Exhibit 99.2

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Table of Contents

September 30, 2022

 

Forward-Looking Statements

i

 

 

Earnings Press Release

iii

 

 

Summary Information:

 

 

 

Summary Financial Information

1

 

 

Summary Real Estate Information

2

 

 

Financial Information:

 

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Operations

4

 

 

Supplemental Details of Operations (Consolidated Only)

5

 

 

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

6

 

 

Supplemental Details of Operations (Real Estate Partnerships Only)

7

 

 

Supplemental Details of Same Property NOI (Pro-Rata)

8

 

 

Reconciliations of Non-GAAP Financial Measures

9

 

 

Capital Expenditures and Additional Disclosures

10

 

 

Summary of Consolidated Debt

11

 

 

Summary of Consolidated Debt Detail

12

 

 

Summary of Unsecured Debt Covenants and Leverage Ratios

13

 

 

Summary of Unconsolidated Debt

14

 

 

Unconsolidated Investments

15

 

 

Investment Activity:

 

 

 

Property Transactions

16

 

 

Summary of In-Process Developments and Redevelopments

17

 

 

Development and Redevelopment Current Year Completions

18

 

 

Real Estate Information:

 

 

 

Leasing Statistics

19

 

 

Annual Base Rent by State

20

 

 

Annual Base Rent by CBSA

21

 

 

Annual Base Rent by Tenant Category

22

 

 

Significant Tenant Rents

23

 

 

Tenant Lease Expirations

24

 

 

Portfolio Summary Report by State

25

 

 

Additional Disclosures and Forward-Looking Information:

 

 

 

Components of NAV

40

 

 

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

41

 

 

Earnings Guidance

42

 

 

Glossary of Terms

43

 

 


 

Safe Harbor Language

September 30, 2022

 

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2022 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 Relating to Current Economic Conditions

Rising interest rates, as we have seen in 2022, may adversely affect the cost of and our ability to borrow, the valuation of our real estate, and our stock price. Current economic conditions and challenges may adversely impact our tenants, and, therefore, our ability to lease space and the level of rent we may be able to charge.

 

Risk Factors Related to Pandemics or other Health Crises

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

 

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. 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.
 

 

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to

Supplemental Information i


 

natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

 

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

 

Risk Factors Related to Our Partnerships and Joint Ventures

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

 

Risk Factors Related to Funding Strategies and Capital Structure

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

 

Risk Factors Related to the Company’s Common Stock

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

 

 

Supplemental Information ii


 

 

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NEWS RELEASE

For immediate release

 

Christy McElroy

904 598 7616

ChristyMcElroy@regencycenters.com

 

Regency Centers Reports Third Quarter 2022 Results

JACKSONVILLE, Fla. (November 3, 2022) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended September 30, 2022 and provided updated 2022 earnings guidance. For the three months ended September 30, 2022 and 2021, Net Income was $0.51 per diluted share and $0.69 per diluted share, respectively.

Third Quarter 2022 Highlights

Reported Nareit FFO of $1.01 per diluted share and Core Operating Earnings of $0.94 per diluted share for the third quarter
Raised 2022 Nareit FFO guidance to a range of $4.00 to $4.03 per diluted share
Raised 2022 Core Operating Earnings guidance to a range of $3.75 to $3.78 per diluted share, representing a 7% year-over-year increase at the midpoint excluding prior year collections
Increased Same Property NOI excluding lease termination fees and prior year collections by 2.6% during the third quarter over the same period a year ago
Increased Same Property percent leased by 20 basis points sequentially to 94.7%, and Same Property small shop percent leased by 40 basis points sequentially to 91.4%
Executed quarterly volume of 2.3 million square feet of comparable new and renewal leases during the third quarter at a blended cash rent spread of +7.0%
Net project costs for Regency’s in-process development and redevelopment projects were approximately $398 million as of September 30, 2022
Achieved pro-rata net debt-to-operating EBITDAre of 5.0x as of September 30, 2022
In September, Moody’s Investors Service affirmed its Baa1 senior unsecured debt rating for Regency and revised its outlook from stable to positive
Subsequent to quarter end, on October 12, 2022, completed the acquisition of East Meadow Plaza in East Meadow, NY at a gross purchase price of $30 million at Regency’s share
Subsequent to quarter end, on November 2, 2022, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share, an increase of 4% from the prior quarterly dividend


 

"We are pleased to report another quarter of solid results, and remain encouraged by continued robust tenant demand and overall operating trends. While the macroeconomic backdrop is more challenging today, Regency is well-positioned given the demographic profile of our shopping centers, our value creation expertise, and the strength of our balance sheet to weather economic storms,” said Lisa Palmer, President and Chief Executive Officer. “With solid contractual rent growth, mark-to-market upside in our leases, room to further grow occupancy, and execution on our self-funded development and redevelopment strategy, we are positioned to continue to drive solid and sustainable growth."

 

Supplemental Information iii


 

Financial Results

Net Income

For the three months ended September 30, 2022, Net Income Attributable to Common Stockholders (“Net Income”) was $87.6 million, or $0.51 per diluted share, compared to Net Income of $117.4 million, or $0.69 per diluted share, for the same period in 2021.

Nareit FFO

For the three months ended September 30, 2022, Nareit Funds From Operations (“Nareit FFO”) was $174.2 million, or $1.01 per diluted share, compared to $192.6 million, or $1.12 per diluted share, for the same period in 2021.
o
Nareit FFO in the third quarter of 2022 was favorably impacted by the collection of revenues reserved during 2020 and 2021 of $2.8 million at Regency’s share, or $0.02 per diluted share.
o
Nareit FFO in the third quarter of 2022 also benefitted from the reversal of straight-line rent reserves of $4.6 million at Regency’s share, or $0.03 per diluted share, triggered by the conversion of some cash basis tenants back to accrual basis accounting.

Core Operating Earnings

For the three months ended September 30, 2022, Core Operating Earnings was $161.6 million, or $0.94 per diluted share, compared to $163.9 million, or $0.96 per diluted share, for the same period in 2021.
 

Portfolio Performance

Same Property NOI

Third quarter 2022 Same Property Net Operating Income (“NOI”), excluding lease termination fees, decreased by 0.4% compared to the same period in 2021.
Third quarter 2022 Same Property Net Operating Income (“NOI”), excluding lease termination fees and prior year collections, increased by 2.6% compared to the same period in 2021.
Third quarter 2022 Same Property base rent increased by 3.9% compared to the same period in 2021.

Leased Occupancy

As of September 30, 2022, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.6% leased.
 
As of September 30, 2022, Regency’s Same Property portfolio was 94.7% leased, an increase of 20 basis points sequentially and an increase of 90 basis points compared to September 30, 2021.
 
o
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.7%, an increase of 10 basis points sequentially.
 
o
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 91.4%, an increase of 40 basis points sequentially.
As of September 30, 2022, Regency’s Same Property portfolio was 92.3% commenced, an increase of 20 basis points sequentially and an increase of 80 basis points compared to September 30, 2021.

 

Supplemental Information iv


 

Leasing Activity

During the three months ended September 30, 2022, Regency executed approximately 2.3 million square feet of comparable new and renewal leases at a blended cash rent spread of +7.0%.
For the trailing twelve months, the Company executed approximately 7.1 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.8%.

Capital Allocation and Balance Sheet

Developments and Redevelopments

As of September 30, 2022, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $398 million at the Company’s share, 55% of which has been incurred to date.
Subsequent to quarter end, the Company commenced construction at Town and Country Center in Los Angeles, CA. The project includes the redevelopment of a former Kmart building into new retail space and approximately 300 luxury mid-rise apartments.

Property Transactions

Subsequent to quarter end, on October 12, 2022, the Company completed the acquisition of East Meadow Plaza in East Meadow, NY at a gross sales price of $30 million.

Balance Sheet

As of September 30, 2022, Regency had full capacity available under its $1.2 billion revolving credit facility.
 
As of September 30, 2022, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.0x.
 
On September 13, 2022, Moody’s Investors Service affirmed its Baa1 senior unsecured debt rating on Regency and revised its outlook to positive from stable.

Dividend

On November 2, 2022, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share, representing an increase of 4% from the prior quarterly dividend.
The dividend is payable on January 4, 2023, to shareholders of record as of December 16, 2022.

 

Supplemental Information v


 

2022 Guidance

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

Earnings Guidance

September 30, 2022

 

Full Year 2022 Guidance (in thousands, except per share data)

3Q YTD

Current Guidance

Prior Guidance

 

 

 

 

Net Income Attributable to Common Stockholders per diluted share

$2.26

$2.70 - $2.73

$2.60 - $2.64

 

 

 

 

 

 

 

 

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

$3.05

$4.00 - $4.03

$3.92 - $3.96

 

 

 

 

 

 

 

 

Core Operating Earnings per diluted share (1)

$2.85

$3.75 - $3.78

$3.70 - $3.74

 

 

 

 

 

 

 

 

Same property NOI growth without termination fees

2.5%

+2.0% to +2.5%

+1.25% to +2.25%

 

 

 

 

Same property NOI growth without termination fees or collection of PY reserves

6.5%

+5.25% to +5.75%

+4.75% to +5.75%

 

 

 

 

 

 

 

 

Collection of Prior Year Reserves (2)

$17,830

+/- $20,000

+/- $18,000

 

 

 

 

 

 

 

 

Certain non-cash items (3)

$35,096

+/- $43,000

+/- $37,500

Impact from Reversal of Uncollectible Straight-Line Rent Receivables (4)

$12,055

$12,055

$7,494

 

 

 

 

 

 

 

 

Net G&A expense

$64,954

$86,000 - $88,000

$86,000 - $88,000

 

 

 

 

 

 

 

 

Net interest expense

$124,124

$166,000 - $167,000

$166,000 - $167,000

 

 

 

 

 

 

 

 

Recurring third party fees & commissions

$18,172

$24,000 - $25,000

$24,000 - $25,000

 

 

 

 

 

 

 

 

Development and Redevelopment spend

$76,099

+/- $130,000

+/- $140,000

 

 

 

 

 

 

 

 

Acquisitions

$170,908

$200,908

+/- $170,000

Cap rate (weighted average)

5.6%

5.0%

+/- 5.6%

 

 

 

 

 

 

 

 

Dispositions

$177,604

$177,604

+/-$190,000

Cap rate (weighted average) (5)

3.0%

3.0%

+/- 3.3%

 

 

 

 

 

 

 

 

Forward ATM settlement (gross)

$64,768

$64,768

+/- $65,000

 

 

 

 

 

 

 

 

Share Repurchase settlement (gross)

$75,393

$75,393

+/-$75,000

 

 

 

 

(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the expected collection in 2022 of revenues in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight-Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.
(5)
Weighted average cap rates exclude non-income producing assets; 2022 average cap rates include the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

 

Supplemental Information vi


 

Conference Call Information

To discuss Regency’s third quarter results and provide further business updates, management will host a conference call on Friday, November 4th, 2022, at 10:00 a.m. ET. Dial-in and webcast information is below.

Third Quarter 2022 Earnings Conference Call

 

Date:

Friday, November 4, 2022

Time:

10:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

3rd Quarter 2022 Webcast Link

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

About Regency Centers Corporation (Nasdaq: REG)

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

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

Earnings - Actual (in thousands)

 

For the Periods Ended September 30, 2022 and 2021

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

87,578

 

 

 

117,406

 

 

$

387,602

 

 

 

293,552

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

86,405

 

 

 

81,928

 

 

 

256,273

 

 

 

247,599

 

Gain on sale of real estate

 

 

(202

)

 

 

(6,737

)

 

 

(119,301

)

 

 

(38,584

)

Provision for impairment of real estate

 

 

-

 

 

 

(505

)

 

 

-

 

 

 

10,586

 

Exchangeable operating partnership units

 

 

379

 

 

 

519

 

 

 

1,694

 

 

 

1,315

 

Nareit Funds From Operations

 

$

174,160

 

 

 

192,611

 

 

$

526,268

 

 

 

514,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

174,160

 

 

 

192,611

 

 

$

526,268

 

 

 

514,468

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

(13,589

)

 

 

-

 

 

 

(13,589

)

Certain Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(3,140

)

 

 

(4,004

)

 

 

(9,152

)

 

 

(10,294

)

Uncollectible straight-line rent

 

 

(4,156

)

 

 

(4,376

)

 

 

(9,610

)

 

 

159

 

Above/below market rent amortization, net

 

 

(5,191

)

 

 

(6,390

)

 

 

(15,906

)

 

 

(18,098

)

Debt premium/discount amortization

 

 

(28

)

 

 

(368

)

 

 

(185

)

 

 

(460

)

Core Operating Earnings

 

$

161,645

 

 

 

163,884

 

 

$

491,591

 

 

 

472,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares For Diluted Earnings per Share

 

 

171,525

 

 

 

170,589

 

 

 

171,870

 

 

 

170,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

172,267

 

 

 

171,349

 

 

 

172,620

 

 

 

171,076

 

(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.

 

Supplemental Information vii


 

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.

 

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

 

For the Periods Ended September 30, 2022 and 2021

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income attributable to common stockholders

 

$

87,578

 

 

 

117,406

 

 

$

387,602

 

 

 

293,552

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(5,767

)

 

 

(19,671

)

 

 

(18,950

)

 

 

(33,419

)

Other(1)

 

 

(13,564

)

 

 

(15,125

)

 

 

(38,295

)

 

 

(31,184

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

80,270

 

 

 

75,459

 

 

 

237,462

 

 

 

226,935

 

General and administrative

 

 

20,273

 

 

 

17,789

 

 

 

56,710

 

 

 

58,263

 

Other operating expense

 

 

949

 

 

 

812

 

 

 

3,739

 

 

 

2,687

 

Other expense (income)

 

 

37,356

 

 

 

29,463

 

 

 

12,516

 

 

 

67,383

 

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

 

 

11,754

 

 

 

11,023

 

 

 

23,767

 

 

 

49,267

 

Net income attributable to noncontrolling interests

 

 

1,269

 

 

 

1,442

 

 

 

4,048

 

 

 

3,753

 

NOI

 

 

220,118

 

 

 

218,598

 

 

 

668,599

 

 

 

637,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(3,789

)

 

 

(232

)

 

 

(12,768

)

 

 

3,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

216,329

 

 

 

218,366

 

 

$

655,831

 

 

 

640,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

215,427

 

 

 

216,335

 

 

$

652,041

 

 

 

635,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

189,426

 

 

 

189,696

 

 

$

573,545

 

 

 

561,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of PY Reserves

 

$

212,631

 

 

 

207,211

 

 

$

634,212

 

 

 

595,319

 

(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-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its third quarter 2022 supplemental package that may help investors estimate earnings. A copy of the Company’s third quarter 2022 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended September 30, 2022. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

 

Supplemental Information viii


 

Non-GAAP Disclosure

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

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

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

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2022 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:

 

Supplemental Information ix


 

Risk Factors Relating to Current Economic Conditions

Rising interest rates, as we have seen in 2022, may adversely affect the cost of and our ability to borrow, the valuation of our real estate, and our stock price. Current economic conditions and challenges may adversely impact our tenants and, therefore, our ability to lease space and the level of rent we may be able to charge.

Risk Factors Related to Pandemics or other Health Crises

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

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. In addition, labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including inflationary pressures, could affect the retail industry. 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.

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 increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

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

 

Supplemental Information x


 

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 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.

Risk Factors Related to the Company’s Common Stock

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

Supplemental Information xi


 

Summary Financial Information

September 30, 2022

(in thousands, except per share data)

 

 

 

Three Months Ended

 

Year to Date

 

 

2022

 

2021

 

2022

 

2021

Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders (page 4)

 

$87,578

 

$117,406

 

$387,602

 

$293,552

Net income per diluted share

 

$0.51

 

$0.69

 

$2.26

 

$1.72

 

 

 

 

 

 

 

 

 

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

 

$174,160

 

$192,611

 

$526,268

 

$514,468

Nareit FFO per diluted share

 

$1.01

 

$1.12

 

$3.05

 

$3.01

 

 

 

 

 

 

 

 

 

Core Operating Earnings (page 9)

 

$161,645

 

$163,884

 

$491,591

 

$472,186

Core Operating Earnings per diluted share

 

$0.94

 

$0.96

 

$2.85

 

$2.76

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees (page 8)

 

$215,427

 

$216,335

 

$652,041

 

$635,964

% growth

 

-0.4%

 

 

 

2.5%

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without termination fees or collection of PY reserves (page 8)

 

$212,631

 

$207,211

 

$634,212

 

$595,319

% growth

 

2.6%

 

 

 

6.5%

 

 

 

 

 

 

 

 

 

 

 

Operating EBITDAre (page 9)

 

$205,185

 

$207,571

 

$622,370

 

$603,735

 

 

 

 

 

 

 

 

 

Dividends declared per share and unit

 

$0.625

 

$0.595

 

$1.875

 

$1.785

Payout ratio of Core Operating Earnings per share (diluted)

 

66.5%

 

62.0%

 

65.8%

 

64.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted share and unit count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares (diluted) - Net income

 

                    171,525

 

                    170,589

 

                    171,870

 

                    170,314

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

 

                    172,267

 

                    171,349

 

                    172,620

 

                    171,076

_________________________________________________________________________________________________

 

 

 

As of

 

As of

 

As of

 

As of

 

 

9/30/2022

 

12/31/2021

 

12/31/2020

 

12/31/2019

Capital Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price per common share

 

$53.85

 

$75.35

 

$45.59

 

$63.09

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

                    171,119

 

                    171,213

 

                    169,680

 

                    167,571

Exchangeable units held by noncontrolling interests

 

                           741

 

                           760

 

                           765

 

                           746

Common shares and equivalents issued and outstanding

 

                    171,860

 

                    171,973

 

                    170,445

 

                    168,317

Market equity value of common and convertible shares

 

$9,254,693

 

$12,958,170

 

$7,770,596

 

$10,619,161

 

 

 

 

 

 

 

 

 

Outstanding debt

 

$4,246,483

 

$4,235,735

 

$4,457,742

 

$4,445,591

Less: cash

 

                   (154,984)

 

                     (95,027)

 

                   (378,450)

 

                   (115,562)

Net debt

 

$4,091,499

 

$4,140,708

 

$4,079,292

 

$4,330,029

 

 

 

 

 

 

 

 

 

Total market capitalization

 

$13,346,192

 

$17,098,878

 

$11,849,888

 

$14,949,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Debt-to-Operating EBITDAre

 

5.0x

 

5.1x

 

6.0x

 

5.4x

Fixed charge coverage

 

4.6x

 

4.5x

 

3.6x

 

4.3x

 

Supplemental Information 1


 

Summary Real Estate Information

September 30, 2022

(GLA in thousands)

 

Wholly Owned and 100% of Co-investment Partnerships

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

Number of properties

 

404

 

404

 

406

 

405

 

402

Number of retail operating properties

 

399

 

399

 

402

 

401

 

396

Number of same properties

 

390

 

390

 

393

 

393

 

394

Number of properties in redevelopment

 

6

 

6

 

6

 

7

 

9

Number of properties in development (1)

 

4

 

4

 

3

 

2

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Leasable Area (GLA) - All properties

 

51,115

 

51,102

 

51,283

 

51,164

 

50,600

GLA including retailer-owned stores - All properties

 

54,862

 

54,849

 

55,030

 

54,910

 

54,270

GLA - Retail operating properties

 

50,429

 

50,416

 

50,753

 

50,885

 

50,079

GLA - Same properties

 

49,218

 

49,205

 

49,553

 

49,759

 

49,829

GLA - Properties in redevelopment (2)

 

1,958

 

1,958

 

2,315

 

2,476

 

2,758

GLA - Properties in development (1)

 

686

 

686

 

530

 

175

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

GLA - All properties

 

43,183

 

43,173

 

42,805

 

42,646

 

42,030

GLA including retailer-owned stores - All properties

 

46,929

 

46,919

 

46,551

 

46,393

 

45,700

GLA - Retail operating properties

 

42,575

 

42,565

 

42,274

 

42,367

 

41,562

GLA - Same properties (3)

 

41,456

 

41,446

 

41,444

 

41,501

 

41,507

Spaces > 10,000 sf (3)

 

25,910

 

25,902

 

25,905

 

25,904

 

25,916

Spaces < 10,000 sf (3)

 

15,546

 

15,544

 

15,539

 

15,597

 

15,591

GLA - Properties in redevelopment (2)

 

1,958

 

1,958

 

2,315

 

2,476

 

2,657

GLA - Properties in development (1)

 

608

 

608

 

530

 

175

 

228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% leased - All properties

 

94.6%

 

94.2%

 

93.9%

 

94.1%

 

93.4%

% leased - Retail operating properties

 

94.8%

 

94.5%

 

94.3%

 

94.2%

 

93.7%

% leased - Same properties (3)

 

94.7%

 

94.5%

 

94.3%

 

94.3%

 

93.8%

Spaces > 10,000 sf (3)

 

96.7%

 

96.6%

 

96.7%

 

97.0%

 

96.5%

Spaces < 10,000 sf (3)

 

91.4%

 

91.0%

 

90.4%

 

90.0%

 

89.4%

% commenced - Same properties (3) (4)

 

92.3%

 

92.1%

 

92.0%

 

91.7%

 

91.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same property NOI Growth - YTD (see page 8)

 

2.4%

 

4.1%

 

8.6%

 

15.8%

 

16.1%

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

 

2.5%

 

4.1%

 

7.8%

 

16.2%

 

16.4%

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

 

2.2%

 

3.4%

 

7.7%

 

16.1%

 

16.2%

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

 

6.5%

 

8.6%

 

14.9%

 

9.9%

 

9.0%

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

 

8.8%

 

8.3%

 

6.8%

 

5.5%

 

2.3%

 

 

 

 

 

 

 

 

 

 

 

(1)
Includes current ground-up developments.
(2)
Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
(3)
Prior periods adjusted for current same property pool.
(4)
Excludes leases that are signed but have not yet commenced.
(5)
Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Amounts may not foot due to rounding.

