00010662470000910606--12-31falseQ1http://fasb.org/us-gaap/2023#InterestIncomeExpenseNonoperatingNethttp://fasb.org/us-gaap/2023#InterestIncomeExpenseNonoperatingNethttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent0000910606us-gaap:WhollyOwnedPropertiesMember2023-01-012023-03-310000910606us-gaap:GeneralPartnerMembersrt:PartnershipInterestMember2024-01-012024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMember2023-01-012023-03-3100009106062023-12-310000910606us-gaap:CommonStockMember2022-12-310000910606us-gaap:UnsecuredDebtMemberreg:SeniorUnsecuredDebtDueInTwoThousandThirtyFourMember2024-01-080000910606reg:LessorMember2024-01-012024-03-310000910606us-gaap:PreferredStockMember2024-03-310000910606us-gaap:GeneralPartnerMembersrt:PartnershipInterestMember2023-01-012023-03-310000910606us-gaap:CommonStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000910606reg:FixedRateMortgageLoansMember2024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMember2022-12-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMembersrt:PartnershipInterestMember2024-03-310000910606reg:NoncontrollingInterestExchangeableOperatingPartnershipUnitsMember2023-01-012023-03-310000910606us-gaap:NotesReceivableMember2024-03-310000910606us-gaap:CommonStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000910606reg:SecuredOvernightFinancingRateSofrMemberreg:UnsecuredRevolvingCreditFacilityMember2024-01-182024-01-180000910606reg:RightOfUseAssetsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606us-gaap:PartiallyOwnedPropertiesMember2024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMembersrt:PartnershipInterestMember2024-01-012024-03-310000910606reg:NoncontrollingInterestExchangeableOperatingPartnershipUnitsMember2022-12-310000910606us-gaap:LimitedPartnerMembersrt:PartnershipInterestMember2023-01-012023-03-310000910606us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2024-05-012024-05-010000910606us-gaap:AdditionalPaidInCapitalMember2023-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:NotesPayableMember2024-03-310000910606reg:LessorMember2023-01-012023-03-310000910606us-gaap:RestrictedStockMember2024-01-012024-03-310000910606us-gaap:PartiallyOwnedPropertiesMember2023-08-180000910606reg:FixedRateMortgageLoansMember2023-12-310000910606us-gaap:PreferredStockMemberreg:UbpAcquisitionMember2023-12-310000910606us-gaap:PreferredStockMemberreg:UbpAcquisitionMemberus-gaap:SeriesBPreferredStockMember2024-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000910606reg:LeaseLiabilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606us-gaap:NotesReceivableMember2024-01-012024-03-310000910606reg:LeaseLiabilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606us-gaap:PreferredStockMemberreg:UbpAcquisitionMemberus-gaap:SeriesAPreferredStockMember2023-12-310000910606us-gaap:CommonStockMember2023-03-3100009106062024-03-310000910606reg:PropertymanagementservicesMember2023-01-012023-03-310000910606us-gaap:InterestRateSwapMember2023-12-310000910606us-gaap:LineOfCreditMember2023-12-310000910606us-gaap:ParentMembersrt:PartnershipInterestMember2023-12-310000910606us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000910606us-gaap:TreasuryStockCommonMember2022-12-310000910606us-gaap:ParentMembersrt:PartnershipInterestMember2023-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMember2024-03-310000910606us-gaap:LimitedPartnerMembersrt:PartnershipInterestMember2023-12-310000910606reg:CashCashEquivalentsAndRestrictedCashMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606reg:AtTheMarketProgramMember2024-01-012024-03-310000910606us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-3100009106062024-05-0100009106062024-01-012024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMembersrt:PartnershipInterestMember2022-12-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMember2024-01-012024-03-310000910606srt:PartnershipInterestMember2023-12-310000910606us-gaap:UnconsolidatedPropertiesMember2024-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:TenantAndOtherReceivablesNetMember2023-12-310000910606us-gaap:CommonStockMember2023-12-310000910606us-gaap:GeneralPartnerMembersrt:PartnershipInterestMember2022-12-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:PartnershipInterestMember2024-01-012024-03-310000910606srt:RetailSiteMember2024-01-012024-03-310000910606us-gaap:FairValueInputsLevel2Member2023-12-3100009106062023-03-310000910606reg:AcquiredLeaseIntangibleLiabilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606us-gaap:NotesPayableToBanksMember2023-12-310000910606reg:AccountingStandardsUpdate202307Member2024-01-012024-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000910606reg:AssetmanagementservicesMember2023-01-012023-03-310000910606srt:MaximumMemberreg:AtTheMarketProgramMember2024-03-310000910606srt:PartnershipInterestMember2023-01-012023-03-310000910606reg:AccountingStandardsUpdate202309Member2024-03-310000910606us-gaap:RealEstateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606us-gaap:TreasuryStockCommonMember2024-03-310000