
100.0%
 
—
78
King Soopers
$
10.60

Lloyd King Center
 
 
CO
Denver-Aurora
83
83
98.3%
 
—
61
King Soopers
$
12.01

Marketplace at Briargate
 
 
CO
Colorado Springs
29
29
100.0%
 
66
66
(King Soopers)
$
30.92

Monument Jackson Creek
 
 
CO
Colorado Springs
85
85
100.0%
 
—
70
King Soopers
$
11.88

Ralston Square Shopping Center
GRI
40%
CO
Denver-Aurora
83
33
92.5%
 
—
55
King Soopers
$
9.79

Shops at Quail Creek
 
 
CO
Denver-Aurora
38
38
89.0%
 
100
100
(King Soopers)
$
26.46

Stroh Ranch
 
 
 
CO
Denver-Aurora
93
93
98.5%
 
—
70
King Soopers
$
12.84

Woodmen Plaza
 
 
CO
Colorado Springs
116
116
94.1%
 
—
70
King Soopers
$
13.22

 
 
 
 
CO
 
1,999
1,459
96.8%
96.8%
403
1,149
 
$
14.81

22 Crescent Road
 
 
 
CT
Bridgeport-Stamford-Norwalk
8
8
70.6%
 
—
—
—
$
52.17

91 Danbury Road
 
 
 
CT
Bridgeport-Stamford-Norwalk
5
5
100.0%
 
—
—
—
$
26.32

Black Rock
M
80%
CT
Bridgeport-Stamford-Norwalk
98
98
100.0%
 
—
—
—
$
29.17


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   39



Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Brick Walk
M
80%
CT
Bridgeport-Stamford-Norwalk
124
124
94.8%
 
—
—
—
$
46.02

Brookside Plaza
 
 
CT
Hartford-West Hartford-East Hartford
217
217
95.1%
 
—
60
ShopRite
$
14.60

Compo Acres Shopping Center
 
 
CT
Bridgeport-Stamford-Norwalk
43
43
95.1%
 
—
12
Trader Joe's
$
50.17

Copps Hill Plaza
 
 
CT
Bridgeport-Stamford-Norwalk
185
185
100.0%
 
—
59
Stop & Shop, Kohl's
$
14.11

Corbin's Corner
GRI
40%
CT
Hartford-West Hartford-East Hartford
186
74
100.0%
 
—
10
Trader Joe's, Toys "R" Us, Best Buy, The Tile Shop
$
27.61

Danbury Green
 
 
CT
Bridgeport-Stamford-Norwalk
124
124
100.0%
 
—
12
Trader Joe's
$
23.29

Darinor Plaza
 
 
CT
Bridgeport-Stamford-Norwalk
153
153
100.0%
 
—
—
Kohl's
$
18.78

Fairfield Center
M
80%
CT
Bridgeport-Stamford-Norwalk
94
94
97.1%
 
—
—
—
$
33.73

Post Road Plaza
 
 
CT
Bridgeport-Stamford-Norwalk
20
20
100.0%
 
—
11
Trader Joe's
$
52.35

Southbury Green
 
 
CT
Bridgeport-Stamford-Norwalk
156
156
97.5%
 
—
49
ShopRite
$
22.58

The Village Center
 
 
CT
Bridgeport-Stamford-Norwalk
90
90
90.8%
 
—
22
The Fresh Market
$
39.92

Walmart Norwalk
 
 
CT
Bridgeport-Stamford-Norwalk
142
142
100.0%
 
—
112
Wal-Mart
$
0.56

 
 
 
 
CT
 
1,644
1,533
97.6%
97.8%
—
22
 
$
23.26

Shops at The Columbia
RC
25%
DC
Washington-Arlington-Alexandria
23
6
100.0%
 
—
12
Trader Joe's
$
40.64

Spring Valley Shopping Center
GRI
40%
DC
Washington-Arlington-Alexandria
17
7
100.0%
 
—
—
—
$
92.12

 
 
 
 
DC
 
40
12
100.0%
100.0%
—
12
 
$
68.51

Pike Creek
 
 
 
DE
Philadelphia-Camden-Wilmington
232
232
95.6%
 
—
49
Acme Markets, K-Mart
$
14.58

Shoppes of Graylyn
GRI
40%
DE
Philadelphia-Camden-Wilmington
64
26
92.6%
 
—
—
—
$
23.99

 
 
 
 
DE
 
296
257
95.3%
95.3%
—
49

$
15.49

Alafaya Commons
 
 
FL
Orlando
131
131
89.7%
 
—
—
Academy Sports
$
14.74

Alafaya Village
 
 
FL
Orlando
38
38
90.3%
 
58
58
(Lucky's)
$
21.50

Anastasia Plaza
 
 
FL
Jacksonville
102
102
95.9%
 
—
49
Publix
$
13.12

Atlantic Village
 
 
FL
Jacksonville
105
105
97.0%
 
—
—
LA Fitness
$
15.97

Aventura Shopping Center
 
 
FL
Miami-Fort Lauderdale-Miami Beach
95
95
97.8%
 
—
36
Publix
$
33.73

Aventura Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
144
144
99.0%
 
—
—
Bed, Bath & Beyond
$
29.69

Banco Popular Building
 
 
FL
Miami-Fort Lauderdale-Miami Beach
33
33
64.0%
 
—
—
—
$
11.02

Berkshire Commons
 
 
FL
Naples-Marco Island
110
110
97.8%
 
—
66
Publix
$
14.11

Bird 107 Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
40
40
97.5%
 
—
—
—
$
19.89

Bird Ludlum
 
 
FL
Miami-Fort Lauderdale-Miami Beach
192
192
96.3%
 
—
44
Winn-Dixie
$
22.30

Bloomingdale Square
 
 
FL
Tampa-St. Petersburg-Clearwater
268
268
60.3%
 
—
40
Publix, Bealls
$
12.61

Bluffs Square Shoppes
 
 
FL
Miami-Fort Lauderdale-Miami Beach
124
124
92.8%
 
—
40
Publix
$
13.82

Boca Village Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
92
92
96.3%
 
—
36
Publix Greenwise
$
21.51

Boynton Lakes Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
110
110
94.9%
 
—
46
Publix
$
16.04

Boynton Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
105
105
94.4%
 
—
54
Publix
$
21.34


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   40



Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Brooklyn Station on Riverside (fka Shoppes on Riverside)
 
