EX-99.2 4 reg-ex992_77.htm EX-99.2 reg-ex992_77.htm

 

Exhibit 99.2

 

 

Table of Contents

December 31, 2020

 

Forward-Looking Statements and Non-GAAP Measures Disclosures

i

 

 

Earnings Press Release

v

 

 

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 and Additional Disclosures

9

 

 

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

 

 

Major Developments and Redevelopments Pipeline and Completions

18

 

 

Real Estate Information:

 

 

 

Leasing Statistics

19

 

 

Average Base Rent by CBSA

20

 

 

Significant Tenant Rents

21

 

 

Tenant Lease Expirations

22

 

 

Portfolio Summary Report by State

23

 

 

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

 

 

 

Components of NAV

38

 

 

Additional Disclosures Related to COVID-19 Impact

39

 

 

Earnings Guidance

41

 

 

Reconciliation of Net Income to Nareit FFO

42

 

 

Glossary of Terms

43

 

 

 

 

Forward-Looking Statements and Non-GAAP Measures Disclosures

December 31, 2020

 

Forward-Looking Statements

 

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.  These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language.  However, the absence of these or similar words or expressions does not mean a statement is not forward-looking.  While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.  Although we believe the expectations reflected in any 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 risk factors described in our SEC filings.  When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected.  Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation:

 

Risk Factors Related to the COVID-19 Pandemic

 

 

•

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

 

Risk Factors Related to Operating Retail-Based Shopping Centers

 

 

•

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.

 

•

Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows.

 

•

Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow.

 

•

Our success depends on the continued presence and success of our “anchor” tenants.

 

•

A significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.

 

•

We may be unable to collect balances due from tenants in bankruptcy.

 

•

Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases.

 

•

Compliance with the Americans with Disabilities Act and fire, safety and other regulations may have a negative effect on us.

 

Risk Factors Related to Real Estate Investments

 

 

•

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.

 

•

We face risks associated with development, redevelopment and expansion of properties.

 

•

We face risks associated with the development of mixed-use commercial properties.

 

•

We face risks associated with the acquisition of properties.

 

•

We may be unable to sell properties when desired because of market conditions.

 

•

Changes in tax laws could impact our acquisition or disposition of real estate.

 

Supplemental Information

i

 

 

 

 

Risk Factors Related to the Environment Affecting Our Properties

 

 

•

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees.

 

•

Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change.

 

•

Costs of environmental remediation may impact our financial performance and reduce our cash flow.

 

Risk Factors Related to Corporate Matters

 

 

•

An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.

 

•

Failure to attract and retain key personnel may adversely affect our business and operations.

 

•

The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

 

Risk Factors Related to Our Partnerships and Joint Ventures

 

 

•

We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.

 

•

The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

 

Risk Factors Related to Funding Strategies and Capital Structure

 

 

•

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.

 

•

We depend on external sources of capital, which may not be available in the future on favorable terms or at all.

 

•

Our debt financing may adversely affect our business and financial condition.

 

•

Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.

 

•

Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.

 

•

Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

 

•

The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

 

Risk Factors Related to the Market Price for Our Securities

 

 

•

Changes in economic and market conditions may adversely affect the market price of our securities.

 

•

There is no assurance that we will continue to pay dividends at historical rates.

 

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

 

 

•

If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.

 

•

Dividends paid by REITs generally do not qualify for reduced tax rates.

 

•

Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.

 

•

Legislative or other actions affecting REITs may have a negative effect on us.

 

•

Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

 

 

Supplemental Information

ii

 

 

Risks Related to the Company’s Common Stock

 

 

•

Restrictions on the ownership of the Parent Company’s capital stock to preserve its REIT status may delay or prevent a change in control.

 

•

The issuance of the Parent Company's capital stock may delay or prevent a change in control.

 

•

Ownership in the Parent Company may be diluted in the future.

 

Non-GAAP Measures Disclosures

 

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

 

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

 

The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP.  The pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio.

 

 

•

The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.

 

 

•

The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated partnerships.

 

 

•

A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item.  

 

We do not control the unconsolidated partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata share.  

 

The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:

 

 

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

 

 

•

Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information.

 

Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata details as a supplement.

 

 

Supplemental Information

iii

 

 

The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:

 

 

•

Nareit Funds From Operations (Nareit FFO):  The Company believes Nareit FFO provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

 

 

•

Net Operating Income (NOI):  The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata NOI.

 

 

•

Core Operating Earnings:  The Company believes Core Operating Earnings, which excludes certain non-cash and non-comparable items from the computation of Nareit FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of Nareit FFO to Core Operating Earnings.

 

 

•

Same Property NOI:  The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.  

 

 

 

Supplemental Information

iv

 

 

 

 

 

NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Fourth Quarter and Full Year 2020 Results

JACKSONVILLE, FL (February 11, 2021) – Regency Centers Corporation (“Regency” or the “Company”) (NASDAQ:REG) today reported financial and operating results for the period ended December 31, 2020, provided an update related to the COVID-19 pandemic, and provided initial guidance for 2021 Nareit FFO. For the three months ended December 31, 2020 and 2019, Net Income was $0.23 per diluted share and $0.24 per diluted share, respectively. For the twelve months ended December 31, 2020 and 2019, Net Income was $0.26 per diluted share and $1.43 per diluted share, respectively.

Fourth Quarter and Full Year 2020 Highlights

 

•

Reported Nareit FFO for the fourth quarter of $0.76 per diluted share; one-time items include a write-off of development pursuit costs of $0.05 per diluted share, a swap breakage charge of $0.02 per diluted share, and a write-off of straight line rents receivable of $0.04 per diluted share

 

o

Nareit FFO also reflects uncollectible lease income of $0.10 per diluted share, primarily related to the COVID-19 pandemic

 

•

Same property Net Operating Income (“NOI”), excluding termination fees, decreased 10.5% during the fourth quarter and 11.6% during the full year 2020, respectively, from prior periods driven primarily by a higher rate of uncollectible lease income due to the COVID-19 pandemic

 

•

Realized percent leased of 92.9% in the same property portfolio as of December 31, 2020

 

•

Collected 92% of fourth quarter pro-rata base rent, as of February 8, 2021

 

•

Executed 1.7 million square feet of new and renewal leases in the fourth quarter at a blended rent spread of +0.6%, and executed 5.9 million square feet of new and renewal leases in the full year 2020 at a blended rent spread of +2.2%

 

•

Started over $124 million of development and redevelopment projects, and completed over $71 million of projects with a stabilized yield of 8%, during the full year 2020

 

•

Completed property dispositions of $77.8 million and non-income producing land sales of $8.1 million, each at Regency’s share, during the fourth quarter. Completed property and outparcel dispositions of $190.8 million at a cap rate of 5.7% and non-income producing land sales of $18.6 million, all at Regency’s share, during the full year 2020

 

•

Realized pro-rata net debt-to-operating EBITDAre of 6.0x at December 31, 2020.

Subsequent Highlights

 

•

Subsequent to year-end, closed on the sale of one shopping center for a gross sales price of $9.0 million, and one non-income producing asset for $29.4 million, both at Regency’s share

 

•

On January 15, 2021, repaid the $265 million term loan originally due January 2022 (the “Term Loan”) using cash available, leaving no unsecured debt maturities until 2024

 

•

On January 27, 2021, Regency issued its first TCFD Climate Change Risk Report, illustrating the Company’s continued commitment to corporate responsibility and transparency

 

•

On February 9, 2021, closed on an amended and restated $1.25 billion revolving credit facility maturing March 23, 2025, replacing the existing revolving credit facility

 

Supplemental Information

v

 

 

 

•

On February 10, 2021, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share

 

•

Included on Newsweek’s Most Responsible Companies List 2021 for the second year in a row

“I’m so proud of how our team has navigated the incredible challenges we faced this past year, working harder than ever to serve our tenants, our customers, our communities and our shareholders,” said Lisa Palmer, President and Chief Executive Officer. “While we acknowledge the meaningful uncertainty that still exists in 2021, we are encouraged by the continued improvement in rent collections and positive momentum in leasing activity that we experienced in the fourth quarter.”

Financial Results

Net Income

 

•

For the three months ended December 31, 2020, Net Income Attributable to Common Stockholders (“Net Income”) was $38.5 million, or $0.23 per diluted share, compared to Net Income of $40.3 million, or $0.24 per diluted share, for the same period in 2019

 

o

Fourth quarter Net Income includes a $0.10 per diluted share non-cash impairment charge primarily related to 101 7th Avenue, previously occupied by Barneys New York

 

•

For the twelve months ended December 31, 2020, Net Income was $44.9 million, or $0.26 per diluted share, compared to $239.4 million, or $1.43 per diluted share, for the same period in 2019

Nareit FFO

 

•

For the three months ended December 31, 2020, Nareit Funds From Operations (“Nareit FFO”) was $129.5 million, or $0.76 per diluted share, compared to $168.5 million, or $1.00 per diluted share, for the same period in 2019. Items that impact fourth quarter Nareit FFO comparability include:

 

o

A $0.05 per diluted share write-off of previously-capitalized development pursuit costs;

 

o

A $0.02 per diluted share charge related to the termination of interest rate swap contracts associated with the repayment of the Company’s $265 million term loan;

 

o

Uncollectible lease income of $0.10 per diluted share and a $0.04 per diluted share write-off of straight line rents receivable, primarily related to uncollected rent due to the COVID-19 pandemic. For additional detail, please refer to pages 32 and 33 of the fourth quarter 2020 supplemental disclosure.

 

•

For the twelve months ended December 31, 2020, Nareit FFO was $502.0 million, or $2.95 per diluted share, compared to $654.4 million, or $3.89 per diluted share, for the same period in 2019.

Core Operating Earnings

 

•

For the three months ended December 31, 2020, Core Operating Earnings was $125.1 million, or $0.73 per diluted share, compared to $152.9 million, or $0.91 per diluted share, for the same period in 2019.

 

•

For the twelve months ended December 31, 2020, Core Operating Earnings was $505.2 million, or $2.97 per diluted share, compared to $611.7 million, or $3.64 per diluted share, for the same period in 2019.

Portfolio Performance

Same Property NOI

 

•

Fourth quarter same property Net Operating Income (“NOI”), excluding termination fees, declined by 10.5% compared to the same period in 2019.

 

o

The decline in same property NOI in the fourth quarter of 2020 was driven primarily by a higher rate of uncollectible lease income of $15.3 million in the same property pool due to the COVID-19 pandemic.

 

Supplemental Information

vi

 

 

Leased Occupancy

 

•

As of December 31, 2020, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 92.3% leased.

 

•

As of December 31, 2020, Regency’s same property portfolio was 92.9% leased, a decline of 60 basis points sequentially.

 

o

Within the same property portfolio, anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 95.4%, a decline of 60 basis points sequentially.

 

o

Same property shop percent leased, which includes spaces less than 10,000 square feet, was 88.5%, a decline of 70 basis points sequentially.

Leasing Activity

 

•

For the three months ended December 31, 2020, Regency executed 1.7 million square feet of comparable new and renewal leases at blended rent spreads of +0.6%.

 

•

For the trailing twelve months, the Company executed 5.9 million square feet of comparable new and renewal leases at blended rents spreads of +2.2%.

COVID-19 Update

 

•

As of January 31, 2021, approximately 97% of the Company’s tenants were open based on pro-rata Annual Base Rent (“ABR”), although governmental restrictions on specific tenant businesses can change daily.

 

•

As of January 31, 2021, the Company had executed rent deferral agreements on over 1,600 leases, with total deferred rent of $40.8 million.

 

•

As of February 8, 2021, the Company collected 92% of fourth quarter pro-rata base rent, in addition to 1% subject to executed deferral agreements.

 

•

The Company also continues to make progress on second and third quarter receivables. As of February 8, 2021, the Company collected 79% and 89% of second and third quarter pro-rata base rent, respectively. The Company has also signed deferral agreements for 12% and 4%, respectively, of second and third quarter pro-rata base rent.

 

•

A “Business Update” presentation is posted on our website at investors.regencycenters.com, and includes additional information regarding COVID-19 impacts.

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

 

•

During 2020, the Company started over $124 million of development and redevelopment projects.

 

•

As of December 31, 2020, the Company had 14 properties in development or redevelopment with estimated net project costs of $319.3 million and an estimated $170 million of remaining costs to complete.

 

•

In-process developments and redevelopments were 88% leased as of December 31, 2020.

 

•

In the fourth quarter, Regency completed one development and two redevelopment projects with combined pro-rata costs of $29.8 million.

 

•

In light of the COVID-19 pandemic, the Company continues to evaluate the impacts to scope, timing, tenancy, and return on investment for all in-process and pipeline projects to determine the most appropriate strategy for each project.

 

o

As previously disclosed, as a result of this process and the decision not to pursue certain projects or components of projects, the Company wrote off certain previously-capitalized development pursuit costs of $7.9 million in the fourth quarter of 2020.

 

Supplemental Information

vii

 

 

Property Transactions

 

•

During the fourth quarter, the Company sold five shopping centers for a combined gross sales price of $77.8 million at Regency’s share, and non-income producing land for a combined gross sales price of $8.1 million at Regency’s share.

 

•

During the full year 2020, Regency sold eight shopping centers and income producing outparcels for a combined gross sales price of $190.8 million, at a weighted average cap rate of 5.7%. The Company’s full-year non-income producing land sales totals $18.6 million, at Regency’s share.

 

•

Subsequent to year-end, closed on the sale of one shopping center for a gross sales price of $9.0 million, and one non-income producing asset for $29.4 million, both at Regency’s share.

Share Repurchase Program

 

•

On February 3, 2021, Regency’s Board of Directors authorized the repurchase by Regency of up to $250 million of its common stock. This authorization is scheduled to expire on February 3, 2023, unless earlier terminated by the Board. The timing of share repurchases is dependent upon market conditions and other factors.

Balance Sheet

 

•

As of December 31, 2020, Regency had full capacity under its $1.2 billion revolving credit facility.

 

•

As of December 31, 2020, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 6.0x.

 

•

On January 15, 2021, as previously disclosed, the Company repaid its $265 million term loan due January 2022 (the “Term Loan”) using cash available, leaving no unsecured debt maturities until 2024.

Revolving Credit Facility

 

•

Regency announced today its amended and restated unsecured revolving credit facility (the “Facility”), which closed on February 9, 2021.

 

•

The amendment and restatement maintains the size of the Facility at $1.25 billion and extends the maturity date to March 23, 2025, with options for Regency to extend the maturity for two additional six-month periods.

 

•

Borrowings will bear interest at an annual rate of LIBOR plus 87.5 basis points, subject to the continuation of the Company’s current credit ratings, in line with the previous facility. An annual facility fee of 15 basis points, subject to the Company’s credit ratings, applies to the entire $1.25 billion Facility.

 

•

To further Regency’s environmental, social, and governance (“ESG”) sustainability initiatives, the Company’s lenders have agreed that the margin for purposes of determining the interest rate on the Facility may be reduced by an additional 0.01% if, as of any fiscal year, a sustainability metric related to reduction in greenhouse gas (“GHG”) emissions is achieved.

 

•

The Facility is held by 13 U.S. and International banks. The syndication is led by Wells Fargo Securities, LLC and PNC Capital Markets LLC as Joint Bookrunners and Lead Arrangers. Wells Fargo Bank, National Association acts as Administrative Agent for the Facility and PNC Bank, National Association acts as Syndication Agent. U.S. Bank National Association, Truist Securities, Inc. and Regions Capital Markets, a division of Regions Bank, act as Joint Lead Arrangers and Documentation Agents. Bank of America, N.A., JPMorgan Chase Bank, N.A., and Mizuho Bank, Ltd. are Co-Documentation Agents. BMO Harris Bank, N.A., Bank of New York Mellon, Bank of Nova Scotia and TD Bank, N.A. act as Senior Managing Agents. Comerica Bank also participates in the Facility.

Dividend

 

•

On February 10, 2021, Regency’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.595 per share. The dividend is payable on April 6, 2021, to shareholders of record as of March 15, 2021.

 

Supplemental Information

viii

 

 

2021 Guidance

Regency Centers offered initial 2021 guidance concurrently with the fourth quarter 2020 earnings release, as summarized below. Please refer to the fourth quarter 2020 Supplemental package for a complete list of guidance assumptions.

“While we are gratified to return to more customary guidance practices as transparency remains a key tenet of our values, we believe a wide range of potential outcomes is prudent given the uncertainty that remains in our operating environment,” said Mike Mas, EVP and Chief Financial Officer. “The potential outcomes can best be described as three independent scenarios, which each could result in different and distinct impacts to our Net Operating Income.”

 

•

The lower end of our guidance range is based on a “reverse course” scenario, which assumes more shutdowns and increased restrictions, leading to a decline in rent collection rates.

 

•

The midpoint area of our range is based on a “status quo” scenario, which assumes a continuation of our fourth quarter 2020 same-property NOI and collection rates.

 

•

The higher end of our range is based on a “continued improvement” scenario, which assumes further lifting of restrictions and added federal stimulus, leading to increases in collection rates.

Please refer to the Company’s “Business Update” presentation for additional guidance details, including a reconciliation of Nareit FFO per diluted share from 2020 to 2021, posted on the website at investors.regencycenters.com.

 

Full Year 2021 Guidance

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

 

 

Net Income Attributable to Common Stockholders per diluted share

$0.55 - $0.73

 

 

 

 

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

$2.96 - $3.14

 

 

 

 

Core Operating Earnings per diluted share*

$2.79 - $2.97

 

 

 

 

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

-1.0% - +2.5%

 

 

 

 

Net G&A expense

$82,500 - $86,500

 

 

 

 

Net interest expense

$166,000 - $167,000

 

 

 

 

Rucurring third party fees & commissions

$23,000 - $24,000

 

 

 

 

Development and Redevelopment Spend

+/- $150,000

 

 

 

 

Acquisitions

Cap rate (weighted average)

+/- $0

+/- 0.0%

 

 

 

 

Dispositions

Cap rate (weighted average)

+/- $150,000

5.5% - 6.0% (1)

 

 

*Core Operating Earnigns excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as extinguishment charges.

 

(1)

Average cap rate calculation excludes the sale of the non-income producing asset for $29.4 million in the first quarter.

 

 

Supplemental Information

ix

 

 

 

 

Conference Call Information

To discuss Regency’s fourth quarter results and provide further business updates related to COVID-19, management will host a conference call on Friday, February 12, 2021, at 12:00 p.m. ET. Dial-in and webcast information is listed below.

Fourth Quarter 2020 Earnings Conference Call

Date:Friday, February 12, 2021

Time:12:00 p.m. ET

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

Webcast:investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

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. 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.  

 

Supplemental Information

x

 

 

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

Earnings - Actual (in thousands)

 

For the Periods Ended December 31, 2020 and 2019

 

Three Months Ended

 

 

Year to Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

38,487

 

 

 

40,291

 

 

$

44,889

 

 

 

239,430

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

94,289

 

 

 

99,270

 

 

 

375,865

 

 

 

402,888

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

132,128

 

 

 

-

 

Gain on sale of real estate

 

 

(21,228

)

 

 

(13,333

)

 

 

(69,879

)

 

 

(53,664

)

Provision for impairment of real estate

 

 

17,764

 

 

 

42,076

 

 

 

18,778

 

 

 

65,074

 

Exchangeable operating partnership units

 

 

174

 

 

 

178

 

 

 

203

 

 

 

634

 

Nareit Funds From Operations

 

$

129,486

 

 

 

168,482

 

 

$

501,984

 

 

 

654,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

129,486

 

 

 

168,482

 

 

$

501,984

 

 

 

654,362

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

2,685

 

 

 

-

 

 

 

22,043

 

 

 

11,982

 

Interest on bonds for period from notice to redemption

 

 

-

 

 

 

-

 

 

 

-

 

 

 

367

 

Straight line rent

 

 

(3,778

)

 

 

(3,082

)

 

 

(15,605

)

 

 

(15,526

)

Uncollectible straight line rent

 

 

7,681

 

 

 

1,698

 

 

 

39,255

 

 

 

7,002

 

Above/below market rent amortization, net

 

 

(10,860

)

 

 

(13,833

)

 

 

(41,293

)

 

 

(44,666

)

Debt premium/discount amortization

 

 

(117

)

 

 

(395

)

 

 

(1,233

)

 

 

(1,776

)

Core Operating Earnings

 

$

125,097

 

 

 

152,870

 

 

$

505,151

 

 

 

611,745

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

169,980

 

 

 

167,892

 

 

 

169,460

 

 

 

167,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

170,745

 

 

 

168,638

 

 

 

170,225

 

 

 

168,235

 

(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

xi

 

 

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

 

For the Periods Ended December 31, 2020 and 2019

 

Three Months Ended

 

 

Year to Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net Income Attributable to Common Stockholders

 

$

38,487

 

 

 

40,291

 

 

$

44,889

 

 

 

239,430

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(7,417

)

 

 

(7,868

)

 

 

(26,501

)

 

 

(29,636

)

Other(1)

 

 

(8,544

)

 

 

(16,811

)

 

 

(25,912

)

 

 

(58,904

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

86,739

 

 

 

91,644

 

 

 

345,900

 

 

 

374,283

 

General and administrative

 

 

20,512

 

 

 

18,262

 

 

 

75,001

 

 

 

74,984

 

Other operating expense

 

 

7,617

 

 

 

3,328

 

 

 

12,642

 

 

 

7,814

 

Other expense

 

 

35,474

 

 

 

71,860

 

 

 

256,407

 

 

 

187,610

 

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

 

 

12,838

 

 

 

8,109

 

 

 

59,726

 

 

 

39,807

 

Net income attributable to noncontrolling interests

 

 

729

 

 

 

840

 

 

 

2,428

 

 

 

3,828

 

NOI

 

 

186,435

 

 

 

209,655

 

 

 

744,580

 

 

 

839,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(6,760

)

 

 

(10,245

)

 

 

(31,490

)

 

 

(38,150

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

179,675

 

 

 

199,410

 

 

$

713,090

 

 

 

801,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

177,437

 

 

 

198,339

 

 

$

705,420

 

 

 

798,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

160,973

 

 

 

180,163

 

 

$

640,152

 

 

 

722,090

 

(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 2020 supplemental information package that may help investors estimate earnings for 2021. A copy of the Company’s fourth quarter 2020 supplemental information will be available on the Company's website at https://investors.regencycenters.com/ or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year-ended December 31, 2020. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (NASDAQ: REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

###

 

 

Supplemental Information

xii

 

 

Forward-Looking Statements

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

 

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

Risk Factors

Risk Factors Related to the COVID-19 Pandemic

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

Risk Factors Related to Operating Retail-Based Shopping Centers

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

Risk Factors Related to Real Estate Investments

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

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

 

Supplemental Information

xiii

 

 

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

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

Risk Factors Related to Funding Strategies and Capital Structure

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

Risk Factors Related to the Market Price for Our Securities

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

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

If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.

Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risks Related to the Company’s Common Stock

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

 

 

Supplemental Information

xiv

 

 

 

Summary Financial Information

December 31, 2020

(in thousands, except per share data)

 

 

Three Months Ended

 

Year to Date

 

 

2020

 

2019

 

2020

 

2019

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders (page 4)

 

$38,487

 

$40,291

 

$44,889

 

$239,430

Net income per diluted share

 

$0.23

 

$0.24

 

$0.26

 

$1.43

 

 

 

 

 

 

 

 

 

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

 

$129,486

 

$168,482

 

$501,984

 

$654,362

Nareit FFO per diluted share

 

$0.76

 

$1.00

 

$2.95

 

$3.89

 

 

 

 

 

 

 

 

 

Core Operating Earnings (page 9)

 

$125,097

 

$152,870

 

$505,151

 

$611,745

Core Operating Earnings per diluted share

 

$0.73

 

$0.91

 

$2.97

 

$3.64

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees (page 8)

 

$177,437

 

$198,339

 

$705,420

 

$798,148

% growth

 

-10.5%

 

 

 

-11.6%

 

 

 

 

 

 

 

 

 

 

 

Operating EBITDAre (page 10)

 

$170,898

 

$199,613

 

$693,648

 

$798,568

 

 

 

 

 

 

 

 

 

Dividends declared per share and unit

 

$0.595

 

$0.585

 

$2.380

 

$2.340

Payout ratio of Core Operating Earnings per share (diluted)

 

81.5%

 

64.3%

 

80.1%

 

64.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted share and unit count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (diluted) - Net income

 

169,980

 

167,892

 

169,460

 

167,771

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

 

170,745

 

168,638

 

170,225

 

168,235

_________________________________________________________________________________________________

 

 

As of

 

As of

 

As of

 

As of

 

 

12/31/2020

 

12/31/2019

 

12/31/2018

 

12/31/2017

Capital Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price per common share

 

$45.59

 

$63.09

 

$58.47

 

$69.18

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

169,680

 

167,571

 

167,905

 

171,365

Exchangeable units held by noncontrolling interests

 

765

 

746

 

350

 

350

Common shares and equivalents issued and outstanding

 

170,445

 

168,317

 

168,255

 

171,715

Market equity value of common and convertible shares

 

$7,770,596

 

$10,619,161

 

$9,837,840

 

$11,879,231

 

 

 

 

 

 

 

 

 

Outstanding debt

 

$4,457,742

 

$4,445,591

 

$4,241,758

 

$4,115,588

Less: cash

 

(378,450)

 

(115,562)

 

(45,190)

 

(49,381)

Net debt

 

$4,079,292

 

$4,330,029

 

$4,196,568

 

$4,066,207

 

 

 

 

 

 

 

 

 

Total market capitalization

 

$11,849,888

 

$14,949,190

 

$14,034,408

 

$15,945,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt-to-Operating EBITDAre

 

6.0x

 

5.4x

 

5.3x

 

5.4x

Fixed charge coverage

 

3.6x

 

4.3x

 

4.2x

 

4.1x

 

 

Supplemental Information

1

 

 

Summary Real Estate Information

December 31, 2020

(GLA in thousands)

 

Wholly Owned and 100% of Co-investment Partnerships

 

12/31/2020

 

 

9/30/2020

 

 

6/30/2020

 

 

3/31/2020

 

 

12/31/2019

 

Number of properties

 

411

 

 

414

 

 

415

 

 

416

 

 

419

 

Number of retail operating properties

 

403

 

 

407

 

 

407

 

 

408

 

 

412

 

Number of same properties

 

393

 

 

398

 

 

398

 

 

399

 

 

396

 

Number of properties in redevelopment

 

11

 

 

12

 

 

14

 

 

16

 

 

19

 

Number of properties in development (1)

 

3

 

 

2

 

 

3

 

 

3

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA) - All properties

 

 

51,912

 

 

 

52,155

 

 

 

52,181

 

 

 

52,226

 

 

 

52,607

 

GLA including retailer-owned stores - All properties

 

 

56,000

 

 

 

56,243

 

 

 

56,269

 

 

 

56,314

 

 

 

56,695

 

GLA - Retail operating properties

 

 

51,048

 

 

 

51,238

 

 

 

51,238

 

 

 

51,284

 

 

 

52,109

 

GLA - Same properties

 

 

49,635

 

 

 

50,043

 

 

 

50,043

 

 

 

50,089

 

 

 

49,892

 

GLA - Properties in redevelopment (2)

 

 

2,929

 

 

 

3,062

 

 

 

3,434

 

 

 

3,736

 

 

 

4,515

 

GLA - Properties in development (1)

 

 

281

 

 

 

188

 

 

 

215

 

 

 

215

 

 

 

215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLA - All properties

 

 

42,242

 

 

 

42,423

 

 

 

42,449

 

 

 

42,496

 

 

 

42,769

 

GLA including retailer-owned stores - All properties

 

 

46,330

 

 

 

46,511

 

 

 

46,537

 

 

 

46,584

 

 

 

46,857

 

GLA - Retail operating properties

 

 

41,540

 

 

 

41,580

 

 

 

41,580

 

 

 

41,626

 

 

 

42,334

 

GLA - Same properties (3)

 

 

40,228

 

 

 

40,278

 

 

 

40,278

 

 

 

40,276

 

 

 

40,277

 

Spaces > 10,000 sf (3)

 

 

25,314

 

 

 

25,369

 

 

 

25,361

 

 

 

25,353

 

 

 

25,367

 

Spaces < 10,000 sf (3)

 

 

14,915

 

 

 

14,909

 

 

 

14,917

 

 

 

14,923

 

 

 

14,910

 

GLA - Properties in redevelopment (2)

 

 

2,777

 

 

 

2,851

 

 

 

3,167

 

 

 

3,384

 

 

 

3,976

 

GLA - Properties in development (1)

 

 

228

 

 

 

124

 

 

 

145

 

 

 

136

 

 

 

134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% leased - All properties

 

92.3%

 

 

92.9%

 

 

93.9%

 

 

94.5%

 

 

94.8%

 

% leased - Retail operating properties

 

92.9%

 

 

93.5%

 

 

94.5%

 

 

95.0%

 

 

95.0%

 

% leased - Same properties (3)

 

92.9%

 

 

93.5%

 

 

94.5%

 

 

95.0%

 

 

95.1%

 

Spaces > 10,000 sf (3)

 

95.4%

 

 

96.0%

 

 

97.0%

 

 

97.1%

 

 

97.2%

 

Spaces < 10,000 sf (3)

 

88.5%

 

 

89.2%

 

 

90.3%

 

 

91.4%

 

 

91.5%

 

Average % leased - Same properties (3)

 

94.2%

 

 

94.6%

 

 

94.9%

 

 

95.1%

 

 

95.2%

 

% commenced - Same properties (3) (4)

 

91.1%

 

 

91.5%

 

 

92.6%

 

 

92.9%

 

 

92.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same property NOI growth - YTD (see page 8)

 

-11.0%

 

 

-11.3%

 

 

-9.6%

 

 

0.2%

 

 

2.3%

 

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

 

-11.6%

 

 

-11.9%

 

 

-10.3%

 

 

-0.7%

 

 

2.1%

 

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

 

-11.3%

 

 

-11.5%

 

 

-10.2%

 

 

-0.9%

 

 

2.0%

 

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

 

2.2%

 

 

5.7%

 

 

7.0%

 

 

7.4%

 

 

8.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

Supplemental Information

2

 

 

Consolidated Balance Sheets

December 31, 2020 and 2019

(in thousands)

 

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

 

 

Real estate assets at cost

 

$

11,101,858

 

 

$

11,095,294

 

Less: accumulated depreciation

 

 

1,994,108

 

 

 

1,766,162

 

 

 

 

9,107,750

 

 

 

9,329,132

 

Investments in real estate partnerships

 

 

467,155

 

 

 

469,522

 

Net real estate investments

 

 

9,574,905

 

 

 

9,798,654

 

 

 

 

 

 

 

 

 

 

Properties held for sale

 

 

33,934

 

 

 

45,565

 

Cash, cash equivalents, and restricted cash

 

 

378,450

 

 

 

115,562

 

Tenant and other receivables (1)

 

 

143,633

 

 

 

169,337

 

Deferred leasing costs, net

 

 

67,910

 

 

 

76,798

 

Acquired lease intangible assets, net

 

 

188,799

 

 

 

242,822

 

Right of use assets

 

 

287,827

 

 

 

292,786

 

Other assets

 

 

261,446

 

 

 

390,729

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

10,936,904

 

 

$

11,132,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Notes payable

 

$

3,658,405

 

 

$

3,435,161

 

Unsecured credit facilities

 

 

264,679

 

 

 

484,383

 

Total notes payable

 

 

3,923,084

 

 

 

3,919,544

 

 

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

302,361

 

 

 

213,705

 

Acquired lease intangible liabilities, net

 

 

377,712

 

 

 

427,260

 

Lease liabilities

 

 

220,390

 

 

 

222,918

 

Tenants' security, escrow deposits, and prepaid rent

 

 

55,210

 

 

 

58,865

 

Total liabilities

 

 

4,878,757

 

 

 

4,842,292

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Common stock, $.01 par

 

 

1,697

 

 

 

1,676

 

Additional paid in capital

 

 

7,767,646

 

 

 

7,631,731

 

Accumulated other comprehensive (loss)

 

 

(18,625

)

 

 

(11,997

)

Distributions in excess of net income

 

 

(1,765,806

)

 

 

(1,408,062

)

Total stockholders' equity

 

 

5,984,912

 

 

 

6,213,348

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

35,727

 

 

 

36,100

 

Limited partners' interest

 

 

37,508

 

 

 

40,513

 

Total noncontrolling interests

 

 

73,235

 

 

 

76,613

 

Total equity

 

 

6,058,147

 

 

 

6,289,961

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

10,936,904

 

 

$

11,132,253

 

 

 

(1)

For additional details, see Supplemental COVID-19 Disclosure on pages 39 and 40.

 

 

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, 2020 and 2019

(in thousands)

(unaudited)

 

  

 

Three Months Ended

 

 

Year to Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease income (1)

 

$

248,536

 

 

 

278,619

 

 

$

980,166

 

 

 

1,094,301

 

Other property income

 

 

2,507

 

 

 

2,245

 

 

 

9,508

 

 

 

9,201

 

Management, transaction, and other fees

 

 

7,417

 

 

 

7,868

 

 

 

26,501

 

 

 

29,636

 

Total revenues

 

 

258,460

 

 

 

288,732

 

 

 

1,016,175

 

 

 

1,133,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

86,739

 

 

 

91,644

 

 

 

345,900

 

 

 

374,283

 

Operating and maintenance

 

 

46,327

 

 

 

44,817

 

 

 

170,073

 

 

 

169,909

 

General and administrative

 

 

20,512

 

 

 

18,262

 

 

 

75,001

 

 

 

74,984

 

Real estate taxes

 

 

34,386

 

 

 

34,973

 

 

 

143,004

 

 

 

136,236

 

Other operating expense

 

 

7,617

 

 

 

3,328

 

 

 

12,642

 

 

 

7,814

 

Total operating expenses

 

 

195,581

 

 

 

193,024

 

 

 

746,620

 

 

 

763,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

38,073

 

 

 

38,086

 

 

 

156,678

 

 

 

151,264

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

132,128

 

 

 

-

 

Provision for impairment of real estate, net of tax

 

 

17,522

 

 

 

42,076

 

 

 

18,536

 

 

 

54,174

 

Gain on sale of real estate, net of tax

 

 

(18,775

)

 

 

(6,423

)

 

 

(67,465

)

 

 

(24,242

)

Early extinguishment of debt

 

 

2,479

 

 

 

-

 

 

 

21,837

 

 

 

11,982

 

Net investment (income)

 

 

(3,825

)

 

 

(1,879

)

 

 

(5,307

)

 

 

(5,568

)

Total other expense

 

 

35,474

 

 

 

71,860

 

 

 

256,407

 

 

 

187,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before equity in income of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

investments in real estate partnerships

 

 

27,405

 

 

 

23,848

 

 

 

13,148

 

 

 

182,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in income of investments in real estate partnerships

 

 

11,811

 

 

 

17,283

 

 

 

34,169

 

 

 

60,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

39,216

 

 

 

41,131

 

 

 

47,317

 

 

 

243,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(174

)

 

 

(178

)

 

 

(203

)

 

 

(634

)

Limited partners' interests in consolidated partnerships

 

 

(555

)

 

 

(662

)

 

 

(2,225

)

 

 

(3,194

)

Income attributable to noncontrolling interests

 

 

(729

)

 

 

(840

)

 

 

(2,428

)

 

 

(3,828

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

38,487

 

 

 

40,291

 

 

$

44,889

 

 

 

239,430

 

 

 

(1)

For additional details, see Supplemental COVID-19 Disclosure on pages 39 and 40.

 

 

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, 2020 and 2019

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

191,487

 

 

 

195,857

 

 

$

772,288

 

 

 

777,992

 

*

Recoveries from tenants

 

 

60,784

 

 

 

63,519

 

 

 

246,915

 

 

 

246,968

 

*

Percentage rent

 

 

885

 

 

 

1,587

 

 

 

6,163

 

 

 

7,536

 

*

Termination Fees

 

 

1,366

 

 

 

729

 

 

 

5,176

 

 

 

2,582

 

*

Uncollectible lease income

 

 

(16,376

)

 

 

(1,727

)

 

 

(82,367

)

 

 

(5,394

)

*

Other lease income

 

 

2,539

 

 

 

2,831

 

 

 

8,725

 

 

 

9,706

 

 

Straight line rent on lease income

 

 

(3,261

)

 

 

1,764

 

 

 

(18,953

)

 

 

9,519

 

 

Above/below market rent amortization

 

 

11,112

 

 

 

14,059

 

 

 

42,219

 

 

 

45,392

 

 

Lease income (1)

 

 

248,536

 

 

 

278,619

 

 

 

980,166

 

 

 

1,094,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

2,507

 

 

 

2,245

 

 

 

9,508

 

 

 

9,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property management fees

 

 

3,614

 

 

 

3,667

 

 

 

14,444

 

 

 

14,744

 

 

Asset management fees

 

 

1,713

 

 

 

1,795

 

 

 

6,963

 

 

 

7,135

 

 

Leasing commissions and other fees

 

 

2,090

 

 

 

2,406

 

 

 

5,094

 

 

 

7,757

 

 

Management, transaction, and other fees

 

 

7,417

 

 

 

7,868

 

 

 

26,501

 

 

 

29,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

258,460

 

 

 

288,732

 

 

 

1,016,175

 

 

 

1,133,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

86,739

 

 

 

91,644

 

 

 

345,900

 

 

 

374,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

42,442

 

 

 

41,093

 

 

 

154,600

 

 

 

153,714

 

*

Ground rent

 

 

2,841

 

 

 

2,896

 

 

 

11,304

 

 

 

12,169

 

*

Termination expense

 

 

188

 

 

 

-

 

 

 

713

 

 

 

520

 

 

Straight line rent on ground rent

 

 

437

 

 

 

441

 

 

 

1,777

 

 

 

1,981

 

 

Above/below market ground rent amortization

 

 

419

 

 

 

387

 

 

 

1,679

 

 

 

1,525

 

 

Operating and maintenance

 

 

46,327

 

 

 

44,817

 

 

 

170,073

 

 

 

169,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross general & administrative

 

 

17,012

 

 

 

21,804

 

 

 

66,207

 

 

 

73,895

 

 

Stock-based compensation

 

 

3,284

 

 

 

4,128

 

 

 

14,248

 

 

 

16,254

 

 

Capitalized direct development compensation costs

 

 

(3,096

)

 

 

(9,312

)

 

 

(10,238

)

 

 

(20,429

)

 

General & administrative, net

 

 

17,200

 

 

 

16,620

 

 

 

70,217

 

 

 

69,720

 

 

Loss on deferred compensation plan (2)

 

 

3,312

 

 

 

1,642

 

 

 

4,784

 

 

 

5,264

 

 

General & administrative

 

 

20,512

 

 

 

18,262

 

 

 

75,001

 

 

 

74,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

34,386

 

 

 

34,973

 

 

 

143,004

 

 

 

136,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(277

)

 

 

1,627

 

 

 

2,172

 

 

 

5,277

 

 

Development pursuit costs

 

 

7,894

 

 

 

1,701

 

 

 

10,470

 

 

 

2,537

 

 

Other operating expenses

 

 

7,617

 

 

 

3,328

 

 

 

12,642

 

 

 

7,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

195,581

 

 

 

193,024

 

 

 

746,620

 

 

 

763,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

37,607

 

 

 

36,791

 

 

 

153,794

 

 

 

145,490

 

 

Derivative amortization

 

 

110

 

 

 

1,650

 

 

 

4,329

 

 

 

7,564

 

 

Debt cost amortization

 

 

1,476

 

 

 

1,354

 

 

 

5,782

 

 

 

5,280

 

 

Debt premium/discount amortization

 

 

(127

)

 

 

(405

)

 

 

(1,272

)

 

 

(1,809

)

 

Capitalized interest

 

 

(765

)

 

 

(1,103

)

 

 

(4,355

)

 

 

(4,192

)

 

Interest income

 

 

(228

)

 

 

(201

)

 

 

(1,600

)

 

 

(1,069

)

 

Interest expense, net

 

 

38,073

 

 

 

38,086

 

 

 

156,678

 

 

 

151,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate, net of tax

 

 

17,522

 

 

 

42,076

 

 

 

18,536

 

 

 

54,174

 

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

132,128

 

 

 

-

 

 

Gain on sale of real estate, net of tax

 

 

(18,775

)

 

 

(6,423

)

 

 

(67,465

)

 

 

(24,242

)

 

Early extinguishment of debt

 

 

2,479

 

 

 

-

 

 

 

21,837

 

 

 

11,982

 

 

Net investment (income) (2)

 

 

(3,825

)

 

 

(1,879

)

 

 

(5,307

)

 

 

(5,568

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

35,474

 

 

 

71,860

 

 

 

256,407

 

 

 

187,610

 

 

 

*

Component of Net Operating Income

 

 

(1)

For additional details, see Supplemental COVID-19 Disclosure on pages 39 and 40.

 

 

(2)

The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense. The expense is offset by unrealized gains of assets held in the pain 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, 2020 and 2019

(in thousands)

 

  

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate assets at cost

 

$

(88,130

)

 

 

(93,476

)

 

$

1,389,171

 

 

 

1,366,504

 

Less: accumulated depreciation

 

 

(15,252

)

 

 

(14,264

)

 

 

438,374

 

 

 

413,833

 

Net real estate investments

 

 

(72,878

)

 

 

(79,212

)

 

 

950,797

 

 

 

952,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

 

(2,676

)

 

 

(2,941

)

 

 

21,588

 

 

 

12,202

 

Tenant and other receivables (1)

 

 

(2,213

)

 

 

(2,333

)

 

 

23,133

 

 

 

25,224

 

Deferred leasing costs, net

 

 

(1,017

)

 

 

(1,157

)

 

 

14,856

 

 

 

15,436

 

Acquired lease intangible assets, net

 

 

(540

)

 

 

(747

)

 

 

9,440

 

 

 

11,230

 

Right of use assets

 

 

(1,649

)

 

 

(1,699

)

 

 

5,487

 

 

 

5,705

 

Other assets

 

 

(68

)

 

 

(147

)

 

 

18,854

 

 

 

17,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

(81,041

)

 

 

(88,236

)

 

$

1,044,156

 

 

 

1,040,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

(37,461

)

 

 

(42,803

)

 

$

534,658

 

 

 

526,048

 

Accounts payable and other liabilities

 

 

(3,704

)

 

 

(2,359

)

 

 

24,588

 

 

 

24,128

 

Acquired lease intangible liabilities, net

 

 

(193

)

 

 

(290

)

 

 

9,183

 

 

 

11,606

 

Lease liabilities

 

 

(1,903

)

 

 

(1,909

)

 

 

4,387

 

 

 

4,447

 

Tenants' security, escrow deposits, and prepaid rent

 

 

(272

)

 

 

(362

)

 

 

4,185

 

 

 

4,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

(43,533

)

 

 

(47,723

)

 

$

577,001

 

 

 

570,491

 

 

(1)

For additional details, see Supplemental COVID-19 Disclosure on pages 39 and 40.

