UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
REGENCY CENTERS CORPORATION
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
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(Address of principal executive offices) (Zip Code)
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Regency Centers Corporation
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth 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. ☐
Item 2.02 Disclosure of Results of Operations and Financial Condition
On October 30, 2019, Regency issued an earnings release for the three and nine months ended September 30, 2019, which is attached as Exhibit 99.1.
On October 30, 2019, Regency posted on its website, at www.regencycenters.com, the supplemental information for the three and nine months ended September 30, 2019, which is attached as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit 99.1 |
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Exhibit 99.2 |
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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.
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REGENCY CENTERS CORPORATION |
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October 30, 2019 |
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By: |
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/s/ J. Christian Leavitt |
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J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer) |
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Exhibit 99.1 NEWS RELEASE For immediate release Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports Third Quarter 2019 Results JACKSONVILLE, Fla. (October 30, 2019) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended September 30, 2019. Third Quarter 2019 Highlights •For the three months ended September 30, 2019, Net Income Attributable to Common Stockholders (“Net Income”) of $0.34 per diluted share. •Third quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.99 per diluted share. •Year-to-date same property Net Operating Income (“NOI”), excluding termination fees, increased2.1%, as compared to the same period in 2018.•As of September 30, 2019, the same property portfolio was 95.2% leased. •On a trailing twelve months basis, rent spreads on comparable new and renewal leases were12.8% and 6.9%, respectively, with total rent spreads of 7.9%.•During the third quarter, Regency acquired two shopping centers for a total of approximately$262.5 million. •As of September 30, 2019, 24 properties were in development or redevelopment representing a total investment of approximately $470 million. •The Company completed a public offering of $425 million 2.95% unsecured notes due 2029 (the “Notes”). •The Company executed on its at-the-market equity (the “ATM”) program selling approximately$128.8 million in common stock on a forward basis at a weighted average share price of $67.99per share. •On October 29, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. Financial Results Regency reported Net Income for the third quarter of $57.0 million, or $0.34 per diluted share, compared to the Net Income Attributable to Common Stockholders of $69.7 million, or $0.41 per diluted share, for the same period in 2018. The Company reported NAREIT FFO for the third quarter of $166.1 million, or $0.99 per diluted share, compared to $163.5 million, or $0.96 per diluted share, for the same period in 2018. For the three months ended September 30, 2019, the Company’s results included a positive impact of $4.7 million, or $0.03 per diluted share, from non-cash income related to the acceleration of below market rent associated with a proactive anchor lease termination and a one-time negative impact of $1.4 million, or $0.01 per diluted share, from a swap breakage fee and loan cost amortization associated with the August bond offering and term loan repayment. 1
The Company reported Core Operating Earnings for the third quarter of $153.8 million, or $0.91 per diluted share, compared to $151.2 million, or $0.89 per diluted share, for the same period in 2018. Core operating earnings per share growth was 3.4% for the third quarter and 3.8% year-to-date when adjusted for the adoption of Accounting Standard Codification 842, Leases. The Company views Core Operating Earnings, which excludes from NAREIT FFO certain non-recurring items as well as non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of debt mark-to-market, as a better measure of business performance as it more closely reflects cash earnings and the Company’s ability to grow the dividend. Portfolio Performance Regency’s portfolio is differentiated in its overall outstanding quality, breadth and scale. The strength of the Company’s merchandising mix, combined with placemaking elements and connection to its communities further differentiate Regency’s high quality portfolio. Regency’s preeminent portfolio along with its national platform and 22 local market offices offers critical strategic advantages and positions the Company to achieve its objective to average 3% same property NOI growth over the long term. Third quarter same property NOI, excluding termination fees, increased 2.1% compared to the same period in 2018. Year-to-date same property NOI, excluding termination fees, increased 2.1%, as compared to the same period in 2018. As of September 30, 2019, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 94.8% leased. The same property portfolio was 95.2% leased, which is an increase of 10 basis points sequentially and a decrease of 80 basis points from the same period in 2018, primarily driven by the Sears bankruptcy. For the three months ended September 30, 2019, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at blended rent spreads of 6.6%. Rent spreads on new and renewal leases were 10.0% and 5.7%, respectively. For the trailing twelve months, the Company executed approximately 6.6 million square feet of comparable new and renewal leases at blended rent spreads of 7.9%. Portfolio Enhancement and Capital Allocation Regency’s self-funding model enables the Company to benefit from its capital allocation strategy. Free cash flow supports the development and redevelopment program on a leverage neutral basis. Regency’s development and redevelopment platform is a critical strategic advantage for creating significant value for shareholders. Together with the sales of lower growth assets and equity when priced attractively, free cash flow also enables the Company to invest in high-growth acquisitions and share repurchases when pricing is compelling. This capital allocation strategy preserves Regency’s pristine balance sheet and allows the Company to add value and enhance the quality of the portfolio on a net accretive basis. Developments and Redevelopments At quarter end, the Company had 24 properties in development or redevelopment with estimated net project costs of approximately $470 million. In-process developments and redevelopments were 89% leased and committed as of September 30, 2019, and are expected to yield an average return of 7.7%. 2
During the quarter, Regency started three redevelopment projects with combined pro-rata costs of approximately $21.5 million. The Company also completed one development and one redevelopment project. The recently completed ground-up development project, Midtown East, is a 159,000 square foot neighborhood shopping center located inside the Raleigh Beltline. This 97% leased center is anchored by a 105,000 square foot Wegmans grocery store, the first Wegmans to open in North Carolina. Regency’s share of the total project cost was approximately $23 million at a projected 7.7% stabilized yield. Property Transactions As previously disclosed, on July 1, 2019, the Company acquired The Pruneyard, a 258,000 square foot retail center located in Silicon Valley for $212.5 million. The center is anchored by Trader Joe’s and Marshalls and sits in close proximity to the most affluent neighborhoods and technology employers on the Westside of Silicon Valley. In addition to the retail portion, The Pruneyard also benefits from three adjacent office towers totaling 360,000 square feet and an adjacent 171-key hotel, which were not part of the transaction. During the quarter, the Company also acquired Circle Marina Center, an off-market acquisition of 118,000 square feet of premier retail located on Pacific Coast Highway in the heart of Long Beach, CA, for $50 million. Circle Marina offers Regency a unique value-add opportunity through a redevelopment of the center in the near future that will include façade upgrades, placemaking enhancements and the addition of a specialty grocer. The acquisition was funded with a secured mortgage loan of $24 million and $25.9 million of operating partnership units issued at $65.24 per share. In the third quarter, Regency sold one wholly-owned center, Bluebonnet Village, located in Baton Rouge, LA for a gross sales price of $14.2 million. Subsequent to quarter end, the Company sold two wholly-owned properties, Bluffs Square Shoppes, located in Jupiter, FL, and Elmwood Oaks Shopping Center, located in Harahan, LA, for a combined gross sales price of $40.9 million. On a year-to-date basis including transactions closed subsequent to quarter end, the Company has closed on $281.6 million of acquisitions and $191.6 million of dispositions. Balance Sheet Regency benefits from favorable access to capital through the strength of its balance sheet, supported by conservative leverage levels with a Net Debt to EBITD Are ratio of 5.5x. This positions Regency to weather potential challenges and potentially profit from investment opportunities in the future. Regency has a BBB+ rating and positive outlook from S&P Global Ratings. During the quarter, Moody’s Investors Service affirmed the Company’s Baa1 rating and upgraded its outlook to positive from stable. Debt Offering As previously disclosed, on August 13, 2019, the Company’s operating partnership, Regency Centers, L.P., priced a public offering of $425 million 2.95% notes due 2029 (the “Notes”). The Notes are due September 15, 2029 and were priced at 99.903%. Interest on the Notes is payable semiannually on March 15 and September 15 of each year, with the first payment on March 15, 2020. Net proceeds of the offering were used to repay in full the $300 million term loan with an original maturity date of December 2, 2020, including an interest rate swap breakage fee and loan amortization costs of 3
approximately $1.4 million. The balance of the net proceeds of the offering were used to reduce the outstanding balance on the corporate line of credit. ATM Equity Offering In September, the Company sold approximately $128.8 million through its ATM program at a weighted average price per share of $67.99. The sales were executed on a forward basis with settlement to occur within 12 months. Dividend On October 29, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. The dividend is payable on November 22, 2019, to shareholders of record as of November 12, 2019. 2019 Guidance The Company has updated certain components of its 2019 earnings guidance. Net Income and NAREIT FFO guidance has been updated to reflect certain non-recurring items: • In the third quarter, a $10.9 million, or $0.06 per diluted share, impairment charge was recognized within our New York Common Retirement Fund partnership associated with changes in the expected hold periods of various properties. • Third quarter results also include a one-time swap breakage charge and loan amortization costs of $1.4 million, or $0.01 per diluted share, associated with the repayment of a term loan following our August unsecured bond offering. • A proactive lease termination of an anchor tenant was executed in the third quarter, requiring the acceleration of non-cash below market rent income recognized between the execution of the termination agreement and the termination date of May 2020. Third quarter results include non-cash below market rental income of $4.7 million, or $0.03 per diluted share, associated with the aforementioned termination agreement. For the full year 2019, the non-cash below market rental income related to the acceleration of below market rent caused by the lease termination agreement is expected to be $9.4 million, or $0.06 per diluted share. The Net Income and NAREIT FFO guidance ranges have been updated to reflect the aforementioned non-recurring items. Please refer to the Company’s third quarter 2019 supplemental information package for a complete list of updates. 4
2019 Guidance All figures pro-rata and in thousands, except per share data Current Guidance Previous Guidance Net Income Attributable to Common Stockholders (“Net Income”)$1.52 - $1.55$1.56 - $1.60 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.84 - $3.87 $3.81 - $3.85 Same Property Net Operating Income (“SPNOI”) Growth excluding termination fees (pro-rata) 2% 2.0% - 2.5% Conference Call Information To discuss Regency’s second quarter results, Management will host a conference call on Thursday, October 31, 2019, at 11:00 a.m. EDT. Dial-in and webcast information is listed below. Third Quarter 2019 Earnings Conference Call Date: Thursday, October 31, 2019 Time: 11:00 a.m. ET Dial#: 877-407-0789 or 201-689-8563 Webcast: investors.regencycenters.com Non-GAAP Disclosure The Company uses 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. 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 on sale and impairments of real estate, net of tax, 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 in effect during that period. Effective January 1, 2019, the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation, and therefore are calculated as described above, but also include gains on sales and impairments of land. 5
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 on sales and impairments of real estate, 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 Attributable to Common Stockholders to NAREIT FFO. Core Operating Earnings is an additional performance measure that excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to NAREIT FFO to Core Operating Earnings. Core Operating Earnings for the third quarter and year-to-date periods ending September 30, 2018 included $2.1 million and $6.1 million, respectively, of capitalized leasing costs which, upon the adoption of the new lease accounting standard ASC 842 on January 1, 2019, are expensed. NAREIT EBITD Are is a measure of REIT performance, which NAREIT defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. 6
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core Operating Earnings - Actual (in thousands) For the Periods Ended September 30, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Reconciliation of Net Income to NAREIT FFO: Net Income Attributable to Common Stockholders56,965$ 69,722 199,139 $ 170,222 Adjustments to reconcile to NAREIT Funds From Operations(1):Depreciation and amortization (excluding FF&E)98,951 96,795 303,617 290,182 Gain on sale of operating properties(408) (3,610) (39,871) (3,958) Provision for impairment to operating properties10,886 407 22,999 28,901 Gain (loss) on sale of land(2)(461) - (460) - Exchangeable operating partnership units 157 147 456 358 NAREIT Funds From Operations 166,090 $ 163,461 485,880 $ 485,705 Reconciliation of NAREIT FFO to Core Operating Earnings: NAREIT Funds From Operations Adjustments to reconcile to Core Operating Earnings(1):$166,090163,461$485,880485,705 Gain on sale of land(2)-(53)-(1,030) Provision for impairment to land-448-542 Early extinguishment of debt1,391-11,98211,172 Interest on bonds for period from notice to redemption—367600 Straight line rent, net(2,465)(4,811)(7,140)(13,641) Above/below market rent amortization, net(10,858)(6,931)(30,833)(26,732) Debt premium/discount amortization (395)(931) (1,381)(2,727) Core Operating Earnings $ 153,763 151,183 $ 458,875 453,889 Weighted Average Shares For Diluted Earnings per Share167,944169,839167,834170,166 Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share168,350170,188168,203170,516 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. 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 net income to pro-rata same property NOI. 7
Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI - Actual (in thousands) For the Periods Ended September 30, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Net Income Attributable to Common Stockholders $ 56,965 69,722 $ 199,139 170,222 Less: Management, transaction, and other fees (7,353) (6,954) (21,768) (20,999) Other(1) (14,769) (13,016) (42,097) (44,823) Plus: Depreciation and amortization 91,856 89,183 282,639 266,812 General and administrative 16,705 17,564 56,722 51,947 Other operating expense, excluding provision for doubtful accounts 1,819 909 4,486 2,825 Other expense (income) 38,373 33,322 115,750 146,120 Equity in income of investments in real estate excluded from NOI (2) 25,354 14,323 31,699 45,083 Net income attributable to noncontrolling interests 979 812 2,988 2,366 NOI209,929 205,865 629,558 619,553 Less non-same property NOI (3) (6,789) (6,438) (17,318) (21,172) Same Property NOI $ 203,140 199,427 $ 612,240 598,381 Same Property NOI without Termination Fees $ 202,754 198,562 $ 610,370 597,598 Same Property NOI without Termination Fees or Redevelopments $ 191,436 187,725 $ 576,182 564,870 (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, interest expense, and real estate gains and impairments. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. 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. 8
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO — Guidance (per diluted share) NAREIT FFO Guidance: Full Year 2019 Low High Net income attributable to common stockholders $ 1.52 1.55 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.42 2.42 Provision for impairment 0.14 0.14 Gain on sale of operating properties (0.24) (0.24) NAREIT Funds From Operations $3.84 3.87 The Company has published forward-looking statements and additional financial information in its third quarter 2019 supplemental information package that may help investors estimate earnings for 2019. A copy of the Company’s third quarter 2019 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, 2019. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NASDAQ: 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 our 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 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. 9
Exhibit 99.2 Mellody Farm Chicago, IL Brick Walk Bridgeport, CT Midtown East Raleigh, NC Village at La Floresta Los Angeles, CA Quarterly Supplemental 3rd Quarter 2019 Investor Relations irinfo@RegencyCenters.com One Independent Drive, Suite 114 Jacksonville, FL 32202 904 598 7000 RegencyCenters.com
Table of Contents September 30, 2019 Disclosures I Earning Press Release iv Summary Information: Summary Financial Information 1 Summary Real Estate Information 2 Financial Information: Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Supplemental Details of Operations (Consolidated Only) 5 Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only) 6 Supplemental Details of Operations (Real Estate Partnerships Only) 7 Supplemental Details of Same Property NOI (Pro-Rata) 8 Reconciliations of Non-GAAP Financial Measures and Additional Disclosures 9 Summary of Consolidated Debt 11 Summary of Consolidated Debt Detail 12 Summary of Unsecured Debt Covenants and Leverage Ratios 13 Summary of Unconsolidated Debt 14 Unconsolidated Investments 15 Investment Activity: Property Transactions 16 Summary of Development and Redevelopment 17 Select Operating Properties with Near Term Redevelopment 19 Real Estate Information: Leasing Statistics 20 Average Base Rent by CBSA 21 Significant Tenant Rents 22 Tenant Lease Expirations 23 Portfolio Summary Report by State 24 Components of NAV and Forward-Looking Information: Components of NAV 33 Earnings Guidance 34 Reconciliation of Net Income to NAREIT FFO 35 Glossary of Terms 36 2
