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false0000910606000106624700009106062022-02-102022-02-100000910606srt:PartnershipInterestMember2022-02-102022-02-10

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

CURRENT REPORT

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

February 10, 2022

Date of Report (Date of earliest event reported)

 

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

https://cdn.kscope.io/8a3aa8b09e3b739c58e606a58110aac0-img37325496_0.jpg 

 

 

Florida (Regency Centers Corporation)

Delaware (Regency Centers, L. P.)

 

001-12298 (Regency Centers Corporation)

0-24763 (Regency Centers, L.P.)

 

59-3191743 (Regency Centers Corporation)

59-3429602 (Regency Centers, L.P.)

(State or other jurisdiction of incorporation)

 

 (Commission File Number)

 

(IRS Employer Identification No.)

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(Address of principal executive offices) (Zip Code)

 

(904) 598-7000

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

☐

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 February 10, 2022, Regency Centers Corporation (“Regency”) issued an earnings release for the year ended December 31, 2021, which is attached as Exhibit 99.1.

On February 10, 2022, Regency posted on its website, at investors.regencycenters.com, certain supplemental information for the year ended December 31, 2021, which are attached as Exhibit 99.2 and Exhibit 99.3, respectively.

The information furnished under this Item 2.02, including Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

 

Item 7.01

Regulation FD Disclosures

 

On February 10, 2022, Regency posted on its website, at investors.regencycenters.com, a presentation deck relating to business operations and performance.

The information furnished under this item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act, or the Exchange Act.

 

Item 9.01

Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit 99.1

Earnings release issued by Regency on February 10, 2022, for the year ended December 31, 2021.

 

 

Exhibit 99.2

Supplemental information posted on its website on February 10, 2022, for the year ended December 31, 2021.

 

 

Exhibit 99.3

Fixed income supplemental information posted on its website on February 10, 2022, for the year ended December 31, 2021.

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents)

 

 

 

SIGNATURES

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

 

 

 

REGENCY CENTERS CORPORATION

 

 

 

 

 

February 10, 2022

 

By:

 

/s/ J. Christian Leavitt

 

 

 

 

J. Christian Leavitt, Senior Vice President and Treasurer

(Principal Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGENCY CENTERS, L.P.

 

 

 

 

 

 

 

By: Regency Centers Corporation, its general partner

 

 

 

 

 

February 10, 2022

 

By:

 

/s/ J. Christian Leavitt

 

 

 

 

J. Christian Leavitt, Senior Vice President and Treasurer

(Principal Accounting Officer)

 

 
EX-99.1

Exhibit 99.1

 

 

https://cdn.kscope.io/8a3aa8b09e3b739c58e606a58110aac0-img24873041_0.jpg 

 

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Fourth Quarter and Full Year 2021 Results

JACKSONVILLE, Fla. (February 10, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq:REG) today reported financial and operating results for the period ended December 31, 2021. For the three months ended December 31, 2021 and 2020, Net Income was $0.39 per diluted share and $0.23 per diluted share, respectively. For the twelve months ended December 31, 2021 and 2020, Net Income was $2.12 per diluted share and $0.26 per diluted share, respectively.

Fourth Quarter and Full Year 2021 Highlights

•
Reported Nareit FFO of $1.01 per diluted share for the fourth quarter, and $4.02 per diluted share for the full year
 
•
Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased 15.4% during the fourth quarter and 16.2% during the full year over the same periods a year ago
 
•
Increased percent leased by 50 basis points sequentially to 94.3% in the Same Property portfolio, as of December 31, 2021
 
•
Collected 99% of fourth quarter pro-rata billed base rent, as of February 7, 2022
 
•
Executed 1.8 million square feet of comparable new and renewal leases during the fourth quarter at a blended rent spread of +12.9%, and 7.1 million square feet during the full year at a blended rent spread of +5.5%
 
•
Completed property acquisitions of $311 million during the fourth quarter and $489 million during the full year, both at Regency’s share
 
•
Completed property dispositions of $87 million during the fourth quarter and $279 million during the full year, both at Regency’s share
•
Achieved pro-rata net debt-to-operating EBITDAre of 5.1x at December 31, 2021

Subsequent Highlights

•
On January 11, 2022, closed on the sale of Costa Verde Center in San Diego, CA for $125 million
 
•
On January 25, 2022, issued its second annual TCFD Climate Change Risk Report, illustrating the Company’s continued commitment to responsible environmental stewardship
 
•
On February 9, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share
 
•
Inclusion for a 3rd year on Newsweek’s 2022 Most Responsible Companies List, ranked top 100
 

 

1

 

“We are proud of all that Regency has accomplished in the last year as we recovered from the disruption caused by the pandemic, a testament to the resiliency of our portfolio and the hard work of our people,” said Lisa Palmer, President and Chief Executive Officer. “As we look ahead from a position of strength, we’ve pivoted from a recovery mindset to a focus on growth.”

Financial Results

Net Income

•
For the three months ended December 31, 2021, Net Income Attributable to Common Stockholders (“Net Income”) was $67.9 million, or $0.39 per diluted share, compared to Net Income of $38.5 million, or $0.23 per diluted share, for the same period in 2020.
 
o
Net Income in the fourth quarter of 2021 includes an impairment charge of $85.2 million, or $0.49 per diluted share, primarily related to Potrero Center.
 
o
Net Income in the fourth quarter of 2021 also includes a gain on sale of real estate of $61.9 million, or $0.36 per diluted share, primarily related to the sale of Sequoia Station.
 
•
For the twelve months ended December 31, 2021, Net Income was $361.4 million, or $2.12 per diluted share, compared to $44.9 million, or $0.26 per diluted share, for the same period in 2020.

Nareit FFO

•
For the three months ended December 31, 2021, Nareit Funds From Operations (“Nareit FFO”) was $174.2 million, or $1.01 per diluted share, compared to $129.5 million, or $0.76 per diluted share, for the same period in 2020.
 
o
Nareit FFO in the fourth quarter of 2021 includes positive uncollectible lease income of $6.0 million at Regency’s share, or $0.04 per diluted share, favorably impacted by the collection of revenues reserved in prior periods. Additional detail on uncollectible lease income is on page 33 of the fourth quarter 2021 supplemental package.
 
o
Nareit FFO in the fourth quarter of 2021 includes positive uncollectible straight-line rent of $6.1 million, or $0.04 per diluted share, which benefitted from the reversal of straight-line rent reserves triggered by the conversion of some cash basis tenants back to accrual accounting. Straight-line rent is excluded from the calculation of Core Operating Earnings.
 
•
For the twelve months ended December 31, 2021, Nareit FFO was $688.7 million, or $4.02 per diluted share, compared to $502.0 million, or $2.95 per diluted share, for the same period in 2020.
 
o
Nareit FFO in the full year 2021 includes positive uncollectible lease income of $25.7 million at Regency’s share, or $0.15 per diluted share.
 
o
Nareit FFO in the full year 2021 includes positive uncollectible straight-line rent of $6.0 million, or $0.03 per diluted share.

Core Operating Earnings

•
For the three months ended December 31, 2021, Core Operating Earnings was $159.0 million, or $0.92 per diluted share, compared to $125.1 million, or $0.73 per diluted share, for the same period in 2020.
 
•
For the twelve months ended December 31, 2021, Core Operating Earnings was $631.2 million, or $3.68 per diluted share, compared to $505.2 million, or $2.97 per diluted share, for the same period in 2020.

 

2

 

Portfolio Performance

Same Property NOI

•
Fourth quarter 2021 Same Property NOI, excluding lease termination fees, increased by 15.4% compared to the same period in 2020.
 
•
Full year 2021 Same Property NOI, excluding lease termination fees, increased by 16.2% compared to the same period in 2020.

Leased Occupancy

•
As of December 31, 2021, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.1% leased.
 
•
As of December 31, 2021, Regency’s Same Property portfolio was 94.3% leased, an increase of 50 basis points sequentially.
 
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.9%, an increase of 40 basis points sequentially.
 
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 89.9%, an increase of 60 basis points sequentially.

Leasing Activity

•
During the three months ended December 31, 2021, Regency executed approximately 1.8 million square feet of comparable new and renewal leases at blended rent spreads of +12.9%.
 
•
During the twelve months ended December 31, 2021, approximately 7.1 million square feet of comparable new and renewal leases were executed at blended rents spreads of +5.5%.

COVID-19 Update

•
As of February 7, 2022, the Company collected 99% of fourth quarter 2021 pro-rata base rent.
 
•
Additional information regarding COVID-19 impacts can be found in the “Business Update” presentation posted on the Company’s website at investors.regencycenters.com, as well as on pages 33 and 34 of the fourth quarter 2021 supplemental package.

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

•
As of December 31, 2021, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $307 million and estimated remaining costs to complete of $127 million, each at the Company’s share.
 
•
During the fourth quarter, Regency completed one development and three redevelopment projects with combined costs of approximately $23 million, at the Company’s share.

 

3

 

Property Transactions

•
As previously disclosed, during the full year 2021, the Company completed acquisitions for a combined total of $489 million, at Regency’s share, and completed dispositions for a combined total of $279 million, at Regency’s share.
 
o
During the fourth quarter of 2021, the Company completed acquisitions for a combined total of $311 million, including Blakeney Shopping Center for $181 million and a portfolio of four grocery-anchored neighborhood centers on Long Island for $130 million.
 
o
During the fourth quarter of 2021, the Company completed the disposition of two properties for a combined total of $87 million, at Regency’s share.
 
•
As previously disclosed, subsequent to year-end on January 11, 2022, the Company closed on the sale of its wholly-owned Costa Verde Center in San Diego, California for $125 million
.

Balance Sheet

•
As of December 31, 2021, Regency had full capacity available under its $1.2 billion revolving credit facility.
 
•
As of December 31, 2021, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.1x.
 
•
As previously disclosed, in the second quarter of 2021, Regency entered into forward sale agreements in connection with its ATM program to sell an aggregate of approximately 2.3 million shares of common stock. As of December 31, 2021, the Company has approximately 1.0 million shares that remain unsettled, at an average gross price of $65.78 per share.

Dividend

•
On February 9, 2022, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.625 per share. The dividend is payable on April 5, 2022, to shareholders of record as of March 15, 2022.

2022 Guidance

Regency Centers provided initial 2022 guidance, as summarized in the table below. Please refer to the Company’s “Business Update” presentation for additional detail on guidance disclosure. Additional guidance details may also be found in the fourth quarter 2021 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

 

4

 

Full Year 2022 Guidance

All figures pro-rata and in thousands, except per share data

 

Initial 2022 Guidance

2021 Actual

 

 

 

Net Income Attributable to Common Stockholders per diluted share

$1.78 - $1.86

$2.12

 

 

 

 

 

 

Nareit Funds From Operations (“Nareit FFO”) per diluted share

$3.72 - $3.80

$4.02

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$3.56 - $3.64

$3.68

 

 

 

 

 

 

Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)

-1.25% to +0.25%

+16.2%

 

 

 

Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees, ex. Collection of Prior Year Reserves)

-2.75% to +4.25%

+9.9%

 

 

 

 

 

 

Collection of Prior Year Reserves (2)

+/- $13,000

$46,255

 

 

 

 

 

 

Certain Non-Cash Items (3)

+/- $28,000

$44,102

Includes Impact from Reversal of Uncollectible Straight-Line Rent Receivables (conversions to accrual) (4)

as converted

$12,863

 

 

 

 

 

 

Net G&A expense

$82,500 - $85,500

$73,987

 

 

 

 

 

 

Net interest expense

$163,500 - $164,500

$165,419

 

 

 

 

 

 

Recurring Third Party Fees & Commissions

$24,000 - $25,000

$25,665

 

 

 

 

 

 

Transaction Income (JV Promote)

$0

$13,589

 

 

 

 

 

 

Development and Redevelopment Spend

+/- $150,000

$106,185

 

 

 

 

 

 

Acquisitions

+/- $30,000

$488,582

Cap rate (weighted average)

+/- 5.0%

5.1%

 

 

 

 

 

 

Dispositions

+/-$150,000

$279,115

Cap rate (weighted average) (5)

2.25% - 2.50%

5.2%

 

 

 

 

 

 

Forward ATM Settlement (gross)

+/- $65,000

$84,869

 

 

 
(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark to market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the expected collection in 2022 of revenues reserved in 2020 and 2021, and the actual collection in 2021 of revenues reserved in 2020. Included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight-Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.
(5)
Weighted average cap rates exclude non-income producing assets; 2021 cap rate was 4.3% including $48 million of non-income producing assets; 2022 cap rate range includes the sale of Costa Verde ($125M at a ~1.5% cap rate, not stabilized).

 

 

5

 

Conference Call Information

To discuss Regency’s fourth quarter results and provide further business updates, management will host a conference call on Friday, February 11, 2022, at 10:00 a.m. ET. Dial-in and webcast information is listed below.

Fourth Quarter 2021 Earnings Conference Call

 

Date:

Friday, February 11, 2022

Time:

10:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

investors.regencycenters.com

 

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

 

For the Periods Ended December 31, 2021 and 2020

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 

Adjustments to reconcile to Nareit Funds From Operations (1):

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

82,765

 

 

 

94,289

 

 

 

330,364

 

 

 

375,865

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,128

 

Gain on sale of real estate

 

 

(61,915

)

 

 

(21,228

)

 

 

(100,499

)

 

 

(69,879

)

Provision for impairment of real estate

 

 

85,229

 

 

 

17,764

 

 

 

95,815

 

 

 

18,778

 

Exchangeable operating partnership units

 

 

300

 

 

 

174

 

 

 

1,615

 

 

 

203

 

Nareit Funds From Operations

 

$

174,238

 

 

 

129,486

 

 

$

688,706

 

 

 

501,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

174,238

 

 

 

129,486

 

 

$

688,706

 

 

 

501,984

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Not Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

2,685

 

 

 

-

 

 

 

22,043

 

Promote income

 

 

-

 

 

 

-

 

 

 

(13,589

)

 

 

-

 

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight line rent

 

 

(3,240

)

 

 

(3,778

)

 

 

(13,534

)

 

 

(15,605

)

Uncollectible straight line rent

 

 

(6,124

)

 

 

7,681

 

 

 

(5,965

)

 

 

39,255

 

Above/below market rent amortization, net

 

 

(5,791

)

 

 

(10,860

)

 

 

(23,889

)

 

 

(41,293

)

Debt premium/discount amortization

 

 

(105

)

 

 

(117

)

 

 

(565

)

 

 

(1,233

)

Core Operating Earnings

 

$

158,978

 

 

 

125,097

 

 

$

631,164

 

 

 

505,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,866

 

 

 

169,980

 

 

 

170,694

 

 

 

169,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share

 

 

172,626

 

 

 

170,745

 

 

 

171,456

 

 

 

170,225

 
(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.

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 Attributable to Common Stockholders to pro-rata Same Property NOI.

 

 

6

 

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

 

For the Periods Ended December 31, 2021 and 2020

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income attributable to common stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(6,918

)

 

 

(7,417

)

 

 

(40,337

)

 

 

(26,501

)

Other(1)

 

 

(15,676

)

 

 

(8,544

)

 

 

(46,860

)

 

 

(25,912

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

76,396

 

 

 

86,739

 

 

 

303,331

 

 

 

345,900

 

General and administrative

 

 

19,955

 

 

 

20,512

 

 

 

78,218

 

 

 

75,001

 

Other operating expense

 

 

3,064

 

 

 

7,617

 

 

 

5,751

 

 

 

12,642

 

Other expense

 

 

65,594

 

 

 

35,474

 

 

 

132,977

 

 

 

256,407

 

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

 

 

3,852

 

 

 

12,838

 

 

 

53,119

 

 

 

59,726

 

Net income attributable to noncontrolling interests

 

 

1,124

 

 

 

729

 

 

 

4,877

 

 

 

2,428

 

NOI

 

 

215,250

 

 

 

186,435

 

 

 

852,487

 

 

 

744,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(3,108

)

 

 

(2,124

)

 

 

(3,314

)

 

 

(11,472

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

212,142

 

 

 

184,311

 

 

$

849,173

 

 

 

733,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

210,104

 

 

 

182,051

 

 

$

842,727

 

 

 

725,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

187,315

 

 

 

162,660

 

 

$

752,604

 

 

 

648,348

 
(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-K with the SEC and, therefore, remain subject to adjustment.



The Company has published forward-looking statements and additional financial information in its fourth quarter 2021 supplemental package that may help investors estimate earnings. A copy of the Company’s fourth quarter 2021 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental 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 includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2021. 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 a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

###

 

7

 

Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
 

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.
 

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. 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 percent leased, 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.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2021 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected.

 

8

 

Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation.

Risk Factors

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with the Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties.

We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

 

9

 

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

 

10

EX-99.2

Exhibit 99.2

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Table of Contents

December 31, 2021

 

Forward-Looking Statements and Non-GAAP Measures Disclosures

3

 

 

Earnings Press Release

7

 

 

Summary Information:

 

 

 

Summary Financial Information

13

 

 

Summary Real Estate Information

14

 

 

Financial Information:

 

 

 

Consolidated Balance Sheets

15

 

 

Consolidated Statements of Operations

16

 

 

Supplemental Details of Operations (Consolidated Only)

17

 

 

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

18

 

 

Supplemental Details of Operations (Real Estate Partnerships Only)

19

 

 

Supplemental Details of Same Property NOI (Pro-Rata)

20

 

 

Reconciliations of Non-GAAP Financial Measures and Additional Disclosures

21

 

 

Summary of Consolidated Debt

23

 

 

Summary of Consolidated Debt Detail

24

 

 

Summary of Unsecured Debt Covenants and Leverage Ratios

25

 

 

Summary of Unconsolidated Debt

26

 

 

Unconsolidated Investments

27

 

 

Investment Activity:

 

 

 

Property Transactions

28

 

 

Summary of In-Process Developments and Redevelopments

29

 

 

Development and Redevelopment Current Year Completions

30

 

 

Real Estate Information:

 

 

 

Leasing Statistics

31

 

 

Average Base Rent by State

32

 

 

Average Base Rent by CBSA

33

 

 

Significant Tenant Rents

34

 

 

Tenant Lease Expirations

35

 

 

Portfolio Summary Report by State

36

 

 

Additional Disclosures Related to COVID-19 and Forward-Looking Information:

 

 

 

Components of NAV

48

 

 

Additional Disclosures Related to COVID-19 Impact

49

 

 

Earnings Guidance

51

 

 

Reconciliation of Net Income to Nareit FFO

52

 

 

Glossary of Terms

53

 

 

 

Forward-Looking Statements and Non-GAAP Measures Disclosures

December 31, 2021

 

Forward-Looking Statements

 

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2021 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
 

 

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation:

 

Risk Factors Related to Pandemics or other Health Crises

 

•
Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

 

Risk Factors Related to Operating Retail-Based Shopping Centers

 

•
Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.
 
•
Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows.
 
•
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.
 
•
In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry.
 
•
Our success depends on the continued presence and success of our “anchor” tenants.
 
•
A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.
 
•
We may be unable to collect balances due from tenants in bankruptcy.
 
•
Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.
 
•
Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us.

 

Supplemental Information i

 

Risk Factors Related to Real Estate Investments

 

•
Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.
 
•
We face risks associated with development, redevelopment and expansion of properties.
 
•
We face risks associated with the development of mixed-use commercial properties.
 
•
We face risks associated with the acquisition of properties.
 
•
We may be unable to sell properties when desired because of market conditions.
 
•
Changes in tax laws could impact our acquisition or disposition of real estate.

 

Risk Factors Related to the Environment Affecting Our Properties

 

•
Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees.
 
•
Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change.
 
•
Costs of environmental remediation may impact our financial performance and reduce our cash flow.

 

Risk Factors Related to Corporate Matters

 

•
An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks.
 
•
An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.
 
•
Failure to attract and retain key personnel may adversely affect our business and operations.
 
•
The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

 

Risk Factors Related to Our Partnerships and Joint Ventures

 

•
We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
 
•
The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

 

Risk Factors Related to Funding Strategies and Capital Structure

 

•
Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.
 
•
We depend on external sources of capital, which may not be available in the future on favorable terms or at all.
 
•
Our debt financing may adversely affect our business and financial condition.
 
•
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.
 

Supplemental Information ii

 

•
Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.
 
•
Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
 
•
The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

 

Risk Factors Related to the Market Price for Our Securities

 

•
Changes in economic and market conditions may adversely affect the market price of our securities.
 
•
There is no assurance that we will continue to pay dividends at historical rates.

 

Risk Factors Relating to the Company’s Qualification as a REIT

 

•
If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
 
•
Dividends paid by REITs generally do not qualify for reduced tax rates.
 
•
Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.
 
•
Legislative or other actions affecting REITs may have a negative effect on us.
 
•
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

 

Risk Factors Related to the Company’s Common Stock

 

•
Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control.
 
•
The issuance of the Company's capital stock may delay or prevent a change in control.
 
•
Ownership in the Company may be diluted in the future.

 

Non-GAAP Measures Disclosures

 

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
 

 

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.
 

 

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.

 

Supplemental Information iii

 

•
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 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 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 generally 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 percent leased, 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: 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.
 
•
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.

 

Supplemental Information iv

 

 

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NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Fourth Quarter and Full Year 2021 Results

JACKSONVILLE, Fla. (February 10, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq:REG) today reported financial and operating results for the period ended December 31, 2021. For the three months ended December 31, 2021 and 2020, Net Income was $0.39 per diluted share and $0.23 per diluted share, respectively. For the twelve months ended December 31, 2021 and 2020, Net Income was $2.12 per diluted share and $0.26 per diluted share, respectively.

Fourth Quarter and Full Year 2021 Highlights

•
Reported Nareit FFO of $1.01 per diluted share for the fourth quarter, and $4.02 per diluted share for the full year
 
•
Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased 15.4% during the fourth quarter and 16.2% during the full year over the same periods a year ago
 
•
Increased percent leased by 50 basis points sequentially to 94.3% in the Same Property portfolio, as of December 31, 2021
 
•
Collected 99% of fourth quarter pro-rata billed base rent, as of February 7, 2022
 
•
Executed 1.8 million square feet of comparable new and renewal leases during the fourth quarter at a blended rent spread of +12.9%, and 7.1 million square feet during the full year at a blended rent spread of +5.5%
 
•
Completed property acquisitions of $311 million during the fourth quarter and $489 million during the full year, both at Regency’s share
 
•
Completed property dispositions of $87 million during the fourth quarter and $279 million during the full year, both at Regency’s share
 
•
Achieved pro-rata net debt-to-operating EBITDAre of 5.1x at December 31, 2021
 

Subsequent Highlights

•
On January 11, 2022, closed on the sale of Costa Verde Center in San Diego, CA for $125 million
 
•
On January 25, 2022, issued its second annual TCFD Climate Change Risk Report, illustrating the Company’s continued commitment to responsible environmental stewardship
 
•
On February 9, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share
 
•
Inclusion for a 3rd year on Newsweek’s 2022 Most Responsible Companies List, ranked top 100

“We are proud of all that Regency has accomplished in the last year as we recovered from the disruption caused by the pandemic, a testament to the resiliency of our portfolio and the hard work of our people,” said Lisa Palmer, President and

Supplemental Information v

 

Chief Executive Officer. “As we look ahead from a position of strength, we’ve pivoted from a recovery mindset to a focus on growth.”

Financial Results

Net Income

•
For the three months ended December 31, 2021, Net Income Attributable to Common Stockholders (“Net Income”) was $67.9 million, or $0.39 per diluted share, compared to Net Income of $38.5 million, or $0.23 per diluted share, for the same period in 2020.
o
Net Income in the fourth quarter of 2021 includes an impairment charge of $85.2 million, or $0.49 per diluted share, primarily related to Potrero Center.
 
o
Net Income in the fourth quarter of 2021 also includes a gain on sale of real estate of $61.9 million, or $0.36 per diluted share, primarily related to the sale of Sequoia Station.
 
•
For the twelve months ended December 31, 2021, Net Income was $361.4 million, or $2.12 per diluted share, compared to $44.9 million, or $0.26 per diluted share, for the same period in 2020.

Nareit FFO

•
For the three months ended December 31, 2021, Nareit Funds From Operations (“Nareit FFO”) was $174.2 million, or $1.01 per diluted share, compared to $129.5 million, or $0.76 per diluted share, for the same period in 2020.
o
Nareit FFO in the fourth quarter of 2021 includes positive uncollectible lease income of $6.0 million at Regency’s share, or $0.04 per diluted share, favorably impacted by the collection of revenues reserved in prior periods. Additional detail on uncollectible lease income is on page 33 of the fourth quarter 2021 supplemental package.
 
o
Nareit FFO in the fourth quarter of 2021 includes positive uncollectible straight-line rent of $6.1 million, or $0.04 per diluted share, which benefitted from the reversal of straight-line rent reserves triggered by the conversion of some cash basis tenants back to accrual accounting. Straight-line rent is excluded from the calculation of Core Operating Earnings.
•
For the twelve months ended December 31, 2021, Nareit FFO was $688.7 million, or $4.02 per diluted share, compared to $502.0 million, or $2.95 per diluted share, for the same period in 2020.
o
Nareit FFO in the full year 2021 includes positive uncollectible lease income of $25.7 million at Regency’s share, or $0.15 per diluted share.
 
o
Nareit FFO in the full year 2021 includes positive uncollectible straight-line rent of $6.0 million, or $0.03 per diluted share.

Core Operating Earnings

•
For the three months ended December 31, 2021, Core Operating Earnings was $159.0 million, or $0.92 per diluted share, compared to $125.1 million, or $0.73 per diluted share, for the same period in 2020.
 
•
For the twelve months ended December 31, 2021, Core Operating Earnings was $631.2 million, or $3.68 per diluted share, compared to $505.2 million, or $2.97 per diluted share, for the same period in 2020.

Portfolio Performance

Same Property NOI

•
Fourth quarter 2021 Same Property NOI, excluding lease termination fees, increased by 15.4% compared to the same period in 2020.
 

Supplemental Information vi

 

•
Full year 2021 Same Property NOI, excluding lease termination fees, increased by 16.2% compared to the same period in 2020.

Leased Occupancy

•
As of December 31, 2021, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.1% leased.
 
•
As of December 31, 2021, Regency’s Same Property portfolio was 94.3% leased, an increase of 50 basis points sequentially.
 
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.9%, an increase of 40 basis points sequentially.
 
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 89.9%, an increase of 60 basis points sequentially.

Leasing Activity

•
During the three months ended December 31, 2021, Regency executed approximately 1.8 million square feet of comparable new and renewal leases at blended rent spreads of +12.9%.
•
During the twelve months ended December 31, 2021, approximately 7.1 million square feet of comparable new and renewal leases were executed at blended rents spreads of +5.5%.

COVID-19 Update

•
As of February 7, 2022, the Company collected 99% of fourth quarter 2021 pro-rata base rent.
 
•
Additional information regarding COVID-19 impacts can be found in the “Business Update” presentation posted on the Company’s website at investors.regencycenters.com, as well as on pages 33 and 34 of the fourth quarter 2021 supplemental package.

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

•
As of December 31, 2021, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $307 million and estimated remaining costs to complete of $127 million, each at the Company’s share.
 
•
During the fourth quarter, Regency completed one development and three redevelopment projects with combined costs of approximately $23 million, at the Company’s share.

