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false000091060600010662470000910606srt:PartnershipInterestMember2023-02-092023-02-0900009106062023-02-092023-02-09

 

 

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 9, 2023

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/8e8866614e30952f5bd38aac1b621739-img38248995_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 9, 2023, Regency Centers Corporation ("Regency") issued an earnings release for the three and twelve months ended December 31, 2022, which is attached as Exhibit 99.1.

On February 9, 2023, Regency posted on its website, at investors.regencycenters.com, certain supplemental information for the three and twelve months ended December 31, 2022, 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 9, 2023, Regency posted on its website, at investors.regencycenters.com, the Regency Centers February 2023 Earnings Presentation.

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 9, 2023, for the three and twelve months ended December 31, 2022.

 

 

Exhibit 99.2

Supplemental information posted on its website on February 9, 2023, for the three and twelve months ended December 31, 2022.

 

 

Exhibit 99.3

Fixed income supplemental information posted on its website on February 9, 2023, for the three and twelve months ended December 31, 2022.

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 9, 2023

 

By:

 

/s/ Michael R. Herman

 

 

 

 

Michael R. Herman, Senior Vice President

General Counsel and Corporate Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGENCY CENTERS, L.P.

 

 

 

 

 

 

 

By: Regency Centers Corporation, its general partner

 

 

 

 

 

February 9, 2023

 

By:

 

/s/ Michael R. Herman

 

 

 

 

Michael R. Herman, Senior Vice President

General Counsel and Corporate Secretary

 

 
EX-99.1

Exhibit 99.1

 

https://cdn.kscope.io/8e8866614e30952f5bd38aac1b621739-img24873041_0.jpg 

 

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Fourth Quarter and Full Year 2022 Results

JACKSONVILLE, Fla. (February 9, 2023) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended December 31, 2022. For the three months ended December 31, 2022 and 2021, Net Income was $0.56 per diluted share and $0.39 per diluted share, respectively. For the twelve months ended December 31, 2022 and 2021, Net Income was $2.81 per diluted share and $2.12 per diluted share, respectively.

Fourth Quarter and Full Year 2022 Highlights

•
Reported Nareit FFO of $1.05 per diluted share for the fourth quarter, and $4.10 per diluted share for the full year
•
Reported Core Operating Earnings of $0.98 per diluted share for the fourth quarter, and $3.83 per diluted share for the full year
•
Generated Core Operating Earnings per share year-over-year growth, excluding the collection of receivables reserved during 2020 and 2021, of approximately 9% for the full year
•
Increased Same Property NOI year-over-year, excluding lease termination fees and the collection of 2020 and 2021 receivables reserved, by 5.8% in the fourth quarter and 6.3% for the full year
•
Increased Same Property percent leased by 80 basis points year-over-year to 95.1%, and Same Property percent commenced by 110 basis points year-over-year to 92.8%
•
Increased Same Property shop percent leased by 200 basis points year-over-year to 92.0%
•
Executed 6.9 million square feet of comparable new and renewal leases during the full year at a blended cash rent spread of +7.4%
•
Completed property acquisitions of $210 million and property dispositions of $179 million during the full year, both at Regency’s share
•
Pro-rata net debt-to-operating EBITDAre was 5.0x at December 31, 2022

Subsequent Highlights

•
On February 8, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share
•
Included for the fourth consecutive year on Newsweek’s 2023 Most Responsible Companies List, ranked top 75

"We are incredibly proud of our strong performance in 2022, a testament to the quality of our shopping centers, the health and resiliency of our tenants, and the hard work of our team,” said Lisa Palmer, President and Chief Executive Officer. “Our leasing and value creation pipelines are supported by continued robust tenant demand, providing us great momentum into 2023, while our balance sheet strength allows us to remain opportunistic."

 

1

Financial Results

Net Income

•
For the three months ended December 31, 2022, Net Income Attributable to Common Stockholders (“Net Income”) was $95.3 million, or $0.56 per diluted share, compared to Net Income of $67.9 million, or $0.39 per diluted share, for the same period in 2021.
•
For the twelve months ended December 31, 2022, Net Income was $482.9 million, or $2.81 per diluted share, compared to Net Income of $361.4 million, or $2.12 per diluted share, for the same period in 2021.

Nareit FFO

•
For the three months ended December 31, 2022, Nareit Funds From Operations (“Nareit FFO”) was $181.5 million, or $1.05 per diluted share, compared to $174.2 million, or $1.01 per diluted share, for the same period in 2021.
o
Nareit FFO in the fourth quarter of 2022 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $2.2 million, or $0.01 per diluted share, compared to $4.9 million, or $0.03 per diluted share, in the fourth quarter of 2021.
o
Nareit FFO in the fourth quarter of 2022 also benefitted from the reversal of straight-line rent reserves of $4.7 million, or $0.03 per diluted share, triggered by the conversion of certain cash basis tenants back to accrual basis accounting, compared to $6.9 million, or $0.04 per diluted share, in the fourth quarter of 2021.
•
For the twelve months ended December 31, 2022, Nareit FFO was $707.8 million, or $4.10 per diluted share, compared to $688.7 million, or $4.02 per diluted share, for the same period in 2021.
o
Nareit FFO in the full year 2022 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $20.5 million, or $0.12 per diluted share, compared to $46.3 million, or $0.27 per diluted share, in the full year 2021.
o
Nareit FFO in the full year 2022 also benefitted from the reversal of straight-line rent reserves of $16.7 million, or $0.10 per diluted share, triggered by the conversion of certain cash basis tenants back to accrual basis accounting, compared to $12.9 million, or $0.08 per diluted share, in the full year 2021.

Core Operating Earnings

•
For the three months ended December 31, 2022, Core Operating Earnings was $169.2 million, or $0.98 per diluted share, compared to $159.0 million, or $0.92 per diluted share, for the same period in 2021.
o
Core Operating Earnings in the fourth quarter of 2022 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.01 per diluted share, compared to $0.03 per diluted share in fourth quarter 2021.
•
For the twelve months ended December 31, 2022, Core Operating Earnings was $660.8 million, or $3.83 per diluted share, compared to $631.2 million, or $3.68 per diluted share, for the same period in 2021.
o
Core Operating Earnings in the full year 2022 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.12 per diluted share, compared to $0.27 per diluted share in the full year 2021.

 

2

Portfolio Performance

Same Property NOI

•
Fourth quarter 2022 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 4.3% compared to the same period in 2021.
o
Fourth quarter 2022 Same Property NOI, excluding lease termination fees and collection of 2020/2021 reserves, increased by 5.8% compared to the same period in 2021.
o
Growth in Same Property base rents contributed 4.8% to Same Property NOI growth in the fourth quarter of 2022.
•
Full year 2022 Same Property NOI, excluding lease termination fees, increased by 2.9% compared to the same period in 2021.
o
Full year 2022 Same Property NOI, excluding lease termination fees and collection of 2020/2021 reserves, increased by 6.3% compared to the same period in 2021.
o
Growth in Same Property base rents contributed 3.6% to Same Property NOI growth in full year 2022.

Occupancy

•
As of December 31, 2022, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.8% leased.
 
•
As of December 31, 2022, Regency’s Same Property portfolio was 95.1% leased, an increase of 40 basis points sequentially and an increase of 80 basis points compared to December 31, 2021.
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.9%, an increase of 20 basis points sequentially.
 
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 92.0%, an increase of 60 basis points sequentially.
•
As of December 31, 2022, Regency’s Same Property portfolio was 92.8% commenced, an increase of 50 basis points sequentially and an increase of 110 basis points compared to December 31, 2021.

Leasing Activity

•
During the three months ended December 31, 2022, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +7.2%.
•
For the trailing twelve months, the Company executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +7.4%.

 

3

Capital Allocation and Balance Sheet

Developments and Redevelopments

•
As of December 31, 2022, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $301 million at the Company’s share, 51% of which has been incurred to date.
•
As previously disclosed, construction commenced at Town and Country Center in Los Angeles, CA during the fourth quarter. The project includes the redevelopment of a former Kmart building into new retail space and approximately 300 luxury mid-rise apartments. Regency is partnered with a leading multifamily developer, who is constructing the apartments on a ground lease.
•
During the fourth quarter, Regency completed developments and redevelopments with estimated net project costs of approximately $101 million, at the Company’s share.

Property Transactions

•
During the full year 2022, the Company completed acquisitions for a combined total of $210 million, and completed dispositions for a combined total of $179 million, each at Regency’s share.
o
During the fourth quarter of 2022, the Company completed acquisitions for a combined total of $39 million, including East Meadow Plaza for $30 million, as previously disclosed, as well as its partner’s 50% interest in Kroger New Albany Center for $9 million.
o
During the fourth quarter of 2022, the Company completed the disposition of one property for a total of $1.4 million, at Regency’s share.

Share Repurchase Program

•
On February 8, 2023, following the expiration of the previous program, Regency’s Board of Directors authorized a new share repurchase program. The new program approves the repurchase by Regency of up to $250 million of its common stock, and will expire on February 7, 2025, unless earlier modified or terminated by the Board. The timing and price of share repurchases, if any, will be dependent upon market conditions and other factors.

Balance Sheet

•
As of December 31, 2022, Regency had full capacity available under its $1.2 billion revolving credit facility.
•
As of December 31, 2022, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.0x.

Dividend

•
On February 8, 2023, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. The dividend is payable on April 5, 2023, to shareholders of record as of March 15, 2023.

 

4

2023 Guidance

Regency Centers has provided initial 2023 guidance, as summarized in the table below. Please refer to the Company’s Earnings Presentation for additional detail, as well as in the Company’s fourth quarter 2022 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Full Year 2023 Guidance (in thousands, except per share data)

2022 Actual

2023 Guidance

 

 

 

Net Income Attributable to Common Stockholders per diluted share

$2.81

$1.92 - $2.00

 

 

 

 

 

 

Nareit Funds From Operations ("Nareit FFO") per diluted share

$4.10

$4.03 - $4.11

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$3.83

$3.83 - $3.89

 

 

 

 

 

 

Same property NOI growth without termination fees

2.9%

0% to +1.0%

 

 

 

Same property NOI growth without termination fees or collection of 2020/2021 reserves

6.3%

+2.0% to +3.0%

 

 

 

 

 

 

Collection of 2020/2021 reserves (2)

$20,050

+/- $3,000

 

 

 

 

 

 

Certain non-cash items (3)

$47,197

$34,500 - $37,500

Impact from reversal of Uncollectible Straight-Line Rent Receivables included in above (4)

$16,747

+/- $2,500

 

 

 

 

 

 

G&A expense, net (5)

$86,400

$87,000 - $90,000

 

 

 

 

 

 

Interest expense, net

$165,548

+/- $168,000

 

 

 

 

 

 

Recurring third party fees & commissions

$24,834

+/- $25,000

 

 

 

 

 

 

Development and Redevelopment spend

$112,995

+/- $130,000

 

 

 

 

 

 

Acquisitions

$209,908

$0

Cap rate (weighted average)

5.1%

0%

 

 

 

 

 

 

Dispositions

$179,044

+/-$65,000

Cap rate (weighted average) (6)

3.0%

+/- 7.0%

 

 

 

 

 

 

Forward ATM settlement (gross)

$64,768

$0

 

 

 

 

 

 

Share Repurchase settlement (gross)

$75,393

$0

 

 

 

 

Note: With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(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 collection of receivables in the Same Property portfolio reserved in 2020 and 2021; 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, included in total Certain non-cash items.
(5)
Represents General & administrative, net before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.
(6)
Weighted average cap rate for 2022 disposition is 6.5% excluding the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

 

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 10th, at 11:00 a.m. ET. Dial-in and webcast information is below.

Fourth Quarter 2022 Earnings Conference Call

 

Date:

Friday, February 10, 2023

Time:

11:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

4th Quarter 2022 Webcast Link

Replay: Webcast Archive: Investor Relations page under Events & Webcasts

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.

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

Earnings - Actual (in thousands)

 

For the Periods Ended December 31, 2022 and 2021

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

88,356

 

 

 

82,765

 

 

 

344,629

 

 

 

330,364

 

Gain on sale of real estate

 

 

(2,534

)

 

 

(61,915

)

 

 

(121,835

)

 

 

(100,499

)

Provision for impairment of real estate

 

 

-

 

 

 

85,229

 

 

 

-

 

 

 

95,815

 

Exchangeable operating partnership units

 

 

411

 

 

 

300

 

 

 

2,105

 

 

 

1,615

 

Nareit Funds From Operations

 

$

181,496

 

 

 

174,238

 

 

$

707,764

 

 

 

688,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

181,496

 

 

 

174,238

 

 

$

707,764

 

 

 

688,706

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,589

)

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(2,175

)

 

 

(3,240

)

 

 

(11,327

)

 

 

(13,534

)

Uncollectible straight-line rent

 

 

(4,545

)

 

 

(6,124

)

 

 

(14,155

)

 

 

(5,965

)

Above/below market rent amortization, net

 

 

(5,528

)

 

 

(5,791

)

 

 

(21,434

)

 

 

(23,889

)

Debt premium/discount amortization

 

 

1

 

 

 

(105

)

 

 

(184

)

 

 

(565

)

Core Operating Earnings

 

$

169,249

 

 

 

158,978

 

 

$

660,840

 

 

 

631,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,586

 

 

 

171,866

 

 

 

171,791

 

 

 

170,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

172,327

 

 

 

172,626

 

 

 

172,540

 

 

 

171,456

 
(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, 2022 and 2021

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income attributable to common stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(6,901

)

 

 

(6,918

)

 

 

(25,851

)

 

 

(40,337

)

Other(1)

 

 

(12,795

)

 

 

(15,676

)

 

 

(51,090

)

 

 

(46,860

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

82,235

 

 

 

76,396

 

 

 

319,697

 

 

 

303,331

 

General and administrative

 

 

23,193

 

 

 

19,955

 

 

 

79,903

 

 

 

78,218

 

Other operating expense

 

 

2,427

 

 

 

3,064

 

 

 

6,166

 

 

 

5,751

 

Other expense (income)

 

 

31,586

 

 

 

65,594

 

 

 

44,102

 

 

 

132,977

 

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

 

 

12,057

 

 

 

3,852

 

 

 

35,824

 

 

 

53,119

 

Net income attributable to noncontrolling interests

 

 

1,122

 

 

 

1,124

 

 

 

5,170

 

 

 

4,877

 

NOI

 

 

228,187

 

 

 

215,250

 

 

 

896,786

 

 

 

852,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(6,847

)

 

 

(2,109

)

 

 

(19,781

)

 

 

1,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

221,340

 

 

 

213,141

 

 

$

877,005

 

 

 

853,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

220,122

 

 

 

211,104

 

 

$

871,998

 

 

 

847,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

192,685

 

 

 

185,871

 

 

$

766,064

 

 

 

747,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves

 

$

217,902

 

 

 

205,911

 

 

$

851,948

 

 

 

801,251

 
(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 2022 supplemental package that may help investors estimate earnings. A copy of the Company’s fourth quarter 2022 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 period ended December 31, 2022. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

 

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 2023 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,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “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, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

 

8

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business.

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, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. 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 other building, fire, and safety and regulations may have a material 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 adversely 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.

 

9

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.

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 current or historical rates.

Risk Factors Related 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 or our investors. 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

https://cdn.kscope.io/8e8866614e30952f5bd38aac1b621739-img25796562_0.jpg 

 

 

Table of Contents

December 31, 2022

 

Forward-Looking Statements

i

 

 

Earnings Press Release

iii

 

 

Summary Information:

 

 

 

Summary Financial Information

1

 

 

Summary Real Estate Information

2

 

 

Financial Information:

 

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Operations

4

 

 

Supplemental Details of Operations (Consolidated Only)

5

 

 

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

6

 

 

Supplemental Details of Operations (Real Estate Partnerships Only)

7

 

 

Supplemental Details of Same Property NOI (Pro-Rata)

8

 

 

Reconciliations of Non-GAAP Financial Measures

9

 

 

Capital Expenditures and Additional Disclosures

10

 

 

Summary of Consolidated Debt

11

 

 

Summary of Consolidated Debt Detail

12

 

 

Summary of Unsecured Debt Covenants and Leverage Ratios

13

 

 

Summary of Unconsolidated Debt

14

 

 

Unconsolidated Investments

15

 

 

Investment Activity:

 

 

 

Property Transactions

16

 

 

Summary of In-Process Developments and Redevelopments

17

 

 

Development and Redevelopment Current Year Completions

18

 

 

Real Estate Information:

 

 

 

Leasing Statistics

19

 

 

Annual Base Rent by State

20

 

 

Annual Base Rent by CBSA

21

 

 

Annual Base Rent by Tenant Category

22

 

 

Significant Tenant Rents

23

 

 

Tenant Lease Expirations

24

 

 

Portfolio Summary Report by State

25

 

 

Additional Disclosures and Forward-Looking Information:

 

 

 

Components of NAV

40

 

 

Supplemental Details of Lease Income and Tenant & Other Receivables (Pro-Rata)

41

 

 

Earnings Guidance

42

 

 

Glossary of Terms

43

 

 

 

Safe Harbor Language

December 31, 2022

 

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 2023 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,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “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 with 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, whether as a result of new information, future events or developments, or otherwise, except as to the extent required by law. These risks and events include, without limitation:

 

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including potential for recession, may adversely impact our tenants and our business.

 

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, results from operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. 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 other building, fire, and safety and regulations may have a material 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

Supplemental Information i

 

natural disasters, severe weather conditions and climate change. Costs of environmental remediation may adversely 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.

 

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 current or historical rates.

 

Risk Factors Related 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 or our investors. 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 ii

 

 

https://cdn.kscope.io/8e8866614e30952f5bd38aac1b621739-img25796562_1.jpg 

 

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Fourth Quarter and Full Year 2022 Results

JACKSONVILLE, Fla. (February 9, 2023) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended December 31, 2022. For the three months ended December 31, 2022 and 2021, Net Income was $0.56 per diluted share and $0.39 per diluted share, respectively. For the twelve months ended December 31, 2022 and 2021, Net Income was $2.81 per diluted share and $2.12 per diluted share, respectively.

Fourth Quarter and Full Year 2022 Highlights

•
Reported Nareit FFO of $1.05 per diluted share for the fourth quarter, and $4.10 per diluted share for the full year
•
Reported Core Operating Earnings of $0.98 per diluted share for the fourth quarter, and $3.83 per diluted share for the full year
•
Generated Core Operating Earnings per share year-over-year growth, excluding the collection of receivables reserved during 2020 and 2021, of approximately 9% for the full year
•
Increased Same Property NOI year-over-year, excluding lease termination fees and the collection of 2020 and 2021 receivables reserved, by 5.8% in the fourth quarter and 6.3% for the full year
•
Increased Same Property percent leased by 80 basis points year-over-year to 95.1%, and Same Property percent commenced by 110 basis points year-over-year to 92.8%
•
Increased Same Property shop percent leased by 200 basis points year-over-year to 92.0%
•
Executed 6.9 million square feet of comparable new and renewal leases during the full year at a blended cash rent spread of +7.4%
•
Completed property acquisitions of $210 million and property dispositions of $179 million during the full year, both at Regency’s share
•
Pro-rata net debt-to-operating EBITDAre was 5.0x at December 31, 2022

Subsequent Highlights

•
On February 8, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share
•
Included for the fourth consecutive year on Newsweek’s 2023 Most Responsible Companies List, ranked top 75

"We are incredibly proud of our strong performance in 2022, a testament to the quality of our shopping centers, the health and resiliency of our tenants, and the hard work of our team,” said Lisa Palmer, President and Chief Executive Officer. “Our leasing and value creation pipelines are supported by continued robust tenant demand, providing us great momentum into 2023, while our balance sheet strength allows us to remain opportunistic."

 

Supplemental Information iii

 

Financial Results

Net Income

•
For the three months ended December 31, 2022, Net Income Attributable to Common Stockholders (“Net Income”) was $95.3 million, or $0.56 per diluted share, compared to Net Income of $67.9 million, or $0.39 per diluted share, for the same period in 2021.
•
For the twelve months ended December 31, 2022, Net Income was $482.9 million, or $2.81 per diluted share, compared to Net Income of $361.4 million, or $2.12 per diluted share, for the same period in 2021.

Nareit FFO

•
For the three months ended December 31, 2022, Nareit Funds From Operations (“Nareit FFO”) was $181.5 million, or $1.05 per diluted share, compared to $174.2 million, or $1.01 per diluted share, for the same period in 2021.
o
Nareit FFO in the fourth quarter of 2022 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $2.2 million, or $0.01 per diluted share, compared to $4.9 million, or $0.03 per diluted share, in the fourth quarter of 2021.
o
Nareit FFO in the fourth quarter of 2022 also benefitted from the reversal of straight-line rent reserves of $4.7 million, or $0.03 per diluted share, triggered by the conversion of certain cash basis tenants back to accrual basis accounting, compared to $6.9 million, or $0.04 per diluted share, in the fourth quarter of 2021.
•
For the twelve months ended December 31, 2022, Nareit FFO was $707.8 million, or $4.10 per diluted share, compared to $688.7 million, or $4.02 per diluted share, for the same period in 2021.
o
Nareit FFO in the full year 2022 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $20.5 million, or $0.12 per diluted share, compared to $46.3 million, or $0.27 per diluted share, in the full year 2021.
o
Nareit FFO in the full year 2022 also benefitted from the reversal of straight-line rent reserves of $16.7 million, or $0.10 per diluted share, triggered by the conversion of certain cash basis tenants back to accrual basis accounting, compared to $12.9 million, or $0.08 per diluted share, in the full year 2021.

Core Operating Earnings

•
For the three months ended December 31, 2022, Core Operating Earnings was $169.2 million, or $0.98 per diluted share, compared to $159.0 million, or $0.92 per diluted share, for the same period in 2021.
o
Core Operating Earnings in the fourth quarter of 2022 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.01 per diluted share, compared to $0.03 per diluted share in fourth quarter 2021.
•
For the twelve months ended December 31, 2022, Core Operating Earnings was $660.8 million, or $3.83 per diluted share, compared to $631.2 million, or $3.68 per diluted share, for the same period in 2021.
o
Core Operating Earnings in the full year 2022 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.12 per diluted share, compared to $0.27 per diluted share in the full year 2021.


 

 

Supplemental Information iv

 

Portfolio Performance

Same Property NOI

•
Fourth quarter 2022 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 4.3% compared to the same period in 2021.
o
Fourth quarter 2022 Same Property NOI, excluding lease termination fees and collection of 2020/2021 reserves, increased by 5.8% compared to the same period in 2021.
o
Growth in Same Property base rents contributed 4.8% to Same Property NOI growth in the fourth quarter of 2022.
•
Full year 2022 Same Property NOI, excluding lease termination fees, increased by 2.9% compared to the same period in 2021.
o
Full year 2022 Same Property NOI, excluding lease termination fees and collection of 2020/2021 reserves, increased by 6.3% compared to the same period in 2021.
o
Growth in Same Property base rents contributed 3.6% to Same Property NOI growth in full year 2022.

Occupancy

•
As of December 31, 2022, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.8% leased.
 
•
As of December 31, 2022, Regency’s Same Property portfolio was 95.1% leased, an increase of 40 basis points sequentially and an increase of 80 basis points compared to December 31, 2021.
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.9%, an increase of 20 basis points sequentially.
 
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 92.0%, an increase of 60 basis points sequentially.
•
As of December 31, 2022, Regency’s Same Property portfolio was 92.8% commenced, an increase of 50 basis points sequentially and an increase of 110 basis points compared to December 31, 2021.

Leasing Activity

•
During the three months ended December 31, 2022, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +7.2%.
•
For the trailing twelve months, the Company executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +7.4%.