Accounting and Disclosure Changes FASB Accounting Standards Codification – Topic 842 (Leases) (“Leases Standard”) Effective January 1, 2019, Regency adopted Accounting Standards Codification (ASC) Topic 842, Leases, under the modified retrospective transition approach allowing for initial application at the date of adoption. The Company also elected to reclassify the prior period amounts to conform to the current year presentation. The financial statements have been impacted as follows: Consolidated Statements of Operations All lease income earned pursuant to tenant leases in 2019, and as reclassified for 2018, which includes but is not limited to Base rent, Recoveries from tenants and Percentage rent, is reflected in Lease income. Lease income is presented net of revenues deemed uncollectible for the current period. Prior period presentation of this line item was included in Operating expenses as Provision for doubtful accounts. Real estate revenues earned not specific to tenant leases in 2019 have been reclassified from Recoveries from tenants and other income to Other property income. Indirect internal leasing and legal costs associated with the execution of lease agreements that were previously capitalized are expensed in General and administrative in Operating expenses in the current period. Consolidated Balance Sheets Addition of Lease liabilities and corresponding Right of use assets, net of or including the opening balance for straight line rent and above/below market intangibles, for its ground and office leases where Regency is the lessee. NAREIT Funds from Operations Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO Whitepaper”), and elected the option of excluding gains on the sale and impairments of land from NAREIT FFO, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. Non-GAAP Disclosures 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. i
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. 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 Attributable to Common Stockholders to NAREIT FFO. Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata NOI. Core Operating Earnings (previously Operating FFO): The Company believes Core Operating Earnings, 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 Operating Earnings. ii
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 both termination fee income and expenses.iii
NEWS RELEASE For immediate release Regency Centers Laura Clark 904 598 7831 LauraClark@RegencyCenters.com Regency Centers Reports Third Quarter 2019 Results JACKSONVILLE, Fla. (October 30, 2019) – Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended September 30, 2019. Third Quarter 2019 Highlights For the three months ended September 30, 2019, Net Income Attributable to Common Stockholders (“Net Income”) of $0.34 per diluted share. Third quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.99 per diluted share. Year-to-date same property Net Operating Income (“NOI”), excluding termination fees, increased 2.1%, as compared to the same period in 2018. As of September 30, 2019, the same property portfolio was 95.2% leased. On a trailing twelve months basis, rent spreads on comparable new and renewal leases were 12.8% and 6.9%, respectively, with total rent spreads of 7.9%. During the third quarter, Regency acquired two shopping centers for a total of approximately $262.5 million. As of September 30, 2019, 24 properties were in development or redevelopment representing a total investment of approximately $470 million. The Company completed a public offering of $425 million 2.95% unsecured notes due 2029 (the “Notes”). The Company executed on its at-the-market equity (the “ATM”) program selling approximately $128.8 million in common stock on a forward basis at a weighted average share price of $67.99 per share. On October 29, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. Financial Results Regency reported Net Income for the third quarter of $57.0 million, or $0.34 per diluted share, compared to the Net Income Attributable to Common Stockholders of $69.7 million, or $0.41 per diluted share, for the same period in 2018. The Company reported NAREIT FFO for the third quarter of $166.1 million, or $0.99 per diluted share, compared to $163.5 million, or $0.96 per diluted share, for the same period in 2018. For the three months ended September 30, 2019, the Company’s results included a positive impact of $4.7 million, or $0.03 per diluted share, from non-cash income related to the acceleration of below market rent associated with a proactive anchor lease termination and a one-time negative impact of $1.4 million, or $0.01 per diluted share, from a swap breakage fee and loan cost amortization associated with the August bond offering and term loan repayment. iv
The Company reported Core Operating Earnings for the third quarter of $153.8 million, or $0.91 per diluted share, compared to $151.2 million, or $0.89 per diluted share, for the same period in 2018. Core operating earnings per share growth was 3.4% for the third quarter and 3.8% year-to-date when adjusted for the adoption of Accounting Standard Codification 842, Leases. The Company views Core Operating Earnings, which excludes from NAREIT FFO certain non-recurring items as well as non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of debt mark-to-market, as a better measure of business performance as it more closely reflects cash earnings and the Company’s ability to grow the dividend. Portfolio Performance Regency’s portfolio is differentiated in its overall outstanding quality, breadth and scale. The strength of the Company’s merchandising mix, combined with placemaking elements and connection to its communities further differentiate Regency’s high quality portfolio. Regency’s preeminent portfolio along with its national platform and 22 local market offices offers critical strategic advantages and positions the Company to achieve its objective to average 3% same property NOI growth over the long term. Third quarter same property NOI, excluding termination fees, increased 2.1% compared to the same period in 2018. Year-to-date same property NOI, excluding termination fees, increased 2.1%, as compared to the same period in 2018. As of September 30, 2019, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships was 94.8% leased. The same property portfolio was 95.2% leased, which is an increase of 10 basis points sequentially and a decrease of 80 basis points from the same period in 2018, primarily driven by the Sears bankruptcy. For the three months ended September 30, 2019, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at blended rent spreads of 6.6%. Rent spreads on new and renewal leases were 10.0% and 5.7%, respectively. For the trailing twelve months, the Company executed approximately 6.6 million square feet of comparable new and renewal leases at blended rent spreads of 7.9%. Portfolio Enhancement and Capital Allocation Regency’s self-funding model enables the Company to benefit from its capital allocation strategy. Free cash flow supports the development and redevelopment program on a leverage neutral basis. Regency’s development and redevelopment platform is a critical strategic advantage for creating significant value for shareholders. Together with the sales of lower growth assets and equity when priced attractively, free cash flow also enables the Company to invest in high-growth acquisitions and share repurchases when pricing is compelling. This capital allocation strategy preserves Regency’s pristine balance sheet and allows the Company to add value and enhance the quality of the portfolio on a net accretive basis. Developments and Redevelopments At quarter end, the Company had 24 properties in development or redevelopment with estimated net project costs of approximately $470 million. In-process developments and redevelopments were 89% leased and committed as of September 30, 2019 and are expected to yield an average return of 7.7%. v
During the quarter, Regency started three redevelopment projects with combined pro-rata costs of approximately $21.5 million. The Company also completed one development and one redevelopment project. The recently completed ground-up development project, Midtown East, is a 159,000 square foot neighborhood shopping center located inside the Raleigh Beltline. This 97% leased center is anchored by a 105,000 square foot Wegmans grocery store, the first Wegmans to open in North Carolina. Regency’s share of the total project cost was approximately $23 million at a projected 7.7% stabilized yield. Property Transactions As previously disclosed, on July 1, 2019, the Company acquired The Pruneyard, a 258,000 square foot retail center located in Silicon Valley for $212.5 million. The center is anchored by Trader Joe’s and Marshalls and sits in close proximity to the most affluent neighborhoods and technology employers on the Westside of Silicon Valley. In addition to the retail portion, The Pruneyard also benefits from three adjacent office towers totaling 360,000 square feet and an adjacent 171-key hotel, which were not part of the transaction. During the quarter, the Company also acquired Circle Marina Center, an off-market acquisition of 118,000 square feet of premier retail located on Pacific Coast Highway in the heart of Long Beach, CA, for $50 million. Circle Marina offers Regency a unique value-add opportunity through a redevelopment of the center in the near future that will include façade upgrades, placemaking enhancements and the addition of a specialty grocer. The acquisition was funded with a secured mortgage loan of $24 million and $25.9 million of operating partnership units issued at $65.24 per share. In the third quarter, Regency sold one wholly-owned center, Bluebonnet Village, located in Baton Rouge, LA for a gross sales price of $14.2 million. Subsequent to quarter end, the Company sold two wholly- owned properties, Bluffs Square Shoppes, located in Jupiter, FL, and Elmwood Oaks Shopping Center, located in Harahan, LA, for a combined gross sales price of $40.9 million. On a year-to-date basis including transactions closed subsequent to quarter end, the Company has closed on $281.6 million of acquisitions and $191.6 million of dispositions. Balance Sheet Regency benefits from favorable access to capital through the strength of its balance sheet, supported by conservative leverage levels with a Net Debt to EBITDAre ratio of 5.5x. This positions Regency to weather potential challenges and potentially profit from investment opportunities in the future. Regency has a BBB+ rating and positive outlook from S&P Global Ratings. During the quarter, Moody’s Investors Service affirmed the Company’s Baa1 rating and upgraded its outlook to positive from stable. Debt Offering As previously disclosed, on August 13, 2019, the Company’s operating partnership, Regency Centers, L.P., priced a public offering of $425 million 2.95% notes due 2029 (the “Notes”). The Notes are due September 15, 2029 and were priced at 99.903%. Interest on the Notes is payable semiannually on March 15 and September 15 of each year, with the first payment on March 15, 2020. Net proceeds of the offering were used to repay in full the $300 million term loan with an original maturity date of December 2, 2020, including an interest rate swap breakage fee and loan amortization costs of vi
approximately $1.4 million. The balance of the net proceeds of the offering were used to reduce the outstanding balance on the corporate line of credit. ATM Equity Offering In September, the Company sold approximately $128.8 million through its ATM program at a weighted average price per share of $67.99. The sales were executed on a forward basis with settlement to occur within 12 months. Dividend On October 29, 2019, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.585 per share. The dividend is payable on November 22, 2019, to shareholders of record as of November 12, 2019. 2019 Guidance The Company has updated certain components of its 2019 earnings guidance. Net Income and NAREIT FFO guidance has been updated to reflect certain non-recurring items: In the third quarter, a $10.9 million, or $0.06 per diluted share, impairment charge was recognized within our New York Common Retirement Fund partnership associated with changes in the expected hold periods of various properties. Third quarter results also include a one-time swap breakage charge and loan amortization costs of $1.4 million, or $0.01 per diluted share, associated with the repayment of a term loan following our August unsecured bond offering. A proactive lease termination of an anchor tenant was executed in the third quarter, requiring the acceleration of non-cash below market rent income recognized between the execution of the termination agreement and the termination date of May 2020. Third quarter results include non-cash below market rental income of $4.7 million, or $0.03 per diluted share, associated with the aforementioned termination agreement. For the full year 2019, the non-cash below market rental income related to the acceleration of below market rent caused by the lease termination agreement is expected to be $9.4 million, or $0.06 per diluted share. The Net Income and NAREIT FFO guidance ranges have been updated to reflect the aforementioned non-recurring items. Please refer to the Company’s third quarter 2019 supplemental information package for a complete list of updates. vii
Conference Call Information To discuss Regency’s second quarter results, Management will host a conference call on Thursday, October 31, 2019, at 11:00 a.m. EDT. Dial-in and webcast information is listed below. Third Quarter 2019 Earnings Conference Call Date: Thursday, October 31, 2019 Time: 11:00 a.m. ET Dial#: 877-407-0789 or 201-689-8563 Webcast: investors.regencycenters.com Replay Webcast Archive: Investor Relations page under Events & Webcasts Non-GAAP Disclosure The Company uses 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 prorata 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. 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 on sale and impairments of real estate, net of tax, 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 in effect during that period. Effective January 1, 2019, the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation, and therefore are calculated as described above, but also include gains on sales and impairments of land. Current Guidance Previous Guidance Net Income Attributable to Common Stockholders (“Net Income”) $1.52 - $1.55 $1.56 - $1.60 NAREIT Funds From Operations (“NAREIT FFO”) per diluted share $3.84 - $3.87 $3.81 - $3.85 Same Property Net Operating Income (“SPNOI”) Growth excluding termination fees (pro-rata) 2% 2.0% - 2.5% 2019 Guidance All figures pro-rata and in thousands, except per share data viii
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 on sales and impairments of real estate, 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 Attributable to Common Stockholders to NAREIT FFO. Core Operating Earnings is an additional performance measure that excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to NAREIT FFO to Core Operating Earnings. Core Operating Earnings for the third quarter and year-to-date periods ending September 30, 2018 included $2.1 million and $6.1 million, respectively, of capitalized leasing costs which, upon the adoption of the new lease accounting standard ASC 842 on January 1, 2019, are expensed. NAREIT EBITDAre is a measure of REIT performance, which NAREIT defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. ix
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core Operating Earnings - Actual (in thousands) 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 net income to pro-rata same property NOI. For the Periods Ended September 30, 2019 and 2018 Three Months Ended Year to Date 2019 2018 2019 2018 Reconciliation of Net Income to NAREIT FFO: Net Income Attributable to Common Stockholders $ 56,965 69,722 $ 199,139 170,222 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (excluding FF&E) 98,951 96,795 303,617 290,182 Gain on sale of operating properties (408) (3,610) (39,871) (3,958) Provision for impairment to operating properties 10,886 4 07 22,999 28,901 Gain (loss) on sale of land(2) (461) - (460) - Exchangeable operating partnership units 157 147 456 358 NAREIT Funds From Operations $ 166,090 163,461 $ 485,880 485,705 Reconciliation of NAREIT FFO to Core Operating Earnings: NAREIT Funds From Operations $ 166,090 163,461 $ 485,880 485,705 Adjustments to reconcile to Core Operating Earnings(1): Gain on sale of land(2) - (53) - (1,030) Provision for impairment to land - 448 - 542 Early extinguishment of debt 1,391 - 11,982 11,172 Interest on bonds for period from notice to redemption - - 367 600 Straight line rent, net (2,465) (4,811) (7,140) (13,641) Above/below market rent amortization, net (10,858) (6,931) (30,833) (26,732) Debt premium/discount amortization (395) (931) (1,381) (2,727) Core Operating Earnings $ 153,763 151,183 $ 458,875 453,889 Weighted Average Shares For Diluted Earnings per Share 167,944 169,839 167,834 170,166 Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share 168,350 170,188 168,203 170,516 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. attributable to noncontrolling interests. x
Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI - Actual (in thousands) 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. For the Periods Ended September 30, 2019 and 2018 2019 2018 2019 2018 Net Income Attributable to Common Stockholders $ 56,965 69,722 $ 199,139 170,222 Less: Management, transaction, and other fees (7,353) (6,954) (21,768) (20,999) Other(1) (14,769) (13,016) (42,097) (44,823) Plus: Depreciation and amortization 91,856 89,183 282,639 266,812 General and administrative 16,705 17,564 56,722 51,947 Other operating expense, excluding provision for doubtful accounts 1,819 9 09 4,486 2,825 Other expense (income) 38,373 33,322 115,750 146,120 Equity in income of investments in real estate excluded from NOI (2) 25,354 14,323 31,699 45,083 Net income attributable to noncontrolling interests 9 79 812 2,988 2,366 NOI 209,929 205,865 629,558 619,553 Less non-same property NOI (3) (6,789) (6,438) (17,318) (21,172) Same Property NOI $ 203,140 199,427 $ 612,240 598,381 Same Property NOI without Termination Fees $ 202,754 198,562 $ 610,370 597,598 Same Property NOI without Termination Fees or Redevelopments $ 191,436 187,725 $ 576,182 564,870 (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, interest expense, and real estate gains and impairments. (3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Three Months Ended Year to Date (1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests. xi
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO — Guidance (per diluted share) NAREIT FFO Guidance: Full Year 2019 Low High Net income attributable to common stockholders $ 1.52 1.55 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2.42 2.42 Provision for impairment 0.14 0.14 Gain on sale of operating properties (0.24) (0.24) NAREIT Funds From Operations $ 3.84 3.87 The Company has published forward-looking statements and additional financial information in its third quarter 2019 supplemental information package that may help investors estimate earnings for 2019. A copy of the Company’s third quarter 2019 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, 2019. Regency may, but assumes no obligation to, update information in the supplemental package from time to time. About Regency Centers Corporation (NASDAQ: 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 our 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 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. xii