Property Transactions

•
As previously disclosed, during the full year 2021, the Company completed acquisitions for a combined total of $489 million, at Regency’s share, and completed dispositions for a combined total of $279 million, at Regency’s share.
 
o
During the fourth quarter of 2021, the Company completed acquisitions for a combined total of $311 million, including Blakeney Shopping Center for $181 million and a portfolio of four grocery-anchored neighborhood centers on Long Island for $130 million.
 
o
During the fourth quarter of 2021, the Company completed the disposition of two properties for a combined total of $87 million, at Regency’s share.
 

Supplemental Information vii

 

•
As previously disclosed, subsequent to year-end on January 11, 2022, the Company closed on the sale of its wholly-owned Costa Verde Center in San Diego, California for $125 million.

Balance Sheet

•
As of December 31, 2021, Regency had full capacity available under its $1.2 billion revolving credit facility.
 
•
As of December 31, 2021, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.1x.
 
•
As previously disclosed, in the second quarter of 2021, Regency entered into forward sale agreements in connection with its ATM program to sell an aggregate of approximately 2.3 million shares of common stock. As of December 31, 2021, the Company has approximately 1.0 million shares that remain unsettled, at an average gross price of $65.78 per share.

Dividend

•
On February 9, 2022, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.625 per share. The dividend is payable on April 5, 2022, to shareholders of record as of March 15, 2022.

2022 Guidance

Regency Centers provided initial 2022 guidance, as summarized in the table below. Please refer to the Company’s “Business Update” presentation for additional detail on guidance disclosure. Additional guidance details may also be found in the fourth quarter 2021 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Supplemental Information viii

 

Full Year 2022 Guidance

All figures pro-rata and in thousands, except per share data

 

Initial 2022 Guidance

2021 Actual

 

 

 

Net Income Attributable to Common Stockholders per diluted share

$1.78 - $1.86

$2.12

 

 

 

 

 

 

Nareit Funds From Operations (“Nareit FFO”) per diluted share

$3.72 - $3.80

$4.02

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$3.56 - $3.64

$3.68

 

 

 

 

 

 

Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)

-1.25% to +0.25%

+16.2%

 

 

 

Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees, ex. Collection of Prior Year Reserves)

-2.75% to +4.25%

+9.9%

 

 

 

 

 

 

Collection of Prior Year Reserves (2)

+/- $13,000

$46,255

 

 

 

 

 

 

Certain Non-Cash Items (3)

+/- $28,000

$44,102

Includes Impact from Reversal of Uncollectible Straight-Line Rent Receivables (conversions to accrual) (4)

as converted

$12,863

 

 

 

 

 

 

Net G&A expense

$82,500 - $85,500

$73,987

 

 

 

 

 

 

Net interest expense

$163,500 - $164,500

$165,419

 

 

 

 

 

 

Recurring Third Party Fees & Commissions

$24,000 - $25,000

$25,665

 

 

 

 

 

 

Transaction Income (JV Promote)

$0

$13,589

 

 

 

 

 

 

Development and Redevelopment Spend

+/- $150,000

$106,185

 

 

 

 

 

 

Acquisitions

+/- $30,000

$488,582

Cap rate (weighted average)

+/- 5.0%

5.1%

 

 

 

 

 

 

Dispositions

+/-$150,000

$279,115

Cap rate (weighted average) (5)

2.25% - 2.50%

5.2%

 

 

 

 

 

 

Forward ATM Settlement (gross)

+/- $65,000

$84,869

 

 

 
(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark to market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the expected collection in 2022 of revenues reserved in 2020 and 2021, and the actual collection in 2021 of revenues reserved in 2020. Included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight-Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.
(5)
Weighted average cap rates exclude non-income producing assets; 2021 cap rate was 4.3% including $48 million of non-income producing assets; 2022 cap rate range includes the sale of Costa Verde ($125M at a ~1.5% cap rate, not stabilized).

Conference Call Information

To discuss Regency’s fourth quarter results and provide further business updates, management will host a conference call on Friday, February 11, 2022, at 10:00 a.m. ET. Dial-in and webcast information is listed below.

Fourth Quarter 2021 Earnings Conference Call

Date: Friday, February 11, 2022

Time: 10:00 a.m. ET

Dial#: 877-407-0789 or 201-689-8562

Webcast: investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Supplemental Information ix

 

Reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

 

For the Periods Ended December 31, 2021 and 2020

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 

Adjustments to reconcile to Nareit Funds From Operations (1):

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

82,765

 

 

 

94,289

 

 

 

330,364

 

 

 

375,865

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,128

 

Gain on sale of real estate

 

 

(61,915

)

 

 

(21,228

)

 

 

(100,499

)

 

 

(69,879

)

Provision for impairment of real estate

 

 

85,229

 

 

 

17,764

 

 

 

95,815

 

 

 

18,778

 

Exchangeable operating partnership units

 

 

300

 

 

 

174

 

 

 

1,615

 

 

 

203

 

Nareit Funds From Operations

 

$

174,238

 

 

 

129,486

 

 

$

688,706

 

 

 

501,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

174,238

 

 

 

129,486

 

 

$

688,706

 

 

 

501,984

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Not Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

2,685

 

 

 

-

 

 

 

22,043

 

Promote income

 

 

-

 

 

 

-

 

 

 

(13,589

)

 

 

-

 

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight line rent

 

 

(3,240

)

 

 

(3,778

)

 

 

(13,534

)

 

 

(15,605

)

Uncollectible straight line rent

 

 

(6,124

)

 

 

7,681

 

 

 

(5,965

)

 

 

39,255

 

Above/below market rent amortization, net

 

 

(5,791

)

 

 

(10,860

)

 

 

(23,889

)

 

 

(41,293

)

Debt premium/discount amortization

 

 

(105

)

 

 

(117

)

 

 

(565

)

 

 

(1,233

)

Core Operating Earnings

 

$

158,978

 

 

 

125,097

 

 

$

631,164

 

 

 

505,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,866

 

 

 

169,980

 

 

 

170,694

 

 

 

169,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share

 

 

172,626

 

 

 

170,745

 

 

 

171,456

 

 

 

170,225

 
(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.

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 Attributable to Common Stockholders to pro-rata Same Property NOI.

 

Supplemental Information x

 

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

 

For the Periods Ended December 31, 2021 and 2020

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income attributable to common stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(6,918

)

 

 

(7,417

)

 

 

(40,337

)

 

 

(26,501

)

Other(1)

 

 

(15,676

)

 

 

(8,544

)

 

 

(46,860

)

 

 

(25,912

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

76,396

 

 

 

86,739

 

 

 

303,331

 

 

 

345,900

 

General and administrative

 

 

19,955

 

 

 

20,512

 

 

 

78,218

 

 

 

75,001

 

Other operating expense

 

 

3,064

 

 

 

7,617

 

 

 

5,751

 

 

 

12,642

 

Other expense

 

 

65,594

 

 

 

35,474

 

 

 

132,977

 

 

 

256,407

 

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

 

 

3,852

 

 

 

12,838

 

 

 

53,119

 

 

 

59,726

 

Net income attributable to noncontrolling interests

 

 

1,124

 

 

 

729

 

 

 

4,877

 

 

 

2,428

 

NOI

 

 

215,250

 

 

 

186,435

 

 

 

852,487

 

 

 

744,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(3,108

)

 

 

(2,124

)

 

 

(3,314

)

 

 

(11,472

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

212,142

 

 

 

184,311

 

 

$

849,173

 

 

 

733,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

210,104

 

 

 

182,051

 

 

$

842,727

 

 

 

725,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

187,315

 

 

 

162,660

 

 

$

752,604

 

 

 

648,348

 
(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-K with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its fourth quarter 2021 supplemental package that may help investors estimate earnings. A copy of the Company’s fourth quarter 2021 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental 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 includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2021. 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 a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

###

Supplemental Information xi

 

Non-GAAP Disclosure

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

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. 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 percent leased, 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.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2021 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation.

Risk Factors

Supplemental Information xii

 

Risk Factors Related to Pandemics or other Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with the Disabilities Act and fire, safety and other regulations may have a negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties.

We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Supplemental Information xiii

 

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the Company’s Qualification as a REIT

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

Supplemental Information xiv

 

Summary Financial Information

December 31, 2021

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Year to Date

 

 

2021

 

2020

 

2021

 

2020

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders (page 4)

 

$67,859

 

$38,487

 

$361,411

 

$44,889

Net income per diluted share

 

$0.39

 

$0.23

 

$2.12

 

$0.26

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations (Nareit FFO) (page 9)

 

$174,238

 

$129,486

 

$688,706

 

$501,984

Nareit FFO per diluted share

 

$1.01

 

$0.76

 

$4.02

 

$2.95

 

 

 

 

 

 

 

 

 

Core Operating Earnings (page 9)

 

$158,978

 

$125,097

 

$631,164

 

$505,151

Core Operating Earnings per diluted share

 

$0.92

 

$0.73

 

$3.68

 

$2.97

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees (page 8)

 

$210,104

 

$182,051

 

$842,727

 

$725,358

% growth

 

15.4%

 

 

 

16.2%

 

 

 

 

 

 

 

 

 

 

 

Operating EBITDAre (page 10)

 

$203,153

 

$170,898

 

$806,888

 

$693,648

 

 

 

 

 

 

 

 

 

Dividends declared per share and unit

 

$0.625

 

$0.595

 

$2.41

 

$2.38

Payout ratio of Core Operating Earnings per share (diluted)

 

67.9%

 

81.5%

 

65.5%

 

80.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted share and unit count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (diluted) - Net income

 

                    171,866

 

                    169,980

 

                    170,694

 

                    169,460

Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings

 

                    172,626

 

                    170,745

 

                    171,456

 

                    170,225

_________________________________________________________________________________________________

 

 

 

As of

 

As of

 

As of

 

As of

 

 

12/31/2021

 

12/31/2020

 

12/31/2019

 

12/31/2018

Capital Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price per common share

 

$75.35

 

$45.59

 

$63.09

 

$58.47

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

                    171,213

 

                    169,680

 

                    167,571

 

                    167,905

Exchangeable units held by noncontrolling interests

 

                           760

 

                           765

 

                           746

 

                           350

 

 

 

 

 

 

 

 

 

Common shares and equivalents issued and outstanding

 

                    171,973

 

                    170,445

 

                    168,317

 

                    168,255

 

 

 

 

 

 

 

 

 

Market equity value of common and convertible shares

 

$12,958,170

 

$7,770,596

 

$10,619,161

 

$9,837,840

 

 

 

 

 

 

 

 

 

Outstanding debt

 

$4,235,735

 

$4,457,742

 

$4,445,591

 

$4,241,758

Less: cash

 

                     (95,027)

 

                   (378,450)

 

                   (115,562)

 

                     (45,190)

Net debt

 

$4,140,708

 

$4,079,292

 

$4,330,029

 

$4,196,568

 

 

 

 

 

 

 

 

 

Total market capitalization

 

$17,098,878

 

$11,849,888

 

$14,949,190

 

$14,034,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt metrics (pro-rata; trailing 12 months "TTM")

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt-to-Operating EBITDAre

 

5.1x

 

6.0x

 

5.4x

 

5.3x

Fixed charge coverage

 

4.5x

 

3.6x

 

4.3x

 

4.2x

 

Supplemental Information 1

 

Summary Real Estate Information

December 31, 2021

(GLA in thousands)

 

Wholly Owned and 100% of Co-investment Partnerships

 

12/31/2021

 

 

9/30/2021

 

 

6/30/2021

 

 

3/31/2021

 

 

12/31/2020

 

Number of properties

 

405

 

 

402

 

 

403

 

 

406

 

 

411

 

Number of retail operating properties

 

401

 

 

396

 

 

396

 

 

399

 

 

403

 

Number of same properties

 

393

 

 

394

 

 

394

 

 

397

 

 

393

 

Number of properties in redevelopment

 

7

 

 

9

 

 

10

 

 

10

 

 

11

 

Number of properties in development (1)

 

2

 

 

3

 

 

3

 

 

3

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA) - All properties

 

 

51,164

 

 

 

50,600

 

 

 

50,901

 

 

 

51,639

 

 

 

51,912

 

GLA including retailer-owned stores - All properties

 

 

54,910

 

 

 

54,270

 

 

 

54,571

 

 

 

55,588

 

 

 

56,000

 

GLA - Retail operating properties

 

 

50,885

 

 

 

50,079

 

 

 

50,234

 

 

 

50,975

 

 

 

51,048

 

GLA - Same properties

 

 

49,759

 

 

 

49,829

 

 

 

49,984

 

 

 

50,724

 

 

 

49,635

 

GLA - Properties in redevelopment (2)

 

 

2,476

 

 

 

2,758

 

 

 

3,016

 

 

 

2,849

 

 

 

2,929

 

GLA - Properties in development (1)

 

 

175

 

 

 

281

 

 

 

281

 

 

 

281

 

 

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned and Pro-Rata Share of Co-investment Partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLA - All properties

 

 

42,646

 

 

 

42,030

 

 

 

41,709

 

 

 

42,001

 

 

 

42,242

 

GLA including retailer-owned stores - All properties

 

 

46,393

 

 

 

45,700

 

 

 

45,379

 

 

 

45,950

 

 

 

46,330

 

GLA - Retail operating properties

 

 

42,367

 

 

 

41,562

 

 

 

41,169

 

 

 

41,462

 

 

 

41,540

 

GLA - Same properties (3)

 

 

41,294

 

 

 

41,298

 

 

 

41,451

 

 

 

41,448

 

 

 

41,415

 

Spaces > 10,000 sf (3)

 

 

25,748

 

 

 

25,760

 

 

 

25,907

 

 

 

25,933

 

 

 

25,871

 

Spaces < 10,000 sf (3)

 

 

15,545

 

 

 

15,539

 

 

 

15,544

 

 

 

15,514

 

 

 

15,544

 

GLA - Properties in redevelopment (2)

 

 

2,476

 

 

 

2,657

 

 

 

2,915

 

 

 

2,748

 

 

 

2,777

 

GLA - Properties in development (1)

 

 

175

 

 

 

228

 

 

 

228

 

 

 

228

 

 

 

228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% leased - All properties

 

94.1%

 

 

93.4%

 

 

92.5%

 

 

92.2%

 

 

92.3%

 

% leased - Retail operating properties

 

94.2%

 

 

93.7%

 

 

92.8%

 

 

92.5%

 

 

92.9%

 

% leased - Same properties (3)

 

94.3%

 

 

93.8%

 

 

92.9%

 

 

92.6%

 

 

93.0%

 

Spaces > 10,000 sf (3)

 

96.9%

 

 

96.5%

 

 

95.4%

 

 

95.1%

 

 

95.5%

 

Spaces < 10,000 sf (3)

 

89.9%

 

 

89.3%

 

 

88.7%

 

 

88.3%

 

 

88.7%

 

Average % leased - Same properties (3)

 

93.2%

 

 

93.0%

 

 

92.7%

 

 

92.7%

 

 

94.3%

 

% commenced - Same properties (3) (4)

 

91.7%

 

 

91.5%

 

 

90.9%

 

 

90.8%

 

 

91.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same property NOI growth - YTD (see page 8)

 

15.8%

 

 

16.1%

 

 

12.1%

 

 

-2.4%

 

 

-11.0%

 

Same property NOI growth without termination fees - YTD (see page 8)

 

16.2%

 

 

16.4%

 

 

12.8%

 

 

-1.6%

 

 

-11.6%

 

Same property NOI growth without termination fees or redevelopments - YTD (see page 8)

 

16.1%

 

 

16.2%

 

 

13.0%

 

 

-1.6%

 

 

-11.3%

 

Rent spreads - Trailing 12 months (5) (see page 19)

 

5.5%

 

 

2.3%

 

 

1.2%

 

 

1.2%

 

 

2.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
Includes current ground up developments.
(2)
Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
(3)
Prior periods adjusted for current same property pool.
(4)
Excludes leases that are signed but have not yet commenced.
(5)
Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Supplemental Information 2

 

Consolidated Balance Sheets

December 31, 2021 and 2020

(in thousands)

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets at cost

 

$

11,495,581

 

 

$

11,101,858

 

Less: accumulated depreciation

 

 

2,174,963

 

 

 

1,994,108

 

 

 

 

9,320,618

 

 

 

9,107,750

 

Investments in real estate partnerships

 

 

372,591

 

 

 

467,155

 

Net real estate investments

 

 

9,693,209

 

 

 

9,574,905

 

 

 

 

 

 

 

 

Properties held for sale

 

 

25,574

 

 

 

33,934

 

Cash, cash equivalents, and restricted cash

 

 

95,027

 

 

 

378,450

 

Tenant and other receivables (1)

 

 

153,091

 

 

 

143,633

 

Deferred leasing costs, net

 

 

65,741

 

 

 

67,910

 

Acquired lease intangible assets, net

 

 

212,707

 

 

 

188,799

 

Right of use assets

 

 

280,783

 

 

 

287,827

 

Other assets

 

 

266,431

 

 

 

261,446

 

 

 

 

 

 

 

 

Total assets

 

$

10,792,563

 

 

$

10,936,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,718,944

 

 

$

3,658,405

 

Unsecured credit facilities

 

 

-

 

 

 

264,679

 

Total notes payable

 

 

3,718,944

 

 

 

3,923,084

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

322,271

 

 

 

302,361

 

Acquired lease intangible liabilities, net

 

 

363,276

 

 

 

377,712

 

Lease liabilities

 

 

215,788

 

 

 

220,390

 

Tenants' security, escrow deposits, and prepaid rent

 

 

62,352

 

 

 

55,210

 

Total liabilities

 

 

4,682,631

 

 

 

4,878,757

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock, $.01 par

 

 

1,712

 

 

 

1,697

 

Additional paid in capital

 

 

7,860,700

 

 

 

7,767,646

 

Accumulated other comprehensive (loss)

 

 

(10,227

)

 

 

(18,625

)

Distributions in excess of net income

 

 

(1,814,814

)

 

 

(1,765,806

)

Total stockholders' equity

 

 

6,037,371

 

 

 

5,984,912

 

Noncontrolling Interests:

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

35,447

 

 

 

35,727

 

Limited partners' interest

 

 

37,114

 

 

 

37,508

 

Total noncontrolling interests

 

 

72,561

 

 

 

73,235

 

Total equity

 

 

6,109,932

 

 

 

6,058,147

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

10,792,563

 

 

$

10,936,904

 
(1)
For additional details, see Supplemental COVID-19 Disclosures on pages 40 & 41.

 

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.

Supplemental Information 3

 

Consolidated Statements of Operations

For the Periods Ended December 31, 2021 and 2020

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income (1)

 

$

286,978

 

 

 

248,536

 

 

$

1,113,368

 

 

 

980,166

 

Other property income

 

 

3,028

 

 

 

2,507

 

 

 

12,456

 

 

 

9,508

 

Management, transaction, and other fees

 

 

6,918

 

 

 

7,417

 

 

 

40,337

 

 

 

26,501

 

Total revenues

 

 

296,924

 

 

 

258,460

 

 

 

1,166,161

 

 

 

1,016,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

76,396

 

 

 

86,739

 

 

 

303,331

 

 

 

345,900

 

Operating and maintenance

 

 

48,937

 

 

 

46,327

 

 

 

184,553

 

 

 

170,073

 

General and administrative

 

 

19,955

 

 

 

20,512

 

 

 

78,218

 

 

 

75,001

 

Real estate taxes

 

 

34,737

 

 

 

34,386

 

 

 

142,129

 

 

 

143,004

 

Other operating expense

 

 

3,064

 

 

 

7,617

 

 

 

5,751

 

 

 

12,642

 

Total operating expenses

 

 

183,089

 

 

 

195,581

 

 

 

713,982

 

 

 

746,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

36,429

 

 

 

38,073

 

 

 

145,170

 

 

 

156,678

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,128

 

Provision for impairment of real estate, net of tax

 

 

84,274

 

 

 

17,522

 

 

 

84,389

 

 

 

18,536

 

Gain on sale of real estate, net of tax

 

 

(52,921

)

 

 

(18,775

)

 

 

(91,119

)

 

 

(67,465

)

Early extinguishment of debt

 

 

-

 

 

 

2,479

 

 

 

-

 

 

 

21,837

 

Net investment income

 

 

(2,188

)

 

 

(3,825

)

 

 

(5,463

)

 

 

(5,307

)

Total other expense (income)

 

 

65,594

 

 

 

35,474

 

 

 

132,977

 

 

 

256,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before equity in income of

 

 

 

 

 

 

 

 

 

 

 

 

investments in real estate partnerships

 

 

48,241

 

 

 

27,405

 

 

 

319,202

 

 

 

13,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in income of investments in real estate partnerships

 

 

20,742

 

 

 

11,811

 

 

 

47,086

 

 

 

34,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

68,983

 

 

 

39,216

 

 

 

366,288

 

 

 

47,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(300

)

 

 

(174

)

 

 

(1,615

)

 

 

(203

)

Limited partners' interests in consolidated partnerships

 

 

(824

)

 

 

(555

)

 

 

(3,262

)

 

 

(2,225

)

Income attributable to noncontrolling interests

 

 

(1,124

)

 

 

(729

)

 

 

(4,877

)

 

 

(2,428

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 
(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.

 

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.

Supplemental Information 4

 

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

195,339

 

 

 

191,487

 

 

$

765,941

 

 

 

772,288

 

*

Recoveries from tenants

 

 

65,517

 

 

 

60,784

 

 

 

258,596

 

 

 

246,915

 

*

Percentage rent

 

 

1,215

 

 

 

885

 

 

 

6,601

 

 

 

6,163

 

*

Termination Fees

 

 

1,934

 

 

 

1,366

 

 

 

5,790

 

 

 

5,176

 

*

Uncollectible lease income

 

 

5,388

 

 

 

(16,376

)

 

 

23,481

 

 

 

(82,367

)

*

Other lease income

 

 

2,915

 

 

 

2,539

 

 

 

10,231

 

 

 

8,725

 

 

Straight line rent on lease income

 

 

8,591

 

 

 

(3,261

)

 

 

18,189

 

 

 

(18,953

)

 

Above/below market rent amortization

 

 

6,079

 

 

 

11,112

 

 

 

24,539

 

 

 

42,219

 

 

Lease income (1)

 

 

286,978

 

 

 

248,536

 

 

 

1,113,368

 

 

 

980,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

3,028

 

 

 

2,507

 

 

 

12,456

 

 

 

9,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property management fees

 

 

3,441

 

 

 

3,614

 

 

 

14,415

 

 

 

14,444

 

 

Asset management fees

 

 

1,778

 

 

 

1,713

 

 

 

6,921

 

 

 

6,963

 

 

Leasing commissions and other fees

 

 

1,699

 

 

 

2,090

 

 

 

5,412

 

 

 

5,094

 

 

Transaction fees

 

 

-

 

 

 

-

 

 

 

13,589

 

 

 

-

 

 

Management, transaction, and other fees

 

 

6,918

 

 

 

7,417

 

 

 

40,337

 

 

 

26,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

296,924

 

 

 

258,460

 

 

 

1,166,161

 

 

 

1,016,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

76,396

 

 

 

86,739

 

 

 

303,331

 

 

 

345,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

45,002

 

 

 

42,442

 

 

 

167,785

 

 

 

154,600

 

*

Ground rent

 

 

3,140

 

 

 

2,841

 

 

 

11,613

 

 

 

11,304

 

*

Termination expense

 

 

-

 

 

 

188

 

 

 

1,874

 

 

 

713

 

 

Straight line rent on ground rent

 

 

409

 

 

 

437

 

 

 

1,679

 

 

 

1,777

 

 

Above/below market ground rent amortization

 

 

386

 

 

 

419

 

 

 

1,602

 

 

 

1,679

 

 

Operating and maintenance

 

 

48,937

 

 

 

46,327

 

 

 

184,553

 

 

 

170,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross general & administrative

 

 

17,772

 

 

 

17,012

 

 

 

72,271

 

 

 

66,207

 

 

Stock-based compensation

 

 

3,183

 

 

 

3,284

 

 

 

12,651

 

 

 

14,248

 

 

Capitalized direct development compensation costs

 

 

(2,865

)

 

 

(3,096

)

 

 

(11,276

)

 

 

(10,238

)

 

General & administrative, net

 

 

18,090

 

 

 

17,200

 

 

 

73,646

 

 

 

70,217

 

 

Loss on deferred compensation plan (2)

 

 

1,865

 

 

 

3,312

 

 

 

4,572

 

 

 

4,784

 

 

General & administrative

 

 

19,955

 

 

 

20,512

 

 

 

78,218

 

 

 

75,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

34,737

 

 

 

34,386

 

 

 

142,129

 

 

 

143,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

1,816

 

 

 

(277

)

 

 

4,263

 

 

 

2,172

 

 

Development pursuit costs

 

 

1,248

 

 

 

7,894

 

 

 

1,488

 

 

 

10,470

 

 

Other operating expenses

 

 

3,064

 

 

 

7,617

 

 

 

5,751

 

 

 

12,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

183,089

 

 

 

195,581

 

 

 

713,982

 

 

 

746,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

36,382

 

 

 

37,607

 

 

 

143,989

 

 

 

153,794

 

 

Derivative amortization

 

 

110

 

 

 

110

 

 

 

438

 

 

 

4,329

 

 

Debt cost amortization

 

 

1,403

 

 

 

1,476

 

 

 

6,173

 

 

 

5,782

 

 

Debt premium/discount amortization

 

 

(115

)

 

 

(127

)

 

 

(604

)

 

 

(1,272

)

 

Capitalized interest

 

 

(1,190

)

 

 

(765

)

 

 

(4,202

)

 

 

(4,355

)

 

Interest income

 

 

(161

)

 

 

(228

)

 

 

(624

)

 

 

(1,600

)

 

Interest expense, net

 

 

36,429

 

 

 

38,073

 

 

 

145,170

 

 

 

156,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate, net of tax

 

 

84,274

 

 

 

17,522

 

 

 

84,389

 

 

 

18,536

 

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,128

 

 

Gain on sale of real estate, net of tax

 

 

(52,921

)

 

 

(18,775

)

 

 

(91,119

)

 

 

(67,465

)

 

Early extinguishment of debt

 

 

-

 

 

 

2,479

 

 

 

-

 

 

 

21,837

 

 

Net investment income (2)

 

 

(2,188

)

 

 

(3,825

)

 

 

(5,463

)

 

 

(5,307

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

65,594

 

 

 

35,474

 

 

 

132,977

 

 

 

256,407

 

* Compnent of Net Operating Income

(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.
(2)
The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value 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.

Supplemental Information 5

 

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

December 31, 2021 and 2020

(in thousands)

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Real estate assets at cost

 

$

(87,578

)

 

 

(88,130

)

 

$

1,280,979

 

 

 

1,389,171

 

Less: accumulated depreciation

 

 

(17,396

)

 

 

(15,252

)

 

 

441,893

 

 

 

438,374

 

Net real estate investments

 

 

(70,182

)

 

 

(72,878

)

 

 

839,086

 

 

 

950,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

 

(2,669

)

 

 

(2,676

)

 

 

16,179

 

 

 

21,588

 

Tenant and other receivables (1)

 

 

(2,158

)

 

 

(2,213

)

 

 

23,899

 

 

 

23,133

 

Deferred leasing costs, net

 

 

(1,278

)

 

 

(1,017

)

 

 

14,764

 

 

 

14,856

 

Acquired lease intangible assets, net

 

 

(392

)

 

 

(540

)

 

 

5,566

 

 

 

9,440

 

Right of use assets

 

 

(1,613

)

 

 

(1,649

)

 

 

5,266

 

 

 

5,487

 

Other assets

 

 

(66

)

 

 

(68

)

 

 

21,381

 

 

 

18,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

(78,358

)

 

 

(81,041

)

 

$

926,141

 

 

 

1,044,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

(36,290

)

 

 

(37,461

)

 

$

516,791

 

 

 

534,658

 

Accounts payable and other liabilities

 

 

(2,577

)

 

 

(3,704

)

 

 

22,741

 

 

 

24,588

 

Acquired lease intangible liabilities, net

 

 

(117

)

 

 

(193

)

 

 

5,884

 

 

 

9,183

 

Lease liabilities

 

 

(1,912

)

 

 

(1,903

)

 

 

4,325

 

 

 

4,387

 

Tenants' security, escrow deposits, and prepaid rent

 

 

(348

)

 

 

(272

)

 

 

3,809

 

 

 

4,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

(41,244

)

 

 

(43,533

)

 

$

553,550

 

 

 

577,001

 
(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.