Supplemental Information 2


 

Consolidated Balance Sheets

September 30, 2022 and December 31, 2021

(in thousands)

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

Assets:

 

 

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets at cost

 

$

11,769,796

 

 

$

11,495,581

 

Less: accumulated depreciation

 

 

2,360,663

 

 

 

2,174,963

 

 

 

 

9,409,133

 

 

 

9,320,618

 

Investments in real estate partnerships

 

 

332,248

 

 

 

372,591

 

Net real estate investments

 

 

9,741,381

 

 

 

9,693,209

 

 

 

 

 

 

 

 

Properties held for sale

 

 

2,354

 

 

 

25,574

 

Cash, cash equivalents, and restricted cash

 

 

154,984

 

 

 

95,027

 

Tenant and other receivables (1)

 

 

173,572

 

 

 

153,091

 

Deferred leasing costs, net

 

 

69,091

 

 

 

65,741

 

Acquired lease intangible assets, net

 

 

204,097

 

 

 

212,707

 

Right of use assets

 

 

277,656

 

 

 

280,783

 

Other assets

 

 

275,702

 

 

 

266,431

 

 

 

 

 

 

 

 

Total assets

 

$

10,898,837

 

 

$

10,792,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity:

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,729,404

 

 

$

3,718,944

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

328,285

 

 

 

322,271

 

Acquired lease intangible liabilities, net

 

 

350,531

 

 

 

363,276

 

Lease liabilities

 

 

215,100

 

 

 

215,788

 

Tenants' security, escrow deposits, and prepaid rent

 

 

76,777

 

 

 

62,352

 

Total liabilities

 

 

4,700,097

 

 

 

4,682,631

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock, $.01 par

 

 

1,711

 

 

 

1,712

 

Additional paid in capital

 

 

7,854,932

 

 

 

7,860,700

 

Accumulated other comprehensive loss

 

 

8,253

 

 

 

(10,227

)

Distributions in excess of net income

 

 

(1,749,013

)

 

 

(1,814,814

)

Total stockholders' equity

 

 

6,115,883

 

 

 

6,037,371

 

Noncontrolling Interests:

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

34,554

 

 

 

35,447

 

Limited partners' interest

 

 

48,303

 

 

 

37,114

 

Total noncontrolling interests

 

 

82,857

 

 

 

72,561

 

Total equity

 

 

6,198,740

 

 

 

6,109,932

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

10,898,837

 

 

$

10,792,563

 

(1)
For additional details, see page 41.

 

These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 3


 

Consolidated Statements of Operations

For the Periods Ended September 30, 2022 and 2021

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income (1)

 

$

295,756

 

 

 

283,303

 

 

$

882,265

 

 

 

826,390

 

Other property income

 

 

2,466

 

 

 

4,401

 

 

 

8,290

 

 

 

9,428

 

Management, transaction, and other fees

 

 

5,767

 

 

 

19,671

 

 

 

18,950

 

 

 

33,419

 

Total revenues

 

 

303,989

 

 

 

307,375

 

 

 

909,505

 

 

 

869,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

80,270

 

 

 

75,459

 

 

 

237,462

 

 

 

226,935

 

Operating and maintenance

 

 

49,577

 

 

 

43,468

 

 

 

143,788

 

 

 

135,616

 

General and administrative

 

 

20,273

 

 

 

17,789

 

 

 

56,710

 

 

 

58,263

 

Real estate taxes

 

 

37,926

 

 

 

35,779

 

 

 

111,495

 

 

 

107,392

 

Other operating expense

 

 

949

 

 

 

812

 

 

 

3,739

 

 

 

2,687

 

Total operating expenses

 

 

188,995

 

 

 

173,307

 

 

 

553,194

 

 

 

530,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

36,361

 

 

 

35,993

 

 

 

109,798

 

 

 

108,741

 

Provision for impairment of real estate, net of tax

 

 

-

 

 

 

(20

)

 

 

-

 

 

 

115

 

Gain on sale of real estate, net of tax

 

 

(220

)

 

 

(6,719

)

 

 

(106,459

)

 

 

(38,198

)

Net investment loss (income)

 

 

1,215

 

 

 

209

 

 

 

9,177

 

 

 

(3,275

)

Total other expense (income)

 

 

37,356

 

 

 

29,463

 

 

 

12,516

 

 

 

67,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations before equity in income of

 

 

 

 

 

 

 

 

 

 

 

 

investments in real estate partnerships

 

 

77,638

 

 

 

104,605

 

 

 

343,795

 

 

 

270,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in income of investments in real estate partnerships

 

 

11,209

 

 

 

14,243

 

 

 

47,855

 

 

 

26,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

88,847

 

 

 

118,848

 

 

 

391,650

 

 

 

297,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(379

)

 

 

(519

)

 

 

(1,694

)

 

 

(1,315

)

Limited partners' interests in consolidated partnerships

 

 

(890

)

 

 

(923

)

 

 

(2,354

)

 

 

(2,438

)

Income attributable to noncontrolling interests

 

 

(1,269

)

 

 

(1,442

)

 

 

(4,048

)

 

 

(3,753

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

87,578

 

 

 

117,406

 

 

$

387,602

 

 

 

293,552

 

(1)
For additional details, see page 41.

 

These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 4


 

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended September 30, 2022 and 2021

(in thousands)

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

207,555

 

 

 

192,433

 

 

$

611,160

 

 

 

570,602

 

*

Recoveries from tenants

 

 

69,376

 

 

 

62,234

 

 

 

205,614

 

 

 

193,079

 

*

Percentage rent

 

 

1,884

 

 

 

1,271

 

 

 

7,583

 

 

 

5,386

 

*

Termination Fees

 

 

763

 

 

 

1,804

 

 

 

3,091

 

 

 

3,856

 

*

Uncollectible lease income

 

 

1,110

 

 

 

9,198

 

 

 

12,156

 

 

 

18,093

 

*

Other lease income

 

 

2,663

 

 

 

2,341

 

 

 

7,470

 

 

 

7,316

 

 

Straight-line rent on lease income

 

 

6,921

 

 

 

7,565

 

 

 

18,405

 

 

 

9,598

 

 

Above/below market rent amortization

 

 

5,484

 

 

 

6,457

 

 

 

16,786

 

 

 

18,460

 

 

Lease income (1)

 

 

295,756

 

 

 

283,303

 

 

 

882,265

 

 

 

826,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

2,466

 

 

 

4,401

 

 

 

8,290

 

 

 

9,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property management fees

 

 

3,224

 

 

 

3,450

 

 

 

10,152

 

 

 

10,974

 

 

Asset management fees

 

 

1,680

 

 

 

1,709

 

 

 

5,105

 

 

 

5,143

 

 

Leasing commissions and other fees

 

 

863

 

 

 

923

 

 

 

3,693

 

 

 

3,713

 

 

Transaction fees

 

 

-

 

 

 

13,589

 

 

 

-

 

 

 

13,589

 

 

Management, transaction, and other fees

 

 

5,767

 

 

 

19,671

 

 

 

18,950

 

 

 

33,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

303,989

 

 

 

307,375

 

 

 

909,505

 

 

 

869,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

80,270

 

 

 

75,459

 

 

 

237,462

 

 

 

226,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

45,758

 

 

 

39,861

 

 

 

132,418

 

 

 

122,783

 

*

Ground rent

 

 

3,031

 

 

 

2,802

 

 

 

9,001

 

 

 

8,473

 

*

Termination expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,874

 

 

Straight-line rent on ground rent

 

 

401

 

 

 

418

 

 

 

1,208

 

 

 

1,270

 

 

Above/below market ground rent amortization

 

 

387

 

 

 

387

 

 

 

1,161

 

 

 

1,216

 

 

Operating and maintenance

 

 

49,577

 

 

 

43,468

 

 

 

143,788

 

 

 

135,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross general & administrative

 

 

19,456

 

 

 

17,483

 

 

 

59,332

 

 

 

54,499

 

 

Stock-based compensation

 

 

4,125

 

 

 

3,425

 

 

 

12,699

 

 

 

9,468

 

 

Capitalized direct development compensation costs

 

 

(2,299

)

 

 

(2,970

)

 

 

(7,305

)

 

 

(8,411

)

 

General & administrative, net

 

 

21,282

 

 

 

17,938

 

 

 

64,726

 

 

 

55,556

 

 

Loss on deferred compensation plan (2)

 

 

(1,009

)

 

 

(149

)

 

 

(8,016

)

 

 

2,707

 

 

General & administrative

 

 

20,273

 

 

 

17,789

 

 

 

56,710

 

 

 

58,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

37,926

 

 

 

35,779

 

 

 

111,495

 

 

 

107,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

821

 

 

 

738

 

 

 

3,602

 

 

 

2,447

 

 

Development pursuit costs

 

 

128

 

 

 

74

 

 

 

137

 

 

 

240

 

 

Other operating expenses

 

 

949

 

 

 

812

 

 

 

3,739

 

 

 

2,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

188,995

 

 

 

173,307

 

 

 

553,194

 

 

 

530,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

36,344

 

 

 

36,167

 

 

 

109,067

 

 

 

107,607

 

 

Derivative amortization

 

 

109

 

 

 

109

 

 

 

328

 

 

 

328

 

 

Debt cost amortization

 

 

1,396

 

 

 

1,396

 

 

 

4,182

 

 

 

4,770

 

 

Debt premium/discount amortization

 

 

(29

)

 

 

(377

)

 

 

(202

)

 

 

(489

)

 

Capitalized interest

 

 

(1,170

)

 

 

(1,147

)

 

 

(2,985

)

 

 

(3,012

)

 

Interest income

 

 

(289

)

 

 

(155

)

 

 

(592

)

 

 

(463

)

 

Interest expense, net

 

 

36,361

 

 

 

35,993

 

 

 

109,798

 

 

 

108,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate, net of tax

 

 

-

 

 

 

(20

)

 

 

-

 

 

 

115

 

 

Gain on sale of real estate, net of tax

 

 

(220

)

 

 

(6,719

)

 

 

(106,459

)

 

 

(38,198

)

 

Net investment loss (income) (2)

 

 

1,215

 

 

 

209

 

 

 

9,177

 

 

 

(3,275

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

37,356

 

 

 

29,463

 

 

 

12,516

 

 

 

67,383

 

* Component of Net Operating Income

(1)
For additional details, see page 41.
(2)
The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value of assets held in the plan which is included in Net investment income.

These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 5


 

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

September 30, 2022 and December 31, 2021

(in thousands)

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate assets at cost

 

$

(101,786

)

 

 

(87,578

)

 

$

1,222,676

 

 

 

1,280,979

 

Less: accumulated depreciation

 

 

(18,960

)

 

 

(17,396

)

 

 

440,089

 

 

 

441,893

 

Net real estate investments

 

 

(82,826

)

 

 

(70,182

)

 

 

782,587

 

 

 

839,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

 

(3,347

)

 

 

(2,669

)

 

 

22,269

 

 

 

16,179

 

Tenant and other receivables (1)

 

 

(2,350

)

 

 

(2,158

)

 

 

22,912

 

 

 

23,899

 

Deferred leasing costs, net

 

 

(1,424

)

 

 

(1,278

)

 

 

14,726

 

 

 

14,764

 

Acquired lease intangible assets, net

 

 

(1,441

)

 

 

(392

)

 

 

4,900

 

 

 

5,566

 

Right of use assets

 

 

(1,599

)

 

 

(1,613

)

 

 

5,099

 

 

 

5,266

 

Other assets

 

 

(1,439

)

 

 

(66

)

 

 

30,723

 

 

 

21,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

(94,426

)

 

 

(78,358

)

 

$

883,216

 

 

 

926,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable

 

$

(40,486

)

 

 

(36,290

)

 

$

517,079

 

 

 

516,791

 

Accounts payable and other liabilities

 

 

(3,078

)

 

 

(2,577

)

 

 

21,460

 

 

 

22,741

 

Acquired lease intangible liabilities, net

 

 

(301

)

 

 

(117

)

 

 

5,071

 

 

 

5,884

 

Lease liabilities

 

 

(1,932

)

 

 

(1,912

)

 

 

4,276

 

 

 

4,325

 

Tenants' security, escrow deposits, and prepaid rent

 

 

(326

)

 

 

(348

)

 

 

3,082

 

 

 

3,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

$

(46,123

)

 

 

(41,244

)

 

$

550,968

 

 

 

553,550

 

(1)
For additional details, see page 41.

 

Note

Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and Share of JVs represents the Company's share of co-investment partnerships' activities, of which each are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

Supplemental Information 6


 

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended September 30, 2022 and 2021

(in thousands)

 

 

 

 

Noncontrolling Interests

 

 

Share of JVs

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

Three Months Ended

 

 

Year to Date

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Base rent

 

$

(2,102

)

 

 

(1,952

)

 

$

(6,056

)

 

 

(5,901

)

 

$

23,764

 

 

 

25,129

 

 

$

72,625

 

 

 

77,316

 

*

Recoveries from tenants

 

 

(589

)

 

 

(621

)

 

 

(1,675

)

 

 

(1,752

)

 

 

7,169

 

 

 

7,453

 

 

 

23,380

 

 

 

25,602

 

*

Percentage rent

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

(6

)

 

 

360

 

 

 

147

 

 

 

1,196

 

 

 

935

 

*

Termination Fees

 

 

(31

)

 

 

-

 

 

 

(42

)

 

 

(11

)

 

 

164

 

 

 

226

 

 

 

726

 

 

 

684

 

*

Uncollectible lease income

 

 

(19

)

 

 

(81

)

 

 

(72

)

 

 

(193

)

 

 

117

 

 

 

1,278

 

 

 

1,109

 

 

 

1,785

 

*

Other lease income

 

 

(31

)

 

 

(28

)

 

 

(97

)

 

 

(90

)

 

 

346

 

 

 

377

 

 

 

997

 

 

 

1,103

 

 

Straight-line rent on lease income

 

 

(150

)

 

 

(44

)

 

 

(309

)

 

 

(48

)

 

 

952

 

 

 

1,317

 

 

 

1,990

 

 

 

1,827

 

 

Above/below market rent amortization

 

 

(2

)

 

 

(48

)

 

 

(4

)

 

 

(63

)

 

 

106

 

 

 

378

 

 

 

314

 

 

 

946

 

 

Lease income (1)

 

 

(2,924

)

 

 

(2,774

)

 

 

(8,256

)

 

 

(8,064

)

 

 

32,978

 

 

 

36,305

 

 

 

102,337

 

 

 

110,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Other property income

 

 

(3

)

 

 

(5

)

 

 

(7

)

 

 

(12

)

 

 

90

 

 

 

178

 

 

 

417

 

 

 

255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset management fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(249

)

 

 

(268

)

 

 

(778

)

 

 

(804

)

 

Management, transaction, and other fees

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(249

)

 

 

(268

)

 

 

(778

)

 

 

(804

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

 

(2,927

)

 

 

(2,779

)

 

 

(8,263

)

 

 

(8,076

)

 

 

32,819

 

 

 

36,215

 

 

 

101,976

 

 

 

109,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (including FF&E)

 

 

(750

)

 

 

(700

)

 

 

(2,083

)

 

 

(2,114

)

 

 

7,410

 

 

 

7,719

 

 

 

22,443

 

 

 

24,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Operating and maintenance

 

 

(427

)

 

 

(400

)

 

 

(1,321

)

 

 

(1,295

)

 

 

4,974

 

 

 

5,091

 

 

 

15,853

 

 

 

17,045

 

*

Ground rent

 

 

(29

)

 

 

(28

)

 

 

(88

)

 

 

(84

)

 

 

85

 

 

 

93

 

 

 

239

 

 

 

267

 

 

Straight-line rent on ground rent

 

 

(14

)

 

 

(15

)

 

 

(44

)

 

 

(47

)

 

 

29

 

 

 

30

 

 

 

89

 

 

 

90

 

 

Above/below market ground rent amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

10

 

 

 

29

 

 

 

29

 

 

Operating and maintenance

 

 

(470

)

 

 

(443

)

 

 

(1,453

)

 

 

(1,426

)

 

 

5,098

 

 

 

5,224

 

 

 

16,210

 

 

 

17,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General & administrative, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

74

 

 

 

67

 

 

 

228

 

 

 

259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Real estate taxes

 

 

(372

)

 

 

(351

)

 

 

(1,068

)

 

 

(974

)

 

 

3,988

 

 

 

4,338

 

 

 

12,736

 

 

 

14,757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

(37

)

 

 

(15

)

 

 

(92

)

 

 

(77

)

 

 

236

 

 

 

148

 

 

 

750

 

 

 

914

 

 

Development pursuit costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7

 

 

 

6

 

 

 

12

 

 

 

12

 

 

Other operating expenses

 

 

(37

)

 

 

(15

)

 

 

(92

)

 

 

(77

)

 

 

243

 

 

 

154

 

 

 

762

 

 

 

926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

(1,629

)

 

 

(1,509

)

 

 

(4,696

)

 

 

(4,591

)

 

 

16,813

 

 

 

17,502

 

 

 

52,379

 

 

 

57,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense (Income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross interest expense

 

 

(378

)

 

 

(337

)

 

 

(1,066

)

 

 

(1,012

)

 

 

4,608

 

 

 

4,779

 

 

 

13,867

 

 

 

14,754

 

 

Debt cost amortization

 

 

(14

)

 

 

(10

)

 

 

(37

)

 

 

(35

)

 

 

154

 

 

 

185

 

 

 

414

 

 

 

585

 

 

Debt premium/discount amortization

 

 

(16

)

 

 

-

 

 

 

(28

)

 

 

-

 

 

 

17

 

 

 

9

 

 

 

45

 

 

 

29

 

 

Interest expense, net

 

 

(408

)

 

 

(347

)

 

 

(1,131

)

 

 

(1,047

)

 

 

4,779

 

 

 

4,973

 

 

 

14,326

 

 

 

15,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for impairment of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(485

)

 

 

-

 

 

 

10,471

 

 

Gain on sale of real estate

 

 

-

 

 

 

-

 

 

 

(82

)

 

 

-

 

 

 

18

 

 

 

(18

)

 

 

(12,760

)

 

 

(386

)

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense (income)

 

 

(408

)

 

 

(347

)

 

 

(1,213

)

 

 

(1,047

)

 

 

4,797

 

 

 

4,470

 

 

 

1,742

 

 

 

25,453

 

* Component of Net Operating Income

(1)
For additional details, see page 41.

 

Note

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Information 7


 

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended September 30, 2022 and 2021

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Same Property NOI Detail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

$

224,521

 

 

 

216,092

 

 

$

665,452

 

 

 

644,751

 

Recoveries from tenants

 

 

74,325

 

 

 

69,811

 

 

 

222,684

 

 

 

218,968

 

Percentage rent

 

 

2,228

 

 

 

1,405

 

 

 

8,738

 

 

 

6,302

 

Termination fees

 

 

902

 

 

 

2,031

 

 

 

3,790

 

 

 

4,697

 

Uncollectible lease income

 

 

1,389

 

 

 

10,271

 

 

 

13,484

 

 

 

19,317

 

Other lease income

 

 

3,055

 

 

 

2,701

 

 

 

8,527

 

 

 

8,303

 

Other property income

 

 

1,857

 

 

 

3,720

 

 

 

6,447

 

 

 

7,447

 

Total real estate revenues

 

 

308,277

 

 

 

306,031

 

 

 

929,122

 

 

 

909,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance

 

 

48,556

 

 

 

45,070

 

 

 

144,437

 

 

 

139,218

 

Real estate taxes

 

 

40,401

 

 

 

39,801

 

 

 

119,998

 

 

 

121,220

 

Ground rent

 

 

2,991

 

 

 

2,794

 

 

 

8,856

 

 

 

8,686

 

Total real estate operating expenses

 

 

91,948

 

 

 

87,665

 

 

 

273,291

 

 

 

269,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI

 

$

216,329

 

 

 

218,366

 

 

$

655,831

 

 

 

640,661

 

% change

 

 

-0.9

%

 

 

 

 

 

2.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees

 

$

215,427

 

 

 

216,335

 

 

$

652,041

 

 

 

635,964

 

% change

 

 

-0.4

%

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Redevelopments

 

$

189,426

 

 

 

189,696

 

 

$

573,545

 

 

 

561,366

 

% change

 

 

-0.1

%

 

 

 

 

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same Property NOI without Termination Fees or Collection of PY Reserves

 

$

212,631

 

 

 

207,211

 

 

$

634,212

 

 

 

595,319

 

% change

 

 

2.6

%

 

 

 

 

 

6.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent Contribution to Same Property NOI Performance:

 

 

 

 

 

 

 

 

 

 

 

 

Base rent

 

 

3.9

%

 

 

 

 

 

3.3

%

 

 

 

Uncollectible lease income - current year (2022) revenues

 

 

-1.2

%

 

 

 

 

 

2.7

%

 

 

 

Collection of prior year (2020/2021) reserves

 

 

-2.9

%

 

 

 

 

 

-3.6

%

 

 

 

Net expense recoveries

 

 

0.1

%

 

 

 

 

 

-0.1

%

 

 

 

Other lease / property income

 

 

-0.7

%

 

 

 

 

 

-0.1

%

 

 

 

Percentage rent

 

 

0.4

%

 

 

 

 

 

0.4

%

 

 

 

Same Property NOI without Termination Fees (% impact)

 

 

-0.4

%

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

87,578

 

 

 

117,406

 

 

$

387,602

 

 

 

293,552

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Management, transaction, and other fees

 

 

(5,767

)

 

 

(19,671

)

 

 

(18,950

)

 

 

(33,419

)

Other (1)

 

 

(13,564

)

 

 

(15,125

)

 

 

(38,295

)

 

 

(31,184

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

80,270

 

 

 

75,459

 

 

 

237,462

 

 

 

226,935

 

General and administrative

 

 

20,273

 

 

 

17,789

 

 

 

56,710

 

 

 

58,263

 

Other operating expense

 

 

949

 

 

 

812

 

 

 

3,739

 

 

 

2,687

 

Other expense (income)

 

 

37,356

 

 

 

29,463

 

 

 

12,516

 

 

 

67,383

 

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

 

 

11,754

 

 

 

11,023

 

 

 

23,767

 

 

 

49,267

 

Net income attributable to noncontrolling interests

 

 

1,269

 

 

 

1,442

 

 

 

4,048

 

 

 

3,753

 

NOI

 

 

220,118

 

 

 

218,598

 

 

 

668,599

 

 

 

637,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less non-same property NOI (3)

 

 

(3,789

)

 

 

(232

)

 

 

(12,768

)

 

 

3,424

 

Same Property NOI

 

$

216,329

 

 

 

218,366

 

 

$

655,831

 

 

 

640,661

 

(1)
Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
(2)
Includes non-NOI income and expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
(3)
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Also includes adjustments for earnings at the four and seven properties we acquired from our former unconsolidated RegCal and USAA partnerships in 2022 and 2021, respectively, in order to calculate growth on a comparable basis for the periods presented.

