10-Q 1 reg-20220331.htm 10-Q 10-Q
Q1January 01 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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 March 31, 2022

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)

img37326520_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, $.01 par value

 

REG

 

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 172,362,333 as of May 4, 2022.

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2022, 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 term “the Company”, “Regency Centers” or “Regency” means 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. The Operating Partnership’s capital includes general and limited common Partnership Units (“Units”). As of March 31, 2022, the Parent Company owned approximately 99.6% of the Units in the Operating Partnership. The remaining limited Units are owned by third party investors. 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 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 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 partnership interests 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 is also the co-issuer and guarantees the $200 million of Parent Company debt. The Operating Partnership holds all the assets of the Company and retains the ownership interests in the Company’s joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates all remaining 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 partnership units.

Stockholders’ 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 general and limited common Partnership Units. The limited partners’ 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 stockholders’ equity in noncontrolling interests in the Parent Company’s financial statements.

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 stockholders’ equity and partners’ capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements.

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

 

Form 10-Q

Report Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

Regency Centers Corporation:

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

1

 

 

 

 

Consolidated Statements of Operations for the periods ended March 31, 2022 and 2021

2

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended March 31, 2022 and 2021

3

 

 

 

 

Consolidated Statements of Equity for the periods ended March 31, 2022 and 2021

4

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended March 31, 2022 and 2021

5

 

 

 

Regency Centers, L.P.:

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

7

 

 

 

 

Consolidated Statements of Operations for the periods ended March 31, 2022 and 2021

8

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended March 31, 2022 and 2021

9

 

 

 

 

Consolidated Statements of Capital for the periods ended March 31, 2022 and 2021

10

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended March 31, 2022 and 2021

11

 

 

 

 

Notes to Consolidated Financial Statements

13

 

 

 

Item 2.

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

24

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

43

 

 

 

Item 4.

Controls and Procedures

43

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

44

 

 

 

Item 1A.

Risk Factors

44

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

 

 

 

Item 3.

Defaults Upon Senior Securities

44

 

 

 

Item 4.

Mine Safety Disclosures

44

 

 

 

Item 5.

Other Information

44

 

 

 

Item 6.

Exhibits

45

 

 

 

SIGNATURES

46

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2022 and December 31, 2021

(in thousands, except share data)

 

 

 

2022

 

 

2021

 

Assets

 

(unaudited)

 

 

 

 

Real estate assets, at cost

 

$

11,567,492

 

 

 

11,495,581

 

Less: accumulated depreciation

 

 

2,235,869

 

 

 

2,174,963

 

Real estate assets, net

 

 

9,331,623

 

 

 

9,320,618

 

Investments in real estate partnerships

 

 

357,998

 

 

 

372,591

 

Properties held for sale

 

 

2,354

 

 

 

25,574

 

Cash, cash equivalents, and restricted cash, including $2,749 and $1,930 of restricted cash at March 31, 2022 and December 31, 2021, respectively

 

 

178,730

 

 

 

95,027

 

Tenant and other receivables

 

 

151,852

 

 

 

153,091

 

Deferred leasing costs, less accumulated amortization of $118,572 and $117,878 at March 31, 2022 and December 31, 2021, respectively

 

 

64,954

 

 

 

65,741

 

Acquired lease intangible assets, less accumulated amortization of $316,632 and $312,186 at March 31, 2022 and December 31, 2021, respectively

 

 

205,333

 

 

 

212,707

 

Right of use assets, net

 

 

279,892

 

 

 

280,783

 

Other assets

 

 

267,428

 

 

 

266,431

 

Total assets

 

$

10,840,164

 

 

 

10,792,563

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,716,717

 

 

 

3,718,944

 

Accounts payable and other liabilities

 

 

278,265

 

 

 

322,271

 

Acquired lease intangible liabilities, less accumulated amortization of $173,281 and $172,293 at March 31, 2022 and December 31, 2021, respectively

 

 

362,890

 