 

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 Information 6

 

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

 

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

(1,991

)

 

 

(1,777

)

 

$

(7,892

)

 

 

(7,177

)

 

$

24,802

 

 

 

26,281

 

 

$

102,118

 

 

 

105,789

 

*

Recoveries from tenants

 

 

(598

)

 

 

(539

)

 

 

(2,350

)

 

 

(2,070

)

 

 

8,829

 

 

 

8,580

 

 

 

34,431

 

 

 

33,599

 

*

Percentage rent

 

 

-

 

 

 

-

 

 

 

(6

)

 

 

(3

)

 

 

194

 

 

 

232

 

 

 

1,129

 

 

 

1,047

 

*

Termination Fees

 

 

-

 

 

 

(50

)

 

 

(11

)

 

 

(160

)

 

 

103

 

 

 

894

 

 

 

787

 

 

 

2,617

 

*

Uncollectible lease income

 

 

(33

)

 

 

97

 

 

 

(226

)

 

 

531

 

 

 

685

 

 

 

(1,410

)

 

 

2,470

 

 

 

(9,803

)

*

Other lease income

 

 

(29

)

 

 

(28

)

 

 

(119

)

 

 

(115

)

 

 

367

 

 

 

353

 

 

 

1,470

 

 

 

1,437

 

 

Straight line rent on lease income

 

 

(95

)

 

 

(1

)

 

 

(143

)

 

 

(167

)

 

 

1,225

 

 

 

(163

)

 

 

3,052

 

 

 

(2,664

)

 

Above/below market rent amortization

 

 

(6

)

 

 

(14

)

 

 

(69

)

 

 

(86

)

 

 

114

 

 

 

191

 

 

 

1,060

 

 

 

878

 

 

Lease income (1)

 

 

(2,752

)

 

 

(2,312

)

 

 

(10,816

)

 

 

(9,247

)

 

 

36,319

 

 

 

34,958

 

 

 

146,517

 

 

 

132,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

(2

)

 

 

(1

)

 

 

(14

)

 

 

(9

)

 

 

105

 

 

 

348

 

 

 

360

 

 

 

761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(279

)

 

 

(267

)

 

 

(1,083

)

 

 

(1,090

)

 

Management, transaction, and other fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(279

)

 

 

(267

)

 

 

(1,083

)

 

 

(1,090

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

(2,754

)

 

 

(2,313

)

 

 

(10,830

)

 

 

(9,256

)

 

 

36,145

 

 

 

35,039

 

 

 

145,794

 

 

 

132,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

(704

)

 

 

(619

)

 

 

(2,818

)

 

 

(2,459

)

 

 

7,614

 

 

 

8,723

 

 

 

32,093

 

 

 

34,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

(482

)

 

 

(401

)

 

 

(1,777

)

 

 

(1,441

)

 

 

5,786

 

 

 

6,004

 

 

 

22,831

 

 

 

22,333

 

*

Ground rent

 

 

(29

)

 

 

(28

)

 

 

(113

)

 

 

(113

)

 

 

90

 

 

 

74

 

 

 

357

 

 

 

343

 

 

Straight line rent on ground rent

 

 

(16

)

 

 

(16

)

 

 

(63

)

 

 

(63

)

 

 

29

 

 

 

29

 

 

 

119

 

 

 

119

 

 

Above/below market ground rent amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

10

 

 

 

39

 

 

 

39

 

 

Operating and maintenance

 

 

(527

)

 

 

(445

)

 

 

(1,953

)

 

 

(1,617

)

 

 

5,915

 

 

 

6,117

 

 

 

23,346

 

 

 

22,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General & administrative, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

82

 

 

 

106

 

 

 

341

 

 

 

369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

(341

)

 

 

(320

)

 

 

(1,315

)

 

 

(1,347

)

 

 

4,615

 

 

 

4,551

 

 

 

19,372

 

 

 

18,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(18

)

 

 

(23

)

 

 

(95

)

 

 

(83

)

 

 

335

 

 

 

294

 

 

 

1,249

 

 

 

949

 

 

Development pursuit costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12

 

 

 

67

 

 

Other operating expenses

 

 

(18

)

 

 

(23

)

 

 

(95

)

 

 

(83

)

 

 

335

 

 

 

294

 

 

 

1,261

 

 

 

1,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

(1,590

)

 

 

(1,407

)

 

 

(6,181

)

 

 

(5,506

)

 

 

18,561

 

 

 

19,791

 

 

 

76,413

 

 

 

77,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

(330

)

 

 

(336

)

 

 

(1,342

)

 

 

(1,461

)

 

 

4,688

 

 

 

5,298

 

 

 

19,442

 

 

 

22,069

 

 

Debt cost amortization

 

 

(10

)

 

 

(15

)

 

 

(45

)

 

 

(64

)

 

 

183

 

 

 

134

 

 

 

768

 

 

 

657

 

 

Debt premium/discount amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

10

 

 

 

39

 

 

 

39

 

 

Interest expense, net

 

 

(340

)

 

 

(351

)

 

 

(1,387

)

 

 

(1,525

)

 

 

4,881

 

 

 

5,442

 

 

 

20,249

 

 

 

22,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

955

 

 

 

242

 

 

 

11,426

 

 

 

242

 

 

Gain on sale of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,994

)

 

 

(2,453

)

 

 

(9,380

)

 

 

(2,414

)

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

206

 

 

 

-

 

 

 

206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

(340

)

 

 

(351

)

 

 

(1,387

)

 

 

(1,525

)

 

 

(3,158

)

 

 

3,437

 

 

 

22,295

 

 

 

20,799

 

* Compnent of Net Operating Income

(1)
For additional details, see Supplemental COVID-19 Disclosure on pages 40 & 41.

 

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 Information 7

 

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Same Property NOI Detail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

$

215,573

 

 

 

213,952

 

 

$

856,993

 

 

 

860,805

 

Recoveries from tenants

 

 

73,041

 

 

 

68,723

 

 

 

290,481

 

 

 

277,389

 

Percentage rent

 

 

1,403

 

 

 

1,114

 

 

 

7,715

 

 

 

7,144

 

Termination fees

 

 

2,038

 

 

 

2,260

 

 

 

6,446

 

 

 

7,775

 

Uncollectible lease income

 

 

6,343

 

 

 

(17,681

)

 

 

25,684

 

 

 

(91,015

)

Other lease income

 

 

3,269

 

 

 

2,885

 

 

 

11,584

 

 

 

9,982

 

Other property income

 

 

2,418

 

 

 

1,883

 

 

 

9,873

 

 

 

6,729

 

Total real estate revenues

 

 

304,085

 

 

 

273,136

 

 

 

1,208,776

 

 

 

1,078,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance

 

 

50,460

 

 

 

47,610

 

 

 

188,834

 

 

 

175,299

 

Termination expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25

 

Real estate taxes

 

 

38,340

 

 

 

38,212

 

 

 

158,940

 

 

 

158,413

 

Ground rent

 

 

3,143

 

 

 

3,003

 

 

 

11,829

 

 

 

11,964

 

Total real estate operating expenses

 

 

91,943

 

 

 

88,825

 

 

 

359,603

 

 

 

345,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

212,142

 

 

 

184,311

 

 

$

849,173

 

 

 

733,108

 

% change

 

 

15.1

%

 

 

 

 

 

15.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

210,104

 

 

 

182,051

 

 

$

842,727

 

 

 

725,358

 

% change

 

 

15.4

%

 

 

 

 

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

187,315

 

 

 

162,660

 

 

$

752,604

 

 

 

648,348

 

% change

 

 

15.2

%

 

 

 

 

 

16.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(6,918

)

 

 

(7,417

)

 

 

(40,337

)

 

 

(26,501

)

Other (1)

 

 

(15,676

)

 

 

(8,544

)

 

 

(46,860

)

 

 

(25,912

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

76,396

 

 

 

86,739

 

 

 

303,331

 

 

 

345,900

 

General and administrative

 

 

19,955

 

 

 

20,512

 

 

 

78,218

 

 

 

75,001

 

Other operating expense

 

 

3,064

 

 

 

7,617

 

 

 

5,751

 

 

 

12,642

 

Other expense

 

 

65,594

 

 

 

35,474

 

 

 

132,977

 

 

 

256,407

 

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

 

 

3,852

 

 

 

12,838

 

 

 

53,119

 

 

 

59,726

 

Net income attributable to noncontrolling interests

 

 

1,124

 

 

 

729

 

 

 

4,877

 

 

 

2,428

 

NOI

 

 

215,250

 

 

 

186,435

 

 

 

852,487

 

 

 

744,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(3,108

)

 

 

(2,124

)

 

 

(3,314

)

 

 

(11,472

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

212,142

 

 

 

184,311

 

 

$

849,173

 

 

 

733,108

 
(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 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.
(3)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Supplemental Information 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 December 31, 2021 and 2020

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

67,859

 

 

 

38,487

 

 

$

361,411

 

 

 

44,889

 

Adjustments to reconcile to Nareit Funds From Operations (1):

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

82,765

 

 

 

94,289

 

 

 

330,364

 

 

 

375,865

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,128

 

Gain on sale of real estate

 

 

(61,915

)

 

 

(21,228

)

 

 

(100,499

)

 

 

(69,879

)

Provision for impairment of real estate

 

 

85,229

 

 

 

17,764

 

 

 

95,815

 

 

 

18,778

 

Exchangeable operating partnership units

 

 

300

 

 

 

174

 

 

 

1,615

 

 

 

203

 

Nareit Funds From Operations

 

$

174,238

 

 

 

129,486

 

 

$

688,706

 

 

 

501,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

1.01

 

 

 

0.76

 

 

$

4.02

 

 

 

2.95

 

Weighted average shares (diluted)

 

 

172,626

 

 

 

170,745

 

 

 

171,456

 

 

 

170,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

174,238

 

 

 

129,486

 

 

$

688,706

 

 

 

501,984

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Non Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

2,685

 

 

 

-

 

 

 

22,043

 

Promote income

 

 

-

 

 

 

-

 

 

 

(13,589

)

 

 

-

 

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight line rent

 

 

(3,240

)

 

 

(3,778

)

 

 

(13,534

)

 

 

(15,605

)

Uncollectible straight line rent

 

 

(6,124

)

 

 

7,681

 

 

 

(5,965

)

 

 

39,255

 

Above/below market rent amortization, net

 

 

(5,791

)

 

 

(10,860

)

 

 

(23,889

)

 

 

(41,293

)

Debt premium/discount amortization

 

 

(105

)

 

 

(117

)

 

 

(565

)

 

 

(1,233

)

Core Operating Earnings

 

$

158,978

 

 

 

125,097

 

 

$

631,164

 

 

 

505,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.92

 

 

 

0.73

 

 

$

3.68

 

 

 

2.97

 

Weighted average shares (diluted)

 

 

172,626

 

 

 

170,745

 

 

 

171,456

 

 

 

170,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Non Cash Expense (1)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative amortization

 

$

110

 

 

 

110

 

 

$

438

 

 

 

4,329

 

Debt cost amortization

 

 

1,575

 

 

 

1,595

 

 

 

6,895

 

 

 

6,375

 

Stock-based compensation

 

 

3,183

 

 

 

3,284

 

 

 

12,651

 

 

 

14,248

 

Other Non Cash Expense

 

$

4,868

 

 

 

4,989

 

 

$

19,984

 

 

 

24,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maintenance and Leasing Capital Expenditures (2)

 

 

 

 

 

 

 

 

 

 

 

 

Tenant allowance and landlord work

 

$

10,201

 

 

 

6,768

 

 

$

32,788

 

 

 

29,660

 

Building improvements

 

 

10,799

 

 

 

5,414

 

 

 

24,596

 

 

 

19,104

 

Leasing commissions

 

 

3,540

 

 

 

2,134

 

 

 

13,184

 

 

 

7,425

 

Capital Expenditures

 

$

24,540

 

 

 

14,316

 

 

$

70,568

 

 

 

56,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(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 on page 7.
(2)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

 

Supplemental Information 9

 

Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (continued)

For the Periods Ended December 31, 2021 and 2020

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Reconciliation of Net Income to Nareit EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

68,983

 

 

 

39,216

 

 

$

366,288

 

 

 

47,317

 

Adjustments to reconcile to Nareit EBITDAre (1):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

41,471

 

 

 

43,743

 

 

 

166,043

 

 

 

181,043

 

Income tax expense

 

 

615

 

 

 

212

 

 

 

943

 

 

 

(357

)

Depreciation and amortization

 

 

84,010

 

 

 

95,462

 

 

 

335,424

 

 

 

380,408

 

Gain on sale of real estate

 

 

(61,915

)

 

 

(21,228

)

 

 

(100,499

)

 

 

(69,879

)

Provision for impairment of real estate

 

 

85,229

 

 

 

17,764

 

 

 

95,815

 

 

 

18,778

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

132,128

 

Nareit EBITDAre

 

$

218,393

 

 

 

175,169

 

 

$

864,014

 

 

 

689,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit EBITDAre

 

$

218,393

 

 

 

175,169

 

 

$

864,014

 

 

 

689,438

 

Adjustments to reconcile to Operating EBITDAre (1):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

2,685

 

 

 

-

 

 

 

22,043

 

Transaction income (JV promote)

 

 

-

 

 

 

-

 

 

 

(13,589

)

 

 

-

 

Straight line rent, net

 

 

(9,443

)

 

 

3,918

 

 

 

(19,579

)

 

 

23,546

 

Above/below market rent amortization, net

 

 

(5,797

)

 

 

(10,874

)

 

 

(23,958

)

 

 

(41,379

)

Operating EBITDAre

 

$

203,153

 

 

 

170,898

 

 

$

806,888

 

 

 

693,648

 
(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

 

Supplemental Information 10

 

Summary of Consolidated Debt

December 31, 2021 and 2020

(in thousands)

 

Total Debt Outstanding:

 

12/31/2021

 

 

12/31/2020

 

Notes Payable:

 

 

 

 

 

 

Fixed rate mortgage loans

 

$

469,953

 

 

$

384,735

 

Variable-rate mortgage loans

 

 

5,000

 

 

 

34,061

 

Fixed rate unsecured public debt

 

 

3,050,632

 

 

 

3,047,715

 

Fixed rate unsecured private debt

 

 

193,359

 

 

 

191,894

 

Unsecured credit facilities:

 

 

 

 

 

 

Revolving line of credit

 

 

-

 

 

 

-

 

Term Loans

 

 

-

 

 

 

264,679

 

Total

 

$

3,718,944

 

 

$

3,923,084

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities (1)

 

 

Total

 

 

Weighted Average
Contractual
Interest Rate
on Maturities

2022

 

$

11,389

 

 

 

5,848

 

 

 

-

 

 

 

17,237

 

 

7.68%

2023

 

 

9,695

 

 

 

64,376

 

 

 

-

 

 

 

74,071

 

 

3.21%

2024

 

 

4,849

 

 

 

90,742

 

 

 

250,000

 

 

 

345,591

 

 

3.70%

2025

 

 

3,732

 

 

 

40,000

 

 

 

250,000

 

 

 

293,732

 

 

3.79%

2026

 

 

3,922

 

 

 

88,000

 

 

 

200,000

 

 

 

291,922

 

 

3.83%

2027

 

 

3,788

 

 

 

137,915

 

 

 

525,000

 

 

 

666,703

 

 

3.66%

2028

 

 

2,799

 

 

 

170

 

 

 

300,000

 

 

 

302,969

 

 

4.13%

2029

 

 

22

 

 

 

146

 

 

 

425,000

 

 

 

425,168

 

 

2.95%

2030

 

 

24

 

 

 

-

 

 

 

600,000

 

 

 

600,024

 

 

3.70%

2031

 

 

26

 

 

 

-

 

 

 

-

 

 

 

26

 

 

0.00%

>10 years

 

 

2

 

 

 

3

 

 

 

725,000

 

 

 

725,005

 

 

4.56%

Unamortized debt premium/(discount), net of issuance costs

 

 

-

 

 

 

7,505

 

 

 

(31,009

)

 

 

(23,504

)

 

 

 

 

$

40,248

 

 

 

434,705

 

 

 

3,243,991

 

 

 

3,718,944

 

 

3.83%

 

Percentage of Total Debt:

 

12/31/2021

 

 

12/31/2020

Fixed

 

99.9%

 

 

99.1%

Variable

 

0.1%

 

 

0.9%

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(2)

 

 

 

 

 

Fixed

 

3.8%

 

 

3.7%

Variable

 

1.6%

 

 

1.2%

Combined

 

3.8%

 

 

3.7%

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rate:(3)

 

 

 

 

 

Combined

 

4.1%

 

 

3.9%

 

 

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

 

Fixed

 

 

9.6

 

 

10.1

Variable

 

 

1.2

 

 

1.2
(1)
Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.
(2)
Interest rates are calculated as of the quarter end.
(3)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees.

 

Supplemental Information 11

 

Summary of Consolidated Debt

December 31, 2021 and 2020

(in thousands)

 

 

 

 

 

Contractual

 

 

Effective

 

 

 

 

 

 

 

 

Lender

 

Collateral

 

Rate

 

 

Rate(1)

 

Maturity

 

12/31/2021

 

 

12/31/2020

 

Secured Debt - Fixed Rate Mortqaqe Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

John Hancock Life Insurance Company

 

Kirkwood Commons

 

7.68%

 

 

 

 

10/01/22

 

$

6,495

 

 

$

7,302

 

Wells Fargo

 

Hewlett I

 

4.41%

 

 

 

 

01/06/23

 

 

9,061

 

 

 

9,235

 

TD Bank

 

Black Rock Shopping Center

 

2.80%

 

 

 

 

04/01/23

 

 

19,029

 

 

 

19,405

 

State Farm Life Insurance Company

 

Tech Ridge Center

 

5.83%

 

 

 

 

06/01/23

 

 

2,066

 

 

 

3,346

 

American United Life Insurance Company

 

Westport Plaza

 

7.49%

 

 

 

 

08/01/23

 

 

1,789

 

 

 

2,098

 

TD Bank

 

Brickwalk Shopping Center

 

3.19%

 

 

 

 

11/01/23

 

 

31,763

 

 

 

32,369

 

Genworth Life Insurance Company

 

Aventura, Oakbrook & Treasure Coast

 

6.50%

 

 

 

 

02/28/24

 

 

6,801

 

 

 

9,525

 

Prudential Insurance Company of America

 

4S Commons Town Center

 

3.50%

 

 

 

 

06/05/24

 

 

82,531

 

 

 

84,191

 

Ellis Partners

 

Pruneyard

 

4.00%

 

 

 

 

06/30/24

 

 

2,200

 

 

 

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

 

 

 

24,000

 

Prudential Insurance Company of America

 

Country Walk Plaza

 

3.91%

 

 

 

 

11/05/25

 

 

16,000

 

 

 

16,000

 

Metropolitan Life Insurance Company

 

Westbury Plaza

 

3.76%

 

 

 

 

02/01/26

 

 

88,000

 

 

 

88,000

 

The Guardian Life Insurance of America

 

Willa Springs

 

3.81%

 

 

 

 

03/01/27

 

 

16,700

 

 

 

-

 

The Guardian Life Insurance of America

 

Alden Bridge

 

3.81%

 

 

 

 

03/01/27

 

 

26,000

 

 

 

-

 

The Guardian Life Insurance of America

 

Bethany Park Place

 

3.81%

 

 

 

 

03/01/27

 

 

10,200

 

 

 

-

 

The Guardian Life Insurance of America

 

Blossom Valley

 

3.81%

 

 

 

 

03/01/27

 

 

22,300

 

 

 

-

 

The Guardian Life Insurance of America

 

Dunwoody Hall

 

3.81%

 

 

 

 

03/01/27

 

 

13,800

 

 

 

-

 

The Guardian Life Insurance of America

 

Hasley Canyon Village

 

3.81%

 

 

 

 

03/01/27

 

 

16,000

 

 

 

-

 

PNC Bank

 

Fellsway Plaza

 

4.07%

 

 

 

 

06/02/27

 

 

36,019

 

 

 

36,590

 

New York Life Insurance

 

Oak Shade Town Center

 

6.05%

 

 

 

 

05/10/28

 

 

5,606

 

 

 

6,301

 

New York Life Insurance

 

Von's Circle Center

 

5.20%

 

 

 

 

10/10/28

 

 

5,751

 

 

 

6,434

 

New York Life Insurance

 

Copps Hill Plaza

 

6.06%

 

 

 

 

01/01/29

 

 

10,145

 

 

 

11,258

 

City of Rollingwood

 

Shops at Mira Vista

 

8.00%

 

 

 

 

03/01/32

 

 

192

 

 

 

204

 

Jefferson Pilot

 

BridgeMill

 

7.94%

 

 

 

 

05/05/21

 

 

-

 

 

 

4,012

 

Reliastar Life Insurance Company

 

Circle Center West

 

5.01%

 

 

 

 

10/01/21

 

 

-

 

 

 

9,143

 

Unamortized premiums on assumed debt of acquired properties, net of issuance costs

 

 

 

 

 

 

 

 

 

7,505

 

 

 

3,122

 

Total Fixed Rate Mortgage Loans

 

3.84%

 

 

3.73%

 

 

 

$

469,953

 

 

$

384,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 (5/11/16)

 

Fixed-rate unsecured

 

3.81%

 

 

 

 

05/11/26

 

 

100,000

 

 

 

100,000

 

Debt Placement (8/11/16)

 

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

 

 

 

425,000

 

Debt Offering (5/13/20)

 

Fixed-rate unsecured

 

3.70%

 

 

 

 

06/15/30

 

 

600,000

 

 

 

600,000

 

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

 

 

 

300,000

 

Term Loan

 

Fixed-rate unsecured

 

2.00%

 

 

 

 

01/05/22

 

 

-

 

 

 

265,000

 

Revolving Line of Credit

 

Variable-rate unsecured

 

LIBOR + 0.865%

(2)

 

 

 

03/23/25

 

 

-

 

 

 

-

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

(31,009

)

 

 

(35,712

)

Total Unsecured Debt, Net of Discounts

 

3.83%

 

 

3.98%

 

 

 

$

3,243,991

 

 

$

3,504,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Rate Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PNC Bank

 

Market at Springwoods Village

 

LIBOR + 1.50%

 

 

 

 

03/28/23

 

$

5,000

 

 

$

6,350

 

TD Bank, N.A.

 

Concord Shopping Plaza

 

LIBOR + 0.95%

 

 

 

 

12/21/21

 

 

-

 

 

 

27,750

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

-

 

 

 

(39

)

Total Variable Rate Mortgage Loans

 

1.59%

 

 

1.79%

 

 

 

$

5,000

 

 

$

34,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

3.83%

 

 

4.07%

 

 

 

$

3,718,944

 

 

$

3,923,084

 
(1)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
(2)
Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option.

 

Supplemental Information 12

 

Summary of Unsecured Debt Covenants and Leverage Ratios

December 31, 2021

(in thousands)

 

Outstanding Unsecured Public Debt:

 

Origination

 

Maturity

 

Rate

 

Balance

 

 

 

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

 

 

 

05/13/20

 

06/15/30

 

3.700%

 

$

600,000

 

 

 

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

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

Fair Market Value Calculation Method Covenants (1) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Debt to Total Consolidated Assets

 

≤ 65%

 

27%

 

31%

 

27%

 

28%

 

29%

Secured Consolidated Debt to Total Consolidated Assets

 

≤ 40%

 

3%

 

4%

 

3%

 

3%

 

3%

Consolidated Income for Debt Service to Consolidated Debt Service

 

≥ 1.5x

 

5.5x

 

5.1x

 

4.6x

 

4.3x

 

4.2x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt

 

>150%

 

388%

 

370%

 

375%

 

366%

 

345%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios:

 

 

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

Consolidated only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

21.9%

 

22.6%

 

23.5%

 

26.6%

 

31.3%

Net debt to real estate assets, before depreciation

 

 

 

30.4%

 

28.9%

 

29.2%

 

30.3%

 

30.5%

Net debt to total assets, before depreciation

 

 

 

28.1%

 

26.8%

 

27.0%

 

28.0%

 

28.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

4.6x

 

4.5x

 

4.7x

 

5.3x

 

5.4x

Fixed charge coverage

 

 

 

5.1x

 

4.8x

 

4.4x

 

4.0x

 

4.1x

Interest coverage

 

 

 

5.5x

 

5.2x

 

4.8x

 

4.3x

 

4.3x

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured assets to total real estate assets

 

 

 

89.4%

 

88.7%

 

89.7%

 

89.7%

 

89.6%

Unsecured NOI to total NOI - TTM

 

 

 

99.0%

 

89.8%

 

90.7%

 

90.5%

 

90.4%

Unencumbered assets to unsecured debt

 

 

 

318%

 

309%

 

307%

 

307%

 

284%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-Rata Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

24.2%

 

25.2%

 

26.3%

 

29.4%

 

34.4%

Net debt to real estate assets, before depreciation

 

 

 

32.3%

 

30.9%

 

31.3%

 

32.2%

 

32.6%

Net debt to total assets, before depreciation

 

 

 

29.8%

 

28.6%

 

28.9%

 

29.7%

 

30.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

5.1x

 

5.0x

 

5.3x

 

5.9x

 

6.0x

Fixed charge coverage

 

 

 

4.5x

 

4.2x

 

3.9x

 

3.6x

 

3.6x

Interest coverage

 

 

 

4.9x

 

4.7x

 

4.3x

 

3.9x

 

3.9x
(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)
Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing.