 
FL
Jacksonville
50
50
96.7%
 
—
20
The Fresh Market
$
25.72

Caligo Crossing
 
 
FL
Miami-Fort Lauderdale-Miami Beach
11
11
86.1%
 
98
—
(Kohl's)
$
48.76

Carriage Gate
 
 
FL
Tallahassee
74
74
87.4%
 
—
13
Trader Joe's
$
22.38

Cashmere Corners
 
 
FL
Port St. Lucie
86
86
85.9%
 
—
44
Wal-Mart
$
13.54

Chapel Trail Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
56
56
100.0%
 
—
—
LA Fitness
$
23.94

Charlotte Square
 
 
FL
Punta Gorda
91
91
73.7%
 
—
44
Wal-Mart
$
10.21

Chasewood Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
151
151
100.0%
 
—
54
Publix
$
25.05

Concord Plaza Shopping Center
 
 
FL
Miami-Fort Lauderdale-Miami Beach
309
309
99.0%
 
—
78
Winn-Dixie, Home Depot
$
12.47

Coral Reef Shopping Center
 
 
FL
Miami-Fort Lauderdale-Miami Beach
75
75
100.0%
 
—
25
Aldi
$
30.32

Corkscrew Village
 
 
FL
Cape Coral-Fort Myers
82
82
98.7%
 
—
51
Publix
$
13.91

Country Walk Plaza
NYC
30%
FL
Miami-Fort Lauderdale-Miami Beach
101
30
93.6%
 
—
40
Publix
$
19.44

Countryside Shops
 
 
FL
Miami-Fort Lauderdale-Miami Beach
193
193
92.5%
 
—
46
Publix, Stein Mart
$
12.77

Courtyard Shopping Center
 
 
FL
Jacksonville
137
137
100.0%
 
63
63
(Publix), Target
$
3.50

Crossroads Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
82
82
98.6%
 
178
—
(Lowe's)
$
19.55

Fleming Island
 
 
FL
Jacksonville
132
132
100.0%
 
130
48
Publix, (Target)
$
15.36

Fountain Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
177
177
97.2%
 
140
46
Publix, (Target)
$
25.77

Ft. Caroline
 
 
FL
Jacksonville
77
77
100.0%
 
—
46
Winn-Dixie
$
7.39

Garden Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
90
90
98.8%
 
—
42
Publix
$
17.43

Glengary Shoppes
 
 
FL
North Port-Sarasota-Bradenton
93
93
100.0%
 
—
—
Best Buy
$
21.62

Grande Oak
 
 
FL
Cape Coral-Fort Myers
79
79
100.0%
 
—
54
Publix
$
15.67

Greenwood Shopping Centre
 
 
FL
Miami-Fort Lauderdale-Miami Beach
133
133
92.7%
 
—
50
Publix
$
14.63

Hammocks Town Center
 
 
FL
Miami-Fort Lauderdale-Miami Beach
184
184
99.6%
 
86
40
Publix, Metro-Dade Public Library, (Kendall Ice Arena)
$
16.61

Hibernia Pavilion
 
 
FL
Jacksonville
51
51
89.6%
 
—
39
Publix
$
15.86

Homestead McDonald's
 
 
FL
Miami-Fort Lauderdale-Miami Beach
4
4
100.0%
 
—
—
—
$
27.74

John's Creek Center
C
20%
FL
Jacksonville
75
15
100.0%
 
—
45
Publix
$
14.86

Julington Village
C
20%
FL
Jacksonville
82
16
96.6%
 
—
51
Publix
$
15.44

Kirkman Shoppes
 
 
FL
Orlando
115
115
96.7%
 
—
—
LA Fitness
$
22.73

Lake Mary Centre
 
 
FL
Orlando
360
360
92.5%
 
—
25
Academy Sports, Hobby Lobby, LA Fitness
$
15.00

Lantana Outparcels
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
17
17
100.0%
 
—
—
—
$
18.01

Magnolia Shoppes
 
 
FL
Miami-Fort Lauderdale-Miami Beach
114
114
100.0%
 
—
—
Regal Cinemas
$
17.12

Mandarin Landing
 
 
FL
Jacksonville
140
140
92.7%
 
—
50
Whole Foods
$
17.58

Marketplace Shopping Center
 
 
FL
Tampa-St. Petersburg-Clearwater
90
90
90.6%
 
—
—
LA Fitness
$
19.60

Millhopper Shopping Center
 
 
FL
Gainesville
83
83
98.8%
 
—
46
Publix
$
17.00

Naples Walk Shopping Center
 
 
FL
Naples-Marco Island
125
125
93.9%
 
—
51
Publix
$
16.25


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   41



Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Newberry Square
 
 
FL
Gainesville
181
181
90.9%
 
—
40
Publix, K-Mart
$
7.21

Nocatee Town Center
 
 
 
FL
Jacksonville
107
107
100.0%
 
—
54
Publix
$
18.92

Northgate Square
 
 
 
FL
Tampa-St. Petersburg-Clearwater
75
75
98.2%
 
—
48
Publix
$
14.32

Oakleaf Commons
 
 
 
FL
Jacksonville
74
74
90.5%
 
—
46
Publix
$
14.37

Ocala Corners
 
 
 
FL
Tallahassee
87
87
100.0%
 
—
61
Publix
$
14.61

Old Kings Commons
 
 
 
FL
Palm Coast
85
85
99.0%
 
—
—
—
$
10.27

Old St Augustine Plaza
 
 
 
FL
Jacksonville
256
256
100.0%
 
—
52
Publix, Burlington Coat Factory, Hobby Lobby
$
9.77

Pablo Plaza
 
 
 
FL
Jacksonville
153
153
86.2%
 
—
—
—
$
13.82

Pavillion
 
 
 
FL
Naples-Marco Island
168
168
95.1%
 
—
—
LA Fitness
$
20.40

Pebblebrook Plaza
 
O
50%
FL
Naples-Marco Island
77
38
100.0%
 
—
61
Publix
$
14.97

Pine Island
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
255
255
98.3%
 
—
40
Publix, Burlington Coat Factory
$
14.19

Pine Ridge Square
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
118
118
96.6%
 
—
17
The Fresh Market
$
17.25

Pine Tree Plaza
 
 
 
FL
Jacksonville
63
63
92.9%
 
—
38
Publix
$
13.94

Pinecrest Place
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
70
70
74.6%
 
173
46
Whole Foods, (Target)
$
35.90

Plaza Venezia
 
C
20%
FL
Orlando
203
41
96.2%
 
—
51
Publix
$
25.79

Point Royale Shopping Center
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
202
202
87.2%
 
—
45
Winn-Dixie, Burlington Coat Factory
$
14.97

Prosperity Centre
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
124
124
100.0%
 
—
—
Bed, Bath & Beyond
$
21.29

Regency Square
 
 
 
FL
Tampa-St. Petersburg-Clearwater
352
352
95.1%
 
66
—
AMC Theater, Michaels, (Best Buy), (Macdill)
$
16.97

Ridge Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
155
155
99.2%
 
—
—
—
$
14.08

Ryanwood Square
 
 
 
FL
Sebastian-Vero Beach
115
115
93.1%
 
—
40
Publix
$
11.43

Salerno Village
 
 
 
FL
Port St. Lucie
5
5
100.0%
 
—
—
—
$
16.53

Sawgrass Promenade
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
107
107
93.2%
 
—
36
Publix
$
12.37

Seminole Shoppes
 
O
50%
FL
Jacksonville
87
44
90.5%
 
—
54
Publix
$
22.23

Sheridan Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
506
506
98.7%
 
—
66
Publix, Kohl's, LA Fitness
$
18.11

Shoppes @ 104
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
108
108
100.0%
 
—
46
Winn-Dixie
$
17.49

Shoppes at Bartram Park
 
O
50%
FL
Jacksonville
130
65
100.0%
 
97
45
Publix, (Kohl's)
$
19.67

Shoppes at Lago Mar
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
83
83
98.7%
 
—
42
Publix
$
15.16

Shoppes at Sunlake Centre
 
 
 
FL
Tampa-St. Petersburg-Clearwater
98
98
96.1%
 
—
46
Publix
$
20.37

Shoppes of Jonathan's Landing
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
27
27
100.0%
 
54
54
(Publix)
$
23.77

Shoppes of Oakbrook
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
200
200
99.4%
 
—
44
Publix, Stein Mart
$
16.33

Shoppes of Silver Lakes
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
127
127
96.6%
 
