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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2020

or

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

For the transition period from              to             

 

Commission File Number 1-12298 (Regency Centers Corporation)

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

 

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

florida (REGENCY CENTERS CORPORATION)

59-3191743

Delaware (REGENCY CENTERS, L.P)

59-3429602

(State or other jurisdiction of incorporation or organization)

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

 

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(904) 598-7000

(Address of principal executive offices) (zip code)

 

(Registrant's telephone number, including area code)

 

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

Regency Centers Corporation

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

REG

 

The Nasdaq Stock Market LLC

Regency Centers, L.P.

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

None

 

N/A

 

N/A

 

 

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

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

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

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

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

Regency Centers Corporation:

 

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

Regency Centers, L.P.:

 

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

 

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

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

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

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

The number of shares outstanding of Regency Centers Corporation’s common stock was 169,629,023 as of May 7, 2020.

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2020, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to “Regency Centers Corporation” or the “Parent Company” mean Regency Centers Corporation and its controlled subsidiaries; and references to “Regency Centers, L.P.” or the “Operating Partnership” mean Regency Centers, L.P. and its controlled subsidiaries. The term “the Company”, "Regency Centers" or “Regency” means the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust (“REIT”) and the general partner of the Operating Partnership. The Operating Partnership's capital includes general and limited common Partnership Units (“Units”). As of March 31, 2020, the Parent Company owned approximately 99.6% of the Units in the Operating Partnership. The remaining limited Units are owned by investors. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management.

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

 

 

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

 

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

 

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

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

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

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

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

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

 


TABLE OF CONTENTS

 

 

 

 

 

 

 

Form 10-Q

Report Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

Regency Centers Corporation:

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

1

 

 

 

 

Consolidated Statements of Operations for the periods ended March 31, 2020 and 2019

2

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended March 31, 2020 and 2019

3

 

 

 

 

Consolidated Statements of Equity for the periods ended March 31, 2020 and 2019

4

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended March 31, 2020 and 2019

5

 

 

 

Regency Centers, L.P.:

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

7

 

 

 

 

Consolidated Statements of Operations for the periods ended March 31, 2020 and 2019

8

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended March 31, 2020 and 2019

9

 

 

 

 

Consolidated Statements of Capital for the periods ended March 31, 2020 and 2019

10

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended March 31, 2020 and 2019

11

 

 

 

 

Notes to Consolidated Financial Statements

13

 

 

 

Item 2.

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

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

47

 

 

 

Item 4.

Controls and Procedures

47

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

48

 

 

 

Item 1A.

Risk Factors

48

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

 

 

 

Item 3.

Defaults Upon Senior Securities

49

 

 

 

Item 4.

Mine Safety Disclosures

49

 

 

 

Item 5.

Other Information

49

 

 

 

Item 6.

Exhibits

50

 

 

 

SIGNATURES

51

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2020 and December 31, 2019

(in thousands, except share data)

 

 

 

2020

 

 

2019

 

Assets

 

(unaudited)

 

 

 

 

 

Real estate assets, at cost

 

$

11,137,612

 

 

 

11,095,294

 

Less: accumulated depreciation

 

 

1,829,005

 

 

 

1,766,162

 

Real estate assets, net

 

 

9,308,607

 

 

 

9,329,132

 

Investments in real estate partnerships

 

 

489,500

 

 

 

469,522

 

Properties held for sale

 

 

27,889

 

 

 

45,565

 

Cash, cash equivalents and restricted cash, including $3,595 and $2,542 of restricted cash at March 31, 2020 and December 31, 2019, respectively

 

 

736,845

 

 

 

115,562

 

Tenant and other receivables

 

 

148,058

 

 

 

169,337

 

Deferred leasing costs, less accumulated amortization of $110,158 and $108,381 at March 31, 2020 and December 31, 2019, respectively

 

 

77,100

 

 

 

76,798

 

Acquired lease intangible assets, less accumulated amortization of $268,063 and $259,310 at March 31, 2020 and December 31, 2019, respectively

 

 

228,819

 

 

 

242,822

 

Right of use assets, net

 

 

290,993

 

 

 

292,786

 

Other assets

 

 

260,500

 

 

 

390,729

 

Total assets

 

$

11,568,311

 

 

 

11,132,253

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Notes payable

 

$

3,445,400

 

 

 

3,435,161

 

Unsecured credit facilities

 

 

969,457

 

 

 