910606us-gaap:NoncontrollingInterestMember2024-03-310000910606us-gaap:LandMember2023-01-012023-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:NotesPayableMember2023-12-310000910606reg:DeferredCostsNetMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:TenantsSecurityEscrowDepositsAndPrepaidRentMember2024-03-310000910606us-gaap:BaseRateMemberreg:UnsecuredRevolvingCreditFacilityMember2024-01-182024-01-180000910606us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:PartnershipInterestMember2023-03-310000910606us-gaap:UnsecuredDebtMember2023-12-310000910606reg:TenantReceivablesMember2023-12-310000910606us-gaap:WhollyOwnedPropertiesMember2023-08-180000910606us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000910606us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-03-310000910606us-gaap:InterestRateSwapMember2024-03-310000910606srt:PartnershipInterestMember2024-01-012024-03-310000910606us-gaap:ParentMember2024-01-012024-03-310000910606us-gaap:UnsecuredDebtMember2024-03-310000910606us-gaap:OtherIncomeMember2024-01-012024-03-310000910606reg:AccountingStandardsUpdate202307Member2024-03-310000910606reg:AccountsPayableAndOtherLiabilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606reg:RegencyCentersLimitedPartnershipMember2024-01-012024-03-310000910606reg:AcquiredLeaseIntangibleLiabilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606reg:OtherReceivableMember2023-12-310000910606us-gaap:GeneralPartnerMembersrt:PartnershipInterestMember2023-12-310000910606us-gaap:ParentMembersrt:PartnershipInterestMember2023-01-012023-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMember2023-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:AcquiredLeaseIntangibleAssetsMember2023-12-310000910606us-gaap:NoncontrollingInterestMember2023-03-310000910606us-gaap:FairValueInputsLevel2Member2024-03-310000910606srt:PartnershipInterestMember2022-12-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:AcquiredLeaseIntangibleAssetsMember2024-03-310000910606us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-03-310000910606reg:OtherAssetMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606reg:ManagementtransactionandotherfeeMember2023-12-310000910606us-gaap:PreferredStockMemberreg:UbpAcquisitionMember2024-03-310000910606reg:NoncontrollingInterestExchangeableOperatingPartnershipUnitsMember2023-03-310000910606us-gaap:PreferredStockMemberreg:UbpAcquisitionMemberus-gaap:SeriesBPreferredStockMember2023-12-310000910606us-gaap:PreferredStockMember2023-12-310000910606reg:AtTheMarketProgramMember2024-03-310000910606us-gaap:ConsolidatedPropertiesMemberreg:TheShopsAtStoneBridgeMember2024-03-310000910606us-gaap:ParentMembersrt:PartnershipInterestMember2022-12-310000910606us-gaap:LimitedPartnerMembersrt:PartnershipInterestMember2024-03-310000910606reg:CashCashEquivalentsAndRestrictedCashMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606srt:PartnershipInterestMember2023-03-310000910606reg:RightOfUseAssetsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:PartnershipInterestMember2023-12-310000910606reg:SeriesACumulativeRedeemablePreferredStockMember2024-01-012024-03-310000910606us-gaap:TreasuryStockCommonMember2023-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMembersrt:PartnershipInterestMember2023-01-012023-03-310000910606reg:AssetmanagementservicesMember2024-01-012024-03-310000910606us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-03-310000910606us-gaap:SubsequentEventMember2024-05-012024-05-010000910606us-gaap:MortgagesMemberreg:MortgageLoanMaturitiesMember2024-03-310000910606us-gaap:AdditionalPaidInCapitalMember2023-12-310000910606us-gaap:LimitedPartnerMembersrt:PartnershipInterestMember2023-03-310000910606us-gaap:OtherIncomeMember2023-01-012023-03-310000910606reg:SeriesBCumulativeRedeemablePreferredStockMember2024-01-012024-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:PartnershipInterestMember2022-12-310000910606us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMember2023-12-310000910606reg:TenantReceivablesMember2024-03-310000910606us-gaap:PreferredStockMemberreg:UbpAcquisitionMemberus-gaap:SeriesAPreferredStockMember2024-03-3100009106062023-05-022023-05-020000910606reg:UnsecuredRevolvingCreditFacilityMember2024-01-180000910606reg:AccountsPayableAndOtherLiabilitiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606reg:PropertymanagementservicesMember2024-01-012024-03-310000910606us-gaap:DiscontinuedOperationsHeldforsaleMember2024-03-310000910606us-gaap:SegmentContinuingOperationsMembersrt:PartnershipInterestMember2024-01-012024-03-310000910606reg:NoncontrollingInterestExchangeableOperatingPartnershipUnitsMember2023-12-310000910606us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000910606us-gaap:CommonStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000910606us-gaap:FairValueMeasurementsRecurringMember2023-12-310000910606reg:AccountingStandardsUpdate202309Member2024-01-012024-03-310000910606reg:LeasingservicesMember2024-01-012024-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:TenantsSecurityEscrowDepositsAndPrepaidRentMember2023-12-310000910606reg:LeasingservicesMember2023-01-012023-03-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606srt:ParentCompanyMemberus-gaap:SegmentContinuingOperationsMember2023-01-012023-03-310000910606us-gaap:ParentMember2023-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:PartnershipInterestMember2024-03-310000910606us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberreg:VariableRateMortgageLoansMember2024-03-310000910606us-gaap:GeneralPartnerMembersrt:PartnershipInterestMember2023-03-310000910606us-gaap:SeniorSubordinatedNotesMember2024-01-012024-03-310000910606reg:ManagementtransactionandotherfeeMember2024-03-310000910606us-gaap:CommonStockMember2024-01-012024-03-310000910606us-gaap:NoncontrollingInterestMember2022-12-310000910606srt:MaximumMemberreg:UnsecuredRevolvingCreditFacilityMember2024-01-180000910606us-gaap:CommonStockMember2023-01-012023-03-310000910606us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000910606us-gaap:ConsolidatedPropertiesMember2024-03-310000910606srt:PartnershipInterestMember2024-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000910606us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2024-05-012024-05-010000910606us-gaap:ParentMember2024-03-310000910606reg:SeriesKCumulativeRedeemablePreferredStockMemberreg:MergerOneMember2023-08-180000910606reg:OtherReceivableMember2024-03-310000910606reg:NoncontrollingInterestExchangeableOperatingPartnershipUnitsMember2024-03-310000910606us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000910606us-gaap:ParentMember2023-01-012023-03-310000910606us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberreg:VariableRateMortgageLoansMember2023-12-3100009106062023-01-012023-03-310000910606reg:DeferredCostsNetMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606us-gaap:TreasuryStockCommonMember2023-12-310000910606us-gaap:MortgagesMemberreg:ScheduledPrincipalPaymentsMember2024-03-310000910606us-gaap:ParentMember2023-12-310000910606us-gaap:CommonStockMember2024-01-012024-03-3100009106062022-12-310000910606us-gaap:ParentMember2022-12-310000910606us-gaap:ParentMembersrt:PartnershipInterestMember2024-03-310000910606us-gaap:AdditionalPaidInCapitalMember2024-03-310000910606us-gaap:LimitedPartnerMembersrt:PartnershipInterestMember2022-12-310000910606us-gaap:ParentMembersrt:PartnershipInterestMember2024-01-012024-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000910606srt:ParentCompanyMemberus-gaap:SegmentContinuingOperationsMember2024-01-012024-03-310000910606us-gaap:FairValueMeasurementsRecurringMember2024-03-310000910606us-gaap:WhollyOwnedPropertiesMember2024-01-012024-03-310000910606us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000910606us-gaap:CommonStockMember2024-03-310000910606reg:AtTheMarketProgramMember2023-01-012023-03-310000910606us-gaap:LimitedPartnerMembersrt:PartnershipInterestMember2024-01-012024-03-310000910606us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMembersrt:PartnershipInterestMember2023-12-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:PartnershipInterestMember2023-01-012023-03-310000910606reg:UnsecuredRevolvingCreditFacilityMember2024-01-182024-01-180000910606reg:OtherAssetMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000910606us-gaap:GeneralPartnerMembersrt:PartnershipInterestMember2024-03-310000910606us-gaap:WhollyOwnedPropertiesMember2024-03-310000910606us-gaap:ConsolidatedPropertiesMember2024-01-012024-03-310000910606us-gaap:SegmentContinuingOperationsMembersrt:PartnershipInterestMember2023-01-012023-03-310000910606us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000910606us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000910606us-gaap:DiscontinuedOperationsHeldforsaleMember2023-12-3100009106062023-01-012023-12-310000910606us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberreg:TenantAndOtherReceivablesNetMember2024-03-310000910606us-gaap:AdditionalPaidInCapitalMember2022-12-310000910606us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-12-310000910606us-gaap:ConsolidatedPropertiesMemberreg:TheShopsAtStoneBridgeMember2024-01-012024-03-310000910606reg:MergerOneMemberus-gaap:CommonStockMember2023-08-182023-08-180000910606us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-03-310000910606reg:MergerOneMemberreg:SeriesHCumulativeRedeemablePreferredStockMember2023-08-180000910606us-gaap:NoncontrollingInterestMember2023-12-310000910606us-gaap:NotesReceivableMember2023-12-310000910606us-gaap:NotesPayableToBanksMember2024-03-310000910606reg:NoncontrollingInterestExchangeableOperatingPartnershipUnitsMember2024-01-012024-03-310000910606reg:NoncontrollingInterestsInLimitedPartnersInterestInConsolidatedPartnershipsMembersrt:PartnershipInterestMember2023-03-310000910606reg:MergerAgreementMember2023-08-182023-08-180000910606reg:UnsecuredMaturitiesMemberus-gaap:UnsecuredDebtMember2024-03-310000910606us-gaap:LineOfCreditMember2024-03-31iso4217:USDxbrli:sharesxbrli:pureutr:sqftxbrli:sharesreg:Instrumentreg:RetailShoppingCenteriso4217:USDreg:Property