 

Supplemental Information 13

 

Summary of Unconsolidated Debt

December 31, 2021 and 2020

(in thousands)

 

Total Debt Outstanding:

 

12/31/2021

 

 

12/31/2020

 

Mortgage loans payable:

 

 

 

 

 

 

Fixed rate secured loans

 

$

1,345,904

 

 

$

1,424,103

 

Variable rate secured loans

 

 

91,663

 

 

 

117,305

 

Unsecured credit facilities variable rate

 

 

7,300

 

 

 

15,635

 

Total

 

$

1,444,867

 

 

$

1,557,043

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities

 

 

Total

 

 

Regency's Pro Rata Share

 

 

Weighted Average
Contractual
Interest Rate
on Maturities

2022

 

$

7,736

 

 

 

254,893

 

 

 

7,300

 

 

 

269,929

 

 

 

98,932

 

 

3.7%

2023

 

 

3,256

 

 

 

171,608

 

 

 

-

 

 

 

174,864

 

 

 

65,149

 

 

4.76%

2024

 

 

1,877

 

 

 

33,690

 

 

 

-

 

 

 

35,567

 

 

 

14,233

 

 

3.88%

2025

 

 

2,249

 

 

 

137,000

 

 

 

-

 

 

 

139,249

 

 

 

42,169

 

 

3.57%

2026

 

 

2,471

 

 

 

125,286

 

 

 

-

 

 

 

127,757

 

 

 

41,768

 

 

3.62%

2027

 

 

2,445

 

 

 

32,800

 

 

 

-

 

 

 

35,245

 

 

 

11,958

 

 

2.64%

2028

 

 

2,338

 

 

 

62,450

 

 

 

-

 

 

 

64,788

 

 

 

22,571

 

 

4.26%

2029

 

 

1,790

 

 

 

60,000

 

 

 

-

 

 

 

61,790

 

 

 

12,566

 

 

4.34%

2030

 

 

776

 

 

 

178,732

 

 

 

-

 

 

 

179,508

 

 

 

69,851

 

 

2.88%

2031

 

 

370

 

 

 

358,000

 

 

 

-

 

 

 

358,370

 

 

 

139,374

 

 

3.14%

>10 Years

 

 

1,004

 

 

 

5,497

 

 

 

-

 

 

 

6,501

 

 

 

1,300

 

 

4.72%

Unamortized debt premium/(discount) and issuance costs (2)

 

 

-

 

 

 

(8,701

)

 

 

-

 

 

 

(8,701

)

 

 

(3,080

)

 

 

 

 

$

26,312

 

 

 

1,411,255

 

 

 

7,300

 

 

 

1,444,867

 

 

 

516,791

 

 

3.60%

 

Percentage of Total Debt:

 

12/31/2021

 

 

12/31/2020

 

Fixed

 

93.2%

 

 

91.5%

 

Variable

 

6.8%

 

 

8.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(1)

 

 

 

 

 

 

Fixed

 

3.7%

 

 

4.1%

 

Variable

 

2.5%

 

 

2.4%

 

Combined

 

3.6%

 

 

3.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rates:(2)

 

 

 

 

 

 

Combined

 

3.7%

 

 

4.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

 

 

Fixed

 

 

5.6

 

 

 

4.4

 

Variable

 

 

0.3

 

 

 

1.1

 
(1)
Interest rates are calculated as of the quarter end.
(2)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

 

Supplemental Information 14

 

Unconsolidated Investments

December 31, 2021

(in thousands)

 

Investment Partner and

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency

 

Portfolio Summary

 

Number of

 

 

Total

 

 

Total

 

 

Total

 

 

Ownership

 

Share

 

 

Investment

 

 

Equity

 

Abbreviation

 

Properties

 

 

GLA

 

 

Assets

 

 

Debt

 

 

Interest

 

of Debt

 

 

12/31/2021

 

 

Pick-up

 

State of Oregon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-C, JV-C2)

 

 

19

 

 

 

2,157

 

 

$

488,006

 

 

$

244,129

 

 

20.00%

 

$

48,826

 

 

$

42,611

 

 

$

12,963

 

(JV-CCV)

 

 

1

 

 

 

559

 

 

 

94,536

 

 

 

74,748

 

 

30.00%

 

 

22,424

 

 

 

5,554

 

 

 

1,522

 

 

 

 

20

 

 

 

2,716

 

 

 

582,542

 

 

 

318,877

 

 

 

 

 

 

 

 

 

 

 

 

GRI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-GRI)

 

 

67

 

 

 

8,647

 

 

 

1,537,411

 

 

 

944,133

 

 

40.00%

 

 

377,653

 

 

 

153,125

 

 

 

34,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CalSTRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-RC)

 

 

6

 

 

 

614

 

 

 

103,587

 

 

 

-

 

 

25.00%

 

 

-

 

 

 

24,995

 

 

 

2,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYSCRF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-NYC)

 

 

2

 

 

 

281

 

 

 

82,446

 

 

 

46,456

 

 

30.00%

 

 

13,937

 

 

 

11,688

 

 

 

315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USAA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-USA)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

-

 

 

 

-

 

 

 

631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Publix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-O)

 

 

2

 

 

 

211

 

 

 

25,005

 

 

 

-

 

 

50.00%

 

 

-

 

 

 

12,481

 

 

 

1,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

 

2

 

 

 

249

 

 

 

128,959

 

 

 

-

 

 

49.90%

 

 

-

 

 

 

63,783

 

 

 

1,742

 

Town and Country Center

 

 

1

 

 

 

230

 

 

 

207,339

 

 

 

91,663

 

 

35.00%

 

 

32,082

 

 

 

39,021

 

 

 

(733

)

Others (2)

 

 

3

 

 

 

352

 

 

 

88,155

 

 

 

43,738

 

 

38.08% - 50%

 

 

21,869

 

 

 

19,333

 

 

 

(7,662

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

103

 

 

 

13,300

 

 

$

2,755,444

 

 

$

1,444,867

 

 

 

 

$

516,791

 

 

$

372,591

 

 

$

47,086

 
(1)
On August 1, 2021, Regency completed the purchase of its partner's 80% interest in the properties held in the portfolio for $81.7 million, net of debt assumed and a promoted interest.
(2)
In August 2021, Regency and its co-investor sold their collective interest in a single propety joint venture, resulting in a provision for impairment of $9.2 million through Equity in income of investments in real estate partnerships.

 

Supplemental Information 15

 

Property Transactions

December 31, 2021

(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)

Aug-21

USAA Portfolio (1)

USAA (80%)

Various

683

$177,582

 

Kroger, Publix, Ralphs, Safeway, Walgreens

Nov-21

Blakeney Shopping Center

 

South Charlotte, NC

383

181,000

 

Harris Teeter, Marshalls/HomeGoods, Best Buy, PetSmart, (Target)

Dec-21

East Meadow

 

Long Island, NY

141

38,000

 

Stew Leonard's, Marshalls

Dec-21

EastPort

 

Long Island, NY

48

9,000

 

King Kullen, Rite Aid

Dec-21

Valley Stream

 

Long Island, NY

99

48,000

 

King Kullen

Dec-21

Wading River

 

Long Island, NY

99

35,000

 

King Kullen, CVS, Ace Hardware

 

Property Total

 

1,453

$488,582

5.1%

 

 

Dispositions:

 

Date

Property Name

Co-investment Partner (REG %)

Market

Total
GLA

 

Regency's
Share of
Sales Price

 

Weighted Average
Cap Rate

Anchor(s)

Jan-21

Pleasanton Plaza

 

Pleasanton, CA

-

 

$

29,400

 

 

-

Jan-21

Harris Crossing

 

Wake Forest, NC

65

 

 

9,000

 

 

Harris Teeter

Feb-21

Hickory Creek Plaza

 

Hollywood, FL

28

 

 

13,300

 

 

(Kroger)

Mar-21

Homestead McDonalds

 

Homestead, FL

4

 

 

2,470

 

 

-

Mar-21

Veranda Shoppes

NYCR (30%)

Plantation, FL

45

 

 

5,100

 

 

Publix

Apr-21

Gateway 101

 

East Palo Alto, CA

92

 

 

53,165

 

 

Nordstrom Rack, Target, (Home Depot), (PGA Tour Superstore)

May-21

Lantana

 

Lantana, FL

11

 

 

1,950

 

 

-

Jun-21

Northborough Crossing

NYCR (30%)

Northborough, MA

646

 

 

31,200

 

 

Wegmans, BJ's Wholesale, Kohl's, Pottery Barn Outlet, Dick's Sporting Goods, TJ Maxx, Michael's, PetSmart, Homesense, Old Navy

Aug-21

Hancock Sears & Pad

 

Austin, TX

178

 

 

18,700

 

 

Former Sears

Aug-21

Parnassus Height Medical

Other (50%)

San Francisco, CA

146

 

 

28,250

 

 

Medical Office

Nov-21

Marina Shores

Oregon (20%)

Long Beach, CA

68

 

 

13,580

 

 

Petco

Dec-21

Sequoia Station

 

Redwood City, CA

103

 

 

73,000

 

 

CVS, Old Navy, Barnes & Noble, (Safeway)

 

Property/Outparcel(s) Total

 

 

1,386

 

$

279,115

 

5.2% (2)

 

 

 

 

 

 

 

 

 

 

 

 

Non-Income Producing Land Total

 

 

 

$

6,640

 

 

 
(1)
REG closed on the purchase of its partner's 80% interest in the USAA joint venture. Upon closing, this portfolio became 100% REG owned.
(2)
The weighted average cap rate calculation excludes the sale of Pleasanton Plaza and Hancock Sears & Pad, both of which are non-income producing properties that were sold for $29.4 million, and $18.7 million in the first quarter and third quarter, respectively. Including the sale of Pleasanton Plaza and Hancock Sears & Pad, the weighted average cap rate is 4.3%.

 

Supplemental Information 16

 

Summary of In-Process Developments and Redevelopments

December 31, 2021

(in thousands)

 

In-Process Developments and Redevelopments (1)

Shopping Centers

 

Market

 

Grocer/Anchor Tenant

 

Center GLA

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement(a)

 

Est Stabilization
Year(b)

 

REG'S Est Net
Project Costs

 

 

% of Costs
Incurred

 

Stabilized
Yield(c)

Ground-up Developments

 

 

 

 

 

133

 

 

73%

 

 

 

 

 

 

 

$

48,693

 

 

67%

 

7% +/-

Carytown Exchange - Phases I & II (2) (3)

 

Richmond, VA

 

Publix

 

 

74

 

 

71%

 

Q4-2018

 

2H-2020

 

2023

 

 

29,174

 

 

73%

 

6 - 7%

East San Marco (2)

 

Jacksonville, FL

 

Publix

 

 

59

 

 

77%

 

Q4-2020

 

2H-2022

 

2024

 

 

19,519

 

 

59%

 

7 - 8%

Redevelopments

 

 

 

 

 

 

3,025

 

 

90%

 

 

 

 

 

 

 

$

258,613

 

 

57%

 

7 - 8%

The Crossing Clarendon (3)

 

Metro DC

 

Life Time

 

 

129

 

 

95%

 

Q4-2018

 

1H-2022

 

2024

 

 

57,374

 

 

63%

 

8% +/-

The Abbot

 

Boston, MA

 

Retail/Office Users

 

 

65

 

 

40%

 

Q2-2019

 

2H-2022

 

2023

 

 

58,217

 

 

71%

 

8 - 9%

Sheridan Plaza

 

Hollywood, FL

 

Publix, Burlington

 

 

507

 

 

93%

 

Q3-2019

 

2H-2020

 

2022

 

 

12,115

 

 

85%

 

9 - 10%

Preston Oaks (2)

 

Dallas, TX

 

H.E.B.

 

 

103

 

 

79%

 

Q4-2020

 

1H-2021

 

2023

 

 

22,327

 

 

66%

 

6% +/-

Serramonte Center

 

San Francisco, CA

 

Macy's/Target/Dick's Sporting Goods/
Ross/Nordstrom Rack

 

 

1,073

 

 

88%

 

Q4-2020

 

2H-2021

 

2026

 

 

55,000

 

 

53%

 

5% +/-

Westbard Square Phase I (3)(4)

 

Bethesda, MD

 

Giant

 

 

123

 

 

57%

 

Q2-2021

 

2H-2023

 

2025

 

 

37,038

 

 

18%

 

6% +/-

Various Redevelopments (est costs < $10 million individually)

 

 

1,025

 

 

97%

 

 

 

 

 

 

 

 

16,542

 

 

55%

 

9% +/-

Total In-Process (In Construction)

 

 

3,158

 

 

89%

 

 

 

 

 

 

 

$

307,306

 

 

59%

 

7 - 8%

 

In Process Development and Redevelopment Descriptions

Ground-up Developments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carytown Exchange - Phase I & II

 

Located in Richmond's most desirable retail corridor, Carytown is a ground-up development anchored by Publix and complemented by street retail and structured parking. The Publix, Shop Bldg B, Shop Bldg E, and structured parking are now complete. Phase II commenced in 2Q21, and includes further value creation in the form of two additional multi-tenant buildings (Shop Bldgs A & C) totaling 36k SF.

East San Marco

 

Located in one of the most desirable areas of Jacksonville, FL, East San Marco is an infill ground-up retail development anchored by Publix. In addition, an adjacent parcel sold in August 2021 to a residential builder for housing.

Redevelopments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Crossing Clarendon

 

Redevelopment of vacant, four-story, 1960's-era office building into a modern 130k SF mixed-use "Loft" building to complement the existing dominant, mixed-use center in Arlington, VA. The building will include ground floor retail and 110k SF of space leased to high-end health club Life Time.

The Abbot

 

Generational redevelopment and modernization of 3 historic buildings in the heart of Harvard Square into an unparalleled mixed-use project with flagship retail and Class A office space.

Sheridan Plaza

 

Repositioning with addition of Burlington, façade renovations and other placemaking enhancements.

Preston Oaks

 

Redevelopment includes substantial rebuild following tornado damage of a 101k SF, anchored by H.E.B. Central Market shopping center, and located in Dallas, TX. Redevelopment spend is reimbursable through insurance proceeds.

Serramonte Center

 

Redevelopment includes continued enhancement of a Class A mall in a premier location that includes the addition of new retail that will augment the evolving merchandising mix, redevelopment of the former J.C. Penney space, and additional redevelopment considerations in the northwest portion of the site. Redevelopment represents multiple phases occurring over approximately 4 years, with expected stabilization around 2026.

Westbard Square Phase I

 

Existing property includes a Giant-anchored retail center, a 3-level office building, 2 gas stations, and a vacant senior housing building. Phase I of the redevelopment will include construction of a 123k SF retail building anchored by a 70k SF Giant, and realignment of Westbard Avenue at the intersection with River Road. Regency will also participate in a joint venture whereby the partner will construct a ~100-unit senior living building.

Various Redevelopments (est costs < $10 million individually)

 

Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

See page 18 for footnotes

Supplemental Information 17

 

Development and Redevelopment Current Year Completions

December 31, 2021

(in thousands)

 

 

Current Year Development and Redevelopment Completions

Shopping Center Name

 

Market

 

Center GLA

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement(a)

 

Est Stabilization
Year(b)

 

REG's Est Net
Project Costs

 

 

% of Costs
Incurred

 

Stabilized
Yield(c)

Ground-up Developments

 

 

 

55

 

 

100%

 

 

 

 

 

 

 

$

2,300

 

 

98%

 

7%

Baybrook East 1A (2)(3)

 

Houston, TX

 

 

55

 

 

100%

 

Q4-2020

 

2H-2021

 

2022

 

 

2,300

 

 

98%

 

7%

Redevelopments

 

 

 

 

1,251

 

 

94%

 

 

 

 

 

 

 

$

65,289

 

 

93%

 

9%

Bloomingdale Square

 

Tampa, FL

 

 

252

 

 

96%

 

Q3-2018

 

2H-2019

 

2022

 

 

21,327

 

 

89%

 

8%

Point 50

 

Metro DC

 

 

48

 

 

100%

 

Q4-2018

 

2H-2020

 

2023

 

 

17,354

 

 

91%

 

8%

West Bird Plaza

 

Miami, FL

 

 

99

 

 

99%

 

Q4-2019

 

2H-2021

 

2022

 

 

10,338

 

 

97%

 

7%

Various Redevelopments (est costs < $10 million individually)

 

 

852

 

 

93%

 

 

 

 

 

 

 

 

16,270

 

 

96%

 

12%

Total Completions

 

 

1,305

 

 

94%

 

 

 

 

 

 

 

$

67,589

 

 

93%

 

9%
(1)
Scope, economics and timing of development and redevelopment projects could change materially from estimates provided. Amounts reported are at Regency’s pro-rata share.
(2)
Ground-up development or redevelopment that is excluded from the Same Property NOI pool.
(3)
GLA and % Leased for Carytown represents Regency's pro-rata share, The Crossing Clarendon represents the office building only, and Westbard Square Phase I represents phase I only.
(4)
Estimated costs are net of expected land sale proceeds of $50m. Combined net project costs for phase I and future phases are expected to be $110m - $120m with an incremental yield of 6% - 7%. Future phase(s) will include ~200 units of apartments, 44k SF of additional retail, and ~100 for-sale townhomes.

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $332,249 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 61% for Ground-up Developments and Redevelopments In-Process.

(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.
(c)
A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

Supplemental Information 18

 

Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(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.

 

4th Quarter 2021

 

 

400

 

 

 

1,753

 

 

$

27.44

 

 

12.9%

 

 

6.1

 

 

$

5.19

 

3rd Quarter 2021

 

 

421

 

 

 

2,019

 

 

 

24.06

 

 

5.1%

 

 

5.9

 

 

 

5.68

 

2nd Quarter 2021

 

 

432

 

 

 

1,881

 

 

 

25.11

 

 

2.7%

 

 

5.8

 

 

 

5.21

 

1st Quarter 2021

 

 

381

 

 

 

1,486

 

 

 

24.54

 

 

0.2%

 

 

5.4

 

 

 

3.02

 

Total - 12 months

 

 

1,634

 

 

 

7,139

 

 

$

25.27

 

 

5.5%

 

 

5.8

 

 

$

4.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

4th Quarter 2021

 

111

 

 

 

414

 

 

$

28.66

 

 

45.6%

 

 

8.0

 

 

$

18.14

 

3rd Quarter 2021

 

107

 

 

 

282

 

 

 

30.77

 

 

0.8%

 

 

8.0

 

 

 

29.47

 

2nd Quarter 2021

 

116

 

 

 

320

 

 

 

29.80

 

 

-0.2%

 

 

8.6

 

 

 

25.38

 

1st Quarter 2021

 

79

 

 

 

266

 

 

 

25.28

 

 

-1.4%

 

 

7.8

 

 

 

16.51

 

Total - 12 months

 

 

413

 

 

 

1,282

 

 

$

28.91

 

 

12.3%

 

 

8.1

 

 

$

22.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

4th Quarter 2021

 

 

289

 

 

 

1,339

 

 

$

27.01

 

 

4.1%

 

 

5.4

 

 

$

0.65

 

3rd Quarter 2021

 

 

314

 

 

 

1,737

 

 

 

22.85

 

 

6.2%

 

 

5.6

 

 

 

1.41

 

2nd Quarter 2021

 

 

316

 

 

 

1,561

 

 

 

24.04

 

 

3.6%

 

 

5.1

 

 

 

0.62

 

1st Quarter 2021

 

 

302

 

 

 

1,220

 

 

 

24.41

 

 

0.5%

 

 

4.9

 

 

 

0.76

 

Total - 12 months

 

 

1,221

 

 

 

5,857

 

 

$

24.44

 

 

3.8%

 

 

5.3

 

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

4th Quarter 2021

 

 

483

 

 

 

2,208

 

 

$

27.55

 

 

 

 

 

6.5

 

 

$

13.62

 

3rd Quarter 2021

 

 

501

 

 

 

2,420

 

 

 

23.25

 

 

 

 

 

6.7

 

 

 

8.48

 

2nd Quarter 2021

 

 

527

 

 

 

2,147

 

 

 

25.34

 

 

 

 

 

5.7

 

 

 

7.46

 

1st Quarter 2021

 

 

446

 

 

 

1,776

 

 

 

23.13

 

 

 

 

 

5.2

 

 

 

6.15

 

Total - 12 months

 

 

1,957

 

 

 

8,551

 

 

$

24.86

 

 

 

 

 

6.1

 

 

$

9.15

 

 

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
•
Tenant Allowance and Landlord Work / Sq. Ft. for 3rd Quarter 2021 has been updated for inclusion of revised expectations on capital commitments for a New Leasing transaction.

Supplemental Information 19

 

Average Base Rent by State - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(in thousands)

 

State

 

Number of
Properties

 

 

GLA

 

 

% Leased (1)

 

 

ABR

 

 

ABR/Sq. Ft.

 

 

% of Number
of Properties

 

 

% of GLA

 

 

% of ABR

 

California

 

 

71

 

 

 

9,207

 

 

 

93.1

%

 

$

247,732

 

 

$

28.81

 

 

 

17.5

%

 

 

21.6

%

 

 

26.6

%

Florida

 

 

96

 

 

 

11,038

 

 

 

93.8

%

 

 

201,147

 

 

 

19.39

 

 

 

23.7

%

 

 

25.9

%

 

 

21.6

%

Texas

 

 

30

 

 

 

3,500

 

 

 

95.9

%

 

 

67,970

 

 

 

20.20

 

 

 

7.4

%

 

 

8.2

%

 

 

7.3

%

New York

 

 

16

 

 

 

1,805

 

 

 

93.1

%

 

 

59,049

 

 

 

35.13

 

 

 

4.0

%

 

 

4.2

%

 

 

6.3

%

Georgia

 

 

22

 

 

 

2,127

 

 

 

91.1

%

 

 

44,139

 

 

 

22.54

 

 

 

5.4

%

 

 

5.0

%

 

 

4.7

%

Virginia

 

 

21

 

 

 

1,668

 

 

 

92.3

%

 

 

43,762

 

 

 

28.34

 

 

 

5.2

%

 

 

3.9

%

 

 

4.7

%

Connecticut

 

 

15

 

 

 

1,538

 

 

 

94.5

%

 

 

35,056

 

 

 

23.91

 

 

 

3.7

%

 

 

3.6

%

 

 

3.8

%

North Carolina

 

 

18

 

 

 

1,612

 

 

 

95.3

%

 

 

32,780

 

 

 

21.32

 

 

 

4.4

%

 

 

3.8

%

 

 

3.5

%

Washington

 

 

16

 

 

 

1,162

 

 

 

96.3

%

 

 

31,843

 

 

 

28.24

 

 

 

4.0

%

 

 

2.7

%

 

 

3.4

%

Illinois

 

 

9

 

 

 

1,315

 

 

 

97.0

%

 

 

25,376

 

 

 

20.17

 

 

 

2.2

%

 

 

3.1

%

 

 

2.7

%

Massachusetts

 

 

8

 

 

 

898

 

 

 

95.1

%

 

 

23,473

 

 

 

27.38

 

 

 

2.0

%

 

 

2.1

%

 

 

2.5

%

Colorado

 

 

19

 

 

 

1,404

 

 

 

94.7

%

 

 

21,184

 

 

 

15.84

 

 

 

4.7

%

 

 

3.3

%

 

 

2.3

%

Maryland

 

 

12

 

 

 

741

 

 

 

89.3

%

 

 

17,266

 

 

 

26.22

 

 

 

3.0

%

 

 

1.7

%

 

 

1.9

%

Ohio

 

 

8

 

 

 

1,215

 

 

 

98.3

%

 

 

15,826

 

 

 

13.18

 

 

 

2.0

%

 

 

2.8

%

 

 

1.7

%

Oregon

 

 

8

 

 

 

779

 

 

 

94.8

%

 

 

14,917

 

 

 

20.08

 

 

 

2.0

%

 

 

1.8

%

 

 

1.6

%

Pennsylvania

 

 

9

 

 

 

594

 

 

 

91.5

%

 

 

14,371

 

 

 

25.93

 

 

 

2.2

%

 

 

1.4

%

 

 

1.5

%

New Jersey

 

 

5

 

 

 

333

 

 

 

95.8

%

 

 

10,106

 

 

 

31.64

 

 

 

1.2

%

 

 

0.8

%

 

 

1.1

%

Indiana

 

 

3

 

 

 

335

 

 

 

96.0

%

 

 

5,423

 

 

 

16.90

 

 

 

0.7

%

 

 

0.8

%

 

 

0.6

%

Tennessee

 

 

3

 

 

 

314

 

 

 

98.3

%

 

 

5,307

 

 

 

16.99

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

Missouri

 

 

4

 

 

 

408

 

 

 

100.0

%

 

 

4,433

 

 

 

10.86

 

 

 

1.0

%

 

 

1.0

%

 

 

0.5

%

Delaware

 

 

2

 

 

 

254

 

 

 

92.8

%

 

 

4,082

 

 

 

17.32

 

 

 

0.5

%

 

 

0.6

%

 

 

0.4

%

Minnesota

 

 

5

 

 

 

205

 

 

 

97.8

%

 

 

3,564

 

 

 

17.75

 

 

 

1.2

%

 

 

0.5

%

 

 

0.4

%

South Carolina

 

 

2

 

 

 

83

 

 

 

100.0

%

 

 

2,072

 

 

 

24.99

 

 

 

0.5

%

 

 

0.2

%

 

 

0.2

%

Washington, D.C.

 

 

2

 

 

 

12

 

 

 

93.5

%

 

 

922

 

 

 

79.30

 

 

 

0.5

%

 

 

0.0

%

 

 

0.1

%

Michigan

 

 

1

 

 

 

97

 

 

 

74.0

%

 

 

616

 

 

 

8.56

 

 

 

0.2

%

 

 

0.2

%

 

 

0.1

%

Total All Properties

 

 

405

 

 

 

42,646

 

 

 

94.1

%

 

$

932,416

 

 

$

23.18

 

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
(1)
Includes Properties in Development and leases that are executed but have not commenced.

