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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

 

Commission File Number 1-12298 (Regency Centers Corporation)

Commission File Number 0-24763 (Regency Centers, L.P.)

 

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

FLORIDA (REGENCY CENTERS CORPORATION)

59-3191743

DELAWARE (REGENCY CENTERS, L.P)

 

59-3429602

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

 

(904) 598-7000

(Address of principal executive offices) (zip code)

 

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Regency Centers Corporation

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

REG

 

The Nasdaq Stock Market LLC

Regency Centers, L.P.

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

None

 

N/A

 

N/A

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Regency Centers Corporation              YES       NO                        Regency Centers, L.P.              YES       NO  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Regency Centers Corporation              YES       NO                        Regency Centers, L.P.              YES       NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Regency Centers Corporation:

 

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

Regency Centers, L.P.:

 

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Regency Centers Corporation              YES       NO                       Regency Centers, L.P.              YES       NO  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Regency Centers Corporation              YES       NO                       Regency Centers, L.P.              YES       NO  

The number of shares outstanding of the Regency Centers Corporation’s common stock was 167,557,086 as of August 2, 2019.

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2019, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to “Regency Centers Corporation” or the “Parent Company” mean Regency Centers Corporation and its controlled subsidiaries; and references to “Regency Centers, L.P.” or the “Operating Partnership” mean Regency Centers, L.P. and its controlled subsidiaries. The term “the Company”, "Regency Centers" or “Regency” means the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust (“REIT”) and the general partner of the Operating Partnership. The Operating Partnership's capital includes general and limited common Partnership Units (“Units”). As of June 30, 2019, the Parent Company owned approximately 99.8% of the Units in the Operating Partnership. The remaining limited Units are owned by investors. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management.

The Company believes combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into this single report provides the following benefits:

 

 

Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

 

Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and

 

Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates the Parent Company and the Operating Partnership as one business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company and employees of the Operating Partnership.

The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $500 million of unsecured public and private placement debt, the Parent Company does not hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership is also the co-issuer and guarantees $500 million of debt of the Parent Company. The Operating Partnership holds all the assets of the Company and retains the ownership interests in the Company's joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates all remaining capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units.

Stockholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes general and limited common Partnership Units. The limited partners' units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of stockholders' equity in noncontrolling interests in the Parent Company's financial statements.

In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while stockholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.

 


TABLE OF CONTENTS

 

 

 

 

 

 

 

Form 10-Q

Report Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

Regency Centers Corporation:

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

1

 

 

 

 

Consolidated Statements of Operations for the periods ended June 30, 2019 and 2018

2

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended June 30, 2019 and 2018

3

 

 

 

 

Consolidated Statements of Equity for the periods ended June 30, 2019 and 2018

4

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended June 30, 2019 and 2018

6

 

 

 

Regency Centers, L.P.:

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

8

 

 

 

 

Consolidated Statements of Operations for the periods ended June 30, 2019 and 2018

9

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended June 30, 2019 and 2018

10

 

 

 

 

Consolidated Statements of Capital for the periods ended June 30, 2019 and 2018

11

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended June 30, 2019 and 2018

13

 

 

 

 

Notes to Consolidated Financial Statements

15

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

32

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

56

 

 

 

Item 4.

Controls and Procedures

56

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

57

 

 

 

Item 1A.

Risk Factors

57

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

 

 

 

Item 3.

Defaults Upon Senior Securities

57

 

 

 

Item 4.

Mine Safety Disclosures

57

 

 

 

Item 5.

Other Information

57

 

 

 

Item 6.

Exhibits

58

 

 

 

SIGNATURES

59

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

June 30, 2019 and December 31, 2018

(in thousands, except share data)

 

 

2019

 

 

2018

 

Assets

 

(unaudited)

 

 

 

 

 

Real estate assets, at cost

 

$

10,878,303

 

 

 

10,863,162

 

Less: accumulated depreciation

 

 

1,656,527

 

 

 

1,535,444

 

Real estate investments, net

 

 

9,221,776

 

 

 

9,327,718

 

Investments in real estate partnerships

 

 

465,495

 

 

 

463,001

 

Properties held for sale

 

 

15,106

 

 

 

60,516

 

Cash, cash equivalents and restricted cash (including $3,582 and $2,658 of restricted cash at June 30, 2019 and December 31, 2018, respectively)

 

 

37,364

 

