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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

 

For the quarterly period ended September 30, 2024

or

 

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

For the transition period from to

Commission File Number 1-12298 (Regency Centers Corporation)

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

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

florida (REGENCY CENTERS CORPORATION)

img39179327_0.jpg

59-3191743

Delaware (REGENCY CENTERS, L.P)

59-3429602

(State or other jurisdiction of incorporation or organization)

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

 

 

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(904) 598-7000

(Address of principal executive offices) (zip code)

 

(Registrant's telephone number, including area code)

 

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

Regency Centers Corporation

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

REG

 

The Nasdaq Stock Market LLC

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

 

REGCP

 

The Nasdaq Stock Market LLC

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

 

REGCO

 

The Nasdaq Stock Market LLC

Regency Centers, L.P.

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

None

 

N/A

 

N/A

 

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

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

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

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

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

Regency Centers Corporation:

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

 

Regency Centers, L.P.:

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

 

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

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

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

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

The number of shares outstanding of Regency Centers Corporation's common stock was 181,505,396 as of October 30, 2024.

 

 


 

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this "Report") combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2024, of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to "Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company and the Operating Partnership, collectively.

The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of September 30, 2024, the Parent Company owned approximately 99.4% of the Common Units in the Operating Partnership. The remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred Units (the "Series A Preferred Units") and the 5.875% Series B Cumulative Redeemable Preferred Units (the "Series B Preferred Units"). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred Units and Series B Preferred Units are sometimes referred to collectively as the "Preferred Units."

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

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

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

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

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

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

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

 


 

TABLE OF CONTENTS

 

 

 

 

 

Form 10-Q

Report Page

PART I - FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements (Unaudited)

 

 

Regency Centers Corporation:

 

 

Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023

1

 

Consolidated Statements of Operations for the periods ended September 30, 2024 and 2023

2

 

Consolidated Statements of Comprehensive Income for the periods ended September 30, 2024 and 2023

3

 

Consolidated Statements of Equity for the periods ended September 30, 2024 and 2023

4

 

Consolidated Statements of Cash Flows for the periods ended September 30, 2024 and 2023

6

 

 

Regency Centers, L.P.:

 

 

Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023

8

 

Consolidated Statements of Operations for the periods ended September 30, 2024 and 2023

9

 

Consolidated Statements of Comprehensive Income for the periods ended September 30, 2024 and 2023

10

 

 

Consolidated Statements of Capital for the periods ended September 30, 2024 and 2023

11

 

 

 

Consolidated Statements of Cash Flows for the periods ended September 30, 2024 and 2023

13

 

 

Notes to Consolidated Financial Statements

15

 

Item 2.

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

27

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

47

 

Item 4.

Controls and Procedures

48

 

PART II - OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

49

 

Item 1A.

Risk Factors

49

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

 

Item 3.

Defaults Upon Senior Securities

49

 

Item 4.

Mine Safety Disclosures

49

 

Item 5.

Other Information

49

 

Item 6.

Exhibits

50

 

SIGNATURES

51

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

September 30, 2024 and December 31, 2023

(in thousands, except share data)

 

 

 

2024

 

 

2023

 

Assets

 

(unaudited)

 

 

 

 

Net real estate investments:

 

 

 

 

 

 

Real estate assets, at cost

 

$

13,620,602

 

 

 

13,454,391

 

Less: accumulated depreciation

 

 

2,894,010

 

 

 

2,691,386

 

Real estate assets, net

 

 

10,726,592

 

 

 

10,763,005

 

Investments in sales-type lease, net

 

 

16,056

 

 

 

8,705

 

Investments in real estate partnerships

 

 

387,413

 

 

 

370,605

 

Net real estate investments

 

 

11,130,061

 

 

 

11,142,315

 

Properties held for sale, net

 

 

 

 

 

18,878

 

Cash, cash equivalents, and restricted cash, including $4,822 and $6,383 of restricted cash at September 30, 2024 and December 31, 2023, respectively

 

 

114,831

 

 

 

91,354

 

Tenant and other receivables, net

 

 

240,114

 

 

 

206,162

 

Deferred leasing costs, less accumulated amortization of $128,881 and $124,107 at September 30, 2024 and December 31, 2023, respectively

 

 

78,206

 

 

 

73,398

 

Acquired lease intangible assets, less accumulated amortization of $384,600 and $364,413 at September 30, 2024 and December 31, 2023, respectively

 

 

242,529

 

 

 

283,375

 

Right of use assets, net

 

 

323,660

 

 

 

328,002

 

Other assets

 

 

297,178

 

 

 

283,429

 

Total assets

 

$

12,426,579

 

 

 

12,426,913

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable, net

 

$

4,365,007

 

 

 

4,001,949

 

Unsecured credit facility

 

 

30,000

 

 

 

152,000

 

Accounts payable and other liabilities

 

 

389,055

 

 

 

358,612

 

Acquired lease intangible liabilities, less accumulated amortization of $214,684 and $211,067 at September 30, 2024 and December 31, 2023, respectively