 

Supplemental Information 20

 

Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(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

 

1) New York-Newark-Jersey City

 

20

 

 

 

2,117

 

 

 

93.5

%

 

$

68,830

 

 

$

34.78

 

 

 

4.9

%

 

 

5.0

%

 

 

7.4

%

2) Los Angeles-Long Beach-Anaheim

 

24

 

 

 

2,499

 

 

 

95.2

%

 

 

69,772

 

 

 

29.32

 

 

 

5.9

%

 

 

5.9

%

 

 

7.5

%

3) Chicago-Naperville-Elgin

 

10

 

 

 

1,594

 

 

 

96.1

%

 

 

29,850

 

 

 

19.48

 

 

 

2.5

%

 

 

3.7

%

 

 

3.2

%

4) Dallas-Fort Worth-Arlington

 

11

 

 

 

914

 

 

 

92.9

%

 

 

17,972

 

 

 

21.15

 

 

 

2.7

%

 

 

2.1

%

 

 

1.9

%

5) Houston-Woodlands-Sugar Land

 

14

 

 

 

1,753

 

 

 

97.3

%

 

 

32,954

 

 

 

19.32

 

 

 

3.5

%

 

 

4.1

%

 

 

3.5

%

6) Washington-Arlington-Alexandri

 

27

 

 

 

1,866

 

 

 

92.2

%

 

 

50,873

 

 

 

29.56

 

 

 

6.7

%

 

 

4.4

%

 

 

5.5

%

7) Philadelphia-Camden-Wilmington

 

8

 

 

 

695

 

 

 

90.3

%

 

 

14,921

 

 

 

23.79

 

 

 

2.0

%

 

 

1.6

%

 

 

1.6

%

8) Miami-Ft Lauderdale-PompanoBch

 

41

 

 

 

5,308

 

 

 

92.7

%

 

 

106,278

 

 

 

21.61

 

 

 

10.1

%

 

 

12.4

%

 

 

11.4

%

9) Atlanta-SandySprings-Alpharett

 

22

 

 

 

2,127

 

 

 

91.1

%

 

 

44,139

 

 

 

22.77

 

 

 

5.4

%

 

 

5.0

%

 

 

4.7

%

10) Phoenix-Mesa-Chandler

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

11) Boston-Cambridge-Newton

 

8

 

 

 

898

 

 

 

95.1

%

 

 

23,473

 

 

 

27.48

 

 

 

2.0

%

 

 

2.1

%

 

 

2.5

%

12) San Francisco-Oakland-Berkeley

 

18

 

 

 

3,352

 

 

 

90.7

%

 

 

90,159

 

 

 

29.67

 

 

 

4.4

%

 

 

7.9

%

 

 

9.7

%

13) Rvrside-San Bernardino-Ontario

 

1

 

 

 

99

 

 

 

98.4

%

 

 

3,040

 

 

 

31.28

 

 

 

0.2

%

 

 

0.2

%

 

 

0.3

%

14) Detroit-Warren-Dearborn

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

15) Seattle-Tacoma-Bellevue

 

16

 

 

 

1,162

 

 

 

97.0

%

 

 

31,843

 

 

 

28.26

 

 

 

4.0

%

 

 

2.7

%

 

 

3.4

%

16) Minneapol-St. Paul-Bloomington

 

5

 

 

 

205

 

 

 

97.8

%

 

 

3,564

 

 

 

17.74

 

 

 

1.2

%

 

 

0.5

%

 

 

0.4

%

17) San Diego-Chula Vista-Carlsbad

 

11

 

 

 

1,548

 

 

 

93.0

%

 

 

42,613

 

 

 

29.61

 

 

 

2.7

%

 

 

3.6

%

 

 

4.6

%

18) Tampa-St Petersburg-Clearwater

 

9

 

 

 

1,293

 

 

 

95.8

%

 

 

23,751

 

 

 

19.18

 

 

 

2.2

%

 

 

3.0

%

 

 

2.5

%

19) Denver-Aurora-Lakewood

 

11

 

 

 

937

 

 

 

94.3

%

 

 

13,816

 

 

 

15.65

 

 

 

2.7

%

 

 

2.2

%

 

 

1.5

%

20) St. Louis

 

4

 

 

 

408

 

 

 

100.0

%

 

 

4,433

 

 

 

10.86

 

 

 

1.0

%

 

 

1.0

%

 

 

0.5

%

21) Baltimore-Columbia-Towson

 

5

 

 

 

357

 

 

 

93.3

%

 

 

7,784

 

 

 

23.36

 

 

 

1.2

%

 

 

0.8

%

 

 

0.8

%

22) Charlotte-Concord-Gastonia

 

5

 

 

 

621

 

 

 

94.1

%

 

 

13,772

 

 

 

23.56

 

 

 

1.2

%

 

 

1.5

%

 

 

1.5

%

23) Orlando-Kissimmee-Sanford

 

8

 

 

 

882

 

 

 

93.1

%

 

 

15,523

 

 

 

18.91

 

 

 

2.0

%

 

 

2.1

%

 

 

1.7

%

24) San Antonio-New Braunfels

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

25) Portland-Vancouver-Hillsboro

 

5

 

 

 

436

 

 

 

95.1

%

 

 

8,496

 

 

 

20.49

 

 

 

1.2

%

 

 

1.0

%

 

 

0.9

%

26) Sacramento-Roseville-Folsom

 

4

 

 

 

318

 

 

 

98.5

%

 

 

7,386

 

 

 

23.59

 

 

 

1.0

%

 

 

0.7

%

 

 

0.8

%

27) Pittsburgh

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

28) Austin-Round Rock-Georgetown

 

5

 

 

 

834

 

 

 

96.4

%

 

 

17,044

 

 

 

21.22

 

 

 

1.2

%

 

 

2.0

%

 

 

1.8

%

29) Las Vegas-Henderson-Paradise

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

30) Cincinnati

 

5

 

 

 

895

 

 

 

97.8

%

 

 

11,984

 

 

 

13.69

 

 

 

1.2

%

 

 

2.1

%

 

 

1.3

%

31) Kansas City

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

32) Columbus

 

3

 

 

 

320

 

 

 

99.6

%

 

 

3,842

 

 

 

12.07

 

 

 

0.7

%

 

 

0.7

%

 

 

0.4

%

33) Indianapolis-Carmel-Anderson

 

2

 

 

 

56

 

 

 

75.8

%

 

 

949

 

 

 

22.54

 

 

 

0.5

%

 

 

0.1

%

 

 

0.1

%

34) San Juan-Bayamón-Caguas

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

35) Cleveland-Elyria

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

36) Nashvil-Davdsn-Murfree-Frankln

 

3

 

 

 

314

 

 

 

98.3

%

 

 

5,307

 

 

 

17.18

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

37) San Jose-Sunnyvale-Santa Clara

 

6

 

 

 

645

 

 

 

95.9

%

 

 

18,735

 

 

 

30.28

 

 

 

1.5

%

 

 

1.5

%

 

 

2.0

%

38) Virginia Beach-Norfolk-Newport News

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

39) Providence-Warwick

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

40) Jacksonville

 

20

 

 

 

1,918

 

 

 

93.9

%

 

 

29,554

 

 

 

16.41

 

 

 

4.9

%

 

 

4.5

%

 

 

3.2

%

41) Milwaukee-Waukesha

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

42) Raleigh-Cary

 

9

 

 

 

692

 

 

 

97.9

%

 

 

14,090

 

 

 

20.81

 

 

 

2.2

%

 

 

1.6

%

 

 

1.5

%

43) Oklahoma City

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

44) Memphis

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

45) Richmond

 

3

 

 

 

199

 

 

 

80.3

%

 

 

3,294

 

 

 

20.64

 

 

 

0.7

%

 

 

0.5

%

 

 

0.4

%

46) Louisville/Jefferson County

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

47) New Orleans-Metairie

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

48) Salt Lake City

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

49) Hartford-E Hartford-Middletown

 

2

 

 

 

301

 

 

 

95.4

%

 

 

5,528

 

 

 

19.25

 

 

 

0.5

%

 

 

0.7

%

 

 

0.6

%

50) Buffalo-Cheektowaga

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Top 50 CBSAs by Population

 

 

345

 

 

 

37,561

 

 

 

94.0

%

 

$

835,569

 

 

$

23.62

 

 

 

85.2

%

 

 

88.1

%

 

 

89.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 51 - 75 by Population

 

22

 

 

 

1,951

 

 

 

94.9

%

 

 

48,585

 

 

 

25.89

 

 

 

5.4

%

 

 

4.6

%

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 76 - 100 by Population

 

12

 

 

 

760

 

 

 

98.0

%

 

 

12,444

 

 

 

16.71

 

 

 

3.0

%

 

 

1.8

%

 

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other CBSAs

 

26

 

 

 

2,373

 

 

 

93.4

%

 

 

35,818

 

 

 

16.11

 

 

 

6.4

%

 

 

5.6

%

 

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Properties

 

 

405

 

 

 

42,646

 

 

 

94.1

%

 

$

932,416

 

 

$

23.18

 

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
(1)
2021 Population Data Source: Synergos Technologies, Inc.
(2)
Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 21

 

Significant Tenant Rents - Wholly Owned and Regency's Pro-Rata Share of

Co-investment Partnerships

(Includes Tenants ≥ 0.5% of ABR)

December 31, 2021

(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

 

1

 

 

Publix

 

 

2,892

 

 

7.2%

 

$

31,719

 

 

3.4%

 

68

 

9

 

2

 

 

Kroger Co. (1)

 

 

2,991

 

 

7.5%

 

 

30,332

 

 

3.3%

 

54

 

11

 

3

 

 

Albertsons Companies, Inc. (2)

 

 

1,822

 

 

4.6%

 

 

27,448

 

 

2.9%

 

45

 

16

 

4

 

 

TJX Companies, Inc. (3)

 

 

1,411

 

 

3.5%

 

 

23,991

 

 

2.6%

 

62

 

18

 

5

 

 

Amazon/Whole Foods

 

 

1,095

 

 

2.7%

 

 

23,659

 

 

2.5%

 

35

 

12

 

6

 

 

CVS

 

 

644

 

 

1.6%

 

 

14,775

 

 

1.6%

 

56

 

18

 

7

 

 

Ahold/Delhaize (4)

 

 

455

 

 

1.1%

 

 

11,363

 

 

1.2%

 

12

 

6

 

8

 

 

L.A. Fitness Sports Club

 

 

487

 

 

1.2%

 

 

9,685

 

 

1.0%

 

14

 

4

 

9

 

 

Trader Joe's

 

 

271

 

 

0.7%

 

 

8,929

 

 

1.0%

 

27

 

7

 

10

 

 

Ross Dress For Less

 

 

545

 

 

1.4%

 

 

8,579

 

 

0.9%

 

25

 

9

 

11

 

 

JPMorgan Chase Bank

 

 

128

 

 

0.3%

 

 

8,088

 

 

0.9%

 

42

 

10

 

12

 

 

Nordstrom (5)

 

 

279

 

 

0.7%

 

 

7,585

 

 

0.8%

 

8

 

-

 

13

 

 

Gap, Inc (6)

 

 

244

 

 

0.6%

 

 

7,379

 

 

0.8%

 

19

 

2

 

14

 

 

H.E. Butt Grocery Company (7)

 

 

482

 

 

1.2%

 

 

7,319

 

 

0.8%

 

6

 

1

 

15

 

 

Starbucks

 

 

133

 

 

0.3%

 

 

7,161

 

 

0.8%

 

87

 

24

 

16

 

 

Bank of America

 

 

129

 

 

0.3%

 

 

7,135

 

 

0.8%

 

43

 

14

 

17

 

 

Petco Health & Wellness Company, Inc. (8)

 

 

278

 

 

0.7%

 

 

6,924

 

 

0.7%

 

31

 

9

 

18

 

 

Wells Fargo Bank

 

 

132

 

 

0.3%

 

 

6,885

 

 

0.7%

 

47

 

17

 

19

 

 

JAB Holding Company (9)

 

 

169

 

 

0.4%

 

 

6,719

 

 

0.7%

 

61

 

14

 

20

 

 

Bed Bath & Beyond Inc. (10)

 

 

341

 

 

0.9%

 

 

6,155

 

 

0.7%

 

12

 

-

 

21

 

 

Kohl's

 

 

586

 

 

1.5%

 

 

5,998

 

 

0.6%

 

7

 

1

 

22

 

 

Best Buy

 

 

259

 

 

0.6%

 

 

5,953

 

 

0.6%

 

8

 

1

 

23

 

 

Walgreens Boots Alliance (11)

 

 

234

 

 

0.6%

 

 

5,700

 

 

0.6%

 

22

 

8

 

24

 

 

Target

 

 

520

 

 

1.3%

 

 

4,947

 

 

0.5%

 

5

 

2

 

25

 

 

Ulta

 

 

163

 

 

0.4%

 

 

4,913

 

 

0.5%

 

17

 

1

 

26

 

 

AT&T, Inc (12)

 

 

110

 

 

0.3%

 

 

4,887

 

 

0.5%

 

59

 

13

 

27

 

 

Dick's Sporting Goods, Inc.

 

 

274

 

 

0.7%

 

 

4,787

 

 

0.5%

 

4

 

-

 

28

 

 

Life Time

 

 

111

 

 

0.3%

 

 

4,700

 

 

0.5%

 

1

 

-

 

29

 

 

T-Mobile (13)

 

 

107

 

 

0.3%

 

 

4,531

 

 

0.5%

 

74

 

28

 

30

 

 

Burlington

 

 

359

 

 

0.9%

 

 

4,278

 

 

0.5%

 

9

 

2

 

 

 

Top Tenants

 

 

17,651

 

 

44.1%

 

$

312,524

 

 

33.5%

 

960

 

257
(1)
Kroger 20 / King Soopers 11 / 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
(3)
TJ Maxx 25 / Homegoods 17 / Marshalls 18 / Homesense 1 / Sierra Trading Post 1
(4)
Giant 8 / Stop & Shop 3 / Food Lion 1
(5)
Nordstrom Rack 8
(6)
Old Navy 12 / The Gap 2 / Athleta 2 / Banana Republic 2 / GAP BR Factory 1
(7)
H.E.B. 5 / Central Market 1
(8)
Petco 26 / Unleashed by Petco 5
(9)
Panera 30 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3
(10)
Bed Bath & Beyond 10 / Buy Buy Baby 1 / Harmon Face Values 1
(11)
Walgreens 21 / Duane Reade 1
(12)
AT&T 53 / Cricket 6
(13)
T-Mobile 51 / Sprint 12 / MetroPC 10 / Connectivity Source 1

Note: Amounts may not foot due to rounding.

Supplemental Information 22

 

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

December 31, 2021

(GLA in thousands)

 

 

 

 

 

 

Anchor Tenants (1)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

176

 

 

0.4%

 

0.3%

 

$

14.54

 

2022

 

 

1,612

 

 

4.1%

 

2.4%

 

 

13.65

 

2023

 

 

2,587

 

 

6.5%

 

4.4%

 

 

15.56

 

2024

 

 

3,373

 

 

8.5%

 

5.8%

 

 

15.56

 

2025

 

 

2,956

 

 

7.4%

 

5.0%

 

 

15.54

 

2026

 

 

3,177

 

 

8.0%

 

5.4%

 

 

15.61

 

2027

 

 

2,541

 

 

6.4%

 

4.6%

 

 

16.57

 

2028

 

 

1,683

 

 

4.2%

 

3.4%

 

 

18.53

 

2029

 

 

1,255

 

 

3.2%

 

1.7%

 

 

12.73

 

2030

 

 

1,229

 

 

3.1%

 

2.3%

 

 

17.14

 

2031

 

 

831

 

 

2.1%

 

1.7%

 

 

18.64

 

10 Year Total

 

 

21,421

 

 

53.9%

 

37.1%

 

$

15.81

 

Thereafter

 

 

3,979

 

 

10.0%

 

6.9%

 

 

15.91

 

 

 

 

25,400

 

 

64.0%

 

44.0%

 

$

15.83

 

 

 

 

 

 

 

Shop Tenants (2)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

284

 

 

0.7%

 

1.0%

 

$

31.23

 

2022

 

 

1,797

 

 

4.5%

 

6.5%

 

 

32.93

 

2023

 

 

2,199

 

 

5.5%

 

8.3%

 

 

34.63

 

2024

 

 

2,018

 

 

5.1%

 

7.7%

 

 

34.69

 

2025

 

 

1,914

 

 

4.8%

 

7.6%

 

 

36.31

 

2026

 

 

1,878

 

 

4.7%

 

7.4%

 

 

36.00

 

2027

 

 

1,155

 

 

2.9%

 

4.6%

 

 

36.06

 

2028

 

 

738

 

 

1.9%

 

3.2%

 

 

40.03

 

2029

 

 

557

 

 

1.4%

 

2.4%

 

 

39.57

 

2030

 

 

567

 

 

1.4%

 

2.4%

 

 

39.29

 

2031

 

 

642

 

 

1.6%

 

2.6%

 

 

36.92

 

10 Year Total

 

 

13,748

 

 

34.6%

 

53.8%

 

$

35.68

 

Thereafter

 

 

567

 

 

1.4%

 

2.2%

 

 

36.10

 

 

 

 

14,315

 

 

36.0%

 

56.0%

 

$

35.69

 

 

 

 

 

 

 

All Tenants

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

461

 

 

1.2%

 

1.3%

 

$

24.84

 

2022

 

 

3,408

 

 

8.6%

 

8.9%

 

 

23.82

 

2023

 

 

4,786

 

 

12.1%

 

12.8%

 

 

24.32

 

2024

 

 

5,391

 

 

13.6%

 

13.4%

 

 

22.72

 

2025

 

 

4,869

 

 

12.3%

 

12.6%

 

 

23.70

 

2026

 

 

5,056

 

 

12.7%

 

12.8%

 

 

23.19

 

2027

 

 

3,696

 

 

9.3%

 

9.2%

 

 

22.66

 

2028

 

 

2,421

 

 

6.1%

 

6.7%

 

 

25.08

 

2029

 

 

1,812

 

 

4.6%

 

4.2%

 

 

20.98

 

2030

 

 

1,796

 

 

4.5%

 

4.7%

 

 

24.13

 

2031

 

 

1,473

 

 

3.7%

 

4.3%

 

 

26.60

 

10 Year Total

 

 

35,169

 

 

88.6%

 

90.8%

 

$

23.58

 

Thereafter

 

 

4,545

 

 

11.4%

 

9.2%

 

 

18.43

 

 

 

 

39,714

 

 

100%

 

100%

 

$

22.99

 

Notes: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. Amounts may not foot due to rounding.

(1)
Anchor tenants represent any tenant occupying at least 10,000 square feet.
(2)
Shop tenants represent any tenant occupying less than 10,000 square feet.
(3)
Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.
(4)
Month to month lease or in process of renewal.

Supplemental Information 23

 

Portfolio Summary Report By State

December 31, 2021

(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-Berkeley

31

31

100.0%

 

 

 

 

 

Gizmo Art Production, INC.

$

11.01

 

 

4S Commons Town Center

M

85%

CA

San Diego-Chula Vista-Carlsbad

252

252

97.1%

 

 

 

 

68

 

Ace Hardware, Bed Bath & Beyond, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA

$

33.97

 

 

Amerige Heights Town Center

 

 

CA

Los Angeles-Long Beach-Anaheim

97

97

97.9%

 

 

143

 

 

58

 

Albertsons, (Target)

$

30.23

 

 

Balboa Mesa Shopping Center

 

 

CA

San Diego-Chula Vista-Carlsbad

207

207

100.0%

 

 

 

 

42

 

CVS, Kohl's, Von's

$

28.63

 

 

Bayhill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

122

49

95.7%

 

 

 

 

32

 

CVS, Mollie Stone's Market

$

26.44

 

 

Blossom Valley

 

 

CA

San Jose-Sunnyvale-Santa Clara

93

93

93.7%

 

 

 

 

34

 

Safeway

$

27.19

 

 

Brea Marketplace

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

352

141

94.0%

 

 

 

 

25

 

24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target

$

20.52

 

 

Circle Center West

 

 

CA

Los Angeles-Long Beach-Anaheim

64

64

82.1%

 

 

 

 

 

Marshalls

$

34.47

 

 

Circle Marina Center

 

 

CA

Los Angeles-Long Beach-Anaheim

118

118

93.6%

 

 

 

 

 

Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies

$

32.47

 

 

Clayton Valley Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

260

260

90.9%

 

 

 

 

14

 

Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less

$

23.22

 

 

Corral Hollow

RC

25%

CA

Stockton

167

42

100.0%

 

 

 

 

66

 

Safeway, CVS

$

17.79

 

(2)

Costa Verde Center

 

 

CA

San Diego-Chula Vista-Carlsbad

179

179

60.3%

 

 

 

 

40

 

Bristol Farms, Bookstar, The Boxing Club

$

24.74

 

 

Culver Center

 

 

CA

Los Angeles-Long Beach-Anaheim

217

217

92.4%

 

 

 

 

37

 

Ralphs, Best Buy, LA Fitness, Sit N' Sleep

$

32.32

 

 

Diablo Plaza

 

 

CA

San Francisco-Oakland-Berkeley

63

63

93.0%

 

 

53

 

 

53

 

Bevmo!, (Safeway), (CVS)

$

42.93

 

 

El Camino Shopping Center

 

 

CA

Los Angeles-Long Beach-Anaheim

136

136

95.6%

 

 

 

 

31

 

Bristol Farms, CVS

$

38.24

 

 

El Cerrito Plaza

 

 

CA

San Francisco-Oakland-Berkeley

256

256

82.5%

 

 

 

 

78

 

Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, (CVS)

$

29.88

 

 

El Norte Pkwy Plaza

 

 

CA

San Diego-Chula Vista-Carlsbad

91

91

98.0%

 

 

 

 

42

 

Von's, Children's Paradise, ACE Hardware

$

19.81

 

 

Encina Grande

 

 

CA

San Francisco-Oakland-Berkeley

106

106

100.0%

 

 

 

 

38

 

Whole Foods, Walgreens

$

35.00

 

 

Five Points Shopping Center

GRI

40%

CA

Santa Maria-Santa Barbara

145

58

97.6%

 

 

 

 

35

 

Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO

$

30.38

 

 

French Valley Village Center

 

 

CA

Rvrside-San Bernardino-Ontario

99

99

98.4%

 

 

 

 

44

 

Stater Bros, CVS

$

27.20

 

 

Friars Mission Center

 

 

CA

San Diego-Chula Vista-Carlsbad

147

147

99.4%

 

 

 

 

55

 

Ralphs, CVS

$

37.80

 

 

Gelson's Westlake Market Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

85

85

98.8%

 

 

 

 

40

 

Gelson's Markets, John of Italy Salon & Spa

$

30.12

 

 

Golden Hills Plaza

 

 

CA

San Luis Obispo-Paso Robles

244

244

84.3%

 

 

 

 

 

Lowe's, TJ Maxx

$

6.59

 

 

Granada Village

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

226

91

100.0%

 

 

 

 

24

 

Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx

$

26.15

 

 

Hasley Canyon Village

 

 

CA

Los Angeles-Long Beach-Anaheim

66

66

95.1%

 

 

 

 

52

 

Ralphs

$

26.63

 

 

Heritage Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

230

230

100.0%

 

 

 

 

44

 

Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5

$

40.88

 

 

Laguna Niguel Plaza

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

42

17

95.8%

 

 

39

 

 

39

 

CVS,(Albertsons)

$

30.08

 

 

Mariposa Shopping Center

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

127

51

94.0%

 

 

 

 

43

 

Safeway, CVS, Ross Dress for Less

$

21.42

 

 

Morningside Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

91

91

100.0%

 

 

 

 

43

 

Stater Bros.

$

24.78

 

 

Navajo Shopping Center

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

102

41

91.0%

 

 

 

 

44

 

Albertsons, Rite Aid, O'Reilly Auto Parts

$

14.36

 

 

Supplemental Information 24

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Newland Center

 

 

CA

Los Angeles-Long Beach-Anaheim

152

152

98.9%

 

 

 

 

58

 

Albertsons

$

27.77

 

 

Oak Shade Town Center

 

 

CA

Sacramento-Roseville-Folsom

104

104

99.3%

 

 

 

 

40

 

Safeway, Office Max, Rite Aid

$

22.54

 

 

Oakbrook Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

83

83

86.2%

 

 

 

 

44

 

Gelson's Markets, (CVS), (Ace Hardware)

$

19.67

 

 

Persimmon Place

 

 

CA

San Francisco-Oakland-Berkeley

153

153

100.0%

 

 

 

 

40

 

Whole Foods, Nordstrom Rack, Homegoods

$

37.04

 

 

Plaza Escuela

 

 

CA

San Francisco-Oakland-Berkeley

154

154

92.5%

 

 

 

 

 

The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble

$

43.67

 

 

Plaza Hermosa

 

 

CA

Los Angeles-Long Beach-Anaheim

95

95

100.0%

 

 

 

 

37

 

Von's, CVS

$

28.19

 

 

Pleasant Hill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

227

91

100.0%

 

 

 

 

 

Target, Burlington, Ross Dress for Less, Homegoods

$

24.22

 

 

Point Loma Plaza

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

205

82

98.1%

 

 

 

 

50

 

Von's, Jo-Ann Fabrics, Marshalls, UFC Gym

$

23.17

 

 

Potrero Center

 

 

CA

San Francisco-Oakland-Berkeley

227

227

91.3%

 

 

 

 

60

 

Safeway, Decathlon Sport, 24 Hour Fitness, Ross Dress for Less, Petco

$

33.69

 

 

Powell Street Plaza

 

 

CA

San Francisco-Oakland-Berkeley

166

166

95.3%

 

 

 

 

10

 

Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy

$

34.97

 

 

Prairie City Crossing

 

 

CA

Sacramento-Roseville-Folsom

90

90

97.5%

 

 

 

 

55

 

Safeway

$

22.16

 

 

Raley's Supermarket

C

20%

CA

Sacramento-Roseville-Folsom

63

13

100.0%

 

 

 

 

63

 

Raley's

$

14.00

 

 

Ralphs Circle Center

 

 

CA

Los Angeles-Long Beach-Anaheim

60

60

100.0%

 

 

 

 

35

 

Ralphs

$

19.53

 

 

Rancho San Diego Village

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

153

61

95.1%

 

 

 

 

40

 

Smart & Final, 24 Hour Fitness, (Longs Drug)

$

23.98

 

 

Rona Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

52

52

97.7%

 

 

 

 

37

 

Superior Super Warehouse

$

21.94

 

 

San Carlos Marketplace

 

 

CA

San Francisco-Oakland-Berkeley

154

154

100.0%

 

 

 

 

 

TJ Maxx, Best Buy, PetSmart, Bassett Furniture

$

36.28

 

 

Scripps Ranch Marketplace

 

 

CA

San Diego-Chula Vista-Carlsbad

132

132

99.5%

 

 

 

 

57

 

Vons, CVS

$

32.59

 

 

San Leandro Plaza

 

 

CA

San Francisco-Oakland-Berkeley

50

50

100.0%

 

 

38

 

 

38

 

(Safeway), (CVS)

$

37.37

 

 

Seal Beach

C

20%

CA

Los Angeles-Long Beach-Anaheim

97

19

93.9%

 

 

 

 

48

 

Pavilions, CVS

$

26.37

 

 

Serramonte Center

 

 

CA

San Francisco-Oakland-Berkeley

1073

1073

88.2%

 

 

 

 

 

Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy,Party City , Ross Dress for Less, Target, TJ Maxx, Uniqlo

$

25.03

 

 

Shoppes at Homestead

 

 

CA

San Jose-Sunnyvale-Santa Clara

116

116

96.9%

 

 

53

 

 

 

CVS, Crunch Fitness, (Orchard Supply Hardware)

$

24.67

 

 

Silverado Plaza

GRI

40%

CA

Napa

85

34

98.8%

 

 

 

 

32

 

Nob Hill, CVS

$

22.17

 

 

Snell & Branham Plaza

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

92

37

98.5%

 

 

 

 

53

 

Safeway

$

20.89

 

 

Talega Village Center

 

 

CA

Los Angeles-Long Beach-Anaheim

102

102

98.7%

 

 

 

 

46

 

Ralphs

$

22.95

 

 

Tassajara Crossing

 

 

CA

San Francisco-Oakland-Berkeley

146

146

100.0%

 

 

 

 

56

 

Safeway, CVS, Alamo Hardware

$

26.04

 

 

The Hub Hillcrest Market

 

 

CA

San Diego-Chula Vista-Carlsbad

149

149

91.2%

 

 

 

 

52

 

Ralphs, Trader Joe's

$

41.42

 

 

The Marketplace

 

 

CA

Sacramento-Roseville-Folsom

111

111

98.6%

 

 

 

 

35

 

Safeway, CVS, Petco

$

26.88

 

 

The Pruneyard

 

 

CA

San Jose-Sunnyvale-Santa Clara

260

260

95.7%

 

 

 

 

13

 

Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls

$

40.43

 

 

Town and Country Center

O

35%

CA

Los Angeles-Long Beach-Anaheim

230

81

37.5%

 

 

 

 

41

 

Whole Foods, CVS, Citibank

$

49.13

 

 

Tustin Legacy

 

 

CA

Los Angeles-Long Beach-Anaheim

112

112

100.0%

 

 

 

 

44

 

Stater Bros, CVS

$

33.39

 

 

Supplemental Information 25

 

Portfolio Summary Report By State

December 31, 2021

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

 

REG's pro-rata share

 

REG's pro-rata share

REG's pro-rata share

 

 

 

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

 

GLA

 

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

 

Grocery Anchor GLA

 

Major Tenants (1)

Avg. Base Rent PSF

 

 

Twin Oaks Shopping Center

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

98

 

39

 

98.2%

 

 

 

 

41

 

Ralphs, Rite Aid

$

21.63

 

 

Twin Peaks

 

 

CA

San Diego-Chula Vista-Carlsbad

208

 

208

 

97.2%

 

 

 

 

45

 

Target, Grocer

$

21.64

 

 

Valencia Crossroads

 

 

CA

Los Angeles-Long Beach-Anaheim

173

 

173

 

100.0%

 

 

 

 

35

 

Whole Foods, Kohl's

$

28.33

 