Summary Financial Information September 30, 2019 Three Months Ended Year to Date 2019 2018 2019 2018 (in thousands, except per share data)Financial Results Net income attributable to common stockholders (page 4) $56,965 $69,722 $199,139 $170,222 Net income per diluted share $0.34 $0.41 $1.19 $1.00 NAREIT Funds From Operations (NAREIT FFO) (page 9) $166,090 $163,461 $485,880 $485,705 NAREIT FFO per diluted share $0.99 $0.96 $2.89 $2.85 Core Operating Earnings (previously Operating FFO) (page 9) $153,763 $151,183 $458,875 $453,889 Core Operating Earnings per diluted share $0.91 $0.89 $2.73 $2.66 Same Property NOI without termination fees (page 8) $202,754 $198,562 $610,370 $597,598 % growth 2.1% 2.1% Operating EBITDAre (page 10) $200,885 $197,180 $598,955 $592,451 Dividends paid per share and unit $0.585 $0.555 $1.755 $1.665 Payout ratio of Core Operating Earnings per share (diluted) 64.3% 62.4% 64.3% 62.6% Diluted share and unit count Weighted average shares (diluted) - Net income 167,944 169,839 167,834 170,166 Weighted average shares (diluted) - NAREIT FFO and Core Operating Earnings 168,350 170,188 168,203 170,516 As of As of As of As of 9/30/19 12/31/18 12/31/17 12/31/16 Capital Information Market price per common share $69.49 $58.47 $69.18 $68.95 Common shares outstanding 167,562 167,905 171,365 104,497 Exchangeable units held by noncontrolling interests 7 46 3 50 3 50 154 Common shares and equivalents issued and outstanding 168,308 168,255 171,715 104,651 Market equity value of common and convertible shares $11,695,779 $9,837,840 $11,879,231 $7,215,718 Non-convertible preferred stock $0 $0 $0 $325,000 Outstanding debt 4,414,887 $4,241,758 $4,115,588 $2,111,450 Less: cash (47,461) (45,190) (49,381) ($17,879) Net debt $4,367,426 $4,196,568 $4,066,207 $2,093,571 Total market capitalization $16,063,205 $14,034,408 $15,945,438 $9,634,289 Debt metrics (pro-rata; trailing 12 months "TTM") Net Debt-to-Operating EBITDAre 5.5x 5.3x 5.4x 4.4x Fixed charge coverage 4.3x 4.2x 4.1x 3.3x 1
Summary Real Estate Information September 30, 2019 (GLA in thousands) Wholly Owned and 100% of Co-investment Partnerships 9/30/2019 6/30/2019 3/31/2019 12/31/2018 9/30/2018 Number of properties 422 421 419 425 426 Number of retail operating properties 412 410 408 414 415 Number of same properties 400 401 401 399 403 Number of properties in redevelopment 17 15 13 11 14 Number of properties in development 7 8 8 8 8 Gross Leasable Area (GLA) - All properties 52,988 52,693 52,604 53,568 53,647 GLA including retailer-owned stores - All properties 57,076 56,781 56,692 57,710 58,238 GLA - Retail operating properties 51,952 51,498 51,370 51,605 51,857 GLA - Same properties 50,344 50,426 50,357 50,434 50,916 GLA - Properties in redevelopment(1) 3,279 2,759 2,399 1,927 2,649 GLA - Properties in development 816 975 1,014 1,014 1,176 Wholly Owned and Pro-Rata Share of Co-investment Partnerships GLA - All properties 43,046 42,761 42,672 43,365 43,523 GLA including retailer-owned stores - All properties 47,134 46,849 46,760 47,650 48,113 GLA - Retail operating properties 42,140 41,776 41,655 41,619 41,949 GLA - Same properties 40,874 40,966 40,905 40,866 41,218 Spaces ≥ 10,000 sf 25,764 25,808 25,769 25,715 25,966 Spaces < 10,000 sf 15,110 15,158 15,136 15,151 15,252 GLA - Properties in redevelopment(1) 2,742 2,176 1,826 1,353 1,682 GLA - Properties in development 668 838 870 870 1,032 % leased - All properties 94.8% 94.7% 94.6% 95.6% 95.4% % leased - Retail operating properties 95.1% 95.0% 95.0% 96.1% 95.9% % leased - Same properties (2) 95.2% 95.1% 95.1% 96.2% 96.0% Spaces ≥ 10,000 sf (2) 97.3% 97.1% 97.1% 98.6% 98.1% Spaces < 10,000 sf (2) 91.6% 91.6% 91.6% 92.1% 92.4% Average % leased - Same properties (2) 95.3% 95.4% 95.7% 95.9% 95.8% % commenced - Same properties (2)(3) 93.1% 93.2% 93.5% 94.6% 94.4% Same property NOI growth - YTD (see page 8) 2.3% 2.5% 2.5% 3.4% 3.7% Same property NOI growth without termination fees - YTD (see page 8) 2.1% 2.1% 2.9% 3.4% 3.8% Same property NOI growth without termination fees or redevelopments - YTD (see page 8) 2.0% 2.1% 2.6% 2.0% 2.1% Rent spreads - Trailing 12 months (4) (see page 20) 7.9% 8.9% 8.4% 8.3% 7.4% (1) Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise. (2) Prior periods adjusted for current same property pool. (3) Excludes leases that are signed but have not yet commenced. (4) Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed. 2
Consolidated Balance Sheets September 30, 2019 and December 31, 2018 (in thousands) 2019 2018 (unaudited) Assets Net real estate investments: Real estate assets at cost $ 11,142,239 $ 10,863,162 Less: accumulated depreciation 1,723,963 1,535,444 9,418,276 9,327,718 Investments in real estate partnerships 472,863 463,001 Net real estate investments 9,891,139 9,790,719 Properties held for sale 3 5,563 60,516 Cash and cash equivalents 4 7,461 45,190 Tenant and other receivables 161,381 172,359 Deferred leasing costs, net 7 9,729 84,983 Acquired lease intangible assets, net 264,681 387,069 Right of use assets(1) 294,051 - Other assets 398,945 403,827 Total assets $ 11,172,950 $ 10,944,663 Liabilities and Equity Liabilities: Notes payable $ 3,437,959 $ 3,006,478 Unsecured credit facilities 449,309 708,734 Total notes payable 3,887,268 3,715,212 Accounts payable and other liabilities 219,529 224,807 Acquired lease intangible liabilities, net 449,498 496,726 Lease liabilities(1) 223,581 - Tenants' security and escrow deposits 5 3,227 57,750 Total liabilities 4,833,103 4,494,495 Equity: Stockholders' Equity: Common stock, $.01 par 1,676 1,679 Additional paid in capital 7,627,198 7,652,683 Accumulated other comprehensive income (loss) (15,804) ( 927) Distributions in excess of net income (1,350,331) (1,255,465) Total stockholders' equity 6,262,739 6,397,970 Noncontrolling Interests: Exchangeable operating partnership units 3 6,341 10,666 Limited partners' interest 4 0,767 41,532 Total noncontrolling interests 7 7,108 52,198 Total equity 6,339,847 6,450,168 Total liabilities and equity $ 11,172,950 $ 10,944,663 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. 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. 3
Consolidated Statements of Operations For the Periods Ended September 30, 2019 and 2018 (in thousands) (unaudited) Three Months Ended Year to Date 2018 2019 Revenues: Lease income(1) $ 272,143 268,948 $ 815,682 808,661 Other property income(1) 2,780 2,408 6,956 6,755 Management, transaction, and other fees 7,353 6,954 21,768 20,999 Total revenues 282,276 278,310 844,406 836,415 Operating Expenses: Depreciation and amortization 91,856 89,183 282,639 266,812 Operating and maintenance 41,695 40,557 125,092 124,924 General and administrative 16,705 17,564 56,722 51,947 Real estate taxes 33,601 35,129 101,263 97,096 Other operating expense(1) 1,819 2,045 4,486 6,476 Total operating expenses 185,676 184,478 570,202 547,255 Other Expense (Income): Interest expense, net of interest income 38,253 36,618 113,178 111,477 Provision for impairment ( 14) 855 12,099 29,443 Gain on sale of real estate, net of tax (887) (3,228) (17,819) (4,448) Early extinguishment of debt 1,391 - 11,982 11,172 Net investment income (370) (923) (3,690) (1,524) Total other expense 38,373 33,322 115,750 146,120 Income from operations before equity in income of investments in real estate partnerships 58,227 60,510 158,454 143,040 Equity in (loss) income of investments in real estate partnerships(2) (283) 10,024 43,673 29,548 Net income 57,944 70,534 202,127 172,588 Noncontrolling Interests: Exchangeable operating partnership units (157) (147) (456) (358) Limited partners' interests in consolidated partnerships (822) (665) (2,532) (2,008) Net income attributable to noncontrolling interests (979) (812) (2,988) (2,366) Net income attributable to common stockholders $ 56,965 69,722 $ 199,139 170,222 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. (2) During the third quarter of 2019, an $10.9 million impariment of real estate was recognized within the NYSCRF partnership from changes in the expected hold periods of various properties. 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. 4
Supplemental Details of Operations (Consolidated Only) For the Periods Ended September 30, 2019 and 2018 (in thousands Revenues: * Base rent $ 195,965 191,920 $ 582,135 572,206 * Recoveries from tenants 6 0,549 60,393 183,449 178,865 * Percentage rent 1,228 1,224 5,949 6,292 * Termination Fees 350 812 1,854 2,102 * Uncollectible lease income (2,223) - (3,667) - * Other lease income 2,549 2,514 6,874 7,177 Straight line rent on lease income 2,639 4,955 7,754 14,782 Above/below market rent amortization 1 1,086 7,130 31,334 2 7,237 Lease income 272,143 268,948 815,682 808,661 * Other property income 2,780 2,408 6,956 6,755 - Property management fees 3,648 3,588 11,076 1 1,008 Asset management fees 1,803 1,840 5,341 5,347 Leasing commissions and other fees 1,902 1,526 5,351 4,644 Management, transaction, and other fees 7,353 6,954 21,768 2 0,999 Total revenues 282,276 278,310 844,406 836,415 Operating Expenses: Depreciation and amortization (including FF&E) 91,856 89,183 282,639 266,812 * Operating and maintenance 3 7,797 36,712 112,622 112,523 * Ground rent 3,042 3,052 9,272 8,387 * Termination expense 20 - 520 1,700 Straight line rent on ground rent 449 367 1,540 1,108 Above/below market ground rent amortization 387 426 1,138 1,206 Operating and maintenance 4 1,695 40,557 125,092 124,924 Gross general & administrative 1 6,058 17,126 52,089 53,720 Stock-based compensation 4,224 4,173 12,127 1 2,309 Capitalized direct leasing compensation costs - (1,696) - (4,927) Capitalized direct development compensation costs (3,855) (3,011) (11,116) (10,701) General & administrative, net 16,427 16,592 53,100 50,401 Loss on deferred compensation plan(1) 278 972 3,622 1,546 General & administrative 1 6,705 17,564 56,722 51,947 * Real estate taxes 3 3,601 35,129 101,263 9 7,096 Other expenses 685 543 3,650 2,339 Development pursuit costs 1,134 366 836 486 * Provision for doubtful accounts - 1,136 - 3,651 Other operating expenses 1,819 2,045 4,486 6,476 Total operating expenses 185,676 184,478 570,202 547,255 Other Expense (Income): Gross interest expense 3 6,979 36,286 108,700 110,919 Derivative amortization 1,650 2,102 5,914 6,306 Debt cost amortization 1,342 1,324 3,926 3,930 Debt premium/discount amortization (405) (965) (1,405) (2,846) Capitalized interest (1,093) (1,670) (3,089) (5,820) Interest income (220) (459) (868) (1,012) Interest expense, net 3 8,253 36,618 113,178 111,477 Provision for impairment of operating properties (14) 407 12,099 28,901 Provision for impairment of land - 448 - 542 Gain on sale of operating properties (426) (3,176) (17,358) (3,533) Gain on sale of land (461) (52) (461) (915) Early extinguishment of debt 1,391 - 11,982 11,172 Net investment income(1) (370) (923) (3,690) (1,524) Total other expense 3 8,373 33,322 115,750 146,120 (1) The change in value of participant obligations within Regency's non-qualified deferred compensation plan is included in General and administrative expense. The expense is offset by unrealized gains of assets held in the plan which is included in Net investment income. 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. * Component of Net Operating Income Three Months Ended Year to Date 2018 2019 5
Assets Real estate assets at cost $ (95,289) (90,972) $ 1,372,302 1,379,264 Less: accumulated depreciation (13,750) (12,400) 412,721 415,256 Net real estate investments (81,539) (78,572) 959,581 964,008 Cash and cash equivalents ( 2,888) (3,063) 14,869 1 1,806 Tenant and other receivables ( 2,594) (3,053) 24,494 2 4,855 Deferred leasing costs, net ( 1,156) (1,285) 14,833 1 5,008 Acquired lease intangible assets, net (835) (1,060) 11,748 1 4,970 Right of use assets(1) ( 1,710) - 5,760 - Other assets (146) (559) 16,305 1 2,574 Total assets $ (90,868) (87,592) 1,047,590 1,043,221 Liabilities Notes payable $ (42,624) (43,739) $ 527,619 533,973 Accounts payable and other liabilities ( 4,974) (1,624) 27,307 2 9,408 Acquired lease intangible liabilities, net (309) (397) 11,918 1 2,458 Lease liabilities(1) ( 1,909) - 4,462 - Tenants' security and escrow deposits (285) (300) 3,421 4,381 Total liabilities $ (50,101) (46,060) $ 574,727 580,220 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. Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only) September 30, 2019 and December 31, 2018 (in thousands) 2018 2019 Noncontrolling Interests Share of JVs (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases. Refer to page i. Disclosures for additional detail on changes in financial statement presentation.6
2018 2019 2018 Revenues: * Base rent $ ( 2,075) (1,868) $ (6,215) (5,543) $ 26,040 26,030 $ 78,063 78,011 * Recoveries from tenants (600) (602) (1,876) (1,867) 8,021 8,099 25,022 25,230 * Percentage rent (2) - (6) (3) 189 142 1,098 1,003 * Termination Fees (1) - (1) (9) 91 82 6 04 418 * Uncollectible lease income 38 - 47 - (124) - (339) - * Other lease income (37) (35) (98) (101) 336 383 9 28 1,016 Straight line rent on lease income (68) (38) (244) (144) 408 386 1,480 541 Above/below market rent amortization (27) (8) (44) (33) 195 235 7 05 745 Lease income (2,772) (2,551) (8,437) (7,700) 35,156 35,357 107,561 106,964 * Other property income (7) (1) (11) (7) 286 110 5 31 414 Asset management fees - - - - (281) (294) (840) (854) Management, transaction, and other fees - - - - (281) (294) (840) (854) Total revenues (2,779) (2,552) (8,448) (7,707) 35,161 35,173 107,252 106,524 Operating Expenses: Depreciation and amortization (including FF&E) (649) (613) (1,991) (1,841) 8,289 8 , 6 9 0- 24,544 2 6 , 6 7 3 - * Operating and maintenance (377) (365) (1,175) (1,123) 5,046 5,241 16,110 16,606 * Ground rent (28) (28) (83) (83) 100 92 3 03 279 Straight line rent on ground rent (16) (16) (47) (48) 30 - 2 77 - Above/below market ground rent amortization - (6) - (6) 10 6 24 17 Operating and maintenance (421) (415) (1,305) (1,260) 5,186 5,339 16,714 16,902 Gross general & administrative - - - - 110 27 2 99 138 General & administrative, net - - - - 110 27 2 99 138 * Real estate taxes (399) (397) (1,215) (1,149) 4,622 5,151 14,122 14,335 Other expenses (55) (7) (90) (38) 134 76 6 86 433 Development pursuit costs - - - - 23 16 28 36 * Provision for doubtful accounts - 8 - (57) - 15 - 241 Other operating expenses (55) 1 (90) (95) 157 107 7 14 710 Total operating expenses (1,524) (1,424) (4,601) (4,345) 18,364 19,314 56,393 58,758 Other Expense (Income): Gross interest expense (415) (423) (1,261) (1,248) 5,986 6,102 18,257 18,258 Debt cost amortization (18) (40) (54) (106) 166 134 5 17 381 Debt premium/discount amortization - - - - 10 34 24 119 Interest expense, net (433) (463) (1,315) (1,354) 6,162 6,270 18,798 18,758 Provision for impairment of operating properties (1) - - - - 10,900 - 10,900 - (Gain) loss on sale of operating properties - - - - 18 (434) (22,513) (425) (Gain) loss on sale of land - - - - - (1) 1 (115) Total other expense (433) (463) (1,315) (1,354) 17,080 5,835 7,186 18,218 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. Three Months Ended Year to Date Three Months Ended Year to Date * Component of Net Operating Income (1) During the third quarter of 2019, an $10.9 million impariment of real estate was recognized within the NYSCRF partnership from changes in the expected hold periods of various properties. Supplemental Details of Operations (Real Estate Partnerships Only) For the Periods Ended September 30, 2019 and 2018 (in thousands) 7
Same Property NOI Detail: Real Estate Revenues: Base rent $ 211,271 207,850 $ 632,520 619,232 Recoveries from tenants 65,014 65,700 199,823 195,830 Percentage rent 1 ,392 1 ,362 6 ,843 7 ,104 Termination fees 406 865 2 ,390 2 ,483 Uncollectible lease income(1) (2,089) - (3,369) - Other lease income(1) 2 ,768 2 ,792 7 ,457 7 ,721 Other property income(1) 2 ,510 1 ,927 5 ,870 5 ,543 Total real estate revenues 281,272 280,496 851,534 837,913 Real Estate Operating Expenses: Operating and maintenance 40,540 39,859 123,330 121,646 Termination expense 20 - 520 1 ,700 Real estate taxes 35,423 37,590 108,690 105,511 Ground rent 2 ,149 2 ,384 6 ,754 7 ,097 Provision for doubtful accounts(1) - 1 ,236 - 3 ,578 Total real estate operating expenses 78,132 81,069 239,294 239,532 Same Property NOI $ 203,140 199,427 $ 612,240 598,381 % change 1.9% 2.3% Same Property NOI without Termination Fees $ 202,754 198,562 $ 610,370 597,598 % change 2.1% 2.1% Same Property NOI without Termination Fees or Redevelopments $ 191,436 187,725 $ 576,182 564,870 % change 2.0% 2.0% Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI: Net income attributable to common stockholders $ 56,965 69,722 $ 199,139 170,222 Less: Management, transaction, and other fees (7,353) (6,954) ( 21,768) ( 20,999) Income tax benefit - - - - Other (2) ( 14,769) ( 13,016) ( 42,097) ( 44,823) Plus: Depreciation and amortization 91,856 89,183 282,639 266,812 General and administrative 16,705 17,564 56,722 51,947 Other operating expense, excluding provision for doubtful accounts 1 ,819 909 4 ,486 2 ,825 Other expense (income) 38,373 33,322 115,750 146,120 Equity in income of investments in real estate excluded from NOI (3) 25,354 14,323 31,699 45,083 Net income attributable to noncontrolling interests 979 812 2 ,988 2 ,366 Preferred stock dividends and issuance costs - - - - NOI 209,929 205,865 629,558 619,553 Less non-same property NOI (4) (6,789) (6,438) ( 17,318) ( 21,172) Same Property NOI $ 203,140 199,427 $ 612,240 598,381 (1) On January 1, 2019, Regency adopted ASC Topic 842, Leases . Refer to page i. Disclosures for additional detail on changes in financial statement presentation. (2) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests. (3) Includes non-NOI income and 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, interest expense, and real estate gains and impairments. (4) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Three Months Ended Year to Date 2018 2019 Supplemental Details of Same Property NOI (Pro-Rata) For the Periods Ended September 30, 2019 and 2018 (in thousands) 8
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures Wholly Owned and Regency's Pro-rata Share of Co-investment Partnerships For the Periods Ended September 30, 2019 and 2018 (in thousands, except per share data) Three Months Ended Year to Date 2018 2019 Reconciliation of Net Income to NAREIT FFO: Net Income Attributable to Common Stockholders $ 56,965 6 9,722 $ 199,139 170,222 Adjustments to reconcile to NAREIT Funds From Operations(1): Depreciation and amortization (excluding FF&E) 9 8,951 9 6,795 303,617 290,182 Gain on sale of operating properties (408) (3,610) (39,871) (3,958) Provision for impairment to operating properties 1 0,886 407 2 2,999 2 8,901 Gain (loss) on sale of land(2) (461) - (460) - Exchangeable operating partnership units 157 147 456 358 NAREIT Funds From Operations $ 166,090 163,461 $ 485,880 485,705 NAREIT FFO per share (diluted) $ 0.99 0.96 $ 2.89 2.85 Weighted average shares (diluted) 168,350 170,188 168,203 170,516 Reconciliation of NAREIT FFO to Core Operating Earnings: NAREIT Funds From Operations $ 166,090 163,461 $ 485,880 485,705 Adjustments to reconcile to Core Operating Earnings(1): Non Comparable Items Gain on sale of land(2) - (53) - (1,030) Provision for impairment to land (2) - 448 - 542 Early extinguishment of debt 1,391 - 1 1,982 1 1,172 Interest on bonds for period from notice to redemption - - 367 600 Certain Non Cash Items Straight line rent, net (2,465) (4,811) (7,140) (13,641) Above/below market rent amortization, net (10,858) (6,931) (30,833) (26,732) Debt premium/discount amortization (395) (931) (1,381) (2,727) Core Operating Earnings $ 153,763 151,183 $ 458,875 453,889 Core Operating Earnings per share (diluted) $ 0.91 0.89 $ 2.73 2.66 Weighted average shares (diluted) 168,350 170,188 168,203 170,516 Additional Disclosures: Other Non Cash Expense(1) Derivative amortization $ 1 ,650 2,102 $ 5 ,914 6,306 Debt cost amortization 1,490 1,418 4,389 4,205 Stock-based compensation 4,224 4,173 1 2,127 1 2,309 Other Non Cash Expense $ 7 ,364 7,693 $ 22,430 22,820 Maintenance and Leasing Capital Expenditures(3) Tenant allowance and landlord work $ 9 ,107 1 5,391 $ 32,715 3 9,595 Building improvements 8,221 9,172 15,259 1 7,772 Leasing commissions(4) 3,355 4,193 7,167 1 1,176 Capital Expenditures $ 20,683 28,756 $ 55,141 68,543 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found of page 7. (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. (3) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships. (4) On January 1, 2019, Regency adopted ASC Topic 842, Leases, under which non-contingent internal leasing costs can no longer be capitalized. 9