 

 

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, 2020 and 2019

(in thousands)

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

(1,777

)

 

 

(2,005

)

 

$

(7,177

)

 

 

(8,218

)

 

$

26,281

 

 

 

26,438

 

 

$

105,789

 

 

 

104,501

 

*

Recoveries from tenants

 

 

(539

)

 

 

(594

)

 

 

(2,070

)

 

 

(2,470

)

 

 

8,580

 

 

 

8,676

 

 

 

33,599

 

 

 

33,698

 

*

Percentage rent

 

 

-

 

 

 

-

 

 

 

(3

)

 

 

(6

)

 

 

232

 

 

 

156

 

 

 

1,047

 

 

 

1,254

 

*

Termination Fees

 

 

(50

)

 

 

(12

)

 

 

(160

)

 

 

(13

)

 

 

894

 

 

 

371

 

 

 

2,617

 

 

 

975

 

*

Uncollectible lease income

 

 

97

 

 

 

38

 

 

 

531

 

 

 

85

 

 

 

(1,410

)

 

 

(145

)

 

 

(9,803

)

 

 

(484

)

*

Other lease income

 

 

(28

)

 

 

(35

)

 

 

(115

)

 

 

(134

)

 

 

353

 

 

 

334

 

 

 

1,437

 

 

 

1,262

 

 

Straight line rent on lease income

 

 

(1

)

 

 

65

 

 

 

(167

)

 

 

(180

)

 

 

(163

)

 

 

17

 

 

 

(2,664

)

 

 

1,497

 

 

Above/below market rent amortization

 

 

(14

)

 

 

(12

)

 

 

(86

)

 

 

(57

)

 

 

191

 

 

 

184

 

 

 

878

 

 

 

889

 

 

Lease income (1)

 

 

(2,312

)

 

 

(2,555

)

 

 

(9,247

)

 

 

(10,993

)

 

 

34,958

 

 

 

36,031

 

 

 

132,900

 

 

 

143,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

(1

)

 

 

(8

)

 

 

(9

)

 

 

(19

)

 

 

348

 

 

 

126

 

 

 

761

 

 

 

657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(267

)

 

 

(280

)

 

 

(1,090

)

 

 

(1,120

)

 

Management, transaction, and other fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(267

)

 

 

(280

)

 

 

(1,090

)

 

 

(1,120

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

(2,313

)

 

 

(2,563

)

 

 

(9,256

)

 

 

(11,012

)

 

 

35,039

 

 

 

35,877

 

 

 

132,571

 

 

 

143,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

(619

)

 

 

(644

)

 

 

(2,459

)

 

 

(2,635

)

 

 

8,723

 

 

 

8,476

 

 

 

34,508

 

 

 

33,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

(401

)

 

 

(433

)

 

 

(1,441

)

 

 

(1,609

)

 

 

6,004

 

 

 

5,953

 

 

 

22,333

 

 

 

22,064

 

*

Ground rent

 

 

(28

)

 

 

(27

)

 

 

(113

)

 

 

(111

)

 

 

74

 

 

 

87

 

 

 

343

 

 

 

390

 

 

Straight line rent on ground rent

 

 

(16

)

 

 

(15

)

 

 

(63

)

 

 

(63

)

 

 

29

 

 

 

30

 

 

 

119

 

 

 

307

 

 

Above/below market ground rent amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

10

 

 

 

39

 

 

 

33

 

 

Operating and maintenance

 

 

(445

)

 

 

(475

)

 

 

(1,617

)

 

 

(1,783

)

 

 

6,117

 

 

 

6,080

 

 

 

22,834

 

 

 

22,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General & administrative, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

106

 

 

 

145

 

 

 

369

 

 

 

444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

(320

)

 

 

(340

)

 

 

(1,347

)

 

 

(1,556

)

 

 

4,551

 

 

 

4,524

 

 

 

18,876

 

 

 

18,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(23

)

 

 

(14

)

 

 

(83

)

 

 

(102

)

 

 

294

 

 

 

190

 

 

 

949

 

 

 

873

 

 

Development pursuit costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

67

 

 

 

29

 

 

Other operating expenses

 

 

(23

)

 

 

(14

)

 

 

(83

)

 

 

(102

)

 

 

294

 

 

 

191

 

 

 

1,016

 

 

 

902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

(1,407

)

 

 

(1,473

)

 

 

(5,506

)

 

 

(6,076

)

 

 

19,791

 

 

 

19,416

 

 

 

77,603

 

 

 

75,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

(336

)

 

 

(409

)

 

 

(1,461

)

 

 

(1,669

)

 

 

5,298

 

 

 

5,905

 

 

 

22,069

 

 

 

24,163

 

 

Debt cost amortization

 

 

(15

)

 

 

(19

)

 

 

(64

)

 

 

(73

)

 

 

134

 

 

 

173

 

 

 

657

 

 

 

691

 

 

Debt premium/discount amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

10

 

 

 

39

 

 

 

34

 

 

Interest expense, net

 

 

(351

)

 

 

(428

)

 

 

(1,525

)

 

 

(1,742

)

 

 

5,442

 

 

 

6,088

 

 

 

22,765

 

 

 

24,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

242

 

 

 

-

 

 

 

242

 

 

 

10,900

 

 

(Gain) loss on sale of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,453

)

 

 

(6,910

)

 

 

(2,414

)

 

 

(29,422

)

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

206

 

 

 

-

 

 

 

206

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

(351

)

 

 

(428

)

 

 

(1,525

)

 

 

(1,742

)

 

 

3,437

 

 

 

(822

)

 

 

20,799

 

 

 

6,366

 

 

*

Component of Net Operating Income

(1)

For additional details, see Supplemental COVID-19 Disclosure on pages 39 and 40.

 

 

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, 2020 and 2019

(in thousands)

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Same Property NOI Detail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

$

206,116

 

 

 

209,447

 

 

$

830,516

 

 

 

833,749

 

Recoveries from tenants

 

 

65,404

 

 

 

68,137

 

 

 

265,616

 

 

 

266,792

 

Percentage rent

 

 

1,055

 

 

 

1,566

 

 

 

6,963

 

 

 

8,476

 

Termination fees

 

 

2,238

 

 

 

1,071

 

 

 

7,695

 

 

 

3,438

 

Uncollectible lease income

 

 

(15,339

)

 

 

(1,188

)

 

 

(84,073

)

 

 

(5,073

)

Other lease income

 

 

2,872

 

 

 

2,917

 

 

 

9,914

 

 

 

10,336

 

Other property income

 

 

1,804

 

 

 

1,710

 

 

 

6,445

 

 

 

7,507

 

Total real estate revenues

 

 

264,150

 

 

 

283,660

 

 

 

1,043,076

 

 

 

1,125,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance

 

 

45,519

 

 

 

44,550

 

 

 

168,039

 

 

 

167,190

 

Termination expense

 

 

-

 

 

 

-

 

 

 

25

 

 

 

520

 

Real estate taxes

 

 

36,317

 

 

 

37,057

 

 

 

151,615

 

 

 

145,839

 

Ground rent

 

 

2,639

 

 

 

2,643

 

 

 

10,307

 

 

 

10,610

 

Total real estate operating expenses

 

 

84,475

 

 

 

84,250

 

 

 

329,986

 

 

 

324,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

179,675

 

 

 

199,410

 

 

$

713,090

 

 

 

801,066

 

% change

 

 

-9.9

%

 

 

 

 

 

 

-11.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

177,437

 

 

 

198,339

 

 

$

705,420

 

 

 

798,148

 

% change

 

 

-10.5

%

 

 

 

 

 

 

-11.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

160,973

 

 

 

180,163

 

 

$

640,152

 

 

 

722,090

 

% change

 

 

-10.7

%

 

 

 

 

 

 

-11.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

38,487

 

 

 

40,291

 

 

$

44,889

 

 

 

239,430

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(7,417

)

 

 

(7,868

)

 

 

(26,501

)

 

 

(29,636

)

Other (1)

 

 

(8,544

)

 

 

(16,811

)

 

 

(25,912

)

 

 

(58,904

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

86,739

 

 

 

91,644

 

 

 

345,900

 

 

 

374,283

 

General and administrative

 

 

20,512

 

 

 

18,262

 

 

 

75,001

 

 

 

74,984

 

Other operating expense

 

 

7,617

 

 

 

3,328

 

 

 

12,642

 

 

 

7,814

 

Other expense

 

 

35,474

 

 

 

71,860

 

 

 

256,407

 

 

 

187,610

 

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

 

 

12,838

 

 

 

8,109

 

 

 

59,726

 

 

 

39,807

 

Net income attributable to noncontrolling interests

 

 

729

 

 

 

840

 

 

 

2,428

 

 

 

3,828

 

NOI

 

 

186,435

 

 

 

209,655

 

 

 

744,580

 

 

 

839,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(6,760

)

 

 

(10,245

)

 

 

(31,490

)

 

 

(38,150

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

179,675

 

 

 

199,410

 

 

$

713,090

 

 

 

801,066

 

 

(1)

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.

(2)

Includes non-NOI income and expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.

(3)

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

 

Supplemental Information

8

 

 

Reconciliations of Non-GAAP Financial Measures and Additional Disclosures

Wholly Owned and Regency's Pro-rata Share of Co-investment Partnerships

For the Periods Ended December 31, 2020 and 2019

(in thousands, except per share data)

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

38,487

 

 

 

40,291

 

 

$

44,889

 

 

 

239,430

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

94,289

 

 

 

99,270

 

 

 

375,865

 

 

 

402,888

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

132,128

 

 

 

-

 

Gain on sale of real estate

 

 

(21,228

)

 

 

(13,333

)

 

 

(69,879

)

 

 

(53,664

)

Provision for impairment of real estate

 

 

17,764

 

 

 

42,076

 

 

 

18,778

 

 

 

65,074

 

Exchangeable operating partnership units

 

 

174

 

 

 

178

 

 

 

203

 

 

 

634

 

Nareit Funds From Operations

 

$

129,486

 

 

 

168,482

 

 

$

501,984

 

 

 

654,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

0.76

 

 

 

1.00

 

 

$

2.95

 

 

 

3.89

 

Weighted average shares (diluted)

 

 

170,745

 

 

 

168,638

 

 

 

170,225

 

 

 

168,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

129,486

 

 

 

168,482

 

 

$

501,984

 

 

 

654,362

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Comparable Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

2,685

 

 

 

-

 

 

 

22,043

 

 

 

11,982

 

Interest on bonds for period from notice to redemption

 

 

-

 

 

 

-

 

 

 

-

 

 

 

367

 

Certain Non Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight line rent

 

 

(3,778

)

 

 

(3,082

)

 

 

(15,605

)

 

 

(15,526

)

Uncollectible straight line rent

 

 

7,681

 

 

 

1,698

 

 

 

39,255

 

 

 

7,002

 

Above/below market rent amortization, net

 

 

(10,860

)

 

 

(13,833

)

 

 

(41,293

)

 

 

(44,666

)

Debt premium/discount amortization

 

 

(117

)

 

 

(395

)

 

 

(1,233

)

 

 

(1,776

)

Core Operating Earnings

 

$

125,097

 

 

 

152,870

 

 

$

505,151

 

 

 

611,745

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.73

 

 

 

0.91

 

 

$

2.97

 

 

 

3.64

 

Weighted average shares (diluted)

 

 

170,745

 

 

 

168,638

 

 

 

170,225

 

 

 

168,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Non Cash Expense (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative amortization

 

$

110

 

 

 

1,650

 

 

$

4,329

 

 

 

7,564

 

Debt cost amortization

 

 

1,595

 

 

 

1,508

 

 

 

6,375

 

 

 

5,897

 

Stock-based compensation

 

 

3,284

 

 

 

4,128

 

 

 

14,248

 

 

 

16,254

 

Other Non Cash Expense

 

$

4,989

 

 

 

7,286

 

 

$

24,952

 

 

 

29,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maintenance and Leasing Capital Expenditures (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tenant allowance and landlord work

 

$

6,768

 

 

 

10,446

 

 

$

29,660

 

 

 

43,161

 

Building improvements

 

 

5,414

 

 

 

13,498

 

 

 

19,104

 

 

 

28,757

 

Leasing commissions

 

 

2,134

 

 

 

2,862

 

 

 

7,425

 

 

 

10,028

 

Capital Expenditures

 

$

14,316

 

 

 

26,806

 

 

$

56,189

 

 

 

81,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

 

 

(2)

Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

 

 

Supplemental Information

9

 

 

 

 

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

For the Periods Ended December 31, 2020 and 2019

(in thousands)

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Reconciliation of Net Income to Nareit EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

39,216

 

 

 

41,131

 

 

$

47,317

 

 

 

243,258

 

Adjustments to reconcile to Nareit EBITDAre (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

43,743

 

 

 

44,375

 

 

 

181,043

 

 

 

177,221

 

Income tax expense (benefit)

 

 

212

 

 

 

394

 

 

 

(357

)

 

 

757

 

Depreciation and amortization

 

 

95,462

 

 

 

100,120

 

 

 

380,408

 

 

 

407,304

 

Gain on sale of real estate

 

 

(21,228

)

 

 

(13,333

)

 

 

(69,879

)

 

 

(53,664

)

Provision for impairment of real estate

 

 

17,764

 

 

 

42,076

 

 

 

18,778

 

 

 

65,074

 

Goodwill impairment

 

 

-

 

 

 

-

 

 

 

132,128

 

 

 

-

 

Nareit EBITDAre

 

$

175,169

 

 

 

214,763

 

 

$

689,438

 

 

 

839,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit EBITDAre

 

$

175,169

 

 

 

214,763

 

 

$

689,438

 

 

 

839,950

 

Adjustments to reconcile to Operating EBITDAre (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

2,685

 

 

 

-

 

 

 

22,043

 

 

 

11,982

 

Straight line rent, net

 

 

3,918

 

 

 

(1,304

)

 

 

23,546

 

 

 

(8,641

)

Above/below market rent amortization, net

 

 

(10,874

)

 

 

(13,846

)

 

 

(41,379

)

 

 

(44,723

)

Operating EBITDAre

 

$

170,898

 

 

 

199,613

 

 

$

693,648

 

 

 

798,568

 

 

 

(1)

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

 

 

Supplemental Information

10

 

 

 

 

Summary of Consolidated Debt

December 31, 2020 and 2019

(in thousands)

 

Total Debt Outstanding:

 

12/31/2020

 

 

12/31/2019

 

Notes Payable:

 

 

 

 

 

 

 

 

Fixed rate mortgage loans

 

$

384,734

 

 

$

455,411

 

Variable-rate mortgage loans

 

 

34,061

 

 

 

34,998

 

Fixed rate unsecured public debt

 

 

3,047,715

 

 

 

2,754,322

 

Fixed rate unsecured private debt

 

 

191,894

 

 

 

190,430

 

Unsecured credit facilities:

 

 

 

 

 

 

 

 

Revolving line of credit

 

 

-

 

 

 

220,000

 

Term Loans (4)

 

 

264,680

 

 

 

264,383

 

Total

 

$

3,923,084

 

 

$

3,919,544

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities (1)

 

 

Total

 

 

Weighted Average

Contractual

Interest Rate

on Maturities

 

2021

 

$

11,598

 

 

 

31,562

 

 

 

-

 

 

 

43,160

 

 

1.93%

 

2022

 

 

11,797

 

 

 

5,848

 

 

 

265,000

 

(4)

 

282,645

 

 

2.12%

 

2023

 

 

10,124

 

 

 

65,724

 

 

 

-

 

 

 

75,848

 

 

3.18%

 

2024

 

 

5,301

 

 

 

90,744

 

 

 

250,000

 

 

 

346,045

 

 

3.70%

 

2025

 

 

4,207

 

 

 

40,000

 

 

 

250,000

 

 

 

294,207

 

 

3.79%

 

2026

 

 

4,420

 

 

 

88,000

 

 

 

200,000

 

 

 

292,420

 

 

3.83%

 

2027

 

 

4,312

 

 

 

32,915

 

 

 

525,000

 

 

 

562,227

 

 

3.63%

 

2028

 

 

3,350

 

 

 

170

 

 

 

300,000

 

 

 

303,520

 

 

4.13%

 

2029

 

 

602

 

 

 

146

 

 

 

425,000

 

 

 

425,748

 

 

2.95%

 

2030

 

 

633

 

 

 

-

 

 

 

600,000

 

 

 

600,633

 

 

3.70%

 

>10 years

 

 

4,188

 

 

 

72

 

 

 

725,000

 

 

 

729,260

 

 

4.50%

 

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

 

 

-

 

 

 

3,082

 

 

 

(35,711

)

 

 

(32,629

)

 

 

 

 

 

 

$

60,532

 

 

 

358,263

 

 

 

3,504,289

 

 

 

3,923,084

 

 

3.70%

 

 

Percentage of Total Debt:

 

12/31/2020

 

 

12/31/2019

 

Fixed

 

99.1%

 

 

93.5%

 

Variable

 

0.9%

 

 

6.5%

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(2)

 

 

 

 

 

 

 

 

Fixed

 

3.7%

 

 

3.8%

 

Variable

 

1.2%

 

 

2.6%

 

Combined

 

3.7%

 

 

3.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rate:(3)

 

 

 

 

 

 

 

 

Combined

 

3.9%

 

 

3.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

 

 

 

 

Fixed

 

 

10.1

 

 

10.3

 

Variable

 

 

1.2

 

 

2.2

 

 

(1)

Includes unsecured public and private placement debt, unsecured term loan, and 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.

 

(4)

The $265 million Term loan was repaid in full on January 15, 2021.

 

 

 

Supplemental Information

11

 

 

Summary of Consolidated Debt

December 31, 2020 and 2019

(in thousands)

 

 

 

 

Contractual

 

 

 

Effective

 

 

 

 

 

 

 

 

 

 

 

Lender

 

Collateral

 

Rate

 

 

 

Rate(1)

 

 

Maturity

 

12/31/2020

 

 

12/31/2019

 

Secured Debt - Fixed Rate Mortqaqe Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson Pilot

 

BridgeMill

 

7.94%

 

 

 

 

 

 

 

05/05/21

 

$

4,012

 

 

$

4,582

 

John Hancock Life Insurance Company

 

Kirkwood Commons

 

7.68%

 

 

 

 

 

 

 

10/01/22

 

 

7,302

 

 

 

8,050

 

Wells Fargo

 

Hewlett I

 

4.41%

 

 

 

 

 

 

 

01/06/23

 

 

9,235

 

 

 

9,400

 

TD Bank

 

Black Rock Shopping Center

 

2.80%

 

 

 

 

 

 

 

04/01/23

 

 

19,405

 

 

 

19,767

 

State Farm Life Insurance Company

 

Tech Ridge Center

 

5.83%

 

 

 

 

 

 

 

06/01/23

 

 

3,346

 

 

 

4,554

 

American United Life Insurance Company

 

Westport Plaza

 

7.49%

 

 

 

 

 

 

 

08/01/23

 

 

2,098

 

 

 

2,385

 

TD Bank

 

Brickwalk Shopping Center

 

3.19%

 

 

 

 

 

 

 

11/01/23

 

 

32,369

 

 

 

32,952

 

Genworth Life Insurance Company

 

Aventura, Oakbrook & Treasure Coast

 

6.50%

 

 

 

 

 

 

 

02/28/24

 

 

9,525

 

 

 

12,067

 

Prudential Insurance Company of America

 

4S Commons Town Center

 

3.50%

 

 

 

 

 

 

 

06/05/24

 

 

84,191

 

 

 

85,000

 

Ellis Partners

 

Pruneyard

 

4.00%

 

 

 

 

 

 

 

06/30/24

 

 

2,200

 

 

 

2,200

 

Great-West Life & Annuity Insurance Co

 

Erwin Square

 

3.78%

 

 

 

 

 

 

 

09/01/24

 

 

10,000

 

 

 

10,000

 

PNC Bank

 

Circle Marina Center

 

2.54%

 

 

 

 

 

 

 

03/17/25

 

 

24,000

 

 

 

24,000

 

Prudential Insurance Company of America

 

Country Walk Plaza

 

3.91%

 

 

 

 

 

 

 

11/05/25

 

 

16,000

 

 

 

-

 

Metropolitan Life Insurance Company

 

Westbury Plaza

 

3.76%

 

 

 

 

 

 

 

02/01/26

 

 

88,000

 

 

 

88,000

 

PNC Bank

 

Fellsway Plaza

 

4.07%

 

 

 

 

 

 

 

06/02/27

 

 

36,590

 

 

 

37,166

 

New York Life Insurance

 

Oak Shade Town Center

 

6.05%

 

 

 

 

 

 

 

05/10/28

 

 

6,301

 

 

 

6,954

 

New York Life Insurance

 

Von's Circle Center

 

5.20%

 

 

 

 

 

 

 

10/10/28

 

 

6,434

 

 

 

7,083

 

New York Life Insurance

 

Copps Hill Plaza

 

6.06%

 

 

 

 

 

 

 

01/01/29

 

 

11,258

 

 

 

12,306

 

City of Rollingwood

 

Shops at Mira Vista

 

8.00%

 

 

 

 

 

 

 

03/01/32

 

 

204

 

 

 

215

 

Reliastar Life Insurance Company

 

Circle Center West

 

5.01%

 

 

 

 

 

 

 

10/01/36

 

 

9,143

 

 

 

9,513

 

CUNA Mutual Insurance Society

 

Ocala Corners

 

6.45%

 

 

 

 

 

 

 

04/01/20

 

 

-

 

 

 

3,891

 

Nationwide Bank

 

Kent Place

 

3.30%

 

 

 

 

 

 

 

04/01/20

 

 

-

 

 

 

8,250

 

New York Life Insurance Company

 

Scripps Ranch Marketplace

 

3.80%

 

 

 

 

 

 

 

11/10/20

 

 

-

 

 

 

27,000

 

Wells Fargo

 

University Commons

 

5.50%

 

 

 

 

 

 

 

01/10/21

 

 

-

 

 

 

35,824

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

3,121

 

 

 

4,252

 

Total Fixed Rate Mortgage Loans

 

3.97%

 

 

 

3.79%

 

 

 

 

$

384,734

 

 

$

455,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

-

 

Debt Offering (1/17/17)

 

Fixed-rate unsecured

 

4.40%

 

 

 

 

 

 

 

02/01/47

 

 

425,000

 

 

 

425,000

 

Debt Offering (3/6/19)

 

Fixed-rate unsecured

 

4.65%

 

 

 

 

 

 

 

03/15/49

 

 

300,000

 

 

 

300,000

 

Term Loan

 

Fixed-rate unsecured

 

2.00%

 

(2)

 

 

 

 

 

01/05/22

 

 

265,000

 

 

 

265,000

 

Revolving Line of Credit

 

Variable-rate unsecured

 

LIBOR + 0.875%

 

(3)

 

 

 

 

 

03/23/22

 

 

-

 

 

 

220,000

 

Debt Offering (10/22/12)

 

Fixed-rate unsecured

 

3.75%

 

 

 

 

 

 

 

11/15/22

 

 

-

 

 

 

300,000

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,711

)

 

 

(30,865

)

Total Unsecured Debt, Net of Discounts

 

3.70%

 

 

 

3.83%

 

 

 

 

$

3,504,289

 

 

$

3,429,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Rate Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PNC Bank

 

Market at Springwoods Village

 

LIBOR + 1.50%

 

 

 

 

 

 

 

03/28/23

 

$

6,350

 

 

$

7,350

 

TD Bank, N.A.

 

Concord Shopping Plaza

 

LIBOR + 0.95%

 

 

 

 

 

 

 

12/21/21

 

 

27,750

 

 

 

27,750

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(39

)

 

 

(102

)

Total Variable Rate Mortgage Loans

 

1.21%

 

 

 

1.39%

 

 

 

 

$

34,061

 

 

$

34,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

3.70%

 

 

 

3.91%

 

 

 

 

$

3,923,084

 

 

$

3,919,544

 

 

(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)

The interest rate on the underlying debt is LIBOR + 0.95%, with an interest rate swap in place to fix the interest rate on the entire $265 million balance at 2.00% through maturity.  On January 15, 2021, the $265 million Term loan was repaid in full, as well as the related interest rate swap.

(3)

On February 9, 2021, the maturity date on the line of credit was extended to March 23, 2025, retaining the same overall borrowing capacity and credit-based interest spread.  Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option.