 

Village at La Floresta

 

 

CA

Los Angeles-Long Beach-Anaheim

87

 

87

 

94.3%

 

 

 

 

37

 

Whole Foods

$

35.82

 

 

Von's Circle Center

 

 

CA

Los Angeles-Long Beach-Anaheim

151

 

151

 

100.0%

 

 

 

 

45

 

Von's, Ross Dress for Less, Planet Fitness

$

23.08

 

 

West Park Plaza

 

 

CA

San Jose-Sunnyvale-Santa Clara

88

 

88

 

98.0%

 

 

 

 

25

 

Safeway, Rite Aid

$

19.42

 

 

Westlake Village Plaza and Center

 

 

CA

Oxnard-Thousand Oaks-Ventura

201

 

201

 

93.6%

 

 

 

 

72

 

Von's, Sprouts, (CVS)

$

39.98

 

 

Willows Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

249

 

249

 

74.0%

 

 

 

 

 

REI, UFC Gym, Old Navy, Ulta, Five Below

$

29.37

 

 

Woodman Van Nuys

 

 

CA

Los Angeles-Long Beach-Anaheim

108

 

108

 

98.2%

 

 

 

 

78

 

El Super

$

16.64

 

 

Woodside Central

 

 

CA

San Francisco-Oakland-Berkeley

81

 

81

 

90.0%

 

 

113

 

 

 

Chuck E. Cheese, Marshalls, (Target)

$

25.37

 

 

Ygnacio Plaza

GRI

40%

CA

San Francisco-Oakland-Berkeley

110

 

44

 

100.0%

 

 

 

 

 

Sports Basement,TJ Maxx

$

38.56

 

 

 

 

 

CA

 

 

10,862

 

 

9,207

 

93.1%

 

 

439

 

 

2,582

 

 

$

28.81

 

 

Applewood Shopping Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

353

 

141

 

92.2%

 

 

 

 

71

 

Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta

$

15.98

 

 

Alcove On Arapahoe

GRI

40%

CO

Boulder

159

 

64

 

80.9%

 

 

 

 

44

 

PETCO, HomeGoods, Jo-Ann Fabrics, Safeway

$

18.60

 

 

Belleview Square

 

 

CO

Denver-Aurora-Lakewood

117

 

117

 

95.6%

 

 

 

 

65

 

King Soopers

$

20.08

 

 

Boulevard Center

 

 

CO

Denver-Aurora-Lakewood

77

 

77

 

77.9%

 

 

53

 

 

53

 

One Hour Optical, (Safeway)

$

31.36

 

 

Buckley Square

 

 

CO

Denver-Aurora-Lakewood

116

 

116

 

92.0%

 

 

 

 

62

 

Ace Hardware, King Soopers

$

11.27

 

 

Centerplace of Greeley III

 

 

CO

Greeley

119

 

119

 

100.0%

 

 

 

 

 

Hobby Lobby, Best Buy, TJ Maxx

$

11.62

 

 

Cherrywood Square Shop Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

97

 

39

 

95.4%

 

 

 

 

72

 

King Soopers

$

11.10

 

 

Crossroads Commons

C

20%

CO

Boulder

143

 

29

 

91.2%

 

 

 

 

66

 

Whole Foods, Barnes & Noble

$

29.54

 

 

Crossroads Commons II

C

20%

CO

Boulder

18

 

4

 

100.0%

 

 

 

 

 

(Whole Foods), (Barnes & Noble)

$

37.97

 

 

Falcon Marketplace

 

 

CO

Colorado Springs

22

 

22

 

100.0%

 

 

184

 

 

50

 

(Wal-Mart)

$

24.45

 

 

Hilltop Village

 

 

CO

Denver-Aurora-Lakewood

100

 

100

 

97.4%

 

 

 

 

66

 

King Soopers

$

11.60

 

 

Littleton Square

 

 

CO

Denver-Aurora-Lakewood

99

 

99

 

100.0%

 

 

 

 

78

 

King Soopers

$

11.69

 

 

Lloyd King Center

 

 

CO

Denver-Aurora-Lakewood

83

 

83

 

96.7%

 

 

 

 

61

 

King Soopers

$

12.01

 

 

Marketplace at Briargate

 

 

CO

Colorado Springs

29

 

29

 

100.0%

 

 

66

 

 

66

 

(King Soopers)

$

33.43

 

 

Monument Jackson Creek

 

 

CO

Colorado Springs

85

 

85

 

100.0%

 

 

 

 

70

 

King Soopers

$

12.60

 

 

Ralston Square Shopping Center

GRI

40%

CO

Denver-Aurora-Lakewood

83

 

33

 

96.2%

 

 

 

 

55

 

King Soopers

$

11.91

 

 

Shops at Quail Creek

 

 

CO

Denver-Aurora-Lakewood

38

 

38

 

92.5%

 

 

100

 

 

100

 

(King Soopers)

$

27.16

 

 

Stroh Ranch

 

 

CO

Denver-Aurora-Lakewood

93

 

93

 

100.0%

 

 

 

 

70

 

King Soopers

$

13.77

 

 

Supplemental Information 26

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Woodmen Plaza

 

 

CO

Colorado Springs

116

 

116

 

94.2%

 

 

 

 

70

 

King Soopers

$

13.29

 

 

 

 

 

CO

 

 

1,947

 

 

1,404

 

94.7%

 

 

403

 

 

1,119

 

 

$

15.84

 

 

22 Crescent Road

 

 

CT

Bridgeport-Stamford-Norwalk

4

 

4

 

100.0%

 

 

 

 

 

-

$

60.00

 

 

91 Danbury Road

 

 

CT

Bridgeport-Stamford-Norwalk

5

 

5

 

100.0%

 

 

 

 

 

-

$

28.20

 

 

Black Rock

M

80%

CT

Bridgeport-Stamford-Norwalk

98

 

98

 

91.3%

 

 

 

 

 

Old Navy, The Clubhouse

$

29.77

 

 

Brick Walk

M

80%

CT

Bridgeport-Stamford-Norwalk

123

 

123

 

95.7%

 

 

 

 

 

-

$

44.22

 

 

Brookside Plaza

 

 

CT

Hartford-E Hartford-Middletown

227

 

227

 

95.0%

 

 

 

 

60

 

Bed, Bath & Beyond, Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx

$

15.31

 

 

Compo Acres Shopping Center

 

 

CT

Bridgeport-Stamford-Norwalk

43

 

43

 

94.4%

 

 

 

 

12

 

Trader Joe's

$

53.06

 

 

Copps Hill Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

185

 

185

 

100.0%

 

 

 

 

59

 

Kohl's, Rite Aid, Stop & Shop

$

14.49

 

 

Corbin's Corner

GRI

40%

CT

Hartford-E Hartford-Middletown

186

 

74

 

96.4%

 

 

 

 

10

 

Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's

$

30.50

 

 

Danbury Green

 

 

CT

Bridgeport-Stamford-Norwalk

124

 

124

 

98.1%

 

 

 

 

12

 

Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors

$

25.98

 

 

Darinor Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

153

 

153

 

99.0%

 

 

 

 

 

Kohl's, Old Navy, Party City

$

19.07

 

 

Fairfield Center

M

80%

CT

Bridgeport-Stamford-Norwalk

94

 

94

 

85.4%

 

 

 

 

 

Fairfield University Bookstore, Merril Lynch

$

33.69

 

 

Post Road Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

20

 

20

 

100.0%

 

 

 

 

11

 

Trader Joe's

$

54.83

 

 

Southbury Green

 

 

CT

New Haven-Milford

156

 

156

 

86.7%

 

 

 

 

60

 

ShopRite, Homegoods

$

21.99

 

 

Westport Row

 

 

CT

Bridgeport-Stamford-Norwalk

91

 

91

 

83.1%

 

 

 

 

22

 

The Fresh Market

$

43.57

 

 

Walmart Norwalk

 

 

CT

Bridgeport-Stamford-Norwalk

142

 

142

 

100.0%

 

 

 

 

112

 

WalMart, HomeGoods

$

0.56

 

 

 

 

 

CT

 

 

1,650

 

 

1,538

 

94.5%

 

 

0

 

 

358

 

 

$

23.91

 

 

Shops at The Columbia

RC

25%

DC

Washington-Arlington-Alexandri

23

 

6

 

85.8%

 

 

 

 

12

 

Trader Joe's

$

42.26

 

 

Spring Valley Shopping Center

GRI

40%

DC

Washington-Arlington-Alexandri

17

 

7

 

100.0%

 

 

 

 

 

-

$

106.22

 

 

 

 

 

DC

 

 

40

 

 

12

 

93.5%

 

 

0

 

 

12

 

 

$

79.30

 

 

Pike Creek

 

 

DE

Philadelphia-Camden-Wilmington

228

 

228

 

93.2%

 

 

 

 

49

 

Acme Markets, Edge Fitness, Pike Creek Community Hardware

$

16.43

 

 

Shoppes of Graylyn

GRI

40%

DE

Philadelphia-Camden-Wilmington

64

 

26

 

89.7%

 

 

 

 

 

Rite Aid

$

25.48

 

 

 

 

 

DE

 

 

293

 

 

254

 

92.8%

 

 

0

 

 

49

 

 

$

17.32

 

 

Alafaya Village

 

 

FL

Orlando-Kissimmee-Sanford

38

 

38

 

93.9%

 

 

 

 

58

 

-

$

23.89

 

 

Anastasia Plaza

 

 

FL

Jacksonville

102

 

102

 

95.9%

 

 

 

 

49

 

Publix

$

14.17

 

 

Atlantic Village

 

 

FL

Jacksonville

110

 

110

 

98.6%

 

 

 

 

 

LA Fitness, Pet Supplies Plus

$

17.85

 

 

Aventura Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

97

 

97

 

94.9%

 

 

 

 

49

 

CVS, Publix

$

36.64

 

 

Aventura Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

144

 

144

 

78.8%

 

 

 

 

 

Bed Bath & Beyond, DSW Warehouse, Jewelry Exchange, Old Navy

$

39.42

 

(2)

Banco Popular Building

 

 

FL

Miami-Ft Lauderdale-PompanoBch

0

 

0

 

0.0%

 

 

 

 

 

-

$

0.00

 

 

Supplemental Information 27

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Berkshire Commons

 

 

FL

Naples-Marco Island

110

110

98.9%

 

 

 

 

66

 

Publix, Walgreens

$

15.24

 

 

Bird 107 Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

40

40

92.9%

 

 

 

 

 

Walgreens

$

21.61

 

 

Bird Ludlam

 

 

FL

Miami-Ft Lauderdale-PompanoBch

192

192

97.6%

 

 

 

 

44

 

CVS, Goodwill, Winn-Dixie

$

24.79

 

 

Bloomingdale Square

 

 

FL

Tampa-St Petersburg-Clearwater

252

252

96.0%

 

 

 

 

48

 

Bealls, Dollar Tree, Home Centric, LA Fitness, Publix

$

17.67

 

 

Boca Village Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

92

92

100.0%

 

 

 

 

36

 

CVS, Publix

$

23.95

 

 

Boynton Lakes Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

97.9%

 

 

 

 

46

 

Citi Trends, Pet Supermarket, Publix

$

16.55

 

 

Boynton Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

105

105

97.2%

 

 

 

 

54

 

CVS, Publix

$

20.90

 

 

Brooklyn Station on Riverside

 

 

FL

Jacksonville

50

50

97.2%

 

 

 

 

20

 

The Fresh Market

$

27.20

 

 

Caligo Crossing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

11

11

61.0%

 

 

98

 

 

 

(Kohl's)

$

53.13

 

 

Carriage Gate

 

 

FL

Tallahassee

73

73

100.0%

 

 

 

 

13

 

Trader Joe's, TJ Maxx

$

24.26

 

 

Cashmere Corners

 

 

FL

Port St. Lucie

80

80

96.1%

 

 

 

 

44

 

WalMart

$

14.53

 

 

Charlotte Square

 

 

FL

Punta Gorda

91

91

95.7%

 

 

 

 

44

 

WalMart, Buffet City

$

11.72

 

 

Chasewood Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

152

152

95.0%

 

 

 

 

54

 

Publix, Pet Smart

$

27.15

 

 

Concord Shopping Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

309

309

97.5%

 

 

 

 

78

 

Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club

$

13.27

 

 

Coral Reef Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

75

75

84.6%

 

 

 

 

25

 

Aldi, Walgreens

$

31.60

 

 

Corkscrew Village

 

 

FL

Cape Coral-Fort Myers

82

82

98.7%

 

 

 

 

51

 

Publix

$

14.90

 

 

Country Walk Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

93.4%

 

 

 

 

40

 

Publix, CVS

$

22.76

 

 

Countryside Shops

 

 

FL

Miami-Ft Lauderdale-PompanoBch

193

193

69.5%

 

 

 

 

46

 

Publix, Ross Dress for Less

$

24.46

 

 

Courtyard Shopping Center

 

 

FL

Jacksonville

137

137

100.0%

 

 

63

 

 

63

 

Target, (Publix)

$

3.68

 

(2)

East San Marco

 

 

FL

Jacksonville

59

59

76.8%

 

 

 

 

39

 

Publix

$

26.50

 

 

Fleming Island

 

 

FL

Jacksonville

132

132

99.2%

 

 

130

 

 

48

 

Publix, PETCO, Planet Fitness, (Target)

$

16.92

 

 

Fountain Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

177

177

90.8%

 

 

140

 

 

46

 

Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target)

$

27.70

 

 

Gardens Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

90

90

100.0%

 

 

 

 

42

 

Publix

$

19.31

 

 

Glengary Shoppes

 

 

FL

North Port-Sarasota-Bradenton

93

93

97.0%

 

 

 

 

 

Best Buy, Barnes & Noble

$

19.62

 

 

Shoppes of Grande Oak

 

 

FL

Cape Coral-Fort Myers

79

79

100.0%

 

 

 

 

54

 

Publix

$

17.09

 

 

Greenwood Shopping Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

133

133

94.0%

 

 

 

 

50

 

Publix, Bealls

$

16.30

 

 

Hammocks Town Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

187

187

97.7%

 

 

86

 

 

40

 

CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena)

$

18.31

 

 

Hibernia Pavilion

 

 

FL

Jacksonville

51

51

92.0%

 

 

 

 

39

 

Publix

$

16.40

 

 

John's Creek Center

C

20%

FL

Jacksonville

76

15

100.0%

 

 

 

 

45

 

Publix

$

16.18

 

 

Julington Village

C

20%

FL

Jacksonville

82

16

100.0%

 

 

 

 

51

 

Publix, (CVS)

$

16.94

 

 

Supplemental Information 28

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Kirkman Shoppes

 

 

FL

Orlando-Kissimmee-Sanford

115

115

96.7%

 

 

 

 

 

LA Fitness, Walgreens

$

24.69

 

 

Lake Mary Centre

 

 

FL

Orlando-Kissimmee-Sanford

360

360

92.2%

 

 

 

 

25

 

The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot

$

17.03

 

 

Mandarin Landing

 

 

FL

Jacksonville

140

140

71.5%

 

 

 

 

50

 

Whole Foods, Aveda Institute

$

19.67

 

 

Millhopper Shopping Center

 

 

FL

Gainesville

85

85

95.0%

 

 

 

 

46

 

Publix

$

18.54

 

 

Naples Walk

 

 

FL

Naples-Marco Island

125

125

100.0%

 

 

 

 

51

 

Publix

$

18.46

 

 

Newberry Square

 

 

FL

Gainesville

181

181

90.9%

 

 

 

 

40

 

Publix, Floor & Décor, Dollar Tree

$

9.41

 

 

Nocatee Town Center

 

 

FL

Jacksonville

112

112

100.0%

 

 

 

 

54

 

Publix

$

21.53

 

 

Northgate Square

 

 

FL

Tampa-St Petersburg-Clearwater

75

75

98.1%

 

 

 

 

48

 

Publix

$

15.49

 

 

Oakleaf Commons

 

 

FL

Jacksonville

74

74

98.1%

 

 

 

 

46

 

Publix

$

15.78

 

 

Ocala Corners

 

 

FL

Tallahassee

87

87

93.8%

 

 

 

 

61

 

Publix

$

14.97

 

 

Old St Augustine Plaza

 

 

FL

Jacksonville

248

248

100.0%

 

 

 

 

52

 

Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less

$

11.05

 

 

Pablo Plaza

 

 

FL

Jacksonville

161

161

100.0%

 

 

 

 

34

 

Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart

$

18.12

 

 

Pavillion

 

 

FL

Naples-Marco Island

168

168

97.1%

 

 

 

 

 

LA Fitness, Paragon Theaters, J. Lee Salon Suites

$

21.85

 

 

Pine Island

 

 

FL

Miami-Ft Lauderdale-PompanoBch

255

255

99.2%

 

 

 

 

40

 

Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club

$

15.30

 

 

Pine Ridge Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

118

118

97.8%

 

 

 

 

17

 

The Fresh Market, Bed Bath & Beyond, Marshalls, Ulta

$

18.87

 

 

Pine Tree Plaza

 

 

FL

Jacksonville

63

63

96.9%

 

 

 

 

38

 

Publix

$

14.35

 

 

Pinecrest Place

 

 

FL

Miami-Ft Lauderdale-PompanoBch

70

70

92.3%

 

 

173

 

 

47

 

Whole Foods, (Target)

$

39.72

 

 

Plaza Venezia

C

20%

FL

Orlando-Kissimmee-Sanford

203

41

92.3%

 

 

 

 

51

 

Publix, Eddie V's

$

30.03

 

 

Point Royale Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

202

202

94.0%

 

 

 

 

45

 

Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness

$

16.42

 

 

Prosperity Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

124

124

94.9%

 

 

 

 

 

Bed Bath & Beyond, Office Depot, TJ Maxx, CVS

$

22.93

 

 

Regency Square

 

 

FL

Tampa-St Petersburg-Clearwater

352

352

95.0%

 

 

66

 

 

 

AMC Theater, Dollar Tree, Five Below, Marshalls, Michaels, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill)

$

19.49

 

 

Ryanwood Square

 

 

FL

Sebastian-Vero Beach

115

115

88.9%

 

 

 

 

40

 

Publix, Beall's, Harbor Freight Tools

$

11.84

 

 

Salerno Village

 

 

FL

Port St. Lucie

5

5

100.0%

 

 

 

 

 

-

$

16.53

 

 

Sawgrass Promenade

 

 

FL

Miami-Ft Lauderdale-PompanoBch

107

107

87.7%

 

 

 

 

36

 

Publix, Walgreens, Dollar Tree

$

12.54

 

 

Seminole Shoppes

O

50%

FL

Jacksonville

87

44

98.8%

 

 

 

 

54

 

Publix

$

23.64

 

 

Sheridan Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

507

507

93.2%

 

 

 

 

66

 

Publix, Kohl's, LA Fitness, Office Depot, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington

$

19.57

 

 

Shoppes @ 104

 

 

FL

Miami-Ft Lauderdale-PompanoBch

112

112

91.2%

 

 

 

 

46

 

Winn-Dixie, CVS

$

19.66

 

 

Shoppes at Bartram Park

O

50%

FL

Jacksonville

135

67

100.0%

 

 

97

 

 

45

 

Publix, (Kohl's), (Tutor Time)

$

21.53

 

 

Shoppes at Lago Mar

 

 

FL

Miami-Ft Lauderdale-PompanoBch

83

83

90.8%

 

 

 

 

42

 

Publix, YouFit Health Club

$

15.46

 

 

Shoppes at Sunlake Centre

 

 

FL

Tampa-St Petersburg-Clearwater

114

114

100.0%

 

 

 

 

46

 

Publix

$

23.73

 

 

Supplemental Information 29

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Shoppes of Jonathan's Landing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

27

27

100.0%

 

 

54

 

 

54

 

(Publix)

$

26.54

 

 

Shoppes of Oakbrook

 

 

FL

Miami-Ft Lauderdale-PompanoBch

200

200

64.4%

 

 

 

 

44

 

Publix, Tuesday Morning, Duffy's Sports Bar, CVS

$

17.65

 

 

Shoppes of Pebblebrook Plaza

O

50%

FL

Naples-Marco Island

77

38

96.9%

 

 

 

 

61

 

Publix, (Walgreens)

$

14.41

 

 

Shoppes of Silver Lakes

 

 

FL

Miami-Ft Lauderdale-PompanoBch

127

127

93.7%

 

 

 

 

48

 

Publix, Goodwill

$

20.31

 

 

Shoppes of Sunset

 

 

FL

Miami-Ft Lauderdale-PompanoBch

22

22

100.0%

 

 

 

 

 

-

$

26.05

 

 

Shoppes of Sunset II

 

 

FL

Miami-Ft Lauderdale-PompanoBch

28

28

92.2%

 

 

 

 

 

-

$

21.34

 

 

Shops at John's Creek

 

 

FL

Jacksonville

15

15

100.0%

 

 

 

 

 

-

$

25.53

 

 

Shops at Skylake

 

 

FL

Miami-Ft Lauderdale-PompanoBch

287

287

98.6%

 

 

 

 

51

 

Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical

$

24.62

 

 

South Beach Regional

 

 

FL

Jacksonville

308

308

84.5%

 

 

 

 

13

 

Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples

$

16.86

 

 

South Point

 

 

FL

Sebastian-Vero Beach

65

65

100.0%

 

 

 

 

45

 

Publix

$

16.36

 

 

Starke

 

 

FL

Jacksonville

13

13

100.0%

 

 

 

 

 

CVS

$

27.05

 

 

Suncoast Crossing

 

 

FL

Tampa-St Petersburg-Clearwater

118

118

94.1%

 

 

143

 

 

 

Kohl's, (Target)

$

6.65

 

 

Tamarac Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

125

125

85.8%

 

 

 

 

38

 

Publix, Dollar Tree, Retro Fitness

$

12.07

 

 

The Grove

NYC

30%

FL

Orlando-Kissimmee-Sanford

152

46

98.8%

 

 

 

 

52

 

Publix, LA Fitness

$

22.45

 

 

The Plaza at St. Lucie West

 

 

FL

Port St. Lucie

27

27

93.6%

 

 

 

 

 

-

$

24.48

 

(2)

The Village at Hunter's Lake

 

 

FL

Tampa-St Petersburg-Clearwater

72

72

98.0%

 

 

 

 

29

 

Sprouts

$

27.48

 

 

Town and Country

 

 

FL

Orlando-Kissimmee-Sanford

78

78

97.9%

 

 

 

 

 

Ross Dress for Less

$

11.08

 

 

Town Square

 

 

FL

Tampa-St Petersburg-Clearwater

44

44

72.6%

 

 

 

 

 

PETCO

$

34.78

 

 

Treasure Coast Plaza

 

 

FL

Sebastian-Vero Beach

134

134

98.2%

 

 

 

 

59

 

Publix, TJ Maxx

$

18.44

 

 

Unigold Shopping Center

 

 

FL

Orlando-Kissimmee-Sanford

115

115

89.3%

 

 

 

 

31

 

YouFit Health Club, Ross Dress for Less

$

15.49

 

 

University Commons

 

 

FL

Miami-Ft Lauderdale-PompanoBch

180

180

100.0%

 

 

 

 

51

 

Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond

$

32.88

 

 

Village Center

 

 

FL

Tampa-St Petersburg-Clearwater

187

187

97.3%

 

 

 

 

50

 

Publix, PGA Tour Superstore, Walgreens

$

22.03

 

 

Waterstone Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

61

61

100.0%

 

 

 

 

46

 

Publix

$

17.44

 

 

Welleby Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

92.9%

 

 

 

 

47

 

Publix, Dollar Tree

$

14.23

 

 

Wellington Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

108

108

97.6%

 

 

 

 

45

 

Publix, CVS

$

24.61

 

 

West Bird Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

99

99

98.5%

 

 

 

 

38

 

Publix

$

25.23

 

 

West Lake Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

96.6%

 

 

 

 

46

 

Winn-Dixie, CVS

$

21.34

 

 

Westchase

 

 

FL

Tampa-St Petersburg-Clearwater

79

79

100.0%

 

 

 

 

51

 

Publix

$

17.26

 

 

Westport Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

47

47

91.6%

 

 

 

 

28

 

Publix

$

20.80

 

 

Willa Springs

 

 

FL

Orlando-Kissimmee-Sanford

90

90

90.3%

 

 

 

 

44

 

Publix

$

21.07

 

 

Supplemental Information 30

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

11,582

 

 

11,038

 

93.8%

 

 

1,049

 

 

3,474

 

 

$

19.39

 

 

Ashford Place

 

 

GA

Atlanta-SandySprings-Alpharett

 

53

 

 

53

 

90.6%

 

 

 

 

 

Harbor Freight Tools

$

22.87

 

 

Briarcliff La Vista

 

 

GA

Atlanta-SandySprings-Alpharett

 

43

 

 

43

 

100.0%

 

 

 

 

 

Michael's

$

22.12

 

 

Briarcliff Village

 

 

GA

Atlanta-SandySprings-Alpharett

 

189

 

 

189

 

98.4%

 

 

 

 

43

 

Burlington, Party City, Publix, Shoe Carnival, TJ Maxx

$

17.22

 

 

Bridgemill Market

 

 

GA

Atlanta-SandySprings-Alpharett

 

89

 

 

89

 

94.0%

 

 

 

 

38

 

Publix

$

17.62

 

 

Brighten Park

 

 

GA

Atlanta-SandySprings-Alpharett

 

137

 

 

137

 

79.4%

 

 

 

 

25

 

Lidl

$

30.05

 

 

Buckhead Court

 

 

GA

Atlanta-SandySprings-Alpharett

 

49

 

 

49

 

89.7%

 

 

 

 

 

-

$

30.96

 

 

Buckhead Landing (fka Piedmont Peachtree Crossing)

 

 

GA

Atlanta-SandySprings-Alpharett

 

152

 

 

152

 

74.3%

 

 

 

 

56

 

Binders Art Supplies & Frames, Kroger

$

19.19

 

 

Buckhead Station

 

 

GA

Atlanta-SandySprings-Alpharett

 

234

 

 

234

 

100.0%

 

 

 

 

 

Bed Bath & Beyond, Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta

$

24.77

 

 

Cambridge Square

 

 

GA

Atlanta-SandySprings-Alpharett

 

71

 

 

71

 

42.8%

 

 

 

 

41

 

-

$

26.84

 

 

Chastain Square

 

 

GA

Atlanta-SandySprings-Alpharett

 

92

 

 

92

 

100.0%

 

 

 

 

37

 

Publix

$

23.09

 

 

Cornerstone Square

 

 

GA

Atlanta-SandySprings-Alpharett

 

80

 

 

80

 

100.0%

 

 

 

 

18

 

Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint

$

18.29

 

 

Sope Creek Crossing

 

 

GA

Atlanta-SandySprings-Alpharett

 

99

 

 

99

 

95.5%

 

 

 

 

45

 

Publix

$

16.44

 

 

Dunwoody Hall

 

 

GA

Atlanta-SandySprings-Alpharett

 

86

 

 

86

 

92.1%

 

 

 

 

44

 

Publix

$

20.49

 

 

Dunwoody Village

 

 

GA

Atlanta-SandySprings-Alpharett

 

121

 

 

121

 

87.8%

 

 

 

 

18

 

The Fresh Market, Walgreens, Dunwoody Prep

$

20.73

 

 

Howell Mill Village

 

 

GA

Atlanta-SandySprings-Alpharett

 

92

 

 

92

 

100.0%

 

 

 

 

31

 

Publix

$

24.38

 

 

Paces Ferry Plaza

 

 

GA

Atlanta-SandySprings-Alpharett

 

