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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

 

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

 

For the quarterly period ended September 30, 2022

or

 

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

 

For the transition period from to

 

Commission File Number 1-12298 (Regency Centers Corporation)

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

 

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

florida (REGENCY CENTERS CORPORATION)

https://cdn.kscope.io/ec5e150ce16769f82e530610b0ea41ac-img37332285_0.jpg 

59-3191743

Delaware (REGENCY CENTERS, L.P)

59-3429602

(State or other jurisdiction of incorporation or organization)

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

 

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(904) 598-7000

(Address of principal executive offices) (zip code)

 

(Registrant's telephone number, including area code)

 

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

Regency Centers Corporation

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

REG

 

The Nasdaq Stock Market LLC

Regency Centers, L.P.

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

None

 

N/A

 

N/A

 

 

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

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No

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

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No

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

Regency Centers Corporation:

 

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

Regency Centers, L.P.:

 

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

 

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

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No

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

Regency Centers Corporation Yes No Regency Centers, L.P. Yes No

The number of shares outstanding of Regency Centers Corporation’s common stock was 171,122,720 as of November 3, 2022.

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2022, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries; and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The term "the Company", "Regency Centers" or "Regency" means the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. The Operating Partnership's capital includes general and limited common Partnership Units ("Units"). As of September 30, 2022, the Parent Company owned approximately 99.6% of the Units in the Operating Partnership. The remaining limited Units are owned by third party investors. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership’s day-to-day management.

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

 

Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

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

The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private placement debt, the Parent Company does not hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership is also the co-issuer and guarantees the $200 million of Parent Company debt. The Operating Partnership holds all the assets of the Company and retains the ownership interests in the Company’s joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units.

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

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

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

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

 

Form 10-Q

Report Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

Regency Centers Corporation:

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

1

 

 

 

 

Consolidated Statements of Operations for the periods ended September 30, 2022 and 2021

2

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended September 30, 2022 and 2021

3

 

 

 

 

Consolidated Statements of Equity for the periods ended September 30, 2022 and 2021

4

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended September 30, 2022 and 2021

6

 

 

 

Regency Centers, L.P.:

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

8

 

 

 

 

Consolidated Statements of Operations for the periods ended September 30, 2022 and 2021

9

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended September 30, 2022 and 2021

10

 

 

 

 

Consolidated Statements of Capital for the periods ended September 30, 2022 and 2021

11

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended September 30, 2022 and 2021

13

 

 

 

 

Notes to Consolidated Financial Statements

15

 

 

 

Item 2.

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

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

50

 

 

 

Item 4.

Controls and Procedures

51

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

51

 

 

 

Item 1A.

Risk Factors

51

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

 

 

 

Item 3.

Defaults Upon Senior Securities

52

 

 

 

Item 4.

Mine Safety Disclosures

52

 

 

 

Item 5.

Other Information

53

 

 

 

Item 6.

Exhibits

53

 

 

 

SIGNATURES

55

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

September 30, 2022 and December 31, 2021

(in thousands, except share data)

 

 

 

2022

 

 

2021

 

Assets

 

(unaudited)

 

 

 

 

Real estate assets, at cost

 

$

11,769,796

 

 

 

11,495,581

 

Less: accumulated depreciation

 

 

2,360,663

 

 

 

2,174,963

 

Real estate assets, net

 

 

9,409,133

 

 

 

9,320,618

 

Investments in real estate partnerships

 

 

332,248

 

 

 

372,591

 

Properties held for sale

 

 

2,354

 

 

 

25,574

 

Cash, cash equivalents, and restricted cash, including $3,752 and $1,930 of restricted cash at September 30, 2022 and December 31, 2021, respectively

 

 

154,984

 

 

 

95,027

 

Tenant and other receivables

 

 

173,572

 

 

 

153,091

 

Deferred leasing costs, less accumulated amortization of $122,690 and $117,878 at September 30, 2022 and December 31, 2021, respectively

 

 

69,091

 

 

 

65,741

 

Acquired lease intangible assets, less accumulated amortization of $332,866 and $312,186 at September 30, 2022 and December 31, 2021, respectively

 

 

204,097

 

 

 

212,707

 

Right of use assets, net

 

 

277,656

 

 

 

280,783

 

Other assets

 

 

275,702

 

 

 

266,431

 

Total assets

 

$

10,898,837

 

 

 

10,792,563

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,729,404

 

 

 

3,718,944

 

Accounts payable and other liabilities

 

 

328,285

 

 

 

322,271

 

Acquired lease intangible liabilities, less accumulated amortization of $186,515 and $172,293 at September 30, 2022 and December 31, 2021, respectively

 

 

350,531

 

 

 

363,276

 

Lease liabilities

 

 

215,100

 

 

 

215,788

 

Tenants' security, escrow deposits and prepaid rent

 

 

76,777

 

 

 

62,352

 

Total liabilities

 

 

4,700,097

 

 

 

4,682,631

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.01 par value per share, 220,000,000 shares authorized; 171,119,166 and 171,213,008 shares issued at September 30, 2022 and December 31, 2021, respectively

 

 

1,711

 

 

 

1,712

 

Treasury stock at cost, 458,325 and 427,901 shares held at September 30, 2022 and December 31, 2021, respectively

 

 

(24,061

)

 

 

(22,758

)

Additional paid-in-capital

 

 

7,878,993

 

 

 

7,883,458

 

Accumulated other comprehensive income (loss)

 

 

8,253

 

 

 

(10,227

)

Distributions in excess of net income

 

 

(1,749,013

)

 

 

(1,814,814

)

Total stockholders' equity

 

 

6,115,883

 

 

 

6,037,371

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $39,926 and $56,844 at September 30, 2022 and December 31, 2021, respectively

 

 

34,554

 

 

 

35,447

 

Limited partners' interests in consolidated partnerships

 

 

48,303

 

 

 

37,114

 

Total noncontrolling interests

 

 

82,857

 

 

 

72,561

 

Total equity

 

 

6,198,740

 

 

 

6,109,932

 

Total liabilities and equity

 

$

10,898,837

 

 

 

10,792,563

 

 

See accompanying notes to consolidated financial statements.