 

Supplemental Information v

 

Capital Allocation and Balance Sheet

Developments and Redevelopments

•
As of December 31, 2022, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $301 million at the Company’s share, 51% of which has been incurred to date.
•
As previously disclosed, construction commenced at Town and Country Center in Los Angeles, CA during the fourth quarter. The project includes the redevelopment of a former Kmart building into new retail space and approximately 300 luxury mid-rise apartments. Regency is partnered with a leading multifamily developer, who is constructing the apartments on a ground lease.
•
During the fourth quarter, Regency completed developments and redevelopments with estimated net project costs of approximately $101 million, at the Company’s share.

Property Transactions

•
During the full year 2022, the Company completed acquisitions for a combined total of $210 million, and completed dispositions for a combined total of $179 million, each at Regency’s share.
o
During the fourth quarter of 2022, the Company completed acquisitions for a combined total of $39 million, including East Meadow Plaza for $30 million, as previously disclosed, as well as its partner’s 50% interest in Kroger New Albany Center for $9 million.
o
During the fourth quarter of 2022, the Company completed the disposition of one property for a total of $1.4 million, at Regency’s share.

Share Repurchase Program

•
On February 8, 2023, following the expiration of the previous program, Regency’s Board of Directors authorized a new share repurchase program. The new program approves the repurchase by Regency of up to $250 million of its common stock, and will expire on February 7, 2025, unless earlier modified or terminated by the Board. The timing and price of share repurchases, if any, will be dependent upon market conditions and other factors.

Balance Sheet

•
As of December 31, 2022, Regency had full capacity available under its $1.2 billion revolving credit facility.
 
•
As of December 31, 2022, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.0x.
 

Dividend

•
On February 8, 2023, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. The dividend is payable on April 5, 2023, to shareholders of record as of March 15, 2023.

 

Supplemental Information vi

 

2023 Guidance

Regency Centers has provided initial 2023 guidance, as summarized in the table below. Please refer to the Company’s Earnings Presentation for additional detail, as well as in the Company’s fourth quarter 2022 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

 

Full Year 2023 Guidance (in thousands, except per share data)

2022 Actual

2023 Guidance

 

 

 

Net Income Attributable to Common Stockholders per diluted share

$2.81

$1.92 - $2.00

 

 

 

 

 

 

Nareit Funds From Operations ("Nareit FFO") per diluted share

$4.10

$4.03 - $4.11

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$3.83

$3.83 - $3.89

 

 

 

 

 

 

Same property NOI growth without termination fees

2.9%

0% to +1.0%

 

 

 

Same property NOI growth without termination fees or collection of 2020/2021 reserves

6.3%

+2.0% to +3.0%

 

 

 

 

 

 

Collection of 2020/2021 reserves (2)

$20,050

+/- $3,000

 

 

 

 

 

 

Certain non-cash items (3)

$47,197

$34,500 - $37,500

Impact from reversal of Uncollectible Straight-Line Rent Receivables included in above (4)

$16,747

+/- $2,500

 

 

 

 

 

 

G&A expense, net (5)

$86,400

$87,000 - $90,000

 

 

 

 

 

 

Interest expense, net

$165,548

+/- $168,000

 

 

 

 

 

 

Recurring third party fees & commissions

$24,834

+/- $25,000

 

 

 

 

 

 

Development and Redevelopment spend

$112,995

+/- $130,000

 

 

 

 

 

 

Acquisitions

$209,908

$0

Cap rate (weighted average)

5.1%

0%

 

 

 

 

 

 

Dispositions

$179,044

+/-$65,000

Cap rate (weighted average) (6)

3.0%

+/- 7.0%

 

 

 

 

 

 

Forward ATM settlement (gross)

$64,768

$0

 

 

 

 

 

 

Share Repurchase settlement (gross)

$75,393

$0

 

 

 

 

Note: With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(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 collection of receivables in the Same Property portfolio reserved in 2020 and 2021; 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, included in total Certain non-cash items.
(5)
Represents General & administrative, net before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.
(6)
Weighted average cap rate for 2022 disposition is 6.5% excluding the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

 

Supplemental Information vii

 

Conference Call Information

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

Fourth Quarter 2022 Earnings Conference Call

 

Date:

Friday, February 10, 2023

Time:

11:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

4th Quarter 2022 Webcast Link

Replay: Webcast Archive: Investor Relations page under Events & Webcasts

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.

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

Earnings - Actual (in thousands)

 

For the Periods Ended December 31, 2022 and 2021

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

88,356

 

 

 

82,765

 

 

 

344,629

 

 

 

330,364

 

Gain on sale of real estate

 

 

(2,534

)

 

 

(61,915

)

 

 

(121,835

)

 

 

(100,499

)

Provision for impairment of real estate

 

 

-

 

 

 

85,229

 

 

 

-

 

 

 

95,815

 

Exchangeable operating partnership units

 

 

411

 

 

 

300

 

 

 

2,105

 

 

 

1,615

 

Nareit Funds From Operations

 

$

181,496

 

 

 

174,238

 

 

$

707,764

 

 

 

688,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

181,496

 

 

 

174,238

 

 

$

707,764

 

 

 

688,706

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,589

)

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(2,175

)

 

 

(3,240

)

 

 

(11,327

)

 

 

(13,534

)

Uncollectible straight-line rent

 

 

(4,545

)

 

 

(6,124

)

 

 

(14,155

)

 

 

(5,965

)

Above/below market rent amortization, net

 

 

(5,528

)

 

 

(5,791

)

 

 

(21,434

)

 

 

(23,889

)

Debt premium/discount amortization

 

 

1

 

 

 

(105

)

 

 

(184

)

 

 

(565

)

Core Operating Earnings

 

$

169,249

 

 

 

158,978

 

 

$

660,840

 

 

 

631,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,586

 

 

 

171,866

 

 

 

171,791

 

 

 

170,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

172,327

 

 

 

172,626

 

 

 

172,540

 

 

 

171,456

 
(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 viii

 

 

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

 

For the Periods Ended December 31, 2022 and 2021

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income attributable to common stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(6,901

)

 

 

(6,918

)

 

 

(25,851

)

 

 

(40,337

)

Other(1)

 

 

(12,795

)

 

 

(15,676

)

 

 

(51,090

)

 

 

(46,860

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

82,235

 

 

 

76,396

 

 

 

319,697

 

 

 

303,331

 

General and administrative

 

 

23,193

 

 

 

19,955

 

 

 

79,903

 

 

 

78,218

 

Other operating expense

 

 

2,427

 

 

 

3,064

 

 

 

6,166

 

 

 

5,751

 

Other expense

 

 

31,586

 

 

 

65,594

 

 

 

44,102

 

 

 

132,977

 

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

 

 

12,057

 

 

 

3,852

 

 

 

35,824

 

 

 

53,119

 

Net income attributable to noncontrolling interests

 

 

1,122

 

 

 

1,124

 

 

 

5,170

 

 

 

4,877

 

NOI

 

 

228,187

 

 

 

215,250

 

 

 

896,786

 

 

 

852,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(6,847

)

 

 

(2,109

)

 

 

(19,781

)

 

 

1,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

221,340

 

 

 

213,141

 

 

$

877,005

 

 

 

853,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

220,122

 

 

 

211,104

 

 

$

871,998

 

 

 

847,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

192,685

 

 

 

185,871

 

 

$

766,064

 

 

 

747,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves

 

$

217,902

 

 

 

205,911

 

 

$

851,948

 

 

 

801,251

 
(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 2022 supplemental package that may help investors estimate earnings. A copy of the Company’s fourth quarter 2022 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 period ended December 31, 2022. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

 

Supplemental Information ix

 

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 2023 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,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “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, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

 

Supplemental Information x

 

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business.

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, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. 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 other building, fire, and safety and regulations may have a material 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 adversely 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.

 

Supplemental Information xi

 

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.

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 current or historical rates.

Risk Factors Related 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 or our investors. 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 xii

 

Summary Financial Information

December 31, 2022

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Year to Date

 

 

2022

 

2021

 

2022

 

2021

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders (page 4)

 

$95,263

 

$67,859

 

$482,865

 

$361,411

Net income per diluted share

 

$0.56

 

$0.39

 

$2.81

 

$2.12

 

 

 

 

 

 

 

 

 

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

 

$181,496

 

$174,238

 

$707,764

 

$688,706

Nareit FFO per diluted share

 

$1.05

 

$1.01

 

$4.10

 

$4.02

 

 

 

 

 

 

 

 

 

Core Operating Earnings (page 9)

 

$169,249

 

$158,978

 

$660,840

 

$631,164

Core Operating Earnings per diluted share

 

$0.98

 

$0.92

 

$3.83

 

$3.68

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees (page 8)

 

$220,122

 

$211,104

 

$871,998

 

$847,089

% growth

 

4.3%

 

 

 

2.9%

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees or collection of 2020/2021 reserves (page 8)

 

$217,902

 

$205,911

 

$851,948

 

$801,251

% growth

 

5.8%

 

 

 

6.3%

 

 

 

 

 

 

 

 

 

 

 

Operating EBITDAre (page 9)

 

$212,961

 

$203,153

 

$835,331

 

$806,888

 

 

 

 

 

 

 

 

 

Dividends declared per share and unit

 

$0.650

 

$0.625

 

$2.525

 

$2.410

Payout ratio of Core Operating Earnings per share (diluted)

 

66.3%

 

67.9%

 

65.9%

 

65.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted share and unit count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (diluted) - Net income

 

171,586

 

171,866

 

171,791

 

170,694

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

 

172,327

 

172,626

 

172,540

 

171,456

_________________________________________________________________________________________________

 

 

 

As of

 

As of

 

As of

 

As of

 

 

12/31/2022

 

12/31/2021

 

12/31/2020

 

12/31/2019

Capital Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price per common share

 

$62.50

 

$75.35

 

$45.59

 

$63.09

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

171,125

 

171,213

 

169,680

 

167,571

Exchangeable units held by noncontrolling interests

 

741

 

760

 

765

 

746

Common shares and equivalents issued and outstanding

 

171,866

 

171,973

 

170,445

 

168,317

Market equity value of common and convertible shares

 

$10,741,627

 

$12,958,170

 

$7,770,596

 

$10,619,161

 

 

 

 

 

 

 

 

 

Outstanding debt

 

$4,225,014

 

$4,235,735

 

$4,457,742

 

$4,445,591

Less: cash

 

(68,776)

 

(95,027)

 

(378,450)

 

(115,562)

Net debt

 

$4,156,238

 

$4,140,708

 

$4,079,292

 

$4,330,029

 

 

 

 

 

 

 

 

 

Total market capitalization

 

$14,897,865

 

$17,098,878

 

$11,849,888

 

$14,949,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt-to-Operating EBITDAre

 

5.0x

 

5.1x

 

6.0x

 

5.4x

Fixed charge coverage

 

4.6x

 

4.5x

 

3.6x

 

4.3x

 

Supplemental Information 1

 

Summary Real Estate Information

December 31, 2022

(GLA in thousands)

 

Wholly Owned and 100% of Co-investment Partnerships

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

Number of properties

 

404

 

404

 

404

 

406

 

405

Number of retail operating properties

 

401

 

399

 

399

 

402

 

401

Number of same properties

 

389

 

390

 

390

 

393

 

393

Number of properties in redevelopment

 

6

 

6

 

6

 

6

 

7

Number of properties in development (1)

 

2

 

4

 

4

 

3

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA) - All properties

 

51,145

 

51,115

 

51,102

 

51,283

 

51,164

GLA including retailer-owned stores - All properties

 

54,891

 

54,862

 

54,849

 

55,030

 

54,910

GLA - Retail operating properties

 

50,634

 

50,429

 

50,416

 

50,753

 

50,885

GLA - Same properties

 

49,043

 

49,218

 

49,205

 

49,553

 

49,759

GLA - Properties in redevelopment (2)

 

1,913

 

1,958

 

1,958

 

2,315

 

2,476

GLA - Properties in development (1)

 

511

 

686

 

686

 

530

 

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

GLA - All properties

 

43,314

 

43,183

 

43,173

 

42,805

 

42,646

GLA including retailer-owned stores - All properties

 

47,061

 

46,929

 

46,919

 

46,551

 

46,393

GLA - Retail operating properties

 

42,882

 

42,575

 

42,565

 

42,274

 

42,367

GLA - Same properties (3)

 

41,383

 

41,451

 

41,441

 

41,439

 

41,497

Spaces > 10,000 sf (3)

 

25,872

 

25,910

 

25,902

 

25,905

 

25,904

Spaces < 10,000 sf (3)

 

15,510

 

15,541

 

15,539

 

15,534

 

15,593

GLA - Properties in redevelopment (2)

 

1,866

 

1,958

 

1,958

 

2,315

 

2,476

GLA - Properties in development (1)

 

433

 

608

 

608

 

530

 

175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% leased - All properties

 

94.8%

 

94.6%

 

94.2%

 

93.9%

 

94.1%

% leased - Retail operating properties

 

94.9%

 

94.8%

 

94.5%

 

94.3%

 

94.2%

% leased - Same properties (3)

 

95.1%

 

94.7%

 

94.5%

 

94.3%

 

94.3%

Spaces ≥ 10,000 sf (3)

 

96.9%

 

96.7%

 

96.6%

 

96.7%

 

97.0%

Spaces < 10,000 sf (3)

 

92.0%

 

91.4%

 

91.0%

 

90.3%

 

90.0%

% commenced - Same properties (3) (4)

 

92.8%

 

92.3%

 

92.1%

 

92.0%

 

91.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same property NOI Growth - YTD (see page 8)

 

2.7%

 

2.4%

 

4.1%

 

8.6%

 

15.8%

Same property NOI Growth without Termination Fees - YTD (see page 8)

 

2.9%

 

2.5%

 

4.1%

 

7.8%

 

16.2%

Same property NOI Growth without Termination Fees or Redevelopments - YTD (see page 8)

 

2.5%

 

2.2%

 

3.4%

 

7.7%

 

16.1%

Same property NOI Growth without Termination Fees or Collection of 2020/2021 Reserves - YTD (see page 8)

 

6.3%

 

6.5%

 

8.6%

 

14.9%

 

9.9%

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

 

7.4%

 

8.8%

 

8.3%

 

6.8%

 

5.5%

 

 

 

 

 

 

 

 

 

 

 
(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.

Amounts may not foot due to rounding.

Supplemental Information 2

 

Consolidated Balance Sheets

December 31, 2022 and 2021

(in thousands)

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

Assets:

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets at cost

 

$

11,858,064

 

 

$

11,495,581

 

Less: accumulated depreciation

 

 

2,415,860

 

 

 

2,174,963

 

Real estate assets, net

 

 

9,442,204

 

 

 

9,320,618

 

Investments in real estate partnerships

 

 

350,377

 

 

 

372,591

 

Net real estate investments

 

 

9,792,581

 

 

 

9,693,209

 

 

 

 

 

 

 

 

Properties held for sale

 

 

-

 

 

 

25,574

 

Cash, cash equivalents, and restricted cash

 

 

68,776

 

 

 

95,027

 

Tenant and other receivables (1)

 

 

188,863

 

 

 

153,091

 

Deferred leasing costs, net

 

 

68,945

 

 

 

65,741

 

Acquired lease intangible assets, net

 

 

197,745

 

 

 

212,707

 

Right of use assets

 

 

275,513

 

 

 

280,783

 

Other assets

 

 

267,797

 

 

 

266,431

 

 

 

 

 

 

 

 

Total assets

 

$

10,860,220

 

 

$

10,792,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,726,754

 

 

$

3,718,944

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

317,259

 

 

 

322,271

 

Acquired lease intangible liabilities, net

 

 

354,204

 

 

 

363,276

 

Lease liabilities

 

 

213,722

 

 

 

215,788

 

Tenants' security, escrow deposits, and prepaid rent

 

 

70,242

 

 

 

62,352

 

Total liabilities

 

 

4,682,181

 

 

 

4,682,631

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock, $.01 par

 

 

1,711

 

 

 

1,712

 

Additional paid in capital

 

 

7,852,691

 

 

 

7,860,700

 

Accumulated other comprehensive loss

 

 

7,560

 

 

 

(10,227

)

Distributions in excess of net income

 

 

(1,764,977

)

 

 

(1,814,814

)

Total stockholders' equity

 

 

6,096,985

 

 

 

6,037,371

 

Noncontrolling Interests:

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

34,489

 

 

 

35,447

 

Limited partners' interest

 

 

46,565

 

 

 

37,114

 

Total noncontrolling interests

 

 

81,054

 

 

 

72,561

 

Total equity

 

 

6,178,039

 

 

 

6,109,932

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

10,860,220

 

 

$

10,792,563

 
(1)
For additional details, see page 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, 2022 and 2021

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income (1)

 

$

305,187

 

 

 

286,978

 

 

$

1,187,452

 

 

 

1,113,368

 

Other property income

 

 

2,429

 

 

 

3,028

 

 

 

10,719

 

 

 

12,456

 

Management, transaction, and other fees

 

 

6,901

 

 

 

6,918

 

 

 

25,851

 

 

 

40,337

 

Total revenues

 

 

314,517

 

 

 

296,924

 

 

 

1,224,022

 

 

 

1,166,161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

82,235

 

 

 

76,396

 

 

 

319,697

 

 

 

303,331

 

Property operating expense

 

 

52,360

 

 

 

48,937

 

 

 

196,148

 

 

 

184,553

 

Real estate taxes

 

 

38,300

 

 

 

34,737

 

 

 

149,795

 

 

 

142,129

 

General and administrative

 

 

23,193

 

 

 

19,955

 

 

 

79,903

 

 

 

78,218

 

Other operating expense

 

 

2,427

 

 

 

3,064

 

 

 

6,166

 

 

 

5,751

 

Total operating expenses

 

 

198,515

 

 

 

183,089

 

 

 

751,709

 

 

 

713,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

36,388

 

 

 

36,429

 

 

 

146,186

 

 

 

145,170

 

Provision for impairment of real estate

 

 

-

 

 

 

84,274

 

 

 

-

 

 

 

84,389

 

Gain on sale of real estate, net of tax

 

 

(2,546

)

 

 

(52,921

)

 

 

(109,005

)

 

 

(91,119

)

Net investment (income) loss

 

 

(2,256

)

 

 

(2,188

)

 

 

6,921

 

 

 

(5,463

)

Total other expense (income)

 

 

31,586

 

 

 

65,594

 

 

 

44,102

 

 

 

132,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before equity in income of

 

 

 

 

 

 

 

 

 

 

 

 

investments in real estate partnerships

 

 

84,416

 

 

 

48,241

 

 

 

428,211

 

 

 

319,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in income of investments in real estate partnerships

 

 

11,969

 

 

 

20,742

 

 

 

59,824

 

 

 

47,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

96,385

 

 

 

68,983

 

 

 

488,035

 

 

 

366,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(411

)

 

 

(300

)

 

 

(2,105

)

 

 

(1,615

)

Limited partners' interests in consolidated partnerships

 

 

(711

)

 

 

(824

)

 

 

(3,065

)

 

 

(3,262

)

Income attributable to noncontrolling interests

 

 

(1,122

)

 

 

(1,124

)

 

 

(5,170

)

 

 

(4,877

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 
(1)
For additional details, see page 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, 2022 and 2021

(in thousands)

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

210,595

 

 

 

195,339

 

 

$

821,755

 

 

 

765,941

 

*

Recoveries from tenants

 

 

75,044

 

 

 

65,517

 

 

 

280,658

 

 

 

258,596

 

*

Percentage rent

 

 

2,052

 

 

 

1,215

 

 

 

9,635

 

 

 

6,601

 

*

Termination Fees

 

 

1,170

 

 

 

1,934

 

 

 

4,261

 

 

 

5,790

 

*

Uncollectible lease income

 

 

1,685

 

 

 

5,388

 

 

 

13,841

 

 

 

23,481

 

*

Other lease income

 

 

3,017

 

 

 

2,915

 

 

 

10,487

 

 

 

10,231

 

 

Straight-line rent on lease income

 

 

5,867

 

 

 

8,591

 

 

 

24,272

 

 

 

18,189

 

 

Above/below market rent amortization

 

 

5,757

 

 

 

6,079

 

 

 

22,543

 

 

 

24,539

 

 

Lease income (1)

 

 

305,187

 

 

 

286,978

 

 

 

1,187,452

 

 

 

1,113,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

2,429

 

 

 

3,028

 

 

 

10,719

 

 

 

12,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property management fees

 

 

3,318

 

 

 

3,441

 

 

 

13,470

 

 

 

14,415

 

 

Asset management fees

 

 

1,647

 

 

 

1,778

 

 

 

6,752

 

 

 

6,921

 

 

Leasing commissions and other fees

 

 

1,936

 

 

 

1,699

 

 

 

5,629

 

 

 

5,412

 

 

Transaction fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,589

 

 

Management, transaction, and other fees

 

 

6,901

 

 

 

6,918

 

 

 

25,851

 

 

 

40,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

314,517

 

 

 

296,924

 

 

 

1,224,022

 

 

 

1,166,161

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

82,235

 

 

 

76,396

 

 

 

319,697

 

 

 

303,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

48,380

 

 

 

45,002

 

 

 

180,798

 

 

 

167,785

 

*

Ground rent

 

 

3,191

 

 

 

3,140

 

 

 

12,192

 

 

 

11,613

 

*

Termination expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,874

 

 

Straight-line rent on ground rent

 

 

402

 

 

 

409

 

 

 

1,610

 

 

 

1,679

 

 

Above/below market ground rent amortization

 

 

387

 

 

 

386

 

 

 

1,548

 

 

 

1,602

 

 

Property operating expense

 

 

52,360

 

 

 

48,937

 

 

 

196,148

 

 

 

184,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

38,300

 

 

 

34,737

 

 

 

149,795

 

 

 

142,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross general & administrative

 

 

20,859

 

 

 

17,772

 

 

 

80,191

 

 

 

72,271

 

 

Stock-based compensation

 

 

3,968

 

 

 

3,183

 

 

 

16,667

 

 

 

12,651

 

 

Capitalized direct development compensation costs

 

 

(3,522

)

 

 

(2,865

)

 

 

(10,827

)

 

 

(11,276

)

 

General & administrative, net

 

 

21,305

 

 

 

18,090

 

 

 

86,031

 

 

 

73,646

 

 

Loss (gain) on deferred compensation plan (2)

 

 

1,888

 

 

 

1,865

 

 

 

(6,128

)

 

 

4,572

 

 

General & administrative

 

 

23,193

 

 

 

19,955

 

 

 

79,903

 

 

 

78,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

1,976

 

 

 

1,816

 

 

 

5,578

 

 

 

4,263

 

 

Development pursuit costs

 

 

451

 

 

 

1,248

 

 

 

588

 

 

 

1,488

 

 

Other operating expenses

 

 

2,427

 

 

 

3,064

 

 

 

6,166

 

 

 

5,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

198,515

 

 

 

183,089

 

 

 

751,709

 

 

 

713,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

36,419

 

 

 

36,382

 

 

 

145,486

 

 

 

143,989

 

 

Derivative amortization

 

 

110

 

 

 

110

 

 

 

438

 

 

 

438

 

 

Debt cost amortization

 

 

1,394

 

 

 

1,403

 

 

 

5,576

 

 

 

6,173

 

 

Debt premium/discount amortization

 

 

1

 

 

 

(115

)

 

 

(201

)

 

 

(604

)

 

Capitalized interest

 

 

(1,181

)

 

 

(1,190

)

 

 

(4,166

)

 

 

(4,202

)

 

Interest income

 

 

(355

)

 

 

(161

)

 

 

(947

)

 

 

(624

)

 

Interest expense, net

 

 

36,388

 

 

 

36,429

 

 

 

146,186

 

 

 

145,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate

 

 

-

 