484,383

 

Accounts payable and other liabilities

 

 

194,835

 

 

 

213,705

 

Acquired lease intangible liabilities, less accumulated amortization of $144,682 and $131,676 at March 31, 2020 and December 31, 2019, respectively

 

 

413,108

 

 

 

427,260

 

Lease liabilities

 

 

221,703

 

 

 

222,918

 

Tenants’ security, escrow deposits and prepaid rent

 

 

48,573

 

 

 

58,865

 

Total liabilities

 

 

5,293,076

 

 

 

4,842,292

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value per share, 220,000,000 shares authorized; 169,620,627 and 167,571,218 shares issued at March 31, 2020 and December 31, 2019, respectively

 

 

1,696

 

 

 

1,676

 

Treasury stock at cost, 449,979 and 440,574 shares held at March 31, 2020 and December 31, 2019, respectively

 

 

(23,897

)

 

 

(23,199

)

Additional paid-in-capital

 

 

7,780,336

 

 

 

7,654,930

 

Accumulated other comprehensive loss

 

 

(25,531

)

 

 

(11,997

)

Distributions in excess of net income

 

 

(1,533,182

)

 

 

(1,408,062

)

Total stockholders’ equity

 

 

6,199,422

 

 

 

6,213,348

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $29,401 and $47,092 at March 31, 2020 and December 31, 2019, respectively

 

 

36,744

 

 

 

36,100

 

Limited partners’ interests in consolidated partnerships

 

 

39,069

 

 

 

40,513

 

Total noncontrolling interests

 

 

75,813

 

 

 

76,613

 

Total equity

 

 

6,275,235

 

 

 

6,289,961

 

Total liabilities and equity

 

$

11,568,311

 

 

 

11,132,253

 

 

See accompanying notes to consolidated financial statements.

1


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Lease income

 

$

274,537

 

 

 

277,303

 

Other property income

 

 

2,305

 

 

 

1,982

 

Management, transaction, and other fees

 

 

6,816

 

 

 

6,972

 

Total revenues

 

 

283,658

 

 

 

286,257

 

Operating expenses:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

89,295

 

 

 

97,194

 

Operating and maintenance

 

 

42,369

 

 

 

40,638

 

General and administrative

 

 

13,705

 

 

 

21,300

 

Real estate taxes

 

 

35,887

 

 

 

34,155

 

Other operating expenses

 

 

1,337

 

 

 

1,134

 

Total operating expenses

 

 

182,593

 

 

 

194,421

 

Other expense (income):

 

 

 

 

 

 

 

 

Interest expense, net

 

 

37,436

 

 

 

37,752

 

Goodwill impairment

 

 

132,128

 

 

 

 

Provision for impairment of real estate, net of tax

 

 

784

 

 

 

1,672

 

Gain on sale of real estate, net of tax

 

 

(38,005

)

 

 

(16,490

)

Early extinguishment of debt

 

 

 

 

 

10,591

 

Net investment loss (income)

 

 

4,923

 

 

 

(2,354

)

Total other expense (income)

 

 

137,266

 

 

 

31,171

 

(Loss) income from operations before equity in income of investments in real estate partnerships

 

 

(36,201

)

 

 

60,665

 

Equity in income of investments in real estate partnerships

 

 

11,418

 

 

 

30,828

 

Net (loss) income

 

 

(24,783

)

 

 

91,493

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

115

 

 

 

(190

)

Limited partners’ interests in consolidated partnerships

 

 

(664

)

 

 

(857

)

Income attributable to noncontrolling interests

 

 

(549

)

 

 

(1,047

)

Net (loss) income attributable to common stockholders

 

$

(25,332

)

 

 

90,446

 

 

 

 

 

 

 

 

 

 

(Loss) income per common share - basic

 

$

(0.15

)

 

 

0.54

 

(Loss) income per common share - diluted

 

$

(0.15

)

 

 

0.54

 

 

See accompanying notes to consolidated financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(24,783

)

 

 

91,493

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

(16,079

)

 

 

(5,489

)

Reclassification adjustment of derivative instruments included in net (loss) income

 

 

1,425

 

 

 

(176

)

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

 

 

15

 

 

 

137

 

Other comprehensive loss

 

 

(14,639

)

 

 

(5,528

)

Comprehensive (loss) income

 

 

(39,422

)

 

 

85,965

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

549

 

 

 

1,047

 

Other comprehensive loss attributable to noncontrolling interests

 

 

(1,105

)

 

 

(359

)

Comprehensive (loss) income attributable to noncontrolling interests

 

 

(556

)

 

 

688

 

Comprehensive (loss) income attributable to the Company

 

$

(38,866

)

 

 

85,277

 

 

See accompanying notes to consolidated financial statements.