 

 

372,627

 

 

 

398,302

 

Lease liabilities

 

 

245,107

 

 

 

246,063

 

Tenants' security, escrow deposits and prepaid rent

 

 

80,586

 

 

 

78,052

 

Total liabilities

 

 

5,482,382

 

 

 

5,234,978

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

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

 

 

225,000

 

 

 

225,000

 

Common stock $0.01 par value per share, 220,000,000 shares authorized; 181,502,569 and 184,581,070 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

 

 

1,815

 

 

 

1,846

 

Treasury stock at cost, 473,471 and 448,140 shares held at September 30, 2024 and December 31, 2023, respectively

 

 

(27,638

)

 

 

(25,488

)

Additional paid-in-capital

 

 

8,509,021

 

 

 

8,704,240

 

Accumulated other comprehensive loss

 

 

(5,374

)

 

 

(1,308

)

Distributions in excess of net income

 

 

(1,935,358

)

 

 

(1,871,603

)

Total shareholders' equity

 

 

6,767,466

 

 

 

7,032,687

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $79,212 and $74,199 at September 30, 2024 and December 31, 2023, respectively

 

 

40,890

 

 

 

42,195

 

Limited partners' interests in consolidated partnerships

 

 

135,841

 

 

 

117,053

 

Total noncontrolling interests

 

 

176,731

 

 

 

159,248

 

Total equity

 

 

6,944,197

 

 

 

7,191,935

 

Total liabilities and equity

 

$

12,426,579

 

 

 

12,426,913

 

 

The accompanying notes are an integral part of the financial statements.

1


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income

 

$

349,057

 

 

 

320,921

 

 

$

1,050,008

 

 

 

934,180

 

Other property income

 

 

4,444

 

 

 

2,638

 

 

 

11,464

 

 

 

8,459

 

Management, transaction, and other fees

 

 

6,765

 

 

 

7,079

 

 

 

19,896

 

 

 

20,223

 

Total revenues

 

 

360,266

 

 

 

330,638

 

 

 

1,081,368

 

 

 

962,862

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

100,955

 

 

 

87,505

 

 

 

299,508

 

 

 

253,373

 

Property operating expense

 

 

60,477

 

 

 

59,227

 

 

 

183,242

 

 

 

164,643

 

Real estate taxes

 

 

45,729

 

 

 

40,171

 

 

 

135,514

 

 

 

117,157

 

General and administrative

 

 

25,073

 

 

 

20,903

 

 

 

75,443

 

 

 

71,248

 

Other operating expenses

 

 

3,654

 

 

 

3,533

 

 

 

9,363

 

 

 

4,718

 

Total operating expenses

 

 

235,888

 

 

 

211,339

 

 

 

703,070

 

 

 

611,139

 

Other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

47,022

 

 

 

38,807

 

 

 

133,068

 

 

 

112,156

 

Gain on sale of real estate, net of tax

 

 

(11,360

)

 

 

(184

)

 

 

(33,844

)

 

 

(515

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

180

 

 

 

 

Net investment (income) loss

 

 

(1,372

)

 

 

1,020

 

 

 

(4,506

)

 

 

(2,449

)

Total other expense, net

 

 

34,290

 

 

 

39,643

 

 

 

94,898

 

 

 

109,192

 

Income before equity in income of investments in real estate partnerships

 

 

90,088

 

 

 

79,656

 

 

 

283,400

 

 

 

242,531

 

Equity in income of investments in real estate partnerships

 

 

13,488

 

 

 

12,517

 

 

 

37,763

 

 

 

36,302

 

Net income

 

 

103,576

 

 

 

92,173

 

 

 

321,163

 

 

 

278,833

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(593

)

 

 

(520

)

 

 

(1,836

)

 

 

(1,490

)

Limited partners' interests in consolidated partnerships

 

 

(1,514

)

 

 

(933

)

 

 

(5,416

)

 

 

(2,560

)

Net income attributable to noncontrolling interests

 

 

(2,107

)

 

 

(1,453

)

 

 

(7,252

)

 

 

(4,050

)

Net income attributable to the Company

 

 

101,469

 

 

 

90,720

 

 

 

313,911

 

 

 

274,783

 

Preferred stock dividends

 

 

(3,413

)

 

 

(1,644

)

 

 

(10,239

)

 

 

(1,644

)

Net income attributable to common shareholders

 

$

98,056

 

 

 

89,076

 

 

$

303,672

 

 

 

273,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Per common share - basic

 

$

0.54

 

 

 

0.50

 

 

$

1.66

 

 

 

1.58

 

Per common share - diluted

 

$

0.54

 

 

 

0.50

 

 

$

1.66

 

 

 

1.57

 

 

The accompanying notes are an integral part of the financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

103,576

 

 

 

92,173

 

 

$

321,163

 

 

 

278,833

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

(9,305

)

 

 

4,606

 

 

 

2,412

 

 

 

7,327

 

Reclassification adjustment of derivative instruments included in net income

 

 

(2,306

)