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

 

For the quarterly period ended March 31, 2024

or

 

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

For the transition period from to

Commission File Number 1-12298 (Regency Centers Corporation)

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

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

florida (REGENCY CENTERS CORPORATION)

img39173562_0.jpg 

59-3191743

Delaware (REGENCY CENTERS, L.P)

59-3429602

(State or other jurisdiction of incorporation or organization)

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

 

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(904) 598-7000

(Address of principal executive offices) (zip code)

 

(Registrant's telephone number, including area code)

 

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

Regency Centers Corporation

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

REG

 

The Nasdaq Stock Market LLC

6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

 

REGCP

 

The Nasdaq Stock Market LLC

5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share

 

REGCO

 

The Nasdaq Stock Market LLC

Regency Centers, L.P.

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

None

 

N/A

 

N/A

 

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

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

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

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

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

Regency Centers Corporation:

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

Regency Centers, L.P.:

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

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

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

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

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

The number of shares outstanding of Regency Centers Corporation's common stock was 184,779,092 as of May 1, 2024.

 

 


 

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2024, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of March 31, 2024, the Parent Company owned approximately 99.4% of the Common Units in the Operating Partnership. The remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred Units (the “Series A Preferred Units”) and the 5.875% Series B Cumulative Redeemable Preferred Units (the “Series B Preferred Units”). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred Units and Series B Preferred Units are sometimes referred to collectively as the “Preferred Units."

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

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

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

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

Shareholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the Consolidated Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes the Common Units and the Preferred Units. The limited partners' Common Units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of shareholders' equity in noncontrolling interests in the Parent Company's financial statements. The Preferred Units owned by the Parent Company are eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as preferred units of the general partner in the accompanying consolidated financial statements of the Operating Partnership.