—
48
Publix
$
18.39

Shoppes of Sunset
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
22
22
68.7%
 
—
—
—
$
25.43

Shoppes of Sunset II
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
28
28
61.7%
 
—
—
—
$
22.17

Shops at John's Creek
 
 
 
FL
Jacksonville
15
15
100.0%
 
—
—
—
$
21.17

Shops at Skylake
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
287
287
92.2%
 
—
51
Publix, LA Fitness
$
22.93


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
South Beach Regional
 
 
 
FL
Jacksonville
308
308
98.1%
 
—
13
Trader Joe's, Home Depot, Steain Mart
$
14.67

South Point
 
 
 
FL
Sebastian-Vero Beach
65
65
95.7%
 
—
45
Publix
$
14.88

Starke
 
 
 
FL
Other
13
13
100.0%
 
—
—
—
$
25.56

Summerlin Square
 
 
 
FL
Tampa-St. Petersburg-Clearwater
11
11
50.2%
 
—
—
—
$
21.73

Suncoast Crossing
 
 
 
FL
Tampa-St. Petersburg-Clearwater
118
118
94.4%
 
143
—
Kohl's, (Target)
$
6.42

Tamarac Town Square
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
125
125
87.8%
 
—
38
Publix
$
12.85

The Grove
 
NYC
30%
FL
Orlando
152
46
100.0%
 
—
52
Publix, LA Fitness
$
20.39

The Plaza at St. Lucie West
 
 
 
FL
Port St. Lucie
27
27
100.0%
 
—
—
—
$
22.31

Town and Country
 
 
 
FL
Orlando
75
75
100.0%
 
—
—
Ross Dress for Less
$
9.42

Town Square
 
 
 
FL
Tampa-St. Petersburg-Clearwater
44
44
100.0%
 
—
—
—
$
30.27

Treasure Coast Plaza
 
 
 
FL
Sebastian-Vero Beach
134
134
94.7%
 
—
59
Publix
$
14.96

Unigold Shopping Center
 
 
 
FL
Orlando
114
114
74.1%
 
—
31
Lucky's
$
15.31

University Commons
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
180
180
100.0%
 
—
51
Whole Foods, Nordstrom Rack
$
31.30

Veranda Shoppes
 
NYC
30%
FL
Miami-Fort Lauderdale-Miami Beach
45
13
94.1%
 
—
29
Publix
$
26.81

Village Center
 
 
 
FL
Tampa-St. Petersburg-Clearwater
187
187
95.7%
 
—
36
Publix
$
19.66

Waterstone Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
61
61
100.0%
 
—
46
Publix
$
16.08

Welleby Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
110
110
93.2%
 
—
47
Publix
$
12.84

Wellington Town Square
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
104
104
100.0%
 
—
45
Publix
$
22.66

West Bird Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
100
100
98.6%
 
—
38
Publix
$
17.04

West Lake Shopping Center
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
101
101
94.8%
 
—
46
Winn-Dixie
$
18.12

Westchase
 
 
 
FL
Tampa-St. Petersburg-Clearwater
79
79
98.5%
 
—
51
Publix
$
16.04

Westport Plaza
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
47
47
96.5%
 
—
28
Publix
$
19.66

Willa Springs
 
USAA
20%
FL
Orlando
90
18
100.0%
 
—
44
Publix
$
20.21

Young Circle Shopping Center
 
 
 
FL
Miami-Fort Lauderdale-Miami Beach
65
65
95.5%
 
—
23
Publix
$
15.56

 
 
 
 
FL
 
12,508
11,794
94.6%
94.8%
1,285
3,472
 
$
17.16

Ashford Place
 
 
GA
Atlanta-Sandy Springs-Marietta
53
53
100.0%
 
—
—
—
$
21.15

Briarcliff La Vista
 
 
GA
Atlanta-Sandy Springs-Marietta
43
43
100.0%
 
—
—
—
$
20.27

Briarcliff Village
 
 
GA
Atlanta-Sandy Springs-Marietta
190
190
98.4%
 
—
43
Publix
$
16.08

Bridgemill Market
 
 
GA
Atlanta-Sandy Springs-Marietta
89
89
93.0%
 
—
38
Publix
$
16.41

Brighten Park (fka Loehmanns Plaza Georgia)
 
 
GA
Atlanta-Sandy Springs-Marietta
137
137
97.1%
 
—
25
The Fresh Market
$
24.89

Buckhead Court
 
 
GA
Atlanta-Sandy Springs-Marietta
49
49
87.3%
 
—
—
—
$
25.39

Buckhead Station
 
 
GA
Atlanta-Sandy Springs-Marietta
234
234
100.0%
 
—
—
Nordstrom Rack, TJ Maxx, Bed, Bath & Beyond
$
23.99

Cambridge Square
 
 
GA
Atlanta-Sandy Springs-Marietta
71
71
100.0%
 
—
41
Kroger
$
15.10

Chastain Square
 
 
GA
Atlanta-Sandy Springs-Marietta
92
92
100.0%
 
—
37
Publix
$
21.17

Cornerstone Square
 
 
GA
Atlanta-Sandy Springs-Marietta
80
80
100.0%
 
—
18
Aldi
$
17.01


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Sope Creek Crossing (fka Delk Spectrum)
 
 
GA
Atlanta-Sandy Springs-Marietta
99
99
91.9%
 
—
45
Publix
$
15.71

Dunwoody Hall
USAA
20%
GA
Atlanta-Sandy Springs-Marietta
86
17
97.5%
 
—
44
Publix
$
17.82

Dunwoody Village
 
 
GA
Atlanta-Sandy Springs-Marietta
121
121
95.2%
 
—
18
The Fresh Market
$
18.22

Howell Mill Village
 
 
GA
Atlanta-Sandy Springs-Marietta
92
92
98.5%
 
—
31
Publix
$
22.15

McAlpin Square
 
 
GA
Savannah
174
174
96.7%
 
—
44
Kroger
$
9.32

Paces Ferry Plaza
 
 
GA
Atlanta-Sandy Springs-Marietta
82
82
90.8%
 
—
30
365 by Whole Foods
$
33.01

Piedmont Peachtree Crossing
 
 
GA
Atlanta-Sandy Springs-Marietta
152
152
84.3%
 
—
56
Kroger
$
21.17

Powers Ferry Square
 
 
GA
Atlanta-Sandy Springs-Marietta
101
101
100.0%
 
—
—
—
$
30.19

Powers Ferry Village
 
 
GA
Atlanta-Sandy Springs-Marietta
79
79
100.0%
 
—
48
Publix
$
14.13

Russell Ridge
 
 
GA
Atlanta-Sandy Springs-Marietta
101
101
98.6%
 
—
63
Kroger
$
12.92

Sandy Springs
 
 
GA
Atlanta-Sandy Springs-Marietta
116
116
87.5%
 
—
12
Trader Joe's
$
22.09

The Shops at Hampton Oaks
 
 
GA
Atlanta-Sandy Springs-Marietta
21
21
53.4%
 
—
—
—
$
11.18

Williamsburg at Dunwoody
 
 
GA
Atlanta-Sandy Springs-Marietta
45
45
79.1%
 
—
—
—
$
23.39

 
 
 
 