 

 

45,190

 

Tenant and other receivables

 

 

157,883

 

 

 

172,359

 

Deferred leasing costs, less accumulated amortization of $104,972 and $101,093 at June 30, 2019 and December 31, 2018, respectively

 

 

81,183

 

 

 

84,983

 

Acquired lease intangible assets, less accumulated amortization of $237,924 and $219,689 at June 30, 2019 and December 31, 2018, respectively

 

 

262,553

 

 

 

387,069

 

Right of use assets, net

 

 

295,084

 

 

 

 

Other assets

 

 

410,745

 

 

 

403,827

 

Total assets

 

$

10,947,189

 

 

 

10,944,663

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Notes payable

 

$

2,994,495

 

 

 

3,006,478

 

Unsecured credit facilities

 

 

683,970

 

 

 

708,734

 

Accounts payable and other liabilities

 

 

188,723

 

 

 

224,807

 

Acquired lease intangible liabilities, less accumulated amortization of $106,286 and $92,746 at June 30, 2019 and December 31, 2018, respectively

 

 

457,667

 

 

 

496,726

 

Lease liabilities

 

 

223,959

 

 

 

 

Tenants’ security, escrow deposits and prepaid rent

 

 

45,527

 

 

 

57,750

 

Total liabilities

 

 

4,594,341

 

 

 

4,494,495

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value per share, 220,000,000 shares authorized; 167,555,322 and 167,904,593 shares issued at June 30, 2019 and December 31, 2018, respectively

 

 

1,676

 

 

 

1,679

 

Treasury stock at cost, 430,536 and 390,163 shares held at June 30, 2019 and December 31, 2018, respectively

 

 

(22,536

)

 

 

(19,834

)

Additional paid-in-capital

 

 

7,645,065

 

 

 

7,672,517

 

Accumulated other comprehensive loss

 

 

(14,086

)

 

 

(927

)

Distributions in excess of net income

 

 

(1,309,278

)

 

 

(1,255,465

)

Total stockholders’ equity

 

 

6,300,841

 

 

 

6,397,970

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $23,352 and $20,532 at June 30, 2019 and December 31, 2018, respectively

 

 

10,528

 

 

 

10,666

 

Limited partners’ interests in consolidated partnerships

 

 

41,479

 

 

 

41,532

 

Total noncontrolling interests

 

 

52,007

 

 

 

52,198

 

Total equity

 

 

6,352,848

 

 

 

6,450,168

 

Total liabilities and equity

 

$

10,947,189

 

 

 

10,944,663

 

 

See accompanying notes to consolidated financial statements.

1


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease income

 

$

266,236

 

 

 

272,203

 

 

$

543,539

 

 

 

539,713

 

Other property income

 

 

2,194

 

 

 

2,322

 

 

 

4,176

 

 

 

4,347

 

Management, transaction, and other fees

 

 

7,442

 

 

 

6,887

 

 

 

14,415

 

 

 

14,045

 

Total revenues

 

 

275,872

 

 

 

281,412

 

 

 

562,130

 

 

 

558,105

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

93,589

 

 

 

89,105

 

 

 

190,783

 

 

 

177,629

 

Operating and maintenance

 

 

42,759

 

 

 

41,851

 

 

 

83,397

 

 

 

84,367

 

General and administrative

 

 

18,717

 

 

 

16,776

 

 

 

40,017

 

 

 

34,382

 

Real estate taxes

 

 

33,506

 

 

 

31,541

 

 

 

67,661

 

 

 

61,967

 

Other operating expenses

 

 

1,533

 

 

 

2,799

 

 

 

2,667

 

 

 

4,432

 

Total operating expenses

 

 

190,104

 

 

 

182,072

 

 

 

384,525

 

 

 

362,777

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

37,173

 

 

 

38,074

 

 

 

74,925

 

 

 

74,859

 

Provision for impairment, net of tax

 

 

10,441

 

 

 

12,533

 

 

 

12,113

 

 

 

28,587

 

Gain on sale of real estate, net of tax

 

 

(442

)

 

 

(1,123

)

 

 

(16,932

)

 

 

(1,219

)

Early extinguishment of debt

 

 

 

 

 

11,010

 

 

 

10,591

 

 

 

11,172

 

Net investment income

 

 

(966

)

 

 

(569

)

 

 

(3,320

)

 

 

(602

)

Total other expense (income)

 