 

Supplemental Information

12

 

 

Summary of Unsecured Debt Covenants and Leverage Ratios

December 31, 2020

(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

 

12/31/2020

 

9/30/2020

 

6/30/2020

 

3/31/2020

 

12/31/2019

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

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Debt to Total Consolidated Assets

 

≤ 65%

 

29%

 

30%

 

31%

 

31%

 

29%

Secured Consolidated Debt to Total Consolidated Assets

 

≤ 40%

 

3%

 

4%

 

4%

 

4%

 

4%

Consolidated Income for Debt Service to Consolidated Debt Service

 

≥ 1.5x

 

4.2x

 

4.3x

 

4.3x

 

5.1x

 

5.4x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt

 

>150%

 

345%

 

344%

 

328%

 

327%

 

356%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios:

 

 

 

12/31/2020

 

9/30/2020

 

6/30/2020

 

3/31/2020

 

12/31/2019

Consolidated only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

31.3%

 

36.4%

 

32.2%

 

36.0%

 

26.4%

Net debt to real estate assets, before depreciation

 

 

 

30.5%

 

31.7%

 

31.8%

 

31.6%

 

32.7%

Net debt to total assets, before depreciation

 

 

 

28.2%

 

29.3%

 

29.2%

 

29.0%

 

29.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

5.4x

 

5.4x

 

5.1x

 

4.8x

 

4.9x

Fixed charge coverage

 

 

 

4.1x

 

4.3x

 

4.6x

 

5.0x

 

5.0x

Interest coverage

 

 

 

4.3x

 

4.6x

 

4.9x

 

5.3x

 

5.3x

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured assets to total real estate assets

 

 

 

89.6%

 

88.5%

 

88.8%

 

88.6%

 

88.6%

Unsecured NOI to total NOI - TTM

 

 

 

90.4%

 

89.5%

 

90.2%

 

90.0%

 

90.0%

Unencumbered assets to unsecured debt

 

 

 

284%

 

282%

 

260%

 

247%

 

287%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-Rata Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

34.4%

 

39.6%

 

35.2%

 

39.1%

 

29.0%

Net debt to real estate assets, before depreciation

 

 

 

32.6%

 

33.7%

 

33.7%

 

33.5%

 

34.6%

Net debt to total assets, before depreciation

 

 

 

30.1%

 

31.0%

 

31.0%

 

30.8%

 

31.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

6.0x

 

5.9x

 

5.6x

 

5.3x

 

5.4x

Fixed charge coverage

 

 

 

3.6x

 

3.7x

 

4.0x

 

4.3x

 

4.3x

Interest coverage

 

 

 

3.9x

 

4.1x

 

4.4x

 

4.7x

 

4.7x

 

(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, 2020 and 2019

(in thousands)

 

Total Debt Outstanding:

 

12/31/2020

 

 

12/31/2019

 

Mortgage loans payable:

 

 

 

 

 

 

 

 

Fixed rate secured loans

 

$

1,424,103

 

 

$

1,441,840

 

Variable rate secured loans

 

 

117,305

 

 

 

115,992

 

Unsecured credit facilities variable rate

 

 

15,635

 

 

 

19,635

 

Total

 

$

1,557,043

 

 

$

1,577,467

 

 

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

 

2021

 

$

11,257

 

 

 

333,068

 

 

 

15,635

 

 

 

359,960

 

 

 

124,100

 

 

4.38%

 

2022

 

 

7,736

 

 

 

254,873

 

 

 

-

 

 

 

262,609

 

 

 

97,465

 

 

3.76%

 

2023

 

 

3,196

 

 

 

171,608

 

 

 

-

 

 

 

174,804

 

 

 

65,137

 

 

4.76%

 

2024

 

 

1,796

 

 

 

33,690

 

 

 

-

 

 

 

35,486

 

 

 

14,217

 

 

3.89%

 

2025

 

 

2,168

 

 

 

146,000

 

 

 

-

 

 

 

148,168

 

 

 

44,853

 

 

3.59%

 

2026

 

 

2,390

 

 

 

79,286

 

 

 

-

 

 

 

81,676

 

 

 

32,551

 

 

3.83%

 

2027

 

 

2,364

 

 

 

137,800

 

 

 

-

 

 

 

140,164

 

 

 

32,950

 

 

3.53%

 

2028

 

 

2,258

 

 

 

62,450

 

 

 

-

 

 

 

64,708

 

 

 

22,555

 

 

4.26%

 

2029

 

 

1,710

 

 

 

60,000

 

 

 

-

 

 

 

61,710

 

 

 

12,550

 

 

4.34%

 

2030

 

 

763

 

 

 

179,288

 

 

 

-

 

 

 

180,051

 

 

 

69,960

 

 

2.93%

 

>10 Years

 

 

1,374

 

 

 

55,497

 

 

 

-

 

 

 

56,871

 

 

 

21,374

 

 

4.12%

 

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

 

 

-

 

 

 

(9,164

)

 

 

-

 

 

 

(9,164

)

 

 

(3,054

)

 

 

 

 

 

 

$

37,012

 

 

 

1,504,396

 

 

 

15,635

 

 

 

1,557,043

 

 

 

534,658

 

 

3.94%

 

 

Percentage of Total Debt:

 

12/31/2020

 

 

12/31/2019

 

Fixed

 

91.5%

 

 

91.4%

 

Variable

 

8.5%

 

 

8.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(1)

 

 

 

 

 

 

 

 

Fixed

 

4.1%

 

 

4.5%

 

Variable

 

2.4%

 

 

3.9%

 

Combined

 

3.9%

 

 

4.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rates:(2)

 

 

 

 

 

 

 

 

Combined

 

4.1%

 

 

4.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

 

 

 

 

Fixed

 

 

4.4

 

 

 

4.1

 

Variable

 

 

1.1

 

 

 

0.6

 

 

(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, 2020

(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

 

 

12/31/2020

 

 

Pick-up

 

State of Oregon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-C, JV-C2)

 

 

20

 

 

 

2,219

 

 

$

513,366

 

 

$

244,199

 

 

20.00%

 

 

$

48,840

 

 

$

46,581

 

 

$

2,075

 

(JV-CCV)

 

 

1

 

 

 

558

 

 

 

94,551

 

 

 

59,955

 

 

30.00%

 

 

 

17,986

 

 

 

10,108

 

 

 

757

 

 

 

 

21

 

 

 

2,777

 

 

 

607,917

 

 

 

304,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GRI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-GRI)

 

 

67

 

 

 

8,652

 

 

 

1,583,097

 

 

 

909,234

 

 

40.00%

 

 

 

363,694

 

 

 

179,728

 

 

 

25,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CalSTRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-RC)

 

 

6

 

 

 

611

 

 

 

107,283

 

 

 

-

 

 

25.00%

 

 

 

-

 

 

 

25,908

 

 

 

1,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYSCRF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-NYC)

 

 

4

 

 

 

971

 

 

 

205,332

 

 

 

113,998

 

 

30.00%

 

 

 

34,199

 

 

 

27,627

 

 

 

488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USAA (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-USA)

 

 

7

 

 

 

683

 

 

 

85,006

 

 

 

104,161

 

 

20.01%

 

 

 

20,840

 

 

 

(4,401

)

 

 

790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Publix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-O)

 

 

2

 

 

 

211

 

 

 

25,689

 

 

 

-

 

 

50.00%

 

 

 

-

 

 

 

12,786

 

 

 

1,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

 

2

 

 

 

249

 

 

 

127,716

 

 

 

-

 

 

49.90%

 

 

 

-

 

 

 

63,010

 

 

 

315

 

Town and Country Center (2)

 

 

1

 

 

 

230

 

 

 

205,457

 

 

 

91,001

 

 

35.00%

 

 

 

31,850

 

 

 

39,239

 

 

 

(74

)

Others

 

 

4

 

 

 

499

 

 

 

119,730

 

 

 

34,495

 

 

50.00%

 

 

 

17,249

 

 

 

62,168

 

 

 

1,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

14,883

 

 

$

3,067,227

 

 

$

1,557,043

 

 

 

 

 

 

$

534,658

 

 

$

462,754

 

 

$

34,169

 

 

(1)

The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment resulting in a negative investment balance, which is classified within Accounts Payable and Other Liabilities in the Consolidated Balance Sheets.

(2)

In January 2020, we purchased an additional 16.6% interest in Town and Country Center, bringing our total ownership interest to 35%.

 

 

Supplemental Information

15

 

 

Property Transactions

December 31, 2020

(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)

Jan-20

Country Walk Plaza (1)

NYCRF (70%)

Miami, FL

101

$27,740

 

Publix, CVS

 

Property Total

 

101

$27,740

4.8%

 

 

 

Dispositions:

 

Date

Property Name

Co-investment Partner (REG %)

Market

Total

GLA

Regency's

Share of

Purchase Price

 

Weighted Average

Cap Rate

 

Anchor(s)

Jan-20

Young Circle Shopping Center

 

Hollywood, FL

65

$

15,750

 

 

 

 

Walgreens

Jan-20

Stonewall Shopping Center

 

Gainesville, VA

315

 

82,625

 

 

 

 

Wegmans, Dick's Sporting Goods, Staples, Bed Bath & Beyond, Michael's, Ross Dress For Less

Apr-20

Kent Place

Other (50%)

Denver, CO

48

 

9,825

 

 

 

 

King Soopers

Oct-20

Whole Foods at Swampscott

 

Boston, MA

36

 

19,250

 

 

 

 

Whole Foods

Oct-20

Jefferson Square

 

La Quinta, CA

38

 

6,000

 

 

 

 

--

Nov-20

Stonebrook Plaza

GRI (40%)

Chicago, IL

96

 

5,760

 

 

 

 

Jewel

Nov-20

Old Conneticut Path

NYCR (30%)

Boston, MA

80

 

7,050

 

 

 

 

Stop & Shop

Dec-20

South Bay Village

 

Los Angeles, CA

108

 

39,750

 

 

 

 

Homegoods, Wal-Mart, Orchard Supply

 

Income Producing Outparcel(s)

 

 

 

 

4,760

 

 

 

 

 

 

Property/Outparcel(s) Total

 

786

$

190,770

 

5.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Income Producing Land Total

 

 

$

18,570

 

 

 

 

 

 

(1)

REG closed on the purchase of its partner’s New York Common Retirement Fund (“NYCRF”), 70% interest.  Upon closing this asset became 100% REG owned.

 

 

 

 

Supplemental Information

16

 

 

 

Summary of In-Process Developments and Redevelopments

December 31, 2020

(in thousands)

 

In-Process Developments and Redevelopments 1

 

Shopping Center Name

 

Market

 

Grocer/Anchor Tenant

 

GLA

 

 

% Leased

 

 

Project

Start

 

Est Initial Rent

Commencement(a)

 

Est Stabilization

Year(b)

 

REG'S Est Net

Project Costs

 

 

% of Costs

Incurred

 

 

Stabilized

Yield +/-©

 

Carytown Exchange 2

 

Richmond, VA

 

Publix

 

 

46

 

 

80%

 

 

Q4-2018

 

2H-2020

 

2023

 

 

19,595

 

 

65%

 

 

5%

 

East San Marco 2

 

Jacksonville, FL

 

Publix

 

 

59

 

 

74%

 

 

Q4-2020

 

2H-2022

 

2024

 

 

19,519

 

 

23%

 

 

7%-8%

 

Eastfield at Baybrook 2

 

Houston, TX

 

H.E.B.

 

 

53

 

 

100%

 

 

Q4-2020

 

2H-2021

 

2022

 

 

2,337

 

 

84%

 

 

7%

 

Bloomingdale Square

 

Tampa, FL

 

Publix, LA Fitness

 

 

252

 

 

94%

 

 

Q3-2018

 

2H-2019

 

2022

 

 

21,327

 

 

88%

 

 

8%-9%

 

Market Common Clarendon

 

Metro, DC

 

Retail/Office Users

 

 

130

 

 

3%

 

 

Q4-2018

 

2H-2022

 

2024

 

 

57,691

 

 

54%

 

 

8%-9%

 

Point 50

 

Metro, DC

 

Grocer

 

 

48

 

 

96%

 

 

Q4-2018

 

2H-2020

 

2023

 

 

17,664

 

 

84%

 

 

7.8%

 

The Abbot

 

Boston, MA

 

Retail/Office Users

 

 

65

 

 

23%

 

 

Q2-2019

 

2H-2022

 

2024

 

 

55,420

 

 

47%

 

 

8%-9%

 

Sheridan Plaza

 

Hollywood, FL

 

Publix, Burlington

 

 

506

 

 

94%

 

 

Q3-2019

 

2H-2020

 

2022

 

 

12,115

 

 

50%

 

 

9%-10%

 

West Bird Plaza

 

Miami, FL

 

Publix

 

 

99

 

 

99%

 

 

Q4-2019

 

2H-2021

 

2022

 

 

10,338

 

 

50%

 

 

7%

 

Preston Oaks 2

 

Dallas, TX

 

H.E.B.

 

 

103

 

 

74%

 

 

Q4-2020

 

2H-2021

 

2023

 

 

22,327

 

 

24%

 

 

6%

 

Serramonte Center

 

San Francisco, CA

 

Macy's/Target/Dick's Sporting Goods/

Ross/Nordstrom Rack

 

 

917

 

 

88%

 

 

Q4-2020

 

2H-2021

 

2026

 

 

55,000

 

 

22%

 

 

5%

 

Various Redevelopments (est costs < $10 million individually)

 

 

 

 

 

 

1,555

 

 

96%

 

 

 

 

 

 

 

 

 

26,010

 

 

36%

 

 

11%

 

Total In-Process (In Construction)

 

 

3,833

 

 

88%

 

 

 

 

 

 

 

 

$

319,342

 

 

46%

 

 

7%-8%

 

 

In Process Development and Redevelopment Descriptions

Carytown Exchange

 

Located in Richmond's most desirable retail corridor, Carytown is a ground up development anchored by Publix and complemented by street retail and structured parking. Construction on Publix, Shop Bldg E, Shop Bldg B and structured parking continue as planned. Project scope now includes construction and leasing of the multi-tenant Building B. Further value creation in the form of additional multi-tenant buildings will remain under review.

East San Marco

 

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

Eastfield at Baybrook

 

Ground-up development in Houston,TX, featuring the market's leading grocer, H.E.B. The scope for Phase 1A calls for H.E.B. to construct a 106k SF grocery store, along with a fuel center/carwash.

Bloomingdale Square

 

Reconfiguration of the former Walmart box for the relocation and expansion of Publix and HOME centric; backfilling the former Publix box with LA Fitness; construction of an additional 14K SF retail shop building; facade renovations and enhancements to remaining center.

Market Common Clarendon

 

Redevelopment of vacant 1960's era office building into a 130K SF modern, mixed-use building, three floors of creative office, and ground floor retail to complement the existing dominant, mixed-use center in Arlington, VA.

Point 50

 

Redevelopment includes the demolition of a deteriorated center and develop new 30K SF identified Grocer, and 18K SF of shop space.

The Abbot

 

Generational redevelopment and modernization of 3 historic buildings in the heart of Harvard Square into mixed-use project with retail and office. Entire $1.1M of the property NOI came offline in early 2019 with no NOI in 2020. Construction in Cambridge was halted in late March 2020. Since the ban was lifted effective June 1st 2020, construction has resumed to complete the ground up building.

Sheridan Plaza

 

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

West Bird Plaza

 

Redevelopment includes the demolition of Publix and adjacent CVS space and construct new 48K SF Publix; update façade and additional site work improvements.

Preston Oaks

 

Redevelopment includes substantial rebuild following tornado damage of a 101,000 SF, H.E.B. Central Market anchored shopping center located in Dallas, TX. Redevelopment spend is reimbursable through insurance proceeds.

Serramonte Center

 

Redevelopment includes continued densification and enhancement of a premier location and A mall that includes addition of new retail that willl augment the evolving merchandising mix, a new hotel by a best-in-class developer on a ground lease and redevelopment of  the former J.C. Penney space. Redevelopment represents multiple phases occuring over approximately 4 years, with expected stabilization around 2026.

Various Redevelopments (est costs < $10 million individually)

 

Various Redevelopment properties where estimated incremental costs are less than $10 Million.

 

(1)

Scope, economics and timing of development and redevelopment projects could change materially from estimates provided.  Amounts reported are at Regency’s pro-rata share.

(2)

Ground up development or redevelopment that is excluded from the Same Property NOI pool.

Note: Regency’s Estimated Net GAAP Project Costs, after additional interest and overhead capitalization, are $331,370 for ground up Developments and Redevelopments In-Process. Percent of costs incurred is 46% for Developments and Redevelopments In-Process.

(a)

Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.

(b)

Estimated Stabilization Year represents the estimated first full calendar year that the project will reach the stated stabilized yield.

(c)

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

 

 

Supplemental Information

17

 

 

Major Developments and Redevelopments Pipeline and Current Year Completions

December 31, 2020

(in thousands)

 

Select Operating Properties with Near Term Developments and Redevelopment*

Shopping Center Name

 

Market

 

GLA

 

 

% Leased

 

 

Est Project Start

 

REG’s Est Net

Project Costs

 

Current Description

Westbard Square

 

Bethesda, MD

 

 

213

 

 

87%

 

 

2021

 

$110,000 - $125,000

 

Redevelopment of a dated multi-parcel project which consists of a Giant anchored retail center, a 3 level garden office building, 2 gas stations, and a vacant senior housing building into a vibrant mixed-use project consisting of 170K SF of new retail anchored by Giant, 200 units of apartments, 100 units of assisted living, and ~100 for-sale townhomes. Estimated incremental project costs include Regency's non-retail co-investment. The core entitlements have been attained, and the project's timing, stabilization and economics are being further analyzed.

Hancock Center

 

Austin, TX

 

 

410

 

 

55%

 

 

2021

 

$55,000 - $65,000

 

Transformative adaptive reuse of former Sears building (Sears rent ceased in 2/2019) into office and/or retail. Project has intrinsic demand for various commercial uses in this desirable infill market. Several transaction structures are being contemplated including a JV, ground lease or sale.

Town and Country Center

 

Los Angeles, CA

 

 

230

 

 

37%

 

 

2022

 

$20,000 - $30,000

 

Redevelopment of former 3-level K-Mart box with new retail below 325 mid-rise apartments on a ground lease. Effective January 2020, Regency purchased an additional 16.6% interest, bringing total ownership interest to 35%. As we continue to advance entitlements and position this redevelopment to start, economics and timing of project are being further analyzed.

Costa Verde Center

 

San Diego, CA

 

 

179

 

 

77%

 

 

2022

 

$175,000 - $200,000

 

Large-scale redevelopment of existing Shopping Center with new retail, office, hotel (on a ground lease) and structured parking, adjacent to new transit station.   Entitlements for 575,000 sf of commercial space (retail/office) and a 200 room hotel were approved in December 2020.  The project's precise scope, timing, stabilzation and economics are being further analyzed.

Gateway Plaza at Aventura

 

Miami, FL

 

 

30

 

 

0%

 

 

2022

 

$10,000 - $15,000

 

Located on Biscayne Boulevard in a vibrant sub-market of Miami, project will redevelop existing retail (former Babies R Us box) with potential to add a grocer to the center and additional retail GLA.  The project's timing, stabilization and economics are being further analyzed.

 

 

Current Year Development and Redevelopment Completions

 

Shopping Center Name

 

Market

 

GLA

 

 

% Leased

 

 

Project

Start

 

Est Initial Rent

Commencement

 

Est Stabilization

Year

 

REG's Est Net

Project Costs

 

 

% of Costs

Incurred

 

 

Incremental

Stabilized Yield

 

The Village at Hunter's Lake

 

Tampa, FL

 

 

72

 

 

100%

 

 

Q4-2018

 

2H-2020

 

2021

 

 

21,442

 

 

93%

 

 

8%

 

Pablo Plaza Ph. II

 

Jacksonville, FL

 

 

157

 

 

98%

 

 

Q4-2018

 

1H-2021

 

2022

 

 

14,627

 

 

92%

 

 

6%

 

Various Redevelopments (est costs < $10 million individually)

 

 

 

 

1,750

 

 

92%

 

 

 

 

 

 

 

 

 

35,376

 

 

95%

 

 

8%

 

Total Completions

 

 

1,978

 

 

92%

 

 

 

 

 

 

 

 

 

71,445

 

 

94%

 

 

8%

 

 

 

*Selection reflects material under earning assets. Selection does not incorporate all pipeline opportunities.

Note: Scope, economics and timing of development and redevelopment program and projects could change materially from estimates provided.

 

 

 

Supplemental Information

18

 

 

 

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

December 31, 2020

(Retail Operating Properties Only)

 

 

Leasing Statistics - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Leasing

Transactions

 

 

GLA

(in 000s)

 

 

New Base

Rent/Sq. Ft

 

 

Rent Spread %

 

 

Weighted Avg.

Lease Term

 

 

Tenant

Allowance

and Landlord

Work/Sq. Ft.

 

4th Quarter 2020

 

 

413

 

 

 

1,662

 

 

$

24.55

 

 

0.6%

 

 

 

6.1

 

 

$

7.72

 

3rd Quarter 2020

 

 

335

 

 

 

1,414

 

 

 

23.48

 

 

1.2%

 

 

 

4.9

 

 

 

3.23

 

2nd Quarter 2020

 

 

185

 

 

 

1,307

 

 

 

17.15

 

 

4.0%

 

 

 

6.5

 

 

 

1.64

 

1st Quarter 2020

 

 

313

 

 

 

1,471

 

 

 

22.16

 

 

4.1%

 

 

 

5.4

 

 

 

2.42

 

Total - 12 months

 

 

1,246

 

 

 

5,854

 

 

$

22.04

 

 

2.2%

 

 

 

5.7

 

 

$

3.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases

 

Leasing

Transactions

 

 

GLA

(in 000s)

 

 

New Base

Rent/Sq. Ft

 

 

Rent Spread %

 

 

Weighted Avg.

Lease Term

 

 

Tenant

Allowance

and Landlord

Work/Sq. Ft.

 

4th Quarter 2020

 

91

 

 

 

316

 

 

$

25.34

 

 

1.7%

 

 

 

9.0

 

 

$

37.06

 

3rd Quarter 2020

 

72

 

 

 

183

 

 

 

31.80

 

 

-3.4%

 

 

 

7.0

 

 

 

19.97

 

2nd Quarter 2020

 

23

 

 

 

121

 

 

 

15.23

 

 

20.1%

 

 

 

12.9

 

 

 

8.00

 

1st Quarter 2020

 

61

 

 

 

144

 

 

 

32.93

 

 

-0.9%

 

 

 

7.7

 

 

 

19.81

 

Total - 12 months

 

 

247

 

 

 

764

 

 

$

26.34

 

 

1.3%

 

 

 

9.0

 

 

$

24.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

Leasing

Transactions

 

 

GLA

(in 000s)

 

 

New Base

Rent/Sq. Ft

 

 

Rent Spread %

 

 

Weighted Avg.

Lease Term

 

 

Tenant

Allowance

and Landlord

Work/Sq. Ft.

 

4th Quarter 2020

 

 

322

 

 

 

1,346

 

 

$

24.35

 

 

0.3%

 

 

 

5.4

 

 

$

0.49

 

3rd Quarter 2020

 

 

263

 

 

 

1,231

 

 

 

22.40

 

 

2.2%

 

 

 

4.6

 

 

 

1.04

 

2nd Quarter 2020

 

 

162

 

 

 

1,185

 

 

 

17.38

 

 

2.6%

 

 

 

5.7

 

 

 

0.88

 

1st Quarter 2020

 

 

252

 

 

 

1,327

 

 

 

21.01

 

 

4.9%

 

 

 

5.1

 

 

 

0.56

 

Total - 12 months

 

 

999

 

 

 

5,089

 

 

$

21.38

 

 

2.4%

 

 

 

5.2

 

 

$

0.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2020

 

 

480

 

 

 

2,153

 

 

$

23.01

 

 

 

 

 

 

 

6.0

 

 

$

9.37

 

3rd Quarter 2020

 

 

404

 

 

 

1,660

 

 

 

23.78

 

 

 

 

 

 

 

4.9

 

 

 

5.61

 

2nd Quarter 2020

 

 

228

 

 

 

1,491

 

 

 

18.07

 

 

 

 

 

 

 

6.2

 

 

 

2.75

 

1st Quarter 2020

 

 

370

 

 

 

1,651

 

 

 

22.64

 

 

 

 

 

 

 

5.5

 

 

 

5.28

 

Total - 12 months

 

 

1,482

 

 

 

6,955

 

 

$

22.10

 

 

 

 

 

 

 

5.6

 

 

$

6.11

 

 

Notes:

•

All amounts reported at execution.