GA
 
2,307
2,239
95.2%
95.2%
—
594

$
19.70

Civic Center Plaza
GRI
40%
IL
Chicago-Naperville-Joliet
265
106
97.7%
 
—
87
Super H Mart, Home Depot
$
11.16

Clybourn Commons
 
 
IL
Chicago-Naperville-Joliet
32
32
89.9%
 
—
—
—
$
37.07

Glen Oak Plaza
 
 
IL
Chicago-Naperville-Joliet
63
63
92.8%
 
—
12
Trader Joe's
$
23.59

Hinsdale
 
 
 
IL
Chicago-Naperville-Joliet
179
179
97.8%
 
—
57
Whole Foods
$
15.37

Mellody Farm
 
 
IL
Chicago-Naperville-Joliet
252
252
59.3%
 
—
45
Whole Foods
$
22.40

Riverside Sq & River's Edge
GRI
40%
IL
Chicago-Naperville-Joliet
169
68
92.9%
 
—
74
Mariano's Fresh Market
$
16.10

Roscoe Square
GRI
40%
IL
Chicago-Naperville-Joliet
140
56
100.0%
 
—
51
Mariano's Fresh Market
$
20.75

Stonebrook Plaza Shopping Center
GRI
40%
IL
Chicago-Naperville-Joliet
96
38
87.7%
 
—
63
Jewel-Osco
$
12.16

Westchester Commons (fka Westbrook Commons)
 
 
IL
Chicago-Naperville-Joliet
139
139
94.7%
 
—
51
Mariano's Fresh Market
$
17.86

Willow Festival
 
 
IL
Chicago-Naperville-Joliet
404
404
96.0%
 
—
60
Whole Foods, Lowe's
$
17.44

 
 
 
 
IL
 
1,740
1,337
88.8%
95.7%
—
501

$
17.97

Shops on Main
M
93%
IN
Chicago-Naperville-Joliet
254
254
78.7%
 
—
40
Whole Foods
$
16.71

Willow Lake Shopping Center
GRI
40%
IN
Indianapolis
86
34
100.0%
 
64
64
(Kroger)
$
17.38

Willow Lake West Shopping Center
GRI
40%
IN
Indianapolis
53
21
97.6%
 
—
12
Trader Joe's
$
25.26

 
 
 
 
IN
 
393
310
82.3%
82.3%
64
116
 
$
17.49

Ambassador Row
 
 
 
LA
Lafayette
195
195
93.5%
 
—
—
—
$
12.00

Ambassador Row Courtyards
 
 
 
LA
Lafayette
150
150
66.1%
 
—
—
—
$
10.37

Bluebonnet Village
 
 
 
LA
Baton Rouge
102
102
95.6%
 
—
33
Rouses Market
$
13.39

Elmwood Oaks Shopping Center
 
 
 
LA
New Orleans-Metarie
136
136
100.0%
 
—
—
Academy Sports
$
10.19

Siegen Village
 
 
 
LA
Baton Rouge
170
170
98.4%
 
—
—
—
$
11.01


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg02_123116a03.jpg   44



Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
 
 
 
 
LA
 
753
753
90.6%
90.6%
 
 

$
11.36

Fellsway Plaza
M
75%
MA
Boston-Cambridge-Quincy
155
155
100.0%
 
—
61
Stop & Shop
$
23.21

Northborough Crossing
NYC
30%
MA
Boston-Cambridge-Quincy
646
194
93.4%
 
—
139
Wegmans, BJ's Wholesale Club, Kohl's, Toys 'R Us, Dick's Sporting Goods
$
14.16

Old Connecticut Path
NYC
30%
MA
Boston-Cambridge-Quincy
80
24
100.0%
 
—
66
Stop & Shop
$
21.17

Shaw's at Plymouth
 
 
MA
Boston-Cambridge-Quincy
60
60
100.0%
 
—
60
Shaw's
$
17.58

Shops at Saugus
 
 
MA
Boston-Cambridge-Quincy
87
87
100.0%
 
—
11
Trader Joe's
$
28.63

Star's at Cambridge
 
 
MA
Boston-Cambridge-Quincy
66
66
100.0%
 
—
66
Star Market
$
37.44

Star's at Quincy
 
 
MA
Boston-Cambridge-Quincy
101
101
100.0%
 
—
101
Star Market
$
21.48

Star's at West Roxbury
 
 
MA
Boston-Cambridge-Quincy
76
76
100.0%
 
—
55
Star Market
$
24.70

The Collection at Harvard Square
 
 
MA
Boston-Cambridge-Quincy
41
41
89.2%
 
—
—
—
$
60.09

Twin City Plaza
 
 
MA
Boston-Cambridge-Quincy
285
285
99.1%
 
—
63
Shaw's, Marshall's
$
18.59

Whole Foods at Swampscott
 
 
MA
Boston-Cambridge-Quincy
36
36
100.0%
 
—
36
Whole Foods
$
24.95

 
 
 
 
MA
 
1,633
1,124
98.2%
98.2%
—
657
 
$
22.72

Burnt Mills
 
C
20%
MD
Washington-Arlington-Alexandria
31
6
100.0%
 
—
9
Trader Joe's
$
38.69

Cloppers Mill Village
 
GRI
40%
MD
Washington-Arlington-Alexandria
137
55
93.9%
 
—
70
Shoppers Food Warehouse
$
17.60

Festival at Woodholme
GRI
40%
MD
Baltimore-Towson
81
32
95.4%
 
—
10
Trader Joe's
$
38.84

Firstfield Shopping Center
GRI
40%
MD
Washington-Arlington-Alexandria
22
9
100.0%
 
—
—
—
$
39.05

King Farm Village Center
RC
25%
MD
Washington-Arlington-Alexandria
118
30
90.4%
 
—
54
Safeway
$
25.92

Parkville Shopping Center
GRI
40%
MD
Baltimore-Towson
165
66
98.7%
 
—
41
Giant Food
$
15.16

Southside Marketplace
GRI
40%
MD
Baltimore-Towson
125
50
96.7%
 
—
44
Shoppers Food Warehouse
$
20.33

Takoma Park
 
GRI
40%
MD
Washington-Arlington-Alexandria
104
42
99.2%
 
—
64
Shoppers Food Warehouse
$
13.21

Valley Centre
 
GRI
40%
MD
Baltimore-Towson
220
88
94.3%
 
—
18
Aldi, TJ Maxx
$
15.57

Village at Lee Airpark
 
 
 
MD
Baltimore-Towson
117
117
97.9%
 
75
63
Giant Food, (Sunrise)
$
28.27

Watkins Park Plaza
 
GRI
40%
MD
Washington-Arlington-Alexandria
111
45
97.8%
 
—
—
LA Fitness
$
25.72

Westwood - Manor Care
 
 
MD
Washington-Arlington-Alexandria
41
41
—%
 
—
—
—
$
—

Westwood Shopping Center
 
 
MD
Washington-Arlington-Alexandria
213
213
96.0%
 
—
55
Giant Food
$
20.91

Westwood Towers
 
 
MD
Washington-Arlington-Alexandria
211
211
100.0%
 
—
—
Housing Opportunities
$
9.65

Woodmoor Shopping Center
GRI
40%
MD
Washington-Arlington-Alexandria
69
28
97.5%
 
—
—
—
$
30.48

 
 
 
 
MD
 
1,767
1,032
93.3%
96.4%
75
428

$
19.40

Fenton Marketplace
 
 
MI
Flint
97
97
98.6%
 
—
—
Family Farm & Home
$
7.96

 
 
 
 