 

 

363,276

 

Lease liabilities

 

 

215,705

 

 

 

215,788

 

Tenants’ security, escrow deposits and prepaid rent

 

 

60,895

 

 

 

62,352

 

Total liabilities

 

 

4,634,472

 

 

 

4,682,631

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value per share, 220,000,000 shares authorized; 171,372,557 and 171,213,008 shares issued at March 31, 2022 and December 31, 2021, respectively

 

 

1,714

 

 

 

1,712

 

Treasury stock at cost, 436,924 and 427,901 shares held at March 31, 2022 and December 31, 2021, respectively

 

 

(23,831

)

 

 

(22,758

)

Additional paid-in-capital

 

 

7,882,764

 

 

 

7,883,458

 

Accumulated other comprehensive loss

 

 

(1,764

)

 

 

(10,227

)

Distributions in excess of net income

 

 

(1,726,556

)

 

 

(1,814,814

)

Total stockholders’ equity

 

 

6,132,327

 

 

 

6,037,371

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $54,222 and $56,844 at March 31, 2022 and December 31, 2021, respectively

 

 

35,876

 

 

 

35,447

 

Limited partners’ interests in consolidated partnerships

 

 

37,489

 

 

 

37,114

 

Total noncontrolling interests

 

 

73,365

 

 

 

72,561

 

Total equity

 

 

6,205,692

 

 

 

6,109,932

 

Total liabilities and equity

 

$

10,840,164

 

 

 

10,792,563

 

 

See accompanying notes to consolidated financial statements.

1


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

Lease income

 

$

293,645

 

 

 

266,357

 

Other property income

 

 

3,104

 

 

 

1,953

 

Management, transaction, and other fees

 

 

6,684

 

 

 

6,393

 

Total revenues

 

 

303,433

 

 

 

274,703

 

Operating expenses:

 

 

 

 

 

 

Depreciation and amortization

 

 

77,842

 

 

 

77,259

 

Operating and maintenance

 

 

46,461

 

 

 

45,582

 

General and administrative

 

 

18,792

 

 

 

21,287

 

Real estate taxes

 

 

36,869

 

 

 

36,166

 

Other operating expenses

 

 

2,173

 

 

 

698

 

Total operating expenses

 

 

182,137

 

 

 

180,992

 

Other expense (income):

 

 

 

 

 

 

Interest expense, net

 

 

36,738

 

 

 

36,936

 

Gain on sale of real estate, net of tax

 

 

(101,948

)

 

 

(11,698

)

Net investment loss (income)

 

 

2,494

 

 

 

(1,486

)

Total other (income) expense

 

 

(62,716

)

 

 

23,752

 

Income from operations before equity in income of investments in real estate partnerships

 

 

184,012

 

 

 

69,959

 

Equity in income of investments in real estate partnerships

 

 

12,804

 

 

 

11,666

 

Net income

 

 

196,816

 

 

 

81,625

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(863

)

 

 

(364

)

Limited partners’ interests in consolidated partnerships

 

 

(725

)

 

 

(605

)

Income attributable to noncontrolling interests

 

 

(1,588

)

 

 

(969

)

Net income attributable to common stockholders

 

$

195,228

 

 

 

80,656

 

 

 

 

 

 

 

 

Income per common share - basic

 

$

1.14

 

 

 

0.48

 

Income per common share - diluted

 

$

1.14

 

 

 

0.47

 

 

See accompanying notes to consolidated financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

196,816

 

 

 

81,625

 

Other comprehensive income (loss):

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

8,968

 

 

 

5,810

 

Reclassification adjustment of derivative instruments included in net income

 

 

1,010

 

 

 

1,035

 

Unrealized loss on available-for-sale debt securities

 

 

(754

)

 

 

(285

)

Other comprehensive income

 

 

9,224

 

 

 

6,560

 

Comprehensive income

 

 

206,040

 

 

 

88,185

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

1,588

 

 

 

969

 

Other comprehensive income attributable to noncontrolling interests

 

 

761

 

 

 

447

 

Comprehensive income attributable to noncontrolling interests

 

 

2,349

 

 

 

1,416

 

Comprehensive income attributable to the Company

 

$

203,691

 

 

 

86,769

 

 

See accompanying notes to consolidated financial statements.