•

Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.

•

Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all teasing transactions, including spaces vacant > 12 months.

•

Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements.

•

Excludes Non-Retail Properties

 

 

 

 

Supplemental Information

19

 

 

 

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

December 31, 2020

(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

 

New York-Newark-Jersey City

 

16

 

 

 

1,738

 

 

 

90.9

%

 

$

60,647

 

 

$

38.40

 

 

 

3.9

%

 

 

4.1

%

 

 

6.8

%

Los Angeles-Long Beach-Anaheim

 

25

 

 

 

2,452

 

 

 

94.3

%

 

 

66,329

 

 

 

28.67

 

 

 

6.1

%

 

 

5.8

%

 

 

7.4

%

Chicago-Naperville-Elgin

 

10

 

 

 

1,590

 

 

 

95.2

%

 

 

29,478

 

 

 

19.48

 

 

 

2.4

%

 

 

3.8

%

 

 

3.3

%

Dallas-Fort Worth-Arlington

 

12

 

 

 

773

 

 

 

91.0

%

 

 

15,303

 

 

 

21.75

 

 

 

2.9

%

 

 

1.8

%

 

 

1.7

%

Houston-Woodlands-Sugar Land

 

14

 

 

 

1,642

 

 

 

96.2

%

 

 

29,532

 

 

 

18.71

 

 

 

3.4

%

 

 

3.9

%

 

 

3.3

%

Washington-Arlington-Alexandri

 

27

 

 

 

1,880

 

 

 

87.7

%

 

 

46,020

 

 

 

27.92

 

 

 

6.6

%

 

 

4.5

%

 

 

5.1

%

Philadelphia-Camden-Wilmington

 

8

 

 

 

696

 

 

 

90.2

%

 

 

14,437

 

 

 

23.00

 

 

 

1.9

%

 

 

1.6

%

 

 

1.6

%

Miami-Ft Lauderdale-PompanoBch

 

44

 

 

 

5,373

 

 

 

91.0

%

 

 

104,186

 

 

 

21.31

 

 

 

10.7

%

 

 

12.7

%

 

 

11.7

%

Atlanta-SandySprings-Alpharett

 

22

 

 

 

2,065

 

 

 

91.5

%

 

 

42,197

 

 

 

22.34

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

Phoenix-Mesa-Chandler

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

Boston-Cambridge-Newton

 

 

8

 

 

 

898.02

 

 

 

90.7

%

 

 

20,355

 

 

 

24.99

 

 

 

1.9

%

 

 

2.1

%

 

 

2.3

%

San Francisco-Oakland-Berkeley

 

22

 

 

 

3,780

 

 

 

87.5

%

 

 

100,228

 

 

 

30.29

 

 

 

5.4

%

 

 

8.9

%

 

 

11.2

%

Rvrside-San Bernardino-Ontario

 

1

 

 

 

99

 

 

 

100.0

%

 

 

3,010

 

 

 

30.48

 

 

 

0.2

%

 

 

0.2

%

 

 

0.3

%

Detroit-Warren-Dearborn

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

Seattle-Tacoma-Bellevue

 

16

 

 

 

1,164

 

 

 

96.6

%

 

 

31,096

 

 

 

27.64

 

 

 

3.9

%

 

 

2.8

%

 

 

3.5

%

Minneapol-St. Paul-Bloomington

 

5

 

 

 

205

 

 

 

98.5

%

 

 

3,511

 

 

 

17.41

 

 

 

1.2

%

 

 

0.5

%

 

 

0.4

%

San Diego-Chula Vista-Carlsbad

 

11

 

 

 

1,541

 

 

 

93.7

%

 

 

42,149

 

 

 

29.19

 

 

 

2.7

%

 

 

3.6

%

 

 

4.7

%

Tampa-St Petersburg-Clearwater

 

9

 

 

 

1,290

 

 

 

92.3

%

 

 

23,049

 

 

 

19.34

 

 

 

2.2

%

 

 

3.1

%

 

 

2.6

%

Denver-Aurora-Lakewood

 

11

 

 

 

939

 

 

 

94.5

%

 

 

13,660

 

 

 

15.40

 

 

 

2.7

%

 

 

2.2

%

 

 

1.5

%

St. Louis

 

4

 

 

 

408

 

 

 

100.0

%

 

 

4,402

 

 

 

10.78

 

 

 

1.0

%

 

 

1.0

%

 

 

0.5

%

Baltimore-Columbia-Towson

 

5

 

 

 

357

 

 

 

90.6

%

 

 

7,683

 

 

 

23.76

 

 

 

1.2

%

 

 

0.8

%

 

 

0.9

%

Charlotte-Concord-Gastonia

 

4

 

 

 

232

 

 

 

87.2

%

 

 

4,414

 

 

 

21.79

 

 

 

1.0

%

 

 

0.5

%

 

 

0.5

%

Orlando-Kissimmee-Sanford

 

8

 

 

 

809

 

 

 

94.5

%

 

 

13,915

 

 

 

18.19

 

 

 

1.9

%

 

 

1.9

%

 

 

1.6

%

San Antonio-New Braunfels

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

 

--

 

Portland-Vancouver-Hillsboro

 

5

 

 

 

436

 

 

 

95.8

%

 

 

8,475

 

 

 

20.28

 

 

 

1.2

%

 

 

1.0

%

 

 

0.9

%

Top 25 CBSAs by Population

 

287

 

 

 

30,367

 

 

 

92.0

%

 

$

684,075

 

 

$

23.37

 

 

 

69.8

%

 

 

71.9

%

 

 

76.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 26 - 50 by Population

 

 

63

 

 

 

6,599

 

 

 

91.7

%

 

 

111,952

 

 

 

18.44

 

 

 

15.3

%

 

 

15.6

%

 

 

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 51 - 75 by Population

 

 

23

 

 

 

2,138

 

 

 

94.9

%

 

 

50,526

 

 

 

24.56

 

 

 

5.6

%

 

 

5.1

%

 

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 76 - 100 by Population

 

 

12

 

 

 

760

 

 

 

96.6

%

 

 

12,038

 

 

 

16.39

 

 

 

2.9

%

 

 

1.8

%

 

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other CBSAs

 

 

26

 

 

 

2,377

 

 

 

94.4

%

 

 

35,330

 

 

 

15.71

 

 

 

6.3

%

 

 

5.6

%

 

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Properties

 

 

411

 

 

 

42,242

 

 

 

92.3

%

 

$

893,920

 

 

$

22.86

 

 

 

100

%

 

 

100

%

 

 

100

%

 

(1)

2020 Population Data Source: Synergos Technologies, Inc.

(2)

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

 

 

 

 

Supplemental Information

20

 

 

 

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

Co-investment Partnerships

(Includes Tenants ≥ 0.5% of ABR)

December 31, 2020

(in thousands)

 

#

 

Tenant

 

Tenant

GLA

 

 

% of Company-

Owned GLA

 

 

Total

Annualized

Base Rent

 

 

% of Total

Annualized

Base Rent

 

 

Total # of

Leased

Stores - 100%

Owned and JV

 

 

# of Leased

Stores in JV

 

1

 

Publix

 

 

2,827

 

 

6.7%

 

 

$

31,034

 

 

3.5%

 

 

 

69

 

 

12

 

2

 

Kroger Co. (1)

 

 

2,784

 

 

6.6%

 

 

 

27,355

 

 

3.1%

 

 

 

54

 

 

15

 

3

 

Albertsons Companies, Inc. (2)

 

 

1,794

 

 

4.2%

 

 

 

25,957

 

 

2.9%

 

 

 

45

 

 

17

 

4

 

Amazon/Whole Foods

 

 

1,099

 

 

2.6%

 

 

 

23,431

 

 

2.6%

 

 

 

35

 

 

13

 

5

 

TJX Companies, Inc. (3)

 

 

1,337

 

 

3.2%

 

 

 

22,705

 

 

2.5%

 

 

 

62

 

 

20

 

6

 

CVS

 

 

652

 

 

1.5%

 

 

 

15,345

 

 

1.7%

 

 

 

56

 

 

19

 

7

 

Ahold/Delhaize (4)

 

 

455

 

 

1.1%

 

 

 

11,356

 

 

1.3%

 

 

 

12

 

 

6

 

8

 

L.A. Fitness Sports Club

 

 

487

 

 

1.2%

 

 

 

9,920

 

 

1.1%

 

 

 

14

 

 

4

 

9

 

Nordstrom (5)

 

 

320

 

 

0.8%

 

 

 

9,085

 

 

1.0%

 

 

 

9

 

 

-

 

10

 

Bed Bath & Beyond Inc. (6)

 

 

469

 

 

1.1%

 

 

 

8,876

 

 

1.0%

 

 

 

18

 

 

-

 

11

 

Trader Joe's

 

 

271

 

 

0.6%

 

 

 

8,723

 

 

1.0%

 

 

 

27

 

 

7

 

12

 

Ross Dress For Less

 

 

545

 

 

1.3%

 

 

 

8,521

 

 

1.0%

 

 

 

25

 

 

9

 

13

 

JPMorgan Chase Bank

 

 

132

 

 

0.3%

 

 

 

7,507

 

 

0.8%

 

 

 

43

 

 

10

 

14

 

Gap, Inc (7)

 

 

232

 

 

0.5%

 

 

 

7,328

 

 

0.8%

 

 

 

18

 

 

3

 

15

 

Starbucks

 

 

137

 

 

0.3%

 

 

 

7,164

 

 

0.8%

 

 

 

96

 

 

31

 

16

 

PETCO Animal Supplies, Inc (8)

 

 

286

 

 

0.7%

 

 

 

7,144

 

 

0.8%

 

 

 

34

 

 

11

 

17

 

JAB Holding Company (9)

 

 

179

 

 

0.4%

 

 

 

7,090

 

 

0.8%

 

 

 

65

 

 

16

 

18

 

Bank of America

 

 

132

 

 

0.3%

 

 

 

6,945

 

 

0.8%

 

 

 

43

 

 

16

 

19

 

Target

 

 

570

 

 

1.3%

 

 

 

6,642

 

 

0.7%

 

 

 

6

 

 

2

 

20

 

Wells Fargo Bank

 

 

131

 

 

0.3%

 

 

 

6,587

 

 

0.7%

 

 

 

48

 

 

18

 

21

 

H.E. Butt Grocery Company (10)

 

 

411

 

 

1.0%

 

 

 

6,143

 

 

0.7%

 

 

 

6

 

 

1

 

22

 

Kohl's

 

 

612

 

 

1.4%

 

 

 

5,867

 

 

0.7%

 

 

 

8

 

 

2

 

23

 

Walgreens Boots Alliance (11)

 

 

223

 

 

0.5%

 

 

 

5,509

 

 

0.6%

 

 

 

22

 

 

9

 

24

 

Best Buy

 

 

229

 

 

0.5%

 

 

 

5,308

 

 

0.6%

 

 

 

7

 

 

1

 

25

 

Dick's Sporting Goods, Inc.

 

 

291

 

 

0.7%

 

 

 

5,010

 

 

0.6%

 

 

 

5

 

 

1

 

26

 

T-Mobile (12)

 

 

118

 

 

0.3%

 

 

 

5,005

 

 

0.6%

 

 

 

82

 

 

31

 

27

 

Ulta

 

 

166

 

 

0.4%

 

 

 

4,847

 

 

0.5%

 

 

 

18

 

 

2

 

28

 

AT&T, Inc (13)

 

 

107

 

 

0.3%

 

 

 

4,712

 

 

0.5%

 

 

 

59

 

 

14

 

29

 

Staples, Inc.

 

 

183

 

 

0.4%

 

 

 

4,192

 

 

0.5%

 

 

 

10

 

 

1

 

30

 

Wal-Mart

 

 

630

 

 

1.5%

 

 

 

4,186

 

 

0.5%

 

 

 

6

 

 

-

 

 

 

Top Tenants

 

 

17,809

 

 

42.0%

 

 

$

309,494

 

 

34.6%

 

 

 

1,002

 

 

 

291

 

 

(1)

Kroger 20 / King Soopers 11 / Harris Teeter 9 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2

(2)

Safeway 21 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2

(3)

TJ Maxx 26 / Homegoods 17 / Marshalls 16 / Homesense 2 / Sierra Trading Post 1

(4)

Giant 8 / Stop & Shop 3 / Food Lion 1

(5)

Nordstrom Rack 9

(6)

Bed Bath & Beyond 11 / Cost Plus World Market 5 / Buy Buy Baby 1 / Harmon Face Values 1

(7)

Old Navy 13 / The Gap 1 / Athleta 2 / Banana Republic 1 / GAP BR Factory 1

(8)

Petco 28 / Unleashed by Petco 6

(9)

Panera 32 / Einstein Bros Bagels 12 / Peet's' Coffee & Tea 11 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3

(10)

H.E.B. 5 / Central Market 1

(11)

Walgreens 21 / Duane Reade 1

(12)

T-Mobile 48 / Sprint 23 / MetroPC 10 / Connectivity Source 1

(13)

AT&T 52 / Cricket 7

 

Supplemental Information

21

 

 

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

December 31, 2020

(GLA in thousands)

 

  

 

 

 

 

 

Anchor Tenants(1)

 

 

 

 

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

 

Percent of

Total ABR(3)

 

 

ABR

 

MTM(4)

 

 

144

 

 

0.4%

 

 

0.2%

 

 

$

12.47

 

2021

 

 

1,143

 

 

3.0%

 

 

1.6%

 

 

 

12.53

 

2022

 

 

3,030

 

 

7.8%

 

 

5.0%

 

 

 

14.67

 

2023

 

 

2,568

 

 

6.6%

 

 

4.6%

 

 

 

15.93

 

2024

 

 

3,391

 

 

8.8%

 

 

6.0%

 

 

 

15.50

 

2025

 

 

2,989

 

 

7.7%

 

 

5.4%

 

 

 

16.01

 

2026

 

 

2,388

 

 

6.2%

 

 

4.3%

 

 

 

16.01

 

2027

 

 

1,293

 

 

3.3%

 

 

2.6%

 

 

 

17.54

 

2028

 

 

1,599

 

 

4.1%

 

 

3.3%

 

 

 

18.30

 

2029

 

 

1,187

 

 

3.1%

 

 

1.7%

 

 

 

12.38

 

2030

 

 

1,223

 

 

3.2%

 

 

2.4%

 

 

 

17.08

 

10 Year Total

 

 

20,955

 

 

54.0%

 

 

37.2%

 

 

$

15.64

 

Thereafter

 

 

3,822

 

 

10.0%

 

 

7.1%

 

 

 

16.26

 

 

 

 

24,777

 

 

64.0%

 

 

44.3%

 

 

$

15.73

 

 

  

 

 

 

 

 

Shop Tenants(2)

 

 

 

 

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

 

Percent of

Total ABR(3)

 

 

ABR

 

MTM(4)

 

 

348

 

 

0.9%

 

 

1.3%

 

 

$

34.14

 

2021

 

 

1,785

 

 

4.6%

 

 

6.8%

 

 

 

33.37

 

2022

 

 

2,266

 

 

5.9%

 

 

8.6%

 

 

 

33.34

 

2023

 

 

2,044

 

 

5.3%

 

 

8.0%

 

 

 

34.51

 

2024

 

 

1,836

 

 

4.7%

 

 

7.1%

 

 

 

34.26

 

2025

 

 

1,784

 

 

4.6%

 

 

7.3%

 

 

 

36.02

 

2026

 

 

1,024

 

 

2.6%

 

 

4.3%

 

 

 

36.61

 

2027

 

 

662

 

 

1.7%

 

 

2.8%

 

 

 

37.89

 

2028

 

 

617

 

 

1.6%

 

 

2.9%

 

 

 

41.01

 

2029

 

 

505

 

 

1.3%

 

 

2.3%

 

 

 

40.07

 

2030

 

 

543

 

 

1.4%

 

 

2.4%

 

 

 

38.56

 

10 Year Total

 

 

13,414

 

 

34.7%

 

 

53.9%

 

 

$

35.32

 

Thereafter

 

 

476

 

 

41.6%

 

 

1.9%

 

 

 

34.79

 

 

 

 

13,889

 

 

35.0%

 

 

55.8%

 

 

$

35.30

 

 

  

 

 

 

 

 

All Tenants

 

 

 

 

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

 

Percent of

Total ABR(3)

 

 

ABR

 

MTM(4)

 

 

492

 

 

1.3%

 

 

1.6%

 

 

$

27.80

 

2021

 

 

2,928

 

 

7.6%

 

 

8.4%

 

 

 

25.24

 

2022

 

 

5,296

 

 

13.7%

 

 

13.6%

 

 

 

22.66

 

2023

 

 

4,612

 

 

11.9%

 

 

12.7%

 

 

 

24.17

 

2024

 

 

5,227

 

 

13.5%

 

 

13.1%

 

 

 

22.09

 

2025

 

 

4,774

 

 

12.3%

 

 

12.7%

 

 

 

23.49

 

2026

 

 

3,412

 

 

8.8%

 

 

8.6%

 

 

 

22.19

 

2027

 

 

1,955

 

 

5.1%

 

 

5.4%

 

 

 

24.43

 

2028

 

 

2,216

 

 

5.7%

 

 

6.2%

 

 

 

24.62

 

2029

 

 

1,692

 

 

4.4%

 

 

4.0%

 

 

 

20.64

 

2030

 

 

1,767

 

 

4.6%

 

 

4.8%

 

 

 

23.68

 

10 Year Total

 

 

34,368

 

 

88.9%

 

 

91.1%

 

 

$

23.32

 

Thereafter

 

 

4,298

 

 

11.1%

 

 

8.9%

 

 

 

18.31

 

 

 

 

38,666

 

 

100%

 

 

100%

 

 

$

22.76

 

 

Note: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options.

 

(1)

Anchor tenants represent any tenant occupying at least 10,000 square feet.

 

(2)

Shop tenants represent any tenant occupying less than 10,000 square feet.

 

(3)

Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.

 

 

(4)

Month to month lease or in process of renewal.

 

 

 

 

Supplemental Information

22

 

Portfolio Summary Report By State

December 31, 2020

(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.

$13.77

 

4S Commons Town Center

M

85%

CA

San Diego-Chula Vista-Carlsbad

245

245

95.5%

 

 

68

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

$33.24

 

Amerige Heights Town Center

 

 

CA

Los Angeles-Long Beach-Anaheim

89

89

97.4%

 

143

58

Albertsons, (Target)

$29.48

 

Balboa Mesa Shopping Center

 

 

CA

San Diego-Chula Vista-Carlsbad

207

207

98.7%

 

 

42

Von's, Kohl's, CVS

$26.91

 

Bayhill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

122

49

98.7%

 

 

32

Mollie Stone's Market, CVS

$26.55

 

Blossom Valley

USAA

20%

CA

San Jose-Sunnyvale-Santa Clara

93

19

100.0%

 

 

34

Safeway, CVS

$28.21

 

Brea Marketplace

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

352

141

100.0%

 

 

25

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

$20.83

 

Circle Center West

 

 

CA

Los Angeles-Long Beach-Anaheim

64

64

100.0%

 

 

 

Marshalls

$30.69

(2)

Circle Marina Center

 

 

CA

Los Angeles-Long Beach-Anaheim

118

118

93.3%

 

 

 

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

$29.21

 

Clayton Valley Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

260

260

92.1%

 

 

14

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

$23.26

 

Corral Hollow

RC

25%

CA

Stockton

167

42

99.2%

 

 

66

Safeway, CVS

$17.63

(2)

Costa Verde Center

 

 

CA

San Diego-Chula Vista-Carlsbad

179

179

69.5%

 

 

40

Bristol Farms, Bookstar, The Boxing Club

$26.26

 

Culver Center

 

 

CA

Los Angeles-Long Beach-Anaheim

217

217

87.7%

 

 

37

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

$30.97

 

Diablo Plaza

 

 

CA

San Francisco-Oakland-Berkeley

63

63

98.5%

 

53

53

(Safeway), (CVS), Beverages & More!

$41.43

 

El Camino Shopping Center

 

 

CA

Los Angeles-Long Beach-Anaheim

136

136

97.6%

 

 

31

Bristol Farms, CVS

$37.25

 

El Cerrito Plaza

 

 

CA

San Francisco-Oakland-Berkeley

256

256

92.1%

 

67

78

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

$29.78

 

El Norte Pkwy Plaza

 

 

CA

San Diego-Chula Vista-Carlsbad

91

91

97.0%

 

 

42

Von's, Children's Paradise, ACE Hardware

$21.90

 

Encina Grande

 

 

CA

San Francisco-Oakland-Berkeley

106

106

99.1%

 

 

38

Whole Foods, Walgreens

$33.55

 

Five Points Shopping Center

GRI

40%

CA

Santa Maria-Santa Barbara

145

58

97.0%

 

 

35

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

$29.76

 

French Valley Village Center

 

 

CA

Rvrside-San Bernardino-Ontario

99

99

100.0%

 

 

44

Stater Bros, CVS

$27.55

 

Friars Mission Center

 

 

CA

San Diego-Chula Vista-Carlsbad

147

147

96.9%

 

 

55

Ralphs, CVS

$36.46

 

Gateway 101

 

 

CA

San Francisco-Oakland-Berkeley

92

92

100.0%

 

212

 

(Home Depot), (Best Buy), Target, Nordstrom Rack

$34.95

 

Gelson's Westlake Market Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

85

85

100.0%

 

 

40

Gelson's Markets, John of Italy Salon & Spa

$29.74

 

Golden Hills Plaza

 

 

CA

San Luis Obispo-Paso Robles

244

244

94.1%

 

 

 

Lowe's, Bed Bath & Beyond, TJ Maxx

$7.42

 

Granada Village

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

226

91

85.7%

 

 

24

Sprout's Markets, Rite Aid, PETCO, Homegoods

$26.75

 

Hasley Canyon Village

USAA

20%

CA

Los Angeles-Long Beach-Anaheim

66

13

97.5%

 

 

52

Ralphs

$26.87

 

Heritage Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

230

230

93.2%

 

 

44

Ralphs, CVS, Daiso, Mitsuwa Marketplace

$40.86

 

Supplemental Information

23

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Laguna Niguel Plaza

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

42

17

100.0%

 

39

39

(Albertsons), CVS

$29.36

 

Marina Shores

C

20%

CA

Los Angeles-Long Beach-Anaheim

68

14

98.3%

 

 

26

Whole Foods, PETCO

$36.45

 

Mariposa Shopping Center

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

127

51

94.0%

 

 

43

Safeway, CVS, Ross Dress for Less

$21.23

 

Morningside Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

91

91

94.8%

 

 

43

Stater Bros.