 

 

(2,161

)

 

 

(7,113

)

 

 

(5,302

)

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

 

 

415

 

 

 

(292

)

 

 

295

 

 

 

(215

)

Other comprehensive (loss) income

 

 

(11,196

)

 

 

2,153

 

 

 

(4,406

)

 

 

1,810

 

Comprehensive income

 

 

92,380

 

 

 

94,326

 

 

 

316,757

 

 

 

280,643

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

2,107

 

 

 

1,453

 

 

 

7,252

 

 

 

4,050

 

Other comprehensive (loss) income attributable to noncontrolling interests

 

 

(687

)

 

 

54

 

 

 

(340

)

 

 

(65

)

Comprehensive income attributable to noncontrolling interests

 

 

1,420

 

 

 

1,507

 

 

 

6,912

 

 

 

3,985

 

Comprehensive income attributable to the Company

 

$

90,960

 

 

 

92,819

 

 

$

309,845

 

 

 

276,658

 

 

The accompanying notes are an integral part of the financial statements.

3


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended September 30, 2024 and 2023

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Income

 

 

Distributions
in Excess of
Net Income

 

 

Total
Shareholders'
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners'
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at June 30, 2023

 

$

 

 

 

1,710

 

 

 

(24,676

)

 

 

7,859,249

 

 

 

7,336

 

 

 

(1,803,406

)

 

 

6,040,213

 

 

 

54,281

 

 

 

49,292

 

 

 

103,573

 

 

 

6,143,786

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,720

 

 

 

90,720

 

 

 

520

 

 

 

933

 

 

 

1,453

 

 

 

92,173

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,026

 

 

 

 

 

 

4,026

 

 

 

25

 

 

 

263

 

 

 

288

 

 

 

4,314

 

Amounts reclassified from accumulated other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,927

)

 

 

 

 

 

(1,927

)

 

 

(11

)

 

 

(223

)

 

 

(234

)

 

 

(2,161

)

Deferred compensation plan, net

 

 

 

 

 

 

 

 

(405

)

 

 

405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

 

 

 

 

 

 

 

 

 

5,465

 

 

 

 

 

 

 

 

 

5,465

 

 

 

 

 

 

 

 

 

 

 

 

5,465

 

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

 

 

 

 

 

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

125

 

Common stock issued under dividend reinvestment plan

 

 

 

 

 

 

 

 

 

 

 

162

 

 

 

 

 

 

 

 

 

162

 

 

 

 

 

 

 

 

 

 

 

 

162

 

Common stock issued for partnership units exchanged

 

 

 

 

 

 

 

 

 

 

 

198

 

 

 

 

 

 

 

 

 

198

 

 

 

(198

)

 

 

 

 

 

(198

)

 

 

 

Common stock issued, net of issuance costs

 

 

 

 

 

136

 

 

 

 

 

 

818,408

 

 

 

 

 

 

 

 

 

818,544

 

 

 

 

 

 

 

 

 

 

 

 

818,544

 

Issuance of preferred stock

 

 

225,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225,000

 

 

 

 

 

 

 

 

 

 

 

 

225,000

 

Contributions from partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69,625

 

 

 

69,625

 

 

 

69,625

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,191

)

 

 

(3,191

)

 

 

(3,191

)

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock (Series A: $0.390625 per share/unit; Series B: $0.367200 per share/unit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,644

)

 

 

(1,644

)

 

 

 

 

 

 

 

 

 

 

 

(1,644

)

Common stock ($0.650 per share/unit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(119,968

)

 

 

(119,968

)

 

 

(703

)

 

 

 

 

 

(703

)

 

 

(120,671

)

Balance at September 30, 2023

 

$

225,000

 

 

 

1,846

 

 

 

(25,081

)

 

 

8,684,012

 

 

 

9,435

 

 

 

(1,834,298

)

 

 

7,060,914

 

 

 

53,914

 

 

 

116,699

 

 

 

170,613

 

 

 

7,231,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2024

 

$

225,000

 

 

 

1,815

 

 

 

(27,234

)

 

 

8,502,753

 

 

 

5,135

 

 

 

(1,911,741

)

 

 

6,795,728

 

 

 

40,738

 

 

 

126,704

 

 

 

167,442

 

 

 

6,963,170

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101,469

 

 

 

101,469

 

 

 

593

 

 

 

1,514

 

 

 

2,107

 

 

 

103,576

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,357

)

 

 

 

 

 

(8,357

)

 

 

(53

)

 

 

(480

)

 

 

(533

)

 

 

(8,890

)

Amounts reclassified from accumulated other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,152

)

 

 

 

 

 

(2,152

)

 

 

(14

)

 

 

(140

)

 

 

(154

)

 

 

(2,306

)

Adjustment for noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

(1,305

)

 

 

 

 

 

 

 

 

(1,305

)

 

 

1,305

 

 

 

 

 

 

1,305

 

 

 

 

Deferred compensation plan, net

 

 

 

 

 

 

 

 

(404

)

 

 

404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization