|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
FLORIDA (REGENCY CENTERS CORPORATION)
|
|
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)
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|
(Registrant's telephone number, including area code)
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Title of each class
|
|
Name of each exchange on which registered
|
Common Stock, $.01 par value
|
|
New York Stock Exchange
|
6.625% Series 6 Cumulative Redeemable Preferred Stock, $.01 par value
|
|
New York Stock Exchange
|
6.000% Series 7 Cumulative Redeemable Preferred Stock, $.01 par value
|
|
New York Stock Exchange
|
|
|
|
|
|
|
Title of each class
|
|
Name of each exchange on which registered
|
None
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|
N/A
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
|
Smaller reporting company
|
o
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
x
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Non-accelerated filer
|
o
|
|
Smaller reporting company
|
o
|
|
•
|
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.
|
•
|
reliable growth in net operating income ("NOI") from a high-quality, growing portfolio of thriving, neighborhood and community shopping centers;
|
•
|
disciplined value-add development and redevelopment activities profitably creating and enhancing high-quality shopping centers;
|
•
|
a conservative balance sheet and track record of cost effectively accessing capital to withstand market volatility and to efficiently fund investments; and,
|
•
|
an engaged and talented team of people guided by our culture.
|
•
|
our locations within our market areas;
|
•
|
the design and high quality of our shopping centers;
|
•
|
the strong demographics surrounding our shopping centers;
|
•
|
our relationships with our anchor tenants and our side-shop and out-parcel retailers;
|
•
|
our practice of maintaining and renovating our shopping centers; and,
|
•
|
our ability to source and develop new shopping centers.
|
Name
|
Age
|
Title
|
Executive Officer in Position Shown Since
|
Martin E. Stein, Jr.
|
61
|
Chairman and Chief Executive Officer
|
1993
|
Brian M. Smith
|
59
|
President and Chief Operating Officer
|
2009
(1)
|
Lisa Palmer
|
45
|
Executive Vice President and Chief Financial Officer
|
2013
(2)
|
Dan M. Chandler, III
|
47
|
Managing Director - West
|
2009
(3)
|
John S. Delatour
|
54
|
Managing Director - Central
|
1999
|
James D. Thompson
|
58
|
Managing Director - East
|
1993
|
•
|
Weakness in the national, regional and local economies, which could adversely impact consumer spending and retail sales and in turn tenant demand for space and lead to increased store closings;
|
•
|
Adverse financial conditions for grocery and retail anchors;
|
•
|
Continued consolidation in the retail sector;
|
•
|
Excess amount of retail space in our markets;
|
•
|
Reduction in the demand by tenants to occupy our shopping centers as a result of reduced consumer demand for certain retail formats;
|
•
|
The growth of super-centers and warehouse club retailers, such as those operated by Wal-Mart and Costco, and their adverse effect on traditional grocery chains;
|
•
|
The impact of increased energy costs on consumers and its consequential effect on the number of shopping visits to our centers; and
|
•
|
Consequences of any armed conflict involving, or terrorist attack against, the United States.
|
•
|
Becomes bankrupt or insolvent;
|
•
|
Experiences a downturn in its business;
|
•
|
Materially defaults on its leases;
|
•
|
Does not renew its leases as they expire; or
|
•
|
Renews at lower rental rates.
|
•
|
Properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we project, which may result in the properties' failure to achieve the returns we projected;
|
•
|
Our pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs until after the property is acquired, which could significantly increase our total acquisition costs or decrease cash flow from the property;
|
•
|
Our investigation of a property or building prior to our acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition costs;
|
•
|
Our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which could result in the property failing to achieve the returns we have projected, either temporarily or for a longer time; and
|
•
|
We may not be able to integrate an acquisition into our existing operations successfully.
|
•
|
The ability to lease developments to full occupancy on a timely basis;
|
•
|
The risk that occupancy rates and rents of a completed project will not be sufficient to make the project profitable;
|
•
|
The risk that development costs of a project may exceed original estimates, possibly making the project unprofitable;
|
•
|
Delays in the development and construction process;
|
•
|
The risk that we may abandon development opportunities and lose our investment in these developments;
|
•
|
The risk that the size of our development pipeline will strain the organization's capacity to complete the developments within the targeted timelines and at the expected returns on invested capital; and
|
•
|
The lack of cash flow during the construction period.
|
•
|
Actual or anticipated variations in our operating results;
|
•
|
Changes in our funds from operations or earnings estimates;
|
•
|
Publication of research reports about us or the real estate industry in general and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REIT's;
|
•
|
The ability of our tenants to pay rent and meet their other obligations to us under current lease terms and our ability to re-lease space as leases expire;
|
•
|
Increases in market interest rates that drive purchasers of our stock to demand a higher dividend yield;
|
•
|
Changes in market valuations of similar companies;
|
•
|
Adverse market reaction to any additional debt we incur in the future;
|
•
|
Any future issuances of equity securities;
|
•
|
Additions or departures of key management personnel;
|
•
|
Strategic actions by us or our competitors, such as acquisitions or restructurings;
|
•
|
Actions by institutional stockholders;
|
•
|
Changes in our dividend payments;
|
•
|
Speculation in the press or investment community; and
|
•
|
General market and economic conditions.
|
•
|
Our financial condition and results of future operations;
|
•
|
The terms of our loan covenants; and
|
•
|
Our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates.
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
Location
|
|
Number of Properties
|
|
GLA (in thousands)
|
|
Percent of Total
GLA |
|
Percent Leased
|
|
Number of Properties
|
|
GLA (in thousands)
|
|
Percent of Total
GLA |
|
Percent Leased
|
||||||||
California
|
|
42
|
|
|
5,500
|
|
|
24.5
|
%
|
|
96.2
|
%
|
|
43
|
|
|
5,544
|
|
|
24.6
|
%
|
|
95.1
|
%
|
Florida
|
|
40
|
|
|
4,159
|
|
|
18.6
|
%
|
|
91.2
|
%
|
|
39
|
|
|
3,961
|
|
|
17.6
|
%
|
|
93.0
|
%
|
Texas
|
|
18
|
|
|
2,384
|
|
|
10.6
|
%
|
|
96.0
|
%
|
|
18
|
|
|
2,324
|
|
|
10.3
|
%
|
|
95.2
|
%
|
Georgia
|
|
15
|
|
|
1,385
|
|
|
6.2
|
%
|
|
94.6
|
%
|
|
15
|
|
|
1,386
|
|
|
6.2
|
%
|
|
93.1
|
%
|
Ohio
|
|
9
|
|
|
1,297
|
|
|
5.8
|
%
|
|
97.8
|
%
|
|
10
|
|
|
1,402
|
|
|
6.2
|
%
|
|
97.1
|
%
|
Colorado
|
|
15
|
|
|
1,261
|
|
|
5.6
|
%
|
|
89.5
|
%
|
|
14
|
|
|
1,163
|
|
|
5.2
|
%
|
|
94.3
|
%
|
North Carolina
|
|
10
|
|
|
903
|
|
|
4.0
|
%
|
|
95.3
|
%
|
|
9
|
|
|
743
|
|
|
3.3
|
%
|
|
91.8
|
%
|
Illinois
|
|
5
|
|
|
872
|
|
|
3.9
|
%
|
|
94.1
|
%
|
|
4
|
|
|
748
|
|
|
3.3
|
%
|
|
97.3
|
%
|
Virginia
|
|
5
|
|
|
744
|
|
|
3.3
|
%
|
|
97.4
|
%
|
|