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (continued) For the Periods Ended September 30, 2019 and 2018 (in thousands) Three Months Ended Year to Date 2018 2019 Reconciliation of Net Income to NAREIT EBITDAre : Net Income $ 57,944 70,534 $ 202,127 172,588 Adjustments to reconcile to NAREIT EBITDAre (1): Interest expense 44,635 43,347 132,844 131,247 Income tax expense 154 - 364 - Depreciation and amortization 100,145 97,873 307,183 293,485 Gain on sale of operating properties (408) (3,610) (39,871) (3,958) Provision from impairment to operating properties 10,886 407 22,999 28,901 Gain (loss) on sale of land(2) (461) - (460) - NAREIT EBITDAre $ 212,895 208,551 $ 625,186 622,263 Reconciliation of NAREIT EBITDAre to Operating EBITDAre : NAREIT EBITDAre $ 212,895 208,551 $ 625,186 622,263 Adjustments to reconcile to Operating EBITDAre (1): Gain on sale of land(2) - (53) - (1,030) Provision for impairment to land - 448 - 542 Early extinguishment of debt 1,391 - 11,982 11,172 Straight line rent, net (2,517) (4,833) (7,336) (13,737) Above/below market rent amortization, net (10,884) (6,933) (30,877) (26,759) Operating EBITDAre $ 200,885 197,180 $ 598,955 592,451 (1) Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships. (2) Effective January 1, 2019, Regency prospectively adopted the NAREIT FFO White Paper – 2018 Restatement, and elected the option of excluding gains on the sales and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation of NAREIT FFO, and therefore include gains on sales and impairments of land. 10
Summary of Consolidated Debt September 30, 2019 and December 31, 2018 (in thousands) Total Debt Outstanding: 9/30/2019 12/31/18 Notes Payable: Fixed rate mortgage loans $ 458,251 $ 493,263 Variable-rate mortgage loans 35,632 37,893 Fixed rate unsecured public debt 2,754,013 2,286,357 Fixed rate unsecured private debt 190,063 188,965 Unsecured credit facilities: Revolving line of credit 185,000 145,000 Term Loans 264,309 563,734 Total $ 3,887,268 $ 3,715,212 Schedule of Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities (1) Total Weighted Average Contractual Interest Rate on Maturities 2019 $ 2 ,530 - - 2,530 - 2020 1 1,285 39,074 - 50,359 3.95% 2021 1 1,598 74,751 - 86,349 4.51% 2022 1 1,797 5 ,848 750,000 767,645 2.97% 2023 1 0,077 59,374 - 69,451 3.35% 2024 5 ,301 90,742 2 50,000 346,043 3.70% 2025 4 ,207 24,000 2 50,000 278,207 3.78% 2026 4 ,420 88,000 2 00,000 292,420 3.83% 2027 4 ,312 32,915 5 25,000 562,227 3.63% 2028 3 ,350 170 300,000 3 03,520 4.13% >10 years 5 ,423 219 1,150,000 1 ,155,642 3.85% Unamortized debt premium/(discount), net of issuance costs - 4,490 (31,615) ( 27,125) $ 74,300 4 19,583 3 ,393,385 3,887,268 3.59% Percentage of Total Debt: 9/30/2019 12/31/18 Fixed 94.3% 95.1% Variable 5.7% 4.9% Current Weighted Average Contractual Interest Rates:(2) Fixed 3.75% 3.80% Variable 3.12% 3.40% Combined 3.59% 3.90% Current Weighted Average Effective Interest Rate:(3) Combined 3.79% 4.10% Average Years to Maturity: Fixed 10.5 8.2 Variable 2.4 3.1 (1) Includes unsecured public and private placement debt, unsecured term loan, and unsecured revolving line of credit. (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 fees. (2) Interest rates are calculated as of the quarter end. 11
Summary of Consolidated Debt September 30, 2019 and December 31, 2018 (in thousands) Lender Collateral Contractual Rate Effective Rate (1) Maturity 9/30/2019 12/31/18 Secured Debt - Fixed Rate Mortgage Loans Nationwide Bank Kent Place 3.30% 04/01/20 $ 8,250 $ 8,250 CUNA Mutal Insurance Society Ocala Corners 6.45% 04/01/20 3,957 4 ,148 New York Life Insurance Company Scripps Ranch Marketplace 3.80% 11/10/20 27,000 27,000 Wells Fargo University Commons 5.50% 01/10/21 35,977 36,425 Jefferson Pilot BridgeMill 7.94% 05/05/21 4,718 5 ,109 John Hancock Life Insurance Company Kirkwood Commons 7.68% 10/01/22 8,228 8 ,742 Wells Fargo Hewlett I 4.41% 01/06/23 9,441 9 ,559 TD Bank Black Rock Shopping Center 2.80% 04/01/23 19,855 20,000 State Farm Life Insurance Company Tech Ridge Center 5.83% 06/01/23 4,845 5 ,694 American United Life Insurance Company Westport Plaza 7.49% 08/01/23 2,453 2 ,651 TD Bank Brickwalk Shopping Center 3.19% 11/01/23 33,000 33,000 Genworth Life Insurance Company Aventura, Oakbrook & Treasure Coast 6.50% 02/28/24 12,679 14,455 Prudential Insurance Company of America 4S Commons Town Center 3.50% 06/05/24 85,000 85,000 Ellis Partners Pruneyard 4.00% 06/30/24 2,200 - Great-West Life & Annuity Insurance Co Erwin Square 3.78% 09/01/24 10,000 10,000 PNC Bank Circle Marina Center 2.54% 03/17/25 24,000 - Metropolitan Life Insurance Company Westbury Plaza 3.76% 02/01/26 88,000 88,000 PNC Bank Fellsway Plaza 4.07% 06/02/27 3 7,309 3 7,500 New York Life Insurance Oak Shade Town Center 6.05% 05/10/28 7,112 7 ,570 New York Life Insurance Von's Circle Center 5.20% 10/10/28 7,240 7 ,699 Connecticut General Life Insurance Company Copps Hill Plaza 6.06% 01/01/29 12,559 13,293 City of Rollingwood Shops at Mira Vista 8.00% 03/01/32 2 17 2 25 Reliastar Life Insurance Company Circle Center West 5.01% 10/01/36 9,603 9 ,864 Allianz Life Insurance Company Willow Festival 7.25% 01/10/20 - 39,505 Peoples United Bank The Village Center 6.25% 06/01/19 - 13,434 Unamortized premiums on assumed debt of acquired properties, net of issuance costs 4 ,608 6 ,140 Total Fixed Rate Mortgage Loans 4.14% 3.83% $ 4 58,251 $ 4 93,263 Unsecured Debt Debt Offering (10/22/12) Fixed-rate unsecured 3.75% 11/15/22 $ 3 00,000 $ 300,000 Debt Offering (5/16/14) Fixed-rate unsecured 3.75% 06/15/24 250,000 250,000 Debt Offering (8/17/15) Fixed-rate unsecured 3.90% 11/01/25 250,000 250,000 Debt Placement (5/11/2016) Fixed-rate unsecured 3.81% 05/11/26 100,000 100,000 Debt Placement (8/11/2016) Fixed-rate unsecured 3.91% 08/11/26 100,000 100,000 Debt Offering (1/17/17) Fixed-rate unsecured 3.60% 02/01/27 525,000 525,000 Debt Offering (3/9/18) Fixed-rate unsecured 4.13% 03/15/28 300,000 300,000 Debt Offering (8/13/19) Fixed-rate unsecured 2.95% 09/15/29 425,000 - Debt Offering (1/17/17) Fixed-rate unsecured 4.40% 02/01/47 425,000 425,000 Debt Offering (3/6/19) Fixed-rate unsecured 4.65% 03/15/49 300,000 - Term Loan Fixed-rate unsecured 2.00% (2) 01/05/22 2 65,000 2 65,000 Revolving Line of Credit Variable-rate unsecured LIBOR + 0.875% (3) 03/23/22 1 85,000 1 45,000 Debt Offering (10/7/10) Fixed-rate unsecured 4.80% 04/15/21 - 250,000 Term Loan Fixed-rate unsecured 2.77% 12/02/20 - 300,000 Unamortized debt discount and issuance costs (31,615) ( 25,944) Total Unsecured Debt, Net of Discounts 3.70% 3.99% $ 3 ,393,385 $ 3 ,184,056 Variable Rate Mortgage Loans PNC Bank Market at Springwoods Village LIBOR + 1.50% 03/28/21 $ 8,000 $ 1 0,309 TD Bank, N.A. Concord Shopping Plaza LIBOR + 0.95% 12/21/21 27,750 2 7,750 Unamortized debt discount and issuance costs ( 118) ( 166) Total Variable Rate Mortgage Loans 3.16% 3.34% $ 3 5,632 $ 3 7,893 Total 3.59% 3.79% $ 3 ,887,268 $ 3 ,715,212 (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. (3) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 bilion line of credit. Maturity is subject to two additional six-month periods at the Company’s option. (2) 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 million balance at 2.00% through maturity. 12
Outstanding Unsecured Public Debt: Origination Maturity Rate Balance 10/25/12 11/15/22 3.750% $ 300,000 05/16/14 06/15/24 3.750% $ 250,000 08/17/15 11/01/25 3.900% $ 250,000 01/17/17 02/01/27 3.600% $ 525,000 03/09/18 03/15/28 4.125% $ 300,000 08/20/19 09/15/29 2.950% $ 425,000 01/17/17 02/01/47 4.400% $ 425,000 03/06/19 03/15/49 4.650% $ 300,000 Unsecured Public Debt Covenants: Required 6/30/19 3/31/19 12/31/18 9/30/18 Fair Market Value Calculation Method Covenants(1)(2) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 28% 28% 28% 28% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 4% 4% 4% 4% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.5x 5.4x 5.1x 5.1x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 372% 371% 372% 372% Ratios: 9/30/19 6/30/19 3/31/19 12/31/18 9/30/18 Consolidated Only Net debt to total market capitalization 24.7% 24.5% 24.3% 27.2% 25.1% Net debt to real estate assets, before depreciation 33.0% 32.1% 32.1% 32.2% 32.2% Net debt to total assets, before depreciation 29.9% 29.0% 28.9% 29.5% 29.4% Net debt to Operating EBITDAre - TTM 5.0x 4.8x 4.7x 4.8x 4.8x Fixed charge coverage 5.0x 5.0x 4.9x 4.9x 4.8x Interest coverage 5.4x 5.4x 5.3x 5.2x 5.2x Unsecured assets to total real estate assets 88.7% 88.9% 87.7% 87.8% 87.8% Unsecured NOI to total NOI - TTM 90.0% 90.0% 89.1% 89.3% 89.4% Unencumbered assets to unsecured debt 291% 301% 298% 300% 301% Total Pro-Rata Share Net debt to total market capitalization 27.2% 27.1% 26.9% 29.9% 27.7% Net debt to real estate assets, before depreciation 34.8% 34.0% 34.0% 34.2% 34.1% Net debt to total assets, before depreciation 31.6% 30.8% 30.7% 31.3% 31.1% Net debt to Operating EBITDAre - TTM 5.5x 5.3x 5.3x 5.3x 5.4x Fixed charge coverage 4.3x 4.3x 4.2x 4.2x 4.1x Interest coverage 4.7x 4.7x 4.6x 4.6x 4.6x Summary of Unsecured Debt Covenants and Leverage Ratios September 30, 2019 (in thousands) (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. 13
Summary of Unconsolidated Debt September 30, 2019 and December 31, 2018 (in thousands) Total Debt Outstanding: 9/30/19 12/31/18 Mortgage loans payable: Fixed rate secured loans $ 1,446,143 $ 1,487,530 Variable rate secured loans 115,646 102,482 Unsecured credit facilities variable rate 19,635 19,635 Total $ 1,581,424 $ 1,609,647 Schedule of Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities Total Regency's Pro Rata Share 2019 $ 4,782 - - 4,782 1,806 - 2020 17,043 338,608 - 355,651 115,953 5.30% 2021 11,048 269,942 19,635 300,625 104,375 4.49% 2022 7,811 170,702 - 178,513 68,417 4.39% 2023 2,989 171,608 - 174,597 65,096 4.77% 2024 1,513 33,690 - 35,203 14,160 3.91% 2025 1,339 162,000 - 163,339 49,380 3.62% 2026 1,145 79,286 - 80,431 32,114 3.83% 2027 1,078 115,000 - 116,078 23,378 3.80% 2028 929 62,450 - 63,379 22,088 4.26% >10 Years 2,064 115,497 - 117,561 33,512 4.23% Unamortized debt premium/(discount) and issuance costs (2) - (8,735) - (8,735) (2,660) $ 51,741 1,510,048 19,635 1,581,424 527,619 4.47% Percentage of Total Debt: 9/30/19 12/31/18 Fixed 91.45% 92.41% Variable 8.55% 7.59% Current Weighted Average Contractual Interest Rates:(1) Fixed 4.49% 4.62% Variable 4.28% 4.64% Combined 4.47% 4.62% Current Weighted Average Effective Interest Rates:(2) Combined 4.64% 4.83% Average Years to Maturity: Fixed 4.3 4.7 Variable 0.8 1.6 (1) Interest rates are calculated as of the quarter end. Weighted Average Contractual Interest Rate on Maturities (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. 14
Unconsolidated Investments September 30, 2019 (in thousands) Investment Partner and Number of Total Total Total Ownership Share Investment Equity Portfolio Summary Abbreviation Properties GLA Assets Debt Interest of Debt 9/30/2019 Pick-up State of Oregon (JV-C, JV-C2) 20 2,219 $ 5 26,814 $ 245,719 20.00% $ 49,144 $ 48,528 $ 2 ,477 (JV-CCV) 1 558 9 7,255 59,866 30.00% 17,960 10,766 7 66 21 2,777 6 24,069 305,585 GRI (JV-GRI) 69 8,921 1 ,640,661 9 15,802 40.00% 366,321 193,409 2 8,964 CalSTRS (JV-RC) 6 611 1 09,157 - 25.00% - 26,398 3 ,329 NYSCRF (1) (JV-NYC) 6 1 ,152 2 63,821 131,849 30.00% 39,555 42,096 (10,159) USAA (2) (JV-USA) 7 683 8 8,240 103,990 20.01% 20,806 (3,843) 7 49 Publix (JV-O) 2 211 2 6,818 - 50.00% - 13,001 1 ,133 Individual Investors (JV-O) 6 869 4 36,084 124,198 18.38% - 50.00% 33,833 138,665 1 6,414 117 15,224 $ 3,188,850 $ 1,581,424 $ 5 27,619 $ 4 69,020 $ 43,673 Regency (1) During the third quarter of 2019, a $10.9 million impairment of real estate was recognized within the NYSCRF partnership from changes in the expected hold periods of various properties. (2) The USAA partnership has 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.15
Property Transactions September 30, 2019 (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)(1) Feb-19 Melrose Market Seattle, WA 21 $15,500 - Jun-19 6401 Roosevelt Seattle, WA 8 $3,550 (Whole Foods) Jul-19 The Pruneyard Campbell, CA 258 $212,500 Trader Joe's, Marshalls, The Sports Basement Sep-19 Circle Marina Center Long Beach, CA 118 $50,000 Staples, Big 5 Sporting Goods Total 405 $281,550 4.5% Dispositions: Date Property Name Co-investment Partner (REG %) Market Total GLA Regency's Share of Sales Price Weighted Average Cap Rate Anchor(s)(1) Jan-19 Ashburn Farm Market Center Ashburn, VA 92 $30,850 Giant Food Jan-19 Gayton Crossing GRI (40%) Richmond, VA 158 $11,600 Gold's Gym, (Kroger) Jan-19 Ambassador Row Lafayette, LA 195 $20,150 Big Lots, Jo-Ann Fabrics, Planet Fitness Jan-19 Ambassador Row Courtyards Lafayette, LA 150 $9,950 Bed Bath and Beyond, Tuesday Morning Feb-19 King Farm Village Center CalSTRS (25%) Rockville, MD 118 $10,000 Safeway Mar-19 Phillips Place Other (50%) Charlotte, NC 133 $36,500 Regal Cinemas Mar-19 Siegen Village Baton Rouge, LA 170 $17,450 Big Lots, Office Depot, Planet Fitness, Dollar Tree, Party City Aug-19 Bluebonnet Village Baton Rouge, LA 102 $14,250 Rouses Market, Office Depot Total 1,118 $150,750 7.6% (1) Retailers in parenthesis are shadow anchors and not a part of the owned property.16
Summary of Development and Redevelopment September 30, 2019 (in thousands) In Process Ground Up Developments Shopping Center Name Market Grocer/Anchor Tenant GLA % Leased % Leased & Committed Project Start Estimated Initial Rent Commencement (a) Estimated Stabilization Year (b) REG's Estimated Net Project Costs % of Costs Incurred Stabilized Yield Culver Public Market Los Angeles, CA Urbanspace 27 49% 49% Q2-2019 1H-2021 2022 $27,313 16% 6.0% Carytown Exchange (1) Richmond, VA Publix 107 46% 46% Q4-2018 1H-2021 2023 26,082 10% 7.3% The Village at Hunter's Lake Tampa, FL Sprouts 72 95% 95% Q4-2018 1H-2020 2022 22,056 40% 8.0% Ballard Blocks II (2) Seattle, WA PCC Community Markets & West Marine 114 84% 95% Q1-2018 2H-2019 2021 33,054 87% 6.3% Mellody Farm Chicago, IL Whole Foods, Nordstrom Rack & REI 259 93% 96% Q2-2017 2H-2018 2021 104,163 91% 6.8% Pinecrest Place Miami, FL Whole Foods (Target) 70 92% 92% Q1-2017 1H-2018 2021 16,367 93% 8.2% The Village at Riverstone Houston, TX Kroger 167 93% 96% Q4-2016 2H-2018 2021 30,495 94% 8.0% Subtotal Ground Up Developments 816 84% 87% $259,530 71% 7.0% In Process Redevelopments Shopping Center Name Market Grocer/Anchor Tenant GLA % Leased % Leased & Committed Project Start Estimated Initial Rent Commencement (a) Estimated Stabilization Year (b) REG's Estimated Incremental Project Costs % of Costs Incurred Incremental Stabilized Yield Sheridan Plaza Hollywood, FL Publix, Burlington 506 93% 93% Q3-2019 2H-2020 2022 $14,302 1% 8.1% The Abbot Boston, MA Retail/Office users 65 0% 12% Q2-2019 2H-2021 2022 52,342 12% 9.3% Tech Ridge Austin, TX HEB & Pinstack 214 89% 89% Q1-2019 1H-2020 2021 7,739 24% 5.9% Market Common Clarendon Metro, DC luxury fitness user 422 71% 71% Q4-2018 1H-2021 2023 54,422 22% 8.9% Point 50 Metro, DC Whole Foods 48 66% 71% Q4-2018 2H-2020 2022 17,585 17% 8.0% Pablo Plaza Ph II Jacksonville, FL Whole Foods 161 98% 98% Q4-2018 1H-2021 2022 14,623 49% 6.2% Bloomingdale Square Tampa, FL Publix, LA Fitness 254 94% 94% Q3-2018 2H-2019 2022 19,904 52% 9.1% Various Properties (where estimated incremental costs are less than $10 Million)* Various Various 1,608 95% 95% 29,896 26% 8.9% Subtotal Redevelopments 3,279 89% 90% $210,814 23% 8.6% Total In Process Developments and Redevelopments 4,094 88% 89% $470,344 49% 7.7% Development Completions Indigo Square Charleston, SC Publix Greenwise Market 51 95% 95% Q4-2017 1H-2019 2021 $17,111 96% 8.2% Midtown East (3) Raleigh, NC Wegmans 159 97% 97% Q4-2017 2H-2019 2021 23,115 94% 7.7% Subtotal Development Completions 210 96% 97% $40,226 95% 7.9% Redevelopment Completions Various Properties (where estimated incremental costs are less than $10 Million)* Various Various 379 97% 97% $7,096 92% 6.7% Subtotal Redevelopment Completions 379 97% 97% $7,096 92% 6.7% Total Development and Redevelopment Completions 589 97% 97% $47,322 94% 7.7% * In Process Redevelopments include densification redevelopment, transformative projects and projects where square footage is added. Projects are included in same property NOI unless otherwise noted. (4) Retailers in parenthesis are shadow anchors and not a part of the owned property. Note: NOI from Properties in Development and NOI adjustment for Development Completions not yet stabilized have been relocated to Components of NAV on page 33. (a) Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence. (b) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach the stated stabilized yield. **Regency's Estimated Net GAAP Project Costs, after additional interest and overhead capitalization, are $278,949 for Developments In Process with an estimated stabilized yield of 6.4% and $223,088 for Redevelopments In Process with an estimated incremental stabilized yield of 8.1%. Percent of costs incurred is 73% for Developments and 23% for Redevelopments In Process. (1) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 65% controlling interest. (2) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 49.9% noncontrolling interest. (3) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 50% noncontrolling interest. 17