 

 

84,274

 

 

 

-

 

 

 

84,389

 

 

Gain on sale of real estate, net of tax

 

 

(2,546

)

 

 

(52,921

)

 

 

(109,005

)

 

 

(91,119

)

 

Net investment (income) loss (2)

 

 

(2,256

)

 

 

(2,188

)

 

 

6,921

 

 

 

(5,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

31,586

 

 

 

65,594

 

 

 

44,102

 

 

 

132,977

 

* Component of Net Operating Income

(1)
For additional details, see page 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, 2022 and 2021

(in thousands)

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate assets at cost

 

$

(101,127

)

 

 

(87,578

)

 

$

1,200,127

 

 

 

1,280,979

 

Less: accumulated depreciation

 

 

(16,173

)

 

 

(17,396

)

 

 

447,002

 

 

 

441,893

 

Real estate assets, net

 

 

(84,954

)

 

 

(70,182

)

 

 

753,125

 

 

 

839,086

 

Investments in sales-type lease, net

 

 

-

 

 

 

-

 

 

 

31,538

 

 

 

-

 

Net real estate investments

 

 

(84,954

)

 

 

(70,182

)

 

 

784,663

 

 

 

839,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

 

(3,549

)

 

 

(2,669

)

 

 

18,064

 

 

 

16,179

 

Tenant and other receivables (1)

 

 

(2,134

)

 

 

(2,158

)

 

 

24,378

 

 

 

23,899

 

Deferred leasing costs, net

 

 

(1,315

)

 

 

(1,278

)

 

 

15,113

 

 

 

14,764

 

Acquired lease intangible assets, net

 

 

(1,396

)

 

 

(392

)

 

 

4,654

 

 

 

5,566

 

Right of use assets

 

 

(1,590

)

 

 

(1,613

)

 

 

5,043

 

 

 

5,266

 

Other assets

 

 

(1,198

)

 

 

(66

)

 

 

29,378

 

 

 

21,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

(96,136

)

 

 

(78,358

)

 

$

881,293

 

 

 

926,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

(40,012

)

 

 

(36,290

)

 

$

498,260

 

 

 

516,791

 

Accounts payable and other liabilities

 

 

(6,983

)

 

 

(2,577

)

 

 

20,031

 

 

 

22,741

 

Acquired lease intangible liabilities, net

 

 

(290

)

 

 

(117

)

 

 

4,865

 

 

 

5,884

 

Lease liabilities

 

 

(1,932

)

 

 

(1,912

)

 

 

4,259

 

 

 

4,325

 

Tenants' security, escrow deposits, and prepaid rent

 

 

(354

)

 

 

(348

)

 

 

3,501

 

 

 

3,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

(49,571

)

 

 

(41,244

)

 

$

530,916

 

 

 

553,550

 
(1)
For additional details, see page 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, 2022 and 2021

(in thousands)

 

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

(2,068

)

 

 

(1,991

)

 

$

(8,124

)

 

 

(7,892

)

 

$

24,059

 

 

 

24,802

 

 

$

96,684

 

 

 

102,118

 

*

Recoveries from tenants

 

 

(617

)

 

 

(598

)

 

 

(2,292

)

 

 

(2,350

)

 

 

7,450

 

 

 

8,829

 

 

 

30,830

 

 

 

34,431

 

*

Percentage rent

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

(6

)

 

 

246

 

 

 

194

 

 

 

1,442

 

 

 

1,129

 

*

Termination Fees

 

 

(1

)

 

 

-

 

 

 

(43

)

 

 

(11

)

 

 

90

 

 

 

103

 

 

 

816

 

 

 

787

 

*

Uncollectible lease income

 

 

(12

)

 

 

(33

)

 

 

(84

)

 

 

(226

)

 

 

115

 

 

 

685

 

 

 

1,224

 

 

 

2,470

 

*

Other lease income

 

 

(33

)

 

 

(29

)

 

 

(130

)

 

 

(119

)

 

 

335

 

 

 

367

 

 

 

1,332

 

 

 

1,470

 

 

Straight-line rent on lease income

 

 

113

 

 

 

(95

)

 

 

(196

)

 

 

(143

)

 

 

1,154

 

 

 

1,225

 

 

 

3,144

 

 

 

3,052

 

 

Above/below market rent amortization

 

 

(1

)

 

 

(6

)

 

 

(5

)

 

 

(69

)

 

 

169

 

 

 

114

 

 

 

483

 

 

 

1,060

 

 

Lease income (1)

 

 

(2,619

)

 

 

(2,752

)

 

 

(10,875

)

 

 

(10,816

)

 

 

33,618

 

 

 

36,319

 

 

 

135,955

 

 

 

146,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

(2

)

 

 

(2

)

 

 

(9

)

 

 

(14

)

 

 

120

 

 

 

105

 

 

 

537

 

 

 

360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(239

)

 

 

(279

)

 

 

(1,017

)

 

 

(1,083

)

 

Management, transaction, and other fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(239

)

 

 

(279

)

 

 

(1,017

)

 

 

(1,083

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

(2,621

)

 

 

(2,754

)

 

 

(10,884

)

 

 

(10,830

)

 

 

33,499

 

 

 

36,145

 

 

 

135,475

 

 

 

145,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

(684

)

 

 

(704

)

 

 

(2,767

)

 

 

(2,818

)

 

 

7,336

 

 

 

7,614

 

 

 

29,779

 

 

 

32,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

(425

)

 

 

(482

)

 

 

(1,746

)

 

 

(1,777

)

 

 

5,782

 

 

 

5,786

 

 

 

21,635

 

 

 

22,831

 

*

Ground rent

 

 

(30

)

 

 

(29

)

 

 

(118

)

 

 

(113

)

 

 

85

 

 

 

90

 

 

 

324

 

 

 

357

 

 

Straight-line rent on ground rent

 

 

(14

)

 

 

(16

)

 

 

(58

)

 

 

(63

)

 

 

31

 

 

 

29

 

 

 

120

 

 

 

119

 

 

Above/below market ground rent amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

10

 

 

 

39

 

 

 

39

 

 

Property operating expense

 

 

(469

)

 

 

(527

)

 

 

(1,922

)

 

 

(1,953

)

 

 

5,908

 

 

 

5,915

 

 

 

22,118

 

 

 

23,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

(318

)

 

 

(341

)

 

 

(1,386

)

 

 

(1,315

)

 

 

2,522

 

 

 

4,615

 

 

 

15,258

 

 

 

19,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General & administrative, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

141

 

 

 

82

 

 

 

369

 

 

 

341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(19

)

 

 

(18

)

 

 

(111

)

 

 

(95

)

 

 

520

 

 

 

335

 

 

 

1,270

 

 

 

1,249

 

 

Development pursuit costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

55

 

 

 

-

 

 

 

67

 

 

 

12

 

 

Other operating expenses

 

 

(19

)

 

 

(18

)

 

 

(111

)

 

 

(95

)

 

 

575

 

 

 

335

 

 

 

1,337

 

 

 

1,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

(1,490

)

 

 

(1,590

)

 

 

(6,186

)

 

 

(6,181

)

 

 

16,482

 

 

 

18,561

 

 

 

68,861

 

 

 

76,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

(389

)

 

 

(330

)

 

 

(1,455

)

 

 

(1,342

)

 

 

4,806

 

 

 

4,688

 

 

 

18,673

 

 

 

19,442

 

 

Debt cost amortization

 

 

(13

)

 

 

(10

)

 

 

(50

)

 

 

(45

)

 

 

212

 

 

 

183

 

 

 

626

 

 

 

768

 

 

Debt premium/discount amortization

 

 

(18

)

 

 

-

 

 

 

(46

)

 

 

-

 

 

 

18

 

 

 

10

 

 

 

63

 

 

 

39

 

 

Interest expense, net

 

 

(420

)

 

 

(340

)

 

 

(1,551

)

 

 

(1,387

)

 

 

5,036

 

 

 

4,881

 

 

 

19,362

 

 

 

20,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

955

 

 

 

-

 

 

 

11,426

 

 

Gain on sale of real estate

 

 

-

 

 

 

-

 

 

 

(82

)

 

 

-

 

 

 

12

 

 

 

(8,994

)

 

 

(12,748

)

 

 

(9,380

)

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

(420

)

 

 

(340

)

 

 

(1,633

)

 

 

(1,387

)

 

 

5,048

 

 

 

(3,158

)

 

 

6,790

 

 

 

22,295

 

* Component of Net Operating Income

(1)
For additional details, see page 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, 2022 and 2021

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Same Property NOI Detail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

$

226,858

 

 

 

216,690

 

 

$

892,253

 

 

 

861,382

 

Recoveries from tenants

 

 

79,486

 

 

 

73,351

 

 

 

302,171

 

 

 

292,319

 

Percentage rent

 

 

2,266

 

 

 

1,400

 

 

 

11,004

 

 

 

7,701

 

Termination fees

 

 

1,218

 

 

 

2,037

 

 

 

5,007

 

 

 

6,734

 

Uncollectible lease income

 

 

1,451

 

 

 

6,350

 

 

 

14,816

 

 

 

25,734

 

Other lease income

 

 

3,319

 

 

 

3,253

 

 

 

11,847

 

 

 

11,556

 

Other property income

 

 

1,891

 

 

 

2,415

 

 

 

8,338

 

 

 

9,863

 

Total real estate revenues

 

 

316,489

 

 

 

305,496

 

 

 

1,245,436

 

 

 

1,215,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance

 

 

53,052

 

 

 

50,804

 

 

 

197,481

 

 

 

190,017

 

Real estate taxes

 

 

39,192

 

 

 

38,408

 

 

 

159,189

 

 

 

159,620

 

Ground rent

 

 

2,905

 

 

 

3,143

 

 

 

11,761

 

 

 

11,829

 

Total real estate operating expenses

 

 

95,149

 

 

 

92,355

 

 

 

368,431

 

 

 

361,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

221,340

 

 

 

213,141

 

 

$

877,005

 

 

 

853,823

 

% change

 

 

3.8

%

 

 

 

 

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

220,122

 

 

 

211,104

 

 

$

871,998

 

 

 

847,089

 

% change

 

 

4.3

%

 

 

 

 

 

2.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

192,685

 

 

 

185,871

 

 

$

766,064

 

 

 

747,259

 

% change

 

 

3.7

%

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves

 

$

217,902

 

 

 

205,911

 

 

$

851,948

 

 

 

801,251

 

% change

 

 

5.8

%

 

 

 

 

 

6.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent Contribution to Same Property NOI Performance:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

 

4.8

%

 

 

 

 

 

3.6

%

 

 

 

Uncollectible lease income - current year (2022) revenues

 

 

-0.9

%

 

 

 

 

 

1.7

%

 

 

 

Collection of 2020/2021 reserves

 

 

-1.4

%

 

 

 

 

 

-3.0

%

 

 

 

Net expense recoveries

 

 

1.6

%

 

 

 

 

 

0.3

%

 

 

 

Other lease / property income

 

 

-0.2

%

 

 

 

 

 

-0.1

%

 

 

 

Percentage rent

 

 

0.4

%

 

 

 

 

 

0.4

%

 

 

 

Same Property NOI without Termination Fees (% impact)

 

 

4.3

%

 

 

 

 

 

2.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(6,901

)

 

 

(6,918

)

 

 

(25,851

)

 

 

(40,337

)

Other (1)

 

 

(12,795

)

 

 

(15,676

)

 

 

(51,090

)

 

 

(46,860

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

82,235

 

 

 

76,396

 

 

 

319,697

 

 

 

303,331

 

General and administrative

 

 

23,193

 

 

 

19,955

 

 

 

79,903

 

 

 

78,218

 

Other operating expense

 

 

2,427

 

 

 

3,064

 

 

 

6,166

 

 

 

5,751

 

Other expense

 

 

31,586

 

 

 

65,594

 

 

 

44,102

 

 

 

132,977

 

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

 

 

12,057

 

 

 

3,852

 

 

 

35,824

 

 

 

53,119

 

Net income attributable to noncontrolling interests

 

 

1,122

 

 

 

1,124

 

 

 

5,170

 

 

 

4,877

 

NOI

 

 

228,187

 

 

 

215,250

 

 

 

896,786

 

 

 

852,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(6,847

)

 

 

(2,109

)

 

 

(19,781

)

 

 

1,336

 

Same Property NOI

 

$

221,340

 

 

 

213,141

 

 

$

877,005

 

 

 

853,823

 
(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. Also includes adjustments for earnings at the four and seven properties we acquired from our former unconsolidated RegCal and USAA partnerships in 2022 and 2021, respectively, in order to calculate growth on a comparable basis for the periods presented.

Supplemental Information 8

 

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended December 31, 2022 and 2021

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

95,263

 

 

 

67,859

 

 

$

482,865

 

 

 

361,411

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

88,356

 

 

 

82,765

 

 

 

344,629

 

 

 

330,364

 

Gain on sale of real estate

 

 

(2,534

)

 

 

(61,915

)

 

 

(121,835

)

 

 

(100,499

)

Provision for impairment of real estate

 

 

-

 

 

 

85,229

 

 

 

-

 

 

 

95,815

 

Exchangeable operating partnership units

 

 

411

 

 

 

300

 

 

 

2,105

 

 

 

1,615

 

Nareit Funds From Operations

 

$

181,496

 

 

 

174,238

 

 

$

707,764

 

 

 

688,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

1.05

 

 

 

1.01

 

 

$

4.10

 

 

 

4.02

 

Weighted average shares (diluted)

 

 

172,327

 

 

 

172,626

 

 

 

172,540

 

 

 

171,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

181,496

 

 

 

174,238

 

 

$

707,764

 

 

 

688,706

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Not Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,589

)

Certain Non Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(2,175

)

 

 

(3,240

)

 

 

(11,327

)

 

 

(13,534

)

Uncollectible straight-line rent

 

 

(4,545

)

 

 

(6,124

)

 

 

(14,155

)

 

 

(5,965

)

Above/below market rent amortization, net

 

 

(5,528

)

 

 

(5,791

)

 

 

(21,434

)

 

 

(23,889

)

Debt premium/discount amortization

 

 

1

 

 

 

(105

)

 

 

(184

)

 

 

(565

)

Core Operating Earnings

 

$

169,249

 

 

 

158,978

 

 

$

660,840

 

 

 

631,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.98

 

 

 

0.92

 

 

$

3.83

 

 

 

3.68

 

Weighted average shares (diluted)

 

 

172,327

 

 

 

172,626

 

 

 

172,540

 

 

 

171,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

96,385

 

 

 

68,983

 

 

$

488,035

 

 

 

366,288

 

Adjustments to reconcile to Nareit EBITDAre (2):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

41,779

 

 

 

41,471

 

 

 

166,495

 

 

 

166,043

 

Income tax expense

 

 

(118

)

 

 

615

 

 

 

(39

)

 

 

943

 

Depreciation and amortization

 

 

89,571

 

 

 

84,010

 

 

 

349,476

 

 

 

335,424

 

Gain on sale of real estate

 

 

(2,534

)

 

 

(61,915

)

 

 

(121,753

)

 

 

(100,499

)

Provision for impairment of real estate

 

 

-

 

 

 

85,229

 

 

 

-

 

 

 

95,815

 

Nareit EBITDAre

 

$

225,083

 

 

 

218,393

 

 

$

882,214

 

 

 

864,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit EBITDAre

 

$

225,083

 

 

 

218,393

 

 

$

882,214

 

 

 

864,014

 

Adjustments to reconcile to Operating EBITDAre (2):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,589

)

Straight-line rent, net

 

 

(6,593

)

 

 

(9,443

)

 

 

(25,620

)

 

 

(19,579

)

Above/below market rent amortization, net

 

 

(5,529

)

 

 

(5,797

)

 

 

(21,439

)

 

 

(23,958

)

Operating EBITDAre

 

$

212,961

 

 

 

203,153

 

 

$

835,331

 

 

 

806,888

 
(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

 

Capital Expenditures and Additional Disclosures

For the Periods Ended December 31, 2022 and 2021

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Properties (1)

 

 

 

 

 

 

 

 

 

 

 

 

Tenant allowance and landlord work

 

$

10,671

 

 

 

10,201

 

 

$

48,638

 

 

 

32,788

 

Leasing commissions

 

 

4,037

 

 

 

3,540

 

 

 

15,529

 

 

 

13,184

 

Leasing Capital Expenditures

 

 

14,708

 

 

 

13,741

 

 

 

64,167

 

 

 

45,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building improvements

 

 

12,817

 

 

 

10,799

 

 

 

33,659

 

 

 

24,596

 

Operating Capital Expenditures

 

$

27,525

 

 

 

24,540

 

 

$

97,826

 

 

 

70,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development & Redevelopment Properties (1)

 

 

 

 

 

 

 

 

 

 

 

 

Ground-up development

 

$

9,240

 

 

 

7,559

 

 

$

36,649

 

 

 

21,414

 

Redevelopment

 

 

27,656

 

 

 

19,874

 

 

 

76,346

 

 

 

84,771

 

Development & Redevelopment Expenditures

 

$

36,896

 

 

 

27,433

 

 

$

112,995

 

 

 

106,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Non Cash Expense (2)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative amortization

 

$

110

 

 

 

110

 

 

$

438

 

 

 

438

 

Debt cost amortization

 

 

1,593

 

 

 

1,575

 

 

 

6,152

 

 

 

6,895

 

Stock-based compensation

 

 

3,968

 

 

 

3,183

 

 

 

16,667

 

 

 

12,651

 

Other Non Cash Expense

 

$

5,671

 

 

 

4,868

 

 

$

23,257

 

 

 

19,984

 
(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.
(2)
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.

 

Supplemental Information 10

 

Summary of Consolidated Debt

December 31, 2022 and 2021

(in thousands)

 

Total Debt Outstanding:

 

12/31/2022

 

 

12/31/2021

 

Notes Payable:

 

 

 

 

 

 

Fixed rate mortgage loans

 

$

474,193

 

 

$

469,953

 

Variable rate mortgage loans

 

 

4,188

 

 

 

5,000

 

Fixed rate unsecured public debt

 

 

3,053,550

 

 

 

3,050,632

 

Fixed rate unsecured private debt

 

 

194,823

 

 

 

193,359

 

Total

 

$

3,726,754

 

 

$

3,718,944

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities (1)

 

 

Total

 

 

Weighted Average
Contractual
Interest Rate
on Maturities

2023

 

$

9,695

 

 

 

59,383

 

 

 

-

 

 

 

69,078

 

 

3.43%

2024

 

 

4,849

 

 

 

90,758

 

 

 

250,000

 

 

 

345,607

 

 

3.70%

2025

 

 

3,732

 

 

 

44,250

 

 

 

250,000

 

 

 

297,982

 

 

3.82%

2026

 

 

3,922

 

 

 

112,365

 

 

 

200,000

 

 

 

316,287

 

 

3.78%

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%

2032

 

 

2

 

 

 

3

 

 

 

-

 

 

 

5

 

 

8.00%

>10 years

 

 

-

 

 

 

-

 

 

 

725,000

 

 

 

725,000

 

 

4.56%

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

 

 

-

 

 

 

4,532

 

 

 

(26,627

)

 

 

(22,095

)

 

 

 

 

$

28,859

 

 

 

449,522

 

 

 

3,248,373

 

 

 

3,726,754

 

 

3.82%

 

Percentage of Total Debt:

 

12/31/2022

 

12/31/2021

Fixed

 

99.9%

 

99.9%

Variable

 

0.1%

 

0.1%

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(2)

 

 

 

 

Fixed

 

3.8%

 

3.8%

Variable

 

5.7%

 

1.6%

Combined

 

3.8%

 

3.8%

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rate:(3)

 

 

 

 

Combined

 

4.0%

 

4.1%

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

Fixed

 

8.6

 

9.6

Variable

 

2.2

 

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, 2022 and 2021

(in thousands)

 

 

 

 

 

Contractual

 

 

Effective

 

 

 

 

 

 

 

 

Lender

 

Collateral

 

Rate

 

 

Rate(1)

 

Maturity

 

12/31/2022

 

 

12/31/2021

 

Secured Debt - Fixed Rate Mortqaqe Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo

 

Hewlett I

 

4.41%

 

 

 

 

01/06/23

 

$

8,879

 

 

$

9,061

 

TD Bank

 

Black Rock Shopping Center

 

2.80%

 

 

 

 

04/01/23

 

 

18,637

 

 

 

19,029

 

State Farm Life Insurance Company

 

Tech Ridge Center

 

5.83%

 

 

 

 

06/01/23

 

 

715

 

 

 

2,066

 

American United Life Insurance Company

 

Westport Plaza

 

7.49%

 

 

 

 

08/01/23

 

 

1,457

 

 

 

1,789

 

TD Bank

 

Brickwalk Shopping Center

 

3.35%

 

 

 

 

11/01/23

 

 

31,131

 

 

 

31,763

 

Genworth Life Insurance Company

 

Aventura, Oakbrook & Treasure Coast

 

6.50%

 

 

 

 

02/28/24

 

 

3,916

 

 

 

6,801

 

Prudential Insurance Company of America

 

4S Commons Town Center

 

3.50%

 

 

 

 

06/05/24

 

 

80,811

 

 

 

82,531

 

Ellis Partners

 

Pruneyard

 

4.25%

 

 

 

 

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

 

Santander Bank

 

Baederwood Shoppes

 

3.25%

 

 

 

 

12/19/26

 

 

24,365

 

 

 

-

 

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

 

 

 

16,700

 

The Guardian Life Insurance of America

 

Alden Bridge

 

3.81%

 

 

 

 

03/01/27

 

 

26,000

 

 

 

26,000

 

The Guardian Life Insurance of America

 

Bethany Park Place

 

3.81%

 

 

 

 

03/01/27

 

 

10,200

 

 

 

10,200

 

The Guardian Life Insurance of America

 

Blossom Valley

 

3.81%

 

 

 

 

03/01/27

 

 

22,300

 

 

 

22,300

 

The Guardian Life Insurance of America

 

Dunwoody Hall

 

3.81%

 

 

 

 

03/01/27

 

 

13,800

 

 

 

13,800

 

The Guardian Life Insurance of America

 

Hasley Canyon Village

 

3.81%

 

 

 

 

03/01/27

 

 

16,000

 

 

 

16,000

 

PNC Bank

 

Fellsway Plaza

 

4.06%

 

 

 

 

06/02/27

 

 

35,446

 

 

 

36,019

 

New York Life Insurance

 

Oak Shade Town Center

 

6.05%

 

 

 

 

05/10/28

 

 

4,869

 

 

 

5,606

 

New York Life Insurance

 

Von's Circle Center

 

5.20%

 

 

 

 

10/10/28

 

 

5,031

 

 

 

5,751

 

New York Life Insurance

 

Copps Hill Plaza

 

6.06%

 

 

 

 

01/01/29

 

 

8,962

 

 

 

10,145

 

City of Rollingwood

 

Shops at Mira Vista

 

8.00%

 

 

 

 

03/01/32

 

 

180

 

 

 

192

 

John Hancock Life Insurance Company

 

Kirkwood Commons

 

7.68%

 

 

 

 

10/01/22

 

 

-

 

 

 

6,495

 

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

 

 

 

 

 

 

 

 

 

4,594

 

 

 

7,505

 

Total Fixed Rate Mortgage Loans

 

3.74%

 

 

3.50%

 

 

 

$

474,193

 

 

$

469,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Revolving Line of Credit

 

Variable-rate unsecured

 

LIBOR + 0.865%

(2)

 

 

 

03/23/25

 

 

-

 

 

 

-

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

(26,627

)

 

 

(31,009

)

Total Unsecured Debt, Net of Discounts

 

3.83%

 

 

3.98%

 

 

 

$

3,248,373

 

 

$

3,243,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Rate Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PNC Bank

 

Market at Springwoods Village

 

SOFR + 1.40%

 

 

 

 

03/28/25

 

$

4,250

 

 

$

5,000

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

(62

)

 

 

-

 

Total Variable Rate Mortgage Loans

 

5.70%

 

 

6.19%

 

 

 

$

4,188

 

 

$

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

3.82%

 

 

4.04%

 

 

 

$

3,726,754

 

 

$

3,718,944

 
(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. Effective 1/12/2023, the interest rate has been amended to SOFR plus a 0.10% market adjustment plus our current applicable margin of 0.865%.