MI
 
97
97
98.6%
98.6%
—
—

$
7.96

Apple Valley Square
RC
25%
MN
Minneapolis-St. Paul-Bloomington
185
46
99.0%
 
87
62
Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)
$
12.65

Calhoun Commons
 
RC
25%
MN
Minneapolis-St. Paul-Bloomington
66
17
100.0%
 
—
50
Whole Foods
$
24.42

Colonial Square
 
GRI
40%
MN
Minneapolis-St. Paul-Bloomington
93
37
96.0%
 
—
44
Lund's
$
22.71


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Rockford Road Plaza
GRI
40%
MN
Minneapolis-St. Paul-Bloomington
204
82
100.0%
 
—
—
Kohl's
$
12.67

Rockridge Center
C
20%
MN
Minneapolis-St. Paul-Bloomington
125
25
94.8%
 
—
89
Cub Foods
$
13.15

 
 
 
 
MN
 
674
207
98.4%
98.4%
87
245

$
15.45

Brentwood Plaza
 
 
MO
St. Louis
60
60
100.0%
 
—
52
Schnucks
$
10.53

Bridgeton
 
 
MO
St. Louis
71
71
100.0%
 
130
63
Schnucks, (Home Depot)
$
12.09

Dardenne Crossing
 
 
MO
St. Louis
67
67
100.0%
 
—
63
Schnucks
$
10.91

Kirkwood Commons
 
 
MO
St. Louis
210
210
100.0%
 
258
—
Wal-Mart, (Target), (Lowe's)
$
10.13

 
 
 
 
MO
 
408
408
100.0%
100.0%
388
179
 
$
10.66

Cameron Village
C
30%
NC
Raleigh-Cary
558
167
93.1%
 
—
87
Harris Teeter, The Fresh Market
$
22.34

Carmel Commons
 
 
NC
Charlotte-Gastonia-Concord
133
133
100.0%
 
—
14
The Fresh Market
$
20.27

Cochran Commons
C
20%
NC
Charlotte-Gastonia-Concord
66
13
95.6%
 
—
42
Harris Teeter
$
15.88

Colonnade Center
 
 
NC
Raleigh-Cary
58
58
100.0%
 
—
40
Whole Foods
$
27.22

Glenwood Village
 
 
NC
Raleigh-Cary
43
43
96.8%
 
—
28
Harris Teeter
$
15.12

Harris Crossing
 
 
NC
Raleigh-Cary
65
65
92.5%
 
—
53
Harris Teeter
$
7.75

Holly Park
 
M
99%
NC
Raleigh-Cary
160
160
91.5%
 
—
12
Trader Joe's
$
15.27

Lake Pine Plaza
 
 
NC
Raleigh-Cary
88
88
100.0%
 
—
58
Kroger
$
12.53

Phillips Place
O
50%
NC
Charlotte-Gastonia-Concord
133
67
93.5%
 
—
—
Dean & Deluca
$
33.06

Providence Commons
 
RC
25%
NC
Charlotte-Gastonia-Concord
74
19
100.0%
 
—
50
Harris Teeter
$
18.35

Shops at Erwin Mill (fka Erwin Square)
M
55%
NC
Durham-Chapel Hill
87
87
100.0%
 
—
53
Harris Teeter
$
17.48

Shoppes of Kildaire
GRI
40%
NC
Raleigh-Cary
145
58
100.0%
 
—
19
Trader Joe's
$
17.31

Southpoint Crossing
 
 
NC
Durham-Chapel Hill
103
103
100.0%
 
—
59
Kroger
$
16.03

Sutton Square
C
20%
NC
Raleigh-Cary
101
20
97.5%
 
—
24
The Fresh Market
$
16.52

Village Plaza
C
20%
NC
Durham-Chapel Hill
75
15
93.5%
 
—
42
Whole Foods
$
17.21

Willow Oaks
 
 
 
NC
Charlotte-Gastonia-Concord
69
69
94.9%
 
—
49
Publix
$
16.84

Woodcroft Shopping Center
 
 
 
NC
Durham-Chapel Hill
90
90
94.6%
 
—
41
Food Lion
$
12.71

 
 
 
NC
 
2,047
1,254
96.3%
96.3%
—
671
 
$
17.98

Chimney Rock
 
 
 
NJ
New York-Northern New Jersey-Long Island
218
218
83.1%
 
—
50
Whole Foods, Nordstrom Rack
$
33.24

Haddon Commons
 
GRI
40%
NJ
Philadelphia-Camden-Wilmington
54
22
100.0%
 
—
34
Acme Markets
$
13.67

Plaza Square
 
GRI
40%
NJ
New York-Northern New Jersey-Long Island
104
42
100.0%
 
—
60
Shop Rite
$
22.76

Riverfront Plaza
 
NYC
30%
NJ
New York-Northern New Jersey-Long Island
129
39
94.7%
 
—
70
ShopRite
$
24.29

 
 
 
NJ
 
505
320
87.9%
98.0%
—
130
 
$
29.02

101 7th Avenue
 
 
 
NY
New York-Northern New Jersey-Long Island
57
57
100.0%
 
 
—
Barney's New York
$
79.13


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
1175 Third Avenue
 
 
 
NY
New York-Northern New Jersey-Long Island
25
25
100.0%
 
 
25
The Food Emporium
$
106.86

1225-1239 Second Ave
 
 
 
NY
New York-Northern New Jersey-Long Island
18
18
100.0%
 
 
—
—
$
114.72

90 - 30 Metropolitan Avenue
 
 
 
NY
New York-Northern New Jersey-Long Island
60
60
100.0%
 
 
11
Trader Joe's
$
31.41

Broadway Plaza
 
 
 
NY
New York-Northern New Jersey-Long Island
147
147
89.1%
 
 
18
Aldi
$
37.57

Clocktower Plaza Shopping Ctr
 
 
 
NY
New York-Northern New Jersey-Long Island
79
79
93.6%
 
 
63
Stop & Shop
$
48.11

Gallery At Westbury Plaza
 
 
 
NY
New York-Northern New Jersey-Long Island
312
312
100.0%
 
 
13
Trader Joe's, Nordstrom Rack
$
46.23

Garden City Park
 
 
 
NY
New York-Northern New Jersey-Long Island
105
105
98.8%
 
 
52
King Kullen
$
20.17

Lake Grove Commons
 
GRI
40%
NY
New York-Northern New Jersey-Long Island
141
57
100.0%
 
 
48
Whole Foods, LA Fitness
$
32.78

Westbury Plaza
 
 
 
NY
New York-Northern New Jersey-Long Island
394
394
100.0%
 
 
110
Wal-Mart, Costco, Marshalls, Total Wine and More
$
24.23

 
 
 
NY
 
1,339
1,255
98.2%
98.2%
—
339
 
$
38.64

Cherry Grove
 
 
 
OH
Cincinnati-Middletown
196
196
100.0%
 
—
66
Kroger
$
12.12

East Pointe
 
 
 
OH
Columbus
107
107
100.0%
 
—
59
Kroger
$
10.02

Hyde Park
 
 
 
OH
Cincinnati-Middletown
397
397
99.7%
 
—
169
Kroger, Remke Markets
$
15.67

Kroger New Albany Center
 
M
50%
OH
Columbus
93
93
100.0%
 
—
65
Kroger
$
12.05

Maxtown Road (Northgate)
 