 

46,206

 

 

 

59,925

 

 

 

77,377

 

 

 

112,797

 

Income from operations before equity in income of investments in real estate partnerships

 

 

39,562

 

 

 

39,415

 

 

 

100,228

 

 

 

82,531

 

Equity in income of investments in real estate partnerships

 

 

13,128

 

 

 

9,174

 

 

 

43,955

 

 

 

19,523

 

Net income

 

 

52,690

 

 

 

48,589

 

 

 

144,183

 

 

 

102,054

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(109

)

 

 

(100

)

 

 

(299

)

 

 

(212

)

Limited partners’ interests in consolidated partnerships

 

 

(853

)

 

 

(648

)

 

 

(1,710

)

 

 

(1,342

)

Income attributable to noncontrolling interests

 

 

(962

)

 

 

(748

)

 

 

(2,009

)

 

 

(1,554

)

Net income attributable to common stockholders

 

$

51,728

 

 

 

47,841

 

 

$

142,174

 

 

 

100,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share - basic

 

$

0.31

 

 

 

0.28

 

 

$

0.85

 

 

 

0.59

 

Income per common share - diluted

 

$

0.31

 

 

 

0.28

 

 

$

0.85

 

 

 

0.59

 

 

See accompanying notes to consolidated financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

52,690

 

 

 

48,589

 

 

$

144,183

 

 

 

102,054

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

(9,227

)

 

 

4,289

 

 

 

(14,716

)

 

 

13,794

 

Reclassification adjustment of derivative instruments included in net income

 

 

584

 

 

 

1,415

 

 

 

408

 

 

 

3,553

 

Unrealized gain (loss) on available-for-sale debt securities

 

 

123

 

 

 

44

 

 

 

260

 

 

 

(75

)

Other comprehensive (loss) income

 

 

(8,520

)

 

 

5,748

 

 

 

(14,048

)

 

 

17,272

 

Comprehensive income

 

 

44,170

 

 

 

54,337

 

 

 

130,135

 

 

 

119,326

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

962

 

 

 

748

 

 

 

2,009

 

 

 

1,554

 

Other comprehensive (loss) income attributable to noncontrolling interests

 

 

(529

)

 

 

195

 

 

 

(889

)

 

 

678

 

Comprehensive income attributable to noncontrolling interests

 

 

433

 

 

 

943

 

 

 

1,120

 

 

 

2,232

 

Comprehensive income attributable to the Company

 

$

43,737

 

 

 

53,394

 

 

$

129,015

 

 

 

117,094

 

 

See accompanying notes to consolidated financial statements.

 

3


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended June 30, 2019 and 2018

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Additional

Paid In

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Distributions

in Excess of

Net Income

 

 

Total

Stockholders’

Equity

 

 

Exchangeable

Operating

Partnership

Units

 

 

Limited

Partners’

Interest  in

Consolidated

Partnerships

 

 

Total

Noncontrolling

Interests

 

 

Total

Equity

 

Balance at March 31, 2018

 

$

1,694

 

 

 

(18,756

)

 

 

7,746,427

 

 

 

4,764

 

 

 

(1,169,828

)

 

 

6,564,301

 

 

 

10,847

 

 

 

30,233

 

 

 

41,080

 

 

 

6,605,381

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,841

 

 

 

47,841

 

 

 

100

 

 

 

648

 

 

 

748

 

 

 

48,589

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

5,553

 

 

 

 

 

 

5,553

 

 

 

12

 

 

 

183

 

 

 

195

 

 

 

5,748

 

Deferred compensation plan, net

 

 

 

 

 

(512

)

 

 

511

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

Restricted stock issued, net of amortization

 

 

 

 

 

 

 

 

4,014

 

 

 

 

 

 

 

 

 

4,014

 

 

 

 

 

 

 

 

 

 

 

 

4,014

 

Common stock redeemed for taxes withheld for stock based compensation, net

 

 

 

 

 

 

 

 

103

 

 

 

 

 

 

 

 

 

103

 

 

 

 

 

 

 

 

 

 

 

 

103

 

Common stock issued under dividend reinvestment plan

 

 

 

 

 

 

 

 

320

 

 

 

 

 

 

 

 

 

320

 

 

 

 

 

 

 

 

 

 

 

 

320

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,141

)

 

 

(1,141

)

 

 

(1,141

)

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock/unit ($0.555 per share)