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

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

 


 

TABLE OF CONTENTS

 

 

 

 

 

Form 10-Q

Report Page

PART I - FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements (Unaudited)

 

 

Regency Centers Corporation:

 

 

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

1

 

Consolidated Statements of Operations for the periods ended March 31, 2024 and 2023

2

 

Consolidated Statements of Comprehensive Income for the periods ended March 31, 2024 and 2023

3

 

Consolidated Statements of Equity for the periods ended March 31, 2024 and 2023

4

 

Consolidated Statements of Cash Flows for the periods ended March 31, 2024 and 2023

5

 

 

Regency Centers, L.P.:

 

 

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

7

 

Consolidated Statements of Operations for the periods ended March 31, 2024 and 2023

8

 

Consolidated Statements of Comprehensive Income for the periods ended March 31, 2024 and 2023

9

 

 

Consolidated Statements of Capital for the periods ended March 31, 2024 and 2023

10

 

 

 

Consolidated Statements of Cash Flows for the periods ended March 31, 2024 and 2023

11

 

 

Notes to Consolidated Financial Statements

13

 

Item 2.

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

25

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

42

 

Item 4.

Controls and Procedures

42

 

PART II - OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

42

 

Item 1A.

Risk Factors

43

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

Item 3.

Defaults Upon Senior Securities

43

 

Item 4.

Mine Safety Disclosures

43

 

Item 5.

Other Information

43

 

Item 6.

Exhibits

43

 

SIGNATURES

45

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2024 and December 31, 2023

(in thousands, except share data)

 

 

 

2024

 

 

2023

 

Assets

 

(unaudited)

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets, at cost

 

$

13,456,499

 

 

 

13,454,391

 

Less: accumulated depreciation

 

 

2,748,712

 

 

 

2,691,386

 

Real estate assets, net

 

 

10,707,787

 

 

 

10,763,005

 

Investments in sales-type lease, net

 

 

11,532

 

 

 

8,705

 

Investments in real estate partnerships

 

 

368,709

 

 

 

370,605

 

Net real estate investments

 

 

11,088,028

 

 

 

11,142,315

 

Properties held for sale, net

 

 

33,572

 

 

 

18,878

 

Cash, cash equivalents, and restricted cash, including $5,401 and $6,383 of restricted cash at March 31, 2024 and December 31, 2023, respectively

 

 

230,101

 

 

 

91,354

 

Tenant and other receivables, net

 

 

229,407

 

 

 

206,162

 

Deferred leasing costs, less accumulated amortization of $125,643 and $124,107 at March 31, 2024 and December 31, 2023, respectively

 

 

77,484

 

 

 

73,398

 

Acquired lease intangible assets, less accumulated amortization of $364,829 and $364,413 at March 31, 2024 and December 31, 2023, respectively

 

 

266,831

 

 

 

283,375

 

Right of use assets, net

 

 

326,047

 

 

 

328,002

 

Other assets

 

 

399,433

 

 

 

283,429

 

Total assets

 

$

12,650,903

 

 

 

12,426,913

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable, net

 

$

4,387,181

 

 

 

4,001,949

 

Unsecured credit facility

 

 

30,000

 

 

 

152,000

 

Accounts payable and other liabilities

 

 

344,641

 

 

 

358,612

 

Acquired lease intangible liabilities, less accumulated amortization of $202,474 and $211,067 at March 31, 2024 and December 31, 2023, respectively

 

 

389,908

 

 

 

398,302

 

Lease liabilities

 

 

245,235

 

 

 

246,063

 

Tenants' security, escrow deposits and prepaid rent

 

 

75,919

 

 

 

78,052

 

Total liabilities

 

 

5,472,884

 

 

 

5,234,978

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 and shares issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2024 and December 31, 2023 with liquidation preference of $25 per share

 

 

225,000

 

 

 

225,000

 

Common stock $0.01 par value per share, 220,000,000 shares authorized; 184,774,486 and 184,581,070 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

 

1,848

 

 

 

1,846

 

Treasury stock at cost, 452,690 and 448,140 shares held at March 31, 2024 and December 31, 2023, respectively

 

 

(26,321

)

 

 

(25,488

)

Additional paid-in-capital

 