 

Supplemental Information 12

 

Summary of Unsecured Debt Covenants and Leverage Ratios

December 31, 2022

(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

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

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

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Debt to Total Consolidated Assets

 

≤ 65%

 

26%

 

26%

 

26%

 

26%

 

27%

Secured Consolidated Debt to Total Consolidated Assets

 

≤ 40%

 

3%

 

3%

 

3%

 

3%

 

3%

Consolidated Income for Debt Service to Consolidated Debt Service

 

≥ 1.5x

 

5.6x

 

5.7x

 

5.8x

 

5.6x

 

5.5x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt

 

>150%

 

400%

 

399%

 

397%

 

394%

 

388%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios:

 

 

 

12/31/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

Consolidated Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

25.4%

 

27.9%

 

26.2%

 

22.4%

 

21.9%

Net debt to real estate assets, before depreciation

 

 

 

30.0%

 

29.5%

 

29.9%

 

29.7%

 

30.4%

Net debt to total assets, before depreciation

 

 

 

27.7%

 

27.3%

 

27.6%

 

27.4%

 

28.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

4.5x

 

4.4x

 

4.5x

 

4.4x

 

4.6x

Fixed charge coverage

 

 

 

5.2x

 

5.2x

 

5.2x

 

5.2x

 

5.1x

Interest coverage

 

 

 

5.6x

 

5.6x

 

5.6x

 

5.6x

 

5.5x

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured assets to total real estate assets

 

 

 

89.5%

 

89.4%

 

89.2%

 

89.5%

 

89.4%

Unsecured NOI to total NOI - TTM

 

 

 

90.9%

 

91.0%

 

90.9%

 

90.8%

 

90.6%

Unencumbered assets to unsecured debt

 

 

 

326%

 

324%

 

323%

 

318%

 

318%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-Rata Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

27.9%

 

30.7%

 

28.8%

 

24.9%

 

24.2%

Net debt to real estate assets, before depreciation

 

 

 

31.8%

 

31.5%

 

31.8%

 

31.7%

 

32.3%

Net debt to total assets, before depreciation

 

 

 

29.3%

 

29.0%

 

29.4%

 

29.3%

 

29.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

5.0x

 

5.0x

 

5.0x

 

4.9x

 

5.1x

Fixed charge coverage

 

 

 

4.7x

 

4.6x

 

4.6x

 

4.6x

 

4.5x

Interest coverage

 

 

 

5.1x

 

5.0x

 

5.0x

 

5.0x

 

4.9x
(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, 2022 and 2021

(in thousands)

 

Total Debt Outstanding:

 

12/31/2022

 

 

12/31/2021

 

Mortgage loans payable:

 

 

 

 

 

 

Fixed rate secured loans

 

$

1,368,330

 

 

$

1,345,904

 

Variable rate secured loans

 

 

6,167

 

 

 

91,663

 

Unsecured credit facilities variable rate

 

 

23,800

 

 

 

7,300

 

Total

 

$

1,398,297

 

 

$

1,444,867

 

 

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

2023

 

$

3,194

 

 

 

125,108

 

 

 

-

 

 

 

128,302

 

 

 

51,187

 

 

4.90%

2024

 

 

2,205

 

 

 

33,690

 

 

 

-

 

 

 

35,895

 

 

 

14,298

 

 

3.87%

2025

 

 

3,433

 

 

 

139,683

 

 

 

-

 

 

 

143,116

 

 

 

43,908

 

 

3.62%

2026

 

 

3,807

 

 

 

218,883

 

 

 

23,800

 

 

 

246,490

 

 

 

79,741

 

 

4.91%

2027

 

 

3,802

 

 

 

32,800

 

 

 

-

 

 

 

36,602

 

 

 

12,420

 

 

2.60%

2028

 

 

3,235

 

 

 

83,596

 

 

 

-

 

 

 

86,831

 

 

 

27,177

 

 

4.03%

2029

 

 

2,724

 

 

 

60,000

 

 

 

-

 

 

 

62,724

 

 

 

12,959

 

 

4.34%

2030

 

 

1,860

 

 

 

179,317

 

 

 

-

 

 

 

181,177

 

 

 

70,399

 

 

2.86%

2031

 

 

370

 

 

 

352,240

 

 

 

-

 

 

 

352,610

 

 

 

137,070

 

 

3.14%

2032

 

 

388

 

 

 

129,000

 

 

 

-

 

 

 

129,388

 

 

 

51,678

 

 

2.97%

>10 Years

 

 

617

 

 

 

5,497

 

 

 

-

 

 

 

6,114

 

 

 

1,223

 

 

4.72%

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

 

 

-

 

 

 

(10,952

)

 

 

-

 

 

 

(10,952

)

 

 

(3,800

)

 

 

 

 

$

25,635

 

 

 

1,348,862

 

 

 

23,800

 

 

 

1,398,297

 

 

 

498,260

 

 

3.72%

 

Percentage of Total Debt:

 

12/31/2022

 

12/31/2021

Fixed

 

97.9%

 

93.2%

Variable

 

2.1%

 

6.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(1)

 

 

 

 

Fixed

 

3.7%

 

3.7%

Variable

 

5.9%

 

2.5%

Combined

 

3.7%

 

3.6%

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rates:(2)

 

 

 

 

Combined

 

3.9%

 

3.7%

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

Fixed

 

5.5

 

5.6

Variable

 

3.1

 

0.3
(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, 2022

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency

 

Investment Partner and

 

Number of

 

 

Total

 

 

Total

 

 

Total

 

 

Ownership

 

Share

 

 

Investment

 

 

Equity

 

Portfolio Summary Abbreviation

 

Properties

 

 

GLA

 

 

Assets

 

 

Debt

 

 

Interest

 

of Debt

 

 

December 31, 2022

 

 

Pick-up

 

State of Oregon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-C, JV-C2)

 

 

20

 

 

 

2,274

 

 

$

544,420

 

 

$

267,937

 

 

20.00%

 

$

53,587

 

 

$

49,180

 

 

$

3,552

 

(JV-CCV)

 

 

1

 

 

 

559

 

 

 

96,002

 

 

 

74,775

 

 

30.00%

 

 

22,432

 

 

 

5,836

 

 

 

1,669

 

 

 

 

21

 

 

 

2,833

 

 

 

640,422

 

 

 

342,712

 

 

 

 

 

 

 

 

 

 

 

 

GRI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-GRI)

 

 

66

 

 

 

8,435

 

 

 

1,501,876

 

 

 

917,622

 

 

40.00%

 

 

367,049

 

 

 

155,302

 

 

 

35,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CalSTRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-RC) (1)

 

 

1

 

 

 

104

 

 

 

24,326

 

 

 

-

 

 

25.00%

 

 

-

 

 

 

5,789

 

 

 

4,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYSCRF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-NYC) (2)

 

 

0

 

 

 

0

 

 

 

2,468

 

 

 

-

 

 

30.00%

 

 

-

 

 

 

674

 

 

 

9,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Publix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-O)

 

 

2

 

 

 

215

 

 

 

25,901

 

 

 

-

 

 

50.00%

 

 

-

 

 

 

12,874

 

 

 

1,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

 

2

 

 

 

249

 

 

 

126,482

 

 

 

-

 

 

49.90%

 

 

-

 

 

 

62,624

 

 

 

1,300

 

Town and Country Center

 

 

1

 

 

 

73

 

 

 

206,931

 

 

 

91,935

 

 

35.00%

 

 

32,177

 

 

 

40,409

 

 

 

819

 

Others

 

 

3

 

 

 

402

 

 

 

79,599

 

 

 

46,028

 

 

50.00%

 

 

23,015

 

 

 

17,689

 

 

 

1,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

12,311

 

 

$

2,608,005

 

 

$

1,398,297

 

 

 

 

$

498,260

 

 

$

350,377

 

 

$

59,824

 
(1)
On April 1, 2022, Regency completed the purchase of its partner's 75% interest in four of the six properties held in the portfolio for $88.5 million, net of cash assumed. Additionally, one of the remaining properties was sold to a third party in April 2022. A single operating property remains in the partnership.
(2)
On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members. Liquidation and dissolution will follow final distributions.

 

Supplemental Information 15

 

Property Transactions

December 31, 2022

(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)

Mar-22

Naperville Plaza

Oregon (20%)

Chicago, IL

115

$10,476

 

Trader Joe's, Casey's Foods, Oswald Pharmacy

Mar-22

Island Village

 

Seattle, WA

106

30,650

 

Safeway, Rite Aid

Apr-22

RegCal JV Portfolio (1)

 

Various

523

88,500

 

Whole Foods, Trader Joe's, Safeway

May-22

Baederwood Shopping Center

Charter (80%)

Philadelphia, PA

116

41,282

 

Whole Foods

Oct-22

East Meadow Plaza

 

New York, NY

205

30,000

 

Lidl

Nov-22

Kroger New Albany Center(2)

 

Cincinnati, OH

93

9,000

 

Kroger

 

Property Total

 

1,158

$209,908

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-22

Costa Verde Center

 

San Diego, CA

179

 

$

125,000

 

 

Bristol Farms

Mar-22

Valley Centre

GRI (40%)

Baltimore, MD

220

 

 

12,704

 

 

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

Apr-22

Providence Commons

CalSTRS (25%)

Charlotte, NC

74

 

 

5,775

 

 

Harris Teeter

May-22

The Grove

NYC (30%)

Orlando, FL

152

 

 

19,125

 

 

Publix

May-22

Riverfront Plaza

NYC (30%)

New York, NY

129

 

 

15,000

 

 

ShopRite

Dec-22

Salerno Village

 

Miami, FL

5

 

 

1,440

 

 

0

 

Property/Outparcel(s) Total

 

 

759

 

$

179,044

 

3.0% (3)

 

 

 

 

 

 

 

 

 

 

 

 

Non-Income Producing Land Total

 

 

 

$

12,190

 

 

 

Note: Retailers in parenthesis are shadow anchors and not a part of the owned property.

(1)
Regency closed on the purchase of its partner's 75% interest in four properties from the RegCal joint venture. At Dec 31, 2022, this JV portfolio has one remaining operating property.
(2)
Regency closed on the purchase of its partner's 50% interest in Kroger New Albany Center, and the property is now 100% Regency owned.
(3)
Weighted average cap rate for 2022 dispositions is 6.5% excluding the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

 

Supplemental Information 16

 

Summary of In-Process Developments and Redevelopments

December 31, 2022

(in thousands)

 

In-Process Developments and Redevelopments (1)

Shopping Centers

 

Market

 

Grocer/Anchor Tenant

 

Center GLA(a)

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement(b)

 

Est Stabilization
Year(c)

 

REG'S Est Net
Project Costs

 

 

% of Costs
Incurred

 

Stabilized
Yield(d)

Ground-up Developments

 

 

 

 

 

511

 

 

85%

 

 

 

 

 

 

 

$

55,914

 

 

44%

 

7% +/-

Glenwood Green (2)(3)

 

Metro NYC

 

ShopRite / Target

 

 

355

 

 

83%

 

Q1-2022

 

2H-2023

 

2025

 

 

45,530

 

 

45%

 

7% +/-

Eastfield at Baybrook (2)

 

Houston, TX

 

H.E.B.

 

 

156

 

 

94%

 

Q2-2022

 

2H-2023

 

2025

 

 

10,384

 

 

37%

 

8% +/-

Redevelopments

 

 

 

 

 

 

3,001

 

 

90%

 

 

 

 

 

 

 

$

244,941

 

 

52%

 

8% +/-

The Crossing Clarendon (4)

 

Metro DC

 

Life Time Fitness

 

 

129

 

 

97%

 

Q4-2018

 

1H-2022

 

2024

 

 

56,002

 

 

71%

 

8% +/-

The Abbot

 

Boston, MA

 

Retail / Office Users

 

 

64

 

 

77%

 

Q2-2019

 

2H-2022

 

2024

 

 

59,033

 

 

87%

 

9% +/-

Westbard Square Phase I (4)(5)

 

Bethesda, MD

 

Giant

 

 

123

 

 

67%

 

Q2-2021

 

2H-2023

 

2025

 

 

37,269

 

 

47%

 

6% +/-

Buckhead Landing

 

Atlanta, GA

 

Publix

 

 

152

 

 

74%

 

Q2-2022

 

2H-2024

 

2025

 

 

27,709

 

 

10%

 

6% +/-

Town and Country Center (4)

 

Los Angeles, CA

 

Whole Foods

 

 

147

 

 

60%

 

Q4-2022

 

1H-2026

 

2027

 

 

24,525

 

 

3%

 

15% +/-

Various Redevelopments (est costs < $10 million individually)

 

 

 

 

 

 

2,386

 

 

94%

 

 

 

 

 

 

 

 

40,403

 

 

46%

 

8% +/-

Total In-Process (In Construction)

 

 

3,512

 

 

89%

 

 

 

 

 

 

 

$

300,855

 

 

51%

 

8% +/-

 

In Process Development and Redevelopment Descriptions

Ground-up Developments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glenwood Green

 

Located in Old Bridge, NJ (Metro NYC) and situated on Route 9, Glenwood Green is a 355k SF ground-up development anchored by Target, ShopRite and a medical office building; and includes approximately 70k SF of in-line shop space and leased outparcels.

Eastfield at Baybrook

 

Phase 1B of ground-up development in Houston, TX. The scope for Phase 1B calls for in-line shop space & outparcels for ground lease, representing approximately 50K SF. Combined with the previously completed Phase 1A, which features the market's leading grocer, H.E.B., Baybrook East will be approximately 156K SF.

Redevelopments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Crossing Clarendon

 

Redevelopment of vacant, four-story, 1960's-era office building into a modern 129k 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 Fitness.

The Abbot

 

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

Westbard Square Phase I

 

Existing property includes a Giant-anchored retail center, a 3-level office building, two 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.

Buckhead Landing

 

Buckhead Landing will be anchored by a 55k SF Publix with 38k SF of junior anchors and 57k SF of restaurant & retail space. This redevelopment will include the complete scrape and rebuild of the existing anchor box, in addition to delivering extensive site improvements and enhanced placemaking.

Town and Country Center

 

Located in Los Angeles, CA, directly across from The Grove and The Original Farmers Market, this transformational redevelopment will include the demolition of a former Kmart building into new retail space and approximately 300 luxury mid-rise apartments. Regency has partnered with a leading multifamily developer, who will construct the apartments on a ground lease.

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, 2022

(in thousands)

 

 

Current Year Development and Redevelopment Completions

Shopping Center Name

 

Market

 

Center GLA(a)

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement(b)

 

Est Stabilization
Year(c)

 

REG's Est Net
Project Costs

 

 

% of Costs
Incurred

 

Stabilized
Yield(d)

Ground-up Developments

 

 

 

175

 

 

91%

 

 

 

 

 

 

 

$

48,238

 

 

90%

 

7% +/-

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

 

Richmond, VA

 

 

116

 

 

86%

 

Q4-2018

 

2H-2020

 

2024

 

 

29,268

 

 

90%

 

7% +/-

East San Marco (2)

 

Jacksonville, FL

 

 

59

 

 

100%

 

Q4-2020

 

2H-2022

 

2023

 

 

18,970

 

 

91%

 

8% +/-

Redevelopments

 

 

 

 

1,925

 

 

93%

 

 

 

 

 

 

 

$

73,718

 

 

96%

 

7% +/-

Sheridan Plaza

 

Hollywood, FL

 

 

507

 

 

95%

 

Q3-2019

 

2H-2020

 

2023

 

 

11,915

 

 

97%

 

10% +/-

Preston Oaks (2)

 

Dallas, TX

 

 

103

 

 

100%

 

Q4-2020

 

1H-2021

 

2023

 

 

19,658

 

 

91%

 

8% +/-

Serramonte Center- Phases 1 & 2 (6)

 

San Francisco, CA

 

 

1,072

 

 

90%

 

Q4-2020

 

2H-2021

 

2022

 

 

33,229

 

 

97%

 

5% +/-

Various Redevelopment Completions (est costs < $10 million individually)

 

 

 

 

243

 

 

97%

 

 

 

 

 

 

 

 

8,916

 

 

100%

 

7% +/-

Total Completions

 

 

2,100

 

 

93%

 

 

 

 

 

 

 

$

121,956

 

 

94%

 

7% +/-
(a)
Center GLA represents 100% of the owned GLA at the property, unless footnoted otherwise.
(b)
Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.
(c)
Estimated Stabilization Year represents the estimated year that the project will reach the stated stabilized yield on an annualized basis.
(d)
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.

 

(1)
Scope, economics and timing of development and redevelopment projects could change materially from estimates provided.
(2)
Ground-up development or redevelopment that is excluded from the Same Property NOI pool.
(3)
Carytown and Glenwood Green estimated costs represent Regency's pro-rata share of 64% and 70%, respectively.
(4)
GLA and % Leased represents: The Crossing Clarendon - office building only; Westbard Square - Phase I only; Town and Country Center - fully redeveloped center (existing center is 73k SF and 100% leased).
(5)
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 $80m - $90m 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.
(6)
During the fourth quarter of 2022, the first two phases of the previously-disclosed redevelopment project at Serramonte Center were completed and stabilized, and as a result have been removed from the in-process pipeline. Future phases, including the addition of two exterior pads and the redevelopment of the former JC Penney space, are expected to start construction in the second half of 2023.

 

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $344,597 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 49% for Ground-up Developments and Redevelopments In-Process.

Supplemental Information 18

 

Leasing Statistics

December 31, 2022

(Retail Operating Properties Only)

 

Leasing Statistics - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

4th Quarter 2022

 

 

433

 

 

 

1,692

 

 

$

26.80

 

 

7.2%

 

15.1%

 

 

6.6

 

 

$

6.15

 

3rd Quarter 2022

 

 

459

 

 

 

2,191

 

 

 

23.08

 

 

7.3%

 

13.8%

 

 

5.8

 

 

 

4.46

 

2nd Quarter 2022

 

 

411

 

 

 

1,307

 

 

 

33.65

 

 

8.8%

 

17.1%

 

 

6.8

 

 

 

9.46

 

1st Quarter 2022

 

 

377

 

 

 

1,688

 

 

 

25.00

 

 

6.5%

 

13.2%

 

 

5.5

 

 

 

3.82

 

Total - 12 months

 

 

1,680

 

 

 

6,877

 

 

$

26.37

 

 

7.4%

 

14.7%

 

 

6.1

 

 

$

5.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

4th Quarter 2022

 

 

102

 

 

 

279

 

 

$

32.01

 

 

5.9%

 

16.7%

 

 

8.8

 

 

$

32.20

 

3rd Quarter 2022

 

 

105

 

 

 

270

 

 

 

34.64

 

 

14.1%

 

26.3%

 

 

8.7

 

 

 

32.96

 

2nd Quarter 2022

 

 

111

 

 

 

358

 

 

 

31.56

 

 

18.3%

 

28.4%

 

 

10.5

 

 

 

27.50

 

1st Quarter 2022

 

 

88

 

 

 

230

 

 

 

31.77

 

 

8.1%

 

19.3%

 

 

8.3

 

 

 

22.94

 

Total - 12 months

 

 

406

 

 

 

1,136

 

 

$

32.47

 

 

12.0%

 

23.1%

 

 

9.2

 

 

$

29.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

4th Quarter 2022

 

 

331

 

 

 

1,413

 

 

$

25.90

 

 

7.5%

 

14.7%

 

 

6.2

 

 

$

1.63

 

3rd Quarter 2022

 

 

354

 

 

 

1,921

 

 

 

21.55

 

 

5.9%

 

11.3%

 

 

5.4

 

 

 

0.71

 

2nd Quarter 2022

 

 

300

 

 

 

949

 

 

 

34.43

 

 

5.8%

 

13.5%

 

 

5.4

 

 

 

2.65

 

1st Quarter 2022

 

 

289

 

 

 

1,458

 

 

 

24.00

 

 

6.2%

 

12.0%

 

 

5.1

 

 

 

1.00

 

Total - 12 months

 

 

1,274

 

 

 

5,741

 

 

$

25.24

 

 

6.4%

 

12.8%

 

 

5.6

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2022

 

 

498

 

 

 

2,020

 

 

$

25.67

 

 

 

 

 

 

 

6.4

 

 

$

9.91

 

3rd Quarter 2022

 

 

528

 

 

 

2,497

 

 

 

23.37

 

 

 

 

 

 

 

5.5

 

 

 

6.01

 

2nd Quarter 2022

 

 

465

 

 

 

1,572

 

 

 

32.60

 

 

 

 

 

 

 

6.0

 

 

 

9.77

 

1st Quarter 2022

 

 

452

 

 

 

2,103

 

 

 

25.86

 

 

 

 

 

 

 

5.7

 

 

 

7.53

 

Total - 12 months

 

 

1,943

 

 

 

8,192

 

 

$

26.27

 

 

 

 

 

 

 

5.9

 

 

$

8.08

 

 

Notes:

•
Represents Regency's wholly owned and pro-rata share of co-investment partnerships.
•
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.
•
Rent Spreads % (Cash) represent the percentage change between the initial 12 months of rent of the executed lease and the rent over the last 12 months of the prior lease.
•
Rent Spreads % (Straight-lined) represent the percentage change between the average rent over the duration of the executed lease and the average rent over the duration of the prior lease.
•
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.
•
Third quarter renewals and totals restated due to renegotiation of anchor renewal in the fourth quarter.

Supplemental Information 19

 

Annual Base Rent by State

December 31, 2022

(in thousands)

 

State

 

Number of
Properties

 

 

GLA

 

 

% Leased (1)

 

 

ABR

 

 

ABR/Sq. Ft.