 
OH
Columbus
105
105
97.2%
 
90
62
Kroger, (Home Depot)
$
9.46

Red Bank Village
 
 
OH
Cincinnati-Middletown
164
164
100.0%
 
—
—
Wal-Mart
$
6.56

Regency Commons
 
 
OH
Cincinnati-Middletown
34
34
100.0%
 
—
—
—
$
24.22

Westchester Plaza
 
 
OH
Cincinnati-Middletown
88
88
100.0%
 
—
67
Kroger
$
9.85

 
 
 
OH
 
1,184
1,184
99.6%
99.6%
90
489

$
12.25

Corvallis Market Center
 
 
 
OR
Corvallis
85
85
100.0%
 
—
12
Trader Joe's
$
20.15

Greenway Town Center
GRI
40%
OR
Portland-Vancouver-Beaverton
93
37
98.4%
 
—
38
Whole Foods
$
14.43

Murrayhill Marketplace
 
 
OR
Portland-Vancouver-Beaverton
150
150
86.2%
 
—
41
Safeway
$
17.76

Northgate Marketplace
 
 
OR
Medford
81
81
100.0%
 
—
13
Trader Joe's
$
21.71

Northgate Marketplace Ph II
 
 
OR
Medford
177
177
91.9%
 
—
—
 Dick's Sporting Goods
$
14.86

Sherwood Crossroads
 
 
OR
Portland-Vancouver-Beaverton
88
88
97.0%
 
—
55
Safeway
$
11.02

Tanasbourne Market
 
 
OR
Portland-Vancouver-Beaverton
71
71
100.0%
 
—
57
Whole Foods
$
27.56

Walker Center
 
 
OR
Portland-Vancouver-Beaverton
90
90
100.0%
 
—
—
Bed, Bath & Beyond
$
20.53

 
 
 
OR
 
835
779
95.1%
96.0%
—
215
 
$
18.16

Allen Street Shopping Center
 
GRI
40%
PA
Allentown-Bethlehem-Easton
46
18
100.0%
 
—
22
Ahart's Market
$
14.54


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
City Avenue Shopping Center
GRI
40%
PA
Philadelphia-Camden-Wilmington
162
65
95.6%
 
—
—
Ross Dress for Less
$
20.23

Gateway Shopping Center
 
 
PA
Philadelphia-Camden-Wilmington
221
221
92.9%
 
—
11
Trader Joe's
$
29.95

Hershey
 
 
PA
Harrisburg-Carlisle
6
6
100.0%
 
—
—
—
$
28.00

Lower Nazareth Commons
 
 
 
PA
Allentown-Bethlehem-Easton
90
90
96.0%
 
244
111
(Wegmans), (Target)
$
25.11

Mercer Square Shopping Center
GRI
40%
PA
Philadelphia-Camden-Wilmington
91
37
100.0%
 
—
51
Weis Markets
$
23.39

Newtown Square Shopping Center
GRI
40%
PA
Philadelphia-Camden-Wilmington
143
57
77.8%
 
—
56
Acme Markets
$
17.99

Stefko Boulevard Shopping Center
GRI
40%
PA
Allentown-Bethlehem-Easton
134
54
94.0%
 
—
73
Valley Farm Market
$
7.93

Warwick Square Shopping Center
GRI
40%
PA
Philadelphia-Camden-Wilmington
90
36
97.1%
 
—
51
Giant Food
$
20.98

 
 
 
PA
 
983
584
93.3%
93.3%
244
375

$
23.58

Merchants Village
 
GRI
40%
SC
Charleston-North Charleston
80
32
100.0%
 
—
38
Publix
$
16.01

 
 
 
SC
 
80
32
100.0%
100.0%
—
38

$
16.01

Harpeth Village Fieldstone
 
 
 
TN
Nashville-Davidson--Murfreesboro
70
70
100.0%
 
—
55
Publix
$
14.74

Northlake Village
 
 
TN
Nashville-Davidson--Murfreesboro
138
138
91.5%
 
—
75
Kroger
$
13.32

Peartree Village
 
 
TN
Nashville-Davidson--Murfreesboro
110
110
100.0%
 
—
61
Harris Teeter
$
19.50

 
 
 
TN
 
317
317
96.3%
96.3%
—
191
 
$
15.83

Alden Bridge
 
USAA
20%
TX
Houston-Baytown-Sugar Land
139
28
100.0%
 
—
68
Kroger
$
19.90

Bethany Park Place
 
USAA
20%
TX
Dallas-Fort Worth-Arlington
99
20
100.0%
 
—
83
Kroger
$
11.71

CityLine Market
 
 
TX
Dallas-Fort Worth-Arlington
81
81
100.0%
 
—
40
Whole Foods
$
26.94

CityLine Market Phase II
 
 
TX
Dallas-Fort Worth-Arlington
22
22
100.0%
 
—
—
—
$
26.17

Cochran's Crossing
 
 
TX
Houston-Baytown-Sugar Land
138
138
96.4%
 
—
63
Kroger
$
17.58

Hancock
 
 
TX
Austin-Round Rock
410
410
98.6%
 
—
90
H.E.B., Sears
$
14.99

Hickory Creek Plaza
 
 
 
TX
Dallas-Fort Worth-Arlington
28
28
100.0%
 
81
81
(Kroger)
$
25.64

Hillcrest Village
 
 
TX
Dallas-Fort Worth-Arlington
15
15
100.0%
 
—
—
—
$
46.12

Indian Springs Center
 
 
TX
Houston-Baytown-Sugar Land
137
137
100.0%
 
—
79
H.E.B.
$
23.99

Keller Town Center
 
 
TX
Dallas-Fort Worth-Arlington
120
120
96.9%
 
—
64
Tom Thumb
$
15.48

Lebanon/Legacy Center
 
 
TX
Dallas-Fort Worth-Arlington
56
56
100.0%
 
63
63
(Wal-Mart)
$
24.51

Market at Preston Forest
 
 
TX
Dallas-Fort Worth-Arlington
96
96
100.0%
 
—
64
Tom Thumb
$
20.59

Market at Round Rock
 
 
TX
Austin-Round Rock
123
123
99.5%
 
—
30
Sprout's Markets
$
18.16

Market at Springwoods Village
M
53%
TX
Houston-Baytown-Sugar Land
167
167
86.0%
 
—
100
Kroger
$
12.50

Mockingbird Common
 
 
TX
Dallas-Fort Worth-Arlington
120
120
100.0%
 
—
49
Tom Thumb
$
17.39

North Hills
 
 
 
TX
Austin-Round Rock
144
144
99.2%
 
—
60
H.E.B.
$
21.97

Panther Creek
 
 
TX
Houston-Baytown-Sugar Land
166
166
89.6%
 
—
66
Randall's Food
$
23.34

Prestonbrook
 
 
 
TX
Dallas-Fort Worth-Arlington
92
92
100.0%
 
—
64
Kroger
$
14.12

Preston Oaks
 
 
 
TX
Dallas-Fort Worth-Arlington
104
104
99.5%
 
—
30
H.E.B. Central Market
$
31.21

Shiloh Springs
USAA
20%
TX
Dallas-Fort Worth-Arlington
110
22
86.0%
 
—
61
Kroger
$
13.81


https://cdn.kscope.io/58b7e21d682a8bb9a646d313fea2816d-suppfooterreg01_123116a03.jpg
 
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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Shops at Mira Vista
 