Supplemental Information 8


 

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended September 30, 2022 and 2021

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Common Stockholders

 

$

87,578

 

 

 

117,406

 

 

$

387,602

 

 

 

293,552

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization (excluding FF&E)

 

 

86,405

 

 

 

81,928

 

 

 

256,273

 

 

 

247,599

 

Gain on sale of real estate

 

 

(202

)

 

 

(6,737

)

 

 

(119,301

)

 

 

(38,584

)

Provision for impairment of real estate

 

 

-

 

 

 

(505

)

 

 

-

 

 

 

10,586

 

Exchangeable operating partnership units

 

 

379

 

 

 

519

 

 

 

1,694

 

 

 

1,315

 

Nareit Funds From Operations

 

$

174,160

 

 

 

192,611

 

 

$

526,268

 

 

 

514,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit FFO per share (diluted)

 

$

1.01

 

 

 

1.12

 

 

$

3.05

 

 

 

3.01

 

Weighted average shares (diluted)

 

 

172,267

 

 

 

171,349

 

 

 

172,620

 

 

 

171,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit Funds From Operations

 

$

174,160

 

 

 

192,611

 

 

$

526,268

 

 

 

514,468

 

Adjustments to reconcile to Core Operating Earnings (1):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

(13,589

)

 

 

-

 

 

 

(13,589

)

Certain Non Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rent

 

 

(3,140

)

 

 

(4,004

)

 

 

(9,152

)

 

 

(10,294

)

Uncollectible straight-line rent

 

 

(4,156

)

 

 

(4,376

)

 

 

(9,610

)

 

 

159

 

Above/below market rent amortization, net

 

 

(5,191

)

 

 

(6,390

)

 

 

(15,906

)

 

 

(18,098

)

Debt premium/discount amortization

 

 

(28

)

 

 

(368

)

 

 

(185

)

 

 

(460

)

Core Operating Earnings

 

$

161,645

 

 

 

163,884

 

 

$

491,591

 

 

 

472,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Operating Earnings per share (diluted)

 

$

0.94

 

 

 

0.96

 

 

$

2.85

 

 

 

2.76

 

Weighted average shares (diluted)

 

 

172,267

 

 

 

171,349

 

 

 

172,620

 

 

 

171,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income to Nareit EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

88,847

 

 

 

118,848

 

 

$

391,650

 

 

 

297,305

 

Adjustments to reconcile to Nareit EBITDAre (2):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

41,429

 

 

 

41,121

 

 

 

124,716

 

 

 

124,572

 

Income tax expense

 

 

56

 

 

 

101

 

 

 

79

 

 

 

328

 

Depreciation and amortization

 

 

87,680

 

 

 

83,178

 

 

 

259,905

 

 

 

251,414

 

Gain on sale of real estate

 

 

(202

)

 

 

(6,737

)

 

 

(119,219

)

 

 

(38,584

)

Provision for impairment of real estate

 

 

-

 

 

 

(505

)

 

 

-

 

 

 

10,586

 

Nareit EBITDAre

 

$

217,810

 

 

 

236,006

 

 

$

657,131

 

 

 

645,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nareit EBITDAre

 

$

217,810

 

 

 

236,006

 

 

$

657,131

 

 

 

645,621

 

Adjustments to reconcile to Operating EBITDAre (2):

 

 

 

 

 

 

 

 

 

 

 

 

Early extinguishment of debt

 

 

-

 

 

 

-

 

 

 

176

 

 

 

-

 

Promote income

 

 

-

 

 

 

(13,589

)

 

 

-

 

 

 

(13,589

)

Straight-line rent, net

 

 

(7,432

)

 

 

(8,408

)

 

 

(19,027

)

 

 

(10,136

)

Above/below market rent amortization, net

 

 

(5,193

)

 

 

(6,438

)

 

 

(15,910

)

 

 

(18,161

)

Operating EBITDAre

 

$

205,185

 

 

 

207,571

 

 

$

622,370

 

 

 

603,735

 

(1)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.
(2)
Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

 

Supplemental Information 9


 

Capital Expenditures and Additional Disclosures

For the Periods Ended September 30, 2022 and 2021

(in thousands)

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Properties (1)

 

 

 

 

 

 

 

 

 

 

 

 

Tenant allowance and landlord work

 

$

13,077

 

 

 

8,744

 

 

$

37,967

 

 

 

22,587

 

Leasing commissions

 

 

4,406

 

 

 

3,087

 

 

 

11,492

 

 

 

9,644

 

Leasing Capital Expenditures

 

 

17,483

 

 

 

11,831

 

 

 

49,459

 

 

 

32,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building improvements

 

 

7,707

 

 

 

8,058

 

 

 

20,842

 

 

 

13,797

 

Operating Capital Expenditures

 

$

25,190

 

 

 

19,889

 

 

$

70,301

 

 

 

46,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development & Redevelopment Properties (1)

 

 

 

 

 

 

 

 

 

 

 

 

Ground-up development

 

$

812

 

 

 

4,041

 

 

$

27,409

 

 

 

13,855

 

Redevelopment

 

 

17,315

 

 

 

26,683

 

 

 

48,690

 

 

 

64,897

 

Development & Redevelopment Expenditures

 

$

18,127

 

 

 

30,724

 

 

$

76,099

 

 

 

78,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Non Cash Expense (2)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative amortization

 

$

109

 

 

 

109

 

 

$

328

 

 

 

328

 

Debt cost amortization

 

 

1,537

 

 

 

1,571

 

 

 

4,559

 

 

 

5,320

 

Stock-based compensation

 

 

4,125

 

 

 

3,425

 

 

 

12,699

 

 

 

9,468

 

Other Non Cash Expense

 

$

5,771

 

 

 

5,105

 

 

$

17,586

 

 

 

15,116

 

(1)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.
(2)
Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

 

Supplemental Information 10


 

Summary of Consolidated Debt

September 30, 2022 and December 31, 2021

(in thousands)

 

Total Debt Outstanding:

 

9/30/2022

 

 

12/31/2021

 

Notes Payable:

 

 

 

 

 

 

Fixed rate mortgage loans

 

$

477,196

 

 

$

469,953

 

Variable rate mortgage loans

 

 

4,931

 

 

 

5,000

 

Fixed rate unsecured public debt

 

 

3,052,820

 

 

 

3,050,632

 

Fixed rate unsecured private debt

 

 

194,457

 

 

 

193,359

 

Total

 

$

3,729,404

 

 

$

3,718,944

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities (1)

 

 

Total

 

 

Weighted Average
Contractual
Interest Rate
on Maturities

2022

 

$

2,738

 

 

 

-

 

 

 

-

 

 

 

2,738

 

 

0.00%

2023

 

 

9,695

 

 

 

59,376

 

 

 

-

 

 

 

69,071

 

 

3.35%

2024

 

 

4,849

 

 

 

90,742

 

 

 

250,000

 

 

 

345,591

 

 

3.70%

2025

 

 

3,732

 

 

 

45,000

 

 

 

250,000

 

 

 

298,732

 

 

3.80%

2026

 

 

3,922

 

 

 

112,365

 

 

 

200,000

 

 

 

316,287

 

 

3.78%

2027

 

 

3,788

 

 

 

137,915

 

 

 

525,000

 

 

 

666,703

 

 

3.66%

2028

 

 

2,799

 

 

 

170

 

 

 

300,000

 

 

 

302,969

 

 

4.13%

2029

 

 

22

 

 

 

146

 

 

 

425,000

 

 

 

425,168

 

 

2.95%

2030

 

 

24

 

 

 

-

 

 

 

600,000

 

 

 

600,024

 

 

3.70%

2031

 

 

26

 

 

 

-

 

 

 

-

 

 

 

26

 

 

0.00%

>10 years

 

 

2

 

 

 

3

 

 

 

725,000

 

 

 

725,005

 

 

4.56%

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

 

 

-

 

 

 

4,813

 

 

 

(27,723

)

 

 

(22,910

)

 

 

 

 

$

31,597

 

 

 

450,530

 

 

 

3,247,277

 

 

 

3,729,404

 

 

3.82%

 

Percentage of Total Debt:

 

9/30/2022

 

12/31/2021

Fixed

 

99.9%

 

99.9%

Variable

 

0.1%

 

0.1%

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(2)

 

 

 

 

Fixed

 

3.8%

 

3.8%

Variable

 

4.4%

 

1.6%

Combined

 

3.8%

 

3.8%

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rate:(3)

 

 

 

 

Combined

 

4.0%

 

4.1%

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

Fixed

 

8.9

 

9.6

Variable

 

2.5

 

1.2

(1)
Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.
(2)
Interest rates are calculated as of the quarter end.
(3)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees.

 

Supplemental Information 11


 

Summary of Consolidated Debt

September 30, 2022 and December 31, 2021

(in thousands)

 

 

 

 

 

Contractual

 

 

Effective

 

 

 

 

 

 

 

 

Lender

 

Collateral

 

Rate

 

 

Rate(1)

 

Maturity

 

9/30/2022

 

 

12/31/2021

 

Secured Debt - Fixed Rate Mortqaqe Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo

 

Hewlett I

 

4.41%

 

 

 

 

01/06/23

 

$

8,925

 

 

$

9,061

 

TD Bank

 

Black Rock Shopping Center

 

2.80%

 

 

 

 

04/01/23

 

 

18,736

 

 

 

19,029

 

State Farm Life Insurance Company

 

Tech Ridge Center

 

5.83%

 

 

 

 

06/01/23

 

 

1,055

 

 

 

2,066

 

American United Life Insurance Company

 

Westport Plaza

 

7.49%

 

 

 

 

08/01/23

 

 

1,542

 

 

 

1,789

 

TD Bank

 

Brickwalk Shopping Center

 

3.19%

 

 

 

 

11/01/23

 

 

31,291

 

 

 

31,763

 

Genworth Life Insurance Company

 

Aventura, Oakbrook & Treasure Coast

 

6.50%

 

 

 

 

02/28/24

 

 

4,643

 

 

 

6,801

 

Prudential Insurance Company of America

 

4S Commons Town Center

 

3.50%

 

 

 

 

06/05/24

 

 

81,250

 

 

 

82,531

 

Ellis Partners

 

Pruneyard

 

4.25%

 

 

 

 

06/30/24

 

 

2,200

 

 

 

2,200

 

Great-West Life & Annuity Insurance Co

 

Erwin Square

 

3.78%

 

 

 

 

09/01/24

 

 

10,000

 

 

 

10,000

 

PNC Bank

 

Circle Marina Center

 

2.54%

 

 

 

 

03/17/25

 

 

24,000

 

 

 

24,000

 

Prudential Insurance Company of America

 

Country Walk Plaza

 

3.91%

 

 

 

 

11/05/25

 

 

16,000

 

 

 

16,000

 

Santander Bank

 

Baederwood Shoppes

 

3.25%

 

 

 

 

12/19/26

 

 

24,365

 

 

 

-

 

Metropolitan Life Insurance Company

 

Westbury Plaza

 

3.76%

 

 

 

 

02/01/26

 

 

88,000

 

 

 

88,000

 

The Guardian Life Insurance of America

 

Willa Springs

 

3.81%

 

 

 

 

03/01/27

 

 

16,700

 

 

 

16,700

 

The Guardian Life Insurance of America

 

Alden Bridge

 

3.81%

 

 

 

 

03/01/27

 

 

26,000

 

 

 

26,000

 

The Guardian Life Insurance of America

 

Bethany Park Place

 

3.81%

 

 

 

 

03/01/27

 

 

10,200

 

 

 

10,200

 

The Guardian Life Insurance of America

 

Blossom Valley

 

3.81%

 

 

 

 

03/01/27

 

 

22,300

 

 

 

22,300

 

The Guardian Life Insurance of America

 

Dunwoody Hall

 

3.81%

 

 

 

 

03/01/27

 

 

13,800

 

 

 

13,800

 

The Guardian Life Insurance of America

 

Hasley Canyon Village

 

3.81%

 

 

 

 

03/01/27

 

 

16,000

 

 

 

16,000

 

PNC Bank

 

Fellsway Plaza

 

4.07%

 

 

 

 

06/02/27

 

 

35,589

 

 

 

36,019

 

New York Life Insurance

 

Oak Shade Town Center

 

6.05%

 

 

 

 

05/10/28

 

 

5,057

 

 

 

5,606

 

New York Life Insurance

 

Von's Circle Center

 

5.20%

 

 

 

 

10/10/28

 

 

5,214

 

 

 

5,751

 

New York Life Insurance

 

Copps Hill Plaza

 

6.06%

 

 

 

 

01/01/29

 

 

9,264

 

 

 

10,145

 

City of Rollingwood

 

Shops at Mira Vista

 

8.00%

 

 

 

 

03/01/32

 

 

183

 

 

 

192

 

John Hancock Life Insurance Company

 

Kirkwood Commons

 

7.68%

 

 

 

 

10/01/22

 

 

-

 

 

 

6,495

 

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

 

 

 

 

 

 

 

 

 

4,882

 

 

 

7,505

 

Total Fixed Rate Mortgage Loans

 

3.74%

 

 

3.51%

 

 

 

$

477,196

 

 

$

469,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Offering (5/16/14)

 

Fixed-rate unsecured

 

3.75%

 

 

 

 

06/15/24

 

$

250,000

 

 

$

250,000

 

Debt Offering (8/17/15)

 

Fixed-rate unsecured

 

3.90%

 

 

 

 

11/01/25

 

 

250,000

 

 

 

250,000

 

Debt Placement (5/11/16)

 

Fixed-rate unsecured

 

3.81%

 

 

 

 

05/11/26

 

 

100,000

 

 

 

100,000

 

Debt Placement (8/11/16)

 

Fixed-rate unsecured

 

3.91%

 

 

 

 

08/11/26

 

 

100,000

 

 

 

100,000

 

Debt Offering (1/17/17)

 

Fixed-rate unsecured

 

3.60%

 

 

 

 

02/01/27

 

 

525,000

 

 

 

525,000

 

Debt Offering (3/9/18)

 

Fixed-rate unsecured

 

4.13%

 

 

 

 

03/15/28

 

 

300,000

 

 

 

300,000

 

Debt Offering (8/13/19)

 

Fixed-rate unsecured

 

2.95%

 

 

 

 

09/15/29

 

 

425,000

 

 

 

425,000

 

Debt Offering (5/13/20)

 

Fixed-rate unsecured

 

3.70%

 

 

 

 

06/15/30

 

 

600,000

 

 

 

600,000

 

Debt Offering (1/17/17)

 

Fixed-rate unsecured

 

4.40%

 

 

 

 

02/01/47

 

 

425,000

 

 

 

425,000

 

Debt Offering (3/6/19)

 

Fixed-rate unsecured

 

4.65%

 

 

 

 

03/15/49

 

 

300,000

 

 

 

300,000

 

Revolving Line of Credit

 

Variable-rate unsecured

 

LIBOR + 0.865%

(2)

 

 

 

03/23/25

 

 

-

 

 

 

-

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

(27,723

)

 

 

(31,009

)

Total Unsecured Debt, Net of Discounts

 

3.83%

 

 

3.98%

 

 

 

$

3,247,277

 

 

$

3,243,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable Rate Mortgage Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PNC Bank

 

Market at Springwoods Village

 

SOFR + 1.40%

 

 

 

 

03/28/25

 

$

5,000

 

 

$

5,000

 

Unamortized debt discount and issuance costs

 

 

 

 

 

 

 

 

 

(69

)

 

 

-

 

Total Variable Rate Mortgage Loans

 

4.38%

 

 

4.75%

 

 

 

$

4,931

 

 

$

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

3.82%

 

 

4.03%

 

 

 

$

3,729,404

 

 

$

3,718,944

 

(1)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
(2)
Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option.

 

Supplemental Information 12


 

Summary of Unsecured Debt Covenants and Leverage Ratios

September 30, 2022

(in thousands)

 

Outstanding Unsecured Public Debt:

 

Origination

 

Maturity

 

Rate

 

Balance

 

 

 

05/16/14

 

06/15/24

 

3.750%

 

$

250,000

 

 

 

08/17/15

 

11/01/25

 

3.900%

 

$

250,000

 

 

 

01/17/17

 

02/01/27

 

3.600%

 

$

525,000

 

 

 

03/09/18

 

03/15/28

 

4.125%

 

$

300,000

 

 

 

08/20/19

 

09/15/29

 

2.950%

 

$

425,000

 

 

 

05/13/20

 

06/15/30

 

3.700%

 

$

600,000

 

 

 

01/17/17

 

02/01/47

 

4.400%

 

$

425,000

 

 

 

03/06/19

 

03/15/49

 

4.650%

 

$

300,000

 

 

Unsecured Public Debt Covenants:

 

Required

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

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

 

 

 

 

 

 

 

 

 

 

 

 

Total Consolidated Debt to Total Consolidated Assets

 

≤ 65%

 

26%

 

26%

 

26%

 

27%

 

27%

Secured Consolidated Debt to Total Consolidated Assets

 

≤ 40%

 

3%

 

3%

 

3%

 

3%

 

4%

Consolidated Income for Debt Service to Consolidated Debt Service

 

≥ 1.5x

 

5.7x

 

5.8x

 

5.6x

 

5.5x

 

5.1x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt

 

>150%

 

399%

 

397%

 

394%

 

388%

 

383%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios:

 

 

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

Consolidated Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

27.9%

 

26.2%

 

22.4%

 

21.9%

 

22.6%

Net debt to real estate assets, before depreciation

 

 

 

29.5%

 

29.9%

 

29.7%

 

30.4%

 

28.9%

Net debt to total assets, before depreciation

 

 

 

27.3%

 

27.6%

 

27.4%

 

28.1%

 

26.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

4.4x

 

4.5x

 

4.4x

 

4.6x

 

4.5x

Fixed charge coverage

 

 

 

5.2x

 

5.2x

 

5.2x

 

5.1x

 

4.8x

Interest coverage

 

 

 

5.6x

 

5.6x

 

5.6x

 

5.5x

 

5.2x

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured assets to total real estate assets

 

 

 

89.4%

 

89.2%

 

89.5%

 

89.4%

 

88.7%

Unsecured NOI to total NOI - TTM

 

 

 

91.0%

 

90.9%

 

90.8%

 

90.6%

 

89.8%

Unencumbered assets to unsecured debt

 

 

 

324%

 

323%

 

318%

 

318%

 

309%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pro-Rata Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to total market capitalization

 

 

 

30.7%

 

28.8%

 

24.9%

 

24.2%

 

25.2%

Net debt to real estate assets, before depreciation

 

 

 

31.5%

 

31.8%

 

31.7%

 

32.3%

 

30.9%

Net debt to total assets, before depreciation

 

 

 

29.0%

 

29.4%

 

29.3%

 

29.8%

 

28.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Operating EBITDAre - TTM

 

 

 

5.0x

 

5.0x

 

4.9x

 

5.1x

 

5.0x

Fixed charge coverage

 

 

 

4.6x

 

4.6x

 

4.6x

 

4.5x

 

4.2x

Interest coverage

 

 

 

5.0x

 

5.0x

 

5.0x

 

4.9x

 

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

September 30, 2022 and December 31, 2021

(in thousands)

 

Total Debt Outstanding:

 

9/30/2022

 

 

12/31/2021

 

Mortgage loans payable:

 

 

 

 

 

 

Fixed rate secured loans

 

$

1,345,996

 

 

$

1,345,904

 

Variable rate secured loans

 

 

91,668

 

 

 

91,663

 

Unsecured credit facilities variable rate

 

 

7,300

 

 

 

7,300

 

Total

 

$

1,444,964

 

 

$

1,444,867

 

 

Schedule of Maturities by Year:

 

Scheduled Principal Payments

 

 

Mortgage Loan Maturities

 

 

Unsecured Maturities

 

 

Total

 

 

Regency's Pro Rata Share

 

 

Weighted Average
Contractual
Interest Rate
on Maturities

2022

 

$

1,629

 

 

 

64,843

 

 

 

-

 

 

 

66,472

 

 

 

23,666

 

 

4.20%

2023

 

 

3,194

 

 

 

216,931

 

 

 

-

 

 

 

220,125

 

 

 

83,325

 

 

4.80%

2024

 

 

2,205

 

 

 

33,690

 

 

 

-

 

 

 

35,895

 

 

 

14,298

 

 

3.87%

2025

 

 

3,433

 

 

 

137,000

 

 

 

-

 

 

 

140,433

 

 

 

42,567

 

 

3.57%

2026

 

 

3,807

 

 

 

125,255

 

 

 

7,300

 

 

 

136,362

 

 

 

43,671

 

 

3.67%

2027

 

 

3,802

 

 

 

32,800

 

 

 

-

 

 

 

36,602

 

 

 

12,420

 

 

2.64%

2028

 

 

3,235

 

 

 

83,596

 

 

 

-

 

 

 

86,831

 

 

 

27,177

 

 

4.03%

2029

 

 

2,724

 

 

 

60,000

 

 

 

-

 

 

 

62,724

 

 

 

12,959

 

 

4.34%

2030

 

 

1,860

 

 

 

179,317

 

 

 

-

 

 

 

181,177

 

 

 

70,399

 

 

2.88%

2031

 

 

370

 

 

 

352,240

 

 

 

-

 

 

 

352,610

 

 

 

137,070

 

 

3.14%

>10 Years

 

 

1,004

 

 

 

134,497

 

 

 

-

 

 

 

135,501

 

 

 

52,900

 

 

3.09%

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

 

 

-

 

 

 

(9,768

)

 

 

-

 

 

 

(9,768

)

 

 

(3,373

)

 

 

 

 

$

27,263

 

 

 

1,410,401

 

 

 

7,300

 

 

 

1,444,964

 

 

 

517,079

 

 

3.60%

 

Percentage of Total Debt:

 

9/30/2022

 

12/31/2021

Fixed

 

93.2%

 

93.2%

Variable

 

6.8%

 

6.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Contractual Interest Rates:(1)

 

 

 

 

Fixed

 

3.5%

 

3.7%

Variable

 

4.7%

 

2.5%

Combined

 

3.6%

 

3.6%

 

 

 

 

 

 

 

 

 

 

Current Weighted Average Effective Interest Rates:(2)

 

 

 

 

Combined

 

3.7%

 

3.7%

 

 

 

 

 

 

 

 

 

 

Average Years to Maturity:

 

 

 

 

Fixed

 

5.9

 

5.6

Variable

 

0.8

 

0.3

(1)
Interest rates are calculated as of the quarter end.
(2)
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

 

Supplemental Information 14


 

Unconsolidated Investments

September 30, 2022

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regency

 

Investment Partner and

 

Number of

 

 

Total

 

 

Total

 

 

Total

 

 

Ownership

 

Share

 

 

Investment

 

 

Equity

 

Portfolio Summary Abbreviation

 

Properties

 

 

GLA

 

 

Assets

 

 

Debt

 

 

Interest

 

of Debt

 

 

9/30/2022

 

 

Pick-up

 

State of Oregon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-C, JV-C2)

 

 

20

 

 

 

2,274

 

 

$

545,322

 