 

 

% of Number
of Properties

 

 

% of GLA

 

 

% of ABR

 

California

 

 

70

 

 

 

9,096

 

 

 

94.3

%

 

$

254,865

 

 

$

29.62

 

 

 

17.3

%

 

 

21.0

%

 

 

26.0

%

Florida

 

 

94

 

 

 

11,006

 

 

 

95.2

%

 

 

208,322

 

 

 

19.88

 

 

 

23.3

%

 

 

25.4

%

 

 

21.3

%

Texas

 

 

30

 

 

 

3,525

 

 

 

97.7

%

 

 

72,409

 

 

 

20.99

 

 

 

7.4

%

 

 

8.1

%

 

 

7.4

%

New York

 

 

17

 

 

 

2,010

 

 

 

89.3

%

 

 

63,081

 

 

 

35.14

 

 

 

4.2

%

 

 

4.6

%

 

 

6.4

%

Virginia

 

 

21

 

 

 

1,669

 

 

 

92.9

%

 

 

45,576

 

 

 

28.95

 

 

 

5.2

%

 

 

3.9

%

 

 

4.7

%

Georgia

 

 

22

 

 

 

2,120

 

 

 

94.0

%

 

 

45,515

 

 

 

22.98

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

Connecticut

 

 

15

 

 

 

1,527

 

 

 

91.4

%

 

 

36,476

 

 

 

25.92

 

 

 

3.7

%

 

 

3.5

%

 

 

3.7

%

Washington

 

 

17

 

 

 

1,267

 

 

 

97.5

%

 

 

34,209

 

 

 

27.72

 

 

 

4.2

%

 

 

2.9

%

 

 

3.5

%

North Carolina

 

 

17

 

 

 

1,594

 

 

 

94.2

%

 

 

34,104

 

 

 

22.11

 

 

 

4.2

%

 

 

3.7

%

 

 

3.5

%

Illinois

 

 

10

 

 

 

1,338

 

 

 

97.7

%

 

 

26,484

 

 

 

20.93

 

 

 

2.5

%

 

 

3.1

%

 

 

2.7

%

Massachusetts

 

 

8

 

 

 

897

 

 

 

97.6

%

 

 

25,690

 

 

 

29.24

 

 

 

2.0

%

 

 

2.1

%

 

 

2.6

%

Colorado

 

 

19

 

 

 

1,408

 

 

 

95.8

%

 

 

22,337

 

 

 

16.45

 

 

 

4.7

%

 

 

3.3

%

 

 

2.3

%

Pennsylvania

 

 

10

 

 

 

711

 

 

 

94.7

%

 

 

18,128

 

 

 

26.89

 

 

 

2.5

%

 

 

1.6

%

 

 

1.9

%

Maryland

 

 

11

 

 

 

583

 

 

 

93.3

%

 

 

16,254

 

 

 

29.37

 

 

 

2.7

%

 

 

1.3

%

 

 

1.7

%

Ohio

 

 

8

 

 

 

1,224

 

 

 

95.6

%

 

 

15,895

 

 

 

13.38

 

 

 

2.0

%

 

 

2.8

%

 

 

1.6

%

Oregon

 

 

8

 

 

 

779

 

 

 

96.7

%

 

 

15,125

 

 

 

20.38

 

 

 

2.0

%

 

 

1.8

%

 

 

1.5

%

New Jersey

 

 

5

 

 

 

649

 

 

 

88.0

%

 

 

12,582

 

 

 

22.02

 

 

 

1.2

%

 

 

1.5

%

 

 

1.3

%

Minnesota

 

 

5

 

 

 

390

 

 

 

95.1

%

 

 

7,350

 

 

 

19.01

 

 

 

1.2

%

 

 

0.9

%

 

 

0.8

%

Indiana

 

 

3

 

 

 

335

 

 

 

99.3

%

 

 

5,628

 

 

 

17.32

 

 

 

0.7

%

 

 

0.8

%

 

 

0.6

%

Tennessee

 

 

3

 

 

 

314

 

 

 

97.2

%

 

 

5,434

 

 

 

17.26

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

Missouri

 

 

4

 

 

 

408

 

 

 

99.1

%

 

 

4,484

 

 

 

11.03

 

 

 

1.0

%

 

 

0.9

%

 

 

0.5

%

Delaware

 

 

2

 

 

 

255

 

 

 

99.5

%

 

 

4,288

 

 

 

17.67

 

 

 

0.5

%

 

 

0.6

%

 

 

0.4

%

South Carolina

 

 

2

 

 

 

83

 

 

 

98.7

%

 

 

2,075

 

 

 

25.34

 

 

 

0.5

%

 

 

0.2

%

 

 

0.2

%

Washington, D.C.

 

 

2

 

 

 

30

 

 

 

89.0

%

 

 

1,511

 

 

 

57.38

 

 

 

0.5

%

 

 

0.1

%

 

 

0.2

%

Michigan

 

 

1

 

 

 

97

 

 

 

74.0

%

 

 

626

 

 

 

8.71

 

 

 

0.2

%

 

 

0.2

%

 

 

0.1

%

Total All Properties

 

 

404

 

 

 

43,314

 

 

 

94.8

%

 

$

978,449

 

 

$

23.77

 

 

 

100

%

 

 

100

%

 

 

100

%

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships.

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

 

Supplemental Information 20

 

Annual Base Rent by CBSA

December 31, 2022

(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

 

 

 

2,283

 

 

 

89.8

%

 

$

72,100

 

 

$

35.15

 

 

 

5.0

%

 

 

5.3

%

 

 

7.4

%

2) Los Angeles-Long Beach-Anaheim

 

24

 

 

 

2,444

 

 

 

97.5

%

 

 

72,523

 

 

 

30.44

 

 

 

5.9

%

 

 

5.6

%

 

 

7.4

%

3) Chicago-Naperville-Elgin

 

11

 

 

 

1,617

 

 

 

95.2

%

 

 

31,073

 

 

 

20.18

 

 

 

2.7

%

 

 

3.7

%

 

 

3.2

%

4) Dallas-Fort Worth-Arlington

 

11

 

 

 

913

 

 

 

96.7

%

 

 

19,733

 

 

 

22.35

 

 

 

2.7

%

 

 

2.1

%

 

 

2.0

%

5) Houston-Woodlands-Sugar Land

 

14

 

 

 

1,778

 

 

 

97.7

%

 

 

34,884

 

 

 

20.08

 

 

 

3.5

%

 

 

4.1

%

 

 

3.6

%

6) Washington-Arlington-Alexandri

 

27

 

 

 

1,816

 

 

 

95.1

%

 

 

52,563

 

 

 

30.42

 

 

 

6.7

%

 

 

4.2

%

 

 

5.4

%

7) Philadelphia-Camden-Wilmington

 

10

 

 

 

1,167

 

 

 

90.3

%

 

 

22,070

 

 

 

20.93

 

 

 

2.5

%

 

 

2.7

%

 

 

2.3

%

8) Atlanta-SandySprings-Alpharett

 

22

 

 

 

2,120

 

 

 

93.6

%

 

 

45,515

 

 

 

23.12

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

9) Miami-Ft Lauderdale-PompanoBch

 

41

 

 

 

5,308

 

 

 

92.9

%

 

 

109,135

 

 

 

21.96

 

 

 

10.1

%

 

 

12.3

%

 

 

11.2

%

10) Phoenix-Mesa-Chandler

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

11) Boston-Cambridge-Newton

 

8

 

 

 

897

 

 

 

97.6

%

 

 

25,690

 

 

 

29.35

 

 

 

2.0

%

 

 

2.1

%

 

 

2.6

%

12) Rvrside-San Bernardino-Ontario

 

1

 

 

 

99

 

 

 

90.5

%

 

 

3,083

 

 

 

31.71

 

 

 

0.2

%

 

 

0.2

%

 

 

0.3

%

13) San Francisco-Oakland-Berkeley

 

18

 

 

 

3,349

 

 

 

98.4

%

 

 

92,128

 

 

 

30.40

 

 

 

4.5

%

 

 

7.7

%

 

 

9.4

%

14) Detroit-Warren-Dearborn

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

15) Seattle-Tacoma-Bellevue

 

17

 

 

 

1,267

 

 

 

97.5

%

 

 

34,209

 

 

 

27.69

 

 

 

4.2

%

 

 

2.9

%

 

 

3.5

%

16) Minneapol-St. Paul-Bloomington

 

5

 

 

 

390

 

 

 

99.3

%

 

 

7,350

 

 

 

19.00

 

 

 

1.2

%

 

 

0.9

%

 

 

0.8

%

17) San Diego-Chula Vista-Carlsbad

 

10

 

 

 

1,369

 

 

 

98.3

%

 

 

41,101

 

 

 

30.52

 

 

 

2.5

%

 

 

3.2

%

 

 

4.2

%

18) Tampa-St Petersburg-Clearwater

 

9

 

 

 

1,296

 

 

 

97.7

%

 

 

25,341

 

 

 

20.00

 

 

 

2.2

%

 

 

3.0

%

 

 

2.6

%

19) Denver-Aurora-Lakewood

 

11

 

 

 

940

 

 

 

95.5

%

 

 

14,679

 

 

 

16.34

 

 

 

2.7

%

 

 

2.2

%

 

 

1.5

%

20) Baltimore-Columbia-Towson

 

4

 

 

 

267

 

 

 

99.5

%

 

 

6,696

 

 

 

27.18

 

 

 

1.0

%

 

 

0.6

%

 

 

0.7

%

21) St. Louis

 

4

 

 

 

408

 

 

 

92.4

%

 

 

4,484

 

 

 

11.03

 

 

 

1.0

%

 

 

0.9

%

 

 

0.5

%

22) Charlotte-Concord-Gastonia

 

4

 

 

 

604

 

 

 

97.8

%

 

 

14,379

 

 

 

24.37

 

 

 

1.0

%

 

 

1.4

%

 

 

1.5

%

23) Orlando-Kissimmee-Sanford

 

7

 

 

 

837

 

 

 

95.0

%

 

 

15,500

 

 

 

19.50

 

 

 

1.7

%

 

 

1.9

%

 

 

1.6

%

24) San Antonio-New Braunfels

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

25) Portland-Vancouver-Hillsboro

 

5

 

 

 

436

 

 

 

94.1

%

 

 

8,567

 

 

 

20.86

 

 

 

1.2

%

 

 

1.0

%

 

 

0.9

%

26) Austin-Round Rock-Georgetown

 

5

 

 

 

834

 

 

-

 

 

 

17,792

 

 

 

21.59

 

 

 

1.2

%

 

 

1.9

%

 

 

1.8

%

27) Sacramento-Roseville-Folsom

 

4

 

 

 

318

 

 

 

98.9

%

 

 

7,557

 

 

 

24.02

 

 

 

1.0

%

 

 

0.7

%

 

 

0.8

%

28) Pittsburgh

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

29) Las Vegas-Henderson-Paradise

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

30) Cincinnati

 

5

 

 

 

902

 

 

 

95.6

%

 

 

11,970

 

 

 

13.88

 

 

 

1.2

%

 

 

2.1

%

 

 

1.2

%

31) Kansas City

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

32) Columbus

 

3

 

 

 

322

 

 

 

100.0

%

 

 

3,925

 

 

 

12.19

 

 

 

0.7

%

 

 

0.7

%

 

 

0.4

%

33) Indianapolis-Carmel-Anderson

 

2

 

 

 

56

 

 

 

82.9

%

 

 

1,039

 

 

 

22.56

 

 

 

0.5

%

 

 

0.1

%

 

 

0.1

%

34) Cleveland-Elyria

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

35) Nashvil-Davdsn-Murfree-Frankln

 

3

 

 

 

314

 

 

 

99.1

%

 

 

5,434

 

 

 

17.45

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

36) San Jose-Sunnyvale-Santa Clara

 

6

 

 

 

645

 

 

 

96.8

%

 

 

19,356

 

 

 

30.99

 

 

 

1.5

%

 

 

1.5

%

 

 

2.0

%

37) Virginia Beach-Norfolk-Newport News

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

38) Providence-Warwick

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

39) Jacksonville

 

20

 

 

 

1,924

 

 

 

96.9

%

 

 

31,577

 

 

 

16.94

 

 

 

5.0

%

 

 

4.4

%

 

 

3.2

%

40) Milwaukee-Waukesha

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

41) Raleigh-Cary

 

9

 

 

 

692

 

 

 

97.4

%

 

 

14,683

 

 

 

21.78

 

 

 

2.2

%

 

 

1.6

%

 

 

1.5

%

42) Oklahoma City

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

43) Memphis

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

44) Richmond

 

3

 

 

 

199

 

 

 

89.3

%

 

 

4,082

 

 

 

22.99

 

 

 

0.7

%

 

 

0.5

%

 

 

0.4

%

45) Louisville/Jefferson County

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

46) Salt Lake City

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

47) New Orleans-Metairie

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

48) Hartford-E Hartford-Middletown

 

2

 

 

 

301

 

 

 

96.3

%

 

 

5,736

 

 

 

19.78

 

 

 

0.5

%

 

 

0.7

%

 

 

0.6

%

49) Buffalo-Cheektowaga

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

50) Birmingham-Hoover

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Top 50 CBSAs by Population

 

 

345

 

 

 

38,112

 

 

 

95.0

%

 

$

875,954

 

 

$

24.15

 

 

 

85.4

%

 

 

88.0

%

 

 

89.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 51 - 75 by Population

 

22

 

 

 

1,940

 

 

 

92.9

%

 

 

51,255

 

 

 

28.06

 

 

 

5.4

%

 

 

4.5

%

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 76 - 100 by Population

 

14

 

 

 

885

 

 

 

92.8

%

 

 

14,406

 

 

 

17.53

 

 

 

3.5

%

 

 

2.0

%

 

 

1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other CBSAs

 

23

 

 

 

2,377

 

 

 

93.9

%

 

 

36,834

 

 

 

16.51

 

 

 

5.7

%

 

 

5.5

%

 

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Properties

 

 

404

 

 

 

43,314

 

 

 

94.8

%

 

$

978,449

 

 

$

23.77

 

 

 

100

%

 

 

100

%

 

 

100

%

Note: Represents Regency's wholly owned and pro-rata share of co-investments partnerships.

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

Supplemental Information 21

 

Annual Base Rent By Tenant Category

December 31, 2022

 

Tenant Category Exposure

 

% of ABR(1)

Grocery

 

20%

Restaurant - Quick Service/Fast Casual

 

13%

Personal Services

 

7%

Restaurant - Full Service

 

6%

Medical

 

6%

Apparel/Accessories

 

5%

Off-Price

 

5%

Business Services

 

5%

Banks

 

5%

Hobby/Sports

 

4%

Fitness

 

5%

Home

 

3%

Office/Communications

 

3%

Pet

 

3%

Pharmacy

 

3%

Other

 

2%

Home Improvement/Auto

 

2%

Beauty/Cosmetics

 

2%

Liquor/Wine/Beer

 

1%

Entertainment

 

1%

 

 

 

Anchor/Shop Exposure(2)

 

% of ABR

Shop

 

56%

Anchor

 

44%
(1)
Represents Regency's wholly owned and pro-rata share of co-investment partnerships; includes properties in development, includes leases that are executed but have not rent commenced.
(2)
Shop tenants defined as <10K SF, Anchor tenants defined as >10K SF.

Supplemental Information 22

 

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

December 31, 2022

(in thousands)

 

#

 

Tenant

 

Tenant
GLA

 

% of Company-
Owned GLA

 

Total
Annualized
Base Rent

 

% of Total
Annualized
Base Rent

 

Total # of
Leased
Stores

1

 

Publix

 

2,876

 

7.0%

 

$31,679

 

3.2%

 

67

2

 

Kroger Co. (1)

 

2,987

 

7.3%

 

30,438

 

3.1%

 

53

3

 

Albertsons Companies, Inc. (2)

 

1,920

 

4.7%

 

29,144

 

3.0%

 

46

4

 

Amazon/Whole Foods

 

1,185

 

2.9%

 

25,756

 

2.6%

 

36

5

 

TJX Companies, Inc. (3)

 

1,457

 

3.6%

 

25,129

 

2.6%

 

63

6

 

CVS

 

663

 

1.6%

 

15,606

 

1.6%

 

56

7

 

Ahold/Delhaize (4)

 

473

 

1.2%

 

12,003

 

1.2%

 

13

8

 

L.A. Fitness Sports Club

 

474

 

1.2%

 

9,989

 

1.0%

 

13

9

 

Trader Joe's

 

282

 

0.7%

 

9,595

 

1.0%

 

28

10

 

JPMorgan Chase Bank

 

139

 

0.3%

 

9,050

 

0.9%

 

45

11

 

Ross Dress For Less

 

534

 

1.3%

 

8,775

 

0.9%

 

24

12

 

Nordstrom (5)

 

308

 

0.8%

 

8,398

 

0.9%

 

9

13

 

Gap, Inc. (6)

 

250

 

0.6%

 

7,810

 

0.8%

 

21

14

 

Starbucks

 

138

 

0.3%

 

7,776

 

0.8%

 

88

15

 

H.E. Butt Grocery Company (7)

 

482

 

1.2%

 

7,376

 

0.8%

 

6

16

 

Wells Fargo Bank

 

130

 

0.3%

 

7,039

 

0.7%

 

46

17

 

JAB Holding Company (8)

 

168

 

0.4%

 

6,904

 

0.7%

 

60

18

 

Petco Health & Wellness Company, Inc. (9)

 

286

 

0.7%

 

6,807

 

0.7%

 

30

19

 

Target

 

654

 

1.6%

 

6,790

 

0.7%

 

6

20

 

Bank of America

 

119

 

0.3%

 

6,778

 

0.7%

 

40

21

 

Kohl's

 

526

 

1.3%

 

6,247

 

0.6%

 

7

22

 

Best Buy

 

259

 

0.6%

 

6,027

 

0.6%

 

8

23

 

Walgreens Boots Alliance (10)

 

230

 

0.6%

 

5,684

 

0.6%

 

21

24

 

Bed Bath & Beyond Inc. (11)

 

325

 

0.8%

 

5,538

 

0.6%

 

11

25

 

Ulta

 

172

 

0.4%

 

5,161

 

0.5%

 

19

26

 

AT&T, Inc. (12)

 

109

 

0.3%

 

4,929

 

0.5%

 

56

27

 

Dick's Sporting Goods, Inc.

 

274

 

0.7%

 

4,832

 

0.5%

 

4

28

 

Life Time

 

111

 

0.3%

 

4,700

 

0.5%

 

1

29

 

Xponential Fitness (13)

 

118

 

0.3%

 

4,631

 

0.5%

 

72

 

 

Top Tenants

 

17,649

 

43.3%

 

$320,591

 

32.8%

 

949

 

(1)
Kroger 20 / King Soopers 11 / Ralphs 9 / Harris Teeter 8 / Mariano's Fresh Market 3 / Quality Food Centers 2
(2)
Safeway 20 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Dominick's 1 / Pavilions 1
(3)
TJ Maxx 24 / Marshalls 19 / Homegoods 18 / Homesense 1 / Sierra Trading Post 1
(4)
Giant 9 / Stop & Shop 3 / Food Lion 1
(5)
Nordstrom Rack 9
(6)
Old Navy 12 / Athleta 4 / The Gap 3 / Banana Republic 2
(7)
H.E.B. 5 / Central Market 1
(8)
Panera 29 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3
(9)
Petco 25 / Unleashed by Petco 5
(10)
Walgreens 20 / Duane Reade 1
(11)
Bed Bath & Beyond 9 / Buy Buy Baby 1 / Harmon Face Values 1
(12)
AT&T 51 / Cricket 5
(13)
Club Pilates 29 / Pure Barre 14 / Row House 8 / Cyclebar 7 / Stretchlab 7 / Yoga Six 6 / AKT 1

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships, includes properties in development, excludes leases that are executed but have not rent commenced. Amounts may not foot due to rounding.

Supplemental Information 23

 

Tenant Lease Expirations

December 31, 2022

(GLA in thousands)

 

 

 

 

 

 

Anchor Tenants (1)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

29

 

 

0.1%

 

0.0%

 

$

6.16

 

2023

 

 

1,269

 

 

3.1%

 

2.0%

 

 

15.15

 

2024

 

 

3,475

 

 

8.6%

 

5.7%

 

 

15.71

 

2025

 

 

2,977

 

 

7.4%

 

4.9%

 

 

15.62

 

2026

 

 

3,030

 

 

7.5%

 

5.0%

 

 

15.92

 

2027

 

 

3,567

 

 

8.8%

 

6.0%

 

 

16.21

 

2028

 

 

2,652

 

 

6.6%

 

5.1%

 

 

18.31

 

2029

 

 

1,366

 

 

3.4%

 

1.9%

 

 

13.30

 

2030

 

 

1,303

 

 

3.2%

 

2.4%

 

 

17.53

 

2031

 

 

867

 

 

2.1%

 

1.7%

 

 

18.54

 

2032

 

 

941

 

 

2.3%

 

1.7%

 

 

17.32

 

10 Year Total

 

 

21,474

 

 

53.2%

 

36.4%

 

$

16.23

 

Thereafter

 

 

4,185

 

 

10.4%

 

7.4%

 

 

16.86

 

 

 

 

25,658

 

 

63.6%

 

43.7%

 

$

16.33

 

 

 

 

 

 

 

Shop Tenants (2)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

56

 

 

0.1%

 

0.1%

 

$

19.58

 

2023

 

 

1,535

 

 

3.8%

 

5.6%

 

 

34.76

 

2024

 

 

2,096

 

 

5.2%

 

7.7%

 

 

35.05

 

2025

 

 

2,140

 

 

5.3%

 

8.0%

 

 

35.94

 

2026

 

 

1,968

 

 

4.9%

 

7.5%

 

 

36.49

 

2027

 

 

2,159

 

 

5.4%

 

8.3%

 

 

36.67

 

2028

 

 

1,278

 

 

3.2%

 

5.2%

 

 

39.01

 

2029

 

 

689

 

 

1.7%

 

2.8%

 

 

38.61

 

2030

 

 

592

 

 

1.5%

 

2.4%

 

 

39.40

 

2031

 

 

680

 

 

1.7%

 

2.7%

 

 

38.74

 

2032

 

 

755

 

 

1.9%

 

3.1%

 

 

39.79

 

10 Year Total

 

 

13,946

 

 

34.6%

 

53.4%

 

$

36.71

 

Thereafter

 

 

724

 

 

1.8%

 

2.8%

 

 

37.43

 

 

 

 

14,670

 

 

36.4%

 

56.3%

 

$

36.74

 

 

 

 

 

 

 

All Tenants

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR (3)

 

ABR

 

MTM (4)

 

 

85

 

 

0.2%

 

0.1%

 

$

15.03

 

2023

 

 

2,803

 

 

7.0%

 

7.6%

 

 

25.88

 

2024

 

 

5,571

 

 

13.8%

 

13.4%

 

 

22.98

 

2025

 

 

5,117

 

 

12.7%

 

12.9%

 

 

24.12

 

2026

 

 

4,998

 

 

12.4%

 

12.5%

 

 

24.02

 

2027

 

 

5,726

 

 

14.2%

 

14.3%

 

 

23.93

 

2028

 

 

3,930

 

 

9.7%

 

10.3%

 

 

25.04

 

2029

 

 

2,055

 

 

5.1%

 

4.7%

 

 

21.79

 

2030

 

 

1,895

 

 

4.7%

 

4.8%

 

 

24.36

 

2031

 

 

1,546

 

 

3.8%

 

4.4%

 

 

27.42

 

2032

 

 

1,695

 

 

4.2%

 

4.8%

 

 

27.32

 

10 Year Total

 

 

35,420

 

 

87.8%

 

89.8%

 

$

24.29

 

Thereafter

 

 

4,909

 

 

12.2%

 

10.2%

 

 

19.89

 

 

 

 

40,328

 

 

100%

 

100%

 

$

23.76

 

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. Represents Regency's wholly owned and pro-rata share of co-investment partnerships.
(4)
Month to month lease or in process of renewal.

Supplemental Information 24

 

Portfolio Summary Report By State

December 31, 2022

(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.