1


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income

 

$

295,756

 

 

 

283,303

 

 

$

882,265

 

 

 

826,390

 

Other property income

 

 

2,466

 

 

 

4,401

 

 

 

8,290

 

 

 

9,428

 

Management, transaction, and other fees

 

 

5,767

 

 

 

19,671

 

 

 

18,950

 

 

 

33,419

 

Total revenues

 

 

303,989

 

 

 

307,375

 

 

 

909,505

 

 

 

869,237

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

80,270

 

 

 

75,459

 

 

 

237,462

 

 

 

226,935

 

Operating and maintenance

 

 

49,577

 

 

 

43,468

 

 

 

143,788

 

 

 

135,616

 

General and administrative

 

 

20,273

 

 

 

17,789

 

 

 

56,710

 

 

 

58,263

 

Real estate taxes

 

 

37,926

 

 

 

35,779

 

 

 

111,495

 

 

 

107,392

 

Other operating expenses

 

 

949

 

 

 

812

 

 

 

3,739

 

 

 

2,687

 

Total operating expenses

 

 

188,995

 

 

 

173,307

 

 

 

553,194

 

 

 

530,893

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

36,361

 

 

 

35,993

 

 

 

109,798

 

 

 

108,741

 

Provision for impairment of real estate

 

 

 

 

 

(20

)

 

 

 

 

 

115

 

Gain on sale of real estate, net of tax

 

 

(220

)

 

 

(6,719

)

 

 

(106,459

)

 

 

(38,198

)

Net investment loss (income)

 

 

1,215

 

 

 

209

 

 

 

9,177

 

 

 

(3,275

)

Total other expense (income)

 

 

37,356

 

 

 

29,463

 

 

 

12,516

 

 

 

67,383

 

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

 

 

77,638

 

 

 

104,605

 

 

 

343,795

 

 

 

270,961

 

Equity in income of investments in real estate partnerships

 

 

11,209

 

 

 

14,243

 

 

 

47,855

 

 

 

26,344

 

Net income

 

 

88,847

 

 

 

118,848

 

 

 

391,650

 

 

 

297,305

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(379

)

 

 

(519

)

 

 

(1,694

)

 

 

(1,315

)

Limited partners' interests in consolidated partnerships

 

 

(890

)

 

 

(923

)

 

 

(2,354

)

 

 

(2,438

)

Income attributable to noncontrolling interests

 

 

(1,269

)

 

 

(1,442

)

 

 

(4,048

)

 

 

(3,753

)

Net income attributable to common stockholders

 

$

87,578

 

 

 

117,406

 

 

$

387,602

 

 

 

293,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share - basic

 

$

0.51

 

 

 

0.69

 

 

$

2.26

 

 

 

1.73

 

Income per common share - diluted

 

$

0.51

 

 

 

0.69

 

 

$

2.26

 

 

 

1.72

 

 

See accompanying notes to consolidated financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

88,847

 

 

 

118,848

 

 

$

391,650

 

 

 

297,305

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

7,069

 

 

 

138

 

 

 

20,473

 

 

 

3,646

 

Reclassification adjustment of derivative instruments included in net income

 

 

72

 

 

 

1,040

 

 

 

1,563

 

 

 

3,109

 

Unrealized loss on available-for-sale debt securities

 

 

(659

)

 

 

(49

)

 

 

(1,636

)

 

 

(263

)

Other comprehensive income

 

 

6,482

 

 

 

1,129

 

 

 

20,400

 

 

 

6,492

 

Comprehensive income

 

 

95,329

 

 

 

119,977

 

 

 

412,050

 

 

 

303,797

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

1,269

 

 

 

1,442

 

 

 

4,048

 

 

 

3,753

 

Other comprehensive income attributable to noncontrolling interests

 

 

617

 

 

 

89

 

 

 

1,920

 

 

 

485

 

Comprehensive income attributable to noncontrolling interests

 

 

1,886

 

 

 

1,531

 

 

 

5,968

 

 

 

4,238

 

Comprehensive income attributable to the Company

 

$

93,443

 

 

 

118,446

 

 

$

406,082

 

 

 

299,559

 

 

See accompanying notes to consolidated financial statements.

 

3


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended September 30, 2022 and 2021

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Distributions
in Excess of
Net Income

 

 

Total
Stockholders’
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners’
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at June 30, 2021

 

$

1,699

 

 

 

(25,887

)

 

 

7,796,699

 

 

 

(13,658

)

 

 

(1,791,773

)

 

 

5,967,080

 

 

 

35,544

 

 

 

37,407

 

 

 

72,951

 

 

 

6,040,031

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,406

 

 

 

117,406

 

 

 

519

 

 

 

923

 

 

 

1,442

 

 

 

118,848

 

Other comprehensive loss