82

 

 

82

 

99.9%

 

 

 

 

30

 

Whole Foods

$

39.00

 

 

Powers Ferry Square

 

 

GA

Atlanta-SandySprings-Alpharett

 

97

 

 

97

 

100.0%

 

 

 

 

 

HomeGoods, PETCO

$

34.60

 

 

Powers Ferry Village

 

 

GA

Atlanta-SandySprings-Alpharett

 

76

 

 

76

 

91.1%

 

 

 

 

48

 

Publix, The Juice Box

$

10.37

 

 

Russell Ridge

 

 

GA

Atlanta-SandySprings-Alpharett

 

101

 

 

101

 

88.4%

 

 

 

 

63

 

Kroger

$

12.95

 

 

Sandy Springs

 

 

GA

Atlanta-SandySprings-Alpharett

 

116

 

 

116

 

95.1%

 

 

 

 

12

 

Trader Joe's, Fox's, Peter Glenn Ski & Sports

$

24.40

 

 

The Shops at Hampton Oaks

 

 

GA

Atlanta-SandySprings-Alpharett

 

21

 

 

21

 

81.5%

 

 

 

 

 

(CVS)

$

11.99

 

 

Williamsburg at Dunwoody

 

 

GA

Atlanta-SandySprings-Alpharett

 

45

 

 

45

 

82.7%

 

 

 

 

 

-

$

26.81

 

 

 

 

 

GA

 

 

2,127

 

 

2,127

 

91.1%

 

 

0

 

 

551

 

 

$

22.54

 

 

Civic Center Plaza

GRI

40%

IL

Chicago-Naperville-Elgin

 

265

 

 

106

 

96.6%

 

 

 

 

87

 

Super H Mart, Home Depot, O'Reilly Automotive, King Spa

$

10.51

 

 

Clybourn Commons

 

 

IL

Chicago-Naperville-Elgin

 

32

 

 

32

 

89.9%

 

 

 

 

 

PETCO

$

37.51

 

 

Glen Oak Plaza

 

 

IL

Chicago-Naperville-Elgin

 

63

 

 

63

 

99.5%

 

 

 

 

12

 

Trader Joe's, Walgreens, Northshore University Healthsystems

$

26.65

 

 

Hinsdale

 

 

IL

Chicago-Naperville-Elgin

 

185

 

 

185

 

89.4%

 

 

 

 

57

 

Whole Foods, Goodwill, Charter Fitness, Petco

$

15.54

 

 

Mellody Farm

 

 

IL

Chicago-Naperville-Elgin

 

259

 

 

259

 

95.5%

 

 

 

 

45

 

Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm

$

28.77

 

 

Riverside Sq & River's Edge

GRI

40%

IL

Chicago-Naperville-Elgin

 

169

 

 

68

 

98.6%

 

 

 

 

74

 

Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness

$

17.32

 

 

Supplemental Information 31

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Roscoe Square

GRI

40%

IL

Chicago-Naperville-Elgin

140

 

56

 

97.5%

 

 

 

 

51

 

Mariano's Fresh Market, Ashley Furniture, Walgreens

$

22.58

 

 

Westchester Commons

 

 

IL

Chicago-Naperville-Elgin

143

 

143

 

94.5%

 

 

 

 

80

 

Mariano's Fresh Market, Goodwill

$

17.64

 

 

Willow Festival

 

 

IL

Chicago-Naperville-Elgin

404

 

404

 

96.7%

 

 

 

 

60

 

Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta

$

17.94

 

 

 

 

 

IL

 

 

1,660

 

 

1,315

 

95.3%

 

 

0

 

 

467

 

 

$

20.17

 

 

Shops on Main

M

94%

IN

Chicago-Naperville-Elgin

279

 

279

 

100.0%

 

 

 

 

40

 

Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls

$

16.05

 

 

Willow Lake Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

86

 

34

 

72.4%

 

 

64

 

 

64

 

Indiana Bureau of Motor Vehicles, (Kroger)

$

18.84

 

 

Willow Lake West Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

53

 

21

 

81.2%

 

 

 

 

12

 

Trader Joe's

$

27.89

 

 

 

 

 

IN

 

 

418

 

 

335

 

96.0%

 

 

64

 

 

116

 

 

$

16.90

 

 

Fellsway Plaza

M

75%

MA

Boston-Cambridge-Newton

158

 

158

 

100.0%

 

 

 

 

61

 

Stop & Shop, Planet Fitness, BioLife Plasma Services

$

25.15

 

 

Shaw's at Plymouth

 

 

MA

Boston-Cambridge-Newton

60

 

60

 

100.0%

 

 

 

 

60

 

Shaw's

$

19.34

 

 

Shops at Saugus

 

 

MA

Boston-Cambridge-Newton

87

 

87

 

97.2%

 

 

 

 

11

 

Trader Joe's, La-Z-Boy, PetSmart

$

30.17

 

 

Star's at Cambridge

 

 

MA

Boston-Cambridge-Newton

66

 

66

 

100.0%

 

 

 

 

66

 

Star Market

$

41.18

 

 

Star's at Quincy

 

 

MA

Boston-Cambridge-Newton

101

 

101

 

100.0%

 

 

 

 

101

 

Star Market

$

23.63

 

 

Star's at West Roxbury

 

 

MA

Boston-Cambridge-Newton

76

 

76

 

97.2%

 

 

 

 

55

 

Shaw's

$

26.69

 

 

The Abbot

 

 

MA

Boston-Cambridge-Newton

65

 

65

 

39.9%

 

 

 

 

 

-

$

0.00

 

 

Twin City Plaza

 

 

MA

Boston-Cambridge-Newton

285

 

285

 

100.0%

 

 

 

 

63

 

Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs

$

21.42

 

 

 

 

 

MA

 

 

898

 

 

898

 

95.1%

 

 

0

 

 

416

 

 

$

27.38

 

 

Burnt Mills

C

20%

MD

Washington-Arlington-Alexandri

31

 

6

 

100.0%

 

 

 

 

9

 

Trader Joe's

$

40.69

 

 

Cloppers Mill Village

GRI

40%

MD

Washington-Arlington-Alexandri

137

 

55

 

89.8%

 

 

 

 

70

 

Shoppers Food Warehouse, Dollar Tree

$

18.18

 

 

Festival at Woodholme

GRI

40%

MD

Baltimore-Columbia-Towson

81

 

32

 

83.8%

 

 

 

 

10

 

Trader Joe's

$

40.58

 

 

Firstfield Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

22

 

9

 

100.0%

 

 

 

 

 

-

$

40.64

 

 

Parkville Shopping Center

GRI

40%

MD

Baltimore-Columbia-Towson

165

 

66

 

96.8%

 

 

 

 

41

 

Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville

$

16.93

 

 

Southside Marketplace

GRI

40%

MD

Baltimore-Columbia-Towson

125

 

50

 

92.0%

 

 

 

 

44

 

Shoppers Food Warehouse

$

21.73

 

 

Takoma Park

GRI

40%

MD

Washington-Arlington-Alexandri

107

 

43

 

100.0%

 

 

 

 

64

 

Lidl

$

14.41

 

 

Valley Centre

GRI

40%

MD

Baltimore-Columbia-Towson

220

 

88

 

97.4%

 

 

 

 

18

 

Aldi,TJ Maxx, Ross Dress for Less, PetSmart, Michael's, Surplus Furniture & Mattress

$

15.58

 

 

Village at Lee Airpark

 

 

MD

Baltimore-Columbia-Towson

121

 

121

 

91.6%

 

 

75

 

 

63

 

Giant, (Sunrise)

$

29.74

 

 

Watkins Park Plaza

GRI

40%

MD

Washington-Arlington-Alexandri

111

 

45

 

98.5%

 

 

 

 

 

LA Fitness, CVS

$

28.74

 

 

Westbard Square

 

 

MD

Washington-Arlington-Alexandri

199

 

199

 

76.2%

 

 

 

 

55

 

Giant, Bowlmor AMF

$

34.91

 

 

Woodmoor Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

69

 

28

 

92.8%

 

 

 

 

 

CVS

$

34.57

 

 

 

 

 

MD

 

 

1,389

 

 

741

 

89.3%

 

 

75

 

 

374

 

 

$

26.22

 

 

Supplemental Information 32

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Fenton Marketplace

 

 

MI

Flint

 

97

 

 

97

 

74.0%

 

 

 

 

 

Family Farm & Home

$

8.56

 

 

 

 

 

MI

 

 

97

 

 

97

 

74.0%

 

 

0

 

 

0

 

 

$

8.56

 

 

Apple Valley Square

RC

25%

MN

Minneapol-St. Paul-Bloomington

 

179

 

 

45

 

100.0%

 

 

87

 

 

 

Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi)

$

16.84

 

 

Cedar Commons

RC

25%

MN

Minneapol-St. Paul-Bloomington

 

66

 

 

17

 

97.6%

 

 

 

 

50

 

Whole Foods

$

27.98

 

 

Colonial Square

GRI

40%

MN

Minneapol-St. Paul-Bloomington

 

93

 

 

37

 

100.0%

 

 

 

 

44

 

Lund's

$

25.81

 

 

Rockford Road Plaza

GRI

40%

MN

Minneapol-St. Paul-Bloomington

 

204

 

 

82

 

97.5%

 

 

 

 

 

Kohl's, PetSmart, HomeGoods, TJ Maxx

$

13.59

 

 

Rockridge Center

C

20%

MN

Minneapol-St. Paul-Bloomington

 

125

 

 

25

 

92.0%

 

 

 

 

89

 

CUB Foods

$

13.70

 

 

 

 

 

MN

 

 

668

 

 

205

 

97.8%

 

 

87

 

 

183

 

 

$

17.75

 

 

Brentwood Plaza

 

 

MO

St. Louis

 

60

 

 

60

 

100.0%

 

 

 

 

52

 

Schnucks

$

11.42

 

 

Bridgeton

 

 

MO

St. Louis

 

71

 

 

71

 

100.0%

 

 

130

 

 

63

 

Schnucks, (Home Depot)

$

12.30

 

 

Dardenne Crossing

 

 

MO

St. Louis

 

67

 

 

67

 

100.0%

 

 

 

 

63

 

Schnucks

$

11.08

 

 

Kirkwood Commons

 

 

MO

St. Louis

 

210

 

 

210

 

100.0%

 

 

258

 

 

136

 

Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's)

$

10.13

 

 

 

 

 

MO

 

 

408

 

 

408

 

100.0%

 

 

388

 

 

314

 

 

$

10.86

 

(2)

Blakeney Shopping Center

 

 

NC

Charlotte-Concord-Gastonia

 

383

 

 

383

 

97.8%

 

 

124

 

 

 

Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target)

$

25.32

 

 

Carmel Commons

 

 

NC

Charlotte-Concord-Gastonia

 

141

 

 

141

 

80.0%

 

 

 

 

14

 

Chuck E. Cheese, The Fresh Market, Party City

$

24.52

 

 

Cochran Commons

C

20%

NC

Charlotte-Concord-Gastonia

 

66

 

 

13

 

100.0%

 

 

15

 

 

42

 

Harris Teeter, (Walgreens)

$

17.20

 

 

Market at Colonnade Center

 

 

NC

Raleigh-Cary

 

58

 

 

58

 

100.0%

 

 

 

 

40

 

Whole Foods

$

28.11

 

 

Glenwood Village

 

 

NC

Raleigh-Cary

 

43

 

 

43

 

100.0%

 

 

 

 

28

 

Harris Teeter

$

17.85

 

 

Holly Park

 

 

NC

Raleigh-Cary

 

160

 

 

160

 

99.0%

 

 

 

 

12

 

DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta

$

18.32

 

 

Lake Pine Plaza

 

 

NC

Raleigh-Cary

 

88

 

 

88

 

100.0%

 

 

 

 

58

 

Harris Teeter

$

13.90

 

 

Midtown East

O

50%

NC

Raleigh-Cary

 

159

 

 

79

 

100.0%

 

 

 

 

120

 

Wegmans

$

24.06

 

 

Providence Commons

RC

25%

NC

Charlotte-Concord-Gastonia

 

74

 

 

19

 

100.0%

 

 

 

 

50

 

Harris Teeter

$

19.62

 

 

Ridgewood Shopping Center

C

20%

NC

Raleigh-Cary

 

93

 

 

19

 

85.1%

 

 

 

 

30

 

Whole Foods, Walgreens

$

19.22

 

 

Shops at Erwin Mill

M

55%

NC

Durham-Chapel Hill

 

91

 

 

91

 

96.4%

 

 

 

 

53

 

Harris Teeter

$

19.05

 

 

Shoppes of Kildaire

GRI

40%

NC

Raleigh-Cary

 

145

 

 

58

 

98.9%

 

 

 

 

46

 

Trader Joe's, Aldi, Fitness Connection, Staples

$

19.43

 

 

Southpoint Crossing

 

 

NC

Durham-Chapel Hill

 

103

 

 

103

 

95.7%

 

 

 

 

59

 

Harris Teeter

$

16.56

 

 

Sutton Square

C

20%

NC

Raleigh-Cary

 

101

 

 

20

 

93.3%

 

 

 

 

24

 

The Fresh Market

$

20.37

 

 

Village District

C

30%

NC

Raleigh-Cary

 

559

 

 

168

 

95.1%

 

 

 

 

87

 

Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club

$

25.19

 

 

Village Plaza

C

20%

NC

Durham-Chapel Hill

 

73

 

 

15

 

100.0%

 

 

 

 

42

 

Whole Foods

$

23.55

 

 

Willow Oaks

 

 

NC

Charlotte-Concord-Gastonia

 

65

 

 

65

 

100.0%

 

 

 

 

49

 

Publix

$

17.41

 

 

Supplemental Information 33

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Woodcroft Shopping Center

 

 

NC

Durham-Chapel Hill

90

 

90

 

100.0%

 

 

 

 

41

 

Food Lion, ACE Hardware

$

14.16

 

 

 

 

 

NC

 

 

2,491

 

 

1,612

 

96.3%

 

 

139

 

 

795

 

 

$

21.32

 

 

Chimney Rock

 

 

NJ

New York-Newark-Jersey City

218

 

218

 

98.1%

 

 

 

 

50

 

Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta

$

36.46

 

 

District at Metuchen

C

20%

NJ

New York-Newark-Jersey City

67

 

13

 

100.0%

 

 

 

 

44

 

Whole Foods

$

30.42

 

 

Haddon Commons

GRI

40%

NJ

Philadelphia-Camden-Wilmington

54

 

22

 

100.0%

 

 

 

 

34

 

Acme Markets

$

15.12

 

 

Plaza Square

GRI

40%

NJ

New York-Newark-Jersey City

104

 

42

 

80.5%

 

 

 

 

60

 

ShopRite

$

17.53

 

 

Riverfront Plaza

NYC

30%

NJ

New York-Newark-Jersey City

129

 

39

 

95.5%

 

 

 

 

70

 

ShopRite

$

26.57

 

 

 

 

 

NJ

 

 

572

 

 

333

 

95.8%

 

 

0

 

 

258

 

 

$

31.64

 

 

101 7th Avenue

 

 

NY

New York-Newark-Jersey City

57

 

57

 

0.0%

 

 

 

 

 

-

$

0.00

 

 

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

$

127.71

 

 

90 - 30 Metropolitan Avenue

 

 

NY

New York-Newark-Jersey City

60

 

60

 

93.9%

 

 

 

 

11

 

Michaels, Staples, Trader Joe's

$

34.27

 

 

Broadway Plaza

 

 

NY

New York-Newark-Jersey City

147

 

147

 

91.8%

 

 

 

 

18

 

Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness

$

42.08

 

 

Clocktower Plaza Shopping Ctr

 

 

NY

New York-Newark-Jersey City

79

 

79

 

100.0%

 

 

 

 

63

 

Stop & Shop

$

49.72

 

(2)

East Meadow

 

 

NY

New York-Newark-Jersey City

141

 

141

 

92.3%

 

 

 

 

 

Marshalls, Stew Leonard's

$

14.75

 

(2)

Eastport

 

 

NY

New York-Newark-Jersey City

48

 

48

 

97.3%

 

 

 

 

 

King Kullen, Rite Aid

$

12.72

 

 

The Gallery at Westbury Plaza

 

 

NY

New York-Newark-Jersey City

312

 

312

 

100.0%

 

 

 

 

13

 

Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear

$

49.50

 

 

Hewlett Crossing I & II

 

 

NY

New York-Newark-Jersey City

52

 

52

 

96.2%

 

 

 

 

 

-

$

38.31

 

 

Rivertowns Square

0

 

NY

New York-Newark-Jersey City

116

 

116

 

92.6%

 

 

 

 

18

 

Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas

$

25.69

 

 

The Point at Garden City Park

 

 

NY

New York-Newark-Jersey City

105

 

105

 

98.1%

 

 

 

 

52

 

King Kullen, Ace Hardware

$

29.57

 

 

Lake Grove Commons

GRI

40%

NY

New York-Newark-Jersey City

141

 

57

 

100.0%

 

 

 

 

48

 

Whole Foods, LA Fitness, PETCO

$

34.67

 

(2)

Valley Stream

 

 

NY

New York-Newark-Jersey City

99

 

99

 

95.5%

 

 

 

 

 

King Kullen

$

28.51

 

(2)

Wading River

 

 

NY

New York-Newark-Jersey City

99

 

99

 

82.1%

 

 

 

 

 

King Kullen, CVS, Ace Hardware

$

22.91

 

 

Westbury Plaza

 

 

NY

New York-Newark-Jersey City

390

 

390

 

98.7%

 

 

 

 

110

 

WalMart, Costco, Marshalls, Total Wine and More, Olive Garden

$

25.93

 

 

 

 

 

NY

 

 

1,890

 

 

1,805

 

93.1%

 

 

0

 

 

357

 

 

$

35.13

 

 

Cherry Grove

 

 

OH

Cincinnati

196

 

196

 

99.0%

 

 

 

 

66

 

Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning

$

12.26

 

 

East Pointe

 

 

OH

Columbus

109

 

109

 

98.7%

 

 

 

 

76

 

Kroger

$

10.93

 

 

Hyde Park

 

 

OH

Cincinnati

401

 

401

 

97.4%

 

 

 

 

169

 

Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls

$

16.96

 

 

Kroger New Albany Center

M

50%

OH

Columbus

93

 

93

 

100.0%

 

 

 

 

65

 

Kroger

$

13.26

 

 

Northgate Plaza (Maxtown Road)

 

 

OH

Columbus

117

 

117

 

100.0%

 

 

90

 

 

91

 

Kroger, (Home Depot)

$

11.87

 

 

Supplemental Information 34

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Red Bank Village

 

 

OH

Cincinnati

176

 

176

 

98.9%

 

 

 

 

152

 

WalMart

$

7.51

 

 

Regency Commons

 

 

OH

Cincinnati

34

 

34

 

84.0%

 

 

 

 

 

-

$

26.09

 

 

West Chester Plaza

 

 

OH

Cincinnati

88

 

88

 

100.0%

 

 

 

 

67

 

Kroger

$

10.22

 

 

 

 

 

OH

 

 

1,215

 

 

1,215

 

98.3%

 

 

90

 

 

685

 

 

$

13.18

 

 

Corvallis Market Center

 

 

OR

Corvallis

85

 

85

 

90.9%

 

 

 

 

12

 

Michaels, TJ Maxx, Trader Joe's

$

22.42

 

 

Greenway Town Center

GRI

40%

OR

Portland-Vancouver-Hillsboro

93

 

37

 

100.0%

 

 

 

 

38

 

Dollar Tree, Rite Aid, Whole Foods

$

16.28

 

 

Murrayhill Marketplace

 

 

OR

Portland-Vancouver-Hillsboro

150

 

150

 

86.6%

 

 

 

 

41

 

Safeway, Planet Fitness

$

19.96

 

 

Northgate Marketplace

 

 

OR

Medford

81

 

81

 

91.6%

 

 

 

 

13

 

Trader Joe's, REI, PETCO

$

22.89

 

 

Northgate Marketplace Ph II

 

 

OR

Medford

177

 

177

 

97.4%

 

 

 

 

 

Dick's Sporting Goods, Homegoods, Marshalls

$

17.42

 

 

Sherwood Crossroads

 

 

OR

Portland-Vancouver-Hillsboro

88

 

88

 

100.0%

 

 

 

 

55

 

Safeway

$

12.33

 

 

Tanasbourne Market

 

 

OR

Portland-Vancouver-Hillsboro

71

 

71

 

100.0%

 

 

 

 

57

 

Whole Foods

$

30.11

 

 

Walker Center

 

 

OR

Portland-Vancouver-Hillsboro

90

 

90

 

98.4%

 

 

 

 

 

Bed Bath & Beyond

$

22.36

 

 

 

 

 

OR

 

 

835

 

 

779

 

94.8%

 

 

0

 

 

215

 

 

$

20.08

 

 

Allen Street Shopping Ctr

GRI

40%

PA

Allentown-Bethlehem-Easton

46

 

18

 

100.0%

 

 

 

 

22

 

Grocery Outlet Bargain Market

$

16.25

 

 

City Avenue Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

162

 

65

 

84.5%

 

 

 

 

 

Ross Dress for Less, TJ Maxx, Dollar Tree

$

20.47

 

 

Gateway Shopping Center

 

 

PA

Philadelphia-Camden-Wilmington

224

 

224

 

95.8%

 

 

 

 

11

 

Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics

$

33.39

 

 

Hershey

 

 

PA

Harrisburg-Carlisle

6

 

6

 

100.0%

 

 

 

 

 

-

$

30.00

 

 

Lower Nazareth Commons

 

 

PA

Allentown-Bethlehem-Easton

96

 

96

 

100.0%

 

 

244

 

 

111

 

Burlington Coat Factory, PETCO, (Wegmans), (Target)

$

26.00

 

 

Mercer Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

91

 

37

 

94.7%

 

 

 

 

51

 

Weis Markets

$

24.18

 

 

Newtown Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

142

 

57

 

89.8%

 

 

 

 

56

 

Acme Markets, Michael's

$

18.97

 

 

Stefko Boulevard Shopping Center

GRI

40%

PA

Allentown-Bethlehem-Easton

134

 

54

 

97.9%

 

 

 

 

73

 

Valley Farm Market, Dollar Tree, Retro Fitness

$

11.15

 

 

Warwick Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

93

 

37

 

40.4%

 

 

 

 

51

 

-

$

28.44

 

 

 

 

 

PA

 

 

995

 

 

594

 

91.5%

 

 

244

 

 

375

 

 

$

25.93

 

 

Indigo Square

 

 

SC

Charleston-North Charleston

51

 

51

 

100.0%

 

 

 

 

22

 

Publix

$

29.60

 

 

Merchants Village

GRI

40%

SC

Charleston-North Charleston

80

 

32

 

100.0%

 

 

 

 

38

 

Publix

$

17.61

 

 

 

 

 

SC

 

 

131

 

 

83

 

100.0%

 

 

0

 

 

59

 

 

$

24.99

 

 

Harpeth Village Fieldstone

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

70

 

70

 

100.0%

 

 

 

 

55

 

Publix

$

16.06

 

 

Northlake Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

135

 

135

 

96.0%

 

 

 

 

75

 

Kroger

$

14.90

 

 

Peartree Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

110

 

110

 

100.0%

 

 

 

 

84

 

Kroger, PETCO

$

20.11

 

 

 

 

 

TN

 

 

314

 

 

314

 

98.3%

 

 

0

 

 

214

 

 

$

16.99

 

 

Supplemental Information 35

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Alden Bridge

 

 

TX

Houston-Woodlands-Sugar Land

139

139

97.0%

 

 

 

 

68

 

Kroger, Walgreens

$

21.24

 

(2)

Baybrook East 1A

O

50%

TX

Houston-Woodlands-Sugar Land

106

53

100.0%

 

 

 

 

106

 

H.E.B

$

3.16

 

 

Bethany Park Place

 

 

TX

Dallas-Fort Worth-Arlington

99

99

95.2%

 

 

 

 

83

 

Kroger

$

11.57

 

 

CityLine Market

 

 

TX

Dallas-Fort Worth-Arlington

81

81

100.0%

 

 

 

 

40

 

Whole Foods

$

29.52

 

 

CityLine Market Phase II

 

 

TX

Dallas-Fort Worth-Arlington

22

22

93.8%

 

 

 

 

 

CVS

$

27.03

 

 

Cochran's Crossing

 

 

TX

Houston-Woodlands-Sugar Land

138

138

95.4%

 

 

 

 

63

 

Kroger

$

19.51

 

 

Hancock

 

 

TX

Austin-Round Rock-Georgetown

263

263

97.7%

 

 

 

 

90

 

24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors

$

19.08

 

 

Hillcrest Village

 

 

TX

Dallas-Fort Worth-Arlington

15

15

100.0%

 

 

 

 

 

-

$

47.93

 

 

Indian Springs Center

 

 

TX

Houston-Woodlands-Sugar Land

137

137

99.0%

 

 

 

 

79

 

H.E.B.

$

25.13

 

 

Keller Town Center

 

 

TX

Dallas-Fort Worth-Arlington

120

120

97.1%

 

 

 

 

64

 

Tom Thumb

$

16.75

 

 

Lebanon/Legacy Center

 

 

TX

Dallas-Fort Worth-Arlington

56

56

88.6%

 

 

63

 

 

63

 

(WalMart)

$

28.78

 

 

Market at Preston Forest

 

 

TX

Dallas-Fort Worth-Arlington

96

96

100.0%

 

 

 

 

64

 

Tom Thumb

$

22.08

 

 

Market at Round Rock

 

 

TX

Austin-Round Rock-Georgetown

123

123

97.6%

 

 

 

 

30

 

Sprout's Markets, Office Depot, Tuesday Morning

$

18.93

 

 

Market at Springwoods Village

M

53%

TX

Houston-Woodlands-Sugar Land

167

167

96.2%

 

 

 

 

100

 

Kroger

$

16.93

 

 

Mockingbird Commons

 

 

TX

Dallas-Fort Worth-Arlington

120

120

89.2%

 

 

 

 

49

 

Tom Thumb, Ogle School of Hair Design

$

18.91

 

 

North Hills

 

 

TX

Austin-Round Rock-Georgetown

164

164

98.8%

 

 

 

 

60

 

H.E.B.