$11.34

 

4S Commons Town Center

M

85%

CA

San Diego-Chula Vista-Carlsbad

252

252

100.0%

 

 

68

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

$33.96

 

Amerige Heights Town Center

 

 

CA

Los Angeles-Long Beach-Anaheim

97

97

100.0%

 

143

58

Albertsons, (Target)

$32.04

 

Balboa Mesa Shopping Center

 

 

CA

San Diego-Chula Vista-Carlsbad

207

207

100.0%

 

 

42

CVS, Kohl's, Von's

$29.07

 

Bayhill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

122

49

99.2%

 

 

32

CVS, Mollie Stone's Market

$27.69

 

Blossom Valley

 

 

CA

San Jose-Sunnyvale-Santa Clara

93

93

93.7%

 

 

34

Safeway

$27.44

 

Brea Marketplace

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

352

141

94.3%

 

 

25

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

$20.81

 

Circle Center West

 

 

CA

Los Angeles-Long Beach-Anaheim

64

64

94.5%

 

 

 

Marshalls

$37.59

 

Circle Marina Center

 

 

CA

Los Angeles-Long Beach-Anaheim

118

118

94.8%

 

 

 

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

$30.69

 

Clayton Valley Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

260

260

90.2%

 

 

14

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

$23.66

 

Corral Hollow

 

 

CA

Stockton

167

167

70.4%

 

 

66

Safeway, CVS

$20.69

 

Culver Center

 

 

CA

Los Angeles-Long Beach-Anaheim

217

217

92.4%

 

 

37

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

$32.94

 

Diablo Plaza

 

 

CA

San Francisco-Oakland-Berkeley

63

63

94.9%

 

53

53

Bevmo!, (Safeway), (CVS)

$41.83

 

El Camino Shopping Center

 

 

CA

Los Angeles-Long Beach-Anaheim

136

136

100.0%

 

 

31

Bristol Farms, CVS

$42.19

 

El Cerrito Plaza

 

 

CA

San Francisco-Oakland-Berkeley

256

256

79.5%

 

 

78

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

$29.87

 

El Norte Pkwy Plaza

 

 

CA

San Diego-Chula Vista-Carlsbad

91

91

99.0%

 

 

42

Von's, Children's Paradise, ACE Hardware

$20.13

 

Encina Grande

 

 

CA

San Francisco-Oakland-Berkeley

106

106

100.0%

 

 

38

Whole Foods, Walgreens

$35.81

 

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

$30.78

 

French Valley Village Center

 

 

CA

Rvrside-San Bernardino-Ontario

99

99

98.4%

 

 

44

Stater Bros, CVS

$27.58

 

Friars Mission Center

 

 

CA

San Diego-Chula Vista-Carlsbad

147

147

100.0%

 

 

55

Ralphs, CVS

$39.09

 

Gelson's Westlake Market Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

85

85

98.8%

 

 

40

Gelson's Markets, John of Italy Salon & Spa

$32.11

 

Golden Hills Plaza

 

 

CA

San Luis Obispo-Paso Robles

244

244

85.6%

 

 

 

Lowe's, TJ Maxx

$6.92

 

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

$27.29

 

Hasley Canyon Village

 

 

CA

Los Angeles-Long Beach-Anaheim

66

66

97.5%

 

 

52

Ralphs

$26.85

 

Heritage Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

230

230

99.9%

 

 

44

Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods

$42.09

 

Laguna Niguel Plaza

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

42

17

92.4%

 

39

39

CVS,(Albertsons)

$30.90

 

Mariposa Shopping Center

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

127

51

94.0%

 

 

43

Safeway, CVS, Ross Dress for Less

$21.72

 

Morningside Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

91

91

100.0%

 

 

43

Stater Bros.

$25.15

 

Supplemental Information 25

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Navajo Shopping Center

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

102

41

100.0%

 

 

44

Albertsons, Rite Aid, O'Reilly Auto Parts

$15.68

 

Newland Center

 

 

CA

Los Angeles-Long Beach-Anaheim

152

152

95.6%

 

 

58

Albertsons

$28.13

 

Oakshade Town Center

 

 

CA

Sacramento-Roseville-Folsom

104

104

99.3%

 

 

40

Safeway, Office Max, Rite Aid

$23.31

 

Oakbrook Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

83

83

96.3%

 

 

44

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

$22.22

 

Persimmon Place

 

 

CA

San Francisco-Oakland-Berkeley

153

153

100.0%

 

 

40

Whole Foods, Nordstrom Rack, Homegoods

$37.31

 

Plaza Escuela

 

 

CA

San Francisco-Oakland-Berkeley

154

154

93.5%

 

 

 

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

$44.20

 

Plaza Hermosa

 

 

CA

Los Angeles-Long Beach-Anaheim

95

95

100.0%

 

 

37

Von's, CVS

$28.44

 

Pleasant Hill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

227

91

98.3%

 

 

 

Target, Burlington, Ross Dress for Less, Homegoods

$24.29

 

Point Loma Plaza

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

205

82

99.4%

 

 

50

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

$23.96

 

Potrero Center

 

 

CA

San Francisco-Oakland-Berkeley

227

227

76.8%

 

 

60

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

$33.03

 

Powell Street Plaza

 

 

CA

San Francisco-Oakland-Berkeley

166

166

97.3%

 

 

10

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

$35.38

 

Prairie City Crossing

 

 

CA

Sacramento-Roseville-Folsom

90

90

97.5%

 

 

55

Safeway

$22.39

 

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

$20.56

 

Rancho San Diego Village

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

153

61

95.1%

 

 

40

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

$24.64

 

Rona Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

52

52

88.4%

 

 

37

Superior Super Warehouse

$20.14

 

San Carlos Marketplace

 

 

CA

San Francisco-Oakland-Berkeley

154

154

100.0%

 

 

 

TJ Maxx, Best Buy, PetSmart, Bassett Furniture

$36.29

 

Scripps Ranch Marketplace

 

 

CA

San Diego-Chula Vista-Carlsbad

132

132

99.5%

 

 

57

Vons, CVS

$33.05

 

San Leandro Plaza

 

 

CA

San Francisco-Oakland-Berkeley

50

50

100.0%

 

38

38

(Safeway), (CVS)

$37.66

 

Seal Beach

C

20%

CA

Los Angeles-Long Beach-Anaheim

97

19

96.6%

 

 

48

Pavilions, CVS

$26.73

 

Serramonte Center

 

 

CA

San Francisco-Oakland-Berkeley

1072

1072

89.9%

 

 

 

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

$26.75

 

Shoppes at Homestead

 

 

CA

San Jose-Sunnyvale-Santa Clara

116

116

97.8%

 

53

 

CVS, Crunch Fitness, (Orchard Supply Hardware)

$25.30

 

Silverado Plaza

GRI

40%

CA

Napa

85

34

96.4%

 

 

32

Nob Hill, CVS

$21.39

 

Snell & Branham Plaza

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

92

37

98.5%

 

 

53

Safeway

$21.11

 

Talega Village Center

 

 

CA

Los Angeles-Long Beach-Anaheim

102

102

97.7%

 

 

46

Ralphs

$23.06

 

Tassajara Crossing

 

 

CA

San Francisco-Oakland-Berkeley

146

146

99.3%

 

 

56

Safeway, CVS, Alamo Hardware

$26.40

 

The Hub Hillcrest Market

 

 

CA

San Diego-Chula Vista-Carlsbad

149

149

91.0%

 

 

52

Ralphs, Trader Joe's

$42.54

 

The Marketplace

 

 

CA

Sacramento-Roseville-Folsom

111

111

100.0%

 

 

35

Safeway, CVS, Petco

$27.13

 

Supplemental Information 26

 

Portfolio Summary Report By State

December 31, 2022

(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

 

The Pruneyard

 

 

CA

San Jose-Sunnyvale-Santa Clara

260

260

97.5%

 

 

13

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

$41.19

 

Town and Country Center

O

35%

CA

Los Angeles-Long Beach-Anaheim

73

26

100.0%

 

 

41

Whole Foods, CVS, Citibank

$57.21

 

Tustin Legacy

 

 

CA

Los Angeles-Long Beach-Anaheim

112

112

97.9%

 

 

44

Stater Bros, CVS

$34.71

 

Twin Oaks Shopping Center

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

98

39

100.0%

 

 

41

Ralphs, Rite Aid

$22.25

 

Twin Peaks

 

 

CA

San Diego-Chula Vista-Carlsbad

208

208

97.9%

 

 

45

Target, Grocer

$22.11

 

Valencia Crossroads

 

 

CA

Los Angeles-Long Beach-Anaheim

173

173

100.0%

 

 

35

Whole Foods, Kohl's

$28.65

 

Village at La Floresta

 

 

CA

Los Angeles-Long Beach-Anaheim

87

87

97.8%

 

 

37

Whole Foods

$37.39

 

Von's Circle Center

 

 

CA

Los Angeles-Long Beach-Anaheim

151

151

100.0%

 

 

45

Von's, Ross Dress for Less, Planet Fitness

$27.52

 

West Park Plaza

 

 

CA

San Jose-Sunnyvale-Santa Clara

88

88

98.0%

 

 

25

Safeway, Rite Aid

$20.32

 

Westlake Village Plaza and Center

 

 

CA

Oxnard-Thousand Oaks-Ventura

201

201

98.9%

 

 

72

Von's, Sprouts, (CVS)

$41.86

 

Willows Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

247

247

78.6%

 

 

 

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

$30.85

 

Woodman Van Nuys

 

 

CA

Los Angeles-Long Beach-Anaheim

108

108

96.1%

 

 

78

El Super

$16.32

 

Woodside Central

 

 

CA

San Francisco-Oakland-Berkeley

81

81

94.9%

 

113

 

Chuck E. Cheese, Marshalls, (Target)

$26.40

 

Ygnacio Plaza

GRI

40%

CA

San Francisco-Oakland-Berkeley

110

44

95.4%

 

 

 

Sports Basement,TJ Maxx

$40.57

 

 

 

 

CA

 

10,524

9,096

94.3%

94.3%

439

2,542

 

$29.62

 

Applewood Shopping Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

360

144

91.9%

 

 

71

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

$16.64

 

Alcove On Arapahoe

GRI

40%

CO

Boulder

159

64

89.5%

 

 

44

PETCO, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon

$19.51

 

Belleview Square

 

 

CO

Denver-Aurora-Lakewood

117

117

97.3%

 

 

65

King Soopers

$20.83

 

Boulevard Center

 

 

CO

Denver-Aurora-Lakewood

77

77

87.6%

 

53

53

Eye Care Specialists, (Safeway)

$31.81

 

Buckley Square

 

 

CO

Denver-Aurora-Lakewood

116

116

90.5%

 

 

62

Ace Hardware, King Soopers

$11.23

 

Centerplace of Greeley III

 

 

CO

Greeley

119

119

97.7%

 

 

 

Hobby Lobby, Best Buy, TJ Maxx

$11.73

 

Cherrywood Square Shop Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

97

39

100.0%

 

 

72

King Soopers

$12.78

 

Crossroads Commons

C

20%

CO

Boulder

143

29

93.6%

 

 

66

Whole Foods, Barnes & Noble

$29.95

 

Crossroads Commons II

C

20%

CO

Boulder

18

4

100.0%

 

 

 

(Whole Foods), (Barnes & Noble)

$41.11

 

Falcon Marketplace

 

 

CO

Colorado Springs

22

22

100.0%

 

184

50

(Wal-Mart)

$25.14

 

Hilltop Village

 

 

CO

Denver-Aurora-Lakewood

101

101

98.7%

 

 

66

King Soopers

$12.64

 

Littleton Square

 

 

CO

Denver-Aurora-Lakewood

99

99

100.0%

 

 

78

King Soopers

$11.88

 

Lloyd King Center

 

 

CO

Denver-Aurora-Lakewood

83

83

100.0%

 

 

61

King Soopers

$12.40

 

Marketplace at Briargate

 

 

CO

Colorado Springs

29

29

100.0%

 

66

66

(King Soopers)

$35.01

 

Monument Jackson Creek

 

 

CO

Colorado Springs

85

85

98.4%

 

 

70

King Soopers

$12.52

 

Ralston Square Shopping Center

GRI

40%

CO

Denver-Aurora-Lakewood

83

33

96.7%

 

 

55

King Soopers

$15.95

 

Supplemental Information 27

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Shops at Quail Creek

 

 

CO

Denver-Aurora-Lakewood

38

38

92.5%

 

100

100

(King Soopers)

$25.79

 

Stroh Ranch

 

 

CO

Denver-Aurora-Lakewood

93

93

98.3%

 

 

70

King Soopers

$13.87

 

Woodmen Plaza

 

 

CO

Colorado Springs

116

116

96.4%

 

 

70

King Soopers

$13.67

 

 

 

 

CO

 

1,955

1,408

95.8%

95.8%

403

1,119

 

$16.45

 

22 Crescent Road

 

 

CT

Bridgeport-Stamford-Norwalk

4

4

100.0%

 

 

 

-

$60.00

 

91 Danbury Road

 

 

CT

Bridgeport-Stamford-Norwalk

5

5

100.0%

 

 

 

-

$29.47

 

Black Rock

M

80%

CT

Bridgeport-Stamford-Norwalk

98

98

91.2%

 

 

 

Old Navy, The Clubhouse

$29.66

 

Brick Walk

M

80%

CT

Bridgeport-Stamford-Norwalk

122

122

98.1%

 

 

 

-

$44.79

 

Brookside Plaza

 

 

CT

Hartford-E Hartford-Middletown

227

227

95.8%

 

 

60

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

$15.56

 

Compo Acres Shopping Center

 

 

CT

Bridgeport-Stamford-Norwalk

43

43

95.9%

 

 

12

Trader Joe's

$54.78

 

Copps Hill Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

173

173

62.4%

 

 

59

Rite Aid, Stop & Shop, Homegoods

$26.12

 

Corbin's Corner

GRI

40%

CT

Hartford-E Hartford-Middletown

186

74

98.1%

 

 

10

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

$31.71

 

Danbury Green

 

 

CT

Bridgeport-Stamford-Norwalk

124

124

100.0%

 

 

12

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

$26.78

 

Darinor Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

153

153

100.0%

 

 

 

Kohl's, Old Navy, Party City

$20.24

 

Fairfield Center

M

80%

CT

Bridgeport-Stamford-Norwalk

95

95

88.7%

 

 

 

Fairfield University Bookstore, Merril Lynch

$33.96

 

Post Road Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

20

20

100.0%

 

 

11

Trader Joe's

$55.98

 

Southbury Green

 

 

CT

New Haven-Milford

156

156

83.9%

 

 

60

ShopRite, Homegoods

$21.79

 

Westport Row

 

 

CT

Bridgeport-Stamford-Norwalk

91

91

93.0%

 

 

22

The Fresh Market, Pottery Barn

$43.32

 

Walmart Norwalk

 

 

CT

Bridgeport-Stamford-Norwalk

142

142

100.0%

 

 

112

WalMart, HomeGoods

$0.56

 

 

 

 

CT

 

1,638

1,527

91.4%

91.4%

0

358

 

$25.92

 

Shops at The Columbia

 

 

DC

Washington-Arlington-Alexandri

23

23

85.8%

 

 

12

Trader Joe's

$42.56

 

Spring Valley Shopping Center

GRI

40%

DC

Washington-Arlington-Alexandri

17

7

100.0%

 

 

 

-

$100.30

 

 

 

 

DC

 

40

30

89.0%

89.0%

0

12

 

$57.38

 

Pike Creek

 

 

DE

Philadelphia-Camden-Wilmington

230

230

94.5%

 

 

49

Acme Markets, Edge Fitness, Pike Creek Community Hardware

$16.75

 

Shoppes of Graylyn

GRI

40%

DE

Philadelphia-Camden-Wilmington

64

26

100.0%

 

 

 

Rite Aid

$25.44

 

 

 

 

DE

 

294

255

95.1%

95.1%

0

49

 

$17.67

 

Alafaya Village

 

 

FL

Orlando-Kissimmee-Sanford

38

38

93.9%

 

 

58

-

$25.76

 

Anastasia Plaza

 

 

FL

Jacksonville

102

102

97.4%

 

 

49

Publix

$15.09

 

Atlantic Village

 

 

FL

Jacksonville

110

110

96.8%

 

 

 

LA Fitness, Pet Supplies Plus

$18.11

 

Aventura Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

97

97

97.5%

 

 

49

CVS, Publix

$38.19

 

Aventura Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

144

144

78.8%

 

 

 

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

$39.74

(2)

Banco Popular Building

 

 

FL

Miami-Ft Lauderdale-PompanoBch

0

0

0.0%

 

 

 

-

$0.00

 

Supplemental Information 28

 

Portfolio Summary Report By State

December 31, 2022

(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

100.0%

 

 

66

Publix, Walgreens

$15.83

 

Bird 107 Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

40

40

92.9%

 

 

 

Walgreens

$21.98

 

Bird Ludlam

 

 

FL

Miami-Ft Lauderdale-PompanoBch

192

192

97.3%

 

 

44

CVS, Goodwill, Winn-Dixie

$25.60

 

Bloomingdale Square

 

 

FL

Tampa-St Petersburg-Clearwater

252

252

98.0%

 

 

48

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

$19.30

 

Boca Village Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

92

92

100.0%

 

 

36

CVS, Publix

$22.70

 

Boynton Lakes Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

93.8%

 

 

46

Citi Trends, Pet Supermarket, Publix

$16.63

 

Boynton Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

105

105

95.7%

 

 

54

CVS, Publix

$21.07

 

Brooklyn Station on Riverside

 

 

FL

Jacksonville

50

50

97.2%

 

 

20

The Fresh Market

$28.17

 

Caligo Crossing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

11

11

100.0%

 

98

 

(Kohl's)

$46.34

 

Carriage Gate

 

 

FL

Tallahassee

73

73

100.0%

 

 

13

Trader Joe's, TJ Maxx

$24.83

 

Cashmere Corners

 

 

FL

Port St. Lucie

80

80

96.1%

 

 

44

WalMart

$14.83

 

Charlotte Square

 

 

FL

Punta Gorda

91

91

94.1%

 

 

44

WalMart, Buffet City

$11.68

 

Chasewood Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

152

152

94.9%

 

 

54

Publix, Pet Smart

$27.58

 

Concord Shopping Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

309

309

100.0%

 

 

78

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

$13.35

 

Coral Reef Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

75

75

84.6%

 

 

25

Aldi, Walgreens

$31.86

 

Corkscrew Village

 

 

FL

Cape Coral-Fort Myers

82

82

96.5%

 

 

51

Publix

$14.84

 

Country Walk Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

96.7%

 

 

40

Publix, CVS

$22.44

 

Countryside Shops

 

 

FL

Miami-Ft Lauderdale-PompanoBch

193

193

70.4%

 

 

46

Publix, Ross Dress for Less

$25.03

 

Courtyard Shopping Center

 

 

FL

Jacksonville

137

137

100.0%

 

63

63

Target, (Publix)

$3.68

(2)

East San Marco

 

 

FL

Jacksonville

59

59

100.0%

 

 

39

Publix

$28.36

 

Fleming Island

 

 

FL

Jacksonville

132

132

95.7%

 

130

48

Publix, PETCO, Planet Fitness, (Target)

$16.92

 

Fountain Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

177

177

96.6%

 

140

46

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

$28.90

 

Gardens Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

90

90

98.8%

 

 

42

Publix

$18.98

 

Glengary Shoppes

 

 

FL

North Port-Sarasota-Bradenton

93

93

97.0%

 

 

 

Best Buy, Barnes & Noble

$20.42

 

Shoppes of Grande Oak

 

 

FL

Cape Coral-Fort Myers

79

79

100.0%

 

 

54

Publix

$17.92

 

Greenwood Shopping Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

133

133

94.0%

 

 

50

Publix, Bealls

$16.81

 

Hammocks Town Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

187

187

95.2%

 

86

40

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

$18.33

 

Hibernia Pavilion

 

 

FL

Jacksonville

51

51

92.0%

 

 

39

Publix

$16.59

 

John's Creek Center

C

20%

FL

Jacksonville

76

15

100.0%

 

 

45

Publix

$16.67

 

Julington Village

C

20%

FL

Jacksonville

82

16

100.0%

 

 

51

Publix, (CVS)

$17.20

 

Supplemental Information 29

 

Portfolio Summary Report By State

December 31, 2022

(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

116

116

98.5%

 

 

 

LA Fitness, Walgreens

$25.78

 

Lake Mary Centre

 

 

FL

Orlando-Kissimmee-Sanford

360

360

93.3%

 

 

25

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

$17.55

 

Mandarin Landing

 

 

FL

Jacksonville

140

140

88.5%

 

 

50

Whole Foods, Aveda Institute, Baptist Health

$19.67

 

Millhopper Shopping Center

 

 

FL

Gainesville

85

85

98.5%

 

 

46

Publix

$19.40

 

Naples Walk

 

 

FL

Naples-Marco Island

125

125

100.0%

 

 

51

Publix

$18.95

 

Newberry Square

 

 

FL

Gainesville

181

181

90.3%

 

 

40

Publix, Floor & Décor, Dollar Tree

$9.47

 

Nocatee Town Center

 

 

FL

Jacksonville

114

114

100.0%

 

 

54

Publix

$22.98

 

Northgate Square

 

 

FL

Tampa-St Petersburg-Clearwater

75

75

98.1%

 

 

48

Publix

$15.95

 

Oakleaf Commons

 

 

FL

Jacksonville

77

77

100.0%

 

 

46

Publix

$16.66

 

Ocala Corners

 

 

FL

Tallahassee

93

93

88.3%

 

 

61

Publix

$13.89

 

Old St Augustine Plaza

 

 

FL

Jacksonville

248

248

100.0%

 

 

52

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

$11.08

 

Pablo Plaza

 

 

FL

Jacksonville

161

161

100.0%

 

 

34

Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart

$18.34

 

Pavillion

 

 

FL

Naples-Marco Island

168

168

98.7%

 

 

 

LA Fitness, Paragon Theaters, J. Lee Salon Suites

$23.51

 

Pine Island

 

 

FL

Miami-Ft Lauderdale-PompanoBch

255

255

99.5%

 

 

40

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

$15.24

 

Pine Ridge Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

118

118

97.7%

 

 

17

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

$19.23

 

Pine Tree Plaza

 

 

FL

Jacksonville

63

63

96.9%

 

 

38

Publix

$14.58

 

Pinecrest Place

 

 

FL

Miami-Ft Lauderdale-PompanoBch

70

70

96.0%

 

173

47

Whole Foods, (Target)

$40.60

 

Plaza Venezia

C

20%

FL

Orlando-Kissimmee-Sanford

203

41

100.0%

 

 

51

Publix, Eddie V's

$32.31

 

Point Royale Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

202

202

100.0%

 

 

45

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

$16.80

 

Prosperity Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

124

124

96.3%

 

 

 

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

$23.41

 

Regency Square

 

 

FL

Tampa-St Petersburg-Clearwater

352

352

96.1%

 

66

 

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

$19.79

 

Ryanwood Square

 

 

FL

Sebastian-Vero Beach

115

115

90.0%

 

 

40

Publix, Beall's, Harbor Freight Tools

$12.28

 

Sawgrass Promenade

 

 

FL

Miami-Ft Lauderdale-PompanoBch

107

107

90.7%

 

 

36

Publix, Walgreens, Dollar Tree

$13.45

 

Seminole Shoppes

O

50%

FL

Jacksonville

87

44

100.0%

 

 

54

Publix

$23.96

 

Sheridan Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

507

507

94.9%

 

 

66

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

$19.76

 

Shoppes @ 104

 

 

FL

Miami-Ft Lauderdale-PompanoBch

112

112

90.0%

 

 

46

Winn-Dixie, CVS

$19.88

 

Shoppes at Bartram Park

O

50%

FL

Jacksonville

135

67

99.0%

 

97

45

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

$22.20

 

Shoppes at Lago Mar

 

 

FL

Miami-Ft Lauderdale-PompanoBch

83

83

92.3%

 

 

42

Publix, YouFit Health Club

$15.90

 

Shoppes at Sunlake Centre

 

 

FL

Tampa-St Petersburg-Clearwater

117

117

100.0%

 

 

46

Publix

$24.78

 

Shoppes of Jonathan's Landing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

27

27

100.0%

 

54

54

(Publix)

$27.15

 

Supplemental Information 30

 

Portfolio Summary Report By State

December 31, 2022

(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 Oakbrook

 

 

FL

Miami-Ft Lauderdale-PompanoBch

200

200

68.3%

 

 

44

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

$18.45

 

Shoppes of Pebblebrook Plaza

O

50%

FL

Naples-Marco Island

80

40

97.0%

 

 

61

Publix, (Walgreens)

$16.51

 

Shoppes of Silver Lakes

 

 

FL

Miami-Ft Lauderdale-PompanoBch

127

127

95.9%

 

 

48

Publix, Goodwill

$20.62

 

Shoppes of Sunset

 

 

FL

Miami-Ft Lauderdale-PompanoBch

22

22

74.2%

 