Summary of Development and Redevelopment September 30, 2019 (in thousands) In Process Ground Up Developments Shopping Center Name Market Grocer/Anchor Tenant GLA Description Culver Public Market Los Angeles, CA Urbanspace 27 Located in West LA's high barrier-to-entry trade area, dynamic city retail to be anchored by a market hall operator with additional inline retail shops. Carytown Exchange Richmond, VA Publix 107 Located in Richmond's most desirable retail corridor, Carytown is anchored by Publix and complemented by street retail and and desireable structured parking. The Village at Hunter's Lake Tampa, FL Sprouts 72 Located in the growing submarket of New Tampa, Hunter's Lake is a horizontal mixed-use project featuring a Sprouts anchored retail center, a County owned community center, and 250 multifamily units (N.A.P.). Ballard Blocks II Seattle, WA PCC Community Markets & West Marine 114 Located in the vibrant water-front neighborhood of Ballard, Ballard II is a mixed-use project (75% retail / 25% office) anchored by PCC Community Markets, West Marine and Kaiser Permanente. Mellody Farm Chicago, IL Whole Foods, Nordstrom Rack & REI 259 Located in an affluent northern suburb of Chicago, Mellody is the dominant community center anchored by a best-in-class grocer and junior anchors within a walkable, experiential environment contiguous to 260 new luxury apartments (NAP) Pinecrest Place Miami, FL Whole Foods (Target) 70 Located in one of the best submarkets of Miami and widely regarded as one of the most desirable residential communities in Miami-Dade County, Pinecrest is anchored by Whole Foods, Target (NAP), and additional shops and restaurants. The Village at Riverstone Houston, TX Kroger 167 Located in one of Houston's fastest growing master planned communities, Riverstone is anchored by Kroger and a mix of retail, restaurants and service. Subtotal Ground Up Developments 816 In Process Redevelopments Shopping Center Name Market Grocer/Anchor Tenant GLA Description Sheridan Plaza Hollywood, FL Publix, Burlington 506 Repositioning with addition of Burlington, façade renovations and other placemaking enhancement. The Abbot Boston, MA Retail/Office users 65 Generational redevelopment and densification of 3 historic buildings in the heart of Harvard Square into mixed-use project with retail and office. Entire $1.1M of Property NOI came offline in early 2019. Tech Ridge Austin, TX HEB & Pinstack 214 Demolish vacant 21K SF retail building and construct 49K SF retail building for Pinstack, a premier entertainment venue. Market Common Clarendon Metro, DC luxury fitness user 422 Redevelopment of vacant 1960's era office building into a 130K SF modern, mixed-use building anchored by a luxury fitness club user; two story of creative office, and ground floor retail to compliment the dominant community shopping center in Arlington, VA. Point 50 Metro, DC Whole Foods 48 Demolish deteriorated center and develop new 30K SF Whole Foods, and 18K SF of shop space. Property did not generate NOI in 2018 or 2019. Pablo Plaza Ph II Jacksonville, FL Whole Foods 161 Redevelop former Office Depot box for Whole Foods; relocate Office Depot (completed in 2019); acquire and release restaurant pad; acquire convenience store parcel to renovate/release; façade renovations and site enhancements to center. Bloomingdale Square Tampa, FL Publix, LA Fitness 254 Reconfiguration of the former Walmart box for the relocation and expansion of Publix and HOME centric; backfilling the former Publix box with LA Fitness; construction of an additional 14K SF retail shop building; facade renovations and enhancements to remaining center. Various Properties Various Various 1,608 Various properties where estimated incremental costs are less than $10 Million Subtotal Redevelopments 3,279 Total In Process Developments and Redevelopments 4,094 18
Summary of Select Operating Properties with Near Term Redevelopment September 30, 2019 (in thousands) Select Operating Properties with Near Term Redevelopment* Shopping Center Name Market GLA % Leased Estimated Project Start REG's Estimated Incremental Project Costs Current Description Hancock Austin, TX 410 54% 2020/2021 $55,000 - $65,000 Transformative adaptive reuse of former Sears building (REG received Sears rent through 2/19) into non-retail use, in addition to potential expansion of HEB and backfill of former Sears auto center. Project shall accommodate strong demand for retail and non-retail in this desirable infill market; Project Stabilization approximately 3 years after start. Gateway Plaza at Aventura Miami, FL 30 0% 2020 $10,000 - $15,000 Located on Biscayne Boulevard in a vibrant sub-market of Miami, project will redevelop existing building (prior Babies R Us) with potential to bring a specialty grocer to the center and densify with additional retail GLA; Stabilization estimated 24 - 36 months after project start Westwood Shopping Center Bethesda, MD 102 99% 2020 $110,000 - $125,000 Converting dated Giant anchored shopping center into a vibrant vertical mixed-use project consisting of retail, anchored by Giant, 200 units of multi-family, 100 units of assisted living units, and 80 for-sale townhomes. Estimated incremental project costs include Regency's non-retail co-investment. Phase I (retail) expected to open in 2022 and Phase II (retail + multi-family) units expected to open in 2025. Approximately $1M of the current NOI will come offline in 2020. Project Stabilization estimated at 2025/2026. Serramonte Center San Francisco, CA 1,064 98% 2019 $120,000 - $140,000 Addition of new retail that will augment the evolving merchandising mix, complemented by development of new hotel by a best-in-class developer on a ground lease, at this A mall. Approximately $2M of the Property NOI will come offline in 2020. Redevelopment will consist of 3 separate projects phased over approximately 4 years: 1) Addition of New theater plus relocation of Crunch Fitness to a new OP building; 2019 Start; TPC of approximately $50M - $60M; estimated Stabilization in 2023 2) Renovation and modernization of the interior common area of the mall; 2019 Start; TPC of approximately $35M - $40M; estimated Stabilization in 2020 3) Redevelopment of the JCPenney box for a potential specialty grocer and small shops (JCP is paying rent through 5/2020); 2021 Start; TPC of approximately $35M - $40M; estimated Stabilization in 2023 Town and Country Center Los Angeles, CA 230 38% 2021 $20,000 - $30,000 Redevelopment of vacant former K-Mart box with new retail below 325 mid-rise apartments on a ground lease. Property is currently in the Non-Same Property pool and will be moved to the Same Property pool after Project Stabilization (estimated at 5 years after start). Costa Verde San Diego, CA 179 85% 2021 $175,000 - $200,000 Large-scale redevelopment of existing Shopping Center with new retail, office, hotel (on a ground lease) and structured parking, adjacent to new transit station. Office component will be in a partnership with a best in class office REIT. Approximately $1M of NOI will come offline in 2020, an additional $3M of NOI will come offline by early 2021, with approximately $1M of NOI remaining online in 2021 and 2022. Initial occupancy for project expected in 2023, and Project Stabilization will be approximately 4 years after start. Estimated Incremental Stablized Yield +/- 7.0% *Selection reflects material under earning operating properties with near term redevelopment that is within approximately 24 months. Selection does not incorporate all pipeline opportunities. Note: Scope, economics and timing of development and redevelopment program and projects could change materially from estimates provided. 19
Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships September 30, 2019 (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 Allowance and Landlord Work /Sq. Ft. 3rd Quarter 2019 403 1,684 $ 2 3.53 6.6% 5.3 $ 5 .62 2nd Quarter 2019 371 1,891 1 9.44 7.0% 5.3 3 .95 1st Quarter 2019 240 1,075 2 2.05 8.8% 5.3 4 .01 4th Quarter 2018 379 1,968 2 3.36 9.3% 6.2 4 .87 Total - 12 months 1,393 6,618 $ 2 2.03 7.9% 5.5 $ 4 .65 New Leases Leasing Transactions GLA (in 000s) New Base Rent/Sq. Ft Rent Spread % Weighted Avg. Lease Term Tenant Allowance and Landlord Work /Sq. Ft. 3rd Quarter 2019 97 260 $ 3 0.52 10.0% 8.0 $ 3 2.37 2nd Quarter 2019 92 227 2 6.93 6.9% 6.8 2 4.12 1st Quarter 2019 53 163 2 8.41 13.2% 8.1 2 5.57 4th Quarter 2018 86 399 2 1.89 22.5% 9.8 2 4.45 Total - 12 months 328 1,049 $ 2 6.51 12.8% 8.3 $ 2 6.74 Renewals Leasing Transactions GLA (in 000s) New Base Rent/Sq. Ft Rent Spread % Weighted Avg. Lease Term Tenant Allowance and Landlord Work /Sq. Ft. 3rd Quarter 2019 306 1,424 $ 2 2.14 5.7% 4.7 $ 0 .29 2nd Quarter 2019 279 1,663 1 8.37 7.0% 5.1 1 .09 1st Quarter 2019 187 912 2 1.04 7.9% 4.8 0 .59 4th Quarter 2018 293 1,569 2 3.65 7.2% 5.5 1 .00 Total - 12 months 1,065 5,568 $ 2 1.25 6.9% 5.1 $ 0 .79 Leasing Statistics - Comparable and Non-comparable Total Leasing Transactions GLA (in 000s) New Base Rent/Sq. Ft Weighted Avg. Lease Term Tenant Allowance and Landlord Work /Sq. Ft. 3rd Quarter 2019 483 1,948 $ 2 4.04 5.3 $ 8 .39 2nd Quarter 2019 435 2,234 2 0.22 5.4 6 .60 1st Quarter 2019 280 1,217 2 2.11 5.7 7 .36 4th Quarter 2018 426 2,258 2 3.30 6.4 7 .24 Total - 12 months 1,624 7,657 $ 2 2.38 5.7 $ 7 .36 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 and include all leasing transactions, including spaces vacant > 12 months. Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements. Excludes Non-Retail Properties 20
Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships September 30, 2019 (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-Newark-Jersey City 16 1,736 96.7% $ 6 5,360 $ 3 8.93 3.8% 4.0% 7.1% Los Angeles-Long Beach-Anaheim 27 2,548 97.3% 6 9,502 2 8.03 6.4% 5.9% 7.5% Chicago-Naperville-Elgin 11 1,628 96.7% 2 9,897 1 8.99 2.6% 3.8% 3.2% Dallas-Fort Worth-Arlington 12 775 96.5% 1 6,837 2 2.50 2.8% 1.8% 1.8% Houston-Woodlands-Sugar Land 13 1,590 97.1% 2 9,524 1 9.12 3.1% 3.7% 3.2% Washington-Arlington-Alexandri 30 2,308 89.3% 5 5,330 2 6.84 7.1% 5.4% 6.0% Miami-Ft Lauderdale-W Palm Bch 46 5,496 93.7% 1 05,186 2 0.44 10.9% 12.8% 11.4% Philadelphia-Camden-Wilmington 8 696 95.3% 1 4,999 2 2.63 1.9% 1.6% 1.6% Atlanta-Sandy Springs-Roswell 22 2,065 94.8% 4 2,449 2 1.68 5.2% 4.8% 4.6% Boston-Cambridge-Newton 10 955 92.4% 2 1,204 2 4.04 2.4% 2.2% 2.3% Phoenix-Mesa-Scottsdale -- -- -- -- -- -- -- -- San Francisco-Oakland-Hayward 22 3,774 96.1% 1 05,849 2 9.17 5.2% 8.8% 11.5% Rvrside-San Bernardino-Ontario 2 137 84.7% 3 ,190 2 7.52 0.5% 0.3% 0.3% Detroit-Warren-Dearborn -- -- -- -- -- -- -- -- Seattle-Tacoma-Bellevue 16 1,159 97.7% 3 0,080 2 6.55 3.8% 2.7% 3.3% Minneapol-St. Paul-Bloomington 5 205 97.4% 3 ,317 1 6.64 1.2% 0.5% 0.4% San Diego-Carlsbad 11 1,536 97.6% 4 4,276 2 9.55 2.6% 3.6% 4.8% Tampa-St. Petersburg-Clearwater 9 1,280 96.2% 2 2,830 1 8.54 2.1% 3.0% 2.5% Denver-Aurora-Lakewood 12 987 95.6% 1 4,835 1 5.72 2.8% 2.3% 1.6% St. Louis 4 408 100.0% 4 ,390 1 0.75 0.9% 0.9% 0.5% Baltimore-Columbia-Towson 5 357 92.8% 7 ,907 2 3.87 1.2% 0.8% 0.9% Charlotte-Concord-Gastonia 4 233 92.4% 4 ,422 2 0.52 0.9% 0.5% 0.5% Orlando-Kissimmee-Sanford 8 809 95.8% 1 3,805 1 7.81 1.9% 1.9% 1.5% San Antonio-New Braunfels -- -- -- -- -- -- -- -- Portland-Vancouver-Hillsboro 5 436 95.3% 8 ,270 1 9.90 1.2% 1.0% 0.9% Top 25 CBSAs by Population 298 31,119 95.2% $ 713,459 $ 22.97 70.6% 72.3% 77.4% CBSAs Ranked 26 - 50 by Population 62 6,642 93.4% 111,180 1 7.85 14.7% 15.4% 12.0% CBSAs Ranked 51 - 75 by Population 23 2,138 96.2% 50,711 2 4.28 5.5% 5.0% 5.5% CBSAs Ranked 76 - 100 by Population 11 751 97.2% 11,837 1 6.07 2.6% 1.7% 1.3% Other CBSAs 28 2,396 91.4% 34,973 1 5.91 6.6% 5.6% 3.8% Total All Properties 422 43,046 94.8% $ 922,159 $ 22.53 100% 100% 100% (1) 2019 Population Data Source: Synergos Technologies, Inc. (2) Includes Properties in Development and leases that are executed but have not commenced. 21
Significant Tenant Rents - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships September 30, 2019 (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 Publix 2,778 6.5% $ 29,395 3.2% 69 13 Kroger Co.(1) 2,855 6.6% 27,631 3.0% 56 15 Albertsons Companies, Inc.(2) 1,819 4.2% 25,839 2.8% 46 18 Whole Foods 1,062 2.5% 22,404 2.4% 33 11 TJX Companies, Inc.(3) 1,321 3.1% 22,141 2.4% 61 19 CVS 654 1.5% 14,198 1.5% 57 20 Ahold/Delhaize(4) 514 1.2% 12,347 1.3% 15 9 Bed Bath & Beyond Inc.(5) 498 1.2% 9,235 1.0% 19 - Nordstrom(6) 320 0.7% 8,839 1.0% 9 - Trader Joe's 271 0.6% 8,732 0.9% 27 7 Ross Dress For Less 551 1.3% 8,647 0.9% 25 9 L.A. Fitness Sports Club 423 1.0% 8,562 0.9% 12 4 Gap, Inc(7) 233 0.5% 7,814 0.8% 19 3 PETCO Animal Supplies, Inc(8) 320 0.7% 7,786 0.8% 38 11 JAB Holding Company(9) 183 0.4% 6,975 0.8% 61 14 JPMorgan Chase Bank 124 0.3% 6,890 0.7% 38 8 Starbucks 136 0.3% 6,753 0.7% 97 32 Bank of America 131 0.3% 6,666 0.7% 43 17 Walgreens Boots Alliance(10) 285 0.7% 6,658 0.7% 27 10 Wells Fargo Bank 131 0.3% 6,649 0.7% 51 19 Target 570 1.3% 6,365 0.7% 6 2 Kohl's 612 1.4% 5,859 0.6% 8 2 H.E. Butt Grocery Company(11) 345 0.8% 5,858 0.6% 5 - Dick's Sporting Goods, Inc.(12) 340 0.8% 5,548 0.6% 7 2 Ulta 170 0.4% 5,081 0.6% 19 3 Top 25 Tenants 16,646 38.6% $ 282,872 30.3% 848 248 (1) Kroger 21 / King Soopers 12 / Harris Teeter 9 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2 (2) Safeway 21 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Jewel 1 (3) TJ Maxx 26 / Homegoods 18 / Marshalls 15 / Sierra Trading Post 1 / Homesense 1 (4) Giant 10 / Stop & Shop 4 / Food Lion 1 (5) Bed Bath & Beyond 12 / Cost Plus World Market 5 / Buy Buy Baby 1 / Harmon Face Values 1 (6) Nordstrom Rack 9 (7) Old Navy 13 / The Gap 3 / Athleta 2 / GAP BR Factory 1 (8) Petco 31 / Unleashed by Petco 7 (9) Panera 34 / Einstein Bros Bagels 13 / Peet's' Coffee & Tea 11 / Krispy Kreme 3 (10) Walgreens 26 / Duane Reade 1 (11) H.E.B. 4 / Central Market 1 (12) Dick's Sporting Goods 6 / Golf Galaxy 1 22
Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships September 30, 2019 (GLA in thousands) Year GLA Percent of GLA Percent of Total ABR(3) ABR MTM(4) 70 0.2% 0.1% $ 1 2.83 2019 50 0.1% 0.1% 1 8.90 2020 1,945 4.8% 2.7% 1 2.37 2021 2,755 6.8% 3.9% 1 2.95 2022 3,154 7.8% 5.3% 1 5.22 2023 2,700 6.7% 4.9% 1 6.31 2024 3,609 9.0% 6.1% 1 5.26 2025 1,749 4.3% 3.3% 1 7.12 2026 1,268 3.2% 2.7% 1 9.06 2027 1,300 3.2% 2.4% 1 6.92 2028 1,579 3.9% 3.0% 1 7.14 10 Year Total 20,179 50.0% 34.5% $ 1 5.46 Thereafter 5,602 14.0% 10.2% 1 6.41 25,781 64.0% 44.7% $ 15.66 Year GLA Percent of GLA Percent of Total ABR(3) ABR MTM(4) 216 0.5% 0.7% $ 2 9.54 2019 283 0.7% 1.0% 3 2.50 2020 2,052 5.1% 7.3% 3 2.36 2021 2,109 5.2% 7.6% 3 2.71 2022 2,298 5.7% 8.5% 3 3.28 2023 1,926 4.8% 7.4% 3 4.73 2024 1,815 4.5% 6.7% 3 3.28 2025 965 2.4% 4.0% 3 7.29 2026 737 1.8% 3.0% 3 7.36 2027 559 1.4% 2.3% 3 7.86 2028 620 1.5% 2.8% 4 1.19 10 Year Total 13,580 33.6% 51.3% $ 3 4.24 Thereafter 891 2.2% 3.8% 3 9.00 14,471 35.8% 55.1% $ 34.53 Year GLA Percent of GLA Percent of Total ABR(3) ABR MTM(4) 287 0.7% 0.8% $ 2 5.44 2019 334 0.8% 1.1% 3 0.43 2020 3,996 9.9% 10.0% 2 2.63 2021 4,864 12.1% 11.6% 2 1.52 2022 5,452 13.5% 13.8% 2 2.83 2023 4,626 11.5% 12.3% 2 3.98 2024 5,424 13.5% 12.8% 2 1.29 2025 2,714 6.7% 7.3% 2 4.29 2026 2,005 5.0% 5.7% 2 5.79 2027 1,859 4.6% 4.8% 2 3.21 2028 2,198 5.5% 5.8% 2 3.93 10 Year Total 33,758 83.8% 86.0% $ 2 3.01 Thereafter 6,493 16.2% 14.0% 1 9.51 40,251 100% 100% $ 22.45 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. (4) Month to month lease or in process of renewal. Anchor Tenants (1) Shop Tenants (2) All Tenants (3) Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.23
Portfolio Summary Report By State
September 30, 2019
(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-Hayward |
31 |
31 |
100.0% |
|
|
|
Gizmo Art Production, INC. |
$13.37 |
|
4S Commons Town Center |
M |
85% |
CA |
San Diego-Carlsbad |
240 |
240 |
100.0% |
|
|
68 |
Ralphs, Jimbo's...Naturally!, Bed Bath & Beyond, Cost Plus World Market, CVS, Ace Hardware, Ulta |
$33.89 |
|
Amerige Heights Town Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
89 |
89 |
100.0% |
|
143 |
58 |
Albertsons, (Target) |
$29.93 |
|
Balboa Mesa Shopping Center |
|
|
CA |
San Diego-Carlsbad |
207 |
207 |
100.0% |
|
|
42 |
Von's, Kohl's, CVS |
$26.29 |
|
Bayhill Shopping Center |
GRI |
40% |
CA |
San Francisco-Oakland-Hayward |
122 |
49 |
98.4% |
|
|
32 |
Mollie Stone's Market, CVS |
$26.23 |
|
Blossom Valley |
USAA |
20% |
CA |
San Jose-Sunnyvale-Santa Clara |
93 |
19 |
100.0% |
|
|
34 |
Safeway, CVS |
$27.54 |
|
Brea Marketplace |
GRI |
40% |
CA |
Los Angeles-Long Beach-Anaheim |
352 |
141 |
99.2% |
|
|
25 |
Sprout's, Target, 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Golf Galaxy, Old Navy |
$19.81 |
|
Circle Center West |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
64 |
64 |
100.0% |
|
|
|
Marshalls |
$28.19 |
|
Circle Marina Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
118 |
118 |
94.1% |
|
|
|
Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies |
$30.36 |
|
Clayton Valley Shopping Center |
|
|
CA |
San Francisco-Oakland-Hayward |
260 |
260 |
92.3% |
|
|
14 |
Grocery Outlet, Orchard Supply Hardware, CVS, Dollar Tree, Ross Dress For Less |
$22.58 |
|
Corral Hollow |
RC |
25% |
CA |
Stockton-Lodi |
167 |
42 |
100.0% |
|
|
66 |
Safeway, Orchard Supply & Hardware, CVS |
$17.53 |
|
Costa Verde Center |
|
|
CA |
San Diego-Carlsbad |
179 |
179 |
85.1% |
|
|
40 |
Bristol Farms, Bookstar, The Boxing Club |
$33.88 |
|
Culver Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
217 |
217 |
95.7% |
|
|
37 |
Ralphs, Best Buy, LA Fitness, Sit N' Sleep, Tuesday Morning |
$31.82 |
|
Culver Public Market |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
27 |
27 |
49.4% |
|
|
|
Urbanspace |
$56.17 |
|
Diablo Plaza |
|
|
CA |
San Francisco-Oakland-Hayward |
63 |
63 |
98.5% |
|
53 |
53 |
(Safeway), (CVS), Beverages & More! |
$40.71 |
|
El Camino Shopping Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
136 |
136 |
100.0% |
|
|
31 |
Bristol Farms, CVS |
$38.81 |
|
El Cerrito Plaza |
|
|
CA |
San Francisco-Oakland-Hayward |
256 |
256 |
98.1% |
|
67 |
78 |
(Lucky's), Trader Joe's, (CVS), Bed Bath & Beyond, Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less |
$30.20 |
|
El Norte Pkwy Plaza |
|
|
CA |
San Diego-Carlsbad |
91 |
91 |
98.0% |
|
|
42 |
Von's, CVS, Children's Paradise |
$18.81 |
|
Encina Grande |
|
|
CA |
San Francisco-Oakland-Hayward |
106 |
106 |
100.0% |
|
|
38 |
Whole Foods, Walgreens |
$31.96 |
|
Five Points Shopping Center |
GRI |
40% |
CA |
Santa Maria-Santa Barbara |
145 |
58 |
98.7% |
|
|
35 |
Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO |
$30.34 |
|
Folsom Prairie City Crossing |
|
|
CA |
Sacramento--Roseville--Arden-Arcade |
90 |
90 |
100.0% |
|
|
55 |
Safeway |
$20.98 |
|
French Valley Village Center |
|
|
CA |
Rvrside-San Bernardino-Ontario |
99 |
99 |
97.4% |
|
|
44 |
Stater Bros, CVS |
$26.93 |
|
Friars Mission Center |
|
|
CA |
San Diego-Carlsbad |
147 |
147 |
100.0% |
|
|
55 |
Ralphs, CVS |
$35.93 |
|
Gateway 101 |
|
|
CA |
San Francisco-Oakland-Hayward |
92 |
92 |
100.0% |
|
212 |
|
(Home Depot), (Best Buy), Target, Nordstrom Rack |
$32.95 |
|
Gelson's Westlake Market Plaza |
|
|
CA |
Oxnard-Thousand Oaks-Ventura |
85 |
85 |
100.0% |
|
|
40 |
Gelson's Markets, John of Italy Salon & Spa |
$28.69 |
|
Golden Hills Plaza |
|
|
CA |
San Luis Obispo-Paso Robles-Arroyo Grande |
244 |
244 |
95.4% |
|
|
|
Lowe's, Bed Bath & Beyond, TJ Maxx |
$7.32 |
|
Granada Village |
GRI |
40% |
CA |
Los Angeles-Long Beach-Anaheim |
226 |
91 |
100.0% |
|
|
24 |
Sprout's Markets, Rite Aid, Stein Mart, PETCO, Homegoods |
$24.66 |
|
Hasley Canyon Village |
USAA |
20% |
CA |
Los Angeles-Long Beach-Anaheim |
66 |
13 |
100.0% |
|
|
52 |
Ralphs |
$25.53 |
|
Heritage Plaza |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
230 |
230 |
100.0% |
|
|
44 |
Ralphs, CVS, Daiso, Mitsuwa Marketplace, Total Woman |
$38.13 |
|
|
Supplemental Information 24 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
CA |
Rvrside-San Bernardino-Ontario |
38 |
38 |
52.0% |
|
|
|
CVS |
$16.11 |
|
|
Laguna Niguel Plaza |
GRI |
40% |
CA |
Los Angeles-Long Beach-Anaheim |
42 |
17 |
94.1% |
|
39 |
39 |
(Albertsons), CVS |
$28.43 |
|
Marina Shores |
C |
20% |
CA |
Los Angeles-Long Beach-Anaheim |
68 |
14 |
100.0% |
|
|
26 |
Whole Foods, PETCO |
$36.45 |
|
Mariposa Shopping Center |
GRI |
40% |
CA |
San Jose-Sunnyvale-Santa Clara |
127 |
51 |
94.7% |
|
|
43 |
Safeway, CVS Ross Dress for Less |
$21.16 |
|
Morningside Plaza |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
91 |
91 |
100.0% |
|
|
43 |
Stater Bros. |
$23.76 |
|
Navajo Shopping Center |
GRI |
40% |
CA |
San Diego-Carlsbad |
102 |
41 |
99.1% |
|
|
44 |
Albertsons, Rite Aid, O'Reilly Auto Parts |
$14.59 |
|
Newland Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
152 |
152 |
100.0% |
|
|
58 |
Albertsons |
$26.79 |
|
Oak Shade Town Center |
|
|
CA |
Sacramento--Roseville--Arden-Arcade |
104 |
104 |
96.3% |
|
|
40 |
Safeway, Office Max, Rite Aid |
$22.74 |
|
Oakbrook Plaza |
|
|
CA |
Oxnard-Thousand Oaks-Ventura |
83 |
83 |
99.0% |
|
|
44 |
Gelson's Markets, (Longs Drug) |
$21.45 |
|
Parnassus Heights Medical |
RLP |
50% |
CA |
San Francisco-Oakland-Hayward |
146 |
73 |
99.4% |
|
|
|
University of CA |
$85.70 |
|
Persimmon Place |
|
|
CA |
San Francisco-Oakland-Hayward |
153 |
153 |
100.0% |
|
|
40 |
Whole Foods, Nordstrom Rack, Homegoods |
$35.15 |
|
Plaza Escuela |
|
|
CA |
San Francisco-Oakland-Hayward |
154 |
154 |
96.4% |
|
|
|
The Container Store, Uniqlo, Forever 21, The Cheesecake Factory,Trufusion |
$42.15 |
|
Plaza Hermosa |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
95 |
95 |
92.8% |
|
|
37 |