 

8,703,756

 

 

 

8,704,240

 

Accumulated other comprehensive income (loss)

 

 

4,465

 

 

 

(1,308

)

Distributions in excess of net income

 

 

(1,889,037

)

 

 

(1,871,603

)

Total shareholders' equity

 

 

7,019,711

 

 

 

7,032,687

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $66,587 and $74,199 at March 31, 2024 and December 31, 2023, respectively

 

 

41,606

 

 

 

42,195

 

Limited partners' interests in consolidated partnerships

 

 

116,702

 

 

 

117,053

 

Total noncontrolling interests

 

 

158,308

 

 

 

159,248

 

Total equity

 

 

7,178,019

 

 

 

7,191,935

 

Total liabilities and equity

 

$

12,650,903

 

 

 

12,426,913

 

 

See accompanying notes to consolidated financial statements.

1


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

Lease income

 

$

353,106

 

 

 

308,801

 

Other property income

 

 

4,350

 

 

 

3,138

 

Management, transaction, and other fees

 

 

6,396

 

 

 

6,038

 

Total revenues

 

 

363,852

 

 

 

317,977

 

Operating expenses:

 

 

 

 

 

 

Depreciation and amortization

 

 

97,585

 

 

 

82,707

 

Property operating expense

 

 

63,274

 

 

 

51,022

 

Real estate taxes

 

 

44,307

 

 

 

38,477

 

General and administrative

 

 

26,132

 

 

 

25,280

 

Other operating expenses (income)

 

 

2,643

 

 

 

(497

)

Total operating expenses

 

 

233,941

 

 

 

196,989

 

Other expense, net:

 

 

 

 

 

 

Interest expense, net

 

 

42,868

 

 

 

36,393

 

Gain on sale of real estate, net of tax

 

 

(11,403

)

 

 

(250

)

Loss on early extinguishment of debt

 

 

180

 

 

 

 

Net investment income

 

 

(2,431

)

 

 

(1,727

)

Total other expense, net

 

 

29,214

 

 

 

34,416

 

Income before equity in income of investments in real estate partnerships

 

 

100,697

 

 

 

86,572

 

Equity in income of investments in real estate partnerships

 

 

11,961

 

 

 

11,916

 

Net income

 

 

112,658

 

 

 

98,488

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(642

)

 

 

(420

)

Limited partners' interests in consolidated partnerships

 

 

(2,242

)

 

 

(787

)

Net income attributable to noncontrolling interests

 

 

(2,884

)

 

 

(1,207

)

Net income attributable to the Company

 

 

109,774

 

 

 

97,281

 

Preferred stock dividends

 

 

(3,413

)

 

 

 

Net income attributable to common shareholders

 

$

106,361

 

 

 

97,281

 

 

 

 

 

 

 

 

Net income per common share - basic

 

$

0.58

 

 

 

0.57

 

Net income per common share - diluted

 

$

0.58

 

 

 

0.57

 

 

See accompanying notes to consolidated financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2024

 

 

2023

 

Net income

 

$

112,658

 

 

 

98,488

 

Other comprehensive income (loss):

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

8,593

 

 

 

(2,736

)

Reclassification adjustment of derivative instruments included in net income

 

 

(2,367

)

 

 

(1,492

)

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

 

 

(119

)

 

 

192

 

Other comprehensive income (loss)

 

 

6,107

 

 

 

(4,036

)

Comprehensive income

 

 

118,765

 

 

 

94,452

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

2,884

 

 

 

1,207

 

Other comprehensive income (loss) attributable to noncontrolling interests

 

 

334

 

 

 

(403

)

Comprehensive income attributable to noncontrolling interests

 

 

3,218

 

 

 

804

 

Comprehensive income attributable to the Company

 

$

115,547

 

 

 

93,648

 

 

See accompanying notes to consolidated financial statements.