 

 

-

$25.56

 

Shoppes of Sunset II

 

 

FL

Miami-Ft Lauderdale-PompanoBch

28

28

85.6%

 

 

 

-

$23.09

 

Shops at John's Creek

 

 

FL

Jacksonville

15

15

100.0%

 

 

 

-

$26.42

 

Shops at Skylake

 

 

FL

Miami-Ft Lauderdale-PompanoBch

287

287

97.4%

 

 

51

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

$24.81

 

South Beach Regional

 

 

FL

Jacksonville

308

308

92.3%

 

 

13

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

$17.15

 

South Point

 

 

FL

Sebastian-Vero Beach

65

65

100.0%

 

 

45

Publix

$15.68

 

Starke

 

 

FL

Jacksonville

13

13

100.0%

 

 

 

CVS

$27.05

 

Suncoast Crossing

 

 

FL

Tampa-St Petersburg-Clearwater

118

118

96.4%

 

143

 

Kohl's, (Target)

$7.01

 

Tamarac Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

125

125

88.7%

 

 

38

Publix, Dollar Tree, Retro Fitness

$12.54

 

The Plaza at St. Lucie West

 

 

FL

Port St. Lucie

27

27

100.0%

 

 

 

-

$25.58

 

The Village at Hunter's Lake

 

 

FL

Tampa-St Petersburg-Clearwater

72

72

100.0%

 

 

29

Sprouts

$28.05

 

Town and Country

 

 

FL

Orlando-Kissimmee-Sanford

78

78

100.0%

 

 

 

Ross Dress for Less

$11.47

 

Town Square

 

 

FL

Tampa-St Petersburg-Clearwater

44

44

100.0%

 

 

 

PETCO, Barnes & Noble

$33.86

 

Treasure Coast Plaza

 

 

FL

Sebastian-Vero Beach

134

134

98.2%

 

 

59

Publix, TJ Maxx

$18.77

 

Unigold Shopping Center

 

 

FL

Orlando-Kissimmee-Sanford

115

115

89.3%

 

 

31

YouFit Health Club, Ross Dress for Less

$15.61

 

University Commons

 

 

FL

Miami-Ft Lauderdale-PompanoBch

180

180

100.0%

 

 

51

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

$34.79

 

Village Center

 

 

FL

Tampa-St Petersburg-Clearwater

187

187

97.4%

 

 

50

Publix, PGA Tour Superstore, Walgreens

$22.38

 

Waterstone Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

61

61

100.0%

 

 

46

Publix

$17.74

 

Welleby Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

96.8%

 

 

47

Publix, Dollar Tree

$14.98

 

Wellington Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

108

108

95.0%

 

 

45

Publix, CVS

$24.81

 

West Bird Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

99

99

97.9%

 

 

38

Publix

$25.43

 

West Lake Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

96.6%

 

 

46

Winn-Dixie, CVS

$22.02

 

Westchase

 

 

FL

Tampa-St Petersburg-Clearwater

79

79

100.0%

 

 

51

Publix

$17.57

 

Westport Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

47

47

91.6%

 

 

28

Publix

$21.06

 

Willa Springs

 

 

FL

Orlando-Kissimmee-Sanford

90

90

98.3%

 

 

44

Publix

$22.58

 

 

 

 

FL

 

11,445

11,006

95.2%

 

1,049

3,422

 

$19.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information 31

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Ashford Place

 

 

GA

Atlanta-SandySprings-Alpharett

53

53

86.1%

 

 

 

Harbor Freight Tools

$24.58

 

Briarcliff La Vista

 

 

GA

Atlanta-SandySprings-Alpharett

43

43

100.0%

 

 

 

Michael's

$22.38

 

Briarcliff Village

 

 

GA

Atlanta-SandySprings-Alpharett

189

189

98.3%

 

 

43

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

$17.01

 

Bridgemill Market

 

 

GA

Atlanta-SandySprings-Alpharett

89

89

91.7%

 

 

38

Publix

$17.77

 

Brighten Park

 

 

GA

Atlanta-SandySprings-Alpharett

137

137

98.9%

 

 

25

Lidl, Big Blue Swim School, Kohl's

$28.37

 

Buckhead Court

 

 

GA

Atlanta-SandySprings-Alpharett

49

49

89.7%

 

 

 

-

$31.78

 

Buckhead Landing

 

 

GA

Atlanta-SandySprings-Alpharett

152

152

74.3%

 

 

56

Binders Art Supplies & Frames, Kroger

$19.52

 

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

$25.27

 

Cambridge Square

 

 

GA

Atlanta-SandySprings-Alpharett

71

71

40.0%

 

 

41

-

$26.89

 

Chastain Square

 

 

GA

Atlanta-SandySprings-Alpharett

92

92

100.0%

 

 

37

Publix

$23.53

 

Cornerstone Square

 

 

GA

Atlanta-SandySprings-Alpharett

80

80

90.7%

 

 

18

Aldi, Barking Hound Village, CVS, HealthMarkets Insurance

$18.96

 

Sope Creek Crossing

 

 

GA

Atlanta-SandySprings-Alpharett

99

99

95.5%

 

 

45

Publix

$16.72

 

Dunwoody Hall

 

 

GA

Atlanta-SandySprings-Alpharett

86

86

96.2%

 

 

44

Publix

$21.03

 

Dunwoody Village

 

 

GA

Atlanta-SandySprings-Alpharett

121

121

93.5%

 

 

18

The Fresh Market, Walgreens, Dunwoody Prep

$21.49

 

Howell Mill Village

 

 

GA

Atlanta-SandySprings-Alpharett

92

92

100.0%

 

 

31

Publix

$25.11

 

Paces Ferry Plaza

 

 

GA

Atlanta-SandySprings-Alpharett

82

82

99.9%

 

 

30

Whole Foods

$40.24

 

Powers Ferry Square

 

 

GA

Atlanta-SandySprings-Alpharett

97

97

100.0%

 

 

 

HomeGoods, PETCO

$35.26

 

Powers Ferry Village

 

 

GA

Atlanta-SandySprings-Alpharett

69

69

100.0%

 

 

48

Publix, The Juice Box

$10.48

 

Russell Ridge

 

 

GA

Atlanta-SandySprings-Alpharett

101

101

90.8%

 

 

63

Kroger

$13.30

 

Sandy Springs

 

 

GA

Atlanta-SandySprings-Alpharett

116

116

98.1%

 

 

12

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

$25.63

 

The Shops at Hampton Oaks

 

 

GA

Atlanta-SandySprings-Alpharett

21

21

89.1%

 

 

 

(CVS)

$11.81

 

Williamsburg at Dunwoody

 

 

GA

Atlanta-SandySprings-Alpharett

45

45

82.7%

 

 

 

-

$27.64

 

 

 

 

GA

 

2,120

2,120

92.9%

92.9%

0

551

 

$22.98

 

Civic Center Plaza

GRI

40%

IL

Chicago-Naperville-Elgin

265

106

96.6%

 

 

87

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

$10.54

 

Clybourn Commons

 

 

IL

Chicago-Naperville-Elgin

32

32

95.0%

 

 

 

PETCO

$37.88

 

Glen Oak Plaza

 

 

IL

Chicago-Naperville-Elgin

63

63

100.0%

 

 

12

Trader Joe's, Walgreens, Northshore University Healthsystems

$27.29

 

Hinsdale Lake Commons (fka Hinsdale)

 

 

IL

Chicago-Naperville-Elgin

185

185

93.0%

 

 

57

Whole Foods, Goodwill, Charter Fitness, Petco

$16.30

 

Mellody Farm

 

 

IL

Chicago-Naperville-Elgin

259

259

93.1%

 

 

45

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

$29.15

(2)

Naperville Plaza

C

20%

IL

Chicago-Naperville-Elgin

115

23

96.8%

 

 

39

Casey's Foods, Trader Joe's, Oswald's Pharmacy

$25.65

 

Supplemental Information 32

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Riverside Sq & River's Edge

GRI

40%

IL

Chicago-Naperville-Elgin

169

68

99.3%

 

 

74

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

$17.54

 

Roscoe Square

GRI

40%

IL

Chicago-Naperville-Elgin

140

56

70.0%

 

 

51

Mariano's Fresh Market, Walgreens

$28.09

 

Westchester Commons

 

 

IL

Chicago-Naperville-Elgin

143

143

93.1%

 

 

80

Mariano's Fresh Market, Goodwill

$18.05

 

Willow Festival

 

 

IL

Chicago-Naperville-Elgin

404

404

96.7%

 

 

60

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

$18.84

 

 

 

 

IL

 

1,775

1,338

94.2%

94.2%

0

505

 

$20.93

 

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

$16.46

 

Willow Lake Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

86

34

72.4%

 

64

64

Indiana Bureau of Motor Vehicles, (Kroger)

$18.98

 

Willow Lake West Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

53

21

100.0%

 

 

12

Trader Joe's

$26.76

 

 

 

 

IN

 

418

335

97.2%

97.2%

64

116

 

$17.32

 

Fellsway Plaza

M

75%

MA

Boston-Cambridge-Newton

158

158

100.0%

 

 

61

Stop & Shop, Planet Fitness, BioLife Plasma Services

$25.90

 

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

96.9%

 

 

11

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

$30.54

 

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

94.7%

 

 

55

Shaw's

$26.66

 

The Abbot

 

 

MA

Boston-Cambridge-Newton

64

64

77.0%

 

 

 

Center for Effective Alturism

$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

$22.09

 

 

 

 

MA

 

897

897

97.6%

97.6%

0

416

 

$29.24

 

Burnt Mills

C

20%

MD

Washington-Arlington-Alexandri

31

6

86.9%

 

 

9

Trader Joe's

$42.83

 

Cloppers Mill Village

GRI

40%

MD

Washington-Arlington-Alexandri

137

55

95.8%

 

 

70

Shoppers Food Warehouse, Dollar Tree

$19.47

 

Festival at Woodholme

GRI

40%

MD

Baltimore-Columbia-Towson

81

32

94.6%

 

 

10

Trader Joe's

$40.95

 

Firstfield Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

22

9

100.0%

 

 

 

-

$43.23

 

Parkville Shopping Center

GRI

40%

MD

Baltimore-Columbia-Towson

165

66

98.2%

 

 

41

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

$17.45

 

Southside Marketplace

GRI

40%

MD

Baltimore-Columbia-Towson

125

50

90.8%

 

 

44

Giant

$25.45

 

Takoma Park

GRI

40%

MD

Washington-Arlington-Alexandri

107

43

100.0%

 

 

64

Planet Fitness

$15.21

 

Village at Lee Airpark

 

 

MD

Baltimore-Columbia-Towson

118

118

89.3%

 

75

63

Giant, (Sunrise)

$30.79

 

Watkins Park Plaza

GRI

40%

MD

Washington-Arlington-Alexandri

111

45

100.0%

 

 

 

LA Fitness, CVS

$29.21

 

Westbard Square

 

 

MD

Washington-Arlington-Alexandri

132

132

99.0%

 

 

55

Giant, Bowlmor AMF

$38.59

 

Woodmoor Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

69

28

96.2%

 

 

 

CVS

$35.70

 

 

 

 

MD

 

1,099

583

95.6%

95.6%

75

357

 

$29.37

 

Supplemental Information 33

 

Portfolio Summary Report By State

December 31, 2022

(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

$8.71

 

 

 

 

MI

 

97

97

74.0%

74.0%

0

0

 

$8.71

 

Apple Valley Square

 

 

MN

Minneapol-St. Paul-Bloomington

179

179

100.0%

 

87

 

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

$16.92

 

Cedar Commons

 

 

MN

Minneapol-St. Paul-Bloomington

66

66

100.0%

 

 

50

Whole Foods

$28.33

 

Colonial Square

GRI

40%

MN

Minneapol-St. Paul-Bloomington

93

37

100.0%

 

 

44

Lund's

$26.47

 

Rockford Road Plaza

GRI

40%

MN

Minneapol-St. Paul-Bloomington

204

82

96.9%

 

 

 

Kohl's, PetSmart, HomeGoods, TJ Maxx

$13.82

 

Rockridge Center

C

20%

MN

Minneapol-St. Paul-Bloomington

125

25

99.4%

 

 

89

CUB Foods

$14.63

 

 

 

 

MN

 

668

390

99.3%

99.3%

87

183

 

$19.01

 

Brentwood Plaza

 

 

MO

St. Louis

60

60

100.0%

 

 

52

Schnucks

$11.50

 

Bridgeton

 

 

MO

St. Louis

71

71

97.3%

 

130

63

Schnucks, (Home Depot)

$12.14

 

Dardenne Crossing

 

 

MO

St. Louis

67

67

100.0%

 

 

63

Schnucks

$11.60

 

Kirkwood Commons

 

 

MO

St. Louis

210

210

100.0%

 

258

136

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

$10.35

 

 

 

 

MO

 

408

408

99.5%

99.5%

388

314

 

$11.03

(2)

Blakeney Town Center (fka Blakeney Shopping Center)

 

 

NC

Charlotte-Concord-Gastonia

384

384

99.7%

 

124

 

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

$26.17

 

Carmel Commons

 

 

NC

Charlotte-Concord-Gastonia

141

141

91.3%

 

 

14

Chuck E. Cheese, The Fresh Market, Party City

$24.75

 

Cochran Commons

C

20%

NC

Charlotte-Concord-Gastonia

66

13

100.0%

 

15

42

Harris Teeter, (Walgreens)

$17.43

 

Market at Colonnade Center

 

 

NC

Raleigh-Cary

58

58

100.0%

 

 

40

Whole Foods

$28.26

 

Glenwood Village

 

 

NC

Raleigh-Cary

43

43

100.0%

 

 

28

Harris Teeter

$18.28

 

Holly Park

 

 

NC

Raleigh-Cary

160

160

97.7%

 

 

12

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

$20.06

 

Lake Pine Plaza

 

 

NC

Raleigh-Cary

88

88

100.0%

 

 

58

Harris Teeter

$14.35

 

Midtown East

O

50%

NC

Raleigh-Cary

159

79

100.0%

 

 

120

Wegmans

$24.28

 

Ridgewood Shopping Center

C

20%

NC

Raleigh-Cary

94

19

91.2%

 

 

30

Whole Foods, Walgreens

$21.35

 

Shops at Erwin Mill

M

55%

NC

Durham-Chapel Hill

91

91

96.4%

 

 

53

Harris Teeter

$19.27

 

Shoppes of Kildaire

GRI

40%

NC

Raleigh-Cary

145

58

97.4%

 

 

46

Trader Joe's, Aldi, Staples, Barnes & Noble

$20.56

 

Southpoint Crossing

 

 

NC

Durham-Chapel Hill

103

103

98.4%

 

 

59

Harris Teeter

$16.98

 

Sutton Square

C

20%

NC

Raleigh-Cary

101

20

94.5%

 

 

24

The Fresh Market

$21.09

 

Village District

C

30%

NC

Raleigh-Cary

559

168

94.0%

 

 

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

$26.46

 

Village Plaza

C

20%

NC

Durham-Chapel Hill

73

15

96.7%

 

 

42

Whole Foods

$23.16

 

Willow Oaks

 

 

NC

Charlotte-Concord-Gastonia

65

65

100.0%

 

 

49

Publix

$17.83

 

Woodcroft Shopping Center

 

 

NC

Durham-Chapel Hill

90

90

100.0%

 

 

41

Food Lion, ACE Hardware

$14.52

 

Supplemental Information 34

 

Portfolio Summary Report By State

December 31, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

 

 

 

NC

 

2,420

1,594

97.7%

97.7%

139

744

 

$22.11

 

Chimney Rock

 

 

NJ

New York-Newark-Jersey City

218

218

99.3%

 

 

50

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

$37.34

 

District at Metuchen

C

20%

NJ

New York-Newark-Jersey City

67

13

97.9%

 

 

44

Whole Foods

$32.18

(2)

Glenwood Green

M

70%

NJ

Philadelphia-Camden-Wilmington

355

355

83.0%

 

 

80

ShopRite, Target, Rendina

$11.00

 

Haddon Commons

GRI

40%

NJ

Philadelphia-Camden-Wilmington

54

22

100.0%

 

 

34

Acme Markets

$15.18

 

Plaza Square

GRI

40%

NJ

New York-Newark-Jersey City

104

42

62.0%

 

 

43

Grocer

$19.60

 

 

 

 

NJ

 

797

649

88.0%

94.0%

0

251

 

$22.02

 

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

$137.95

 

90 - 30 Metropolitan Avenue

 

 

NY

New York-Newark-Jersey City

60

60

93.9%

 

 

11

Michaels, Staples, Trader Joe's

$35.57

 

Broadway Plaza

 

 

NY

New York-Newark-Jersey City

147

147

89.9%

 

 

18

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

$41.06

 

Clocktower Plaza Shopping Ctr

 

 

NY

New York-Newark-Jersey City

79

79

100.0%

 

 

63

Stop & Shop

$49.89

(2)

East Meadow

 

 

NY

New York-Newark-Jersey City

141

141

93.3%

 

 

 

Marshalls, Stew Leonard's

$15.73

(2)

East Meadow Plaza

 

 

NY

New York-Newark-Jersey City

205

205

0.0%

 

 

31

Lidl, Dollar Deal

$24.75

(2)

Eastport

 

 

NY

New York-Newark-Jersey City

48

48

97.3%

 

 

 

King Kullen, Rite Aid

$12.98

 

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 Footware

$51.21

 

Hewlett Crossing I & II

 

 

NY

New York-Newark-Jersey City

52

52

100.0%

 

 

 

-

$38.48

 

Rivertowns Square

 

 

NY

New York-Newark-Jersey City

116

116

90.9%

 

 

18

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

$23.85

 

The Point at Garden City Park

 

 

NY

New York-Newark-Jersey City

105

105

100.0%

 

 

52

King Kullen, Ace Hardware

$30.09

 

Lake Grove Commons

GRI

40%

NY

New York-Newark-Jersey City

141

57

100.0%

 

 

48

Whole Foods, LA Fitness

$35.81

(2)

Valley Stream

 

 

NY

New York-Newark-Jersey City

99

99

90.3%

 

 

 

King Kullen

$28.89

(2)

Wading River

 

 

NY

New York-Newark-Jersey City

99

99

84.1%

 

 

 

King Kullen, CVS, Ace Hardware

$23.38

 

Westbury Plaza

 

 

NY

New York-Newark-Jersey City

390

390

100.0%

 

 

110

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

$27.04

 

 

 

 

NY

 

2,094

2,010

89.3%

89.3%

0

388

 

$35.14

 

Cherry Grove

 

 

OH

Cincinnati

203

203

99.0%

 

 

66

Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning

$12.35

 

East Pointe

 

 

OH

Columbus

111

111

100.0%

 

 

76

Kroger

$11.34

 

Hyde Park

 

 

OH

Cincinnati

401

401

92.3%

 

 

100

Kroger, Kohl's, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls

$17.41

 

Kroger New Albany Center

 

 

OH

Columbus

93

93

100.0%

 

 

65

Kroger

$13.47

 

Supplemental Information 35

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Northgate Plaza (Maxtown Road)

 

 

OH

Columbus

117

117

100.0%

 

90

91

Kroger, (Home Depot)

$11.98

 

Red Bank Village

 

 

OH

Cincinnati

176

176

100.0%

 

 

152

WalMart

$7.73

 

Regency Commons

 

 

OH

Cincinnati

34

34

79.0%

 

 

 

-

$27.33

 

West Chester Plaza

 

 

OH

Cincinnati

88

88

100.0%

 

 

67

Kroger

$10.44

 

 

 

 

OH

 

1,224

1,224

96.7%

96.7%

90

616

 

$13.38

 

Corvallis Market Center

 

 

OR

Corvallis

85

85

100.0%

 

 

12

Michaels, TJ Maxx, Trader Joe's

$22.29

 

Greenway Town Center

GRI

40%

OR

Portland-Vancouver-Hillsboro

93

37

97.7%

 

 

38

Dollar Tree, Rite Aid, Whole Foods

$16.19

 

Murrayhill Marketplace

 

 

OR

Portland-Vancouver-Hillsboro

150

150

84.4%

 

 

41

Safeway, Planet Fitness

$20.35

 

Northgate Marketplace

 

 

OR

Medford

81

81

84.2%

 

 

13

Trader Joe's, REI, PETCO

$22.18

 

Northgate Marketplace Ph II

 

 

OR

Medford

177

177

98.4%

 

 

 

Dick's Sporting Goods, Homegoods, Marshalls

$18.16

 

Sherwood Crossroads

 

 

OR

Portland-Vancouver-Hillsboro

88

88

100.0%

 

 

55

Safeway

$12.56

 

Tanasbourne Market

 

 

OR

Portland-Vancouver-Hillsboro

71

71

100.0%

 

 

57

Whole Foods

$30.18

 

Walker Center

 

 

OR

Portland-Vancouver-Hillsboro

90

90

98.4%

 

 

 

Bed Bath & Beyond

$23.23

 

 

 

 

OR

 

835

779

94.7%

94.7%

0

215

 

$20.38

 

Allen Street Shopping Ctr

GRI

40%

PA

Allentown-Bethlehem-Easton

46

18

100.0%

 

 

22

Grocery Outlet Bargain Market

$18.74

(2)

Baederwood Shopping Center

M

80%

PA

Philadelphia-Camden-Wilmington

117

117

97.0%

 

 

40

Whole Foods, Planet Fitness

$27.91

 

City Avenue Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

162

65

91.8%

 

 

 

Ross Dress for Less, TJ Maxx, Dollar Tree

$20.76

 

Gateway Shopping Center

 

 

PA

Philadelphia-Camden-Wilmington

224

224

99.0%

 

 

11

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

$34.25

 

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)

$26.62

 

Mercer Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

91

37

93.2%

 

 

51

Weis Markets

$22.73

 

Newtown Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

142

57

92.5%

 

 

56

Acme Markets, Michael's

$19.80

 

Stefko Boulevard Shopping Center

GRI

40%

PA

Allentown-Bethlehem-Easton

134

54

86.4%

 

 

73

Valley Farm Market, Dollar Tree

$11.31

 

Warwick Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

93

37

40.4%

 

 

51

-

$27.74

 

 

 

 

PA

 

1,112

711

93.3%

93.3%

244

416

 

$26.89

 

Indigo Square

 

 

SC

Charleston-North Charleston

51

51

100.0%

 

 

22

Publix

$29.98

 

Merchants Village

GRI

40%

SC

Charleston-North Charleston

80

32

96.7%

 

 

38

Publix

$17.65

 

 

 

 

SC

 

131

83

98.7%

98.7%

0

59

 

$25.34

 

Harpeth Village Fieldstone

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

70

70

97.8%

 

 

55

Publix

$15.95

 

Northlake Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

135

135

99.0%

 

 

75

Kroger

$15.46

 

Peartree Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

110

110

100.0%

 

 

84

Kroger, PETCO

$20.33

 

 

 

 

TN

 

314

314

99.1%

99.1%

0

214

 

$17.26

 

Supplemental Information 36

 

Portfolio Summary Report By State

December 31, 2022

(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

96.8%

 

 

68

Kroger, Walgreens

$21.81

(2)

Baybrook East

O

50%

TX

Houston-Woodlands-Sugar Land

156

78

93.9%

 

 

106

H.E.B

$13.17

 

Bethany Park Place

 

 

TX

Dallas-Fort Worth-Arlington

99

99

98.6%

 

 

83

Kroger

$11.97

 

CityLine Market

 

 

TX

Dallas-Fort Worth-Arlington

81

81

100.0%

 

 

40

Whole Foods

$29.90

 

CityLine Market Phase II

 

 

TX

Dallas-Fort Worth-Arlington

22

22

100.0%

 

 

 

CVS

$28.18

 

Cochran's Crossing

 

 

TX

Houston-Woodlands-Sugar Land

138

138

100.0%

 

 

63

Kroger

$20.43

 

Hancock

 

 

TX

Austin-Round Rock-Georgetown

263

263

98.1%

 

 

90

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

$19.39

 

Hillcrest Village

 

 

TX

Dallas-Fort Worth-Arlington

15

15

100.0%

 

 

 

-

$49.88

 

Indian Springs Center

 

 

TX

Houston-Woodlands-Sugar Land

137

137

99.0%

 

 

79

H.E.B.