Von's, CVS |
$26.54 |
|
Pleasant Hill Shopping Center |
GRI |
40% |
CA |
San Francisco-Oakland-Hayward |
227 |
91 |
100.0% |
|
|
|
Target, Burlington, Ross Dress for Less, Homegoods |
$23.06 |
|
Pleasanton Plaza |
|
|
CA |
San Francisco-Oakland-Hayward |
163 |
163 |
73.8% |
|
|
|
JCPenney, OfficeMax, Cost Plus World Market |
$10.53 |
|
Point Loma Plaza |
GRI |
40% |
CA |
San Diego-Carlsbad |
205 |
82 |
94.9% |
|
|
50 |
Von's, 24 Hour Fitness, Jo-Ann Fabrics, Marshalls |
$22.80 |
|
Potrero Center |
|
|
CA |
San Francisco-Oakland-Hayward |
227 |
227 |
99.8% |
|
|
60 |
Safeway, Decathlon Sport, 24 Hour Fitness, Ross Dress for Less, Petco, Party City |
$32.96 |
|
Powell Street Plaza |
|
|
CA |
San Francisco-Oakland-Hayward |
166 |
166 |
98.8% |
|
|
10 |
Trader Joe's, PETCO, Beverages & More!, Ross Dress For Less, Marshalls, Burlington Coat Factory |
$35.62 |
|
Raley's Supermarket |
C |
20% |
CA |
Sacramento--Roseville--Arden-Arcade |
63 |
13 |
100.0% |
|
|
63 |
Raley's |
$12.50 |
|
Ralphs Circle Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
60 |
60 |
100.0% |
|
|
35 |
Ralphs |
$18.46 |
|
Rancho San Diego Village |
GRI |
40% |
CA |
San Diego-Carlsbad |
153 |
61 |
98.7% |
|
|
40 |
Smart & Final, (Longs Drug), 24 Hour Fitness |
$22.36 |
|
Rona Plaza |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
52 |
52 |
100.0% |
|
|
37 |
Superior Super Warehouse |
$21.21 |
|
San Carlos Marketplace |
|
|
CA |
San Francisco-Oakland-Hayward |
154 |
154 |
100.0% |
|
|
|
TJ Maxx, Best Buy, PetSmart, Bassett Furniture |
$35.32 |
|
Scripps Ranch Marketplace |
|
|
CA |
San Diego-Carlsbad |
132 |
132 |
99.5% |
|
|
57 |
Vons, CVS |
$31.73 |
|
San Leandro Plaza |
|
|
CA |
San Francisco-Oakland-Hayward |
50 |
50 |
86.3% |
|
38 |
38 |
(Safeway), (CVS) |
$38.42 |
|
Seal Beach |
C |
20% |
CA |
Los Angeles-Long Beach-Anaheim |
97 |
19 |
94.8% |
|
|
48 |
Safeway, CVS |
$25.75 |
|
Sequoia Station |
|
|
CA |
San Francisco-Oakland-Hayward |
103 |
103 |
100.0% |
|
62 |
62 |
(Safeway), CVS, Barnes & Noble, Old Navy, Pier 1 |
$42.67 |
|
Serramonte Center |
|
|
CA |
San Francisco-Oakland-Hayward |
1,064 |
1,064 |
97.6% |
|
|
|
Macy's, Target, Dick's Sporting Goods, Dave & Buster's, Nordstrom Rack, JCPenney, Buy Buy Baby, Cost Plus World Market, Crunch Gym, DAISO, Forever 21, H&M, Old Navy, Part City, Ross, TJ Maxx, Uniqlo |
$24.79 |
|
Shoppes at Homestead |
|
|
CA |
San Jose-Sunnyvale-Santa Clara |
113 |
113 |
100.0% |
|
53 |
|
(Orchard Supply Hardware), CVS, Crunch Fitness |
$23.64 |
|
Silverado Plaza |
GRI |
40% |
CA |
Napa |
85 |
34 |
99.0% |
|
|
32 |
Nob Hill, CVS |
$18.23 |
|
Snell & Branham Plaza |
GRI |
40% |
CA |
San Jose-Sunnyvale-Santa Clara |
92 |
37 |
100.0% |
|
|
53 |
Safeway |
$19.25 |
|
South Bay Village |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
108 |
108 |
100.0% |
|
|
30 |
Wal-Mart, Orchard Supply Hardware, Homegoods |
$20.31 |
|
Talega Village Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
102 |
102 |
100.0% |
|
|
46 |
Ralphs |
$23.03 |
|
Tassajara Crossing |
|
|
CA |
San Francisco-Oakland-Hayward |
146 |
146 |
100.0% |
|
|
56 |
Safeway, CVS, Alamo Hardware |
$24.65 |
|
The Hub Hillcrest Market |
|
|
CA |
San Diego-Carlsbad |
149 |
149 |
98.7% |
|
|
52 |
Ralphs, Trader Joe's |
$39.39 |
|
|
Supplemental Information 25 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
CA |
Sacramento--Roseville--Arden-Arcade |
111 |
111 |
98.0% |
|
|
35 |
Safeway,CVS, Petco |
$25.94 |
|
|
The Pruneyard |
|
|
CA |
San Jose-Sunnyvale-Santa Clara |
258 |
258 |
95.4% |
|
|
13 |
Trader Joe's, Sports Basement, Pruneyard Cinemas, Marshalls |
$38.22 |
|
Town and Country Center |
O |
18% |
CA |
Los Angeles-Long Beach-Anaheim |
230 |
42 |
38.3% |
|
|
41 |
Whole Foods, CVS, Citibank |
$48.38 |
|
Tustin Legacy |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
112 |
112 |
100.0% |
|
|
44 |
Stater Bros, CVS |
$31.81 |
|
Twin Oaks Shopping Center |
GRI |
40% |
CA |
Los Angeles-Long Beach-Anaheim |
98 |
39 |
93.4% |
|
|
41 |
Ralphs, Rite Aid |
$20.09 |
|
Twin Peaks |
|
|
CA |
San Diego-Carlsbad |
208 |
208 |
99.5% |
|
|
45 |
Atlas International Market, Target |
$20.91 |
|
Valencia Crossroads |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
173 |
173 |
100.0% |
|
|
35 |
Whole Foods, Kohl's |
$27.91 |
|
Village at La Floresta |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
87 |
87 |
100.0% |
|
|
37 |
Whole Foods |
$34.12 |
|
Von's Circle Center |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
151 |
151 |
100.0% |
|
|
45 |
Von's, Ross Dress for Less, Planet Fitness |
$22.11 |
|
West Park Plaza |
|
|
CA |
San Jose-Sunnyvale-Santa Clara |
88 |
88 |
98.7% |
|
|
25 |
Safeway, Rite Aid |
$18.62 |
|
Westlake Village Plaza and Center |
|
|
CA |
Oxnard-Thousand Oaks-Ventura |
201 |
201 |
93.9% |
|
|
72 |
Von's, Sprouts, (CVS) |
$38.22 |
|
Willows Shopping Center |
|
|
CA |
San Francisco-Oakland-Hayward |
249 |
249 |
86.4% |
|
|
|
REI, UFC Gym, Old Navy, Pier 1 Imports, Ulta, ClaimJumper, The Jungle Fun Concord |
$29.79 |
|
Woodman Van Nuys |
|
|
CA |
Los Angeles-Long Beach-Anaheim |
108 |
108 |
100.0% |
|
|
78 |
El Super |
$16.34 |
|
Woodside Central |
|
|
CA |
San Francisco-Oakland-Hayward |
81 |
81 |
98.5% |
|
113 |
|
(Target),Chuck E. Cheese, Marshalls |
$25.40 |
|
Ygnacio Plaza |
GRI |
40% |
CA |
San Francisco-Oakland-Hayward |
110 |
44 |
99.0% |
|
|
|
Sports Basement,TJ Maxx |
$37.55 |
|
|
|
|
CA |
|
11,574 |
9,626 |
96.0% |
96.8% |
780 |
2,700 |
|
|
|
Applewood Shopping Ctr |
GRI |
40% |
CO |
Denver-Aurora-Lakewood |
354 |
141 |
91.2% |
|
|
71 |
King Soopers, Hobby Lobby, Applejack Liquors, PetSmart, Homegoods, Sierra Trading Post, Ulta |
$15.08 |
|
Alcove On Arapahoe |
GRI |
40% |
CO |
Boulder |
159 |
64 |
91.7% |
|
|
44 |
Safeway, Jo-Ann Fabrics, PETCO, Pier 1 Imports, HomeGoods |
$18.43 |
|
Belleview Square |
|
|
CO |
Denver-Aurora-Lakewood |
117 |
117 |
100.0% |
|
|
65 |
King Soopers |
$20.50 |
|
Boulevard Center |
|
|
CO |
Denver-Aurora-Lakewood |
79 |
79 |
79.8% |
|
53 |
53 |
(Safeway), One Hour Optical |
$30.71 |
|
Buckley Square |
|
|
CO |
Denver-Aurora-Lakewood |
116 |
116 |
96.1% |
|
|
62 |
King Soopers, Ace Hardware |
$11.58 |
|
Centerplace of Greeley III |
|
|
CO |
Greeley |
119 |
119 |
100.0% |
|
|
|
Hobby Lobby, Best Buy, TJ Maxx |
$11.36 |
|
Cherrywood Square Shop Ctr |
GRI |
40% |
CO |
Denver-Aurora-Lakewood |
97 |
39 |
97.2% |
|
|
72 |
King Soopers |
$10.53 |
|
Crossroads Commons |
C |
20% |
CO |
Boulder |
143 |
29 |
100.0% |
|
|
66 |
Whole Foods, Barnes & Noble, Bicycle Village |
$28.14 |
|
Crossroads Commons II |
C |
20% |
CO |
Boulder |
20 |
4 |
65.8% |
|
|
|
(Whole Foods), (Barnes & Noble, Bicycle Village) |
$36.02 |
|
Falcon Marketplace |
|
|
CO |
Colorado Springs |
22 |
22 |
93.8% |
|
184 |
50 |
(Wal-Mart) |
$23.28 |
|
Hilltop Village |
|
|
CO |
Denver-Aurora-Lakewood |
100 |
100 |
100.0% |
|
|
66 |
King Soopers |
$11.42 |
|
Kent Place |
M |
50% |
CO |
Denver-Aurora-Lakewood |
48 |
48 |
100.0% |
|
|
30 |
King Soopers |
$20.94 |
|
Littleton Square |
|
|
CO |
Denver-Aurora-Lakewood |
99 |
99 |
100.0% |
|
|
78 |
King Soopers |
$11.33 |
|
Lloyd King Center |
|
|
CO |
Denver-Aurora-Lakewood |
83 |
83 |
95.0% |
|
|
61 |
King Soopers |
$11.87 |
|
Marketplace at Briargate |
|
|
CO |
Colorado Springs |
29 |
29 |
94.4% |
|
66 |
66 |
(King Soopers) |
$32.67 |
|
Monument Jackson Creek |
|
|
CO |
Colorado Springs |
85 |
85 |
100.0% |
|
|
70 |
King Soopers |
$12.38 |
|
Ralston Square Shopping Center |
GRI |
40% |
CO |
Denver-Aurora-Lakewood |
83 |
33 |
97.0% |
|
|
55 |
King Soopers |
$11.62 |
|
Shops at Quail Creek |
|
|
CO |
Denver-Aurora-Lakewood |
38 |
38 |
89.2% |
|
100 |
100 |
(King Soopers) |
$29.10 |
|
Stroh Ranch |
|
|
CO |
Denver-Aurora-Lakewood |
93 |
93 |
100.0% |
|
|
70 |
King Soopers |
$13.40 |
|
|
Supplemental Information 26 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
CO |
Colorado Springs |
116 |
116 |
92.2% |
|
|
70 |
King Soopers |
$13.08 |
|
|
|
|
|
CO |
|
2,000 |
1,455 |
95.2% |
95.7% |
403 |
1,149 |
|
|
|
22 Crescent Road |
|
|
CT |
Bridgeport-Stamford-Norwalk |
4 |
4 |
100.0% |
|
|
|
|
$60.00 |
|
91 Danbury Road |
|
|
CT |
Bridgeport-Stamford-Norwalk |
5 |
5 |
100.0% |
|
|
|
|
$27.45 |
|
Black Rock |
M |
80% |
CT |
Bridgeport-Stamford-Norwalk |
98 |
98 |
94.7% |
|
|
|
Old Navy, The Clubhouse |
$30.18 |
|
Brick Walk |
M |
80% |
CT |
Bridgeport-Stamford-Norwalk |
123 |
123 |
88.6% |
|
|
|
|
$45.03 |
|
Brookside Plaza |
|
|
CT |
Hartford-West Hartford-East Hartford |
217 |
217 |
93.3% |
|
|
60 |
ShopRite, Bed, Bath & Beyond, TJ Maxx, PetSmart, Walgreens, Staples |
$14.64 |
|
Compo Acres Shopping Center |
|
|
CT |
Bridgeport-Stamford-Norwalk |
43 |
43 |
100.0% |
|
|
12 |
Trader Joe's |
$50.36 |
|
Copps Hill Plaza |
|
|
CT |
Bridgeport-Stamford-Norwalk |
185 |
185 |
100.0% |
|
|
59 |
Stop & Shop, Kohl's, Rite Aid |
$14.24 |
|
Corbin's Corner |
GRI |
40% |
CT |
Hartford-West Hartford-East Hartford |
186 |
74 |
95.8% |
|
|
10 |
Trader Joe's, Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More |
$28.71 |
|
Danbury Green |
|
|
CT |
Bridgeport-Stamford-Norwalk |
124 |
124 |
100.0% |
|
|
12 |
Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors |
$24.53 |
|
Darinor Plaza |
|
|
CT |
Bridgeport-Stamford-Norwalk |
153 |
153 |
97.8% |
|
|
|
Kohl's, Old Navy, Party City |
$18.42 |
|
Fairfield Center |
M |
80% |
CT |
Bridgeport-Stamford-Norwalk |
94 |
94 |
93.9% |
|
|
|
Fairfield University Bookstore, Merril Lynch |
$32.92 |
|
Post Road Plaza |
|
|
CT |
Bridgeport-Stamford-Norwalk |
20 |
20 |
100.0% |
|
|
11 |
Trader Joe's |
$53.92 |
|
Southbury Green |
|
|
CT |
New Haven-Milford |
156 |
156 |
94.1% |
|
|
60 |
ShopRite, Homegoods |
$22.55 |
|
The Village Center |
|
|
CT |
Bridgeport-Stamford-Norwalk |
90 |
90 |
81.8% |
|
|
22 |
The Fresh Market |
$41.76 |
|
Walmart Norwalk |
|
|
CT |
Bridgeport-Stamford-Norwalk |
142 |
142 |
100.0% |
|
|
112 |
WalMart, HomeGoods |
$0.56 |
|
|
|
|
CT |
|
1,639 |
1,528 |
95.3% |
95.3% |
0 |
358 |
|
|
|
Shops at The Columbia |
RC |
25% |
DC |
Washington-Arlington-Alexandri |
23 |
6 |
100.0% |
|
|
12 |
Trader Joe's |
$41.44 |
|
Spring Valley Shopping Center |
GRI |
40% |
DC |
Washington-Arlington-Alexandri |
17 |
7 |
82.4% |
|
|
|
|
$113.95 |
|
|
|
|
DC |
|
40 |
12 |
92.5% |
90.5% |
0 |
12 |
|
|
|
Pike Creek |
|
|
DE |
Philadelphia-Camden-Wilmington |
232 |
232 |
96.1% |
|
|
49 |
Acme Markets, K-Mart |
$14.88 |
|
Shoppes of Graylyn |
GRI |
40% |
DE |
Philadelphia-Camden-Wilmington |
64 |
26 |
89.7% |
|
|
|
Rite Aid |
$23.94 |
|
|
|
|
DE |
|
296 |
257 |
94.7% |
95.4% |
0 |
49 |
|
|
|
Alafaya Village |
|
|
FL |
Orlando-Kissimmee-Sanford |
38 |
38 |
93.9% |
|
58 |
58 |
(Lucky's) |
$22.53 |
|
Anastasia Plaza |
|
|
FL |
Jacksonville |
102 |
102 |
96.2% |
|
|
49 |
Publix |
$13.76 |
|
Atlantic Village |
|
|
FL |
Jacksonville |
105 |
105 |
94.8% |
|
|
|
LA Fitness, Pet Supplies Plus |
$16.79 |
|
Aventura Shopping Center |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
97 |
97 |
98.9% |
|
|
49 |
Publix, CVS |
$37.14 |
|
Aventura Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
144 |
144 |
79.3% |
|
|
|
Bed, Bath & Beyond, DSW, Jewelry Exchange, Old Navy |
$39.41 |
|
Banco Popular Building |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
33 |
33 |
0.0% |
|
|
|
|
$0.00 |
|
Berkshire Commons |
|
|
FL |
Naples-Immokalee-Marco Island |
110 |
110 |
98.6% |
|
|
66 |
Publix, Walgreens |
$14.58 |
|
Bird 107 Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
40 |
40 |
92.9% |
|
|
|
Walgreens |
$20.02 |
|
Bird Ludlam |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
192 |
192 |
98.0% |
|
|
44 |
Winn-Dixie, CVS, Goodwill |
$23.48 |
|
Bloomingdale Square |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
254 |
254 |
93.7% |
|
|
48 |
Publix, Bealls, Dollar Tree, Home Centric, LA Fitness |
$17.99 |
|
Bluffs Square Shoppes |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
124 |
124 |
97.0% |
|
|
40 |
Publix, Walgreens, Anthony's |
$14.71 |
|
Boca Village Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
92 |
92 |
97.6% |
|
|
36 |
Publix, CVS |
$22.54 |
|
Boynton Lakes Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
110 |
110 |
94.9% |
|
|
46 |
Publix, Citi Trends, Pet Supermarket |
$16.69 |
|
Boynton Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
105 |
105 |
97.2% |
|
|
54 |
Publix, CVS |
$21.19 |
|
|
Supplemental Information 27 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
FL |
Jacksonville |
50 |
50 |
97.2% |
|
|
20 |
The Fresh Market |
$26.15 |
|
|
Caligo Crossing |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
11 |
11 |
61.0% |
|
98 |
|
(Kohl's) |
$47.70 |
|
Carriage Gate |
|
|
FL |
Tallahassee |
73 |
73 |
100.0% |
|
|
13 |
Trader Joe's, TJ Maxx |
$23.56 |
|
Cashmere Corners |
|
|
FL |
Port St. Lucie |
86 |
86 |
83.7% |
|
|
44 |
WalMart |
$14.05 |
|
Charlotte Square |
|
|
FL |
Punta Gorda |
91 |
91 |
78.7% |
|
|
44 |
WalMart |
$10.68 |
|
Chasewood Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
151 |
151 |
97.1% |
|
|
54 |
Publix, Pet Smart |
$26.35 |
|
Concord Shopping Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
309 |
309 |
95.4% |
|
|
78 |
Winn-Dixie, Home Depot, Big Lots, Dollar Tree, YouFit Health Club |
$12.55 |
|
Coral Reef Shopping Center |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
75 |
75 |
98.8% |
|
|
25 |
Aldi, Walgreens |
$32.33 |
|
Corkscrew Village |
|
|
FL |
Cape Coral-Fort Myers |
82 |
82 |
91.5% |
|
|
51 |
Publix |
$13.95 |
|
Country Walk Plaza |
NYC |
30% |
FL |
Miami-Ft Lauderdale-W Palm Bch |
101 |
30 |
90.3% |
|
|
40 |
Publix, CVS |
$19.64 |
|
Countryside Shops |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
193 |
193 |
91.8% |
|
|
46 |
Publix, Stein Mart, Ross Dress for Less |
$18.58 |
|
Courtyard Shopping Center |
|
|
FL |
Jacksonville |
137 |
137 |
100.0% |
|
63 |
63 |
(Publix), Target |
$3.50 |
|
Fleming Island |
|
|
FL |
Jacksonville |
132 |
132 |
96.8% |
|
130 |
48 |
Publix, (Target), PETCO, Planet Fitness |
$16.04 |
|
Fountain Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
177 |
177 |
96.4% |
|
140 |
46 |
Publix,(Target), Ross Dress for Less, TJ Maxx, Ulta |
$25.87 |
|
Gardens Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
90 |
90 |
100.0% |
|
|
42 |
Publix |
$18.31 |
|
Glengary Shoppes |
|
|
FL |
North Port-Sarasota-Bradenton |
93 |
93 |
100.0% |
|
|
|
Best Buy, Barnes & Noble |
$19.72 |
|
Shoppes of Grande Oak |
|
|
FL |
Cape Coral-Fort Myers |
79 |
79 |
100.0% |
|
|
54 |
Publix |
$16.35 |
|
Greenwood Shopping Centre |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
133 |
133 |
93.2% |
|
|
50 |
Publix, Beall's |
$15.65 |
|
Hammocks Town Center |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
187 |
187 |
98.8% |
|
86 |
40 |
Publix, Metro-Dade Public Library, (Kendall Ice Arena), YouFit Health Club, Goodwill, CVS |
$17.21 |
|
Hibernia Pavilion |
|
|
FL |
Jacksonville |
51 |
51 |
92.0% |
|
|
39 |
Publix |
$16.18 |
|
Homestead McDonald's |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
4 |
4 |
100.0% |
|
|
|
|
$27.74 |
|
John's Creek Center |
C |
20% |
FL |
Jacksonville |
75 |
15 |
100.0% |
|
|
45 |
Publix |
$15.68 |
|
Julington Village |
C |
20% |
FL |
Jacksonville |
82 |
16 |
100.0% |
|
|
51 |
Publix, (CVS) |
$16.42 |
|
Kirkman Shoppes |
|
|
FL |
Orlando-Kissimmee-Sanford |
115 |
115 |
96.7% |
|
|
|
LA Fitness, Walgreens |
$23.65 |
|
Lake Mary Centre |
|
|
FL |
Orlando-Kissimmee-Sanford |
360 |
360 |
95.1% |
|
|
25 |
The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot |
$16.32 |
|
Lantana Outparcels |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
17 |
17 |
100.0% |
|
|
|
|
$18.53 |
|
Mandarin Landing |
|
|
FL |
Jacksonville |
140 |
140 |
90.1% |
|
|
50 |
Whole Foods, Office Depot, Aveda Institute |
$18.02 |
|
Millhopper Shopping Center |
|
|
FL |
Gainesville |
83 |
83 |
100.0% |
|
|
46 |
Publix |
$17.95 |
|
Naples Walk Shopping Center |
|
|
FL |
Naples-Immokalee-Marco Island |
125 |
125 |
95.7% |
|
|
51 |
Publix |
$17.05 |
|
Newberry Square |
|
|
FL |
Gainesville |
181 |
181 |
45.0% |
|
|
40 |
Publix, Dollar Tree |
$10.03 |
|
Nocatee Town Center |
|
|
FL |
Jacksonville |
110 |
110 |
100.0% |
|
|
54 |
Publix |
$20.78 |
|
Northgate Square |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
75 |
75 |
100.0% |
|
|
48 |
Publix |
$15.20 |
|
Oakleaf Commons |
|
|
FL |
Jacksonville |
74 |
74 |
96.2% |
|
|
46 |
Publix |
$15.20 |
|
Ocala Corners |
|
|
FL |
Tallahassee |
87 |
87 |
98.6% |
|
|
61 |
Publix |
$15.04 |
|
Old St Augustine Plaza |
|
|
FL |
Jacksonville |
256 |
256 |
100.0% |
|
|
52 |
Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less |
$9.97 |
|
Pablo Plaza |
|
|
FL |
Jacksonville |
161 |
161 |
98.4% |
|
|
34 |
Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart |
$17.32 |
|
|
Supplemental Information 28 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
FL |
Naples-Immokalee-Marco Island |
168 |
168 |
90.2% |
|
|
|
LA Fitness, Paragon Theaters |
$21.81 |
|
|
Pine Island |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
255 |
255 |
97.9% |
|
|
40 |
Publix, Burlington Coat Factory, Beall's, YouFit Health Club |
$14.69 |
|
Pine Ridge Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
118 |
118 |
97.0% |
|
|
17 |
The Fresh Market, Bed, Bath & Beyond, Marshalls, Ulta |
$18.04 |
|
Pine Tree Plaza |
|
|
FL |
Jacksonville |
63 |
63 |
100.0% |
|
|
38 |
Publix |
$14.62 |
|
Pinecrest Place |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
70 |
70 |
92.0% |
|
173 |
47 |
Whole Foods, (Target) |
$39.36 |
|
Plaza Venezia |
C |
20% |
FL |
Orlando-Kissimmee-Sanford |
202 |
40 |
99.8% |
|
|
51 |
Publix |
$27.06 |
|
Point Royale Shopping Center |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
202 |
202 |
99.5% |
|
|
45 |
Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Tuesday Morning, Planet Fitness |
$15.90 |
|
Prosperity Centre |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
124 |
124 |
93.5% |
|
|
|
Bed, Bath & Beyond, Office Depot, TJ Maxx, CVS |
$21.86 |
|
Regency Square |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
352 |
352 |
93.7% |
|
66 |
|
AMC Theater, (Best Buy), (Macdill), Dollar Tree, Five Below, Marshall's, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta |
$18.55 |
|
Ryanwood Square |
|
|
FL |
Sebastian-Vero Beach |
115 |
115 |
88.8% |
|
|
40 |
Publix, Beall's, Harbor Freight Tools |
$11.40 |
|
Salerno Village |
|
|
FL |
Port St. Lucie |
5 |
5 |
100.0% |
|
|
|
|
$16.53 |
|
Sawgrass Promenade |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
107 |
107 |
91.5% |
|
|
36 |
Publix, Walgreens, Dollar Tree |
$12.68 |
|
Seminole Shoppes |
O |
50% |
FL |
Jacksonville |
87 |
44 |
98.4% |
|
|
54 |
Publix |
$23.24 |
|
Sheridan Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
506 |
506 |
92.8% |
|
|
66 |
Publix, Kohl's, LA Fitness, Office Depot, Ross Dress for Less, Pet Supplies Plus |
$18.83 |
|
Shoppes @ 104 |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
112 |
112 |
98.8% |
|
|
46 |
Winn-Dixie, CVS |
$19.17 |
|
Shoppes at Bartram Park |
O |
50% |
FL |
Jacksonville |
134 |
67 |
99.0% |
|
97 |
45 |
Publix, (Kohl's), (Tutor Time) |
$20.52 |
|
Shoppes at Lago Mar |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
83 |
83 |
95.8% |
|
|
42 |
Publix, YouFit Health Club |
$15.73 |
|
Shoppes at Sunlake Centre |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
98 |
98 |
100.0% |
|
|
46 |
Publix |
$21.43 |
|
Shoppes of Jonathan's Landing |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
27 |
27 |
100.0% |
|
54 |
54 |
(Publix) |
$25.03 |
|
Shoppes of Oakbrook |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
200 |
200 |
95.5% |
|
|
44 |
Publix, Stein Mart, Tuesday Morning, Bassett Furniture, Duffy's Sports Bar, CVS |
$16.60 |
|
Shoppes of Pebblebrook Plaza |
O |
50% |
FL |
Naples-Immokalee-Marco Island |
77 |
38 |
100.0% |
|
|
61 |
Publix, (Walgreens) |
$15.47 |
|
Shoppes of Silver Lakes |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
127 |
127 |
91.7% |
|
|
48 |
Publix, Goodwill |
$19.28 |
|
Shoppes of Sunset |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
22 |
22 |
91.1% |
|
|
|
|
$25.10 |
|
Shoppes of Sunset II |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
28 |
28 |
74.2% |
|
|
|
|
$22.58 |
|
Shops at John's Creek |
|
|
FL |
Jacksonville |
15 |
15 |
100.0% |
|
|
|
|
$23.92 |
|
Shops at Skylake |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
287 |
287 |
93.6% |
|
|
51 |
Publix, LA Fitness, TJ Maxx, Goodwill |
$23.85 |
|
South Beach Regional |
|
|
FL |
Jacksonville |
308 |
308 |
97.3% |
|
|
13 |
Trader Joe's, Home Depot, Stein Mart, Ross Dress for Less, Bed Bath & Beyond, Staples |
$15.12 |
|
South Point |
|
|
FL |
Sebastian-Vero Beach |
65 |
65 |
97.8% |
|
|
45 |
Publix |
$16.07 |
|
Starke |
|
|
FL |
Other |
13 |
13 |
100.0% |
|
|
|
CVS |
$25.56 |
|
Suncoast Crossing |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
118 |
118 |
97.6% |
|
143 |
|
Kohl's, (Target) |
$6.85 |
|
Tamarac Town Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
125 |
125 |
75.8% |
|
|
38 |
Publix, Dollar Tree |
$13.23 |
|
The Grove |
NYC |
30% |
FL |
Orlando-Kissimmee-Sanford |
152 |
46 |
94.5% |
|
|
52 |
Publix, LA Fitness |
$20.79 |
|
The Plaza at St. Lucie West |
|
|
FL |
Port St. Lucie |
27 |
27 |
89.0% |
|
|
|
|
$23.39 |
|
|
Supplemental Information 29 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
FL |
Tampa-St. Petersburg-Clearwater |
72 |
72 |
95.1% |
|
|
29 |
Sprouts |
$37.28 |
|
|
Town and Country |
|
|
FL |
Orlando-Kissimmee-Sanford |
78 |
78 |
100.0% |
|
|
|
Ross Dress for Less |
$10.60 |
|
Town Square |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
44 |
44 |
100.0% |
|
|
|
PETCO, Pier 1 Imports |
$32.18 |
|
Treasure Coast Plaza |
|
|
FL |
Sebastian-Vero Beach |
134 |
134 |
94.6% |
|
|
59 |
Publix, TJ Maxx |
$16.60 |
|
Unigold Shopping Center |
|
|
FL |
Orlando-Kissimmee-Sanford |
115 |
115 |
93.5% |
|
|
31 |
Lucky's, YouFit Health Club, Ross Dress for Less |
$14.94 |
|
University Commons |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
180 |
180 |
100.0% |
|
|
51 |
Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond |
$31.63 |
|
Veranda Shoppes |
NYC |
30% |
FL |
Miami-Ft Lauderdale-W Palm Bch |
45 |
13 |
97.3% |
|
|
29 |
Publix |
$27.05 |
|
Village Center |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
187 |
187 |
99.9% |
|
|
50 |
Publix, Walgreens, Stein Mart |
$20.34 |
|
Waterstone Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
61 |
61 |
100.0% |
|
|
46 |
Publix |
$16.83 |
|
Welleby Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
110 |
110 |
92.1% |
|
|
47 |
Publix, Dollar Tree |
$13.28 |
|
Wellington Town Square |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
112 |
112 |
100.0% |
|
|
45 |
Publix, CVS |
$24.50 |
|
West Bird Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
100 |
100 |
86.5% |
|
|
38 |
Publix |
$18.66 |
|
West Lake Shopping Center |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
101 |
101 |
96.8% |
|
|
46 |
Winn-Dixie, CVS |
$19.10 |
|
Westchase |
|
|
FL |
Tampa-St. Petersburg-Clearwater |
79 |
79 |
95.2% |
|
|
51 |
Publix |
$16.52 |
|
Westport Plaza |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
47 |
47 |
100.0% |
|
|
28 |
Publix |
$20.32 |
|
Willa Springs |
USAA |
20% |
FL |
Orlando-Kissimmee-Sanford |
90 |
18 |
98.2% |
|
|
44 |
Publix |
$21.26 |
|
Young Circle Shopping Center |
|
|
FL |
Miami-Ft Lauderdale-W Palm Bch |
65 |
65 |
59.0% |
|
|
23 |
Walgreens |
$21.07 |
|
|
|
|
FL |
|
11,802 |
11,085 |
94.2% |
94.3% |
1,107 |
3,527 |
|
|
|
Ashford Place |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
53 |
53 |
100.0% |
|
|
|
Harbor Freight Tools |
$21.94 |
|
Briarcliff La Vista |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
43 |
43 |
100.0% |
|
|
|
Michael's |
$21.78 |
|
Briarcliff Village |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
190 |
190 |
98.4% |
|
|
43 |
Publix, Office Depot, Party City, Shoe Carnival, TJ Maxx |
$16.54 |
|
Bridgemill Market |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
89 |
89 |
82.4% |
|
|
38 |
Publix |
$16.97 |
|
Brighten Park |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
137 |
137 |
98.9% |
|
|
25 |
The Fresh Market, Tuesday Morning, Dance 101 |
$26.33 |
|
Buckhead Court |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
49 |
49 |
98.2% |
|
|
|
|
$27.76 |
|
Buckhead Station |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
234 |
234 |
100.0% |
|
|
|
Nordstrom Rack, TJ Maxx, Bed Bath & Beyond, Saks Off Fifth, DSW, Cost Plus World Market, Old Navy, Ulta |
$24.17 |
|
Cambridge Square |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
71 |
71 |
100.0% |
|
|
41 |
Kroger |
$15.71 |
|
Chastain Square |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
92 |
92 |
95.2% |
|
|
37 |
Publix |
$21.72 |
|
Cornerstone Square |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
80 |
80 |
100.0% |
|
|
18 |
Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint |
$17.40 |
|
Sope Creek Crossing |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
99 |
99 |
100.0% |
|
|
45 |
Publix |
$16.33 |
|
Dunwoody Hall |
USAA |
20% |
GA |
Atlanta-Sandy Springs-Roswell |
86 |
17 |
93.8% |
|
|
44 |
Publix |
$19.99 |
|
Dunwoody Village |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
121 |
121 |
91.7% |
|
|
18 |
The Fresh Market, Walgreens, Dunwoody Prep |
$19.70 |
|
Howell Mill Village |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
92 |
92 |
98.6% |
|
|
31 |
Publix, Walgreens |
$23.30 |
|
Paces Ferry Plaza |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
82 |
82 |
96.9% |
|
|
30 |
Whole Foods |
$38.14 |
|
Piedmont Peachtree Crossing |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
152 |
152 |
83.5% |
|
|
56 |
Kroger, Binders Art Supplies & Frames |
$20.62 |
|
Powers Ferry Square |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
101 |
101 |
91.0% |
|
|
|
HomeGoods, PETCO |
$32.94 |
|
Powers Ferry Village |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
79 |
79 |
87.3% |
|
|
48 |
Publix, The Juice Box |
$9.63 |
|
Russell Ridge |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
101 |
101 |
100.0% |
|
|
63 |
Kroger |
$13.28 |
|
|
Supplemental Information 30 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
GA |
Atlanta-Sandy Springs-Roswell |
116 |
116 |
93.3% |
|
|
12 |
Trader Joe's, Pier 1 Imports, Fox's, Flynn O'Hara Uniforms |
$24.25 |
|
|
The Shops at Hampton Oaks |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
21 |
21 |
56.3% |
|
|
|
(CVS) |
$11.20 |
|
Williamsburg at Dunwoody |
|
|
GA |
Atlanta-Sandy Springs-Roswell |
45 |
45 |
87.2% |
|
|
|
|
$25.55 |
|
|
|
|
GA |
|
2,134 |
2,065 |
94.8% |
94.8% |
0 |
551 |
|
|
|
Civic Center Plaza |
GRI |
40% |
IL |
Chicago-Naperville-Elgin |
265 |
106 |
97.1% |
|
|
87 |
Super H Mart, Home Depot, O'Reilly Automotive, King Spa |
$11.29 |
|
Clybourn Commons |
|
|
IL |
Chicago-Naperville-Elgin |
32 |
32 |
73.2% |
|
|
|
PETCO |
$36.28 |
|
Glen Oak Plaza |
|
|
IL |
Chicago-Naperville-Elgin |
63 |
63 |
96.6% |
|
|
12 |
Trader Joe's, Walgreens, Northshore University Healthsystems |
$24.15 |
|
Hinsdale |
|
|
IL |
Chicago-Naperville-Elgin |
185 |
185 |
96.8% |
|
|
57 |
Whole Foods, Goodwill, Charter Fitness, Petco |
$15.67 |
|
Mellody Farm |
|
|
IL |
Chicago-Naperville-Elgin |
259 |
259 |
93.2% |
|
|
45 |
Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm |
$27.71 |
|
Riverside Sq & River's Edge |
GRI |
40% |
IL |
Chicago-Naperville-Elgin |
169 |
68 |
96.2% |
|
|
74 |
Mariano's Fresh Market, Dollar Tree, Party City |
$17.07 |
|
Roscoe Square |
GRI |
40% |
IL |
Chicago-Naperville-Elgin |
140 |
56 |
100.0% |
|
|
51 |
Mariano's Fresh Market, Walgreens |
$21.53 |
|
Stonebrook Plaza Shopping Center |
GRI |
40% |
IL |
Chicago-Naperville-Elgin |
96 |
38 |
98.3% |
|
|
63 |
Jewel-Osco, Blink Fitness |
$12.31 |
|
Westchester Commons |
|
|
IL |
Chicago-Naperville-Elgin |
139 |
139 |
93.4% |
|
|
80 |
Mariano's Fresh Market, Goodwill |
$17.96 |
|
Willow Festival |
|
|
IL |
Chicago-Naperville-Elgin |
404 |
404 |
99.0% |
|
|
60 |
Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta |
$18.09 |
|
|
|
|
IL |
|
1,751 |
1,349 |
96.4% |
96.7% |
0 |
530 |
|
|
|
Shops on Main |
M |
93% |
IN |
Chicago-Naperville-Elgin |
279 |
279 |
100.0% |
|
|
40 |
Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls |
$15.91 |
|
Willow Lake Shopping Center |
GRI |
40% |
IN |
Indianapolis-Carmel-Anderson |
86 |
34 |
83.1% |
|
64 |
64 |
(Kroger), Tuesday Morning |
$17.65 |
|
Willow Lake West Shopping Center |
GRI |
40% |
IN |
Indianapolis-Carmel-Anderson |
53 |
21 |
97.0% |
|
|
12 |
Trader Joe's |
$26.15 |
|
|
|
|
IN |
|
418 |
335 |
96.1% |
98.1% |
64 |
116 |
|
|
|
Elmwood Oaks Shopping Center |
|
|
LA |
New Orleans-Metairie |
138 |
138 |
96.6% |
|
|
|
Academy Sports, Dollar Tree, Lifestyle Appliances |
$10.57 |
|
|
|
|
LA |
|
138 |
138 |
96.6% |
96.6% |
0 |
0 |
|
|
|
Fellsway Plaza |
M |
75% |
MA |
Boston-Cambridge-Newton |
155 |
155 |
100.0% |
|
|
61 |
Stop & Shop, Modells Sporting Goods, Planet Fitness |
$24.70 |
|
Northborough Crossing |
NYC |
30% |
MA |
Worcester |
646 |
194 |
97.5% |
|
|
139 |
Wegmans, BJ's Wholesale Club, Kohl's,Dick's Sporting Goods, Pottery Barn Outlet, TJ Maxx, Michael's, PetSmart, Homegoods, Old Navy, Homesense |
$13.27 |
|
Old Connecticut Path |
NYC |
30% |
MA |
Boston-Cambridge-Newton |
80 |
24 |
93.2% |
|
|
66 |
Stop & Shop |
$21.68 |
|
Shaw's at Plymouth |
|
|
MA |
Boston-Cambridge-Newton |
60 |
60 |
100.0% |
|
|
60 |
Shaw's |
$17.58 |
|
Shops at Saugus |
|
|
MA |
Boston-Cambridge-Newton |
87 |
87 |
93.3% |
|
|
11 |
Trader Joe's, La-Z-Boy, PetSmart |
$30.12 |
|
Star's at Cambridge |
|
|
MA |
Boston-Cambridge-Newton |
66 |
66 |
100.0% |
|
|
66 |
Star Market |
$37.44 |
|
Star's at Quincy |
|
|
MA |
Boston-Cambridge-Newton |
101 |
101 |
100.0% |
|
|
101 |
Star Market |
$21.48 |
|
Star's at West Roxbury |
|
|
MA |
Boston-Cambridge-Newton |
76 |
76 |
100.0% |
|
|
55 |
Shaw's |
$24.76 |
|
The Abbot |
|
|
MA |
Boston-Cambridge-Newton |
65 |
65 |
0.0% |
|
|
|
|
$0.00 |
|
|
Supplemental Information 31 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
MA |
Boston-Cambridge-Newton |
285 |
285 |
100.0% |
|
|
63 |
Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Gold's Gym, Formlabs |
$20.33 |
|
|
Whole Foods at Swampscott |
|
|
MA |
Boston-Cambridge-Newton |
36 |
36 |
100.0% |
|
|
36 |
Whole Foods |
$27.20 |
|
|
|
|
MA |
|
1,657 |
1,148 |
94.4% |
93.3% |
0 |
657 |
|
|
|
Burnt Mills |
C |
20% |
MD |
Washington-Arlington-Alexandri |
31 |
6 |
94.6% |
|
|
9 |
Trader Joe's |
$38.97 |
|
Cloppers Mill Village |
GRI |
40% |
MD |
Washington-Arlington-Alexandri |
137 |
55 |
97.1% |
|
|
70 |
Shoppers Food Warehouse, CVS |
$17.94 |
|
Festival at Woodholme |
GRI |
40% |
MD |
Baltimore-Columbia-Towson |
81 |
32 |
98.5% |
|
|
10 |
Trader Joe's |
$39.38 |
|
Firstfield Shopping Center |
GRI |
40% |
MD |
Washington-Arlington-Alexandri |
22 |
9 |
93.7% |
|
|
|
|
$41.34 |
|
Parkville Shopping Center |
GRI |
40% |
MD |
Baltimore-Columbia-Towson |
165 |
66 |
89.9% |
|
|
41 |
Giant, Parkville Lanes, Dollar Tree, Petco |
$16.87 |
|
Southside Marketplace |
GRI |
40% |
MD |
Baltimore-Columbia-Towson |
125 |
50 |
95.5% |
|
|
44 |
Shoppers Food Warehouse |
$20.97 |
|
Takoma Park |
GRI |
40% |
MD |
Washington-Arlington-Alexandri |
104 |
42 |
99.2% |
|
|
64 |
Shoppers Food Warehouse |
$13.54 |
|
Valley Centre |
GRI |
40% |
MD |
Baltimore-Columbia-Towson |
220 |
88 |
81.5% |
|
|
18 |
Aldi,TJ Maxx, Ross Dress for Less, PetSmart, Michael's |
$17.19 |
|
Village at Lee Airpark |
|
|
MD |
Baltimore-Columbia-Towson |
121 |
121 |
100.0% |
|
75 |
63 |
Giant, (Sunrise) |
$28.36 |
|
Watkins Park Plaza |
GRI |
40% |
MD |
Washington-Arlington-Alexandri |
111 |
45 |
98.5% |
|
|
|
LA Fitness, CVS |
$27.21 |
|
Westwood - Manor Care |
|
|
MD |
Washington-Arlington-Alexandri |
41 |
41 |
0.0% |
|
|
|
|
$0.00 |
|
Westwood Shopping Center |
|
|
MD |
Washington-Arlington-Alexandri |
213 |
213 |
95.7% |
|
|
55 |
Giant, Citgo, Bowlmor AMF |
$34.57 |
|
Woodmoor Shopping Center |
GRI |
40% |
MD |
Washington-Arlington-Alexandri |
68 |
27 |
99.4% |
|
|
|
CVS |
$33.57 |
|
|
|
|
MD |
|
1,440 |
795 |
91.4% |
94.9% |
75 |
374 |
|
|
|
Fenton Marketplace |
|
|
MI |
Flint |
97 |
97 |
100.0% |
|
|
|
Family Farm & Home, Michael's |
$8.47 |
|
|
|
|
MI |
|
97 |
97 |
100.0% |
100.0% |
0 |
0 |
|
|
|
Apple Valley Square |
RC |
25% |
MN |
Minneapol-St. Paul-Bloomington |
176 |
44 |
100.0% |
|
87 |
|
Jo-Ann Fabrics, Experience Fitness, (Burlington Coat Factory), (Aldi), Savers, PETCO |
$15.04 |
|
Calhoun Commons |
RC |
25% |
MN |
Minneapol-St. Paul-Bloomington |
66 |
17 |
100.0% |
|
|
50 |
Whole Foods |
$25.66 |
|
Colonial Square |
GRI |
40% |
MN |
Minneapol-St. Paul-Bloomington |
93 |
37 |
100.0% |
|
|
44 |
Lund's |
$24.75 |
|
Rockford Road Plaza |
GRI |
40% |
MN |
Minneapol-St. Paul-Bloomington |
204 |
82 |
96.4% |
|
|
|
Kohl's, PetSmart, HomeGoods, TJ Maxx |
$12.77 |
|
Rockridge Center |
C |
20% |
MN |
Minneapol-St. Paul-Bloomington |
125 |
25 |
90.8% |
|
|
89 |
CUB Foods |
$13.34 |
|
|
|
|
MN |
|
665 |
205 |
97.2% |
97.4% |
87 |
183 |
|
|
|
Brentwood Plaza |
|
|
MO |
St. Louis |
60 |
60 |
100.0% |
|
|
52 |
Schnucks |
$10.84 |
|
Bridgeton |
|
|
MO |
St. Louis |
71 |
71 |
100.0% |
|
130 |
63 |
Schnucks, (Home Depot) |
$12.19 |
|
Dardenne Crossing |
|
|
MO |
St. Louis |
67 |
67 |
100.0% |
|
|
63 |
Schnucks |
$11.02 |
|
Kirkwood Commons |
|
|
MO |
St. Louis |
210 |
210 |
100.0% |
|
258 |
136 |
Walmart, (Target), (Lowe's), TJ Maxx, HomeGoods, Famous Footwear |
$10.15 |
|
|
|
|
MO |
|
408 |
408 |
100.0% |
100.0% |
388 |
314 |
|
|
|
Cameron Village |
C |
30% |
NC |
Raleigh |
558 |
167 |
94.0% |
|
|
87 |
Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties, K&W Cafeteria, Pier 1 Imports,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry |
$23.84 |
|
Carmel Commons |
|
|
NC |
Charlotte-Concord-Gastonia |
133 |
133 |
89.3% |
|
|
14 |
The Fresh Market, Chuck E. Cheese, Party City, Planet Fitness |
$21.17 |
|
Cochran Commons |
C |
20% |
NC |
Charlotte-Concord-Gastonia |
66 |
13 |
100.0% |
|
|
42 |
Harris Teeter, (Walgreens) |
$16.88 |
|
|
Supplemental Information 32 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
NC |
Raleigh |
58 |
58 |
100.0% |
|
|
40 |
Whole Foods |
$27.50 |
|
|
Glenwood Village |
|
|
NC |
Raleigh |
43 |
43 |
100.0% |
|
|
28 |
Harris Teeter |
$16.93 |
|
Harris Crossing |
|
|
NC |
Raleigh |
65 |
65 |
98.3% |
|
|
53 |
Harris Teeter |
$9.22 |
|
Holly Park |
|
|
NC |
Raleigh |
160 |
160 |
98.5% |
|
|
12 |
DSW, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Arystsms, Pet Supplies Plus, Ulta |
$17.56 |
|
Lake Pine Plaza |
|
|
NC |
Raleigh |
88 |
88 |
98.4% |
|
|
58 |
Harris Teeter |
$13.04 |
|
Midtown East |
O |
50% |
NC |
Raleigh |
159 |
79 |
96.7% |
|
|
120 |
Wegmans |
$23.68 |
|
Providence Commons |
RC |
25% |
NC |
Charlotte-Concord-Gastonia |
74 |
19 |
100.0% |
|
|
50 |
Harris Teeter |
$18.72 |
|
Ridgewood Shopping Center |
C |
20% |
NC |
Raleigh |
93 |
19 |
89.4% |
|
|
30 |
Whole Foods, Walgreens |
$16.89 |
|
Shops at Erwin Mill |
M |
55% |
NC |
Durham-Chapel Hill |
87 |
87 |
100.0% |
|
|
53 |
Harris Teeter |
$18.01 |
|
Shoppes of Kildaire |
GRI |
40% |
NC |
Raleigh |
145 |
58 |
100.0% |
|
|
46 |
Trader Joe's, Aldi, Fitness Connection, Staples |
$19.25 |
|
Southpoint Crossing |
|
|
NC |
Durham-Chapel Hill |
103 |
103 |
100.0% |
|
|
59 |
Harris Teeter |
$16.36 |
|
Sutton Square |
C |
20% |
NC |
Raleigh |
101 |
20 |
88.4% |
|
|
24 |
The Fresh Market, Walgreens |
$20.07 |
|
Village Plaza |
C |
20% |
NC |
Durham-Chapel Hill |
73 |
15 |
96.7% |
|
|
42 |
Whole Foods, PTA Thrift Shop |
$21.42 |
|
Willow Oaks |
|
|
NC |
Charlotte-Concord-Gastonia |
69 |
69 |
94.9% |
|
|
49 |
Publix |
$17.19 |
|
Woodcroft Shopping Center |
|
|
NC |
Durham-Chapel Hill |
90 |
90 |
98.7% |
|
|
41 |
Food Lion,Triangle ACE Hardware |
$13.73 |
|
|
|
|
NC |
|
2,164 |
1,285 |
96.0% |
96.8% |
0 |
848 |
|
|
|
Chimney Rock |
|
|
NJ |
New York-Newark-Jersey City |
218 |
218 |
97.2% |
|
|
50 |
Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Cost Plus World Market, Ulta |
$36.04 |
|
District at Metuchen |
C |
20% |
NJ |
New York-Newark-Jersey City |
67 |
13 |
100.0% |
|
|
44 |
Whole Foods |
$29.34 |
|
Haddon Commons |
GRI |
40% |
NJ |
Philadelphia-Camden-Wilmington |
54 |
22 |
100.0% |
|
|
34 |
Acme Markets |
$13.78 |
|
Plaza Square |
GRI |
40% |
NJ |
New York-Newark-Jersey City |
104 |
42 |
89.0% |
|
|
60 |
Shop Rite |
$22.62 |
|
Riverfront Plaza |
NYC |
30% |
NJ |
New York-Newark-Jersey City |
129 |
39 |
92.8% |
|
|
70 |
ShopRite |
$26.60 |
|
|
|
|
NJ |
|
571 |
333 |
95.3% |
95.9% |
0 |
258 |
|
|
|
101 7th Avenue |
|
|
NY |
New York-Newark-Jersey City |
57 |
57 |
100.0% |
|
|
|
Barney's New York |
$79.13 |
|
1175 Third Avenue |
|
|
NY |
New York-Newark-Jersey City |
25 |
25 |
100.0% |
|
|
25 |
The Food Emporium |
$116.62 |
|
1225-1239 Second Ave |
|
|
NY |
New York-Newark-Jersey City |
18 |
18 |
100.0% |
|
|
|
CVS |
$117.44 |
|
90 - 30 Metropolitan Avenue |
|
|
NY |
New York-Newark-Jersey City |
60 |
60 |
93.9% |
|
|
11 |
Trader Joe's, Staples, Michaels |
$34.27 |
|
Broadway Plaza |
|
|
NY |
New York-Newark-Jersey City |
147 |
147 |
97.2% |
|
|
18 |
Aldi, Bob's Discount Furniture, TJ Maxx, F21 Red, Blink Fitness |
$38.77 |
|
Clocktower Plaza Shopping Ctr |
|
|
NY |
New York-Newark-Jersey City |
79 |
79 |
100.0% |
|
|
63 |
Stop & Shop |
$47.21 |
|
The Gallery at Westbury Plaza |
|
|
NY |
New York-Newark-Jersey City |
312 |
312 |
97.9% |
|
|
13 |
Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear |
$49.05 |
|
Hewlett Crossing I & II |
|
|
NY |
New York-Newark-Jersey City |
53 |
53 |
96.3% |
|
|
|
Petco |
$39.34 |
|
Rivertowns Square |
|
|
NY |
New York-Newark-Jersey City |
116 |
116 |
92.6% |
|
|
18 |
Brooklyn Harvest Market, Ipic Theaters, Ulta Beauty, The Learning Experience |
$34.93 |
|
The Point at Garden City Park |
|
|
NY |
New York-Newark-Jersey City |
105 |
105 |
100.0% |
|
|
52 |
King Kullen, Ace Hardware |
$24.50 |
|
Lake Grove Commons |
GRI |
40% |
NY |
New York-Newark-Jersey City |
141 |
57 |
100.0% |
|
|
48 |
Whole Foods, LA Fitness, PETCO |
$34.20 |
|
|
Supplemental Information 33 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
NY |
New York-Newark-Jersey City |
394 |
394 |
95.4% |
|
|
110 |
Wal-Mart, Costco, Marshalls, Total Wine and More, Olive Garden |
$25.14 |
|
|
|
|
|
NY |
|
1509 |
1424 |
97.1% |
97.0% |
0 |
357 |
|
|
|
Cherry Grove |
|
|
OH |
Cincinnati |
196 |
196 |
97.0% |
|
|
66 |
Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning |
$12.06 |
|
East Pointe |
|
|
OH |
Columbus |
107 |
107 |
98.7% |
|
|
76 |
Kroger |
$10.46 |
|
Hyde Park |
|
|
OH |
Cincinnati |
397 |
397 |
93.1% |
|
|
169 |
Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples |
$16.72 |
|
Kroger New Albany Center |
M |
50% |
OH |
Columbus |
93 |
93 |
100.0% |
|
|
65 |
Kroger |
$12.86 |
|
Northgate Plaza (Maxtown Road) |
|
|
OH |
Columbus |
114 |
114 |
100.0% |
|
90 |
91 |
Kroger, (Home Depot) |
$11.63 |
|
Red Bank Village |
|
|
OH |
Cincinnati |
176 |
176 |
100.0% |
|
|
152 |
Wal-Mart |
$7.55 |
|
Regency Commons |
|
|
OH |
Cincinnati |
34 |
34 |
90.3% |
|
|
|
|
$26.60 |
|
West Chester Plaza |
|
|
OH |
Cincinnati |
88 |
88 |
100.0% |
|
|
67 |
Kroger |
$10.03 |
|
|
|
|
OH |
|
1,205 |
1,205 |
96.9% |
96.9% |
90 |
685 |
|
|
|
Corvallis Market Center |
|
|
OR |
Corvallis |
85 |
85 |
100.0% |
|
|
12 |
Trader Joe's, TJ Maxx, Michael's |
$21.27 |
|
Greenway Town Center |
GRI |
40% |
OR |
Portland-Vancouver-Hillsboro |
93 |
37 |
100.0% |
|
|
38 |
Whole Foods, Rite Aid, Dollar Tree |
$15.56 |
|
Murrayhill Marketplace |
|
|
OR |
Portland-Vancouver-Hillsboro |
150 |
150 |
87.2% |
|
|
41 |
Safeway, Planet Fitness |
$19.21 |
|
Northgate Marketplace |
|
|
OR |
Medford |
81 |
81 |
100.0% |
|
|
13 |
Trader Joe's, REI, PETCO |
$23.40 |
|
Northgate Marketplace Ph II |
|
|
OR |
Medford |
177 |
177 |
97.4% |
|
|
|
Dick's Sporting Goods, Homegoods, Marshalls |
$17.11 |
|
Sherwood Crossroads |
|
|
OR |
Portland-Vancouver-Hillsboro |
88 |
88 |
98.4% |
|
|
55 |
Safeway |
$11.54 |
|
Tanasbourne Market |
|
|
OR |
Portland-Vancouver-Hillsboro |