 

 

 

3


REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2020 and 2019

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

 

Common

Stock

 

 

Treasury

Stock

 

 

Additional

Paid In

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Distributions

in Excess of

Net Income

 

 

Total

Stockholders’

Equity

 

 

Exchangeable

Operating

Partnership

Units

 

 

Limited

Partners’

Interest  in

Consolidated

Partnerships

 

 

Total

Noncontrolling

Interests

 

 

Total

Equity

 

Balance at December 31, 2018

 

$

1,679

 

 

 

(19,834

)

 

 

7,672,517

 

 

 

(927

)

 

 

(1,255,465

)

 

 

6,397,970

 

 

 

10,666

 

 

 

41,532

 

 

 

52,198

 

 

 

6,450,168

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,446

 

 

 

90,446

 

 

 

190

 

 

 

857

 

 

 

1,047

 

 

 

91,493

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

 

 

 

 

 

 

 

 

 

(5,017

)

 

 

 

 

 

(5,017

)

 

 

(10

)

 

 

(325

)

 

 

(335

)

 

 

(5,352

)

Amounts reclassified from accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(152

)

 

 

 

 

 

(152

)

 

 

(1

)

 

 

(23

)

 

 

(24

)

 

 

(176

)

Deferred compensation plan, net

 

 

 

 

 

(1,392

)

 

 

1,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

2

 

 

 

 

 

 

3,950

 

 

 

 

 

 

 

 

 

3,952

 

 

 

 

 

 

 

 

 

 

 

 

3,952

 

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

 

 

 

 

 

 

 

 

(6,051

)

 

 

 

 

 

 

 

 

(6,051

)

 

 

 

 

 

 

 

 

 

 

 

(6,051

)

Common stock repurchased and retired

 

 

(6

)

 

 

 

 

 

(32,772

)

 

 

 

 

 

 

 

 

(32,778

)

 

 

 

 

 

 

 

 

 

 

 

(32,778

)

Common stock issued under dividend reinvestment plan

 

 

 

 

 

 

 

 

383

 

 

 

 

 

 

 

 

 

383

 

 

 

 

 

 

 

 

 

 

 

 

383

 

Contributions from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

895

 

 

 

895

 

 

 

895

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,565

)

 

 

(1,565

)

 

 

(1,565

)

Reallocation of limited partner's interest

 

 

 

 

 

 

 

 

(66

)

 

 

 

 

 

 

 

 

(66

)

 

 

 

 

 

66

 

 

 

66

 

 

 

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock/unit ($0.585 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(97,992

)

 

 

(97,992

)

 

 

(204

)

 

 

 

 

 

(204

)

 

 

(98,196

)

Balance at March 31, 2019

 

$

1,675

 

 

 

(21,226

)

 

 

7,639,353

 

 

 

(6,096

)

 

 

(1,263,011

)

 

 

6,350,695

 

 

 

10,641

 

 

 

41,437

 

 

 

52,078

 

 

 

6,402,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

$

1,676

 

 

 

(23,199

)

 

 

7,654,930

 

 

 

(11,997

)

 

 

(1,408,062

)

 

 

6,213,348

 

 

 

36,100

 

 

 

40,513

 

 

 

76,613

 

 

 

6,289,961

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,332

)

 

 

(25,332

)

 

 

(115

)

 

 

664

 

 

 

549

 

 

 

(24,783

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

 

 

 

 

 

 

 

 

 

(14,938

)

 

 

 

 

 

(14,938

)

 

 

(67

)

 

 

(1,059

)

 

 

(1,126

)

 

 

(16,064

)

Amounts reclassified from accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

1,404

 

 

 

 

 

 

1,404

 

 

 

6

 

 

 

15

 

 

 

21

 

 

 

1,425

 

Deferred compensation plan, net

 

 

 

 

 

(698

)

 

 

698

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

1

 

 

 

 

 

 

3,763

 

 

 

 

 

 

 

 

 

3,764

 

 

 

 

 

 

 

 

 

 

 

 

3,764

 

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

 

 

 

 

 

 

 

 

(5,188

)