$23.69

 

Navajo Shopping Center

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

102

41

92.2%

 

 

44

Albertsons, Rite Aid, O'Reilly Auto Parts

$14.21

 

Newland Center

 

 

CA

Los Angeles-Long Beach-Anaheim

152

152

98.9%

 

 

58

Albertsons

$27.31

 

Oak Shade Town Center

 

 

CA

Sacramento-Roseville-Folsom

104

104

99.3%

 

 

40

Safeway, Office Max, Rite Aid

$22.36

 

Oakbrook Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

83

83

89.8%

 

 

44

Gelson's Markets, (Longs Drug)

$19.03

(2)

Parnassus Heights Medical

RLP

50%

CA

San Francisco-Oakland-Berkeley

146

73

92.4%

 

 

 

University of CA

$87.48

 

Persimmon Place

 

 

CA

San Francisco-Oakland-Berkeley

153

153

96.1%

 

 

40

Whole Foods, Nordstrom Rack, Homegoods

$36.71

 

Plaza Escuela

 

 

CA

San Francisco-Oakland-Berkeley

154

154

84.3%

 

 

 

The Container Store, Trufusion, Talbots, The Cheesecake Factory

$44.69

 

Plaza Hermosa

 

 

CA

Los Angeles-Long Beach-Anaheim

95

95

100.0%

 

 

37

Von's, CVS

$27.66

 

Pleasant Hill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

227

91

100.0%

 

 

 

Target, Burlington, Ross Dress for Less, Homegoods

$24.13

(2)

Pleasanton Plaza

 

 

CA

San Francisco-Oakland-Berkeley

163

163

11.0%

 

 

 

Cost Plus World Market

$23.10

 

Point Loma Plaza

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

205

82

93.4%

 

 

50

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

$21.29

 

Potrero Center

 

 

CA

San Francisco-Oakland-Berkeley

227

227

96.8%

 

 

60

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

$32.98

 

Powell Street Plaza

 

 

CA

San Francisco-Oakland-Berkeley

166

166

97.0%

 

 

10

Trader Joe's, Beverages & More!, Ross Dress For Less, Marshalls, Old Navy

$34.89

 

Prairie City Crossing

 

 

CA

Sacramento-Roseville-Folsom

90

90

100.0%

 

 

55

Safeway

$21.30

 

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

$18.91

 

Rancho San Diego Village

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

153

61

96.5%

 

 

40

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

$23.16

 

Rona Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

52

52

97.7%

 

 

37

Superior Super Warehouse

$21.71

 

San Carlos Marketplace

 

 

CA

San Francisco-Oakland-Berkeley

154

154

100.0%

 

 

 

TJ Maxx, Best Buy, PetSmart, Bassett Furniture

$36.27

 

Scripps Ranch Marketplace

 

 

CA

San Diego-Chula Vista-Carlsbad

132

132

98.7%

 

 

57

Vons, CVS

$32.14

 

San Leandro Plaza

 

 

CA

San Francisco-Oakland-Berkeley

50

50

100.0%

 

38

38

(Safeway), (CVS)

$37.22

 

Seal Beach

C

20%

CA

Los Angeles-Long Beach-Anaheim

97

19

95.7%

 

 

48

Safeway, CVS

$26.45

(2)

Sequoia Station

 

 

CA

San Francisco-Oakland-Berkeley

103

103

86.9%

 

62

62

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

$43.63

 

Serramonte Center

 

 

CA

San Francisco-Oakland-Berkeley

1070

1070

88.0%

 

 

 

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

$25.66

 

Supplemental Information

24

 

Portfolio Summary Report By State

December 31, 2020

(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 at Homestead

 

 

CA

San Jose-Sunnyvale-Santa Clara

113

113

96.9%

 

53

 

(Orchard Supply Hardware), CVS, Crunch Fitness

$24.00

 

Silverado Plaza

GRI

40%

CA

Napa

85

34

96.3%

 

 

32

Nob Hill, CVS

$21.61

 

Snell & Branham Plaza

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

92

37

96.4%

 

 

53

Safeway

$20.39

 

Talega Village Center

 

 

CA

Los Angeles-Long Beach-Anaheim

102

102

95.9%

 

 

46

Ralphs

$22.39

 

Tassajara Crossing

 

 

CA

San Francisco-Oakland-Berkeley

146

146

97.6%

 

 

56

Safeway, CVS, Alamo Hardware

$23.79

 

The Hub Hillcrest Market

 

 

CA

San Diego-Chula Vista-Carlsbad

149

149

96.8%

 

 

52

Ralphs, Trader Joe's

$40.74

 

The Marketplace

 

 

CA

Sacramento-Roseville-Folsom

111

111

98.6%

 

 

35

Safeway,CVS, Petco

$26.51

(2)

The Pruneyard

 

 

CA

San Jose-Sunnyvale-Santa Clara

260

260

97.3%

 

 

13

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

$39.76

 

Town and Country Center

O

35%

CA

Los Angeles-Long Beach-Anaheim

230

81

37.5%

 

 

41

Whole Foods, CVS, Citibank

$48.94

 

Tustin Legacy

 

 

CA

Los Angeles-Long Beach-Anaheim

112

112

97.9%

 

 

44

Stater Bros, CVS

$32.34

 

Twin Oaks Shopping Center

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

98

39

99.1%

 

 

41

Ralphs, Rite Aid

$21.49

 

Twin Peaks

 

 

CA

San Diego-Chula Vista-Carlsbad

208

208

98.0%

 

 

45

Target, Grocer

$21.79

 

Valencia Crossroads

 

 

CA

Los Angeles-Long Beach-Anaheim

173

173

100.0%

 

 

35

Whole Foods, Kohl's

$28.18

 

Village at La Floresta

 

 

CA

Los Angeles-Long Beach-Anaheim

87

87

100.0%

 

 

37

Whole Foods

$35.18

 

Von's Circle Center

 

 

CA

Los Angeles-Long Beach-Anaheim

151

151

98.4%

 

 

45

Von's, Ross Dress for Less, Planet Fitness

$22.20

 

West Park Plaza

 

 

CA

San Jose-Sunnyvale-Santa Clara

88

88

95.9%

 

 

25

Safeway, Rite Aid

$18.48

 

Westlake Village Plaza and Center

 

 

CA

Oxnard-Thousand Oaks-Ventura

201

201

94.9%

 

 

72

Von's, Sprouts, (CVS)

$39.43

 

Willows Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

249

249

67.8%

 

 

 

REI, UFC Gym, Old Navy, Ulta

$29.31

 

Woodman Van Nuys

 

 

CA

Los Angeles-Long Beach-Anaheim

108

108

99.2%

 

 

78

El Super

$16.61

 

Woodside Central

 

 

CA

San Francisco-Oakland-Berkeley

81

81

90.0%

 

113

 

(Target),Chuck E. Cheese, Marshalls

$25.62

 

Ygnacio Plaza

GRI

40%

CA

San Francisco-Oakland-Berkeley

110

44

97.0%

 

 

 

Sports Basement,TJ Maxx

$37.72

 

 

 

 

CA

 

11,413

9,504

91.9%

93.5%

780

2,670

 

 

 

Applewood Shopping Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

354

141

90.2%

 

 

71

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

$14.98

 

Alcove On Arapahoe

GRI

40%

CO

Boulder

159

64

80.9%

 

 

44

Safeway, Jo-Ann Fabrics, PETCO, HomeGoods

$18.37

 

Belleview Square

 

 

CO

Denver-Aurora-Lakewood

117

117

98.8%

 

 

65

King Soopers

$20.49

 

Boulevard Center

 

 

CO

Denver-Aurora-Lakewood

79

79

78.1%

 

53

53

(Safeway), One Hour Optical

$30.43

 

Buckley Square

 

 

CO

Denver-Aurora-Lakewood

116

116

95.5%

 

 

62

King Soopers, Ace Hardware

$11.56

 

Centerplace of Greeley III

 

 

CO

Greeley

119

119

100.0%

 

 

 

Hobby Lobby, Best Buy, TJ Maxx

$11.48

 

Cherrywood Square Shop Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

97

39

94.2%

 

 

72

King Soopers

$10.62

 

Crossroads Commons

C

20%

CO

Boulder

143

29

91.2%

 

 

66

Whole Foods, Barnes & Noble

$29.36

 

Crossroads Commons II

C

20%

CO

Boulder

19

4

93.4%

 

 

 

(Whole Foods), (Barnes & Noble)

$35.69

 

Falcon Marketplace

 

 

CO

Colorado Springs

22

22

93.8%

 

184

50

(Wal-Mart)

$24.10

 

Hilltop Village

 

 

CO

Denver-Aurora-Lakewood

100

100

97.8%

 

 

66

King Soopers

$11.45

 

Littleton Square

 

 

CO

Denver-Aurora-Lakewood

99

99

98.5%

 

 

78

King Soopers

$11.25

 

Lloyd King Center

 

 

CO

Denver-Aurora-Lakewood

83

83

93.3%

 

 

61

King Soopers

$11.76

 

Marketplace at Briargate

 

 

CO

Colorado Springs

29

29

96.3%

 

66

66

(King Soopers)

$32.82

 

Supplemental Information

25

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Monument Jackson Creek

 

 

CO

Colorado Springs

85

85

100.0%

 

 

70

King Soopers

$12.60

 

Ralston Square Shopping Center

GRI

40%

CO

Denver-Aurora-Lakewood

83

33

97.0%

 

 

55

King Soopers

$11.97

 

Shops at Quail Creek

 

 

CO

Denver-Aurora-Lakewood

38

38

96.3%

 

100

100

(King Soopers)

$26.84

 

Stroh Ranch

 

 

CO

Denver-Aurora-Lakewood

93

93

100.0%

 

 

70

King Soopers

$13.65

 

Woodmen Plaza

 

 

CO

Colorado Springs

116

116

91.8%

 

 

70

King Soopers

$13.06

 

 

 

 

CO

 

1,951

1,407

93.2%

94.4%

403

1,119

 

 

 

22 Crescent Road

 

 

CT

Bridgeport-Stamford-Norwalk

4

4

100.0%

 

 

 

-

$60.00

 

91 Danbury Road

 

 

CT

Bridgeport-Stamford-Norwalk

5

5

100.0%

 

 

 

-

$27.94

 

Black Rock

M

80%

CT

Bridgeport-Stamford-Norwalk

98

98

89.4%

 

 

 

Old Navy, The Clubhouse

$30.70

 

Brick Walk

M

80%

CT

Bridgeport-Stamford-Norwalk

122

122

94.8%

 

 

 

-

$44.38

 

Brookside Plaza

 

 

CT

Hartford-E Hartford-Middletown

220

220

80.0%

 

 

60

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

$15.29

 

Compo Acres Shopping Center

 

 

CT

Bridgeport-Stamford-Norwalk

43

43

95.9%

 

 

12

Trader Joe's

$52.36

 

Copps Hill Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

185

185

100.0%

 

 

59

Stop & Shop, Kohl's, Rite Aid

$13.70

 

Corbin's Corner

GRI

40%

CT

Hartford-E Hartford-Middletown

186

74

95.8%

 

 

10

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

$30.40

 

Danbury Green

 

 

CT

Bridgeport-Stamford-Norwalk

124

124

95.6%

 

 

12

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

$25.34

 

Darinor Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

153

153

100.0%

 

 

 

Kohl's, Old Navy, Party City

$18.99

 

Fairfield Center

M

80%

CT

Bridgeport-Stamford-Norwalk

94

94

92.8%

 

 

 

Fairfield University Bookstore, Merril Lynch

$32.82

 

Post Road Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

20

20

100.0%

 

 

11

Trader Joe's

$54.83

 

Southbury Green

 

 

CT

New Haven-Milford

156

156

84.6%

 

 

60

ShopRite, Homegoods

$22.84

 

Westport Row (fka The Village Center)

 

 

CT

Bridgeport-Stamford-Norwalk

90

90

74.9%

 

 

22

The Fresh Market

$42.71

 

Walmart Norwalk

 

 

CT

Bridgeport-Stamford-Norwalk

142

142

100.0%

 

 

112

WalMart, HomeGoods

$0.56

 

 

 

 

CT

 

1,643

1,531

92.1%

91.9%

0

358

 

 

 

Shops at The Columbia

RC

25%

DC

Washington-Arlington-Alexandri

23

6

100.0%

 

 

12

Trader Joe's

$39.31

 

Spring Valley Shopping Center

GRI

40%

DC

Washington-Arlington-Alexandri

17

7

82.4%

 

 

 

-

$108.55

 

 

 

 

DC

 

40

12

92.5%

90.5%

0

12

 

 

 

Pike Creek

 

 

DE

Philadelphia-Camden-Wilmington

232

232

94.6%

 

 

49

Acme Markets

$15.01

 

Shoppes of Graylyn

GRI

40%

DE

Philadelphia-Camden-Wilmington

64

26

89.7%

 

 

 

Rite Aid

$24.40

 

 

 

 

DE

 

296

257

93.5%

94.1%

0

49

 

 

 

Alafaya Village

 

 

FL

Orlando-Kissimmee-Sanford

38

38

93.9%

 

58

58

(Lucky's)

$23.19

 

Anastasia Plaza

 

 

FL

Jacksonville

102

102

95.9%

 

 

49

Publix

$13.94

 

Atlantic Village

 

 

FL

Jacksonville

110

110

97.4%

 

 

 

LA Fitness, Pet Supplies Plus

$17.56

 

Aventura Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

97

97

97.5%

 

 

49

Publix, CVS

$37.14

 

Supplemental Information

26

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Aventura Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

144

144

77.8%

 

 

 

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

$38.77

(2)

Banco Popular Building

 

 

FL

Miami-Ft Lauderdale-PompanoBch

33

33

0.0%

 

 

 

-

$0.00

 

Berkshire Commons

 

 

FL

Naples-Marco Island

110

110

97.9%

 

 

66

Publix, Walgreens

$14.74

 

Bird 107 Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

40

40

92.9%

 

 

 

Walgreens

$21.44

 

Bird Ludlam

 

 

FL

Miami-Ft Lauderdale-PompanoBch

192

192

96.8%

 

 

44

Winn-Dixie, CVS, Goodwill

$24.05

 

Bloomingdale Square

 

 

FL

Tampa-St Petersburg-Clearwater

252

252

94.5%

 

 

48

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

$18.56

 

Boca Village Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

92

92

94.2%

 

 

36

Publix, CVS

$22.54

 

Boynton Lakes Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

97.9%

 

 

46

Publix, Citi Trends, Pet Supermarket

$16.69

 

Boynton Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

105

105

97.2%

 

 

54

Publix, CVS

$21.45

 

Brooklyn Station on Riverside

 

 

FL

Jacksonville

50

50

97.2%

 

 

20

The Fresh Market

$26.74

 

Caligo Crossing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

11

11

61.0%

 

98

 

(Kohl's)

$48.33

 

Carriage Gate

 

 

FL

Tallahassee

73

73

95.9%

 

 

13

Trader Joe's, TJ Maxx

$23.81

 

Cashmere Corners

 

 

FL

Port St. Lucie

86

86

80.0%

 

 

44

WalMart

$14.04

 

Charlotte Square

 

 

FL

Punta Gorda

91

91

89.2%

 

 

44

WalMart, Buffet City

$10.92

 

Chasewood Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

152

152

96.4%

 

 

54

Publix, Pet Smart

$26.61

 

Concord Shopping Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

309

309

97.1%

 

 

78

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

$13.06

 

Coral Reef Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

75

75

91.2%

 

 

25

Aldi, Walgreens

$32.80

 

Corkscrew Village

 

 

FL

Cape Coral-Fort Myers

82

82

91.5%

 

 

51

Publix

$14.28

 

Country Walk Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

90.5%

 

 

40

Publix, CVS

$20.37

 

Countryside Shops

 

 

FL

Miami-Ft Lauderdale-PompanoBch

193

193

70.4%

 

 

46

Publix, Ross Dress for Less

$24.21

 

Courtyard Shopping Center

 

 

FL

Jacksonville

137

137

100.0%

 

63

63

(Publix), Target

$3.50

(2)

East San Marco

 

 

FL

Jacksonville

59

59

71.3%

 

 

39

Publix

$26.20

 

Fleming Island

 

 

FL

Jacksonville

132

132

97.3%

 

130

48

Publix, (Target), PETCO, Planet Fitness

$16.92

 

Fountain Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

177

177

89.1%

 

140

46

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

$26.88

 

Gardens Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

90

90

98.7%

 

 

42

Publix

$18.61

 

Glengary Shoppes

 

 

FL

North Port-Sarasota-Bradenton

93

93

97.0%

 

 

 

Best Buy, Barnes & Noble

$19.55

 

Shoppes of Grande Oak

 

 

FL

Cape Coral-Fort Myers

79

79

100.0%

 

 

54

Publix

$16.78

 

Greenwood Shopping Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

133

133

93.2%

 

 

50

Publix, Beall's

$15.99

 

Hammocks Town Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

187

187

97.5%

 

86

40

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

$17.53

 

Hibernia Pavilion

 

 

FL

Jacksonville

51

51

92.0%

 

 

39

Publix

$16.33

 

Homestead McDonald's

 

 

FL

Miami-Ft Lauderdale-PompanoBch

4

4

100.0%

 

 

 

-

$27.74

 

John's Creek Center

C

20%

FL

Jacksonville

75

15

100.0%

 

 

45

Publix

$16.03

 

Julington Village

C

20%

FL

Jacksonville

82

16

100.0%

 

 

51

Publix, (CVS)

$16.73

 

Kirkman Shoppes

 

 

FL

Orlando-Kissimmee-Sanford

115

115

93.8%

 

 

 

LA Fitness, Walgreens

$23.85

 

Supplemental Information

27

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Lake Mary Centre

 

 

FL

Orlando-Kissimmee-Sanford

360

360

94.3%

 

 

25

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

$16.72

 

Lantana Outparcels

 

 

FL

Miami-Ft Lauderdale-PompanoBch

11

11

58.3%

 

 

 

-

$22.22

 

Mandarin Landing

 

 

FL

Jacksonville

140

140

89.1%

 

 

50

Whole Foods, Office Depot, Aveda Institute

$18.15

 

Millhopper Shopping Center

 

 

FL

Gainesville

83

83

100.0%

 

 

46

Publix

$18.11

 

Naples Walk

 

 

FL

Naples-Marco Island

125

125

96.8%

 

 

51

Publix

$17.86

 

Newberry Square

 

 

FL

Gainesville

181

181

92.4%

 

 

40

Publix, Floor & Décor, Dollar Tree

$9.38

 

Nocatee Town Center

 

 

FL

Jacksonville

112

112

97.7%

 

 

54

Publix

$20.88

 

Northgate Square

 

 

FL

Tampa-St Petersburg-Clearwater

75

75

93.5%

 

 

48

Publix

$14.77

 

Oakleaf Commons

 

 

FL

Jacksonville

74

74

96.2%

 

 

46

Publix

$15.61

 

Ocala Corners

 

 

FL

Tallahassee

87

87

95.9%

 

 

61

Publix

$15.12

 

Old St Augustine Plaza

 

 

FL

Jacksonville

248

248

100.0%

 

 

52

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

$11.01

 

Pablo Plaza

 

 

FL

Jacksonville

161

161

96.6%

 

 

34

Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart

$17.14

 

Pavillion

 

 

FL

Naples-Marco Island

168

168

96.2%

 

 

 

LA Fitness, Paragon Theaters, J. Lee Salon Suites

$21.84

 

Pine Island

 

 

FL

Miami-Ft Lauderdale-PompanoBch

255

255

97.5%

 

 

40

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

$14.63

 

Pine Ridge Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

118

118

97.0%

 

 

17

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

$18.33

 

Pine Tree Plaza

 

 

FL

Jacksonville

63

63

98.4%

 

 

38

Publix

$14.77

(2)

Pinecrest Place

 

 

FL

Miami-Ft Lauderdale-PompanoBch

70

70

94.3%

 

173

47

Whole Foods, (Target)

$39.99

 

Plaza Venezia

C

20%

FL

Orlando-Kissimmee-Sanford

202

40

98.9%

 

 

51

Publix, Eddie V's

$27.53

 

Point Royale Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

202

202

92.4%

 

 

45

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

$15.97

 

Prosperity Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

124

124

95.1%

 

 

 

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

$22.46

 

Regency Square

 

 

FL

Tampa-St Petersburg-Clearwater

352

352

92.7%

 

66

 

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

$19.18

 

Ryanwood Square

 

 

FL

Sebastian-Vero Beach

115

115

90.5%

 

 

40

Publix, Beall's, Harbor Freight Tools

$11.63

 

Salerno Village

 

 

FL

Port St. Lucie

5

5

100.0%

 

 

 

-

$16.53

 

Sawgrass Promenade

 

 

FL

Miami-Ft Lauderdale-PompanoBch

107

107

88.5%

 

 

36

Publix, Walgreens, Dollar Tree

$12.28

 

Seminole Shoppes

O

50%

FL

Jacksonville

87

44

97.4%

 

 

54

Publix

$22.52

 

Sheridan Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

507

507

93.8%

 

 

66

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

$19.07

 

Shoppes @ 104

 

 

FL

Miami-Ft Lauderdale-PompanoBch

112

112

92.8%

 

 

46

Winn-Dixie, CVS

$19.54

 

Shoppes at Bartram Park

O

50%

FL

Jacksonville

135

67

95.4%

 

97

45

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

$20.77

 

Supplemental Information

28

 

Portfolio Summary Report By State

December 31, 2020

(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 at Lago Mar

 

 

FL

Miami-Ft Lauderdale-PompanoBch

83

83

90.8%

 

 

42

Publix, YouFit Health Club

$15.29

 

Shoppes at Sunlake Centre

 

 

FL

Tampa-St Petersburg-Clearwater

111

111

98.7%

 

 

46

Publix

$21.86

 

Shoppes of Jonathan's Landing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

27

27

100.0%

 

54

54

(Publix)

$26.07

 

Shoppes of Oakbrook

 

 

FL

Miami-Ft Lauderdale-PompanoBch

200

200

63.8%

 

 

44

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

$17.17

 

Shoppes of Pebblebrook Plaza

O

50%

FL

Naples-Marco Island

77

38

100.0%

 

 

61

Publix, (Walgreens)

$15.69

 

Shoppes of Silver Lakes

 

 

FL

Miami-Ft Lauderdale-PompanoBch

127

127

92.5%

 

 

48

Publix, Goodwill

$19.79

 

Shoppes of Sunset

 

 

FL

Miami-Ft Lauderdale-PompanoBch

22

22

94.8%

 

 

 

-

$25.78

 

Shoppes of Sunset II

 

 

FL

Miami-Ft Lauderdale-PompanoBch

28

28

67.5%

 

 

 

-

$22.92

 

Shops at John's Creek

 

 

FL

Jacksonville

15

15

100.0%

 

 

 

-

$24.79

 

Shops at Skylake

 

 

FL

Miami-Ft Lauderdale-PompanoBch

287

287

91.5%

 

 

51

Publix, LA Fitness, TJ Maxx, Goodwill

$24.03

 

South Beach Regional

 

 

FL

Jacksonville

308

308

85.8%

 

 

13

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

$16.56

 

South Point

 

 

FL

Sebastian-Vero Beach

65

65

97.8%

 

 

45

Publix

$17.07

 

Starke

 

 

FL

Jacksonville

13

13

100.0%

 

 

 

CVS

$27.05

 

Suncoast Crossing

 

 

FL

Tampa-St Petersburg-Clearwater

118

118

95.2%

 

143

 

Kohl's, (Target)

$6.76

 

Tamarac Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

125

125

72.3%

 

 

38

Publix, Dollar Tree

$12.79

 

The Grove

NYC

30%

FL

Orlando-Kissimmee-Sanford

152

46

95.4%

 

 

52

Publix, LA Fitness

$21.36

 

The Plaza at St. Lucie West

 

 

FL

Port St. Lucie

27

27

93.6%

 

 

 

-

$23.78

(2)

The Village at Hunter's Lake

 

 

FL

Tampa-St Petersburg-Clearwater

72

72

100.0%

 

 

29

Sprouts

$27.43

 

Town and Country

 

 

FL

Orlando-Kissimmee-Sanford

78

78

97.9%

 

 

 

Ross Dress for Less

$10.85

 

Town Square

 

 

FL

Tampa-St Petersburg-Clearwater

44

44

76.9%

 

 

 

PETCO

$35.19

 

Treasure Coast Plaza

 

 

FL

Sebastian-Vero Beach

134

134

94.6%

 

 

59

Publix, TJ Maxx

$16.97

 

Unigold Shopping Center

 

 

FL

Orlando-Kissimmee-Sanford

115

115

91.5%

 

 

31

Lucky's, YouFit Health Club, Ross Dress for Less

$15.34

 

University Commons

 

 

FL

Miami-Ft Lauderdale-PompanoBch

180

180

100.0%

 

 

51

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

$32.49

 

Veranda Shoppes

NYC

30%

FL

Miami-Ft Lauderdale-PompanoBch

45

13

97.3%

 

 

29

Publix

$27.11

 

Village Center

 

 

FL

Tampa-St Petersburg-Clearwater

187

187

80.2%

 

 

50

Publix, Walgreens

$23.83

 

Waterstone Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

61

61

100.0%

 

 

46

Publix

$17.19

 

Welleby Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

90.5%

 

 

47

Publix, Dollar Tree

$13.67

 

Wellington Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

112

112

97.2%

 

 

45

Publix, CVS

$31.11

 

West Bird Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

99

99

98.5%

 

 

38

-

$24.77

 

West Lake Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

95.4%

 

 

46

Winn-Dixie, CVS

$19.30

 

Westchase

 

 

FL

Tampa-St Petersburg-Clearwater

79

79

100.0%

 

 

51

Publix

$17.01

 

Westport Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

47

47

100.0%

 

 

28

Publix

$20.54

 

Willa Springs

USAA

20%

FL

Orlando-Kissimmee-Sanford

90

18

95.7%

 

 

44

Publix

$21.60

 

 

 

 

FL

 

11,678

11,031

92.8%

92.9%

1,107

3,503

 

 

 

Ashford Place

 

 

GA

Atlanta-SandySprings-Alpharett

53

53

96.7%

 

 

 

Harbor Freight Tools

$22.45

 

Briarcliff La Vista

 

 

GA

Atlanta-SandySprings-Alpharett

43

43

100.0%

 

 

 

Michael's

$21.98

 

Supplemental Information

29

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Briarcliff Village

 

 

GA

Atlanta-SandySprings-Alpharett

189

189

98.4%

 

 

43

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

$16.82

 

Bridgemill Market

 

 

GA

Atlanta-SandySprings-Alpharett

89

89

84.7%

 

 

38

Publix

$17.12

 

Brighten Park

 

 

GA

Atlanta-SandySprings-Alpharett

137

137

86.7%

 

 

25

Lidl, Dance 101

$28.00

 

Buckhead Court

 

 

GA

Atlanta-SandySprings-Alpharett

49

49

100.0%

 

 

 

-

$28.56

 

Buckhead Station

 

 

GA

Atlanta-SandySprings-Alpharett

234

234

100.0%

 

 

 

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

$24.43

 

Cambridge Square

 

 

GA

Atlanta-SandySprings-Alpharett

71

71

42.8%

 

 

41

-

$24.24

 

Chastain Square

 

 

GA

Atlanta-SandySprings-Alpharett

92

92

98.4%

 

 

37

Publix

$22.63

 

Cornerstone Square

 

 

GA

Atlanta-SandySprings-Alpharett

80

80

100.0%

 

 

18

Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint

$17.77

 

Sope Creek Crossing

 

 

GA

Atlanta-SandySprings-Alpharett

99

99

95.5%

 

 

45

Publix

$16.32

 

Dunwoody Hall

USAA

20%

GA

Atlanta-SandySprings-Alpharett

86

17

93.8%

 

 

44

Publix

$20.31

 

Dunwoody Village

 

 

GA

Atlanta-SandySprings-Alpharett

121

121

92.3%

 

 

18

The Fresh Market, Walgreens, Dunwoody Prep

$20.16

 

Howell Mill Village

 

 

GA

Atlanta-SandySprings-Alpharett

92

92

98.5%

 

 

31

Publix, Walgreens

$24.01

 

Paces Ferry Plaza

 

 

GA

Atlanta-SandySprings-Alpharett

82

82

99.9%

 

 

30

Whole Foods

$38.69

 

Piedmont Peachtree Crossing

 

 

GA

Atlanta-SandySprings-Alpharett

152

152

80.5%

 

 

56

Kroger, Binders Art Supplies & Frames

$20.48

 

Powers Ferry Square

 

 

GA

Atlanta-SandySprings-Alpharett

101

101

100.0%

 

 

 

HomeGoods, PETCO

$32.24

 

Powers Ferry Village

 

 

GA

Atlanta-SandySprings-Alpharett

79

79

87.3%

 

 

48

Publix, The Juice Box

$10.17

 

Russell Ridge

 

 

GA

Atlanta-SandySprings-Alpharett

101

101

93.3%

 

 

63

Kroger

$12.90

 

Sandy Springs

 

 

GA

Atlanta-SandySprings-Alpharett

116

116

90.8%

 

 

12

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

$23.41

 

The Shops at Hampton Oaks

 

 

GA

Atlanta-SandySprings-Alpharett

21

21

30.1%

 

 

 

(CVS)

$11.07

 

Williamsburg at Dunwoody

 

 

GA

Atlanta-SandySprings-Alpharett

45

45

79.6%

 

 

 

-

$26.77

 

 

 

 

GA

 

2,133

2,065

91.5%

91.5%

0

551

 

 

 

Civic Center Plaza

GRI

40%

IL

Chicago-Naperville-Elgin

265

106

96.1%

 

 

87

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

$11.29

 

Clybourn Commons

 

 

IL

Chicago-Naperville-Elgin

32

32

78.3%

 

 

 

PETCO

$36.82

 

Glen Oak Plaza

 

 

IL

Chicago-Naperville-Elgin

63

63

89.2%

 

 

12

Trader Joe's, Walgreens, Northshore University Healthsystems

$24.99

 

Hinsdale

 

 

IL

Chicago-Naperville-Elgin

185

185

92.1%

 

 

57

Whole Foods, Goodwill, Charter Fitness, Petco

$15.72

(2)

Mellody Farm

 

 

IL

Chicago-Naperville-Elgin

259

259

97.3%

 

 

45

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

$28.51

 

Riverside Sq & River's Edge

GRI

40%

IL

Chicago-Naperville-Elgin

169

68

97.5%

 

 

74

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

$17.39

 

Roscoe Square

GRI

40%

IL

Chicago-Naperville-Elgin

140

56

100.0%

 

 

51

Mariano's Fresh Market, Ashley Furniture, Walgreens

$21.83

 

Westchester Commons

 

 

IL

Chicago-Naperville-Elgin

139

139

92.4%

 

 

80

Mariano's Fresh Market, Goodwill

$18.34

 

Supplemental Information

30

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Willow Festival

 

 

IL

Chicago-Naperville-Elgin

404

404

96.9%

 

 

60

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

$17.99

 

 

 

 

IL

 

1,655

1,311

95.6%

95.1%

0

467

 

 

 

Shops on Main

M

94%

IN

Chicago-Naperville-Elgin

279

279

95.8%

 

 

40

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

$15.85

 

Willow Lake Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

86

34

62.0%

 

64

64

(Kroger)

$17.59

 

Willow Lake West Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

53

21

78.5%

 

 

12

Trader Joe's

$26.99

 

 

 

 

IN

 

418

335

86.7%

91.2%

64

116

 

 

 

Fellsway Plaza

M

75%

MA

Boston-Cambridge-Newton

158

158

84.2%

 

 

61

Stop & Shop, Planet Fitness

$25.07

 

Northborough Crossing

NYC

30%

MA

Worcester

646

194

96.6%

 

 

139

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

$13.36

 

Shaw's at Plymouth

 

 

MA

Boston-Cambridge-Newton

60

60

100.0%

 

 

60

Shaw's

$17.58

 

Shops at Saugus

 

 

MA

Boston-Cambridge-Newton

87

87

90.8%

 

 

11

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

$29.81

 

Star's at Cambridge

 

 

MA

Boston-Cambridge-Newton

66

66

100.0%

 

 

66

Star Market

$37.44

 

Star's at Quincy

 

 

MA

Boston-Cambridge-Newton

101

101

100.0%

 

 

101

Star Market

$21.48

 

Star's at West Roxbury

 

 

MA

Boston-Cambridge-Newton

76

76

100.0%

 

 

55

Shaw's

$25.10

 

The Abbot

 

 

MA

Boston-Cambridge-Newton

65

65

22.7%

 

 

 

-

$0.00

 

Twin City Plaza

 

 

MA

Boston-Cambridge-Newton

285

285

100.0%

 

 

63

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

$21.30

 

 

 

 

MA

 

1,544

1,092

93.2%

91.7%

0

556

 

 

 

Burnt Mills

C

20%

MD

Washington-Arlington-Alexandri

31

6

100.0%

 

 

9

Trader Joe's

$40.42

 

Cloppers Mill Village

GRI

40%

MD

Washington-Arlington-Alexandri

137

55

89.0%

 

 

70

Shoppers Food Warehouse, CVS, Dollar Tree

$17.80

 

Festival at Woodholme

GRI

40%

MD

Baltimore-Columbia-Towson

81

32

85.3%

 

 

10

Trader Joe's

$39.80

 

Firstfield Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

22

9

74.7%

 

 

 

-

$44.05

 

Parkville Shopping Center

GRI

40%

MD

Baltimore-Columbia-Towson

165

66

96.0%

 

 

41

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

$16.25

 

Southside Marketplace

GRI

40%

MD

Baltimore-Columbia-Towson

125

50

95.5%

 

 

44

Shoppers Food Warehouse

$21.82

 

Takoma Park

GRI

40%

MD

Washington-Arlington-Alexandri

104

42

100.0%

 

 

64

Lidl

$13.94

 

Valley Centre

GRI

40%

MD

Baltimore-Columbia-Towson

220

88

81.5%

 

 

18

Aldi,TJ Maxx, Ross Dress for Less, PetSmart, Michael's

$16.93

 

Village at Lee Airpark

 

 

MD

Baltimore-Columbia-Towson

121

121

93.6%

 

75

63

Giant, (Sunrise)

$29.21

 

Watkins Park Plaza

GRI

40%

MD

Washington-Arlington-Alexandri

111

45

100.0%

 

 

 

LA Fitness, CVS

$27.45

 

Westbard Square

 

 

MD

Washington-Arlington-Alexandri

213

213

86.6%

 

 

55

Giant, Citgo, Bowlmor AMF

$31.35

 

Woodmoor Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

69

28

98.4%

 

 

 

CVS

$34.08

 

 

 

 

MD

 

1,400

754

91.2%

90.6%

75

374

 

 

 

Fenton Marketplace

 

 

MI

Flint

97

97

100.0%

 

 

 

Family Farm & Home, Michael's

$8.64

 

Supplemental Information

31

 

Portfolio Summary Report By State

December 31, 2020

(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

 

 

 

 

MI

 

97

97

100.0%

100.0%

0

0

 

 

 

Apple Valley Square

RC

25%

MN

Minneapol-St. Paul-Bloomington

176

44

100.0%

 

87

 

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

$16.12

 

Cedar Commons (fka Calhoun Commons)

RC

25%

MN

Minneapol-St. Paul-Bloomington

66

17

97.6%

 

 

50

Whole Foods

$27.84

 

Colonial Square

GRI

40%

MN

Minneapol-St. Paul-Bloomington

93

37

100.0%

 

 

44

Lund's

$25.43

 

Rockford Road Plaza

GRI

40%

MN

Minneapol-St. Paul-Bloomington

204

82

99.3%

 

 

 

Kohl's, PetSmart, HomeGoods, TJ Maxx

$13.49

 

Rockridge Center

C

20%

MN

Minneapol-St. Paul-Bloomington

125

25

92.0%

 

 

89

CUB Foods

$13.53

 

 

 

 

MN

 

665

205

98.0%

98.5%

87

183

 

 

 

Brentwood Plaza

 

 

MO

St. Louis

60

60

100.0%

 

 

52

Schnucks

$11.29

 

Bridgeton

 

 

MO

St. Louis

71

71

100.0%

 

130

63

Schnucks, (Home Depot)

$12.26

 

Dardenne Crossing

 

 

MO

St. Louis

67

67

100.0%

 

 

63

Schnucks

$11.05

 

Kirkwood Commons

 

 

MO

St. Louis

210

210

100.0%

 

258

136

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

$10.05

 

 

 

 

MO

 

408

408

100.0%

100.0%

388

314

 

 

 

Carmel Commons

 

 

NC

Charlotte-Concord-Gastonia

135

135

79.1%

 

 

14

The Fresh Market, Chuck E. Cheese, Party City

$23.96

 

Cochran Commons

C

20%

NC

Charlotte-Concord-Gastonia

66

13

100.0%

 

 

42

Harris Teeter, (Walgreens)

$16.99

 

Market at Colonnade Center

 

 

NC

Raleigh-Cary

58

58

100.0%

 

 

40

Whole Foods

$27.82

 

Glenwood Village

 

 

NC

Raleigh-Cary

43

43

100.0%

 

 

28

Harris Teeter

$16.63

 

Harris Crossing

 

 

NC

Raleigh-Cary

65

65

100.0%

 

 

53

Harris Teeter

$9.50

 

Holly Park

 

 

NC

Raleigh-Cary

160

160

100.0%

 

 

12

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

$17.92

 

Lake Pine Plaza

 

 

NC

Raleigh-Cary

88

88

100.0%

 

 

58

Harris Teeter

$13.43

(2)

Midtown East

O

50%

NC

Raleigh-Cary

159

79

98.2%

 

 

120

Wegmans

$23.64

 

Providence Commons

RC

25%

NC

Charlotte-Concord-Gastonia

74

19

100.0%

 

 

50

Harris Teeter

$19.09

 

Ridgewood Shopping Center

C

20%

NC

Raleigh-Cary

93

19

86.3%

 

 

30

Whole Foods, Walgreens

$18.82

 

Shops at Erwin Mill

M

55%

NC

Durham-Chapel Hill

91

91

94.7%

 

 

53

Harris Teeter

$18.56

 

Shoppes of Kildaire

GRI

40%

NC

Raleigh-Cary

145

58

97.8%

 

 

46

Trader Joe's, Aldi, Fitness Connection, Staples

$18.91

 

Southpoint Crossing

 

 

NC

Durham-Chapel Hill

103

103

98.4%

 

 

59

Harris Teeter

$16.47

 

Sutton Square

C

20%

NC

Raleigh-Cary

101

20

86.8%

 

 

24

The Fresh Market

$20.51

 

Village District (fka Cameron Village)

C

30%

NC

Raleigh-Cary

558

167

90.2%

 

 

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

$25.06

 

Village Plaza

C

20%

NC

Durham-Chapel Hill

74

15

100.0%

 

 

42

Whole Foods, Community Worx

$22.07

 

Willow Oaks

 

 

NC

Charlotte-Concord-Gastonia

65

65

97.9%

 

 

49

Publix

$17.32

 

Supplemental Information

32

 

Portfolio Summary Report By State

December 31, 2020

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Woodcroft Shopping Center

 

 

NC

Durham-Chapel Hill

90

90

100.0%

 

 

41

Food Lion, ACE Hardware

$13.87

 

 

 

 

NC

 

2,167

1,288

94.3%

95.3%

0

848

 

 

 

Chimney Rock

 

 

NJ

New York-Newark-Jersey City

218

218

99.3%

 

 

50

Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Cost Plus World Market, Ulta

$36.78

 

District at Metuchen

C

20%

NJ

New York-Newark-Jersey City

67

13

100.0%

 

 

44

Whole Foods

$29.76

 

Haddon Commons

GRI

40%

NJ

Philadelphia-Camden-Wilmington

54

22

100.0%

 

 

34

Acme Markets

$15.06

 

Plaza Square

GRI

40%

NJ

New York-Newark-Jersey City

104

42

85.9%

 

 

60

Shop Rite

$21.73

 

Riverfront Plaza

NYC

30%

NJ

New York-Newark-Jersey City

129

39

91.7%

 

 

70

ShopRite

$26.82

 

 

 

 

NJ

 

572

333

95.3%

96.8%

0

258

 

 

 

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

$125.79

 

90 - 30 Metropolitan Avenue

 

 

NY

New York-Newark-Jersey City

60

60

93.9%

 

 

11

Trader Joe's, Staples, Michaels

$34.27

 

Broadway Plaza

 

 

NY

New York-Newark-Jersey City

147

147

91.8%

 

 

18

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

$40.88

 

Clocktower Plaza Shopping Ctr

 

 

NY

New York-Newark-Jersey City

79

79

100.0%

 

 

63

Stop & Shop

$49.56

 

The Gallery at Westbury Plaza

 

 

NY

New York-Newark-Jersey City

312

312

98.0%

 

 

13

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

$48.75

 

Hewlett Crossing I & II

 

 

NY

New York-Newark-Jersey City

53

53

98.7%

 

 

 

Petco

$40.60

 

Rivertowns Square

0

 

NY

New York-Newark-Jersey City

116

116

58.4%

 

 

18

Ulta, The Learning Experience, Mom's Organic Market

$33.80

 

The Point at Garden City Park

 

 

NY

New York-Newark-Jersey City

105

105

97.4%

 

 

52

King Kullen

$28.96

 

Lake Grove Commons

GRI

40%

NY

New York-Newark-Jersey City

141

57

100.0%

 

 

48

Whole Foods, LA Fitness, PETCO

$35.24

 

Westbury Plaza

 

 

NY

New York-Newark-Jersey City

397

397

95.6%

 

 

110

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

$25.40

 

 

 

 

NY

 

1,511

1,426

90.2%

89.6%

0

357

 

 

 

Cherry Grove

 

 

OH

Cincinnati

196

196

98.2%

 

 

66

Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning

$11.99

 

East Pointe

 

 

OH

Columbus

109

109

94.3%

 

 

76

Kroger

$10.56

 

Hyde Park

 

 

OH

Cincinnati

401

401

96.6%

 

 

169

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

$16.51

 

Kroger New Albany Center

M

50%

OH

Columbus

93

93

100.0%

 

 

65

Kroger

$13.10

 

Northgate Plaza (Maxtown Road)

 

 

OH

Columbus

114

114

100.0%

 

90

91

Kroger, (Home Depot)

$11.75

 

Red Bank Village

 

 

OH

Cincinnati

176

176

99.2%

 

 

152

WalMart

$7.47

 

Regency Commons

 

 

OH

Cincinnati

34

34

79.2%

 

 

 

-

$26.31

 

West Chester Plaza

 

 

OH

Cincinnati

88

88

100.0%

 

 

67

Kroger

$10.15

 

 

 

 

OH

 

1,211

1,211

97.4%

97.4%

90

685

 

 

 

Supplemental Information

33

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Corvallis Market Center

 

 

OR

Corvallis

85

85

90.9%

 

 

12

Trader Joe's, TJ Maxx, Michael's

$21.75

 

Greenway Town Center

GRI

40%

OR

Portland-Vancouver-Hillsboro

93

37

100.0%

 

 

38

Whole Foods, Rite Aid, Dollar Tree

$16.05

 

Murrayhill Marketplace

 

 

OR

Portland-Vancouver-Hillsboro

150

150

88.7%

 

 

41

Safeway, Planet Fitness

$19.89

 

Northgate Marketplace

 

 

OR

Medford

81

81

91.6%

 

 

13

Trader Joe's, REI, PETCO

$22.80

 

Northgate Marketplace Ph II

 

 

OR

Medford

177

177

97.4%

 

 

 

Dick's Sporting Goods, Homegoods, Marshalls

$17.10

 

Sherwood Crossroads

 

 

OR

Portland-Vancouver-Hillsboro

88

88

100.0%

 

 

55

Safeway

$12.02

 

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

$21.88

 

 

 

 

OR

 

835

779

95.5%

95.2%

0

215

 

 

 

Allen Street Shopping Ctr

GRI

40%

PA

Allentown-Bethlehem-Easton

46

18

100.0%

 

 

22

Ahart's Market

$16.08

 

City Avenue Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

162

65

80.4%

 

 

 

Ross Dress for Less, TJ Maxx, Dollar Tree

$19.32

 

Gateway Shopping Center

 

 

PA

Philadelphia-Camden-Wilmington

221

221

95.9%

 

 

11

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

$32.63

 

Hershey

 

 

PA

Harrisburg-Carlisle

6

6

100.0%

 

 

 

-

$30.00

 

Lower Nazareth Commons

 

 

PA

Allentown-Bethlehem-Easton

90

90

100.0%

 

244

111

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

$26.41

 

Mercer Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

91

37

94.7%

 

 

51

Weis Markets

$24.37

 

Newtown Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

143

57

85.6%

 

 

56

Acme Markets, Michael's

$18.73

 

Stefko Boulevard Shopping Center

GRI

40%

PA

Allentown-Bethlehem-Easton

134

54

94.1%

 

 

73

Valley Farm Market, Dollar Tree, Retro Fitness

$10.63

 

Warwick Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

93

37

44.3%

 

 

51

-

$28.33

 

 

 

 

PA

 

987

585

87.2%

90.4%

244

375

 

 

(2)

Indigo Square

 

 

SC

Charleston-North Charleston

51

51

98.4%

 

 

22

Publix

$29.20

 

Merchants Village

GRI

40%

SC

Charleston-North Charleston

80

32

98.5%

 

 

38

Publix

$17.10

 

 

 

 

SC

 

131

83

98.4%

98.4%

0

59

 

 

 

Harpeth Village Fieldstone

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

70

70

100.0%

 

 

55

Publix

$15.88

 

Northlake Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

138

138

87.7%

 

 

75

Kroger

$14.05

 

Peartree Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

110

110

100.0%

 

 

84

Kroger, PETCO

$19.96

 

 

 

 

TN

 

318

318

94.6%

94.6%

0

214

 

 

 

Alden Bridge

USAA

20%

TX

Houston-Woodlands-Sugar Land

139

28

98.0%

 

 

68

Kroger, Walgreens

$20.91

 

Bethany Park Place

USAA

20%

TX

Dallas-Fort Worth-Arlington

99

20

96.6%

 

 

83

Kroger

$11.66

 

CityLine Market

 

 

TX

Dallas-Fort Worth-Arlington

81

81

95.0%

 

 

40

Whole Foods

$27.65

 

CityLine Market Phase II

 

 

TX

Dallas-Fort Worth-Arlington

22

22

93.8%

 

 

 

CVS

$26.64

 

Cochran's Crossing

 

 

TX

Houston-Woodlands-Sugar Land

138

138

90.8%

 

 

63

Kroger, CVS

$19.00

(2)

Eastfield at Baybrook

O

50%

TX

Houston-Woodlands-Sugar Land

106

53

100.0%

 

 

106

H.E.B

$3.16

 

Hancock

 

 

TX

Austin-Round Rock-Georgetown

410

410

55.3%

 

 

90

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

$20.75

 

Hickory Creek Plaza

 

 

TX

Dallas-Fort Worth-Arlington

28

28

84.6%

 

81

81

(Kroger)

$28.81

 

Supplemental Information

34

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Hillcrest Village

 

 

TX

Dallas-Fort Worth-Arlington

15

15

100.0%

 

 

 

-

$47.73

 

Indian Springs Center

 

 

TX

Houston-Woodlands-Sugar Land

137

137

96.7%

 

 

79

H.E.B.

$24.67

 

Keller Town Center

 

 

TX

Dallas-Fort Worth-Arlington

120

120

94.2%

 

 

64

Tom Thumb

$16.31

 

Lebanon/Legacy Center

 

 

TX

Dallas-Fort Worth-Arlington

56

56

78.8%

 

63

63

(Wal-Mart)

$28.21

 

Market at Preston Forest

 

 

TX

Dallas-Fort Worth-Arlington

96

96

98.9%

 

 

64

Tom Thumb

$21.34

 

Market at Round Rock

 

 

TX

Austin-Round Rock-Georgetown

123

123

95.6%

 

 

30

Sprout's Markets, Office Depot, Tuesday Morning

$18.52

 

Market at Springwoods Village

M

53%

TX

Houston-Woodlands-Sugar Land

167

167

95.1%

 

 

100

Kroger

$16.55

 

Mockingbird Commons

 

 

TX

Dallas-Fort Worth-Arlington

120

120

89.2%

 

 

49

Tom Thumb, Ogle School of Hair Design

$18.37

 

North Hills

 

 

TX

Austin-Round Rock-Georgetown

145

145

94.2%

 

 

60

H.E.B.

$22.37

 

Panther Creek

 

 

TX

Houston-Woodlands-Sugar Land

166

166

96.1%

 

 

66

CVS, The Woodlands Childrens Museum, Fitness Project

$22.65

 

Prestonbrook

 

 

TX

Dallas-Fort Worth-Arlington

92

92

100.0%

 

 

64

Kroger

$15.03

(2)

Preston Oaks

 

 

TX

Dallas-Fort Worth-Arlington

101

101

77.0%

 

 

30

H.E.B., Central Market, Talbots

$27.71

 

Shiloh Springs

USAA

20%

TX

Dallas-Fort Worth-Arlington

110

22

87.3%

 

 

61

Kroger

$14.24

 

Shops at Mira Vista

 

 

TX

Austin-Round Rock-Georgetown

68

68

100.0%

 

 

15

Trader Joe's, Champions Westlake Gymnastics & Cheer

$23.80

 

Southpark at Cinco Ranch

 

 

TX

Houston-Woodlands-Sugar Land

265

265

97.6%

 

 

101

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

$13.46

 

Sterling Ridge

 

 

TX

Houston-Woodlands-Sugar Land

129

129

95.5%

 

 

63

Kroger,CVS

$21.01

 

Sweetwater Plaza

C

20%

TX

Houston-Woodlands-Sugar Land

134

27

94.6%

 

 

65

Kroger, Walgreens

$17.79

 

Tech Ridge Center

 

 

TX

Austin-Round Rock-Georgetown

215

215

89.0%

 

 

84

H.E.B., Pinstack

$23.22

(2)

The Village at Riverstone

 

 

TX

Houston-Woodlands-Sugar Land

165

165

96.1%

 

 

100

Kroger

$16.78

 

Weslayan Plaza East

GRI

40%

TX

Houston-Woodlands-Sugar Land

169

68

99.1%

 

 

 

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

$20.44

 

Weslayan Plaza West

GRI

40%

TX

Houston-Woodlands-Sugar Land

186

74

95.5%

 

 

52

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

$19.97

 

Westwood Village

 

 

TX

Houston-Woodlands-Sugar Land

187

187

97.1%

 

127

 

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

$20.06

 

Woodway Collection

GRI

40%

TX

Houston-Woodlands-Sugar Land

97

39

97.3%

 

 

45

Whole Foods

$30.07

 

 

 

 

TX

 

4,086

3,376

90.6%

89.8%

271

1,788

 

 

 

Ashburn Farm Village Center

GRI

40%

VA

Washington-Arlington-Alexandri

92

37

100.0%

 

 

27

Patel Brothers, The Shop Gym

$16.34

 

Belmont Chase

 

 

VA

Washington-Arlington-Alexandri

91

91

100.0%

 

 

40

Whole Foods, Cooper's Hawk Winery

$32.60

 

Braemar Village Center

RC

25%

VA

Washington-Arlington-Alexandri

104

26

98.1%

 

 

58

Safeway

$23.18

(2)

Carytown Exchange

M

47%

VA

Richmond

116

116

54.6%

 

 

38

Publix, CVS

$21.02

 

Centre Ridge Marketplace

GRI

40%

VA

Washington-Arlington-Alexandri

107

43

98.9%

 

 

55

United States Coast Guard Ex

$19.68

 

Point 50

 

 

VA

Washington-Arlington-Alexandri

48

48

96.3%

 

 

30

Whole Foods

$29.21

 

Festival at Manchester Lakes

GRI

40%

VA

Washington-Arlington-Alexandri

169

67

79.9%

 

 

65

Grocer, Homesense

$28.42

 

Supplemental Information

35

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Fox Mill Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

103

41

100.0%

 

 

50

Giant

$26.68

 

Greenbriar Town Center

GRI

40%

VA

Washington-Arlington-Alexandri

340

136

98.7%

 

 

62

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

$27.96

 

Hanover Village Shopping Center

GRI

40%

VA

Richmond

90

36

100.0%

 

 

18

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

$9.34

 

Kamp Washington Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

71

29

69.3%

 

 

20

-

$41.09

 

Kings Park Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

96

39

100.0%

 

 

51

Giant, CVS

$32.65

 

Lorton Station Marketplace

C

20%

VA

Washington-Arlington-Alexandri

132

26

68.9%

 

 

63

Grocer

$26.94

 

Market Common Clarendon

 

 

VA

Washington-Arlington-Alexandri

421

421

65.8%

 

 

34

Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Jumping Joeys, Equinox

$33.18

 

Saratoga Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

113

45

98.8%

 

 

56

Giant

$21.90

 

Shops at County Center

 

 

VA

Washington-Arlington-Alexandri

97

97

94.0%

 

 

52

Harris Teeter

$20.47

 

The Field at Commonwealth

 

 

VA

Washington-Arlington-Alexandri

167

167

99.0%

 

 

122

Wegmans

$22.05

 

Village Center at Dulles

C

20%

VA

Washington-Arlington-Alexandri

301

60

97.0%

 

 

48

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

$27.36

 

Village Shopping Center

GRI

40%

VA

Richmond

116

46

85.9%

 

 

45

Publix, CVS

$24.70

 

Willston Centre I

GRI

40%

VA

Washington-Arlington-Alexandri

105

42

89.9%

 

 

 

CVS, Fashion K City

$27.78

 

Willston Centre II

GRI

40%

VA

Washington-Arlington-Alexandri

136

54

100.0%

 

141

59

Safeway, (Target)

$27.08

 

 

 

 

VA

 

3,017

1,669

88.5%

87.1%

141

994

 

 

 

6401 Roosevelt

 

 

WA

Seattle-Tacoma-Bellevue

8

8

69.0%

 

 

 

-

$18.58

 

Aurora Marketplace

GRI

40%

WA

Seattle-Tacoma-Bellevue

107

43

98.8%

 

 

49

Safeway, TJ Maxx

$16.97

 

Ballard Blocks I

O

50%

WA

Seattle-Tacoma-Bellevue

132

66

95.9%

 

 

12

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

$26.06

(2)

Ballard Blocks II

O

50%

WA

Seattle-Tacoma-Bellevue

117

58

99.3%

 

 

25

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

$34.71

 

Broadway Market

C

20%

WA

Seattle-Tacoma-Bellevue

140

28

95.3%

 

 

64

Quality Food Centers, Gold's Gym

$29.30

 

Cascade Plaza

C

20%

WA

Seattle-Tacoma-Bellevue

206

41

95.0%

 

 

49

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

$12.35

 

Eastgate Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

85

34

100.0%

 

 

29

Safeway, Rite Aid

$30.59

 

Grand Ridge Plaza

 

 

WA

Seattle-Tacoma-Bellevue

331

331

98.8%

 

 

45

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

$25.45

 

Inglewood Plaza

 

 

WA

Seattle-Tacoma-Bellevue

17

17

91.9%

 

 

 

-

$43.19

 

Klahanie Shopping Center

 

 

WA

Seattle-Tacoma-Bellevue

67

67

94.7%

 

40

40

(QFC)

$35.05

 

Melrose Market

 

 

WA

Seattle-Tacoma-Bellevue

21

21

85.3%

 

 

 

-

$34.32

 

Overlake Fashion Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

93

37

92.3%

 

230

13

Marshalls, Bevmo!, Amazon Go Grocery

$28.57

 

Supplemental Information

36

 

Portfolio Summary Report By State

December 31, 2020

(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

 

Pine Lake Village

 

 

WA

Seattle-Tacoma-Bellevue

103

103

95.7%

 

 

41

Quality Food Centers, Rite Aid

$24.78

 

Roosevelt Square

 

 

WA

Seattle-Tacoma-Bellevue

150

150

96.0%

 

 

50

Whole Foods, Bartell, Guitar Center, LA Fitness

$26.11

 

Sammamish-Highlands

 

 

WA

Seattle-Tacoma-Bellevue

101

101

100.0%

 

55

67

Trader Joe's, (Safeway), Bartell Drugs

$35.65

 

Southcenter

 

 

WA

Seattle-Tacoma-Bellevue

58

58

93.0%

 

112

 

(Target)

$31.64

 

 

 

 

WA

 

1,737

1,164

96.5%

96.6%

437

484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency Centers Total

 

 

 

 

51,912

42,242

92.3%

92.9%

4,088

16,548

 

$22.86

 

(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

NYC:

Co-investment Partnership with NYCRF

O:

Other, single property co-investment Partnerships

RC:

Co-investment Partnership with CalSTRS

RLP:

Co-investment Partnership with Rider

USAA:

Co-investment Partnership with USAA

 

 

Supplemental Information

37

 

 

 

Components of Net Asset Value (NAV)

As of December 31, 2020

(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)

 

$

163,335

 

Share of JV NOI (page 7)

 

$

24,649

 

Less: Noncontrolling Interests (page 7)

 

$

(1,549

)

 

 

 

 

 

Base Rent from leases signed but not yet rent-paying - Current Quarter

 

 

 

 

Retail Operating Properties including redevelopments

 

$

3,080

 

 

 

 

 

 

 

Real Estate - In-Process Ground Up Developments

 

 

 

 

In-Process Development (1)

 

REG's Estimated Net GAAP Project Costs (2) (page 17, footnote)

 

$

44,793

 

% of Costs Incurred (page 17)

 

 

43

%

Construction in Progress

 

$

19,300

 

 

 

 

 

 

NOI from In-Process Development - Current Quarter

 

Proforma Stabilized NOI from current quarter completions

 

$

243

 

In-place NOI from In-Process Developments (In Construction)

 

$

51

 

 

 

 

 

 

 

Fee Income

 

 

 

 

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

 

$

7,417

 

 

 

 

 

 

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

 

$

(267

)

 

 

 

 

 

 

Other Assets

 

 

 

 

Estimated Market Value of Undeveloped Land

 

 

 

 

Land held for sale or future development

 

$

39,416

 

Outparcels at retail operating properties

 

 

12,915

 

101 7th Avenue at Book Value, Net

 

 

25,000

 

Total Estimated Market Value of Undeveloped Land

 

$

77,331

 

 

 

 

 

 

Wholly Owned Assets (page 3)

 

 

 

 

Cash and Cash Equivalents

 

$

378,450

 

Tenant and other receivables, excluding Straight line rent receivables

 

$

143,633

 

Other Assets, excluding Goodwill

 

$

87,578

 

Share of JV Assets (page 6)

 

 

 

 

Cash and Cash Equivalents

 

$

21,588

 

Tenant and other receivables, excluding Straight line rent receivables

 

$

23,133

 

Other Assets

 

$

18,854

 

 

 

 

 

 

Less: Noncontrolling Interests (page 6)

 

$

(4,957

)

 

 

 

 

 

 

Liabilities

 

 

 

 

Wholly Owned Debt Outstanding (page 12)

 

 

 

 

Mortgage Loans

 

$

415,713

 

Unsecured Public/Private Notes

 

 

3,275,000

 

Unsecured Credit Facilities

 

 

265,000

 

Total Wholly Owned Debt Outstanding

 

$

3,955,713

 

 

 

 

 

 

Share of JV Debt Outstanding (page 14)

 

$

537,712

 

 

 

 

 

 

Other Wholly Owned Liabilities (page 3)

 

 

 

 

Accounts Payable and Other Liabilities

 

$

302,361

 

Tenants' Security and Escrow Deposits

 

$

55,210

 

Other Share of JV Accounts Liabilities (page 6)

 

 

 

 

Accounts Payable and Other Liabilities

 

$

24,588

 

Tenants' Security and Escrow Deposits

 

$

4,185

 

 

 

 

 

 

Less: Noncontrolling Interests (page 6)

 

$

(41,437

)

 

 

 

 

 

 

Common Shares and Equivalents Outstanding

 

 

 

 

Common Shares and Equivalents Issued and Outstanding (page 1)

 

 

170,445

 

 

 

 

 

 

 

 

(1)

Includes Carytown Exchange, East San Marco, Eastfield at Baybrook

 

(2)

Includes additional interest and overhead capitalization

 

Supplemental Information

38

 

 

 

Supplemental Details of Lease Income (Pro Rata)

COVID-19 Disclosure

For the Three Months and Nine Months Ended December 31, 2020

(unaudited and in thousands)

 

For the Three Months Ended December 31, 2020

Composition of Lease Income

 

Total Pro Rata

 

Base rent

 

$

215,991

 

Recoveries from tenants

 

 

68,825

 

Percentage Rent, Termination Fees , and Other Lease Income

 

 

6,191

 

Total Billings/Deferrals and Other Revenue

 

$

291,007

 

Uncollectible Lease Income (3)

 

 

(17,689

)

Non-Cash Revenues (1)

 

 

7,864

 

Total Lease Income (see pages 5 & 7)

 

$

281,182

 

 

 

 

 

 

 

 

 

 

 

Lease Income Accrual Reconciliation

 

Total Pro Rata

 

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

 

$

263,822

 

Uncollected - Base Rent/Recoveries - Accrued

 

 

9,496

 

Uncollected - Base Rent/Recoveries - Reserved (3)

 

 

17,689

 

Total Billings/Deferrals and Other Revenue

 

$

291,007

 

Uncollectible Lease Income (3)

 

 

(17,689

)

Non-Cash Revenues (1)

 

 

7,864

 

Total Lease Income (see pages 5 & 7)

 

$

281,182

 

 

 

 

 

 

Composition of Deferred Rent

 

Total Pro Rata

 

Deferred Rent - Accrued

 

$

1,234

 

Deferred Rent - Reserved

 

 

1,693

 

Total Deferrals

 

$

2,927

 

 

 

 

For the Nine Months Ended December 31, 2020

Composition of Lease Income

 

Total Pro Rata

 

Base rent

 

$

650,070

 

Recoveries from tenants

 

 

207,028

 

Percentage Rent, Termination Fees , and Other Lease Income

 

 

16,209

 

Total Billings/Deferrals and Other Revenue

 

$

873,307

 

Uncollectible Lease Income (3)

 

 

(87,141

)

Non-Cash Revenues (1)

 

 

8,308

 

Total Lease Income (see pages 5 & 7)

 

$

794,474

 

 

 

 

 

 

 

 

 

 

 

Lease Income Accrual Reconciliation

 

Total Pro Rata

 

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

 

$

762,181

 

Uncollected - Base Rent/Recoveries - Accrued

 

 

23,985

 

Uncollected - Base Rent/Recoveries - Reserved (3)

 

 

87,141

 

Total Billings/Deferrals and Other Revenue

 

$

873,307

 

Uncollectible Lease Income (3)

 

 

(87,141

)

Non-Cash Revenues (1)

 

 

8,308

 

Total Lease Income (see pages 5 & 7)

 

$

794,474

 

 

 

 

 

 

Composition of Deferred Rent

 

Total Pro Rata

 

Deferred Rent - Accrued

 

$

15,470

 

Deferred Rent - Reserved

 

 

14,767

 

Total Deferrals

 

$

30,237

 

 

(1)

Includes pro rata share of straight-line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.

(2)

Unbilled recoveries are included in Other Revenues, and represent unbilled amounts for quarterly, semi-annual and annual payers of property expenses.

(3)

Represents Base Rent and Recoveries deemed uncollectible.

(4)

Contractual deferrals of rent and recoveries billed and recognized through December 31, 2020.  Includes deferral agreements executed through January 31, 2021.

 

 

Supplemental Information

39

 

 

 

Supplemental Details of Same Property NOI (Pro Rata)

COVID-19 Disclosure

For the Three Months and Nine Months Ended December 31, 2020

(unaudited and in thousands)

 

 

 

Three Months

 

 

Nine Months

 

 

 

 

Ended 12/31/20

 

 

Ended 12/31/20

 

 

 

 

 

 

 

 

 

 

 

*

Same Property NOI

 

$

179,675

 

 

$

510,945

 

 

% change

 

 

-9.9

%

 

 

-14.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Same Property NOI without Termination Fees

 

$

177,437

 

 

$

505,413

 

 

% change

 

 

-10.5

%

 

 

-15.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Same Property NOI without Termination Fees or Redevelopments

 

$

160,973

 

 

$

460,106

 

 

% change

 

 

-10.7

%

 

 

-15.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI excluding Accrued Lease Income Not Collected

 

 

 

 

 

 

 

 

 

Accrued Lease Income Not Collected

 

$

9,404

 

 

$

18,742

 

 

Same Property NOI without Termination Fees and Accrued Lease Income Not Collected

 

$

168,033

 

 

$

486,671

 

 

% change

 

 

-15.3

%

 

 

-18.5

%

 

 

*

See page 8

 

 

 

 

 

 

 

 

Supplemental Details of Tenant and Other Receivables (Pro Rata)

COVID-19 Disclosure

As of December 31, 2020

(in thousands)

 

 

 

Total Pro Rata

 

 

 

 

 

 

 

 

 

 

 

 

Tenant receivables

 

$

139,924

 

 

 

 

Less: Uncollectible tenant receivables

 

 

(94,731

)

 

 

 

Net tenant receivables

 

$

45,193

 

 

 

 

 

 

 

 

 

 

 

 

Straigh line rent receivables

 

 

141,580

 

 

 

 

Less: Uncollectible straight line rent receivables

 

 

(41,136

)

 

 

 

Net Straight line receivables

 

$

100,444

 

 

 

 

 

 

 

 

 

 

 

 

Other receivables (1)

 

 

18,916

 

 

 

 

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

 

$

164,553

 

 

 

 

 

(1)

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

 

 

 

Supplemental Information

40

 

 

 

Earnings Guidance

December 31, 2020

(in thousands, except per share data)

 

 

2020A

2021E

 

 

 

Net Income / Share

$0.26

$0.55 - $0.73

NAREIT FFO / Share

$2.95

$2.96 - $3.14

Core Operating Earnings / Share

$2.97

$2.79 - $2.97

 

 

 

Same Property

 

 

Same property NOI growth without termination fees (pro-rata)

-11.6%

-1.0% to 2.5%

 

 

 

New Investments

 

 

Development and Redevelopment spend (pro-rata)

$141,437

+/- $150,000

 

 

 

Acquisitions (pro-rata)

$27,740

+/- $0

Cap rate (weighted average)

4.8%

0.0%

 

 

 

Disposition Activity

 

 

Dispositions (pro-rata)

$190,770

+/- $150,000

Cap rate (weighted average)

5.7%

5.5% - 6.0% (2)

 

 

 

Other

 

 

Early extinguishment of debt (pro-rata)

$22,042

$0

Net interest expense (pro-rata)

$179,443

$166,000 - $167,000

Net G&A expense (pro-rata)

$70,586

$82,500 - $86,500

Recurring third party fees & commissions (pro-rata)

$25,411

$23,000 - $24,000

Certain non-cash items (pro-rata) (1)

$19,066

+/- $30,000

 

 

(1)

Includes above and below market rent amortization and straight-line rents and amortization of mark-to-market debt adjustments

 

(2)

Average cap rate calculation excludes the sale of non-income producing asset for $29.4 million in the first quarter

 

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 Center 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

41

 

 

 

Reconciliation of Net Income to Earnings Guidance

December 31, 2020

(per diluted share)

 

 

Nareit FFO and Core Operating Earnings Guidance:

 

Full Year

2021

 

 

 

Low

 

 

High

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

0.55

 

 

 

0.73

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2.41

 

 

 

2.41

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

2.96

 

 

 

3.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile  Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight line rent, net

 

 

(0.03

)

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

Market rent amortization, net

 

 

(0.14

)

 

 

(0.14

)

 

 

 

 

 

 

 

 

 

Core Operating Earnings

 

$

2.79

 

 

 

2.97

 

 

 

 

Supplemental Information

42

 

 

 

Glossary of Terms

December 31, 2020

Core Operating Earnings:  An additional performance measure used by Regency as 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 of 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 earliest 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, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property the following calendar year.

Fixed Charge Coverage Ratio:  Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders.

Nareit Funds From Operations (Nareit FFO):  Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.  Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition.  Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions.  Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Net Operating Income (NOI):  The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income.  NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

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

Operating EBITDAre:  Nareit EBITDAre is a measure of REIT performance, which the Nareit defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from Nareit EBITDAre certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income to Nareit EBITDAre to Operating EBITDAre.

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

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

Retail Operating Property:   Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses.

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

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