7
|
|
|
951
|
|
|
4.2
|
%
|
|
94.2
|
%
|
Oregon
|
|
7
|
|
|
617
|
|
|
2.7
|
%
|
|
95.8
|
%
|
|
8
|
|
|
741
|
|
|
3.3
|
%
|
|
91.2
|
%
|
Washington
|
|
5
|
|
|
605
|
|
|
2.7
|
%
|
|
98.4
|
%
|
|
6
|
|
|
683
|
|
|
3.0
|
%
|
|
92.8
|
%
|
Massachusetts
|
|
3
|
|
|
506
|
|
|
2.3
|
%
|
|
96.3
|
%
|
|
2
|
|
|
357
|
|
|
1.6
|
%
|
|
94.6
|
%
|
Missouri
|
|
4
|
|
|
408
|
|
|
1.8
|
%
|
|
100.0
|
%
|
|
4
|
|
|
408
|
|
|
1.8
|
%
|
|
99.0
|
%
|
Tennessee
|
|
5
|
|
|
392
|
|
|
1.7
|
%
|
|
96.7
|
%
|
|
5
|
|
|
392
|
|
|
1.7
|
%
|
|
95.9
|
%
|
Pennsylvania
|
|
4
|
|
|
325
|
|
|
1.4
|
%
|
|
99.6
|
%
|
|
4
|
|
|
325
|
|
|
1.5
|
%
|
|
99.1
|
%
|
Arizona
|
|
2
|
|
|
274
|
|
|
1.2
|
%
|
|
87.1
|
%
|
|
3
|
|
|
387
|
|
|
1.7
|
%
|
|
88.1
|
%
|
Delaware
|
|
2
|
|
|
243
|
|
|
1.1
|
%
|
|
94.8
|
%
|
|
2
|
|
|
243
|
|
|
1.1
|
%
|
|
94.2
|
%
|
Indiana
|
|
4
|
|
|
209
|
|
|
0.9
|
%
|
|
90.8
|
%
|
|
3
|
|
|
55
|
|
|
0.2
|
%
|
|
89.8
|
%
|
Michigan
|
|
2
|
|
|
118
|
|
|
0.5
|
%
|
|
53.4
|
%
|
|
2
|
|
|
118
|
|
|
0.5
|
%
|
|
43.9
|
%
|
Maryland
|
|
1
|
|
|
88
|
|
|
0.4
|
%
|
|
100.0
|
%
|
|
1
|
|
|
88
|
|
|
0.4
|
%
|
|
100.0
|
%
|
Alabama
|
|
1
|
|
|
85
|
|
|
0.4
|
%
|
|
84.5
|
%
|
|
1
|
|
|
85
|
|
|
0.4
|
%
|
|
86.2
|
%
|
South Carolina
|
|
2
|
|
|
74
|
|
|
0.3
|
%
|
|
100.0
|
%
|
|
2
|
|
|
74
|
|
|
0.3
|
%
|
|
100.0
|
%
|
Kentucky
|
|
1
|
|
|
23
|
|
|
0.1
|
%
|
|
100.0
|
%
|
|
1
|
|
|
23
|
|
|
0.1
|
%
|
|
100.0
|
%
|
Nevada
|
|
—
|
|
|
—
|
|
|
—%
|
|
|
—%
|
|
|
1
|
|
|
331
|
|
|
1.5
|
%
|
|
91.1
|
%
|
Total
|
|
202
|
|
22,472
|
|
100.0%
|
|
94.5%
|
|
204
|
|
22,532
|
|
100.0%
|
|
94.1%
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||
Location
|
|
Number of Properties
|
|
GLA (in thousands)
|
|
Percent of Total
GLA |
|
Percent Leased
|
|
Number of Properties
|
|
GLA (in thousands)
|
|
Percent of Total
GLA |
|
Percent Leased
|
California
|
|
21
|
|
2,782
|
|
17.9%
|
|
96.9%
|
|
25
|
|
3,265
|
|
18.4%
|
|
95.7%
|
Virginia
|
|
21
|
|
2,685
|
|
17.3%
|
|
96.6%
|
|
22
|
|
2,789
|
|
15.7%
|
|
96.3%
|
Maryland
|
|
13
|
|
1,490
|
|
9.6%
|
|
97.0%
|
|
14
|
|
1,577
|
|
8.9%
|
|
92.9%
|
North Carolina
|
|
8
|
|
1,272
|
|
8.2%
|
|
97.3%
|
|
8
|
|
1,276
|
|
7.2%
|
|
96.4%
|
Texas
|
|
8
|
|
1,070
|
|
6.9%
|
|
98.6%
|
|
9
|
|
1,227
|
|
6.9%
|
|
95.9%
|
Illinois
|
|
8
|
|
1,067
|
|
6.9%
|
|
97.3%
|
|
8
|
|
1,067
|
|
6.0%
|
|
97.1%
|
Colorado
|
|
5
|
|
862
|
|
5.6%
|
|
95.1%
|
|
6
|