 

 

3


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2022 and 2021

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

Common
Stock

 

 

Treasury
Stock

 

 

Additional
Paid In
Capital

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Distributions
in Excess of
Net Income

 

 

Total
Stockholders’
Equity

 

 

Exchangeable
Operating
Partnership
Units

 

 

Limited
Partners’
Interest in
Consolidated
Partnerships

 

 

Total
Noncontrolling
Interests

 

 

Total
Equity

 

Balance at December 31, 2020

 

$

1,697

 

 

 

(24,436

)

 

 

7,792,082

 

 

 

(18,625

)

 

 

(1,765,806

)

 

 

5,984,912

 

 

 

35,727

 

 

 

37,508

 

 

 

73,235

 

 

 

6,058,147

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

80,656

 

 

 

80,656

 

 

 

364

 

 

 

605

 

 

 

969

 

 

 

81,625

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

 

 

 

 

 

 

 

 

 

5,162

 

 

 

 

 

 

5,162

 

 

 

25

 

 

 

338

 

 

 

363

 

 

 

5,525

 

Amounts reclassified from accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

951

 

 

 

 

 

 

951

 

 

 

4

 

 

 

80

 

 

 

84

 

 

 

1,035

 

Deferred compensation plan, net

 

 

 

 

 

(339

)

 

 

339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

1

 

 

 

 

 

 

2,478

 

 

 

 

 

 

 

 

 

2,479

 

 

 

 

 

 

 

 

 

 

 

 

2,479

 

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

 

 

 

 

 

 

 

 

(3,859

)

 

 

 

 

 

 

 

 

(3,859

)

 

 

 

 

 

 

 

 

 

 

 

(3,859

)

Common stock issued under dividend reinvestment plan

 

 

 

 

 

 

 

 

376

 

 

 

 

 

 

 

 

 

376

 

 

 

 

 

 

 

 

 

 

 

 

376

 

Distributions to partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(785

)

 

 

(785

)

 

 

(785

)

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock/unit ($0.595 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(101,046

)

 

 

(101,046

)

 

 

(453

)

 

 

 

 

 

(453

)

 

 

(101,499

)

Balance at March 31, 2021

 

$

1,698

 

 

 

(24,775

)

 

 

7,791,416

 

 

 

(12,512

)

 

 

(1,786,196

)

 

 

5,969,631

 

 

 

35,667

 

 

 

37,746

 

 

 

73,413

 

 

 

6,043,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

$

1,712

 

 

 

(22,758

)

 

 

7,883,458

 

 

 

(10,227

)

 

 

(1,814,814

)

 

 

6,037,371

 

 

 

35,447

 

 

 

37,114

 

 

 

72,561

 

 

 

6,109,932

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

195,228

 

 

 

195,228

 

 

 

863

 

 

 

725

 

 

 

1,588

 

 

 

196,816

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassification

 

 

 

 

 

 

 

 

 

 

 

7,537

 

 

 

 

 

 

7,537

 

 

 

37

 

 

 

640

 

 

 

677

 

 

 

8,214

 

Amounts reclassified from accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

926

 

 

 

 

 

 

926

 

 

 

4

 

 

 

80

 

 

 

84

 

 

 

1,010

 

Deferred compensation plan, net

 

 

 

 

 

(1,073

)

 

 

1,073

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

2

 

 

 

 

 

 

4,206

 

 

 

 

 

 

 

 

 

4,208

 

 

 

 

 

 

 

 

 

 

 

 

4,208

 

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

 

 

 

 

 

 

 

 

(6,091

)

 

 

 

 

 

 

 

 

(6,091

)

 

 

&