3


 

 

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2024 and 2023

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Distributions
in Excess of
Net Income

 

 

Total
Shareholders'
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at December 31, 2022

 

$

 

 

 

1,711

 

 

 

(24,461

)

 

 

7,877,152

 

 

 

7,560

 

 

 

(1,764,977

)

 

 

6,096,985

 

 

 

34,489

 

 

 

46,565

 

 

 

81,054

 

 

 

6,178,039

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

97,281

 

 

 

97,281

 

 

 

420

 

 

 

787

 

 

 

1,207

 

 

 

98,488

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,316

)

 

 

 

 

 

(2,316

)

 

 

(11

)

 

 

(217

)

 

 

(228

)

 

 

(2,544

)

Amounts reclassified from accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,317

)

 

 

 

 

 

(1,317

)

 

 

(5

)

 

 

(170

)

 

 

(175

)

 

 

(1,492

)

Deferred compensation plan, net

 

 

 

 

 

 

 

 

(1,238

)

 

 

1,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

 

 

 

2

 

 

 

 

 

 

4,817

 

 

 

 

 

 

 

 

 

4,819

 

 

 

 

 

 

 

 

 

 

 

 

4,819

 

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

 

 

 

 

 

 

 

 

 

 

 

(6,920

)

 

 

 

 

 

 

 

 

(6,920

)

 

 

 

 

 

 

 

 

 

 

 

(6,920

)

Common stock repurchased and retired

 

 

 

 

 

(3

)

 

 

 

 

 

(20,003

)

 

 

 

 

 

 

 

 

(20,006

)

 

 

 

 

 

 

 

 

 

 

 

(20,006

)

Common stock issued under dividend reinvestment plan

 

 

 

 

 

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

 

 

 

142

 

Contributions from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,777

 

 

 

1,777

 

 

 

1,777

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,039

)

 

 

(1,039

)

 

 

(1,039

)

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock/unit ($0.650 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(111,347

)

 

 

(111,347

)

 

 

(482

)

 

 

 

 

 

(482

)

 

 

(111,829

)

Balance at March 31, 2023

 

$

 

 

 

1,710

 

 

 

(25,699

)

 

 

7,856,426

 

 

 

3,927

 

 

 

(1,779,043

)

 

 

6,057,321

 

 

 

34,411

 

 

 

47,703

 

 

 

82,114

 

 

 

6,139,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

225,000

 

 

$

1,846

 

 

 

(25,488

)

 

 

8,704,240

 

 

 

(1,308

)

 

 

(1,871,603

)

 

 

7,032,687

 

 

 

42,195

 

 

 

117,053

 

 

 

159,248

 

 

 

7,191,935

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,774

 

 

 

109,774

 

 

 

642

 

 

 

2,242

 

 

 

2,884

 

 

 

112,658

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,987

 

 

 

 

 

 

7,987

 

 

 

48

 

 

 

439

 

 

 

487

 

 

 

8,474

 

Amounts reclassified from accumulated other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,214

)

 

 

 

 

 

(2,214

)

 

 

(13

)

 

 

(140

)

 

 

(153

)

 

 

(2,367

)

Deferred compensation plan, net

 

 

 

 

 

 

 

 

(833

)

 

 

833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

 

 

 

2

 

 

 

 

 

 

6,574

 

 

 

 

 

 

 

 

 

6,576

 

 

 

 

 

 

 

 

 

 

 

 

6,576

 

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

 

 

 

 

 

 

 

 

 

 

 

(8,578

)

 

 

 

 

 

 

 

 

(8,578

)

 

 

 

 

 

 

 

 

 

 

 

(8,578

)

Common stock issued under dividend reinvestment plan

 

 

 

 

 

 

 

 

 

 

 

158

 

 

 

 

 

 

 

 

 

158

 

 

 

 

 

 

 

 

 

 

 

 

158

 

Common stock issued for exchangeable operating partnership units

 

 

 

 

 

 

 

 

 

 

 

529

 

 

 

 

 

 

 

 

 

529

 

 

 

(529

)

 

 

 

 

 

(529

)

 

 

 

Contributions from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,472

 

 

 

1,472

 

 

 

1,472

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,364

)

 

 

(4,364

)

 

 

(4,364

)

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,413

)

 

 

(3,413

)

 

 

 

 

 

 

 

 

 

 

 

(3,413

)

Common stock ($0.670 per share/unit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(123,795

)

 

 

(123,795

)

 

 

(737

)

 

 

 

 

 

(737

)

 

 

(124,532

)

Balance at March 31, 2024

 

$

225,000

 

 

 

1,848

 

 

 

(26,321

)

 

 

8,703,756

 

 

 

4,465

 

 

 

(1,889,037

)

 

 

7,019,711

 

 

 

41,606

 

 

 

116,702

 

 

 

158,308

 

 

 

7,178,019

 

See accompanying notes to consolidated financial statements.

4


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the three months ended March 31, 2024 and 2023

(in thousands)

(unaudited)

 

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

112,658

 

 

 

98,488

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

97,585

 

 

 

82,707

 

Amortization of deferred loan costs and debt premiums

 

 

2,762

 

 

 

1,490

 

Accretion of above and below market lease intangibles, net

 

 

(5,287

)

 

 

(5,478

)

Stock-based compensation, net of capitalization

 

 

6,294

 

 

 

4,810

 

Equity in income of investments in real estate partnerships

 

 

(11,961

)

 

 

(11,916

)

Gain on sale of real estate, net of tax

 

 

(11,403

)

 

 

(250

)

Loss on early extinguishment of debt

 

 

180

 

 

 

 

Distribution of earnings from investments in real estate partnerships

 

 

16,960

 

 

 

14,524

 

Deferred compensation expense

 

 

2,089

 

 

 

1,448

 

Realized and unrealized gain on investments

 

 

(2,358

)

 

 

(1,674

)

Changes in assets and liabilities:

 

 

 

 

 

 

Tenant and other receivables

 

 

1,220

 

 

 

6,710

 

Deferred leasing costs

 

 

(3,714

)

 

 

(672

)

Other assets

 

 

(15,724

)

 

 

(12,631

)

Accounts payable and other liabilities

 

 

(19,410

)

 

 

(20,858

)

Tenants' security, escrow deposits and prepaid rent

 

 

(2,133

)

 

 

5,401

 

Net cash provided by operating activities

 

 

167,758

 

 

 

162,099

 

Cash flows from investing activities:

 

 

 

 

 

 

Real estate development and capital improvements

 

 

(60,850

)

 

 

(44,569

)

Proceeds from sale of real estate

 

 

30,033

 

 

 

3,603

 

Proceeds from property insurance casualty claims

 

 

4,110

 

 

 

 

Issuance of notes receivable

 

 

(29,830

)

 

 

 

Collection of notes receivable

 

 

1,561

 

 

 

 

Investments in real estate partnerships

 

 

(4,156

)

 

 

(604

)

Return of capital from investments in real estate partnerships

 

 

3,152

 

 

 

 

Dividends on investment securities

 

 

122

 

 

 

187

 

Acquisition of investment securities

 

 

(92,527

)

 

 

(2,171

)

Proceeds from sale of investment securities

 

 

6,049

 

 

 

4,504

 

Net cash used in investing activities

 

 

(142,336

)

 

 

(39,050

)

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase of common shares in conjunction with equity award plans

 

 

(8,730

)

 

 

(7,066

)

Common shares repurchased through share repurchase program

 

 

 

 

 

(20,006

)

Proceeds from sale of treasury stock

 

 

210

 

 

 

2

 

Contributions from limited partners in consolidated partnerships

 

 

1,472

 

 

 

738

 

Distributions to limited partners in consolidated partnerships

 

 

(4,364

)

 

 

 

Distributions to exchangeable operating partnership unit holders

 

 

(742

)

 

 

(482

)

Dividends paid to common shareholders

 

 

(123,507

)

 

 

(111,085

)

Dividends paid to preferred shareholders

 

 

(3,413

)

 

 

 

Proceeds from issuance of fixed rate unsecured notes, net of debt discount

 

 

398,468

 

 

 

 

Proceeds from unsecured credit facilities

 

 

132,419

 

 

 

115,000

 

Repayment of unsecured credit facilities

 

 

(254,419

)

 

 

(85,000

)

Proceeds from notes payable

 

 

 

 

 

15,500

 

Repayment of notes payable

 

 

(7,597

)

 

 

(28,306

)

Scheduled principal payments

 

 

(3,183

)

 

 

(2,836

)

Payment of loan costs

 

 

(13,289

)

 

 

(141

)

Net cash provided by (used in) financing activities