71 |
71 |
100.0% |
|
|
57 |
Whole Foods |
$30.14 |
|
Walker Center |
|
|
OR |
Portland-Vancouver-Hillsboro |
90 |
90 |
100.0% |
|
|
|
Bed Bath & Beyond |
$21.64 |
|
|
|
|
OR |
|
835 |
779 |
97.0% |
96.8% |
0 |
215 |
|
|
|
Allen Street Shopping Ctr |
GRI |
40% |
PA |
Allentown-Bethlehem-Easton |
46 |
18 |
100.0% |
|
|
22 |
Ahart's Market |
$15.45 |
|
City Avenue Shopping Center |
GRI |
40% |
PA |
Philadelphia-Camden-Wilmington |
162 |
65 |
92.6% |
|
|
|
Ross Dress for Less, TJ Maxx, Dollar Tree |
$21.29 |
|
Gateway Shopping Center |
|
|
PA |
Philadelphia-Camden-Wilmington |
221 |
221 |
97.5% |
|
|
11 |
Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics |
$32.12 |
|
Hershey |
|
|
PA |
Other |
6 |
6 |
100.0% |
|
|
|
|
$28.00 |
|
Lower Nazareth Commons |
|
|
PA |
Allentown-Bethlehem-Easton |
90 |
90 |
96.5% |
|
244 |
111 |
(Wegmans), (Target), Burlington Coat Factory, PETCO |
$25.62 |
|
Mercer Square Shopping Center |
GRI |
40% |
PA |
Philadelphia-Camden-Wilmington |
91 |
37 |
94.7% |
|
|
51 |
Weis Markets |
$23.98 |
|
Newtown Square Shopping Center |
GRI |
40% |
PA |
Philadelphia-Camden-Wilmington |
143 |
57 |
86.5% |
|
|
56 |
Acme Markets, Michael's |
$18.72 |
|
Stefko Boulevard Shopping Center |
GRI |
40% |
PA |
Allentown-Bethlehem-Easton |
134 |
54 |
95.1% |
|
|
73 |
Valley Farm Market, Dollar Tree, Retro Fitness |
$10.79 |
|
Warwick Square Shopping Center |
GRI |
40% |
PA |
Philadelphia-Camden-Wilmington |
93 |
37 |
97.2% |
|
|
51 |
Giant |
$21.38 |
|
|
|
|
PA |
|
987 |
585 |
94.5% |
95.4% |
244 |
375 |
|
|
|
Indigo Square |
|
|
SC |
Charleston-North Charleston |
51 |
51 |
94.8% |
|
|
22 |
Publix |
$28.63 |
|
Merchants Village |
GRI |
40% |
SC |
Charleston-North Charleston |
80 |
32 |
100.0% |
|
|
38 |
Publix |
$16.92 |
|
|
|
|
SC |
|
131 |
83 |
98.0% |
96.8% |
0 |
59 |
|
|
|
|
Supplemental Information 34 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
|
|
TN |
Nashville-Davidson--Murfreesboro--Franklin |
70 |
70 |
100.0% |
|
|
55 |
Publix |
$15.66 |
|
|
Northlake Village |
|
|
TN |
Nashville-Davidson--Murfreesboro--Franklin |
138 |
138 |
100.0% |
|
|
75 |
Kroger, PETCO |
$14.10 |
|
Peartree Village |
|
|
TN |
Nashville-Davidson--Murfreesboro--Franklin |
110 |
110 |
100.0% |
|
|
84 |
Kroger, PETCO |
$19.89 |
|
|
|
|
TN |
|
318 |
318 |
100.0% |
100.0% |
0 |
214 |
|
|
|
Alden Bridge |
USAA |
20% |
TX |
Houston-Woodlands-Sugar Land |
139 |
28 |
98.8% |
|
|
68 |
Kroger, Walgreens |
$20.47 |
|
Bethany Park Place |
USAA |
20% |
TX |
Dallas-Fort Worth-Arlington |
99 |
20 |
98.0% |
|
|
83 |
Kroger |
$11.76 |
|
CityLine Market |
|
|
TX |
Dallas-Fort Worth-Arlington |
81 |
81 |
98.0% |
|
|
40 |
Whole Foods |
$27.59 |
|
CityLine Market Phase II |
|
|
TX |
Dallas-Fort Worth-Arlington |
22 |
22 |
100.0% |
|
|
|
CVS |
$26.98 |
|
Cochran's Crossing |
|
|
TX |
Houston-Woodlands-Sugar Land |
138 |
138 |
95.5% |
|
|
63 |
Kroger, CVS |
$19.02 |
|
Hancock |
|
|
TX |
Austin-Round Rock |
410 |
410 |
53.8% |
|
|
90 |
H.E.B, Twin Liquors, PETCO, 24 Hour Fitness |
$20.93 |
|
Hickory Creek Plaza |
|
|
TX |
Dallas-Fort Worth-Arlington |
28 |
28 |
100.0% |
|
81 |
81 |
(Kroger) |
$27.57 |
|
Hillcrest Village |
|
|
TX |
Dallas-Fort Worth-Arlington |
15 |
15 |
100.0% |
|
|
|
|
$47.53 |
|
Indian Springs Center |
|
|
TX |
Houston-Woodlands-Sugar Land |
137 |
137 |
100.0% |
|
|
79 |
H.E.B. |
$24.65 |
|
Keller Town Center |
|
|
TX |
Dallas-Fort Worth-Arlington |
120 |
120 |
95.3% |
|
|
64 |
Tom Thumb |
$16.07 |
|
Lebanon/Legacy Center |
|
|
TX |
Dallas-Fort Worth-Arlington |
56 |
56 |
89.9% |
|
63 |
63 |
(Wal-Mart) |
$26.73 |
|
Market at Preston Forest |
|
|
TX |
Dallas-Fort Worth-Arlington |
96 |
96 |
96.0% |
|
|
64 |
Tom Thumb |
$20.31 |
|
Market at Round Rock |
|
|
TX |
Austin-Round Rock |
123 |
123 |
98.6% |
|
|
30 |
Sprout's Markets, Office Depot, Tuesday Morning |
$18.65 |
|
Market at Springwoods Village |
M |
53% |
TX |
Houston-Woodlands-Sugar Land |
167 |
167 |
96.3% |
|
|
100 |
Kroger |
$16.38 |
|
Mockingbird Common |
|
|
TX |
Dallas-Fort Worth-Arlington |
120 |
120 |
95.4% |
|
|
49 |
Tom Thumb, Ogle School of Hair Design |
$18.04 |
|
North Hills |
|
|
TX |
Austin-Round Rock |
145 |
145 |
99.1% |
|
|
60 |
H.E.B. |
$23.35 |
|
Panther Creek |
|
|
TX |
Houston-Woodlands-Sugar Land |
166 |
166 |
94.7% |
|
|
66 |
Randalls Food, CVS, The Woodlands Childrens Museum, Gold's Gym |
$22.55 |
|
Prestonbrook |
|
|
TX |
Dallas-Fort Worth-Arlington |
92 |
92 |
98.5% |
|
|
64 |
Kroger |
$14.61 |
|
Preston Oaks |
|
|
TX |
Dallas-Fort Worth-Arlington |
104 |
104 |
99.5% |
|
|
30 |
H.E.B. , Central Market, Talbots |
$33.91 |
|
Shiloh Springs |
USAA |
20% |
TX |
Dallas-Fort Worth-Arlington |
110 |
22 |
89.8% |
|
|
61 |
Kroger |
$14.23 |
|
Shops at Mira Vista |
|
|
TX |
Austin-Round Rock |
68 |
68 |
100.0% |
|
|
15 |
Trader Joe's, Champions Westlake Gymnastics & Cheer |
$23.32 |
|
Southpark at Cinco Ranch |
|
|
TX |
Houston-Woodlands-Sugar Land |
265 |
265 |
97.8% |
|
|
101 |
Kroger, Academy Sports, PETCO, Spec's Liquor and Finder Foods |
$13.61 |
|
Sterling Ridge |
|
|
TX |
Houston-Woodlands-Sugar Land |
129 |
129 |
97.2% |
|
|
63 |
Kroger,CVS |
$20.80 |
|
Sweetwater Plaza |
C |
20% |
TX |
Houston-Woodlands-Sugar Land |
134 |
27 |
100.0% |
|
|
65 |
Kroger, Walgreens |
$18.10 |
|
Tech Ridge Center |
|
|
TX |
Austin-Round Rock |
214 |
214 |
89.2% |
|
|
84 |
H.E.B., Pinstack |
$23.28 |
|
The Village at Riverstone |
|
|
TX |
Houston-Woodlands-Sugar Land |
167 |
167 |
93.4% |
|
|
100 |
Kroger |
$15.91 |
|
Weslayan Plaza East |
GRI |
40% |
TX |
Houston-Woodlands-Sugar Land |
169 |
68 |
100.0% |
|
|
|
Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Bike Barn |
$20.30 |
|
Weslayan Plaza West |
GRI |
40% |
TX |
Houston-Woodlands-Sugar Land |
186 |
74 |
96.8% |
|
|
52 |
Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods |
$19.87 |
|
Westwood Village |
|
|
TX |
Houston-Woodlands-Sugar Land |
187 |
187 |
99.2% |
|
127 |
|
(Target), Gold's Gym, PetSmart, Office Max, Ross Dress For Less, TJ Maxx |
$19.93 |
|
|
Supplemental Information 35 |
Portfolio Summary Report By State
September 30, 2019
(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 |
|
GRI |
40% |
TX |
Houston-Woodlands-Sugar Land |
97 |
39 |
100.0% |
|
|
45 |
Whole Foods |
$29.45 |
|
|
|
|
|
TX |
|
3,982 |
3,326 |
92.4% |
91.2% |
271 |
1,682 |
|
|
|
Ashburn Farm Village Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
89 |
36 |
66.6% |
|
|
27 |
Patel Brothers |
$20.40 |
|
Belmont Chase |
|
|
VA |
Washington-Arlington-Alexandri |
91 |
91 |
100.0% |
|
|
40 |
Whole Foods, Cooper's Hawk Winery |
$31.36 |
|
Braemar Village Center |
RC |
25% |
VA |
Washington-Arlington-Alexandri |
104 |
26 |
98.1% |
|
|
58 |
Safeway |
$22.53 |
|
Carytown Exchange |
M |
15% |
VA |
Richmond |
107 |
16 |
46.3% |
|
|
38 |
Publix, CVS |
$21.13 |
|
Centre Ridge Marketplace |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
107 |
43 |
98.9% |
|
|
55 |
Shoppers Food Warehouse, United States Coast Guard Ex |
$19.50 |
|
Point 50 |
|
|
VA |
Washington-Arlington-Alexandri |
48 |
48 |
65.7% |
|
|
30 |
Whole Foods |
$23.82 |
|
Festival at Manchester Lakes |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
169 |
67 |
91.0% |
|
|
65 |
Shoppers Food Warehouse |
$27.19 |
|
Fox Mill Shopping Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
103 |
41 |
97.6% |
|
|
50 |
Giant |
$25.67 |
|
Greenbriar Town Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
340 |
136 |
96.1% |
|
|
62 |
Giant, Bob's Discount Furniture, CVS,Ross Dress for Less, Marshalls, Planet Fitness |
$27.38 |
|
Hanover Village Shopping Center |
GRI |
40% |
VA |
Richmond |
90 |
36 |
100.0% |
|
|
18 |
Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning |
$9.22 |
|
Kamp Washington Shopping Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
71 |
29 |
100.0% |
|
|
20 |
Earth Fare |
$38.09 |
|
Kings Park Shopping Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
93 |
37 |
98.0% |
|
|
51 |
Giant, CVS |
$29.38 |
|
Lorton Station Marketplace |
C |
20% |
VA |
Washington-Arlington-Alexandri |
132 |
26 |
90.5% |
|
|
63 |
Shoppers Food Warehouse |
$24.02 |
|
Market Common Clarendon |
|
|
VA |
Washington-Arlington-Alexandri |
422 |
422 |
71.4% |
|
|
34 |
Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Jumping Joeys, Equinox |
$35.64 |
|
Saratoga Shopping Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
113 |
45 |
100.0% |
|
|
56 |
Giant |
$21.38 |
|
Shops at County Center |
|
|
VA |
Washington-Arlington-Alexandri |
97 |
97 |
91.4% |
|
|
52 |
Harris Teeter |
$19.94 |
|
Shops at Stonewall |
|
|
VA |
Washington-Arlington-Alexandri |
315 |
315 |
100.0% |
|
|
127 |
Wegmans, Dick's Sporting Goods, Staples, Ross Dress For Less, Bed Bath & Beyond, Michaels |
$18.74 |
|
The Field at Commonwealth |
|
|
VA |
Washington-Arlington-Alexandri |
167 |
167 |
98.0% |
|
|
122 |
Wegmans |
$21.53 |
|
Town Center at Sterling Shopping Center |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
188 |
75 |
88.4% |
|
|
47 |
Giant, Planet Fitness |
$22.11 |
|
Village Center at Dulles |
C |
20% |
VA |
Washington-Arlington-Alexandri |
301 |
60 |
97.1% |
|
|
48 |
Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max |
$27.50 |
|
Village Shopping Center |
GRI |
40% |
VA |
Richmond |
111 |
44 |
90.1% |
|
|
45 |
Publix, CVS |
$24.66 |
|
Willston Centre I |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
105 |
42 |
92.0% |
|
|
|
CVS, Fashion K City |
$26.66 |
|
Willston Centre II |
GRI |
40% |
VA |
Washington-Arlington-Alexandri |
136 |
54 |
98.8% |
|
141 |
59 |
Safeway, (Target) |
$26.07 |
|
|
|
|
VA |
|
3,500 |
1,955 |
90.4% |
89.9% |
141 |
1,168 |
|
|
|
6401 Roosevelt |
|
|
WA |
Seattle-Tacoma-Bellevue |
8 |
8 |
69.0% |
|
|
|
|
$18.31 |
|
Aurora Marketplace |
GRI |
40% |
WA |
Seattle-Tacoma-Bellevue |
107 |
43 |
100.0% |
|
|
49 |
Safeway, TJ Maxx |
$16.44 |
|
Ballard Blocks I |
O |
50% |
WA |
Seattle-Tacoma-Bellevue |
132 |
66 |
96.5% |
|
|
12 |
Trader Joe's, LA Fitness, Ross Dress for Less |
$24.93 |
|
Ballard Blocks II |
O |
50% |
WA |
Seattle-Tacoma-Bellevue |
114 |
57 |
83.7% |
|
|
25 |
PCC Community Markets, Bright Horizons, West Marine,Trufusion, Kaiser Permanente |
$34.17 |
|
Broadway Market |
C |
20% |
WA |
Seattle-Tacoma-Bellevue |
140 |
28 |
97.3% |
|
|
64 |
Quality Food Centers, Gold's Gym, Urban Outfitters |
$26.48 |
|
Cascade Plaza |
C |
20% |
WA |
Seattle-Tacoma-Bellevue |
206 |
41 |
95.6% |
|
|
49 |
Safeway, Jo-Ann Fabrics, Ross Dress For Less, Big Lots, Fitness Evolution, Big 5 Sporting Goods, Dollar Tree |
$12.25 |
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Supplemental Information 36 |
Portfolio Summary Report By State
September 30, 2019
(GLA in thousands)
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|
|
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|
|
JVs at 100% |
REG's pro-rata share |
REG's pro-rata share |
REG's pro-rata share |
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|
|
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 |
|
GRI |
40% |
WA |
Seattle-Tacoma-Bellevue |
82 |
33 |
100.0% |
|
|
29 |
Safeway, Rite Aid |
$27.47 |
|
|
Grand Ridge Plaza |
|
|
WA |
Seattle-Tacoma-Bellevue |
331 |
331 |
100.0% |
|
|
45 |
Safeway, Regal Cinemas, Dick's Sporting Goods, Marshalls, Ulta , Bevmo! |
$24.85 |
|
Inglewood Plaza |
|
|
WA |
Seattle-Tacoma-Bellevue |
17 |
17 |
100.0% |
|
|
|
|
$41.48 |
|
Klahanie Shopping Center |
|
|
WA |
Seattle-Tacoma-Bellevue |
67 |
67 |
98.4% |
|
40 |
40 |
(QFC) |
$33.68 |
|
Melrose Market |
|
|
WA |
Seattle-Tacoma-Bellevue |
21 |
21 |
100.0% |
|
|
|
|
$34.01 |
|
Overlake Fashion Plaza |
GRI |
40% |
WA |
Seattle-Tacoma-Bellevue |
93 |
37 |
93.7% |
|
230 |
13 |
(Sears), Marshalls, Bevmo!, Whole Foods |
$28.60 |
|
Pine Lake Village |
|
|
WA |
Seattle-Tacoma-Bellevue |
103 |
103 |
95.7% |
|
|
41 |
Quality Food Centers, Rite Aid |
$24.15 |
|
Roosevelt Square |
|
|
WA |
Seattle-Tacoma-Bellevue |
148 |
148 |
100.0% |
|
|
50 |
Whole Foods, Dania, Bartell, Guitar Center |
$23.41 |
|
Sammamish-Highlands |
|
|
WA |
Seattle-Tacoma-Bellevue |
101 |
101 |
98.3% |
|
55 |
67 |
Trader Joe's, (Safeway), Bartell Drugs |
$34.32 |
|
Southcenter |
|
|
WA |
Seattle-Tacoma-Bellevue |
58 |
58 |
100.0% |
|
112 |
|
(Target) |
$30.84 |
|
|
|
|
WA |
|
1,729 |
1,159 |
97.0% |
98.7% |
437 |
484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regency Centers Total |
|
|
|
|
52,988 |
42,955 |
95.0% |
95.2% |
4,088 |
16,865 |
|
$22.40 |
(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 |
|
M: |
Co-investment Partnership with Minority Partner |
|
NYC: |
Co-investment Partnership with NYCRF |
|
O: |
Other, single property co-investment Partnerships |
|
RC: |
Co-investment Partnership with CalSTRS |
|
RLP: |
Co-investment Partnership with Rider |
|
USAA: |
Co-investment Partnership with USAA |
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Supplemental Information 37 |
Real Estate - Operating Operating Portfolio NOI excluding Straight-line Rent and Above/Below Market Rent - Current Quarter Wholly Owned NOI (page 5) $ 186,738 Share of JV NOI (page 7) $ 25,071 Less: Noncontrolling Interests (page 7) $ (1,880) Base Rent from leases signed but not yet rent-paying - Current Quarter Retail Operating Properties including redevelopments $ 2,817 Select Operating Properties with Near Term Redevelopment Estimated Incremental Project Costs (page 18) $490,000 - $575,000 Estimated Incremental Stabilized Yield (page 18) +/- 7% Development Projects In Process REG's Estimated Net Project Costs (page 16) $ 259,530 Stabilized Yield (page 16) 7.0% Annualized Proforma Stabilized NOI $ 18,167 REG's Estimated Net GAAP Project Costs1 (page 16, footnote) $ 2 78,949 % of Costs Incurred (page 16, footnote) 73% Construction in Progress $ 2 03,633 NOI from Development Projects In Process - Current Quarter Proforma Stabilized NOI $ 426 In-place NOI from Developments In Process $ 1,773 Fee Income Third-Party Management Fees and Commissions - Current Quarter (page 5) $ 7,353 Less: Share of JV's Total fee income - Current Quarter (page 7) $ (281) Estimated Market Value of Undeveloped Land Land held for sale or future development $ 48,489 Outparcels at retail operating properties 14,041 Total Estimated Market Value of Undeveloped Land $ 62,530 Wholly Owned Assets (page 3) Cash and Cash Equivalents $ 47,461 Tenant and other receivables, excluding Straight line rent receivables $ 53,424 Other Assets, excluding Goodwill $ 87,048 Share of JV Assets (page 6) Cash and Cash Equivalents $ 14,869 Tenant and other receivables, excluding Straight line rent receivables $ 5,808 Other Assets $ 16,305 Less: Noncontrolling Interests (page 6) $ (3,820) Wholly Owned Debt Outstanding (page 12) Mortgage Loans $ 489,393 Unsecured Public/Private Notes 2,975,000 Unsecured Credit Facilities 450,000 Total Wholly Owned Debt Outstanding $ 3,914,393 Share of JV Debt Outstanding (page 14) $ 530,279 Other Wholly Owned Liabilities (page 3) Accounts Payable and Other Liabilities $ 219,529 Tenants' Security and Escrow Deposits $ 53,227 Other Share of JV Accounts Liabilities (page 6) Accounts Payable and Other Liabilities $ 27,308 Tenants' Security and Escrow Deposits $ 3,421 Less: Noncontrolling Interests (page 6) $ (47,883) Common Shares and Equivalents Outstanding Common Shares and Equivalents Issued and Outstanding (page 1) 168,308 (1) Includes additional interest and overhead capitalization. Real Estate - In Process Developments Other Assets Liabilities Components of Net Asset Value (NAV) As of September 30, 2019 (unaudited and in thousands)
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Supplemental Information 38 |
Current Previous YTD 2019E 2019E Net Income / Share(1) $1.19 $1.52 - $1.55 $1.56 - $1.60 NAREIT FFO / Share(1) $2.89 $3.84 - $3.87 $3.81 - $3.85 Same Property Same property NOI growth without termination fees (pro-rata) 2.1% 2% 2.0% - 2.5% Same property percent leased at period end (pro-rata) 95.2% +/- 95.5% +/- 95.5% New Investments Development and Redevelopment starts (pro-rata) $125,400 +/- $250,000 $150,000 - $250,000 Estimated yield (weighted average) 8.2% +/- 7.0% +/- 6.5% Acquisitions (pro-rata) $281,550 $281,550 +/- $232,000 Cap rate (weighted average) 4.5% 4.5% +/- 4.25% Disposition Activity Dispositions (pro-rata) $150,750 +/- $300,000 +/- $300,000 Cap rate (weighted average) 7.6% +/- 7.5% +/- 7.5% Other Net interest expense (pro-rata) $131,976 $176,000 - $177,000 $174,500 - $175,500 Net G&A expense (pro-rata)(1) $53,399 $70,500 - $71,500 $72,000 - $73,500 Recurring third party fees & commissions (pro-rata) $20,928 $28,000 - $28,500 $27,000 - $28,000 Certain non-cash items (pro-rata)(2) $39,594 $52,500 - $53,500 $45,000 - $46,000 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. Earnings Guidance September 30, 2019 (in thousands, except per share data) (1) 2019 includes the impact of ($0.05) per diluted share related to the adoption of the new lease accounting standard ASC 842 on January 1, 2019, that requires previously capitalized indirect internal leasing and legal costs to be expensed. (2) Includes above and below market rent amortization, straight-line rents and amortization of mark-to-market debt adjustments 34
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Supplemental Information 39 |
NAREIT FFO Guidance: Low High Net income attributable to common stockholders $ 1.52 1 .55 Adjustments to reconcile net income to NAREIT FFO: Depreciation and amortization 2 .42 2 .42 Provision for impairment 0 .14 0 .14 Gain on sale of operating properties (0.24) (0.24) NAREIT Funds From Operations $ 3.84 3 .87 Reconciliation of Net Income to Earnings Guidance September 30, 2019 (per diluted share) Full Year 2019
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Supplemental Information 40 |
Glossary of Terms September 30, 2019 Development Completion: A property 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 property 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 the following calendar year. Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders. 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 on sales and impairments of real estate, net of tax, 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 in effect during that period. Effective January 1, 2019 the Company prospectively adopted the NAREIT FFO White Paper – 2018 Restatement (“2018 FFO Whitepaper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to the Company’s main business. Prior period amounts were not restated to conform to the current year presentation, and therefore are calculated as described above, but also include gains on sales and impairments of land. 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 on sale and impairments of real estate, 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 Attributable to Common Stockholders to NAREIT FFO. Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income / provision for doubtful accounts. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement 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. Operating EBITDAre : NAREIT EBITDAre is a measure of REIT performance, which the NAREIT defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from NAREIT EBITDAre certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income (Loss) to Operating EBITDAre . Core Operating Earnings: 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 Operating Earnings excludes from NAREIT FFO: (i) transaction related income or expenses (ii) gains or losses from the early extinguishment of debt; (iii) certain noncash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of markto- market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core Operating Earnings. Property In Development: Properties in various stages of development and redevelopment including active pre-development activities. Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses. Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all developments and Non-Same Properties.
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Supplemental Information 41 |