 
TX
Austin-Round Rock
68
68
100.0%
 
—
15
Trader Joe's
$
21.83

Southpark at Cinco Ranch
 
 
TX
Houston-Baytown-Sugar Land
265
265
100.0%
 
—
101
Kroger, Academy Sports
$
13.30

Sterling Ridge
 
 
TX
Houston-Baytown-Sugar Land
129
129
98.5%
 
—
63
Kroger
$
20.38

Sweetwater Plaza
C
20%
TX
Houston-Baytown-Sugar Land
134
27
98.9%
 
—
65
Kroger
$
17.29

Tech Ridge Center
 
 
TX
Austin-Round Rock
185
185
96.0%
 
—
84
H.E.B.
$
23.32

The Village at Riverstone
 
 
TX
Houston-Baytown-Sugar Land
165
165
80.4%
 
—
100
Kroger
$
12.39

Weslayan Plaza East
GRI
40%
TX
Houston-Baytown-Sugar Land
169
68
100.0%
 
—
—
Berings
$
19.71

Weslayan Plaza West
GRI
40%
TX
Houston-Baytown-Sugar Land
186
74
97.5%
 
—
52
Randall's Food
$
19.47

Westwood Village
 
 
TX
Houston-Baytown-Sugar Land
187
187
97.6%
 
127
—
(Target)
$
18.58

Woodway Collection
GRI
40%
TX
Houston-Baytown-Sugar Land
97
39
97.0%
 
—
45
Whole Foods
$
28.38

 
 
 
TX
 
3,951
3,295
96.7%
98.2%
271
1,682
 
$
18.95

Ashburn Farm Market Center
 
 
 
VA
Washington-Arlington-Alexandria
92
92
100.0%
 
—
49
Giant Food
$
25.99

Ashburn Farm Village Center
GRI
40%
VA
Washington-Arlington-Alexandria
89
36
97.3%
 
—
57
Shoppers Food Warehouse
$
14.17

Belmont Chase
 
 
VA
Washington-Arlington-Alexandria
91
91
100.0%
 
—
40
Whole Foods
$
30.49

Braemar Shopping Center
RC
25%
VA
Washington-Arlington-Alexandria
96
24
97.9%
 
—
58
Safeway
$
21.65

Centre Ridge Marketplace
GRI
40%
VA
Washington-Arlington-Alexandria
104
42
96.2%
 
—
55
Shoppers Food Warehouse
$
12.19

Culpeper Colonnade
 
 
VA
Culpeper
171
171
98.8%
 
127
70
Martin's, Dick's Sporting Goods, (Target)
$
14.93

Fairfax Shopping Center
 
 
VA
Washington-Arlington-Alexandria
68
68
58.2%
 
—
—
—
$
5.78

Festival at Manchester Lakes
GRI
40%
VA
Washington-Arlington-Alexandria
169
67
98.6%
 
—
65
Shoppers Food Warehouse
$
26.07

Fox Mill Shopping Center
GRI
40%
VA
Washington-Arlington-Alexandria
103
41
100.0%
 
—
50
Giant Food
$
23.82

Gayton Crossing
GRI
40%
VA
Richmond
158
63
85.4%
 
55
38
(Kroger)
$
16.87

Greenbriar Town Center
GRI
40%
VA
Washington-Arlington-Alexandria
340
136
97.3%
 
—
62
Giant Food
$
25.89

Hanover Village Shopping Center
GRI
40%
VA
Richmond
90
36
98.4%
 
—
18
Aldi
$
9.04

Hollymead Town Center
C
20%
VA
Charlottesville
154
31
92.5%
 
143
61
Harris Teeter, (Target)
$
22.69

Kamp Washington Shopping Center
GRI
40%
VA
Washington-Arlington-Alexandria
72
29
83.6%
 
—
20
Earth Fare
$
36.88

Kings Park Shopping Center
GRI
40%
VA
Washington-Arlington-Alexandria
93
37
100.0%
 
—
28
Giant Food
$
28.30

Lorton Station Marketplace
C
20%
VA
Washington-Arlington-Alexandria
132
26
90.5%
 
—
63
Shoppers Food Warehouse
$
23.26

Market Common Clarendon
 
 
VA
Washington-Arlington-Alexandria
393
393
68.7%
 
—
34
Whole Foods, Crate & Barrel
$
32.53

Saratoga Shopping Center
GRI
40%
VA
Washington-Arlington-Alexandria
113
45
100.0%
 
—
56
Giant Food
$
20.33

Shops at County Center
 
 
VA
Washington-Arlington-Alexandria
97
97
90.4%
 
—
52
Harris Teeter
$
20.16

Shops at Stonewall
 
 
VA
Washington-Arlington-Alexandria
321
321
100.0%
 
—
140
Wegmans, Dick's Sporting Goods
$
17.40

The Field at Commonwealth
 
 
VA
Washington-Arlington-Alexandria
187
187
80.9%
 
—
140
Wegmans
$
13.78

Town Center at Sterling Shopping Center
GRI
40%
VA
Washington-Arlington-Alexandria
187
75
88.4%
 
—
47
Giant Food
$
16.41

Village Center at Dulles
C
20%
VA
Washington-Arlington-Alexandria
298
60
93.8%
 
—
48
Shoppers Food Warehouse, Gold's Gym
$
26.43

Village Shopping Center
GRI
40%
VA
Richmond
111
44
93.8%
 
—
45
Martin's
$
23.54


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Portfolio Summary Report By State
September 30, 2017
(GLA in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
JV
REG %
State
CBSA
GLA
GLA
% Leased
% Leased - Retail Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants(1)
Avg. Base Rent PSF
Willston Centre I
GRI
40%
VA
Washington-Arlington-Alexandria
105
42
98.8%
 
—
—
—
$
26.84

Willston Centre II
GRI
40%
VA
Washington-Arlington-Alexandria
136
54
91.1%
 
141
59
Safeway, (Target)
$
25.36

 
 
 
VA
 
3,970
2,309
89.3%
90.1%
465
1,355

$
21.78

Aurora Marketplace
 
GRI
40%
WA
Seattle-Tacoma-Bellevue
107
43
98.7%
 
—
49
Safeway
$
16.21

Broadway Market
C
20%
WA
Seattle-Tacoma-Bellevue
140
28
99.0%
 
—
64
Quality Food Centers
$
24.54

Cascade Plaza
C
20%
WA
Seattle-Tacoma-Bellevue
215
43
92.6%
 
—
49
Safeway
$
11.90

Eastgate Plaza
GRI
40%
WA
Seattle-Tacoma-Bellevue
79
31
95.3%
 
—
29
Albertsons
$
23.48

Grand Ridge
 
 
WA
Seattle-Tacoma-Bellevue
331
331
99.3%
 
—
45
Safeway, Regal Cinemas
$
23.24

Inglewood Plaza
 
 
 
WA
Seattle-Tacoma-Bellevue
17
17
100.0%
 
—
—
—
$
37.85

Klahanie Shopping Center
 
 
 
WA
Seattle-Tacoma-Bellevue
67
67
96.8%
 
40
40
(QFC)
$
31.47

Overlake Fashion Plaza
GRI
40%
WA
Seattle-Tacoma-Bellevue
81
32
100.0%
 
230
—
(Sears)
$
25.03

Pine Lake Village
 
 
WA
Seattle-Tacoma-Bellevue
103
103
98.4%
 
—
41
Quality Food Centers
$
22.67

Sammamish-Highlands
 
 
WA
Seattle-Tacoma-Bellevue
101
101
100.0%
 
55
67
(Safeway)
$
32.47

Southcenter
 
 
WA
Seattle-Tacoma-Bellevue
58
58
100.0%
 
112
—
(Target)
$
29.12

 
 
