10-Q 1 reg-20220630.htm 10-Q 10-Q
Jan. 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 June 30, 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)

img37329402_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 171,116,018 as of August 4, 2022.

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 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 June 30, 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 June 30, 2022 and December 31, 2021

1

 

 

 

 

Consolidated Statements of Operations for the periods ended June 30, 2022 and 2021

2

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended June 30, 2022 and 2021

3

 

 

 

 

Consolidated Statements of Equity for the periods ended June 30, 2022 and 2021

4

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended June 30, 2022 and 2021

6

 

 

 

Regency Centers, L.P.:

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

8

 

 

 

 

Consolidated Statements of Operations for the periods ended June 30, 2022 and 2021

9

 

 

 

 

Consolidated Statements of Comprehensive Income for the periods ended June 30, 2022 and 2021

10

 

 

 

 

Consolidated Statements of Capital for the periods ended June 30, 2022 and 2021

11

 

 

 

 

Consolidated Statements of Cash Flows for the periods ended June 30, 2022 and 2021

13

 

 

 

 

Notes to Consolidated Financial Statements

15

 

 

 

Item 2.

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

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

48

 

 

 

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

50

 

 

 

Item 3.

Defaults Upon Senior Securities

50

 

 

 

Item 4.

Mine Safety Disclosures

50

 

 

 

Item 5.

Other Information

50

 

 

 

Item 6.

Exhibits

51

 

 

 

SIGNATURES

53

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

June 30, 2022 and December 31, 2021

(in thousands, except share data)

 

 

 

2022

 

 

2021

 

Assets

 

(unaudited)

 

 

 

 

Real estate assets, at cost

 

$

11,762,300

 

 

 

11,495,581

 

Less: accumulated depreciation

 

 

2,301,183

 

 

 

2,174,963

 

Real estate assets, net

 

 

9,461,117

 

 

 

9,320,618

 

Investments in real estate partnerships

 

 

330,887

 

 

 

372,591

 

Properties held for sale

 

 

2,354

 

 

 

25,574

 

Cash, cash equivalents, and restricted cash, including $3,128 and $1,930 of restricted cash at June 30, 2022 and December 31, 2021, respectively

 

 

121,190

 

 

 

95,027

 

Tenant and other receivables

 

 

159,643

 

 

 

153,091

 

Deferred leasing costs, less accumulated amortization of $120,650 and $117,878 at June 30, 2022 and December 31, 2021, respectively

 

 

65,607

 

 

 

65,741

 

Acquired lease intangible assets, less accumulated amortization of $325,131 and $312,186 at June 30, 2022 and December 31, 2021, respectively

 

 

214,264

 

 

 

212,707

 

Right of use assets, net

 

 

278,153

 

 

 

280,783

 

Other assets

 

 

268,600

 

 

 

266,431

 

Total assets

 

$

10,901,815

 

 

 

10,792,563

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Notes payable

 

$

3,737,380

 

 

 

3,718,944

 

Accounts payable and other liabilities

 

 

322,409

 

 

 

322,271

 

Acquired lease intangible liabilities, less accumulated amortization of $180,082 and $172,293 at June 30, 2022 and December 31, 2021, respectively

 

 

357,581

 

 

 

363,276

 

Lease liabilities

 

 

214,800

 

 

 

215,788

 

Tenants' security, escrow deposits and prepaid rent

 

 

63,510

 

 

 

62,352

 

Total liabilities

 

 

4,695,680

 

 

 

4,682,631

 

Commitments and contingencies

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.01 par value per share, 220,000,000 shares authorized; 171,173,103 and 171,213,008 shares issued at June 30, 2022 and December 31, 2021, respectively

 

 

1,711

 

 

 

1,712

 

Treasury stock at cost, 456,225 and 427,901 shares held at June 30, 2022 and December 31, 2021, respectively

 

 

(23,882

)

 

 

(22,758

)

Additional paid-in-capital

 

 

7,874,461

 

 

 

7,883,458

 

Accumulated other comprehensive income (loss)

 

 

2,388

 

 

 

(10,227

)

Distributions in excess of net income

 

 

(1,729,645

)

 

 

(1,814,814

)

Total stockholders' equity

 

 

6,125,033

 

 

 

6,037,371

 

Noncontrolling interests:

 

 

 

 

 

 

Exchangeable operating partnership units, aggregate redemption value of $43,974 and $56,844 at June 30, 2022 and December 31, 2021, respectively

 

 

34,611

 

 

 

35,447

 

Limited partners' interests in consolidated partnerships

 

 

46,491

 

 

 

37,114

 

Total noncontrolling interests

 

 

81,102

 

 

 

72,561

 

Total equity

 

 

6,206,135

 

 

 

6,109,932

 

Total liabilities and equity

 

$

10,901,815

 

 

 

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 June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Lease income

 

$

292,864

 

 

 

276,730

 

 

$

586,509

 

 

 

543,087

 

Other property income

 

 

2,720

 

 

 

3,074

 

 

 

5,824

 

 

 

5,027

 

Management, transaction, and other fees

 

 

6,499

 

 

 

7,355

 

 

 

13,183

 

 

 

13,748

 

Total revenues

 

 

302,083

 

 

 

287,159

 

 

 

605,516

 

 

 

561,862

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

79,350

 

 

 

74,217

 

 

 

157,192

 

 

 

151,476

 

Operating and maintenance

 

 

47,750

 

 

 

46,566

 

 

 

94,211

 

 

 

92,148

 

General and administrative

 

 

17,645

 

 

 

19,187

 

 

 

36,437

 

 

 

40,474

 

Real estate taxes

 

 

36,700

 

 

 

35,447

 

 

 

73,569

 

 

 

71,613

 

Other operating expenses

 

 

617

 

 

 

1,177

 

 

 

2,790

 

 

 

1,875

 

Total operating expenses

 

 

182,062

 

 

 

176,594

 

 

 

364,199

 

 

 

357,586

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

36,699

 

 

 

35,812

 

 

 

73,437

 

 

 

72,748

 

Provision for impairment of real estate

 

 

 

 

 

135

 

 

 

 

 

 

135

 

Gain on sale of real estate, net of tax

 

 

(4,291

)

 

 

(19,781

)

 

 

(106,239

)

 

 

(31,479

)

Net investment loss (income)

 

 

5,468

 

 

 

(1,998

)

 

 

7,962

 

 

 

(3,484

)

Total other expense (income)

 

 

37,876

 

 

 

14,168

 

 

 

(24,840

)

 

 

37,920

 

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

 

 

82,145

 

 

 

96,397

 

 

 

266,157

 

 

 

166,356

 

Equity in income of investments in real estate partnerships

 

 

23,842

 

 

 

435

 

 

 

36,646

 

 

 

12,101

 

Net income

 

 

105,987

 

 

 

96,832

 

 

 

302,803

 

 

 

178,457

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable operating partnership units

 

 

(452

)

 

 

(432

)

 

 

(1,315

)

 

 

(796

)

Limited partners' interests in consolidated partnerships

 

 

(739

)

 

 

(910

)

 

 

(1,464

)

 

 

(1,515

)

Income attributable to noncontrolling interests

 

 

(1,191

)

 

 

(1,342

)

 

 

(2,779

)

 

 

(2,311

)

Net income attributable to common stockholders

 

$

104,796

 

 

 

95,490

 

 

$

300,024

 

 

 

176,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share - basic

 

$

0.61

 

 

 

0.56

 

 

$

1.75

 

 

 

1.04

 

Income per common share - diluted

 

$

0.61

 

 

 

0.56

 

 

$

1.74

 

 

 

1.04

 

 

See accompanying notes to consolidated financial statements.

2


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

105,987

 

 

 

96,832

 

 

$

302,803

 

 

 

178,457

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Effective portion of change in fair value of derivative instruments

 

 

4,436

 

 

 

(2,302

)

 

 

13,404

 

 

 

3,508

 

Reclassification adjustment of derivative instruments included in net income

 

 

481

 

 

 

1,034

 

 

 

1,491

 

 

 

2,069

 

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

 

 

(223

)

 

 

71

 

 

 

(977

)

 

 

(214

)

Other comprehensive income (loss)

 

 

4,694

 

 

 

(1,197

)

 

 

13,918

 

 

 

5,363

 

Comprehensive income

 

 

110,681

 

 

 

95,635

 

 

 

316,721

 

 

 

183,820

 

Less: comprehensive income attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

1,191

 

 

 

1,342

 

 

 

2,779

 

 

 

2,311

 

Other comprehensive income (loss) attributable to noncontrolling interests

 

 

542

 

 

 

(51

)

 

 

1,303

 

 

 

396

 

Comprehensive income attributable to noncontrolling interests

 

 

1,733

 

 

 

1,291

 

 

 

4,082

 

 

 

2,707

 

Comprehensive income attributable to the Company

 

$

108,948

 

 

 

94,344

 

 

$

312,639

 

 

 

181,113

 

 

See accompanying notes to consolidated financial statements.

 

3


 

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended June 30, 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 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

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

95,490

 

 

 

95,490

 

 

 

432

 

 

 

910

 

 

 

1,342

 

 

 

96,832

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassification

 

 

 

 

 

 

 

 

 

 

 

(2,093

)

 

 

 

 

 

(2,093

)

 

 

(10

)

 

 

(128

)

 

 

(138

)

 

 

(2,231

)

Amounts reclassified from accumulated other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

947

 

 

 

 

 

 

947

 

 

 

4

 

 

 

83

 

 

 

87

 

 

 

1,034

 

Deferred compensation plan, net

 

 

 

 

 

(1,112

)

 

 

1,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock issued, net of amortization

 

 

1

 

 

 

 

 

 

3,563

 

 

 

 

 

 

 

 

 

3,564

 

 

 

 

 

 

 

 

 

 

 

 

3,564

 

Common stock issued for stock based compensation, net

 

 

 

 

 

 

 

 

117