$25.46

 

Keller Town Center

 

 

TX

Dallas-Fort Worth-Arlington

120

120

95.8%

 

 

64

Tom Thumb

$17.10

 

Lebanon/Legacy Center

 

 

TX

Dallas-Fort Worth-Arlington

56

56

87.2%

 

63

63

(WalMart)

$29.35

 

Market at Preston Forest

 

 

TX

Dallas-Fort Worth-Arlington

96

96

100.0%

 

 

64

Tom Thumb

$22.53

 

Market at Round Rock

 

 

TX

Austin-Round Rock-Georgetown

123

123

97.3%

 

 

30

Sprout's Markets, Office Depot, Tuesday Morning

$19.82

 

Market at Springwoods Village

M

53%

TX

Houston-Woodlands-Sugar Land

167

167

99.1%

 

 

100

Kroger

$17.73

 

Mockingbird Commons

 

 

TX

Dallas-Fort Worth-Arlington

120

120

95.4%

 

 

49

Tom Thumb, Ogle School of Hair Design

$19.99

 

North Hills

 

 

TX

Austin-Round Rock-Georgetown

164

164

100.0%

 

 

60

H.E.B.

$21.88

 

Panther Creek

 

 

TX

Houston-Woodlands-Sugar Land

166

166

98.8%

 

 

66

CVS, The Woodlands Childrens Museum, Fitness Project

$24.71

 

Prestonbrook

 

 

TX

Dallas-Fort Worth-Arlington

92

92

100.0%

 

 

64

Kroger

$15.45

(2)

Preston Oaks

 

 

TX

Dallas-Fort Worth-Arlington

103

103

100.0%

 

 

30

Central Market, Talbots

$40.03

 

Shiloh Springs

 

 

TX

Dallas-Fort Worth-Arlington

110

110

89.8%

 

 

61

Kroger

$14.77

 

Shops at Mira Vista

 

 

TX

Austin-Round Rock-Georgetown

68

68

100.0%

 

 

15

Trader Joe's, Champions Westlake Gymnastics & Cheer

$25.31

 

Southpark at Cinco Ranch

 

 

TX

Houston-Woodlands-Sugar Land

265

265

98.9%

 

 

101

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

$14.06

 

Sterling Ridge

 

 

TX

Houston-Woodlands-Sugar Land

129

129

98.9%

 

 

63

Kroger, CVS

$22.16

 

Sweetwater Plaza

C

20%

TX

Houston-Woodlands-Sugar Land

134

27

95.3%

 

 

65

Kroger, Walgreens

$18.46

 

Tech Ridge Center

 

 

TX

Austin-Round Rock-Georgetown

216

216

99.5%

 

 

84

H.E.B., Pinstack, Baylor Scott & White

$23.81

 

The Village at Riverstone

 

 

TX

Houston-Woodlands-Sugar Land

165

165

96.3%

 

 

100

Kroger

$17.11

 

Weslayan Plaza East

GRI

40%

TX

Houston-Woodlands-Sugar Land

169

68

96.1%

 

 

 

Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle

$21.11

 

Weslayan Plaza West

GRI

40%

TX

Houston-Woodlands-Sugar Land

186

74

92.6%

 

 

52

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

$22.20

 

Westwood Village

 

 

TX

Houston-Woodlands-Sugar Land

187

187

97.7%

 

127

 

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

$20.47

 

Supplemental Information 37

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Woodway Collection

GRI

40%

TX

Houston-Woodlands-Sugar Land

97

39

94.2%

 

 

45

Whole Foods

$31.73

 

 

 

 

TX

 

3,981

3,525

97.7%

97.8%

190

1,706

 

$20.99

 

Ashburn Farm Village Center

GRI

40%

VA

Washington-Arlington-Alexandri

92

37

100.0%

 

 

27

Patel Brothers, The Shop Gym

$17.33

 

Belmont Chase

 

 

VA

Washington-Arlington-Alexandri

91

91

98.3%

 

 

40

Cooper's Hawk Winery, Whole Foods

$33.98

 

Braemar Village Center

RC

25%

VA

Washington-Arlington-Alexandri

104

26

100.0%

 

 

58

Safeway

$23.68

(2)

Carytown Exchange

M

65%

VA

Richmond

116

116

86.2%

 

 

38

Publix, CVS

$26.91

 

Centre Ridge Marketplace

GRI

40%

VA

Washington-Arlington-Alexandri

107

43

100.0%

 

 

55

United States Coast Guard Ex, Planet Fitness

$20.82

 

Point 50

 

 

VA

Washington-Arlington-Alexandri

48

48

100.0%

 

 

30

Amazon Fresh

$32.34

 

Festival at Manchester Lakes

GRI

40%

VA

Washington-Arlington-Alexandri

168

67

88.2%

 

 

32

Amazon Fresh, Homesense

$31.72

 

Fox Mill Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

103

41

94.2%

 

 

50

Giant

$26.79

 

Greenbriar Town Center

GRI

40%

VA

Washington-Arlington-Alexandri

340

136

98.1%

 

 

62

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

$28.93

 

Hanover Village Shopping Center

GRI

40%

VA

Richmond

90

36

100.0%

 

 

18

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

$9.81

 

Kamp Washington Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

71

29

89.3%

 

 

20

PGA Tour Superstore

$31.99

 

Kings Park Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

96

39

100.0%

 

 

51

Giant, CVS

$33.57

 

Lorton Station Marketplace

C

20%

VA

Washington-Arlington-Alexandri

136

27

66.9%

 

 

63

Amazon Fresh

$27.18

 

Saratoga Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

113

45

97.0%

 

 

56

Giant

$21.62

 

Shops at County Center

 

 

VA

Washington-Arlington-Alexandri

97

97

98.3%

 

 

52

Harris Teeter, Planet Fitness

$18.84

 

The Crossing Clarendon

 

 

VA

Washington-Arlington-Alexandri

420

420

90.1%

 

 

34

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

$38.84

 

The Field at Commonwealth

 

 

VA

Washington-Arlington-Alexandri

167

167

99.0%

 

 

122

Wegmans

$22.44

 

Village Center at Dulles

C

20%

VA

Washington-Arlington-Alexandri

304

61

94.9%

 

 

48

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

$25.48

 

Village Shopping Center

GRI

40%

VA

Richmond

116

46

88.8%

 

 

45

Publix, CVS

$24.99

 

Willston Centre I

GRI

40%

VA

Washington-Arlington-Alexandri

105

42

91.2%

 

 

 

CVS, Fashion K City

$28.34

 

Willston Centre II

GRI

40%

VA

Washington-Arlington-Alexandri

136

54

100.0%

 

141

59

Safeway, (Target), (PetSmart)

$27.97

 

 

 

 

VA

 

3,022

1,669

94.0%

94.0%

141

960

 

$28.95

 

6401 Roosevelt

 

 

WA

Seattle-Tacoma-Bellevue

8

8

100.0%

 

 

 

-

$25.29

 

Aurora Marketplace

GRI

40%

WA

Seattle-Tacoma-Bellevue

107

43

100.0%

 

 

49

Safeway, TJ Maxx

$18.75

 

Ballard Blocks I

O

50%

WA

Seattle-Tacoma-Bellevue

132

66

97.7%

 

 

12

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

$27.68

 

Supplemental Information 38

 

Portfolio Summary Report By State

December 31, 2022

(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

 

Ballard Blocks II

O

50%

WA

Seattle-Tacoma-Bellevue

117

58

98.4%

 

 

25

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

$34.81

 

Broadway Market

C

20%

WA

Seattle-Tacoma-Bellevue

140

28

92.3%

 

 

64

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

$28.93

 

Cascade Plaza

C

20%

WA

Seattle-Tacoma-Bellevue

206

41

97.9%

 

 

49

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

$12.79

 

Eastgate Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

85

34

96.5%

 

 

29

Safeway, Rite Aid

$31.69

 

Grand Ridge Plaza

 

 

WA

Seattle-Tacoma-Bellevue

331

331

99.6%

 

 

45

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

$25.96

 

Inglewood Plaza

 

 

WA

Seattle-Tacoma-Bellevue

17

17

100.0%

 

 

 

-

$45.41

(2)

Island Village

 

 

WA

Seattle-Tacoma-Bellevue

106

106

100.0%

 

 

49

Safeway, Rite Aid

$16.15

 

Klahanie Shopping Center

 

 

WA

Seattle-Tacoma-Bellevue

67

67

86.2%

 

40

40

(QFC)

$37.42

 

Melrose Market

 

 

WA

Seattle-Tacoma-Bellevue

21

21

87.2%

 

 

 

-

$36.32

 

Overlake Fashion Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

87

35

100.0%

 

230

13

Marshalls, Bevmo!, Amazon Go Grocery

$29.55

 

Pine Lake Village

 

 

WA

Seattle-Tacoma-Bellevue

103

103

98.8%

 

 

41

Quality Food Centers, Rite Aid

$26.49

 

Roosevelt Square

 

 

WA

Seattle-Tacoma-Bellevue

150

150

96.6%

 

 

50

Whole Foods, Bartell, Guitar Center, LA Fitness

$27.63

 

Sammamish-Highlands

 

 

WA

Seattle-Tacoma-Bellevue

101

101

97.2%

 

55

67

Trader Joe's, Bartell Drugs, (Safeway)

$37.98

 

Southcenter

 

 

WA

Seattle-Tacoma-Bellevue

58

58

94.9%

 

112

 

(Target)

$33.16

 

 

 

 

WA

 

1,837

1,267

97.5%

97.5%

437

532

 

$27.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency Centers Total

 

 

 

 

51,145

43,314

94.8%

94.9%

3,747

16,046

 

$23.77
(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 Property

 

Note:

In-process developments are bolded and italicized.

 

C:

Co-investment Partnership with Oregon

 

GRI:

Co-investment Partnership with GRI

 

M:

Co-investment Partnership with Minority Partner

 

O:

Other, single property co-investment Partnerships

 

RC:

Co-investment Partnership with CalSTRS

 

Supplemental Information 39

 

As of December 31, 2022

(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)

 

$

206,121

 

Share of JV NOI (page 7)

 

$

24,026

 

Less: Noncontrolling Interests (page 7)

 

$

(1,960

)

 

 

 

 

Quarterly Base Rent From Leases Signed But Not Yet Commenced

 

 

 

Retail Operating Properties Excluding In-Process Redevelopments (Quarterly)

 

$

5,793

 

Retail Operating Properties Including In-Process Redevelopments (Quarterly)

 

$

8,664

 

 

 

 

 

 

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

 

 

 

In-Process Ground-Up Development

 

REG's Estimated Net Project Costs (page 17)

 

$

55,914

 

Stabilized Yield (page 17)

 

 

7

%

Annualized Proforma Stabilized NOI

 

$

4,004

 

% of Costs Incurred (page 17)

 

 

44

%

Construction in Progress

 

$

24,602

 

 

 

 

 

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

 

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

 

$

393

 

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

 

$

—

 

 

 

 

 

In-Process Redevelopment Projects

 

REG's Estimated Net Project Costs (page 17)

 

$

244,941

 

Stabilized Yield (page 17)

 

 

8

%

Annualized Proforma Stabilized NOI

 

$

21,229

 

% of Costs Incurred (page 17)

 

 

52

%

Construction in Progress

 

$

127,369

 

 

 

 

 

NOI from In-Process Redevelopment - Current Quarter

 

In-place NOI from Current Year Redevelopment Completions

 

$

1,259

 

In-place NOI from In-Process Redevelopments

 

$

188

 

 

 

 

 

 

Fee Income

 

 

 

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

 

$

6,901

 

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

 

$

(239

)

 

 

 

 

 

Other Assets

 

 

 

Estimated Market Value of Land

 

 

 

Land held for sale or future development

 

$

35,802

 

Outparcels at retail operating properties

 

 

10,355

 

101 7th Avenue at Book Value, Net

 

 

25,000

 

Total Estimated Market Value of Land

 

$

71,157

 

 

 

 

 

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

 

 

 

Cash and Cash Equivalents

 

$

83,291

 

Tenant and other receivables, excluding Straight-line rent receivables

 

$

64,939

 

Other Assets, excluding Goodwill

 

$

128,915

 

 

 

 

 

 

Liabilities

 

 

 

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

 

 

 

Notes payable

 

$

4,185,002

 

Accounts payable and other liabilities

 

$

330,307

 

Tenants' security, escrow deposits

 

$

73,389

 

 

 

 

 

 

Common Shares and Equivalents Outstanding

 

 

 

Common Shares and Equivalents Issued and Outstanding (page 1)

 

 

171,866

 

 

 

 

 

 

Supplemental Information 40

 

Supplemental Details of Lease Income and Tenant & Other Receivables (Pro Rata)

(in thousands)

 

Supplemental Details of Lease Income (Pro-Rata)

For the Twelve Months Ended December 31, 2022

 

 

 

 

Twelve Months Ended

 

 

 

 

Composition of Lease Income

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Base Rent

 

$

910,315

 

 

 

 

Recoveries from Tenants

 

 

309,196

 

 

 

 

Percentage Rent, Termination Fees, and Other Lease Income

 

 

27,799

 

 

 

 

Current Period Billings/Deferrals & Other Revenue

 

$

1,247,310

 

 

 

 

Uncollectible Lease Income, net

 

 

14,981

 

 

 

 

Non-Cash Revenues (1)

 

 

50,241

 

 

 

 

Total Lease Income (see pages 5 & 7)

 

$

1,312,532

 

 

 

 

 

 

 

 

 

 

 

Composition of Uncollectible Lease Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Uncollectible Lease Income - Current Year (2022) Billings (2)

 

$

(5,795

)

 

 

 

Impact from Current Year (2022) Lease Modifications (3)

 

 

285

 

 

 

 

Uncollectible Lease Income - 2022 Billings

 

$

(5,510

)

 

 

 

Collection of 2020/2021 Reserves, net (4)

 

 

20,491

 

 

 

 

Uncollectible Lease Income, net

 

$

14,981

 

 

 

 

Supplemental Details of Tenant & Other Receivables (Pro-Rata)

As of December 31, 2022 and 2021

 

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

Tenant receivables

 

$

58,128

 

 

$

82,157

 

 

Less: Uncollectible tenant receivables

 

 

(23,116

)

 

 

(50,246

)

 

Net tenant receivables

 

$

35,012

 

 

$

31,911

 

 

 

 

 

 

 

 

 

 

Straight-line rent receivables

 

 

162,941

 

 

 

152,798

 

 

Less: Uncollectible straight-line rent receivables

 

 

(16,774

)

 

 

(32,956

)

 

Net Straight-line rent receivables

 

$

146,167

 

 

$

119,842

 

 

 

 

 

 

 

 

 

 

Other receivables (5)

 

 

29,928

 

 

 

23,079

 

 

Total tenant and other receivables (see pages 3 & 6)

 

$

211,107

 

 

$

174,832

 

 

 

Uncollectible Tenant Receivables Balance Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

Uncollectible tenant receivables (12/31/21)

 

$

(50,246

)

 

 

 

Uncollectible Lease Income - Current Year (2022) Billings (2)

 

 

(5,795

)

 

 

 

Impact from Current Year (2022) Lease Modifications (3)

 

 

285

 

 

 

 

Collection of 2020/2021 Reserves, net (4)

 

 

20,491

 

 

 

 

Write-offs and Abatements (2022)

 

 

12,149

 

 

 

 

Uncollectible tenant receivables (12/31/22)

 

$

(23,116

)

 

 

 

 

Composition of Unbilled Deferrals

 

December 31, 2022

 

 

Timing of Rebill

 

 

 

 

 

 

 

 

 

Cash Basis Tenants

 

$

5,177

 

 

2023

61%

 

Accrual Basis Tenants

 

 

87

 

 

2024+

39%

 

Total Unbilled Deferrals (as of 12/31/22) (6)

 

$

5,264

 

 

 

100%
(1)
Includes pro-rata share of straight-line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.
(2)
Represents Base Rent and Recoveries deemed uncollectible associated with billings during the twelve months ended December 31, 2022.
(3)
The Company accounts for deferrals and abatements that significantly increase the consideration due under the lease (those that do not qualify for the FASB COVID-19 lease concession guidance) as a lease modification, in accordance with ASC 842. Under a lease modification, Lease income is reduced by the amount of the deferral or abatement in the period in which it was granted, and any previous uncollectible lease income associated with that deferral or abatement is reversed.
(4)
Represents the collection of Base Rent and Recoveries previously reserved during the years ended December 31, 2020, and December 31, 2021.
(5)
Other receivables include construction receivables, insurance receivables and amounts due from real estate partnerships for management, transaction and other fee income.
(6)
Represents executed deferral agreements that have yet to be rebilled, as of December 31, 2022.

Supplemental Information 41

 

Earnings Guidance

December 31, 2022

 

Full Year 2023 Guidance (in thousands, except per share data)

2022 Actual

2023 Guidance

Net Income Attributable to Common Stockholders per diluted share

$2.81

$1.92-$2.00

Nareit Funds From Operations ("Nareit FFO") per diluted share

$4.10

$4.03-$4.11

Core Operating Earnings per diluted share (1)

$3.83

$3.83-$3.89

Same property NOI growth without termination fees

2.9%

0% to +1.0%

Same property NOI growth without termination fees or collection of 2020/2021 reserves

6.3%

+2.0% to +3.0%

Collection of 2020/2021 Reserves (2)

$20,050

+/-$3,000

Certain non-cash items (3)

$47,197

$34,500-$37,500

Impact from reversal of Uncollectible Straight-Line Rent Receivables included in above (4)

$16,747

+/-$2,500

G&A expense, net (5)

$86,400

$87,000-$90,000

Interest expense, net

$165,548

+/-$168,000

Recurring third party fees & commissions

$24,834

+/-$25,000

Development and Redevelopment spend

$112,995

+/-$130,000

Acquisitions

$209,908

$0

Cap rate (weighted average)

5.1%

0%

Dispositions

$179,044

+/-$65,000

Cap rate (weighted average)(6)

3.0%

+/- 7.0%

Forward ATM settlement (gross)

$64,768

$0

Share Repurchase settlement (gross)

$75,393

$0

 

Reconcilliation of Net Income to Earnings Guidance (per diluted share)

 

Full Year
2023

 

 

 

Low

 

 

High

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

1.92

 

 

 

2.00

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to Nareit FFO:

 

 

 

 

 

 

Depreciation and amortization

 

 

2.10

 

 

 

2.10

 

Exchangeable operating partnership units

 

 

0.01

 

 

 

0.01

 

Nareit Funds From Operations

 

$

4.03

 

 

 

4.11

 

 

 

 

 

 

 

 

Adjustments to reconcile Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

Straight-line rent, net

 

 

(0.06

)

 

 

(0.08

)

Above/below market rent amortization, net

 

 

(0.14

)

 

 

(0.14

)

Debt premium/discount amortization

 

 

0.00

 

 

 

0.00

 

Core Operating Earnings

 

$

3.83

 

 

 

3.89

 

Note: With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(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 collection of receivables in the Same Property portfolio reserved in 2020 and 2021; 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, included in total Certain non-cash items.
(5)
Represents General & administrative, net before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.
(6)
Weighted average cap rates for 2022 disposition is 6.5% excluding the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

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.

Supplemental Information 42

 

Glossary of Terms

December 31, 2022

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.

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, if applicable.

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 43

EX-99.3

Exhibit 99.3

 

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Fourth Quarter 2022 Fixed Income Supplemental Fountain Square Miami, FL Mellody Farm Chicago, IL Murrayhill Marketplace Portland, OR The Abbot Cambridge, MA Grand Ridge Plaza Seattle, WA 4S Commons Town Center San Diego, CA Regency Centers

 

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Highlights Fourth Quarter and Full Year 2022 Reported Nareit FFO of $1.05 per diluted share for the fourth quarter, and $4.10 per diluted share for the full year Reported Core Operating Earnings of $0.98 per diluted share for the fourth quarter, and $3.83 per diluted share for the full year Generated Core Operating Earnings per share year-over-year growth, excluding the collection of receivables reserved during 2020 and 2021, of approximately 9% for the full year Increased Same Property NOI year-over-year, excluding lease termination fees and the collection of 2020 and 2021 receivables reserved, by 5.8% in the fourth quarter and 6.3% for the full year Increased Same Property percent leased by 80 basis points year-over-year to 95.1%, and Same Property percent commenced by 110 basis points year-over-year to 92.8% Increased Same Property shop percent leased by 200 basis points year-over-year to 92.0% Executed 6.9 million square feet of comparable new and renewal leases during the full year at a blended cash rent spread of +7.4% Completed property acquisitions of $210 million and property dispositions of $179 million during the full year, both at Regency’s share Pro-rata net debt-to-operating EBITDAre was 5.0x at December 31, 2022 2 Subsequent Highlights On February 8, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share Included for the fourth consecutive year on Newsweek’s 2023 Most Responsible Companies List, ranked top 75

 

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Credit Ratings & Select Ratios Credit Ratings Agency Credit Rating Outlook Last Review Date S&P BBB+ Stable 4/14/22 Moody's Baa1 Positive 9/16/22 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. 3 Unsecured Public Debt Covenants Required 12/31/2022 9/30/2022 6/30/2022 3/31/2022 Fair Market Value Calculation Method Covenants(i)(ii) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 26% 26% 26% 26% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 3% 3% 3% 3% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.6x 5.7x 5.8x 5.6x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 400% 399% 397% 394%

 

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Capital Structure & Liquidity Profile Capital Structure (% of total capitalization) Debt Composition Pro-Rata Secured vs. Unsecured 4 $15.0 Billion Total Capitalization 23% <1% 77% Secured Fixed Rate Secured Variable Rate Unsecured Debt - Bonds Liquidity Profile ($ millions) Unsecured Credit Facility - Committed 1,250 Balance Outstanding - Undrawn Portion of Credit Facility 1,250 Cash, Cash Equivalents & marketable Securities 69 Total Liquidity 1,319 22% 3% 3% 72% 77% 23% Equity Unsecured Debt - Bonds Unconsolidated Debt - Secured Consolidated Debt - Secured Secured Unsecured

 

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A Well-Laddered Maturity Schedule Pro Rata Debt Maturity Profile as of December 31, 2022 Regency aims to have < 15% of total debt maturing in any given year Wtd Avg Interest Rate: 3.9% Wtd Avg Yrs to Maturity: 8.3 Years Total Pro Rata Debt: $4.3B 5 $111 2023 $361 2024 $337 2025 $391 2026 $677 2027 $338 2028 $446 2029 $672 2030 $139 2031 $52 2032 $2 2033 - 2046 $425 2047 $300 2049 Unsecured Debt - Bonds Consolidated Debt - Secured Unconsolidated Debt - Secured

 

 

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Follow us Fourth Quarter 2022 Earnings Conference Call Friday, February 10th, 2022 Time: 11:00 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, such as our 2023 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,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “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 with 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, whether as a result of new information, future events or developments, or otherwise, except as to the extent required by law. These risks and events include, without limitation: Risk Factors Relating to the Current Economic Environment Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including potential for recession, may adversely impact our tenants and our business. 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 pick-up may adversely impact our revenues, results from operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. 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 other building, fire, and safety and regulations may have a material 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 adversely 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. 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 current or historical rates. Risk Factors Related 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 or our investors. 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 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. 6