 

$

265,938

 

 

20.00%

 

$

53,188

 

 

$

49,500

 

 

$

2,702

 

(JV-CCV)

 

 

1

 

 

 

559

 

 

 

96,434

 

 

 

74,768

 

 

30.00%

 

 

22,430

 

 

 

5,770

 

 

 

1,154

 

 

 

 

21

 

 

 

2,833

 

 

 

641,756

 

 

 

340,706

 

 

 

 

 

 

 

 

 

 

 

 

GRI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-GRI)

 

 

66

 

 

 

8,435

 

 

 

1,510,817

 

 

 

969,073

 

 

40.00%

 

 

387,629

 

 

 

137,535

 

 

 

27,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CalSTRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-RC) (1)

 

 

1

 

 

 

104

 

 

 

24,341

 

 

 

-

 

 

25.00%

 

 

-

 

 

 

5,802

 

 

 

4,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NYSCRF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-NYC) (2)

 

 

0

 

 

 

0

 

 

 

2,859

 

 

 

-

 

 

30.00%

 

 

-

 

 

 

827

 

 

 

9,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Publix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(JV-O)

 

 

2

 

 

 

215

 

 

 

26,203

 

 

 

-

 

 

50.00%

 

 

-

 

 

 

12,834

 

 

 

1,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individual Investors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ballard Blocks

 

 

2

 

 

 

249

 

 

 

127,151

 

 

 

-

 

 

49.90%

 

 

-

 

 

 

62,883

 

 

 

1,013

 

Town and Country Center

 

 

1

 

 

 

230

 

 

 

205,873

 

 

 

91,739

 

 

35.00%

 

 

32,109

 

 

 

39,343

 

 

 

(177

)

Others

 

 

3

 

 

 

402

 

 

 

77,444

 

 

 

43,446

 

 

50.00%

 

 

21,723

 

 

 

17,754

 

 

 

1,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

12,468

 

 

$

2,616,444

 

 

$

1,444,964

 

 

 

 

$

517,079

 

 

$

332,248

 

 

$

47,855

 

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

 

Supplemental Information 15


 

Property Transactions

September 30, 2022

(in thousands)

 

Acquisitions:

 

Date

Property Name

Co-investment Partner (REG %)

Market

Total
GLA

Regency's
Share of
Purchase Price

Weighted Average
Cap Rate

Anchor(s)

Mar-22

Naperville Plaza

Oregon (20%)

Chicago, IL

115

$10,476

 

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

Mar-22

Island Village

 

Seattle, WA

106

30,650

 

Safeway, Rite Aid

Apr-22

RegCal JV Portfolio (1)

 

Various

523

88,500

 

Whole Foods, Trader Joe's, Safeway

May-22

Baederwood Shopping Center

Charter (80%)

Philadelphia, PA

116

41,282

 

Whole Foods

 

Property Total

 

860

$170,908

5.6%

 

 

Dispositions:

 

Date

Property Name

Co-investment Partner (REG %)

Market

Total
GLA

 

Regency's
Share of
Sales Price

 

Weighted Average
Cap Rate

Anchor(s)

Jan-22

Costa Verde Center

 

San Diego, CA

179

 

$

125,000

 

 

Bristol Farms

Mar-22

Valley Centre

GRI (40%)

Baltimore, MD

220

 

 

12,704

 

 

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

Apr-22

Providence Commons

CalSTRS (25%)

Charlotte, NC

74

 

 

5,775

 

 

Harris Teeter

May-22

The Grove

NYC (30%)

Orlando, FL

152

 

 

19,125

 

 

Publix

May-22

Riverfront Plaza

NYC (30%)

New York, NY

129

 

 

15,000

 

 

ShopRite

 

Property/Outparcel(s) Total

 

 

754

 

$

177,604

 

3.0% (2)

 

 

 

 

 

 

 

 

 

 

 

 

Non-Income Producing Land Total

 

 

 

$

9,670

 

 

 

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

(1)
REG closed on the purchase of its partner's 75% interest in four properties from the RegCal joint venture. At Sept 30, 2022, this JV portfolio has one remaining operating property.
(2)
Weighted average cap rate includes the sale of Costa Verde for $125M at a ~1.5% cap rate.

 

Supplemental Information 16


 

Summary of In-Process Developments and Redevelopments

September 30, 2022

(in thousands)

 

In-Process Developments and Redevelopments (1)

Shopping Centers

 

Market

 

Grocer/Anchor Tenant

 

Center GLA(a)

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement
(b)

 

Est Stabilization
Year
(c)

 

REG'S Est Net
Project Costs

 

 

% of Costs
Incurred

 

Stabilized
Yield
(d)

Ground-up Developments

 

 

 

 

 

686

 

 

84%

 

 

 

 

 

 

 

$

104,267

 

 

58%

 

7% +/-

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

 

Richmond, VA

 

Publix

 

 

116

 

 

83%

 

Q4-2018

 

2H-2020

 

2024

 

 

29,268

 

 

86%

 

6 - 7%

East San Marco (2)

 

Jacksonville, FL

 

Publix

 

 

59

 

 

94%

 

Q4-2020

 

2H-2022

 

2023

 

 

19,085

 

 

85%

 

7 - 8%

Glenwood Green (2)(3)

 

Old Bridge, NJ

 

ShopRite/Target

 

 

355

 

 

81%

 

Q1-2022

 

2H-2023

 

2025

 

 

45,530

 

 

34%

 

6 - 7%

Eastfield at Baybrook (2)

 

Houston, TX

 

H.E.B.

 

 

156

 

 

87%

 

Q2-2022

 

2H-2023

 

2025

 

 

10,384

 

 

19%

 

8 - 9%

Redevelopments

 

 

 

 

 

 

4,028

 

 

91%

 

 

 

 

 

 

 

$

294,099

 

 

54%

 

7% +/-

The Crossing Clarendon (4)

 

Metro DC

 

Life Time

 

 

129

 

 

97%

 

Q4-2018

 

1H-2022

 

2024

 

 

56,950

 

 

68%

 

8% +/-

The Abbot

 

Boston, MA

 

Retail/Office Users

 

 

64

 

 

77%

 

Q2-2019

 

2H-2022

 

2024

 

 

58,379

 

 

84%

 

9% +/-

Preston Oaks (2)

 

Dallas, TX

 

H.E.B.

 

 

103

 

 

95%

 

Q4-2020

 

1H-2021

 

2023

 

 

20,216

 

 

82%

 

7% +/-

Serramonte Center

 

San Francisco, CA

 

Macy's/Target/Dick's Sporting Goods/
Ross/Nordstrom Rack

 

 

1,072

 

 

90%

 

Q4-2020

 

2H-2021

 

2026

 

 

55,000

 

 

68%

 

5% +/-

Westbard Square Phase I (4)(5)

 

Bethesda, MD

 

Giant

 

 

123

 

 

65%

 

Q2-2021

 

2H-2023

 

2025

 

 

37,269

 

 

36%

 

6% +/-

Buckhead Landing

 

Atlanta, GA

 

Publix

 

 

152

 

 

74%

 

Q2-2022

 

2H-2024

 

2025

 

 

25,853

 

 

6%

 

6% +/-

VariousRedevelopments(estcosts<$10millionindividually)

 

 

2,385

 

 

93%

 

 

 

 

 

 

 

 

40,432

 

 

29%

 

8 - 9%

Total In-Process (In Construction)

 

 

4,714

 

 

90%

 

 

 

 

 

 

 

$

398,366

 

 

55%

 

7 - 8%

 

In Process Development and Redevelopment Descriptions

Ground-up Developments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carytown Exchange - Phase I & II

 

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. The Publix, Shop Bldg B, Shop Bldg E, and structured parking are now complete. Phase II commenced in 2Q21, and includes further value creation in the form of two additional multi-tenant buildings (Shop Bldgs A & C) totaling 36k SF.

East San Marco

 

Located in one of the most desirable areas of Jacksonville, FL, East San Marco is an infill ground-up retail development anchored by Publix. In addition, an adjacent parcel sold in August 2021 to a residential builder for housing.

Glenwood Green

 

Located in Old Bridge, NJ and situated on Route 9, Glenwood Green is a 355k SF ground-up development anchored by Target, ShopRite and a medical office building.

Eastfield at Baybrook

 

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

Redevelopments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Crossing Clarendon

 

Redevelopment of vacant, four-story, 1960's-era office building into a modern 129k SF mixed-use "Loft" building to complement the existing dominant, mixed-use center in Arlington, VA. The building will include ground floor retail and 110k SF of space leased to high-end health club Life Time.

The Abbot

 

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

Preston Oaks

 

Redevelopment includes substantial rebuild following tornado damage of a 103k SF, anchored by H.E.B. Central Market shopping center, and located in Dallas, TX. Redevelopment spend is reimbursable through insurance proceeds.

Serramonte Center

 

Redevelopment includes continued enhancement of a Class A mall in a premier location that includes the addition of new retail that will augment the evolving merchandising mix, redevelopment of the former J.C. Penney space, and additional redevelopment considerations in the northwest portion of the site. Redevelopment represents multiple phases occurring over approximately four years, with expected stabilization around 2026.

Westbard Square Phase I

 

Existing property includes a Giant-anchored retail center, a 3-level office building, two gas stations, and a vacant senior housing building. Phase I of the redevelopment will include construction of a 123k SF retail building anchored by a 70k SF Giant, and realignment of Westbard Avenue at the intersection with River Road. Regency will also participate in a joint venture whereby the partner will construct a ~100-unit senior living building.

Buckhead Landing

 

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

Various Redevelopments (est costs < $10 million individually)

 

Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

See page 18 for footnotes

Supplemental Information 17


 

Development and Redevelopment Current Year Completions

September 30, 2022

(in thousands)

 

 

Current Year Development and Redevelopment Completions

Shopping Center Name

 

Market

 

Center GLA(a)

 

 

Center % Leased

 

Project
Start

 

Est Initial Rent
Commencement
(b)

 

Est Stabilization
Year
(c)

 

 

REG's Est Net
Project Costs

 

 

% of Costs
Incurred

 

Stabilized
Yield
(d)

Ground-up Developments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redevelopments

 

 

 

 

750

 

 

96%

 

 

 

 

 

 

 

 

$

20,831

 

 

94%

 

9%

Sheridan Plaza

 

Hollywood, FL

 

 

507

 

 

94%

 

Q3-2019

 

2H-2020

 

 

2023

 

 

 

11,915

 

 

95%

 

10%

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

 

 

243

 

 

99%

 

 

 

 

 

 

 

 

 

8,916

 

 

94%

 

7%

Total Completions

 

 

750

 

 

96%

 

 

 

 

 

 

 

 

$

20,831

 

 

94%

 

9%

(1)
Scope, economics and timing of development and redevelopment projects could change materially from estimates provided.
(2)
Ground-up development or redevelopment that is excluded from the Same Property NOI pool.
(3)
Carytown and Glenwood Green estimated costs represent Regency's pro-rata share of 64% and 70%, respectively.
(4)
GLA and % Leased for The Crossing Clarendon represents the office building only, and Westbard Square Phase I represents phase I only.
(5)
Estimated costs are net of expected land sale proceeds of $50m. Combined net project costs for phase I and future phases are expected to be $80m - $90m with an incremental yield of 6% - 7%. Future phase(s) will include ~200 units of apartments, 44k SF of additional retail, and ~100 for-sale townhomes.

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $437,859 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 61% for Ground-up Developments and Redevelopments In-Process.

(a)
Center GLA represents 100% of the owned GLA at the property, unless footnoted otherwise.
(b)
Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.
(c)
Estimated Stabilization Year represents the estimated year that the project will reach the stated stabilized yield on an annualized basis.
(d)
A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

Supplemental Information 18


 

Leasing Statistics

September 30, 2022

(Retail Operating Properties Only)

 

Leasing Statistics - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

3rd Quarter 2022

 

 

460

 

 

 

2,310

 

 

$

22.38

 

 

7.0%

 

13.3%

 

 

5.8

 

 

$

4.20

 

2nd Quarter 2022

 

 

411

 

 

 

1,307

 

 

 

33.65

 

 

8.8%

 

17.1%

 

 

6.8

 

 

 

9.46

 

1st Quarter 2022

 

 

377

 

 

 

1,688

 

 

 

25.00

 

 

6.5%

 

13.2%

 

 

5.5

 

 

 

3.82

 

4th Quarter 2021

 

 

400

 

 

 

1,753

 

 

 

27.44

 

 

12.9%

 

21.0%

 

 

6.1

 

 

 

5.19

 

Total - 12 months

 

 

1,648

 

 

 

7,057

 

 

$

26.21

 

 

8.8%

 

16.0%

 

 

6.0

 

 

$

5.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

3rd Quarter 2022

 

 

105

 

 

 

270

 

 

$

34.64

 

 

14.1%

 

26.3%

 

 

8.7

 

 

$

32.96

 

2nd Quarter 2022

 

 

111

 

 

 

358

 

 

 

31.56

 

 

18.3%

 

28.4%

 

 

10.5

 

 

 

27.50

 

1st Quarter 2022

 

 

88

 

 

 

230

 

 

 

31.77

 

 

8.1%

 

19.3%

 

 

8.3

 

 

 

22.94

 

4th Quarter 2021

 

 

111

 

 

 

414

 

 

 

28.66

 

 

45.6%

 

57.7%

 

 

8.0

 

 

 

18.14

 

Total - 12 months

 

 

415

 

 

 

1,271

 

 

$

31.22

 

 

22.8%

 

34.1%

 

 

8.9

 

 

$

24.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals

 

Leasing
Transactions

 

 

GLA
(in 000s)

 

 

New Base
Rent/Sq. Ft

 

 

Rent Spread %
(Cash)

 

Rent Spread %
(Straight-lined)

 

Weighted Avg.
Lease Term

 

 

Tenant
Allowance
and Landlord
Work/Sq. Ft.

 

3rd Quarter 2022

 

 

355

 

 

 

2,040

 

 

$

20.87

 

 

5.7%

 

10.9%

 

 

5.4

 

 

$

0.66

 

2nd Quarter 2022

 

 

300

 

 

 

949

 

 

 

34.43

 

 

5.8%

 

13.5%

 

 

5.4

 

 

 

2.65

 

1st Quarter 2022

 

 

289

 

 

 

1,458

 

 

 

24.00

 

 

6.2%

 

12.0%

 

 

5.1

 

 

 

1.00

 

4th Quarter 2021

 

 

289

 

 

 

1,339

 

 

 

27.01

 

 

4.1%

 

11.1%

 

 

5.4

 

 

 

0.65

 

Total - 12 months

 

 

1,233

 

 

 

5,786

 

 

$

25.11

 

 

5.5%

 

11.7%

 

 

5.3

 

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

3rd Quarter 2022

 

 

529

 

 

 

2,616

 

 

$

22.74

 

 

 

 

 

 

 

5.5

 

 

$

5.70

 

2nd Quarter 2022

 

 

465

 

 

 

1,572

 

 

 

32.60

 

 

 

 

 

 

 

6.0

 

 

 

9.77

 

1st Quarter 2022

 

 

452

 

 

 

2,103

 

 

 

25.86

 

 

 

 

 

 

 

5.7

 

 

 

7.53

 

4th Quarter 2021

 

 

483

 

 

 

2,208

 

 

 

27.55

 

 

 

 

 

 

 

6.5

 

 

 

13.62

 

Total - 12 months

 

 

1,929

 

 

 

8,499

 

 

$

26.50

 

 

 

 

 

 

 

5.9

 

 

$

8.92

 

 

Notes:

Represents Regency's wholly owned and pro-rata share of co-investment partnerships.
All amounts reported at execution.
Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months.
Rent Spreads % (Cash) represent the percentage change between the initial 12 months of rent of the executed lease and the rent over the last 12 months of the prior lease.
Rent Spreads % (Straight-lined) represent the percentage change between the average rent over the duration of the executed lease and the average rent over the duration of the prior lease.
Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements.
Excludes Non-Retail Properties.

Supplemental Information 19


 

Annual Base Rent by State

September 30, 2022

(in thousands)

 

State

 

Number of
Properties

 

 

GLA

 

 

% Leased (1)

 

 

ABR

 

 

ABR/Sq. Ft.

 

 

% of Number
of Properties

 

 

% of GLA

 

 

% of ABR

 

California

 

 

70

 

 

 

9,151

 

 

 

94.0

%

 

$

253,961

 

 

$

29.43

 

 

 

17.3

%

 

 

21.2

%

 

 

26.3

%

Florida

 

 

95

 

 

 

11,003

 

 

 

94.3

%

 

 

205,250

 

 

 

19.75

 

 

 

23.5

%

 

 

25.5

%

 

 

21.2

%

Texas

 

 

30

 

 

 

3,525

 

 

 

97.1

%

 

 

71,559

 

 

 

20.92

 

 

 

7.4

%

 

 

8.2

%

 

 

7.4

%

New York

 

 

16

 

 

 

1,805

 

 

 

93.0

%

 

 

59,518

 

 

 

35.44

 

 

 

4.0

%

 

 

4.2

%

 

 

6.2

%

Georgia

 

 

22

 

 

 

2,126

 

 

 

91.9

%

 

 

45,026

 

 

 

22.81

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

Virginia

 

 

21

 

 

 

1,668

 

 

 

93.4

%

 

 

44,870

 

 

 

28.74

 

 

 

5.2

%

 

 

3.9

%

 

 

4.6

%

Connecticut

 

 

15

 

 

 

1,526

 

 

 

91.6

%

 

 

36,275

 

 

 

25.73

 

 

 

3.7

%

 

 

3.5

%

 

 

3.7

%

Washington

 

 

17

 

 

 

1,267

 

 

 

97.3

%

 

 

34,038

 

 

 

27.64

 

 

 

4.2

%

 

 

2.9

%

 

 

3.5

%

North Carolina

 

 

17

 

 

 

1,594

 

 

 

93.7

%

 

 

33,898

 

 

 

21.93

 

 

 

4.2

%

 

 

3.7

%

 

 

3.5

%

Illinois

 

 

10

 

 

 

1,338

 

 

 

97.9

%

 

 

26,173

 

 

 

20.79

 

 

 

2.5

%

 

 

3.1

%

 

 

2.7

%

Massachusetts

 

 

8

 

 

 

897

 

 

 

97.8

%

 

 

25,731

 

 

 

29.24

 

 

 

2.0

%

 

 

2.1

%

 

 

2.7

%

Colorado

 

 

19

 

 

 

1,408

 

 

 

95.6

%

 

 

22,068

 

 

 

16.29

 

 

 

4.7

%

 

 

3.3

%

 

 

2.3

%

Pennsylvania

 

 

10

 

 

 

711

 

 

 

95.7

%

 

 

18,034

 

 

 

27.11

 

 

 

2.5

%

 

 

1.6

%

 

 

1.9

%

Ohio

 

 

8

 

 

 

1,224

 

 

 

99.1

%

 

 

16,388

 

 

 

13.46

 

 

 

2.0

%

 

 

2.8

%

 

 

1.7

%

Maryland

 

 

11

 

 

 

598

 

 

 

92.6

%

 

 

15,933

 

 

 

28.55

 

 

 

2.7

%

 

 

1.4

%

 

 

1.6

%

Oregon

 

 

8

 

 

 

779

 

 

 

93.4

%

 

 

15,316

 

 

 

20.42

 

 

 

2.0

%

 

 

1.8

%

 

 

1.6

%

New Jersey

 

 

5

 

 

 

649

 

 

 

86.9

%

 

 

12,026

 

 

 

21.32

 

 

 

1.2

%

 

 

1.5

%

 

 

1.2

%

Minnesota

 

 

5

 

 

 

390

 

 

 

94.3

%

 

 

7,361

 

 

 

19.02

 

 

 

1.2

%

 

 

0.9

%

 

 

0.8

%

Indiana

 

 

3

 

 

 

335

 

 

 

99.4

%

 

 

5,623

 

 

 

17.31

 

 

 

0.7

%

 

 

0.8

%

 

 

0.6

%

Tennessee

 

 

3

 

 

 

314

 

 

 

97.2

%

 

 

5,472

 

 

 

17.29

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

Missouri

 

 

4

 

 

 

408

 

 

 

99.6

%

 

 

4,483

 

 

 

11.03

 

 

 

1.0

%

 

 

0.9

%

 

 

0.5

%

Delaware

 

 

2

 

 

 

255

 

 

 

99.5

%

 

 

4,228

 

 

 

17.57

 

 

 

0.5

%

 

 

0.6

%

 

 

0.4

%

South Carolina

 

 

2

 

 

 

83

 

 

 

98.7

%

 

 

2,072

 

 

 

25.31

 

 

 

0.5

%

 

 

0.2

%

 

 

0.2

%

Washington, D.C.

 

 

2

 

 

 

30

 

 

 

89.0

%

 

 

1,500

 

 

 

57.03

 

 

 

0.5

%

 

 

0.1

%

 

 

0.2

%

Michigan

 

 

1

 

 

 

97

 

 

 

74.0

%

 

 

619

 

 

 

8.61

 

 

 

0.2

%

 

 

0.2

%

 

 

0.1

%

Total All Properties

 

 

404

 

 

 

43,183

 

 

 

94.6

%

 

$

967,423

 

 

$

23.62

 

 

 

100

%

 

 

100

%

 

 

100

%

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

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

 

Supplemental Information 20


 

Annual Base Rent by CBSA

September 30, 2022

(in thousands)

Largest CBSAs by Population (1)

 

Number of
Properties

 

 

GLA

 

 

% Leased (2)

 

 

ABR

 

 

ABR/Sq. Ft.

 

 

% of Number
of Properties

 

 

% of GLA

 

 

% of ABR

 

1) New York-Newark-Jersey City

 

19

 

 

 

2,078

 

 

 

93.1

%

 

$

68,424

 

 

$

35.36

 

 

 

4.7

%

 

 

4.8

%

 

 

7.1

%

2) Los Angeles-Long Beach-Anaheim

 

24

 

 

 

2,499

 

 

 

95.4

%

 

 

71,778

 

 

 

30.12

 

 

 

5.9

%

 

 

5.8

%

 

 

7.4

%

3) Chicago-Naperville-Elgin

 

11

 

 

 

1,617

 

 

 

94.8

%

 

 

30,759

 

 

 

20.06

 

 

 

2.7

%

 

 

3.7

%

 

 

3.2

%

4) Dallas-Fort Worth-Arlington

 

11

 

 

 

913

 

 

 

95.7

%

 

 

19,297

 

 

 

22.07

 

 

 

2.7

%

 

 

2.1

%

 

 

2.0

%

5) Houston-Woodlands-Sugar Land

 

14

 

 

 

1,778

 

 

 

97.0

%

 

 

34,540

 

 

 

20.03

 

 

 

3.5

%

 

 

4.1

%

 

 

3.6

%

6) Washington-Arlington-Alexandri

 

27

 

 

 

1,831

 

 

 

94.0

%

 

 

51,619

 

 

 

29.99

 

 

 

6.7

%

 

 

4.2

%

 

 

5.3

%

7) Philadelphia-Camden-Wilmington

 

10

 

 

 

1,167

 

 

 

89.1

%

 

 

21,490

 

 

 

20.66

 

 

 

2.5

%

 

 

2.7

%

 

 

2.2

%

8) Miami-Ft Lauderdale-PompanoBch

 

41

 

 

 

5,308

 

 

 

93.1

%

 

 

108,281

 

 

 

21.91

 

 

 

10.1

%

 

 

12.3

%

 

 

11.2

%

9) Atlanta-SandySprings-Alpharett

 

22

 

 

 

2,126

 

 

 

91.9

%

 

 

45,026

 

 

 

23.05

 

 

 

5.4

%

 

 

4.9

%

 

 

4.7

%

10) Phoenix-Mesa-Chandler

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

11) Boston-Cambridge-Newton

 

8

 

 

 

897

 

 

 

97.8

%

 

 

25,731

 

 

 

29.35

 

 

 

2.0

%

 

 

2.1

%

 

 

2.7

%

12) San Francisco-Oakland-Berkeley

 

18

 

 

 

3,349

 

 

 

91.6

%

 

 

92,880

 

 

 

30.28

 

 

 

4.5

%

 

 

7.8

%

 

 

9.6

%

13) Rvrside-San Bernardino-Ontario

 

1

 

 

 

99

 

 

 

98.4

%

 

 

3,063

 

 

 

31.51

 

 

 

0.2

%

 

 

0.2

%

 

 

0.3

%

14) Detroit-Warren-Dearborn

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

15) Seattle-Tacoma-Bellevue

 

17

 

 

 

1,267

 

 

 

97.3

%

 

 

34,038

 

 

 

27.59

 

 

 

4.2

%

 

 

2.9

%

 

 

3.5

%

16) Minneapol-St. Paul-Bloomington

 

5

 

 

 

390

 

 

 

99.4

%

 

 

7,361

 

 

 

19.00

 

 

 

1.2

%

 

 

0.9

%

 

 

0.8

%

17) San Diego-Chula Vista-Carlsbad

 

10

 

 

 

1,369

 

 

 

98.2

%

 

 

40,883

 

 

 

30.42

 

 

 

2.5

%

 

 

3.2

%

 

 

4.2

%

18) Tampa-St Petersburg-Clearwater

 

9

 

 

 

1,296

 

 

 

96.9

%

 

 

24,508

 

 

 

19.51

 

 

 

2.2

%

 

 

3.0

%

 

 

2.5

%

19) Denver-Aurora-Lakewood

 

11

 

 

 

940

 

 

 

95.3

%

 

 

14,447

 

 

 

16.12

 

 

 

2.7

%

 

 

2.2

%

 

 

1.5

%

20) St. Louis

 

4

 

 

 

408

 

 

 

99.5

%

 

 

4,483

 

 

 

11.03

 

 

 

1.0

%

 

 

0.9

%

 

 

0.5

%

21) Baltimore-Columbia-Towson

 

4

 

 

 

267

 

 

 

92.9

%

 

 

6,715

 

 

 

27.12

 

 

 

1.0

%

 

 

0.6

%

 

 

0.7

%

22) Charlotte-Concord-Gastonia

 

4

 

 

 

604

 

 

 

97.8

%

 

 

14,311

 

 

 

24.25

 

 

 

1.0

%

 

 

1.4

%

 

 

1.5

%

23) Orlando-Kissimmee-Sanford

 

7

 

 

 

836

 

 

 

93.8

%

 

 

15,234

 

 

 

19.42

 

 

 

1.7

%

 

 

1.9

%

 

 

1.6

%

24) San Antonio-New Braunfels

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

25) Portland-Vancouver-Hillsboro

 

5

 

 

 

436

 

 

 

94.7

%

 

 

8,616

 

 

 

20.84

 

 

 

1.2

%

 

 

1.0

%

 

 

0.9

%

26) Sacramento-Roseville-Folsom

 

4

 

 

 

318

 

 

 

99.0

%

 

 

7,470

 

 

 

23.74

 

 

 

1.0

%

 

 

0.7

%

 

 

0.8

%

27) Pittsburgh

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

28) Austin-Round Rock-Georgetown

 

5

 

 

 

834

 

 

 

98.8

%

 

 

17,722

 

 

 

21.51

 

 

 

1.2

%

 

 

1.9

%

 

 

1.8

%

29) Las Vegas-Henderson-Paradise

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

30) Cincinnati

 

5

 

 

 

902

 

 

 

98.8

%

 

 

12,476

 

 

 

13.99

 

 

 

1.2

%

 

 

2.1

%

 

 

1.3

%

31) Kansas City

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

32) Columbus

 

3

 

 

 

322

 

 

 

100.0

%

 

 

3,911

 

 

 

12.14

 

 

 

0.7

%

 

 

0.7

%

 

 

0.4

%

33) Indianapolis-Carmel-Anderson

 

2

 

 

 

56

 

 

 

82.9

%

 

 

1,037

 

 

 

22.50

 

 

 

0.5

%

 

 

0.1

%

 

 

0.1

%

34) San Juan-Bayamón-Caguas

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

35) Cleveland-Elyria

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

36) Nashvil-Davdsn-Murfree-Frankln

 

3

 

 

 

314

 

 

 

99.6

%

 

 

5,472

 

 

 

17.48

 

 

 

0.7

%

 

 

0.7

%

 

 

0.6

%

37) San Jose-Sunnyvale-Santa Clara

 

6

 

 

 

645

 

 

 

96.4

%

 

 

19,176

 

 

 

30.83

 

 

 

1.5

%

 

 

1.5

%

 

 

2.0

%

38) Virginia Beach-Norfolk-Newport News

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

39) Providence-Warwick

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

40) Jacksonville

 

20

 

 

 

1,924

 

 

 

94.3

%

 

 

30,572

 

 

 

16.85

 

 

 

5.0

%

 

 

4.5

%

 

 

3.2

%

41) Milwaukee-Waukesha

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

42) Raleigh-Cary

 

9

 

 

 

692

 

 

 

97.9

%

 

 

14,544

 

 

 

21.47

 

 

 

2.2

%

 

 

1.6

%

 

 

1.5

%

43) Oklahoma City

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

44) Memphis

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

45) Richmond

 

3

 

 

 

199

 

 

 

87.7

%

 

 

3,969

 

 

 

22.78

 

 

 

0.7

%

 

 

0.5

%

 

 

0.4

%

46) Louisville/Jefferson County

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

47) New Orleans-Metairie

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

48) Salt Lake City

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

49) Hartford-E Hartford-Middletown

 

2

 

 

 

301

 

 

 

96.3

%

 

 

5,697

 

 

 

19.64

 

 

 

0.5

%

 

 

0.7

%

 

 

0.6

%

50) Buffalo-Cheektowaga

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Top 50 CBSAs by Population

 

 

344

 

 

 

37,983

 

 

 

94.8

%

 

$

865,530

 

 

$

23.99

 

 

 

85.1

%

 

 

88.0

%

 

 

89.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 51 - 75 by Population

 

22

 

 

 

1,939

 

 

 

92.8

%

 

 

50,724

 

 

 

27.87

 

 

 

5.4

%

 

 

4.5

%

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBSAs Ranked 76 - 100 by Population

 

12

 

 

 

885

 

 

 

92.9

%

 

 

14,315

 

 

 

17.40

 

 

 

3.0

%

 

 

2.1

%

 

 

1.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other CBSAs

 

26

 

 

 

2,375

 

 

 

94.0

%

 

 

36,855

 

 

 

16.49

 

 

 

6.4

%

 

 

5.5

%

 

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Properties

 

 

404

 

 

 

43,183

 

 

 

94.6

%

 

$

967,423

 

 

$

23.62

 

 

 

100

%

 

 

100

%

 

 

100

%

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

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

Supplemental Information 21


 

Annual Base Rent By Tenant Category

September 30, 2022

 

Tenant Category Exposure

 

% of ABR(1)

Grocery

 

20%

Restaurant - Fast Food/Limited Service

 

13%

Personal Services

 

7%

Restaurant - Casual/Fine Dining

 

6%

Medical

 

6%

Apparel/Accessories

 

5%

Off-Price

 

5%

Business Services

 

5%

Banks

 

5%

Hobby/Sports

 

5%

Fitness

 

5%

Home

 

3%

Office/Communications

 

3%

Pet

 

3%

Pharmacy

 

3%

Other

 

2%

Home Improvement/Auto

 

2%

Beauty/Cosmetics

 

2%

Liquor/Wine/Beer

 

1%

Entertainment

 

1%

 

 

 

Anchor/Shop Exposure(2)

 

% of ABR

Shop

 

56%

Anchor

 

44%

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

Supplemental Information 22


 

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

September 30, 2022

(in thousands)

 

#

 

Tenant

 

Tenant
GLA

 

% of Company-
Owned GLA

 

Total
Annualized
Base Rent

 

% of Total
Annualized
Base Rent

 

Total # of
Leased
Stores

1

 

Publix

 

               2,876

 

7.1%

 

             31,678

 

3.3%

 

67

2

 

Kroger Co. (1)

 

               2,986

 

7.3%

 

             30,314

 

3.1%

 

53

3

 

Albertsons Companies, Inc. (2)

 

               1,920

 

4.7%

 

             29,075

 

3.0%

 

46

4

 

Amazon/Whole Foods

 

               1,185

 

2.9%

 

             25,734

 

2.7%

 

36

5

 

TJX Companies, Inc. (3)

 

               1,457

 

3.6%

 

             25,041

 

2.6%

 

63

6

 

CVS

 

                  663

 

1.6%

 

             15,321

 

1.6%

 

56

7

 

Ahold/Delhaize (4)

 

                  473

 

1.2%

 

             11,682

 

1.2%

 

13

8

 

L.A. Fitness Sports Club

 

                  474

 

1.2%

 

               9,678

 

1.0%

 

13

9

 

Trader Joe's

 

                  282

 

0.7%

 

               9,509

 

1.0%

 

28

10

 

Ross Dress For Less

 

                  534

 

1.3%

 

               9,129

 

0.9%

 

24

11

 

JPMorgan Chase Bank

 

                  135

 

0.3%

 

               8,844

 

0.9%

 

42

12

 

Gap, Inc (5)

 

                  250

 

0.6%

 

               7,712

 

0.8%

 

21

13

 

Starbucks

 

                  136

 

0.3%

 

               7,657

 

0.8%

 

87

14

 

Nordstrom (6)

 

                  279

 

0.7%

 

               7,616

 

0.8%

 

8

15

 

H.E. Butt Grocery Company (7)

 

                  482

 

1.2%

 

               7,376

 

0.8%

 

6

16

 

Wells Fargo Bank

 

                  134

 

0.3%

 

               7,049

 

0.7%

 

47

17

 

Petco Health & Wellness Company, Inc. (8)

 

                  286

 

0.7%

 

               6,925

 

0.7%

 

30

18

 

JAB Holding Company (9)

 

                  168

 

0.4%

 

               6,858

 

0.7%

 

60

19

 

Target

 

                  654

 

1.6%

 

               6,790

 

0.7%

 

6

20

 

Bank of America

 

                  119

 

0.3%

 

               6,751

 

0.7%

 

40

21

 

Best Buy

 

                  259

 

0.6%

 

               6,027

 

0.6%

 

8

22

 

Kohl's

 

                  485

 

1.2%

 

               5,756

 

0.6%

 

6

23

 

Walgreens Boots Alliance (10)

 

                  234

 

0.6%

 

               5,731

 

0.6%

 

22

24

 

Bed Bath & Beyond Inc. (11)

 

                  325

 

0.8%

 

               5,538

 

0.6%

 

11

25

 

Ulta

 

                  172

 

0.4%

 

               5,161

 

0.5%

 

19

26

 

AT&T, Inc (12)

 

                  109

 

0.3%

 

               4,909

 

0.5%

 

56

27

 

Dick's Sporting Goods, Inc.

 

                  274

 

0.7%

 

               4,832

 

0.5%

 

4

28

 

Life Time

 

                  111

 

0.3%

 

               4,700

 

0.5%

 

1

29

 

Xponential Fitness (13)

 

                  116

 

0.3%

 

               4,527

 

0.5%

 

70

30

 

Barnes & Noble (14)

 

                  188

 

0.5%

 

               4,380

 

0.5%

 

13

 

 

Top Tenants

 

             17,766

 

43.7%

 

$322,300

 

33.3%

 

956

 

(1)
Kroger 20 / King Soopers 11 / Harris Teeter 8 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2
(2)
Safeway 20 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Dominick's 1 / Pavilions 1
(3)
TJ Maxx 24 / Marshalls 19 / Homegoods 18 / Homesense 1 / Sierra Trading Post 1
(4)
Giant 9 / Stop & Shop 3 / Food Lion 1
(5)
Old Navy 12 / Athleta 4 / The Gap 3 / Banana Republic 2
(6)
Nordstrom Rack 8
(7)
H.E.B. 5 / Central Market 1
(8)
Petco 25 / Unleashed by Petco 5
(9)
Panera 29 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3
(10)
Walgreens 21 / Duane Reade 1
(11)
Bed Bath & Beyond 9 / Buy Buy Baby 1 / Harmon Face Values 1
(12)
AT&T 51 / Cricket 5
(13)
Club Pilates 29 / Pure Barre 14 / Row House 8 / Cyclebar 7 / Yoga Six 6 / Stretchlab 5 / AKT 1
(14)
Barnes & Noble 12 / Paper Store 1

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

Supplemental Information 23


 

Tenant Lease Expirations

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

Anchor Tenants (1)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR
(3)

 

ABR

 

MTM (4)

 

 

96

 

 

0.2%

 

0.1%

 

$

11.48

 

2022

 

 

70

 

 

0.2%

 

0.1%

 

 

14.52

 

2023

 

 

1,690

 

 

4.2%

 

2.6%

 

 

14.71

 

2024

 

 

3,499

 

 

8.7%

 

5.9%

 

 

15.83

 

2025

 

 

2,977

 

 

7.4%

 

4.9%

 

 

15.58

 

2026

 

 

3,116

 

 

7.8%

 

5.3%

 

 

16.11

 

2027

 

 

3,561

 

 

8.9%

 

6.0%

 

 

15.97

 

2028

 

 

2,469

 

 

6.1%

 

4.8%

 

 

18.23

 

2029

 

 

1,318

 

 

3.3%

 

1.9%

 

 

13.34

 

2030

 

 

1,266

 

 

3.2%

 

2.3%

 

 

17.20

 

2031

 

 

871

 

 

2.2%

 

1.7%

 

 

18.75

 

10 Year Total

 

 

20,932

 

 

52.1%

 

35.6%

 

$

16.08

 

Thereafter

 

 

4,746

 

 

11.8%

 

8.5%

 

 

16.89

 

 

 

 

25,679

 

 

63.9%

 

44.1%

 

$

16.23

 

 

 

 

 

 

 

Shop Tenants (2)

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR
(3)

 

ABR

 

MTM (4)

 

 

241

 

 

0.6%

 

0.7%

 

$

26.93

 

2022

 

 

289

 

 

0.7%

 

1.0%

 

 

32.54

 

2023

 

 

1,887

 

 

4.7%

 

6.9%

 

 

34.68

 

2024

 

 

2,091

 

 

5.2%

 

7.7%

 

 

34.85

 

2025

 

 

2,091

 

 

5.2%

 

8.0%

 

 

36.06

 

2026

 

 

1,944

 

 

4.8%

 

7.5%

 

 

36.56

 

2027

 

 

2,019

 

 

5.0%

 

7.8%

 

 

36.39

 

2028

 

 

958

 

 

2.4%

 

4.1%

 

 

40.09

 

2029

 

 

668

 

 

1.7%

 

2.8%

 

 

39.08

 

2030

 

 

573

 

 

1.4%

 

2.4%

 

 

39.35

 

2031

 

 

655

 

 

1.6%

 

2.6%

 

 

38.21

 

10 Year Total

 

 

13,414

 

 

33.4%

 

51.4%

 

$

36.24

 

Thereafter

 

 

1,086

 

 

2.7%

 

4.5%

 

 

39.20

 

 

 

 

14,501

 

 

36.1%

 

55.9%

 

$

36.46

 

 

 

 

 

 

 

All Tenants

 

 

 

 

 

Year

 

GLA

 

 

Percent of GLA

 

Percent of
Total ABR
(3)

 

ABR

 

MTM (4)

 

 

337

 

 

0.8%

 

0.8%

 

$

22.52

 

2022

 

 

359

 

 

0.9%

 

1.1%

 

 

29.04

 

2023

 

 

3,577

 

 

8.9%

 

9.6%

 

 

25.24

 

2024

 

 

5,590

 

 

13.9%

 

13.6%

 

 

22.94

 

2025

 

 

5,068

 

 

12.6%

 

12.9%

 

 

24.03

 

2026

 

 

5,059

 

 

12.6%

 

12.8%

 

 

23.97

 

2027

 

 

5,579

 

 

13.9%

 

13.8%

 

 

23.36

 

2028

 

 

3,427

 

 

8.5%

 

8.8%

 

 

24.34

 

2029

 

 

1,986

 

 

4.9%

 

4.6%

 

 

22.00

 

2030

 

 

1,839

 

 

4.6%

 

4.7%

 

 

24.10

 

2031

 

 

1,526

 

 

3.8%

 

4.4%

 

 

27.10

 

10 Year Total

 

 

34,347

 

 

85.5%

 

87.0%

 

$

23.95

 

Thereafter

 

 

5,832

 

 

14.5%

 

13.0%

 

 

21.04

 

 

 

 

40,179

 

 

100%

 

100%

 

$

23.53

 

Notes: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. Amounts may not foot due to rounding.

(1)
Anchor tenants represent any tenant occupying at least 10,000 square feet.
(2)
Shop tenants represent any tenant occupying less than 10,000 square feet.
(3)
Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. Represents Regency's wholly owned and pro-rata share of co-investment partnerships.
(4)
Month to month lease or in process of renewal.

Supplemental Information 24


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

200 Potrero

 

 

CA

San Francisco-Oakland-Berkeley

31

31

100.0%

 

 

 

Gizmo Art Production, INC.

$11.34

 

4S Commons Town Center

M

85%

CA

San Diego-Chula Vista-Carlsbad

252

252

100.0%

 

 

68

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

$34.35

 

Amerige Heights Town Center

 

 

CA

Los Angeles-Long Beach-Anaheim

97

97

98.8%

 

143

58

Albertsons, (Target)

$31.72

 

Balboa Mesa Shopping Center

 

 

CA

San Diego-Chula Vista-Carlsbad

207

207

99.4%

 

 

42

CVS, Kohl's, Von's

$28.78

 

Bayhill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

122

49

99.2%

 

 

32

CVS, Mollie Stone's Market

$27.66

 

Blossom Valley

 

 

CA

San Jose-Sunnyvale-Santa Clara

93

93

93.7%

 

 

34

Safeway

$27.39

 

Brea Marketplace

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

352

141

93.7%

 

 

25

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

$20.61

 

Circle Center West

 

 

CA

Los Angeles-Long Beach-Anaheim

64

64

91.2%

 

 

 

Marshalls

$36.33

 

Circle Marina Center

 

 

CA

Los Angeles-Long Beach-Anaheim

118

118

93.0%

 

 

 

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

$30.47

 

Clayton Valley Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

260

260

90.8%

 

 

14

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

$23.62

 

Corral Hollow

 

 

CA

Stockton

167

167

70.4%

 

 

66

Safeway, CVS

$20.44

 

Culver Center

 

 

CA

Los Angeles-Long Beach-Anaheim

217

217

92.4%

 

 

37

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

$32.90

 

Diablo Plaza

 

 

CA

San Francisco-Oakland-Berkeley

63

63

92.8%

 

53

53

Bevmo!, (Safeway), (CVS)

$41.54

 

El Camino Shopping Center

 

 

CA

Los Angeles-Long Beach-Anaheim

136

136

98.4%

 

 

31

Bristol Farms, CVS

$41.26

 

El Cerrito Plaza

 

 

CA

San Francisco-Oakland-Berkeley

256

256

79.0%

 

 

78

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

$29.46

 

El Norte Pkwy Plaza

 

 

CA

San Diego-Chula Vista-Carlsbad

91

91

98.0%

 

 

42

Von's, Children's Paradise, ACE Hardware

$20.03

 

Encina Grande

 

 

CA

San Francisco-Oakland-Berkeley

106

106

100.0%

 

 

38

Whole Foods, Walgreens

$35.61

 

Five Points Shopping Center

GRI

40%

CA

Santa Maria-Santa Barbara

145

58

97.6%

 

 

35

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

$30.74

 

French Valley Village Center

 

 

CA

Rvrside-San Bernardino-Ontario

99

99

98.4%

 

 

44

Stater Bros, CVS

$27.40

 

Friars Mission Center

 

 

CA

San Diego-Chula Vista-Carlsbad

147

147

100.0%

 

 

55

Ralphs, CVS

$38.35

 

Gelson's Westlake Market Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

85

85

97.3%

 

 

40

Gelson's Markets, John of Italy Salon & Spa

$30.81

 

Golden Hills Plaza

 

 

CA

San Luis Obispo-Paso Robles

244

244

84.8%

 

 

 

Lowe's, TJ Maxx

$6.77

 

Granada Village

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

226

91

100.0%

 

 

24

Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx

$27.23

 

Hasley Canyon Village

 

 

CA

Los Angeles-Long Beach-Anaheim

66

66

97.5%

 

 

52

Ralphs

$26.85

 

Heritage Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

230

230

100.0%

 

 

44

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

$41.64

 

Laguna Niguel Plaza

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

42

17

92.4%

 

39

39

CVS,(Albertsons)

$30.83

 

Mariposa Shopping Center

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

127

51

91.6%

 

 

43

Safeway, CVS, Ross Dress for Less

$21.24

 

Morningside Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

91

91

98.2%

 

 

43

Stater Bros.

$24.58

 

Supplemental Information 25


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Navajo Shopping Center

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

102

41

98.9%

 

 

44

Albertsons, Rite Aid, O'Reilly Auto Parts

$15.59

 

Newland Center

 

 

CA

Los Angeles-Long Beach-Anaheim

152

152

97.7%

 

 

58

Albertsons

$28.14

 

Oakshade Town Center

 

 

CA

Sacramento-Roseville-Folsom

104

104

99.3%

 

 

40

Safeway, Office Max, Rite Aid

$22.59

 

Oakbrook Plaza

 

 

CA

Oxnard-Thousand Oaks-Ventura

83

83

95.4%

 

 

44

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

$22.02

 

Persimmon Place

 

 

CA

San Francisco-Oakland-Berkeley

153

153

100.0%

 

 

40

Whole Foods, Nordstrom Rack, Homegoods

$37.15

 

Plaza Escuela

 

 

CA

San Francisco-Oakland-Berkeley

154

154

93.5%

 

 

 

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

$44.10

 

Plaza Hermosa

 

 

CA

Los Angeles-Long Beach-Anaheim

95

95

100.0%

 

 

37

Von's, CVS

$28.35

 

Pleasant Hill Shopping Center

GRI

40%

CA

San Francisco-Oakland-Berkeley

227

91

100.0%

 

 

 

Target, Burlington, Ross Dress for Less, Homegoods

$24.52

 

Point Loma Plaza

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

205

82

98.4%

 

 

50

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

$23.48

 

Potrero Center

 

 

CA

San Francisco-Oakland-Berkeley

227

227

93.7%

 

 

60

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

$33.72

 

Powell Street Plaza

 

 

CA

San Francisco-Oakland-Berkeley

166

166

98.4%

 

 

10

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

$35.49

 

Prairie City Crossing

 

 

CA

Sacramento-Roseville-Folsom

90

90

97.5%

 

 

55

Safeway

$22.26

 

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

$19.68

 

Rancho San Diego Village

GRI

40%

CA

San Diego-Chula Vista-Carlsbad

153

61

94.6%

 

 

40

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

$24.53

 

Rona Plaza

 

 

CA

Los Angeles-Long Beach-Anaheim

52

52

88.4%

 

 

37

Superior Super Warehouse

$20.10

 

San Carlos Marketplace

 

 

CA

San Francisco-Oakland-Berkeley

154

154

100.0%

 

 

 

TJ Maxx, Best Buy, PetSmart, Bassett Furniture

$36.29

 

Scripps Ranch Marketplace

 

 

CA

San Diego-Chula Vista-Carlsbad

132

132

99.5%

 

 

57

Vons, CVS

$32.96

 

San Leandro Plaza

 

 

CA

San Francisco-Oakland-Berkeley

50

50

100.0%

 

38

38

(Safeway), (CVS)

$37.57

 

Seal Beach

C

20%

CA

Los Angeles-Long Beach-Anaheim

97

19

96.2%

 

 

48

Pavilions, CVS

$26.67

 

Serramonte Center

 

 

CA

San Francisco-Oakland-Berkeley

1072

1072

89.9%

 

 

 

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

$26.44

 

Shoppes at Homestead

 

 

CA

San Jose-Sunnyvale-Santa Clara

116

116

97.8%

 

53

 

CVS, Crunch Fitness, (Orchard Supply Hardware)

$25.22

 

Silverado Plaza

GRI

40%

CA

Napa

85

34

96.4%

 

 

32

Nob Hill, CVS

$21.36

 

Snell & Branham Plaza

GRI

40%

CA

San Jose-Sunnyvale-Santa Clara

92

37

98.5%

 

 

53

Safeway

$20.96

 

Talega Village Center

 

 

CA

Los Angeles-Long Beach-Anaheim

102

102

97.7%

 

 

46

Ralphs

$22.97

 

Tassajara Crossing

 

 

CA

San Francisco-Oakland-Berkeley

146

146

99.3%

 

 

56

Safeway, CVS, Alamo Hardware

$26.01

 

The Hub Hillcrest Market

 

 

CA

San Diego-Chula Vista-Carlsbad

149

149

91.0%

 

 

52

Ralphs, Trader Joe's

$42.37

 

The Marketplace

 

 

CA

Sacramento-Roseville-Folsom

111

111

100.0%

 

 

35

Safeway, CVS, Petco

$27.13

 

Supplemental Information 26


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

The Pruneyard

 

 

CA

San Jose-Sunnyvale-Santa Clara

260

260

96.9%

 

 

13

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

$41.00

 

Town and Country Center

O

35%

CA

Los Angeles-Long Beach-Anaheim

230

81

34.3%

 

 

41

Whole Foods, CVS, Citibank

$52.93

 

Tustin Legacy

 

 

CA

Los Angeles-Long Beach-Anaheim

112

112

100.0%

 

 

44

Stater Bros, CVS

$33.83

 

Twin Oaks Shopping Center

GRI

40%

CA

Los Angeles-Long Beach-Anaheim

98

39

100.0%

 

 

41

Ralphs, Rite Aid

$22.15

 

Twin Peaks

 

 

CA

San Diego-Chula Vista-Carlsbad

208

208

98.5%

 

 

45

Target, Grocer

$22.13

 

Valencia Crossroads

 

 

CA

Los Angeles-Long Beach-Anaheim

173

173

100.0%

 

 

35

Whole Foods, Kohl's

$28.53

 

Village at La Floresta

 

 

CA

Los Angeles-Long Beach-Anaheim

87

87

100.0%

 

 

37

Whole Foods

$37.31

 

Von's Circle Center

 

 

CA

Los Angeles-Long Beach-Anaheim

151

151

100.0%

 

 

45

Von's, Ross Dress for Less, Planet Fitness

$27.47

 

West Park Plaza

 

 

CA

San Jose-Sunnyvale-Santa Clara

88

88

98.0%

 

 

25

Safeway, Rite Aid

$20.27

 

Westlake Village Plaza and Center

 

 

CA

Oxnard-Thousand Oaks-Ventura

201

201

97.4%

 

 

72

Von's, Sprouts, (CVS)

$41.71

 

Willows Shopping Center

 

 

CA

San Francisco-Oakland-Berkeley

247

247

78.6%

 

 

 

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

$30.74

 

Woodman Van Nuys

 

 

CA

Los Angeles-Long Beach-Anaheim

108

108

97.2%

 

 

78

El Super

$16.26

 

Woodside Central

 

 

CA

San Francisco-Oakland-Berkeley

81

81

90.0%

 

113

 

Chuck E. Cheese, Marshalls, (Target)

$25.52

 

Ygnacio Plaza

GRI

40%

CA

San Francisco-Oakland-Berkeley

110

44

94.4%

 

 

 

Sports Basement,TJ Maxx

$39.86

 

 

 

 

CA

 

10,681

9,151

94.0%

94.0%

439

2,542

 

$29.43

 

Applewood Shopping Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

360

144

91.3%

 

 

71

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

$16.36

 

Alcove On Arapahoe

GRI

40%

CO

Boulder

159

64

89.5%

 

 

44

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

$19.49

 

Belleview Square

 

 

CO

Denver-Aurora-Lakewood

117

117

96.8%

 

 

65

King Soopers

$20.46

 

Boulevard Center

 

 

CO

Denver-Aurora-Lakewood

77

77

87.6%

 

53

53

Eye Care Specialists, (Safeway)

$31.44

 

Buckley Square

 

 

CO

Denver-Aurora-Lakewood

116

116

92.6%

 

 

62

Ace Hardware, King Soopers

$11.57

 

Centerplace of Greeley III

 

 

CO

Greeley

119

119

97.7%

 

 

 

Hobby Lobby, Best Buy, TJ Maxx

$11.69

 

Cherrywood Square Shop Ctr

GRI

40%

CO

Denver-Aurora-Lakewood

97

39

97.0%

 

 

72

King Soopers

$11.66

 

Crossroads Commons

C

20%

CO

Boulder

143

29

92.0%

 

 

66

Whole Foods, Barnes & Noble

$29.77

 

Crossroads Commons II

C

20%

CO

Boulder

18

4

100.0%

 

 

 

(Whole Foods), (Barnes & Noble)

$39.62

 

Falcon Marketplace

 

 

CO

Colorado Springs

22

22

100.0%

 

184

50

(Wal-Mart)

$24.89

 

Hilltop Village

 

 

CO

Denver-Aurora-Lakewood

101

101

97.4%

 

 

66

King Soopers

$12.33

 

Littleton Square

 

 

CO

Denver-Aurora-Lakewood

99

99

98.7%

 

 

78

King Soopers

$11.52

 

Lloyd King Center

 

 

CO

Denver-Aurora-Lakewood

83

83

98.3%

 

 

61

King Soopers

$12.29

 

Marketplace at Briargate

 

 

CO

Colorado Springs

29

29

100.0%

 

66

66

(King Soopers)

$34.67

 

Monument Jackson Creek

 

 

CO

Colorado Springs

85

85

100.0%

 

 

70

King Soopers

$12.78

 

Ralston Square Shopping Center

GRI

40%

CO

Denver-Aurora-Lakewood

83

33

98.2%

 

 

55

King Soopers

$16.11

 

Supplemental Information 27


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Shops at Quail Creek

 

 

CO

Denver-Aurora-Lakewood

38

38

92.5%

 

100

100

(King Soopers)

$25.21

 

Stroh Ranch

 

 

CO

Denver-Aurora-Lakewood

93

93

100.0%

 

 

70

King Soopers

$13.93

 

Woodmen Plaza

 

 

CO

Colorado Springs

116

116

95.2%

 

 

70

King Soopers

$13.55

 

 

 

 

CO

 

1,955

1,408

95.6%

95.6%

403

1,119

 

$16.29

 

22 Crescent Road

 

 

CT

Bridgeport-Stamford-Norwalk

4

4

100.0%

 

 

 

-

$60.00

 

91 Danbury Road

 

 

CT

Bridgeport-Stamford-Norwalk

5

5

100.0%

 

 

 

-

$29.47

 

Black Rock

M

80%

CT

Bridgeport-Stamford-Norwalk

98

98

91.2%

 

 

 

Old Navy, The Clubhouse

$29.32

 

Brick Walk

M

80%

CT

Bridgeport-Stamford-Norwalk

122

122

98.0%

 

 

 

-

$44.70

 

Brookside Plaza

 

 

CT

Hartford-E Hartford-Middletown

227

227

95.8%

 

 

60

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

$15.47

 

Compo Acres Shopping Center

 

 

CT

Bridgeport-Stamford-Norwalk

43

43

92.4%

 

 

12

Trader Joe's

$54.09

 

Copps Hill Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

173

173

62.4%

 

 

59

Rite Aid, Stop & Shop, Homegoods

$26.03

 

Corbin's Corner

GRI

40%

CT

Hartford-E Hartford-Middletown

186

74

98.1%

 

 

10

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

$31.43

 

Danbury Green

 

 

CT

Bridgeport-Stamford-Norwalk

124

124

100.0%

 

 

12

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

$26.51

 

Darinor Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

153

153

100.0%

 

 

 

Kohl's, Old Navy, Party City

$20.24

 

Fairfield Center

M

80%

CT

Bridgeport-Stamford-Norwalk

94

94

91.2%

 

 

 

Fairfield University Bookstore, Merril Lynch

$34.57

 

Post Road Plaza

 

 

CT

Bridgeport-Stamford-Norwalk

20

20

100.0%

 

 

11

Trader Joe's

$55.98

 

Southbury Green

 

 

CT

New Haven-Milford

156

156

87.7%

 

 

60

ShopRite, Homegoods

$21.99

 

Westport Row

 

 

CT

Bridgeport-Stamford-Norwalk

91

91

88.7%

 

 

22

The Fresh Market, Pottery Barn

$42.55

 

Walmart Norwalk

 

 

CT

Bridgeport-Stamford-Norwalk

142

142

100.0%

 

 

112

WalMart, HomeGoods

$0.56

 

 

 

 

CT

 

1,638

1,526

91.6%

91.6%

0

358

 

$25.73

 

Shops at The Columbia

 

 

DC

Washington-Arlington-Alexandri

23

23

85.8%

 

 

12

Trader Joe's

$42.41

 

Spring Valley Shopping Center

GRI

40%

DC

Washington-Arlington-Alexandri

17

7

100.0%

 

 

 

-

$99.50

 

 

 

 

DC

 

40

30

89.0%

89.0%

0

12

 

$57.03

 

Pike Creek

 

 

DE

Philadelphia-Camden-Wilmington

230

230

94.5%

 

 

49

Acme Markets, Edge Fitness, Pike Creek Community Hardware

$16.67

 

Shoppes of Graylyn

GRI

40%

DE

Philadelphia-Camden-Wilmington

64

26

92.2%

 

 

 

Rite Aid

$25.73

 

 

 

 

DE

 

294

255

94.3%

94.3%

0

49

 

$17.57

 

Alafaya Village

 

 

FL

Orlando-Kissimmee-Sanford

38

38

80.9%

 

 

58

-

$26.11

 

Anastasia Plaza

 

 

FL

Jacksonville

102

102

97.4%

 

 

49

Publix

$15.07

 

Atlantic Village

 

 

FL

Jacksonville

110

110

98.6%

 

 

 

LA Fitness, Pet Supplies Plus

$18.12

 

Aventura Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

97

97

97.5%

 

 

49

CVS, Publix

$37.92

 

Aventura Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

144

144

78.8%

 

 

 

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

$39.74

(2)

Banco Popular Building

 

 

FL

Miami-Ft Lauderdale-PompanoBch

0

0

0.0%

 

 

 

-

$0.00

 

Supplemental Information 28


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Berkshire Commons

 

 

FL

Naples-Marco Island

110

110

100.0%

 

 

66

Publix, Walgreens

$15.68

 

Bird 107 Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

40

40

92.9%

 

 

 

Walgreens

$21.95

 

Bird Ludlam

 

 

FL

Miami-Ft Lauderdale-PompanoBch

192

192

98.4%

 

 

44

CVS, Goodwill, Winn-Dixie

$25.28

 

Bloomingdale Square

 

 

FL

Tampa-St Petersburg-Clearwater

252

252

96.0%

 

 

48

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

$17.85

 

Boca Village Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

92

92

100.0%

 

 

36

CVS, Publix

$22.60

 

Boynton Lakes Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

93.8%

 

 

46

Citi Trends, Pet Supermarket, Publix

$16.59

 

Boynton Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

105

105

95.7%

 

 

54

CVS, Publix

$20.98

 

Brooklyn Station on Riverside

 

 

FL

Jacksonville

50

50

97.2%

 

 

20

The Fresh Market

$27.70

 

Caligo Crossing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

11

11

100.0%

 

98

 

(Kohl's)

$46.21

 

Carriage Gate

 

 

FL

Tallahassee

73

73

100.0%

 

 

13

Trader Joe's, TJ Maxx

$24.81

 

Cashmere Corners

 

 

FL

Port St. Lucie

80

80

96.1%

 

 

44

WalMart

$14.82

 

Charlotte Square

 

 

FL

Punta Gorda

91

91

95.7%

 

 

44

WalMart, Buffet City

$11.79

 

Chasewood Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

152

152

93.6%

 

 

54

Publix, Pet Smart

$27.43

 

Concord Shopping Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

309

309

97.5%

 

 

78

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

$13.69

 

Coral Reef Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

75

75

84.6%

 

 

25

Aldi, Walgreens

$31.74

 

Corkscrew Village

 

 

FL

Cape Coral-Fort Myers

82

82

96.5%

 

 

51

Publix

$14.80

 

Country Walk Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

92.2%

 

 

40

Publix, CVS

$21.95

 

Countryside Shops

 

 

FL

Miami-Ft Lauderdale-PompanoBch

193

193

69.8%

 

 

46

Publix, Ross Dress for Less

$24.79

 

Courtyard Shopping Center

 

 

FL

Jacksonville

137

137

100.0%

 

63

63

Target, (Publix)

$3.68

(2)

East San Marco

 

 

FL

Jacksonville

59

59

93.9%

 

 

39

Publix

$27.93

 

Fleming Island

 

 

FL

Jacksonville

132

132

97.4%

 

130

48

Publix, PETCO, Planet Fitness, (Target)

$16.96

 

Fountain Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

177

177

96.6%

 

140

46

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

$28.82

 

Gardens Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

90

90

100.0%

 

 

42

Publix

$19.07

 

Glengary Shoppes

 

 

FL

North Port-Sarasota-Bradenton

93

93

97.0%

 

 

 

Best Buy, Barnes & Noble

$20.19

 

Shoppes of Grande Oak

 

 

FL

Cape Coral-Fort Myers

79

79

100.0%

 

 

54

Publix

$17.27

 

Greenwood Shopping Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

133

133

94.0%

 

 

50

Publix, Bealls

$16.75

 

Hammocks Town Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

187

187

95.2%

 

86

40

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

$17.84

 

Hibernia Pavilion

 

 

FL

Jacksonville

51

51

92.0%

 

 

39

Publix

$16.47

 

John's Creek Center

C

20%

FL

Jacksonville

76

15

100.0%

 

 

45

Publix

$16.59

 

Julington Village

C

20%

FL

Jacksonville

82

16

100.0%

 

 

51

Publix, (CVS)

$17.18

 

Supplemental Information 29


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Kirkman Shoppes

 

 

FL

Orlando-Kissimmee-Sanford

115

115

98.4%

 

 

 

LA Fitness, Walgreens

$25.80

 

Lake Mary Centre

 

 

FL

Orlando-Kissimmee-Sanford

360

360

92.9%

 

 

25

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

$17.46

 

Mandarin Landing

 

 

FL

Jacksonville

140

140

74.0%

 

 

50

Whole Foods, Aveda Institute

$20.52

 

Millhopper Shopping Center

 

 

FL

Gainesville

85

85

95.0%

 

 

46

Publix

$18.82

 

Naples Walk

 

 

FL

Naples-Marco Island

125

125

100.0%

 

 

51

Publix

$18.83

 

Newberry Square

 

 

FL

Gainesville

181

181

90.3%

 

 

40

Publix, Floor & Décor, Dollar Tree

$9.47

 

Nocatee Town Center

 

 

FL

Jacksonville

114

114

100.0%

 

 

54

Publix

$22.83

 

Northgate Square

 

 

FL

Tampa-St Petersburg-Clearwater

75

75

98.1%

 

 

48

Publix

$15.24

 

Oakleaf Commons

 

 

FL

Jacksonville

77

77

100.0%

 

 

46

Publix

$16.56

 

Ocala Corners

 

 

FL

Tallahassee

87

87

88.8%

 

 

61

Publix

$14.77

 

Old St Augustine Plaza

 

 

FL

Jacksonville

248

248

100.0%

 

 

52

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

$11.05

 

Pablo Plaza

 

 

FL

Jacksonville

161

161

100.0%

 

 

34

Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart

$18.34

 

Pavillion

 

 

FL

Naples-Marco Island

168

168

100.0%

 

 

 

LA Fitness, Paragon Theaters, J. Lee Salon Suites

$23.33

 

Pine Island

 

 

FL

Miami-Ft Lauderdale-PompanoBch

255

255

99.5%

 

 

40

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

$15.07

 

Pine Ridge Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

118

118

97.7%

 

 

17

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

$19.17

 

Pine Tree Plaza

 

 

FL

Jacksonville

63

63

96.9%

 

 

38

Publix

$14.47

 

Pinecrest Place

 

 

FL

Miami-Ft Lauderdale-PompanoBch

70

70

96.0%

 

173

47

Whole Foods, (Target)

$40.42

 

Plaza Venezia

C

20%

FL

Orlando-Kissimmee-Sanford

203

41

100.0%

 

 

51

Publix, Eddie V's

$32.27

 

Point Royale Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

202

202

100.0%

 

 

45

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

$16.73

 

Prosperity Centre

 

 

FL

Miami-Ft Lauderdale-PompanoBch

124

124

96.3%

 

 

 

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

$23.38

 

Regency Square

 

 

FL

Tampa-St Petersburg-Clearwater

352

352

96.1%

 

66

 

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

$19.72

 

Ryanwood Square

 

 

FL

Sebastian-Vero Beach

115

115

90.0%

 

 

40

Publix, Beall's, Harbor Freight Tools

$12.22

 

Salerno Village

 

 

FL

Port St. Lucie

5

5

100.0%

 

 

 

-

$14.26

 

Sawgrass Promenade

 

 

FL

Miami-Ft Lauderdale-PompanoBch

107

107

90.7%

 

 

36

Publix, Walgreens, Dollar Tree

$13.28

 

Seminole Shoppes

O

50%

FL

Jacksonville

87

44

100.0%

 

 

54

Publix

$23.93

 

Sheridan Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

507

507

94.2%

 

 

66

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

$19.60

 

Shoppes @ 104

 

 

FL

Miami-Ft Lauderdale-PompanoBch

112

112

90.0%

 

 

46

Winn-Dixie, CVS

$19.76

 

Shoppes at Bartram Park

O

50%

FL

Jacksonville

135

67

99.0%

 

97

45

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

$22.02

 

Shoppes at Lago Mar

 

 

FL

Miami-Ft Lauderdale-PompanoBch

83

83

90.8%

 

 

42

Publix, YouFit Health Club

$15.54

 

Shoppes at Sunlake Centre

 

 

FL

Tampa-St Petersburg-Clearwater

117

117

100.0%

 

 

46

Publix

$24.63

 

Supplemental Information 30


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Shoppes of Jonathan's Landing

 

 

FL

Miami-Ft Lauderdale-PompanoBch

27

27

100.0%

 

54

54

(Publix)

$26.95

 

Shoppes of Oakbrook

 

 

FL

Miami-Ft Lauderdale-PompanoBch

200

200

65.6%

 

 

44

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

$18.05

 

Shoppes of Pebblebrook Plaza

O

50%

FL

Naples-Marco Island

80

40

97.0%

 

 

61

Publix, (Walgreens)

$16.51

 

Shoppes of Silver Lakes

 

 

FL

Miami-Ft Lauderdale-PompanoBch

127

127

94.8%

 

 

48

Publix, Goodwill

$20.55

 

Shoppes of Sunset

 

 

FL

Miami-Ft Lauderdale-PompanoBch

22

22

79.3%

 

 

 

-

$24.91

 

Shoppes of Sunset II

 

 

FL

Miami-Ft Lauderdale-PompanoBch

28

28

85.6%

 

 

 

-

$22.24

 

Shops at John's Creek

 

 

FL

Jacksonville

15

15

100.0%

 

 

 

-

$26.42

 

Shops at Skylake

 

 

FL

Miami-Ft Lauderdale-PompanoBch

287

287

97.9%

 

 

51

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

$24.70

 

South Beach Regional

 

 

FL

Jacksonville

308

308

82.6%

 

 

13

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

$16.92

 

South Point

 

 

FL

Sebastian-Vero Beach

65

65

100.0%

 

 

45

Publix

$15.65

 

Starke

 

 

FL

Jacksonville

13

13

100.0%

 

 

 

CVS

$27.05

 

Suncoast Crossing

 

 

FL

Tampa-St Petersburg-Clearwater

118

118

96.4%

 

143

 

Kohl's, (Target)

$6.79

 

Tamarac Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

125

125

82.2%

 

 

38

Publix, Dollar Tree, Retro Fitness

$12.07

 

The Plaza at St. Lucie West

 

 

FL

Port St. Lucie

27

27

100.0%

 

 

 

-

$25.52

 

The Village at Hunter's Lake

 

 

FL

Tampa-St Petersburg-Clearwater

72

72

100.0%

 

 

29

Sprouts

$28.02

 

Town and Country

 

 

FL

Orlando-Kissimmee-Sanford

78

78

100.0%

 

 

 

Ross Dress for Less

$11.40

 

Town Square

 

 

FL

Tampa-St Petersburg-Clearwater

44

44

95.7%

 

 

 

PETCO, Barnes & Noble

$33.17

 

Treasure Coast Plaza

 

 

FL

Sebastian-Vero Beach

134

134

97.1%

 

 

59

Publix, TJ Maxx

$18.60

 

Unigold Shopping Center

 

 

FL

Orlando-Kissimmee-Sanford

115

115

89.3%

 

 

31

YouFit Health Club, Ross Dress for Less

$15.55

 

University Commons

 

 

FL

Miami-Ft Lauderdale-PompanoBch

180

180

100.0%

 

 

51

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

$34.65

 

Village Center

 

 

FL

Tampa-St Petersburg-Clearwater

187

187

97.3%

 

 

50

Publix, PGA Tour Superstore, Walgreens

$22.28

 

Waterstone Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

61

61

100.0%

 

 

46

Publix

$17.63

 

Welleby Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

110

110

96.3%

 

 

47

Publix, Dollar Tree

$14.77

 

Wellington Town Square

 

 

FL

Miami-Ft Lauderdale-PompanoBch

108

108

98.7%

 

 

45

Publix, CVS

$25.23

 

West Bird Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

99

99

97.9%

 

 

38

Publix

$25.33

 

West Lake Shopping Center

 

 

FL

Miami-Ft Lauderdale-PompanoBch

101

101

96.6%

 

 

46

Winn-Dixie, CVS

$22.51

 

Westchase

 

 

FL

Tampa-St Petersburg-Clearwater

79

79

95.4%

 

 

51

Publix

$16.47

 

Westport Plaza

 

 

FL

Miami-Ft Lauderdale-PompanoBch

47

47

91.6%

 

 

28

Publix

$21.04

 

Willa Springs

 

 

FL

Orlando-Kissimmee-Sanford

90

90

94.6%

 

 

44

Publix

$22.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information 31


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

 

 

 

FL

 

11,442

11,003

94.3%

94.3%

1,049

3,422

 

$19.75

 

Ashford Place

 

 

GA

Atlanta-SandySprings-Alpharett

53

53

86.1%

 

 

 

Harbor Freight Tools

$24.03

 

Briarcliff La Vista

 

 

GA

Atlanta-SandySprings-Alpharett

43

43

100.0%

 

 

 

Michael's

$22.32

 

Briarcliff Village

 

 

GA

Atlanta-SandySprings-Alpharett

189

189

98.3%

 

 

43

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

$16.99

 

Bridgemill Market

 

 

GA

Atlanta-SandySprings-Alpharett

89

89

90.4%

 

 

38

Publix

$17.77

 

Brighten Park

 

 

GA

Atlanta-SandySprings-Alpharett

137

137

85.6%

 

 

25

Lidl, Big Blue Swim School

$29.29

 

Buckhead Court

 

 

GA

Atlanta-SandySprings-Alpharett

49

49

89.7%

 

 

 

-

$31.68

 

Buckhead Landing

 

 

GA

Atlanta-SandySprings-Alpharett

152

152

74.3%

 

 

56

Binders Art Supplies & Frames, Kroger

$19.42

 

Buckhead Station

 

 

GA

Atlanta-SandySprings-Alpharett

234

234

100.0%

 

 

 

Bed Bath & Beyond, Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta

$25.27

 

Cambridge Square

 

 

GA

Atlanta-SandySprings-Alpharett

71

71

40.0%

 

 

41

-

$26.59

 

Chastain Square

 

 

GA

Atlanta-SandySprings-Alpharett

92

92

100.0%

 

 

37

Publix

$23.43

 

Cornerstone Square

 

 

GA

Atlanta-SandySprings-Alpharett

80

80

100.0%

 

 

18

Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint

$18.71

 

Sope Creek Crossing

 

 

GA

Atlanta-SandySprings-Alpharett

99

99

95.5%

 

 

45

Publix

$16.64

 

Dunwoody Hall

 

 

GA

Atlanta-SandySprings-Alpharett

86

86

95.7%

 

 

44

Publix

$20.15

 

Dunwoody Village

 

 

GA

Atlanta-SandySprings-Alpharett

121

121

93.5%

 

 

18

The Fresh Market, Walgreens, Dunwoody Prep

$21.43

 

Howell Mill Village

 

 

GA

Atlanta-SandySprings-Alpharett

92

92

100.0%

 

 

31

Publix

$24.83

 

Paces Ferry Plaza

 

 

GA

Atlanta-SandySprings-Alpharett

82

82

99.9%

 

 

30

Whole Foods

$40.19

 

Powers Ferry Square

 

 

GA

Atlanta-SandySprings-Alpharett

97

97

100.0%

 

 

 

HomeGoods, PETCO

$35.20

 

Powers Ferry Village

 

 

GA

Atlanta-SandySprings-Alpharett

76

76

91.1%

 

 

48

Publix, The Juice Box

$10.42

 

Russell Ridge

 

 

GA

Atlanta-SandySprings-Alpharett

101

101

90.8%

 

 

63

Kroger

$13.18

 

Sandy Springs

 

 

GA

Atlanta-SandySprings-Alpharett

116

116

95.1%

 

 

12

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

$25.02

 

The Shops at Hampton Oaks

 

 

GA

Atlanta-SandySprings-Alpharett

21

21

99.3%

 

 

 

(CVS)

$11.75

 

Williamsburg at Dunwoody

 

 

GA

Atlanta-SandySprings-Alpharett

45

45

79.6%

 

 

 

-

$27.46

 

 

 

 

GA

 

2,126

2,126

91.9%

91.9%

0

551

 

$22.81

 

Civic Center Plaza

GRI

40%

IL

Chicago-Naperville-Elgin

265

106

96.6%

 

 

87

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

$10.53

 

Clybourn Commons

 

 

IL

Chicago-Naperville-Elgin

32

32

89.9%

 

 

 

PETCO

$37.62

 

Glen Oak Plaza

 

 

IL

Chicago-Naperville-Elgin

63

63

99.5%

 

 

12

Trader Joe's, Walgreens, Northshore University Healthsystems

$27.29

 

Hinsdale Lake Commons (fka Hinsdale)

 

 

IL

Chicago-Naperville-Elgin

185

185

92.3%

 

 

57

Whole Foods, Goodwill, Charter Fitness, Petco

$16.24

 

Mellody Farm

 

 

IL

Chicago-Naperville-Elgin

259

259

92.2%

 

 

45

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

$28.86

(2)

Naperville Plaza

C

20%

IL

Chicago-Naperville-Elgin

115

23

96.8%

 

 

39

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

$25.40

 

Supplemental Information 32


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Riverside Sq & River's Edge

GRI

40%

IL

Chicago-Naperville-Elgin

169

68

99.3%

 

 

74

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

$17.54

 

Roscoe Square

GRI

40%

IL

Chicago-Naperville-Elgin

140

56

67.7%

 

 

51

Mariano's Fresh Market, Walgreens

$28.11

 

Westchester Commons

 

 

IL

Chicago-Naperville-Elgin

143

143

93.1%

 

 

80

Mariano's Fresh Market, Goodwill

$18.03

 

Willow Festival

 

 

IL

Chicago-Naperville-Elgin

404

404

96.7%

 

 

60

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

$18.76

 

 

 

 

IL

 

1,775

1,338

93.7%

93.7%

0

505

 

$20.79

 

Shops on Main

M

94%

IN

Chicago-Naperville-Elgin

279

279

100.0%

 

 

40

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

$16.45

 

Willow Lake Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

86

34

72.4%

 

64

64

Indiana Bureau of Motor Vehicles, (Kroger)

$18.89

 

Willow Lake West Shopping Center

GRI

40%

IN

Indianapolis-Carmel-Anderson

53

21

100.0%

 

 

12

Trader Joe's

$26.74

 

 

 

 

IN

 

418

335

97.2%

97.2%

64

116

 

$17.31

 

Fellsway Plaza

M

75%

MA

Boston-Cambridge-Newton

158

158

100.0%

 

 

61

Stop & Shop, Planet Fitness, BioLife Plasma Services

$25.90

 

Shaw's at Plymouth

 

 

MA

Boston-Cambridge-Newton

60

60

100.0%

 

 

60

Shaw's

$19.34

 

Shops at Saugus

 

 

MA

Boston-Cambridge-Newton

87

87

98.6%

 

 

11

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

$30.44

 

Star's at Cambridge

 

 

MA

Boston-Cambridge-Newton

66

66

100.0%

 

 

66

Star Market

$41.18

 

Star's at Quincy

 

 

MA

Boston-Cambridge-Newton

101

101

100.0%

 

 

101

Star Market

$23.63

 

Star's at West Roxbury

 

 

MA

Boston-Cambridge-Newton

76

76

94.7%

 

 

55

Shaw's

$26.63

 

The Abbot

 

 

MA

Boston-Cambridge-Newton

64

64

77.0%

 

 

 

Center for Effective Alturism

$0.00

 

Twin City Plaza

 

 

MA

Boston-Cambridge-Newton

285

285

100.0%

 

 

63

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

$22.06

 

 

 

 

MA

 

897

897

97.8%

97.8%

0

416

 

$29.24

 

Burnt Mills

C

20%

MD

Washington-Arlington-Alexandri

31

6

86.9%

 

 

9

Trader Joe's

$42.83

 

Cloppers Mill Village

GRI

40%

MD

Washington-Arlington-Alexandri

137

55

95.8%

 

 

70

Shoppers Food Warehouse, Dollar Tree

$19.46

 

Festival at Woodholme

GRI

40%

MD

Baltimore-Columbia-Towson

81

32

94.6%

 

 

10

Trader Joe's

$40.81

 

Firstfield Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

22

9

100.0%

 

 

 

-

$43.11

 

Parkville Shopping Center

GRI

40%

MD

Baltimore-Columbia-Towson

165

66

98.2%

 

 

41

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

$17.09

 

Southside Marketplace

GRI

40%

MD

Baltimore-Columbia-Towson

125

50

90.8%

 

 

44

Giant

$24.41

 

Takoma Park

GRI

40%

MD

Washington-Arlington-Alexandri

107

43

100.0%

 

 

64

Planet Fitness

$15.17

 

Village at Lee Airpark

 

 

MD

Baltimore-Columbia-Towson

118

118

90.3%

 

75

63

Giant, (Sunrise)

$30.45

 

Watkins Park Plaza

GRI

40%

MD

Washington-Arlington-Alexandri

111

45

100.0%

 

 

 

LA Fitness, CVS

$29.08

 

Westbard Square

 

 

MD

Washington-Arlington-Alexandri

147

147

88.9%

 

 

55

Giant, Bowlmor AMF

$36.13

 

Woodmoor Shopping Center

GRI

40%

MD

Washington-Arlington-Alexandri

69

28

95.6%

 

 

 

CVS

$35.54

 

 

 

 

MD

 

1,114

598

93.4%

93.4%

75

357

 

$28.55

 

Supplemental Information 33


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Fenton Marketplace

 

 

MI

Flint

97

97

74.0%

 

 

 

Family Farm & Home

$8.61

 

 

 

 

MI

 

97

97

74.0%

74.0%

0

0

 

$8.61

 

Apple Valley Square

 

 

MN

Minneapol-St. Paul-Bloomington

179

179

100.0%

 

87

 

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

$16.90

 

Cedar Commons

 

 

MN

Minneapol-St. Paul-Bloomington

66

66

100.0%

 

 

50

Whole Foods

$28.33

 

Colonial Square

GRI

40%

MN

Minneapol-St. Paul-Bloomington

93

37

100.0%

 

 

44

Lund's

$25.90

 

Rockford Road Plaza

GRI

40%

MN

Minneapol-St. Paul-Bloomington

204

82

97.5%

 

 

 

Kohl's, PetSmart, HomeGoods, TJ Maxx

$13.87

 

Rockridge Center

C

20%

MN

Minneapol-St. Paul-Bloomington

125

25

99.4%

 

 

89

CUB Foods

$15.67

 

 

 

 

MN

 

668

390

99.4%

99.4%

87

183

 

$19.02

 

Brentwood Plaza

 

 

MO

St. Louis

60

60

100.0%

 

 

52

Schnucks

$11.48

 

Bridgeton

 

 

MO

St. Louis

71

71

97.3%

 

130

63

Schnucks, (Home Depot)

$12.14

 

Dardenne Crossing

 

 

MO

St. Louis

67

67

100.0%

 

 

63

Schnucks

$11.60

 

Kirkwood Commons

 

 

MO

St. Louis

210

210

100.0%

 

258

136

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

$10.35

 

 

 

 

MO

 

408

408

99.5%

99.5%

388

314

 

$11.03

(2)

Blakeney Town Center (fka Blakeney Shopping Center)

 

 

NC

Charlotte-Concord-Gastonia

384

384

99.7%

 

124

 

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

$26.14

 

Carmel Commons

 

 

NC

Charlotte-Concord-Gastonia

141

141

91.3%

 

 

14

Chuck E. Cheese, The Fresh Market, Party City

$24.48

 

Cochran Commons

C

20%

NC

Charlotte-Concord-Gastonia

66

13

100.0%

 

15

42

Harris Teeter, (Walgreens)

$17.40

 

Market at Colonnade Center

 

 

NC

Raleigh-Cary

58

58

100.0%

 

 

40

Whole Foods

$28.15

 

Glenwood Village

 

 

NC

Raleigh-Cary

43

43

100.0%

 

 

28

Harris Teeter

$18.14

 

Holly Park

 

 

NC

Raleigh-Cary

160

160

97.8%

 

 

12

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

$19.67

 

Lake Pine Plaza

 

 

NC

Raleigh-Cary

88

88

100.0%

 

 

58

Harris Teeter

$14.29

 

Midtown East

O

50%

NC

Raleigh-Cary

159

79

100.0%

 

 

120

Wegmans

$24.15

 

Ridgewood Shopping Center

C

20%

NC

Raleigh-Cary

94

19

91.2%

 

 

30

Whole Foods, Walgreens

$21.35

 

Shops at Erwin Mill

M

55%

NC

Durham-Chapel Hill

91

91

96.4%

 

 

53

Harris Teeter

$19.19

 

Shoppes of Kildaire

GRI

40%

NC

Raleigh-Cary

145

58

98.9%

 

 

46

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

$20.54

 

Southpoint Crossing

 

 

NC

Durham-Chapel Hill

103

103

98.4%

 

 

59

Harris Teeter

$16.90

 

Sutton Square

C

20%

NC

Raleigh-Cary

101

20

96.4%

 

 

24

The Fresh Market

$20.94

 

Village District

C

30%

NC

Raleigh-Cary

559

168

95.1%

 

 

87

Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club

$25.69

 

Village Plaza

C

20%

NC

Durham-Chapel Hill

73

15

100.0%

 

 

42

Whole Foods

$23.63

 

Willow Oaks

 

 

NC

Charlotte-Concord-Gastonia

65

65

100.0%

 

 

49

Publix

$17.51

 

Woodcroft Shopping Center

 

 

NC

Durham-Chapel Hill

90

90

100.0%

 

 

41

Food Lion, ACE Hardware

$14.49

 

Supplemental Information 34


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

 

 

 

NC

 

2,419

1,594

97.9%

97.9%

139

744

 

$21.93

 

Chimney Rock

 

 

NJ

New York-Newark-Jersey City

218

218

99.3%

 

 

50

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

$36.88

 

District at Metuchen

C

20%

NJ

New York-Newark-Jersey City

67

13

100.0%

 

 

44

Whole Foods

$30.49

(2)

Glenwood Green

M

70%

NJ

Philadelphia-Camden-Wilmington

355

355

80.9%

 

 

80

ShopRite, Target, Rendina

$9.75

 

Haddon Commons

GRI

40%

NJ

Philadelphia-Camden-Wilmington

54

22

100.0%

 

 

34

Acme Markets

$15.12

 

Plaza Square

GRI

40%

NJ

New York-Newark-Jersey City

104

42

62.0%

 

 

43

Grocer

$19.59

 

 

 

 

NJ

 

797

649

86.9%

94.1%

0

251

 

$21.32

 

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

$128.76

 

90 - 30 Metropolitan Avenue

 

 

NY

New York-Newark-Jersey City

60

60

93.9%

 

 

11

Michaels, Staples, Trader Joe's

$35.81

 

Broadway Plaza

 

 

NY

New York-Newark-Jersey City

147

147

91.8%

 

 

18

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

$42.12

 

Clocktower Plaza Shopping Ctr

 

 

NY

New York-Newark-Jersey City

79

79

100.0%

 

 

63

Stop & Shop

$49.72

(2)

East Meadow

 

 

NY

New York-Newark-Jersey City

141

141

92.3%

 

 

 

Marshalls, Stew Leonard's

$15.46

(2)

Eastport

 

 

NY

New York-Newark-Jersey City

48

48

94.0%

 

 

 

King Kullen, Rite Aid

$12.20

 

The Gallery at Westbury Plaza

 

 

NY

New York-Newark-Jersey City

312

312

99.5%

 

 

13

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

$49.93

 

Hewlett Crossing I & II

 

 

NY

New York-Newark-Jersey City

52

52

96.2%

 

 

 

-

$38.40

 

Rivertowns Square

 

 

NY

New York-Newark-Jersey City

116

116

90.9%

 

 

18

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

$23.30

 

The Point at Garden City Park

 

 

NY

New York-Newark-Jersey City

105

105

100.0%

 

 

52

King Kullen, Ace Hardware

$30.02

 

Lake Grove Commons

GRI

40%

NY

New York-Newark-Jersey City

141

57

99.2%

 

 

48

Whole Foods, LA Fitness

$35.60

(2)

Valley Stream

 

 

NY

New York-Newark-Jersey City

99

99

90.3%

 

 

 

King Kullen

$28.72

(2)

Wading River

 

 

NY

New York-Newark-Jersey City

99

99

84.5%

 

 

 

King Kullen, CVS, Ace Hardware

$23.90

 

Westbury Plaza

 

 

NY

New York-Newark-Jersey City

390

390

100.0%

 

 

110

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

$26.66

 

 

 

 

NY

 

1,890

1,805

93.0%

93.0%

0

357

 

$35.44

 

Cherry Grove

 

 

OH

Cincinnati

203

203

99.0%

 

 

66

Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning

$12.24

 

East Pointe

 

 

OH

Columbus

111

111

100.0%

 

 

76

Kroger

$11.26

 

Hyde Park

 

 

OH

Cincinnati

401

401

99.2%

 

 

169

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

$17.47

 

Kroger New Albany Center

M

50%

OH

Columbus

93

93

100.0%

 

 

65

Kroger

$13.43

 

Supplemental Information 35


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Northgate Plaza (Maxtown Road)

 

 

OH

Columbus

117

117

100.0%

 

90

91

Kroger, (Home Depot)

$11.98

 

Red Bank Village

 

 

OH

Cincinnati

176

176

100.0%

 

 

152

WalMart

$7.73

 

Regency Commons

 

 

OH

Cincinnati

34

34

84.0%

 

 

 

-

$26.77

 

West Chester Plaza

 

 

OH

Cincinnati

88

88

100.0%

 

 

67

Kroger

$10.35

 

 

 

 

OH

 

1,224

1,224

99.1%

99.1%

90

685

 

$13.46

 

Corvallis Market Center

 

 

OR

Corvallis

85

85

100.0%

 

 

12

Michaels, TJ Maxx, Trader Joe's

$22.29

 

Greenway Town Center

GRI

40%

OR

Portland-Vancouver-Hillsboro

93

37

97.7%

 

 

38

Dollar Tree, Rite Aid, Whole Foods

$16.02

 

Murrayhill Marketplace

 

 

OR

Portland-Vancouver-Hillsboro

150

150

86.3%

 

 

41

Safeway, Planet Fitness

$20.52

 

Northgate Marketplace

 

 

OR

Medford

81

81

90.4%

 

 

13

Trader Joe's, REI, PETCO

$22.74

 

Northgate Marketplace Ph II

 

 

OR

Medford

177

177

98.4%

 

 

 

Dick's Sporting Goods, Homegoods, Marshalls

$18.10

 

Sherwood Crossroads

 

 

OR

Portland-Vancouver-Hillsboro

88

88

100.0%

 

 

55

Safeway

$12.43

 

Tanasbourne Market

 

 

OR

Portland-Vancouver-Hillsboro

71

71

100.0%

 

 

57

Whole Foods

$30.14

 

Walker Center

 

 

OR

Portland-Vancouver-Hillsboro

90

90

98.4%

 

 

 

Bed Bath & Beyond

$23.14

 

 

 

 

OR

 

835

779

95.7%

95.7%

0

215

 

$20.42

 

Allen Street Shopping Ctr

GRI

40%

PA

Allentown-Bethlehem-Easton

46

18

100.0%

 

 

22

Grocery Outlet Bargain Market

$17.96

(2)

Baederwood Shopping Center

M

80%

PA

Philadelphia-Camden-Wilmington

117

117

97.0%

 

 

40

Whole Foods, Planet Fitness

$27.85

 

City Avenue Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

162

65

90.6%

 

 

 

Ross Dress for Less, TJ Maxx, Dollar Tree

$20.71

 

Gateway Shopping Center

 

 

PA

Philadelphia-Camden-Wilmington

224

224

97.1%

 

 

11

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

$34.36

 

Hershey

 

 

PA

Harrisburg-Carlisle

6

6

100.0%

 

 

 

-

$30.00

 

Lower Nazareth Commons

 

 

PA

Allentown-Bethlehem-Easton

96

96

100.0%

 

244

111

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

$27.63

 

Mercer Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

91

37

93.2%

 

 

51

Weis Markets

$24.86

 

Newtown Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

142

57

92.5%

 

 

56

Acme Markets, Michael's

$19.76

 

Stefko Boulevard Shopping Center

GRI

40%

PA

Allentown-Bethlehem-Easton

134

54

86.4%

 

 

73

Valley Farm Market, Dollar Tree

$11.29

 

Warwick Square Shopping Center

GRI

40%

PA

Philadelphia-Camden-Wilmington

93

37

40.4%

 

 

51

-

$27.70

 

 

 

 

PA

 

1,112

711

92.6%

92.6%

244

416

 

$27.11

 

Indigo Square

 

 

SC

Charleston-North Charleston

51

51

100.0%

 

 

22

Publix

$29.96

 

Merchants Village

GRI

40%

SC

Charleston-North Charleston

80

32

96.7%

 

 

38

Publix

$17.60

 

 

 

 

SC

 

131

83

98.7%

98.7%

0

59

 

$25.31

 

Harpeth Village Fieldstone

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

70

70

100.0%

 

 

55

Publix

$16.22

 

Northlake Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

135

135

99.0%

 

 

75

Kroger

$15.45

 

Peartree Village

 

 

TN

Nashvil-Davdsn-Murfree-Frankln

110

110

100.0%

 

 

84

Kroger, PETCO

$20.29

 

 

 

 

TN

 

314

314

99.6%

99.6%

0

214

 

$17.29

 

Supplemental Information 36


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Alden Bridge

 

 

TX

Houston-Woodlands-Sugar Land

139

139

95.8%

 

 

68

Kroger, Walgreens

$21.63

(2)

Baybrook East

O

50%

TX

Houston-Woodlands-Sugar Land

156

78

86.8%

 

 

106

H.E.B

$11.36

 

Bethany Park Place

 

 

TX

Dallas-Fort Worth-Arlington

99

99

98.6%

 

 

83

Kroger

$11.95

 

CityLine Market

 

 

TX

Dallas-Fort Worth-Arlington

81

81

100.0%

 

 

40

Whole Foods

$29.90

 

CityLine Market Phase II

 

 

TX

Dallas-Fort Worth-Arlington

22

22

100.0%

 

 

 

CVS

$28.07

 

Cochran's Crossing

 

 

TX

Houston-Woodlands-Sugar Land

138

138

98.8%

 

 

63

Kroger

$20.27

 

Hancock

 

 

TX

Austin-Round Rock-Georgetown

263

263

98.1%

 

 

90

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

$19.37

 

Hillcrest Village

 

 

TX

Dallas-Fort Worth-Arlington

15

15

100.0%

 

 

 

-

$49.88

 

Indian Springs Center

 

 

TX

Houston-Woodlands-Sugar Land

137

137

99.0%

 

 

79

H.E.B.