 
 
WA
 
1,299
855
98.6%
98.6%
437
383

$
24.83

 
 
 
 
 
 
 
 
 
 
 
 

 
Regency Centers Total
 
 
 
 
 
54,067
44,281
95.3%
95.9%
4,963
16,038
 
$
20.61

 
 
 
 
 
 
 
 
 
 
 
 

 
 (1)  Major Tenants are the grocery anchor and any tenant over 35,000 square feet. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Note: In-process developments are bolded and italicized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 C:
 Co-investment Partnership with Oregon
 
 
 
 
 

 
 GRI:
 Co-investment Partnership with GRI
 
 
 
 
 
 
 
 O:
 Other, single property co-investment Partnerships
 
 
 
 
 
 
 
 RC:
 Co-investment Partnership with CalSTRS
 
 
 
 
 
 
 
 USAA:
 Co-investment Partnership with USAA
 
 
 
 
 
 
 
 M:
 Co-investment Partnership with Minority Partner
 
 
 
 
 
 
 
 NYC:
 Co-investment Partnership with NYCRF
 
 
 
 
 
 
 
 RLP:
 Co-investment Partnership with Rider
 
 
 
 
 
 
 


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Earnings and Valuation Guidance
September 30, 2017
(in thousands, except per share data)

2016A
2017E
 
 
 
Net Income / Share
 
$0.76 - $0.81
NAREIT FFO / Share
 
$3.00 - $3.05
Core FFO / Share
 
$3.66 - $3.70
 
 
 
Same Property
 
 
  Same property percent leased at period end (pro-rata)
96.2%
+/- 96.0%
  Same property NOI as adjusted growth without termination fees (pro-rata)
3.5%
3.2% - 4.0%
 
 
 
New Investments
 
 
  Development and Redevelopment starts (pro-rata)
$218,247
$215,000 - $265,000
  Estimated yield (weighted average)
7.6%
+/- 7.5%
  Acquisitions (pro-rata)
$352,288
+/- $225,000
  Cap rate (weighted average)
4.2%
+/- 5.0%
 
 
 
Disposition Activity
 
 
  Dispositions (pro-rata)
$168,446
+/- $225,000
  Cap rate (weighted average)
6.6%
+/- 7.0%
 
 
 
Other
 
 
Net interest expense (pro-rata)
$114,797
$157,000 - $158,000
Net G&A expense (pro-rata)
$63,750
$62,000 - $63,500
Recurring third party fees & commissions
$24,248
$24,000 - $24,500
 
 
 
 
 
 
 
 
 
Net Asset Valuation Guidance:
 
3Q17A
Estimated market value of undeveloped land(1)
 
 
Land held for sale or future development
 
$
87,992

Outparcels at retail operating properties
 
20,392

Total
 
$
108,383

 
 
 
 
 
 
NOI from Projects in Development (current quarter)
 
$
898

Base Rent from leases signed but not yet rent-paying (current quarter)
 
 
Retail Operating Properties including redevelopments
 
$
4,640

Development Completions (from disclosure on page 24)
 
—

Total
 
$
4,640

 
 
 
(1) Not included in Properties in Development on Balance Sheet
 
 
 
 
 
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.



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Earnings Guidance and Valuation (continued)
September 30, 2017
(in thousands, except per share data)
2017 Core FFO Accretion Before the Impact of Incremental Non-Cash Items
 
 
 
 
 
Guidance Range
 
 
Low
High
 
 
 
 
 Non-Cash Items:
 
 
 
2017 Estimated Non-Cash Items - Post-Merger (1)
[A]
$0.29
$0.31
2017 Estimated Non-Cash Items - Pre-Merger (2)
 
 
 
     Regency Centers
 
$0.07
$0.09
     Equity One
 
$0.10
$0.11
     Total Pre-Merger Non-Cash Adjustments
[B]
$0.17
$0.20
 
 
 
 
2017 Core FFO Guidance
 
$3.66
$3.70
 
 
 
 
Less: Incremental Post-Merger Non-Cash Adjustments
[A - B]
$0.12
$0.11
 
 
 
 
2017 Core FFO Excluding Incremental Post-Merger Non-Cash Items
 
$3.54
$3.59
 
 
 
 
Less: 2017 Pre-Merger Regency Standalone Core FFO Guidance
 
$3.44
$3.50
 
 
 
 
2017 Core FFO Accretion Before the Impact of Incremental Non-Cash Items
 
$0.10
$0.09
Increase in 2017 Core FFO Guidance Excluding Incremental Non-Cash Items
 
3%
3%
 
 
 
 
(1) Includes straight line rents, above / below market rent amortization, and debt mark-to-market.
 
 
 
(2) Original pre-merger estimates of straight line rents and above/below market rent amortization.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







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Reconciliation of Net Income to NAREIT FFO and Core FFO Guidance
September 30, 2017
(per diluted share)
NAREIT FFO and Core FFO Guidance:
 
Full Year 2017
Net income attributable to common stockholders
 
$
0.76

0.81

Adjustments to reconcile net income to NAREIT FFO:
 
 
 
Depreciation and amortization
 
2.29

2.29

Gain on sale of operating properties
 
(0.05
)
(0.05
)
NAREIT Funds From Operations
 
$
3.00

3.05

 
 
 
 
Adjustments to reconcile NAREIT FFO to Core FFO:
 
 
 
Acquisition pursuit and closing costs
 
—

—

Development pursuit costs
 
0.01

0.01

Gain on sale of land
 
(0.02
)
(0.02
)
Early extinguishment of debt
 
0.08

0.08

Merger related costs
 
0.50

0.49

Preferred redemption costs
 
0.08

0.08

Hurricane losses
 
0.01

0.01

Core Funds From Operations
 
$
3.66

3.70



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Glossary of Terms
September 30, 2017

Adjusted EBITDA: Earnings before interest, taxes, depreciation and amortization, real estate gains and losses, development and acquisition pursuit costs, straight line rental income, and above and below market rent amortization.
Core Funds From Operations (Core FFO): An additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; and (iv) other amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.
Development Completion: A project in development is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the project features at least two years of anchor operations, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property.
Fixed Charge Coverage Ratio: Adjusted EBITDA divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders.
NAREIT Funds From Operations (NAREIT FFO): NAREIT FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“NAREIT”) defines as net income, computed in accordance with GAAP, excluding gains and losses from sales of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO.
Net Operating Income (NOI): Base rent, percentage rent, and recoveries from tenants and other income, less operating and maintenance, real estate taxes, ground rent, and provision for doubtful accounts from the properties owned by the Company. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Non-Same Property: A property acquired, sold, or a Development Completion during either calendar year period being compared. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.
Retail Operating Property: Any retail property not termed a Project In Development. A retail property is any property where the majority of the income is generated from retail uses.

Property In Development: Land or Retail Operating Properties in various stages of development and redevelopment including active pre-development activities.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all Projects In Development and Non-Same Properties.

Same Property NOI as adjusted: For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI on a pro forma basis as if the merger had occurred January 1, 2016. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI and growth for future periods. See page 2 for details of the pro forma adjustments for the non-ownerships periods of Equity One. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted.






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