$

21.20

 

 

Panther Creek

 

 

TX

Houston-Woodlands-Sugar Land

166

166

98.4%

 

 

 

 

66

 

CVS, The Woodlands Childrens Museum, Fitness Project

$

23.66

 

 

Prestonbrook

 

 

TX

Dallas-Fort Worth-Arlington

92

92

97.7%

 

 

 

 

64

 

Kroger

$

14.90

 

(2)

Preston Oaks

 

 

TX

Dallas-Fort Worth-Arlington

104

104

78.6%

 

 

 

 

30

 

Central Market, Talbots

$

36.17

 

 

Shiloh Springs

 

 

TX

Dallas-Fort Worth-Arlington

110

110

89.8%

 

 

 

 

61

 

Kroger

$

14.59

 

 

Shops at Mira Vista

 

 

TX

Austin-Round Rock-Georgetown

68

68

100.0%

 

 

 

 

15

 

Trader Joe's, Champions Westlake Gymnastics & Cheer

$

24.88

 

 

Southpark at Cinco Ranch

 

 

TX

Houston-Woodlands-Sugar Land

265

265

98.9%

 

 

 

 

101

 

Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods

$

13.84

 

 

Sterling Ridge

 

 

TX

Houston-Woodlands-Sugar Land

129

129

97.8%

 

 

 

 

63

 

Kroger, CVS

$

21.76

 

 

Sweetwater Plaza

C

20%

TX

Houston-Woodlands-Sugar Land

134

27

93.9%

 

 

 

 

65

 

Kroger, Walgreens

$

17.94

 

 

Tech Ridge Center

 

 

TX

Austin-Round Rock-Georgetown

216

216

91.1%

 

 

 

 

84

 

H.E.B., Pinstack

$

24.14

 

 

The Village at Riverstone

 

 

TX

Houston-Woodlands-Sugar Land

165

165

95.4%

 

 

 

 

100

 

Kroger

$

16.80

 

 

Weslayan Plaza East

GRI

40%

TX

Houston-Woodlands-Sugar Land

169

68

99.1%

 

 

 

 

 

Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Bike Barn

$

20.94

 

 

Weslayan Plaza West

GRI

40%

TX

Houston-Woodlands-Sugar Land

186

74

92.1%

 

 

 

 

52

 

Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods

$

20.54

 

 

Westwood Village

 

 

TX

Houston-Woodlands-Sugar Land

187

187

98.8%

 

 

127

 

 

 

Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target)

$

20.30

 

 

Woodway Collection

GRI

40%

TX

Houston-Woodlands-Sugar Land

97

39

93.0%

 

 

 

 

45

 

Whole Foods

$

30.96

 

 

Supplemental Information 36

 

Portfolio Summary Report By State

December 31, 2021

(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

 

0

 

 

 

TX

 

 

3,931

 

 

3,500

 

95.9%

 

 

190

 

 

1,706

 

 

$

20.20

 

 

Ashburn Farm Village Center

GRI

40%

VA

Washington-Arlington-Alexandri

 

92

 

 

37

 

100.0%

 

 

 

 

27

 

Patel Brothers, The Shop Gym

$

16.96

 

 

Belmont Chase

 

 

VA

Washington-Arlington-Alexandri

 

91

 

 

91

 

95.0%

 

 

 

 

40

 

Cooper's Hawk Winery, Whole Foods

$

32.70

 

 

Braemar Village Center

RC

25%

VA

Washington-Arlington-Alexandri

 

104

 

 

26

 

100.0%

 

 

 

 

58

 

Safeway

$

23.39

 

(2)

Carytown Exchange

M

57%

VA

Richmond

 

116

 

 

116

 

70.8%

 

 

 

 

38

 

Publix, CVS

$

23.27

 

 

Centre Ridge Marketplace

GRI

40%

VA

Washington-Arlington-Alexandri

 

107

 

 

43

 

98.9%

 

 

 

 

55

 

United States Coast Guard Ex, Planet Fitness

$

19.49

 

 

Point 50

 

 

VA

Washington-Arlington-Alexandri

 

48

 

 

48

 

100.0%

 

 

 

 

30

 

Grocer

$

30.77

 

 

Festival at Manchester Lakes

GRI

40%

VA

Washington-Arlington-Alexandri

 

168

 

 

67

 

81.1%

 

 

 

 

32

 

Amazon Fresh, Homesense

$

29.67

 

 

Fox Mill Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

 

103

 

 

41

 

94.2%

 

 

 

 

50

 

Giant

$

26.94

 

 

Greenbriar Town Center

GRI

40%

VA

Washington-Arlington-Alexandri

 

340

 

 

136

 

96.8%

 

 

 

 

62

 

Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More

$

27.98

 

 

Hanover Village Shopping Center

GRI

40%

VA

Richmond

 

90

 

 

36

 

100.0%

 

 

 

 

18

 

Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning

$

9.78

 

 

Kamp Washington Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

 

71

 

 

29

 

100.0%

 

 

 

 

20

 

PGA Tour Superstore

$

32.69

 

 

Kings Park Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

 

96

 

 

39

 

100.0%

 

 

 

 

51

 

Giant, CVS

$

32.96

 

 

Lorton Station Marketplace

C

20%

VA

Washington-Arlington-Alexandri

 

135

 

 

27

 

67.3%

 

 

 

 

63

 

Amazon Fresh

$

26.88

 

 

Saratoga Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

 

113

 

 

45

 

98.2%

 

 

 

 

56

 

Giant

$

22.29

 

 

Shops at County Center

 

 

VA

Washington-Arlington-Alexandri

 

97

 

 

97

 

90.9%

 

 

 

 

52

 

Harris Teeter

$

19.32

 

 

The Crossing Clarendon (fka Market Common Clarendon)

 

 

VA

Washington-Arlington-Alexandri

 

420

 

 

420

 

90.7%

 

 

 

 

34

 

Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Life Time Fitness

$

37.88

 

 

The Field at Commonwealth

 

 

VA

Washington-Arlington-Alexandri

 

167

 

 

167

 

100.0%

 

 

 

 

122

 

Wegmans

$

22.42

 

 

Village Center at Dulles

C

20%

VA

Washington-Arlington-Alexandri

 

304

 

 

61

 

95.6%

 

 

 

 

48

 

Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max

$

27.04

 

 

Village Shopping Center

GRI

40%

VA

Richmond

 

116

 

 

46

 

88.8%

 

 

 

 

45

 

Publix, CVS

$

24.89

 

 

Willston Centre I

GRI

40%

VA

Washington-Arlington-Alexandri

 

105

 

 

42

 

90.8%

 

 

 

 

 

CVS, Fashion K City

$

27.85

 

 

Willston Centre II

GRI

40%

VA

Washington-Arlington-Alexandri

 

136

 

 

54

 

100.0%

 

 

141

 

 

59

 

Safeway, (Target), (PetSmart)

$

27.41

 

 

 

 

 

VA

 

 

3,021

 

 

1,668

 

92.3%

 

 

141

 

 

960

 

 

$

28.34

 

 

6401 Roosevelt

 

 

WA

Seattle-Tacoma-Bellevue

 

8

 

 

8

 

100.0%

 

 

 

 

 

-

$

23.44

 

 

Aurora Marketplace

GRI

40%

WA

Seattle-Tacoma-Bellevue

 

107

 

 

43

 

100.0%

 

 

 

 

49

 

Safeway, TJ Maxx

$

17.30

 

 

Ballard Blocks I

O

50%

WA

Seattle-Tacoma-Bellevue

 

132

 

 

66

 

95.8%

 

 

 

 

12

 

LA Fitness, Ross Dress for Less, Trader Joe's

$

27.45

 

 

Ballard Blocks II

O

50%

WA

Seattle-Tacoma-Bellevue

 

117

 

 

58

 

99.3%

 

 

 

 

25

 

Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine

$

33.40

 

 

Broadway Market

C

20%

WA

Seattle-Tacoma-Bellevue

 

140

 

 

28

 

97.9%

 

 

 

 

64

 

Gold's Gym, Mosaic Salon Group, Quality Food Centers

$

28.78

 

 

Cascade Plaza

C

20%

WA

Seattle-Tacoma-Bellevue

 

206

 

 

41

 

97.7%

 

 

 

 

49

 

Big 5 Sporting Goods, Big Lots, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway

$

13.29

 

 

Eastgate Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

 

85

 

 

34

 

100.0%

 

 

 

 

29

 

Safeway, Rite Aid

$

31.21

 

 

Supplemental Information 37

 

Portfolio Summary Report By State

December 31, 2021

(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

 

 

Grand Ridge Plaza

 

 

WA

Seattle-Tacoma-Bellevue

331

 

331

 

97.5%

 

 

 

 

45

 

Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta

$

25.75

 

 

Inglewood Plaza

 

 

WA

Seattle-Tacoma-Bellevue

17

 

17

 

100.0%

 

 

 

 

 

-

$

44.55

 

 

Klahanie Shopping Center

 

 

WA

Seattle-Tacoma-Bellevue

67

 

67

 

95.8%

 

 

40

 

 

40

 

(QFC)

$

36.16

 

 

Melrose Market

 

 

WA

Seattle-Tacoma-Bellevue

21

 

21

 

87.2%

 

 

 

 

 

-

$

32.44

 

 

Overlake Fashion Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

87

 

35

 

100.0%

 

 

230

 

 

13

 

Marshalls, Bevmo!, Amazon Go Grocery

$

28.97

 

 

Pine Lake Village

 

 

WA

Seattle-Tacoma-Bellevue

103

 

103

 

96.7%

 

 

 

 

41

 

Quality Food Centers, Rite Aid

$

25.41

 

 

Roosevelt Square

 

 

WA

Seattle-Tacoma-Bellevue

150

 

150

 

96.0%

 

 

 

 

50

 

Whole Foods, Bartell, Guitar Center, LA Fitness

$

26.69

 

 

Sammamish-Highlands

 

 

WA

Seattle-Tacoma-Bellevue

101

 

101

 

97.5%

 

 

55

 

 

67

 

Trader Joe's, Bartell Drugs, (Safeway)

$

38.07

 

 

Southcenter

 

 

WA

Seattle-Tacoma-Bellevue

58

 

58

 

93.0%

 

 

112

 

 

 

(Target)

$

31.91

 

 

 

 

 

WA

 

 

1,731

 

 

1,162

 

97.0%

 

 

437

 

 

484

 

 

$

28.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Regency Centers Total

 

 

0

 

 

51,164

 

 

42,646

 

94.1%

 

 

3,747

 

 

16,124

 

 

$

23.18

 
(1)
Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
(2)
Non-Same Proprety

 

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

 

Supplemental Information 38

 

Components of Net Asset Value (NAV)

As of December 31, 2021

(unaudited and in thousands)

 

Real Estate - Operating

 

Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter

 

 

 

Wholly Owned NOI (page 5)

 

$

192,457

 

Share of JV NOI (page 7)

 

$

24,594

 

Less: Noncontrolling Interests (page 7)

 

$

(1,801

)

 

 

 

 

Retail Operating Properties Excluding In-Process Redevelopments

 

 

 

Quarterly Base Rent From Leases Signed But Not Yet Commenced

 

$

5,247

 

 

 

 

 

 

Real Estate: In-Process Ground-Up Developments and Redevelopments

 

 

 

In-Process Ground-Up Development

 

REG's Estimated Net Project Costs (page 17)

 

$

48,693

 

Stabilized Yield (page 17)

 

 

7

%

Annualized Proforma Stabilized NOI

 

$

3,374

 

% of Costs Incurred (page 17)

 

 

67

%

Construction in Progress

 

$

15,829

 

 

 

 

 

NOI from In-Process Ground-Up Development - Current Quarter

 

In-place NOI from Current Year Ground-Up Development Completions

 

$

13

 

In-place NOI from In-Process Ground-Up Developments

 

$

152

 

 

 

 

 

In-Process Redevelopment Projects

 

REG's Estimated Net Project Costs (page 17)

 

$

258,613

 

Stabilized Yield (page 17)

 

 

7

%

Annualized Proforma Stabilized NOI

 

$

18,725

 

% of Costs Incurred (page 17)

 

 

57

%

Construction in Progress

 

$

111,551

 

 

 

 

 

NOI from In-Process Redevelopment - Current Quarter

 

In-place NOI from Current Year Redevelopment Completions

 

$

818

 

In-place NOI from In-Process Redevelopments

 

$

947

 

 

 

 

 

 

Fee Income

 

 

 

Third-Party Management Fees and Commissions - Current Quarter (page 5)

 

$

6,918

 

Less: Share of JV's Total fee income - Current Quarter (page 7)

 

$

(279

)

 

 

 

 

 

Other Assets

 

 

 

Estimated Market Value of Land

 

 

 

Land held for sale or future development

 

$

45,521

 

Outparcels at retail operating properties

 

 

12,801

 

101 7th Avenue at Book Value, Net

 

 

25,000

 

Total Estimated Market Value of Land

 

$

83,322

 

 

 

 

 

Regency's Pro-Rata Share (page 3 & 6)

 

 

 

Cash and Cash Equivalents

 

$

108,537

 

Tenant and other receivables, excluding Straight line rent receivables

 

$

54,991

 

Other Assets, excluding Goodwill

 

$

120,651

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Regency's Pro-Rata Share (page 3 & 6)

 

 

 

Notes payable

 

$

4,199,445

 

Accounts payable and other liabilities

 

$

342,435

 

Tenants' security, escrow deposits

 

$

65,813

 

 

 

 

 

 

Common Shares and Equivalents Outstanding

 

 

 

Common Shares and Equivalents Issued and Outstanding (page 1)

 

 

171,973

 

 

 

 

 

 

Supplemental Information 39

 

Supplemental Details of Lease Income (Pro Rata)

COVID-19 Related Disclosure

For the Three Months and Twelve Months Ended December 31, 2021

(unaudited and in thousands)

 

For the Three Months Ended December 31, 2021

 

Composition of Lease Income

 

Total Pro Rata

 

https://cdn.kscope.io/8a3aa8b09e3b739c58e606a58110aac0-img25796562_2.jpg 

Base rent

 

$ 218,150

 

Recoveries from tenants

 

73,748

 

Percentage Rent, Termination Fees , and Other Lease Income

 

6,699

 

 

Current Period Billings/Deferrals & Other Revenue

 

 $ 298,597

 

Uncollectible Lease Income, net

 

6,040

 

Non-Cash Revenues (1)

 

15,908

 

 

Total Lease Income (see pages 5 & 7)

 

$ 320,545

 

 

 

 

 

 

 

 

 

 

 

Lease Income Accrual Reconciliation

 

Total Pro Rata

 

Collected - Billed Base Rent/Recoveries & Other Revenue (2)

 

$ 291,866

 

Uncollected - Base Rent/Recoveries - Accrual Basis

 

4,267

 

Uncollected - Base Rent/Recoveries - Cash Basis (3)

 

2,465

 

 

Current Period Billings/Deferrals & Other Revenue

 

$ 298,597

 

Uncollectible Lease Income - 2021 Billings (4)

 

1,108

 

Recovery of Prior Period 2020 Reserves, net (6)

 

4,932

 

Non-Cash Revenues (1)

 

15,908

 

 

Total Lease Income (see pages 5 & 7)

 

$ 320,545

 

 

 

 

 

 

 

 

 

 

 

Composition of Uncollectible Lease Income

 

Total Pro Rata

 

Uncollected - Base Rent/Recoveries - Cash Basis (3)

 

$ ( 2,465)

 

Recovery of Prior Period 2021 (1Q-3Q) Reserves

 

3,573

 

 

Uncollectible Lease Income - 2021 Billings (4)

 

$ 1,108

 

Recovery of Prior Period 2020 Reserves, net (6)

 

4,932

 

 

Total Uncollectible Lease Income

 

$ 6,040

 

 

 

 

 

 

 

 

 

 

 

Current Period Deferred Rent

 

Total Pro Rata

 

Deferred Rent - Accrued

 

$ 17

 

Deferred Rent - Reserved

 

521

 

 

Total Deferrals (7)

 

$ 538

 

 

 

 

 

 

 

For the Twelve Months Ended December 31, 2021

 

Supplemental Information 40

 

Composition of Lease Income

 

Total Pro Rata

 

https://cdn.kscope.io/8a3aa8b09e3b739c58e606a58110aac0-img25796562_3.jpg 

Base rent

 

$ 860,167

 

Recoveries from tenants

 

290,677

 

Percentage Rent, Termination Fees , and Other Lease Income

 

25,872

 

 

Current Period Billings/Deferrals & Other Revenue

 

 $ 1,176,716

 

Uncollectible Lease Income, net

 

25,725

 

Non-Cash Revenues (1)

 

46,628

 

 

Total Lease Income (see pages 5 & 7)

 

$ 1,249,069

 

 

 

 

 

 

 

 

 

 

 

Lease Income Accrual Reconciliation

 

Total Pro Rata

 

Collected - Billed Base Rent/Recoveries & Other Revenue (2)

 

$ 1,145,620

 

Uncollected - Base Rent/Recoveries - Accrual Basis

 

10,566

 

Uncollected - Base Rent/Recoveries - Cash Basis (5)

 

20,530

 

 

Current Period Billings/Deferrals & Other Revenue

 

$ 1,176,716

 

Uncollectible Lease Income - 2021 Billings (5)

 

(20,530)

 

Recovery of Prior Period 2020 Reserves, net (6)

 

46,255

 

Non-Cash Revenues (1)

 

46,628

 

 

Total Lease Income (see pages 5 & 7)

 

$ 1,249,069

 

 

 

 

 

 

 

 

 

 

 

Composition of Uncollectible Lease Income

 

Total Pro Rata

 

Uncollectible Lease Income - 2021 Billings (5)

 

$ (20,530)

 

Recovery of Prior Period 2020 Reserves, net (6)

 

46,255

 

 

Total Uncollectible Lease Income

 

$ 25,725

 

 

 

 

 

 

 

 

 

 

 

Current Period Deferred Rent

 

Total Pro Rata

 

Deferred Rent - Accrued

 

$ 980

 

Deferred Rent - Reserved

 

4,750

 

 

Total Deferrals (7)

 

$ 5,700

 

 

 

 

 

 
(1)
Includes pro-rata share of straight line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.
(2)
Unbilled recoveries are included in Other Revenues, and represent unbilled amounts for quarterly, semi-annual and annual payers of property expenses.
(3)
Represents Base Rent and Recoveries deemed uncollectible associated only with billings during the three months ended December 31, 2021..
(4)
Represents Base Rent and Recoveries deemed uncollectible associated with billings during the three months ended December 31, 2021, net of the collection of $3.6 million reserved during the nine months ended September 30, 2021.
(5)
Represents Base Rent and Recoveries deemed uncollectible associated with billings during the twelve months ended December 31, 2021.
(6)
Represents the collection of Base Rent and Recoveries previously reserved during the year ended December 31, 2020, net of 2020 Tenant Receivables associated with tenants converted to cash basis during the current period.
(7)
Contractual deferrals of rent and recoveries billed and recognized in the current period ended December 31, 2021.

 

Supplemental Information 41

 

Supplemental Details of Tenant and Other Receivables (Pro Rata)

COVID-19 Related Disclosure

As of December 31, 2021 and 2020

(in thousands)

 

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

Tenant receivables

 

$

82,157

 

 

$

139,924

 

 

Less: Uncollectible tenant receivables

 

 

(50,246

)

 

 

(94,731

)

 

Net tenant receivables

 

$

31,911

 

 

$

45,193

 

 

 

 

 

 

 

 

 

 

Straight line rent receivables

 

 

152,798

 

 

 

141,580

 

 

Less: Uncollectible straight line rent receivables

 

 

(32,956

)

 

 

(41,136

)

 

Net Straight line rent receivables

 

$

119,842

 

 

$

100,444

 

 

 

 

 

 

 

 

 

 

Other receivables (1)

 

 

23,079

 

 

 

18,916

 

 

Total tenant and other receivables (See pages 3 and 6)

 

$

174,832

 

 

$

164,553

 
(1)
Other receivables includes construction receivables, insurance receivables and amounts due from real estate partnerships for Management, transaction and other fee income.

 

 

 

Uncollectible Tenant Receivables Balance Reconciliation

 

 

 

 

 

 

 

 

 

 

 

Uncollectible tenant receivables (12/31/20)

 

$

(94,731

)

 

 

 

YTD 2021 - Uncollectible Lease Income - 2021 Billings

 

 

(20,530

)

 

 

 

YTD 2021 - Recovery of Prior Period 2020 Reserves

 

 

46,255

 

 

 

 

YTD 2021 - Write-offs and Abatements

 

 

18,760

 

 

 

 

Uncollectible tenant receivables (12/31/21)

 

$

(50,246

)

 

 

 

 

 

Earnings Guidance

December 31, 2021

(in thousands, except per share data)

 

 

 

 

 

2021A

2022E

Net Income / Share

$2.12

$1.78-$1.86

NAREIT FFO / Share

$4.02

$3.72-$3.80

Core Operating Earnings / Share

$3.68

$3.56-$3.64

 

 

 

Same Property

 

 

Same property NOI growth without termination fees

16.2%

-1.25% to + 0.25%

Same property NOI growth without termination fees and collection of PY reserves

9.9%

+2.75% to + 4.25%

 

 

 

Collection of Prior Year Reserves (1)

$46,255

+/- $13,000

 

 

 

New Investments

 

 

Development and Redevelopment spend

$106,185

+/- $150,000

 

 

 

Acquisitions

$488,582

+/- $30,000

Cap rate (weighted average)

5.1%

+/- 5.0%

 

 

 

Disposition Activity

 

 

Dispositions

$279,115

+/- $150,000

Cap rate (weighted average) (1)

5.2%

2.25% - 2.5%

 

 

 

Forward ATM settlement (gross)

$84,869

+/-$65,000

 

 

 

Other

 

 

Net interest expense

$165,419

$163,500-$164,500

Net G&A expense

$73,987

$82,500 - $85,500

Recurring third party fees & commissions

$25,665

$24,000 - $25,000

Transaction income (JV promote)

$13,589

$0

Certain non-cash items (2)

$44,102

+/- $28,000

Impact from Reversal of Uncollectible Straight-Line Rent Receivables (3)

$12,863

as converted
(1)
Represents the expected collection in 2022 of revenues reserved in 2020 and 2021, and the actual collection in 2021 of revenues reserved in 2020. Included in Uncollectible Lease Income.

Supplemental Information 42

 

(2)
Weighted average cap rates exclude non-income producing assets; 2021 cap rate was 4.3% including $48 million of non-income producing assets; 2022 cap rate range includes the sale of Costa Verde ($125M at a ~1.5% cap rate, not stabilized).
(3)
Includes above and below market rent amortization and straight-line rents and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.

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.

Reconciliation of Net Income to Earnings Guidance

December 31, 2021

(per diluted share)

 

 

Nareit FFO and Core Operating Earnings Guidance:

 

Full Year
2022

 

 

 

Low

 

 

High

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

1.78

 

 

 

1.86

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1.93

 

 

 

1.93

 

Exchangeable operating partnership units

 

 

0.01

 

 

 

0.01

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

3.72

 

 

 

3.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight line rent, net

 

 

(0.04

)

 

 

(0.04

)

Above/below market rent amortization, net

 

 

(0.12

)

 

 

(0.12

)

Debt premium/discount amortization

 

 

0.00

 

 

 

0.00

 

 

 

 

 

 

 

 

Core Operating Earnings

 

$

3.56

 

 

 

3.64

 

 

Supplemental Information 43

 

Glossary of Terms

December 31, 2021

Core Operating Earnings: An additional performance measure used by Regency because 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 non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO to Core Operating Earnings.

Development Completion: A Property in Development is deemed complete upon the earlier 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. 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. 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 percent leased, 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. 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: During either calendar year period being compared, a property acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. Please refer to the footnote on Property Summary Report for Non-Same Property detail.

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 to Nareit EBITDAre to Operating EBITDAre.

Property In Development: Properties in various stages of ground-up development.

Property In Redevelopment: Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.

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.

Redevelopment Completion: A Property in Redevelopment is deemed complete upon the earlier of (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the company owned GLA related to the project, or (ii) the property features at least two years of anchor operations.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated.

Supplemental Information 44

EX-99.3

Exhibit 99.3

 

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FOURTH QUARTER 2021 Fixed Income Supplemental Village Plaza Raleigh, NC Tech Ridge Center Austin, TX The Crossing Clarendon Washington, D.C. Blakeney Charlotte, NC 4S Commons San Diego, CA Village Center at Dulles Washington, D.C. Regency Centers

 

 

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Fourth Quarter and Full Year 2021 Highlights Reported Nareit FFO of $1.01 per diluted share for the fourth quarter, and $4.02 per diluted share for the full year Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased 15.4% during the fourth quarter and 16.2% during the full year over the same periods a year ago Increased percent leased by 50 basis points sequentially to 94.3% in the Same Property portfolio, as of December 31, 2021 Collected 99% of fourth quarter pro-rata billed base rent, as of February 7, 2022 Executed 1.8 million square feet of comparable new and renewal leases during the fourth quarter at a blended rent spread of +12.9%, and 7.1 million square feet during the full year at a blended rent spread of +5.5% Completed property acquisitions of $311 million during the fourth quarter and $489 million during the full year, both at Regency’s share Completed property dispositions of $87 million during the fourth quarter and $279 million during the full year, both at Regency’s share Achieved pro-rata net debt-to-operating EBITDAre of 5.1x at December 31, 2021 2

 

 

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Subsequent Highlights On January 11, 2022, closed on the sale of Costa Verde Center in San Diego, CA for $125 million On January 25, 2022, issued its second annual TCFD Climate Change Risk Report, illustrating the Company’s continued commitment to responsible environmental stewardship On February 9, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.625 per share Inclusion for a 3rd year on Newsweek’s 2022 Most Responsible Companies List, ranked top 100 “We are proud of all that Regency has accomplished in the last year as we recovered from the disruption caused by the pandemic, a testament to the resiliency of our portfolio and the hard work of our people,” said Lisa Palmer, President and Chief Executive Officer. “As we look ahead from a position of strength, we’ve pivoted from a recovery mindset to a focus on growth.” 3

 

 

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Credit Ratings & Select Ratios Credit Ratings Agency Credit Rating Outlook Last Review Date S&P BBB+ Stable 4/26/21 Moody's Baa1 Stable 3/18/21 i. 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. ii. Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing. 4 Unsecured Public Debt Covenants Required 12/31/21 9/30/21 6/30/21 3/31/21 Fair Market Value Calculation Method Covenants(i)(ii) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 27% 31% 27% 28% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 3% 4% 3% 3% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.5x 5.1x 4.6x 4.3x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 388% 370% 375% 366%

 

 

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Capital Structure & Liquidity Profile Capital Structure (% of total capitalization) Debt Composition Pro-Rata Secured vs. Unsecured 5 $17.2 Billion Total Capitalization 22% 1% 77% Secured Fixed Rate Secured Variable Rate Unsecured Debt - Bonds 23% 77% Secured Unsecured Equity Unsecured Debt - Bonds Unconsolidated Debt - Secured Consolidated Debt - Secured 19% 3% 3% 75% Liquidity profile ($ million) 12/31/2021 Unsecured credit facility - committed 1,250 balance outstanding 0 undrawn portion of credit facility 1,250 cash, cash equivalents & marketable securities 95 total liquidity 1,345

 

 

 

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A Well-Laddered Maturity Schedule Debt Maturity Profile as of December 31, 2021 Regency aims to have < 15% of total debt maturing in any given year Wtd Avg Interest Rate: 3.8% Wtd Avg Yrs to Maturity: 9+ Years Total Pro Rata Debt: $4.3B $102 2022 $136 2023 $366 2024 $331 2025 $329 2026 $677 2027 $335 2028 $447 2029 $672 2030 $139 2031 $2 2032 - 2046 $425 2047 $300 2049 unsecured debt - bonds consolidate debt - secured unconsolidated debt - secured 15% of total debt 6

 

 

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Follow us Fourth Quarter 2021 Earnings Conference Call Friday, February 11th, 2021 Time: 10:00 AM ET Dial#: 877-407-0789 or 201 689-8562 Webcast: investors.regencycenters.com Contact Information: Christy McElroy Senior Vice President, Capital Markets 904-598-7616 ChristyMcElroy@RegencyCenters.com Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forwardlooking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those Risk factors described in our SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forwardlooking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation: Risks Related to Pandemics or other Health Crises Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Based Shopping Centers Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pickup may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. Our success depends on the continued presence and success of our “anchor” tenants. A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us. Risk Factors Related to Real Estate Investments Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate. Risk Factors Related to the Environment Affecting Our Properties Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders. Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates. Risk Factors Relating to the Company’s Qualification as a REIT If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Risk Factors Related to the Company’s Common Stock Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future. Non-GAAP disclosure We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company. 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. 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. 7