$25.34

 

Keller Town Center

 

 

TX

Dallas-Fort Worth-Arlington

120

120

93.9%

 

 

64

Tom Thumb

$16.78

 

Lebanon/Legacy Center

 

 

TX

Dallas-Fort Worth-Arlington

56

56

87.2%

 

63

63

(WalMart)

$29.24

 

Market at Preston Forest

 

 

TX

Dallas-Fort Worth-Arlington

96

96

100.0%

 

 

64

Tom Thumb

$22.47

 

Market at Round Rock

 

 

TX

Austin-Round Rock-Georgetown

123

123

96.1%

 

 

30

Sprout's Markets, Office Depot, Tuesday Morning

$19.72

 

Market at Springwoods Village

M

53%

TX

Houston-Woodlands-Sugar Land

167

167

96.3%

 

 

100

Kroger

$17.03

 

Mockingbird Commons

 

 

TX

Dallas-Fort Worth-Arlington

120

120

94.6%

 

 

49

Tom Thumb, Ogle School of Hair Design

$19.77

 

North Hills

 

 

TX

Austin-Round Rock-Georgetown

164

164

100.0%

 

 

60

H.E.B.

$21.55

 

Panther Creek

 

 

TX

Houston-Woodlands-Sugar Land

166

166

98.8%

 

 

66

CVS, The Woodlands Childrens Museum, Fitness Project

$25.04

 

Prestonbrook

 

 

TX

Dallas-Fort Worth-Arlington

92

92

100.0%

 

 

64

Kroger

$15.35

(2)

Preston Oaks

 

 

TX

Dallas-Fort Worth-Arlington

103

103

95.0%

 

 

30

Central Market, Talbots

$39.21

 

Shiloh Springs

 

 

TX

Dallas-Fort Worth-Arlington

110

110

89.8%

 

 

61

Kroger

$14.72

 

Shops at Mira Vista

 

 

TX

Austin-Round Rock-Georgetown

68

68

100.0%

 

 

15

Trader Joe's, Champions Westlake Gymnastics & Cheer

$25.29

 

Southpark at Cinco Ranch

 

 

TX

Houston-Woodlands-Sugar Land

265

265

98.9%

 

 

101

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

$13.92

 

Sterling Ridge

 

 

TX

Houston-Woodlands-Sugar Land

129

129

98.9%

 

 

63

Kroger, CVS

$24.32

 

Sweetwater Plaza

C

20%

TX

Houston-Woodlands-Sugar Land

134

27

95.3%

 

 

65

Kroger, Walgreens

$18.45

 

Tech Ridge Center

 

 

TX

Austin-Round Rock-Georgetown

216

216

100.0%

 

 

84

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

$23.83

 

The Village at Riverstone

 

 

TX

Houston-Woodlands-Sugar Land

165

165

96.3%

 

 

100

Kroger

$17.03

 

Weslayan Plaza East

GRI

40%

TX

Houston-Woodlands-Sugar Land

169

68

96.1%

 

 

 

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

$21.50

 

Weslayan Plaza West

GRI

40%

TX

Houston-Woodlands-Sugar Land

186

74

92.6%

 

 

52

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

$20.80

 

Westwood Village

 

 

TX

Houston-Woodlands-Sugar Land

187

187

97.7%

 

127

 

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

$21.19

 

Supplemental Information 37


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Woodway Collection

GRI

40%

TX

Houston-Woodlands-Sugar Land

97

39

94.2%

 

 

45

Whole Foods

$31.70

 

 

 

 

TX

 

3,981

3,525

97.1%

97.3%

190

1,706

 

$20.92

 

Ashburn Farm Village Center

GRI

40%

VA

Washington-Arlington-Alexandri

92

37

100.0%

 

 

27

Patel Brothers, The Shop Gym

$17.33

 

Belmont Chase

 

 

VA

Washington-Arlington-Alexandri

91

91

98.3%

 

 

40

Cooper's Hawk Winery, Whole Foods

$33.96

 

Braemar Village Center

RC

25%

VA

Washington-Arlington-Alexandri

104

26

100.0%

 

 

58

Safeway

$23.57

(2)

Carytown Exchange

M

64%

VA

Richmond

116

116

83.4%

 

 

38

Publix, CVS

$26.66

 

Centre Ridge Marketplace

GRI

40%

VA

Washington-Arlington-Alexandri

107

43

98.9%

 

 

55

United States Coast Guard Ex, Planet Fitness

$20.33

 

Point 50

 

 

VA

Washington-Arlington-Alexandri

48

48

100.0%

 

 

30

Amazon Fresh

$32.28

 

Festival at Manchester Lakes

GRI

40%

VA

Washington-Arlington-Alexandri

168

67

81.9%

 

 

32

Amazon Fresh, Homesense

$30.10

 

Fox Mill Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

103

41

94.2%

 

 

50

Giant

$26.65

 

Greenbriar Town Center

GRI

40%

VA

Washington-Arlington-Alexandri

340

136

97.2%

 

 

62

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

$28.71

 

Hanover Village Shopping Center

GRI

40%

VA

Richmond

90

36

100.0%

 

 

18

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

$9.81

 

Kamp Washington Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

71

29

89.3%

 

 

20

PGA Tour Superstore

$31.80

 

Kings Park Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

96

39

100.0%

 

 

51

Giant, CVS

$33.18

 

Lorton Station Marketplace

C

20%

VA

Washington-Arlington-Alexandri

136

27

68.1%

 

 

63

Amazon Fresh

$26.65

 

Saratoga Shopping Center

GRI

40%

VA

Washington-Arlington-Alexandri

113

45

94.9%

 

 

56

Giant

$20.12

 

Shops at County Center

 

 

VA

Washington-Arlington-Alexandri

97

97

96.7%

 

 

52

Harris Teeter, Planet Fitness

$18.43

 

The Crossing Clarendon

 

 

VA

Washington-Arlington-Alexandri

420

420

90.5%

 

 

34

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

$38.51

 

The Field at Commonwealth

 

 

VA

Washington-Arlington-Alexandri

167

167

100.0%

 

 

122

Wegmans

$22.63

 

Village Center at Dulles

C

20%

VA

Washington-Arlington-Alexandri

304

61

94.0%

 

 

48

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

$26.16

 

Village Shopping Center

GRI

40%

VA

Richmond

116

46

88.8%

 

 

45

Publix, CVS

$25.03

 

Willston Centre I

GRI

40%

VA

Washington-Arlington-Alexandri

105

42

91.2%

 

 

 

CVS, Fashion K City

$29.24

 

Willston Centre II

GRI

40%

VA

Washington-Arlington-Alexandri

136

54

97.6%

 

141

59

Safeway, (Target), (PetSmart)

$27.49

 

 

 

 

VA

 

3,021

1,668

93.4%

94.1%

141

960

 

$28.74

 

6401 Roosevelt

 

 

WA

Seattle-Tacoma-Bellevue

8

8

100.0%

 

 

 

-

$25.29

 

Aurora Marketplace

GRI

40%

WA

Seattle-Tacoma-Bellevue

107

43

98.7%

 

 

49

Safeway, TJ Maxx

$18.54

 

Ballard Blocks I

O

50%

WA

Seattle-Tacoma-Bellevue

132

66

97.7%

 

 

12

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

$27.64

 

Supplemental Information 38


 

Portfolio Summary Report By State

September 30, 2022

(GLA in thousands)

 

 

 

 

 

 

 

JVs at 100%

REG's pro-rata share

REG's pro-rata share

REG's pro-rata share

 

 

 

 

Property Name

JV

REG %

State

CBSA

GLA

GLA

% Leased

% Leased - Retail Operating Properties

Retailer-Owned GLA

Grocery Anchor GLA

Major Tenants (1)

Avg. Base Rent PSF

 

Ballard Blocks II

O

50%

WA

Seattle-Tacoma-Bellevue

117

58

98.4%

 

 

25

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

$35.87

 

Broadway Market

C

20%

WA

Seattle-Tacoma-Bellevue

140

28

95.0%

 

 

64

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

$29.12

 

Cascade Plaza

C

20%

WA

Seattle-Tacoma-Bellevue

206

41

97.1%

 

 

49

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

$12.71

 

Eastgate Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

85

34

96.5%

 

 

29

Safeway, Rite Aid

$31.28

 

Grand Ridge Plaza

 

 

WA

Seattle-Tacoma-Bellevue

331

331

99.6%

 

 

45

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

$25.94

 

Inglewood Plaza

 

 

WA

Seattle-Tacoma-Bellevue

17

17

100.0%

 

 

 

-

$45.26

(2)

Island Village

 

 

WA

Seattle-Tacoma-Bellevue

106

106

98.2%

 

 

49

Safeway, Rite Aid

$15.77

 

Klahanie Shopping Center

 

 

WA

Seattle-Tacoma-Bellevue

67

67

86.4%

 

40

40

(QFC)

$37.17

 

Melrose Market

 

 

WA

Seattle-Tacoma-Bellevue

21

21

87.2%

 

 

 

-

$32.64

 

Overlake Fashion Plaza

GRI

40%

WA

Seattle-Tacoma-Bellevue

87

35

100.0%

 

230

13

Marshalls, Bevmo!, Amazon Go Grocery

$29.34

 

Pine Lake Village

 

 

WA

Seattle-Tacoma-Bellevue

103

103

97.2%

 

 

41

Quality Food Centers, Rite Aid

$25.92

 

Roosevelt Square

 

 

WA

Seattle-Tacoma-Bellevue

150

150

96.0%

 

 

50

Whole Foods, Bartell, Guitar Center, LA Fitness

$26.94

 

Sammamish-Highlands

 

 

WA

Seattle-Tacoma-Bellevue

101

101

97.2%

 

55

67

Trader Joe's, Bartell Drugs, (Safeway)

$39.20

 

Southcenter

 

 

WA

Seattle-Tacoma-Bellevue

58

58

100.0%

 

112

 

(Target)

$33.16

 

 

 

 

WA

 

1,837

1,267

97.3%

97.3%

437

532

 

$27.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Regency Centers Total

 

 

 

 

51,115

43,183

94.6%

94.8%

3,747

16,085

 

$23.62

(1)
Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
(2)
Non-Same Property

 

Note:

In-process developments are bolded and italicized.

 

C:

Co-investment Partnership with Oregon

 

GRI:

Co-investment Partnership with GRI

 

M:

Co-investment Partnership with Minority Partner

 

O:

Other, single property co-investment Partnerships

 

RC:

Co-investment Partnership with CalSTRS

 

Supplemental Information 39


 

As of September 30, 2022

(unaudited and in thousands)

 

Real Estate - Operating

 

Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter

 

 

 

Wholly Owned NOI (page 5)

 

$

199,102

 

Share of JV NOI (page 7)

 

$

22,963

 

Less: Noncontrolling Interests (page 7)

 

$

(1,947

)

 

 

 

 

Quarterly Base Rent From Leases Signed But Not Yet Commenced

 

 

 

Retail Operating Properties Excluding In-Process Redevelopments (Quarterly)

 

$

5,799

 

Retail Operating Properties Including In-Process Redevelopments (Quarterly)

 

$

8,605

 

 

 

 

 

 

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

 

 

 

In-Process Ground-Up Development

 

REG's Estimated Net Project Costs (page 17)

 

$

104,267

 

Stabilized Yield (page 17)

 

 

7

%

Annualized Proforma Stabilized NOI

 

$

7,412

 

% of Costs Incurred (page 17)

 

 

58

%

Construction in Progress

 

$

60,475

 

 

 

 

 

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

 

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

 

$

-

 

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

 

$

319

 

 

 

 

 

In-Process Redevelopment Projects

 

REG's Estimated Net Project Costs (page 17)

 

$

294,099

 

Stabilized Yield (page 17)

 

 

7

%

Annualized Proforma Stabilized NOI

 

$

21,432

 

% of Costs Incurred (page 17)

 

 

54

%

Construction in Progress

 

$

158,813

 

 

 

 

 

NOI from In-Process Redevelopment - Current Quarter

 

In-place NOI from Current Year Redevelopment Completions

 

$

381

 

In-place NOI from In-Process Redevelopments

 

$

621

 

 

 

 

 

 

Fee Income

 

 

 

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

 

$

5,767

 

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

 

$

(249

)

 

 

 

 

 

Other Assets

 

 

 

Estimated Market Value of Land

 

 

 

Land held for sale or future development

 

$

38,327

 

Outparcels at retail operating properties

 

 

11,910

 

101 7th Avenue at Book Value, Net

 

 

25,000

 

Total Estimated Market Value of Land

 

$

75,237

 

 

 

 

 

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

 

 

 

Cash and Cash Equivalents

 

$

173,906

 

Tenant and other receivables, excluding Straight-line rent receivables

 

$

54,732

 

Other Assets, excluding Goodwill

 

$

137,891

 

 

 

 

 

 

Liabilities

 

 

 

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

 

 

 

Notes payable

 

$

4,205,997

 

Accounts payable and other liabilities

 

$

346,667

 

Tenants' security, escrow deposits

 

$

79,533

 

 

 

 

 

 

Common Shares and Equivalents Outstanding

 

 

 

Common Shares and Equivalents Issued and Outstanding (page 1)

 

 

171,860

 

 

 

 

 

 

Supplemental Information 40


 

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

(in thousands)

 

Supplemental Details of Lease Income (Pro-Rata)

For the Nine Months Ended September 30, 2022

 

 

 

 

Nine Months Ended

 

 

 

 

Composition of Lease Income

 

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Base Rent

 

$

677,729

 

 

 

 

Recoveries from Tenants

 

 

227,319

 

 

 

 

Percentage Rent, Termination Fees, and Other Lease Income

 

 

20,923

 

 

 

 

Current Period Billings/Deferrals & Other Revenue

 

$

925,971

 

 

 

 

Uncollectible Lease Income, net

 

 

13,193

 

 

 

 

Non-Cash Revenues (1)

 

 

37,182

 

 

 

 

Total Lease Income (see pages 5 & 7)

 

$

976,346

 

 

 

 

 

 

 

 

 

 

 

Composition of Uncollectible Lease Income

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(7,523

)

 

 

 

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

 

 

2,456

 

 

 

 

Uncollectible Lease Income - 2022 Billings

 

$

(5,067

)

 

 

 

Collection of Prior Year (2020/2021) Reserves, net (4)

 

 

18,260

 

 

 

 

Uncollectible Lease Income, net

 

$

13,193

 

 

 

 

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

As of September 30, 2022 and December 31, 2021

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

Tenant receivables

 

$

57,497

 

 

$

82,157

 

 

Less: Uncollectible tenant receivables

 

 

(28,773

)

 

 

(50,246

)

 

Net tenant receivables

 

$

28,724

 

 

$

31,911

 

 

 

 

 

 

 

 

 

 

Straight-line rent receivables

 

 

161,368

 

 

 

152,798

 

 

Less: Uncollectible straight-line rent receivables

 

 

(21,966

)

 

 

(32,956

)

 

Net Straight-line rent receivables

 

$

139,402

 

 

$

119,842

 

 

 

 

 

 

 

 

 

 

Other receivables (5)

 

 

26,008

 

 

 

23,079

 

 

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

 

$

194,134

 

 

$

174,832

 

 

 

Uncollectible Tenant Receivables Balance Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

Uncollectible tenant receivables (12/31/21)

 

$

(50,246

)

 

 

 

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

 

 

(7,523

)

 

 

 

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

 

 

2,456

 

 

 

 

Collection of Prior Year (2020/2021) Reserves, net (4)

 

 

18,260

 

 

 

 

YTD 2022 - Write-offs and Abatements

 

 

8,280

 

 

 

 

Uncollectible tenant receivables (9/30/22)

 

$

(28,773

)

 

 

 

 

Composition of Unbilled Deferrals

 

September 30, 2022

 

 

Timing of Rebill

 

 

 

 

 

 

 

 

 

Cash Basis Tenants

 

$

7,613

 

 

2022

39%

 

Accrual Basis Tenants

 

 

133

 

 

2023+

61%

 

Total Unbilled Deferrals (as of 9/30/22) (6)

 

$

7,746

 

 

 

100%

(1)
Includes pro-rata share of straight-line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.
(2)
Represents Base Rent and Recoveries deemed uncollectible associated with billings during the nine months ended September 30, 2022.
(3)
The Company accounts for deferrals and abatements that significantly increase the consideration due under the lease (those that do not qualify for the FASB COVID-19 lease concession guidance) as a lease modification, in accordance with ASC 842. Under a lease modification, Lease income is reduced by the amount of the deferral or abatement in the period in which it was granted, and any previous uncollectible lease income associated with that deferral or abatement is reversed.
(4)
Represents the collection of Base Rent and Recoveries previously reserved during the years ended December 31, 2020, and December 31, 2021.
(5)
Other receivables include construction receivables, insurance receivables and amounts due from real estate partnerships for management, transaction and other fee income.
(6)
Represents executed deferral agreements that have yet to be rebilled, as of September 30, 2022.

Supplemental Information 41


 

Earnings Guidance

September 30, 2022

 

Full Year 2022 Guidance (in thousands, except per share data)

3Q YTD

Current Guidance

Prior Guidance

Net Income Attributable to Common Stockholders per diluted share

$2.26

$2.70-$2.73

$2.60-$2.64

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

$3.05

$4.00-$4.03

$3.92-$3.96

Core Operating Earnings per diluted share (1)

$2.85

$3.75-$3.78

$3.70-$3.74

Same property NOI growth without termination fees

2.5%

+2.0% to +2.5%

+1.25% to +2.25%

Same property NOI growth without termination fees or collection of PY reserves

6.5%

+5.25% to +5.75%

+4.75% to +5.75%

Collection of Prior Year Reserves (2)

$17,830

+/-$20,000

+/-$18,000

Certain non-cash items (3)

$35,096

+/-$43,000

+/-$37,500

Impact from Reversal of Uncollectible Straight-Line Rent Receivables (4)

$12,055

$12,055

$7,494

Net G&A expense

$64,954

$86,000-$88,000

$86,000-$88,000

Net interest expense

$124,124

$166,000-$167,000

$166,000-$167,000

Recurring third party fees & commissions

$18,172

$24,000-$25,000

$24,000-$25,000

Development and Redevelopment spend

$76,099

+/-$130,000

+/-$140,000

Acquisitions

$170,908

$200,908

+/-$170,000

Cap rate (weighted average)

5.6%

5.0%

+/- 5.6%

Dispositions

$177,604

$177,604

+/-$190,000

Cap rate (weighted average)(5)

3.0%

3.0%

+/- 3.3%

Forward ATM settlement (gross)

$64,768

$64,768

+/-$65,000

Share Repurchase settlement (gross)

$75,393

$75,393

+/-$75,000

 

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

 

Full Year
2022

 

 

 

Low

 

 

High

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

2.70

 

 

 

2.73

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to Nareit FFO:

 

 

 

 

 

 

Depreciation and amortization

 

 

1.98

 

 

 

1.98

 

Gain on sale of real estate

 

 

(0.69

)

 

 

(0.69

)

Exchangeable operating partnership units

 

 

0.01

 

 

 

0.01

 

Nareit Funds From Operations

 

$

4.00

 

 

 

4.03

 

 

 

 

 

 

 

 

Adjustments to reconcile Nareit FFO to Core Operating Earnings:

 

 

 

 

 

 

Straight-line rent, net

 

 

(0.13

)

 

 

(0.13

)

Above/below market rent amortization, net

 

 

(0.12

)

 

 

(0.12

)

Debt premium/discount amortization

 

 

0.00

 

 

 

0.00

 

Core Operating Earnings

 

$

3.75

 

 

 

3.78

 

 

(1)
Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.
(2)
Represents the expected collection in 2022 of revenues in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.
(3)
Includes above and below market rent amortization and straight-line rents and amortization of mark-to-market debt adjustments.
(4)
Positive impact on Uncollectible Straight-Line Rent from the conversion of cash basis tenants back to an accrual basis of accounting, only included in guidance as tenants are converted.
(5)
Weighted average cap rates include the sale of Costa Verde in 1Q22 ($125M at a ~1.5% cap rate).

Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Supplemental Information 42


 

Glossary of Terms

September 30, 2022

Core Operating Earnings: An additional performance measure used by Regency because the computation of Nareit FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO to Core Operating Earnings.

Development Completion: A Property in Development is deemed complete upon the earlier of (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations. Once deemed complete, the property is termed a Retail Operating Property 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.

Redevelopment Completion: A Property in Redevelopment is deemed complete upon the earlier of (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.

Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated.

Supplemental Information 43