-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IBGv8PvqyUyymibfiVB7ITBKgBcohieG0p57o499n0dz7gseR8psrUjEKoeI4NxG 3yrjpsokXldw4aGjzrd2wQ== 0000910606-99-000017.txt : 19990903 0000910606-99-000017.hdr.sgml : 19990903 ACCESSION NUMBER: 0000910606-99-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990902 ITEM INFORMATION: FILED AS OF DATE: 19990902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGENCY REALTY CORP CENTRAL INDEX KEY: 0000910606 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 593191743 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12298 FILM NUMBER: 99705184 BUSINESS ADDRESS: STREET 1: 121 WEST FORSYTH ST STREET 2: STE 200 CITY: JACKSONVILLE STATE: FL ZIP: 32202 BUSINESS PHONE: 9043567000 MAIL ADDRESS: STREET 1: 121 W FORSYTH STREET STREET 2: SUITE 200 CITY: JACKSONVILLE STATE: FL ZIP: 32202 8-K 1 REGENCY REALTY CORPORATION FORM 8-K SECURITIES AND EXCHANGE COMMISSION UNITED STATES Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 2, 1999 REGENCY REALTY CORPORATION (Exact name of registrant as specified in its charter) Florida 1-12298 59-3191743 (State or other jurisdiction Commission (IRS Employer of incorporation) File Number) Identification No.) 121 West Forsyth Street, Suite 200 Jacksonville, Florida 32202 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: (904)-356-7000 Not Applicable (Former name or former address, if changed since last report) Item 5. Other Information Regency Realty Corporation Pro Forma Consolidated Financial Statements The following unaudited pro forma consolidated financial statements are based upon the unaudited historical consolidated financial statements of Regency Realty Corporation ("Regency") as of June 30, 1999, which have been included in Regency's filing on Form 10-Q as of and for the six months ended June 30, 1999. The accompanying pro forma balance sheet has no adjustments since Regency has not had any significant acquisitions of real estate or other transactions subsequent to June 30, 1999 which would require pro forma adjustment. On February 28, 1999, Regency completed a merger with Pacific Retail Trust ("Pacific"), a Dallas based private real estate investment trust. The unaudited pro forma consolidated statements of operations have been presented to reflect Regency's operations as if it had completed its merger with Pacific as of January 1, 1998. The unaudited pro forma consolidated statement of operations for the year ended December 31, 1998, has been filed previously in a Form 8-K/A of Regency dated February 28, 1999, which should be read in conjunction with this filing. These unaudited pro forma consolidated financial statements should be read in conjunction with Regency's Form 10-Q as of and for the six months ended June 30, 1999. The unaudited pro forma consolidated financial statements are not necessarily indicative of what the actual financial position or results of operations of Regency would have been as of and for the six months ended June 30, 1999 and for the year ended December 31, 1998, assuming the transactions had been completed as set forth above, nor does it purport to represent the financial position or results of operations of Regency in future periods. Regency Realty Corporation Pro Forma Consolidated Balance Sheet June 30, 1999 (Unaudited) (In thousands)
Regency Historical Adjustments Pro Forma Assets Real estate investments, at cost $2,358,778 - 2,358,778 Construction in progress 139,319 - 139,319 Less: accumulated depreciation 79,823 - 79,823 --------- -------- --------- 2,418,274 - 2,418,274 Investments in real estate partnerships 43,737 - 43,737 --------- -------- --------- Net real estate investments 2,462,011 - 2,462,011 --------- -------- --------- Cash and cash equivalents 14,782 - 14,782 Tenant receivables, net of allowance for uncollectible accounts 29,656 - 29,656 Deferred costs, less accumulated amortization 11,003 - 11,003 Other assets 6,355 - 6,355 ---------- -------- --------- $2,523,807 - 2,523,807 ========== ======== ========= Liabilities and Stockholders' Equity Notes payable $ 787,274 - 787,274 Acquisition and development line of credit 243,879 - 243,879 --------- -------- --------- Total debt 1,031,153 - 1,031,153 Accounts payable and other liabilities 45,323 - 45,323 Tenant's security and escrow deposits 6,899 - 6,899 --------- -------- --------- Total liabilities 1,083,375 - 1,083,375 --------- -------- --------- Series A preferred units 78,800 - 78,800 Exchangeable operating partnership units 46,468 - 46,468 Limited partners' interest in consolidated partnerships 11,051 - 11,051 --------- -------- --------- Total minority interest 136,319 - 136,319 --------- -------- --------- Preferred stock 35,047 - 35,047 Common stock and additional paid in capital 1,291,246 - 1,291,246 Distributions in excess of net income (22,180) - (22,180) --------- -------- --------- Total stockholders' equity 1,304,113 - 1,304,113 --------- -------- --------- $2,523,807 - 2,523,807 ========== ======== =========
Regency Realty Corporation Pro Forma Consolidated Statement of Operations For the Six Months Ended June 30, 1999 (Unaudited) (In thousands, except per share data)
Regency Pacific Historical Historical (a) Adjustments Pro Forma Revenues: Minimum rent $ 97,622 17,950 - 115,572 Percentage rent 877 406 - 1,283 Recoveries from tenants 24,324 4,428 - 28,752 Management, leasing and brokerage fees 6,014 4 - 6,018 Equity in income of investments in real estate partnersh 2,136 - - 2,136 ----------- -------------- -------------- ---------- 130,973 22,788 - 153,761 ----------- -------------- -------------- ---------- Operating expenses: Depreciation and amortization 21,781 4,546 167(b) 26,494 Operating and maintenance 16,801 2,735 - 19,536 General and administrative 8,781 4,699 - 13,480 Real estate taxes 12,192 2,495 - 14,687 Other expenses 525 - - 525 ----------- -------------- -------------- ---------- 60,080 14,475 167 74,722 ----------- -------------- -------------- ---------- Interest expense (income): Interest expense 27,992 3,709 - 31,701 Interest income (1,121) (44) - (1,165) ----------- -------------- -------------- ---------- Net interest expense 26,871 3,665 - 30,536 ----------- -------------- -------------- ---------- Income before minority interests and sale of real estate investments 44,022 4,648 (167) 48,503 Gain on sale of real estate investments - 2,588 - 2,588 ----------- -------------- -------------- ---------- Income before minority interests 44,022 7,236 (167) 51,091 Minority interests (5,336) (261) - (5,597) ----------- -------------- -------------- ---------- Net income 38,686 6,975 (167) 45,494 Preferred stock dividends (900) (337) - (1,237) ----------- -------------- -------------- ---------- Net income for common stockholders 37,786 6,638 (167) 44,257 =========== ============== ============== ========== Net income per share: Basic $ 0.76 $ 0.74 (c) =========== ========== Diluted $ 0.76 $ 0.74 (c) =========== ==========
See accompanying notes to pro forma consolidated statement of operations. Regency Realty Corporation and Pacific Retail Trust Merger Pro Forma Consolidated Statement of Operations (Unaudited) (In thousands, except per share data)
For the Year Ended December 31, 1998 Regency Pacific Retail Combined Pro Forma Pro Forma Adjustments Company Revenues: Minimum rent $ 114,103 104,417 - 218,520 Percentage rent 3,187 1,540 - 4,727 Recoveries from tenants 26,308 27,475 - 53,783 Management, leasing and brokerage fees 11,863 53 - 11,916 Equity in income of investments in real estate partnerships 946 - - 946 ------------ ------------- ---------- ---------- 156,407 133,485 - 289,892 ------------ ------------- ---------- ---------- Operating expenses: Depreciation and amortization 27,478 25,293 1,000 (b) 53,771 Operating and maintenance 19,671 17,710 - 37,381 General and administrative 15,717 10,250 - 25,967 Real estate taxes 13,781 14,684 - 28,465 ------------ ------------- ---------- ---------- 76,647 67,937 1,000 145,584 ------------ ------------- ---------- ---------- Interest expense (income): Interest expense 34,069 22,657 - 56,726 Interest income (1,957) (852) - (2,809) ------------ ------------- ---------- ---------- Net interest expense 32,112 21,805 - 53,917 ------------ ------------- ---------- ---------- Income before minority interest and sale of real estate investments 47,648 43,743 (1,000) 90,391 Gain on sale of real estate investments 1,390 837 - 2,227 ------------ ------------- ---------- ---------- Income before minority interests 49,038 44,580 (1,000) 92,618 Minority interests (8,502) (772) 45 (9,229) ------------ ------------- ---------- ---------- Net income 40,536 43,808 (955) 83,389 Preferred stock dividends - (2,352) - (2,352) ------------ ------------- ---------- ---------- Net income for common stockholders $ 40,536 41,456 (955) 81,037 ============ ============= ========== ========== Net income per share: Basic $ 1.40 $ 0.65 $ 1.35 (c) ============ ============= ========== Diluted $ 1.36 $ 0.64 $ 1.34 (c) ============ ============= ==========
See accompanying notes to pro forma consolidated statement of operations. Regency Realty Corporation Notes to Pro Forma Consolidated Statement of Operations For the Six Month Period Ended June 30, 1999 and the Year ended December 31, 1998 (Unaudited) (In thousands, except share and per share data) (a) Represents the historical results of operations of Pacific for the period from January 1, 1999 to February 28, 1999, the effective date of the merger. (b) To increase depreciation expense as a result of the adjustment of real estate investments to fair value for the Pacific merger: 06/30/99 12/31/98 Adjustment to record real estate investments at fair market value 50,019 50,019 Allocation to land (11,004) (11,004) ----------- ------------ Allocation to building 39,015 39,015 =========== ============ Estimated useful life in years 39 39 ----------- ------------ Depreciation adjustment 167 1,000 =========== ============ (c) The following summarizes the calculation of basic and diluted earnings per share for the six month period ended June 30, 1999 and the year ended December 31, 1998. 06/30/99 12/31/98 Basic Earnings Per Share (EPS) Calculation: Weighted average common shares outstanding Regency 47,824 25,150 Adjust Pacific shares issued for full quarter 10,078 30,748 ----------- ------------ Total Basic Shares 57,902 55,898 =========== ============ Net income for common stockholders $ 44,257 81,037 Less: dividends paid on Class B common stock (1,410) (5,378) ----------- ------------ Net income for Basic EPS $ 42,847 75,659 =========== ============ Basic EPS $ 0.74 1.35 =========== ============
06/30/99 12/31/98 Diluted Earnings Per Share (EPS) Calculation: Weighted average common shares outstanding for Basic EPS 57,902 55,898 Exchangeable operating partnership units 1,924 1,223 Adjust Pacific exchangeable units issued for full quarter 258 785 Incremental shares to be issued under common stock options using the Treasury method 3 96 Contingent shares for the acquisition of real estate - 511 ---------- ------------ Total Diluted Shares 60,087 58,513 ========== ============ Net income for Basic EPS $ 42,847 75,659 Add: minority interest of exchangeable partnership units 1,338 2,729 ---------- ------------ Net income for Diluted EPS $ 44,185 78,388 ========== ============ Diluted EPS $ 0.74 1.34 ========== ============
Preferred shares are not considered in the earnings per share calculation since their effect in anti-dilutive. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REGENCY REALTY CORPORATION (registrant) September 2, 1999 By:/s/J. Christian Leavitt -------------------------- J. Christian Leavitt Senior Vice President, Finance -----END PRIVACY-ENHANCED MESSAGE-----