|
962
|
|
5.4%
|
|
93.0%
|
Florida
|
|
9
|
|
720
|
|
4.6%
|
|
95.3%
|
|
11
|
|
841
|
|
4.7%
|
|
93.7%
|
Minnesota
|
|
5
|
|
677
|
|
4.4%
|
|
97.6%
|
|
5
|
|
675
|
|
3.8%
|
|
97.5%
|
Pennsylvania
|
|
6
|
|
661
|
|
4.3%
|
|
92.3%
|
|
7
|
|
982
|
|
5.5%
|
|
96.1%
|
Washington
|
|
4
|
|
477
|
|
3.1%
|
|
91.5%
|
|
5
|
|
577
|
|
3.3%
|
|
94.5%
|
Wisconsin
|
|
2
|
|
269
|
|
1.7%
|
|
93.2%
|
|
2
|
|
269
|
|
1.5%
|
|
96.9%
|
Massachusetts
|
|
1
|
|
184
|
|
1.2%
|
|
97.6%
|
|
1
|
|
149
|
|
0.8%
|
|
95.4%
|
Connecticut
|
|
1
|
|
180
|
|
1.2%
|
|
99.8%
|
|
1
|
|
180
|
|
1.0%
|
|
99.8%
|
South Carolina
|
|
2
|
|
162
|
|
1.0%
|
|
100.0%
|
|
4
|
|
286
|
|
1.6%
|
|
96.3%
|
New Jersey
|
|
2
|
|
157
|
|
1.0%
|
|
92.6%
|
|
2
|
|
157
|
|
0.9%
|
|
94.0%
|
New York
|
|
1
|
|
141
|
|
0.9%
|
|
100.0%
|
|
1
|
|
141
|
|
0.8%
|
|
100.0%
|
Indiana
|
|
2
|
|
139
|
|
0.9%
|
|
86.5%
|
|
2
|
|
139
|
|
0.8%
|
|
91.9%
|
Alabama
|
|
1
|
|
119
|
|
0.7%
|
|
73.9%
|
|
1
|
|
119
|
|
0.7%
|
|
71.6%
|
Arizona
|
|
1
|
|
108
|
|
0.7%
|
|
94.1%
|
|
1
|
|
108
|
|
0.6%
|
|
89.2%
|
Oregon
|
|
1
|
|
93
|
|
0.6%
|
|
94.8%
|
|
1
|
|
93
|
|
0.5%
|
|
94.8%
|
Georgia
|
|
1
|
|
86
|
|
0.6%
|
|
96.3%
|
|
3
|
|
244
|
|
1.4%
|
|
95.3%
|
Delaware
|
|
1
|
|
67
|
|
0.4%
|
|
96.1%
|
|
1
|
|
67
|
|
0.4%
|
|
100.0%
|
Dist. of Columbia
|
|
2
|
|
40
|
|
0.3%
|
|
100.0%
|
|
2
|
|
40
|
|
0.2%
|
|
100.0%
|
Ohio
|
|
—
|
|
—
|
|
—%
|
|
—%
|
|
2
|
|
532
|
|
3.0%
|
|
90.2%
|
Total
|
|
126
|
|
15,508
|
|
100.0%
|
|
96.2%
|
|
144
|
|
17,762
|
|
100.0%
|
|
95.2%
|
Tenant
|
|
GLA
|
|
Percent of Company Owned GLA
|
|
Rent
|
|
Percent of Annualized Base Rent
|
|
Number of Leased Stores
|
|
Anchor Owned Stores
(1)
|
|
Kroger
|
(2)
|
2,384
|
|
8.6%
|
$
|
22,565
|
|
|
4.7%
|
|
49
|
|
7
|
Publix
|
|
1,940
|
|
7.0%
|
|
20,246
|
|
|
4.3%
|
|
49
|
|
1
|
Safeway
|
|
1,239
|
|
4.4%
|
|
12,638
|
|
|
2.7%
|
|
38
|
|
6
|
TJX Companies
|
|
725
|
|
2.6%
|
|
9,196
|
|
|
1.9%
|
|
33
|
|
—
|
CVS
|
|
509
|
|
1.8%
|
|
8,457
|
|
|
1.8%
|
|
46
|
|
—
|
Whole Foods
|
|
285
|
|
1.0%
|
|
6,144
|
|
|
1.3%
|
|
11
|
|
—
|
PETCO
|
|
283
|
|
1.0%
|
|
6,052
|
|
|
1.3%
|
|
38
|
|
—
|
Ahold/Giant
|
|
422
|
|
1.5%
|
|
5,724
|
|
|
1.2%
|
|
14
|
|
—
|
Albertsons
|
|
395
|
|
1.4%
|
|
4,952
|
|
|
1.0%
|
|
11
|
|
1
|
Ross Dress For Less
|
|
306
|
|
1.1%
|
|
4,797
|
|
|
1.0%
|
|
16
|
|
—
|
H.E.B.
|
|
305
|
|
1.1%
|
|
4,773
|
|
|
1.0%
|
|
5
|
|
—
|
Trader Joe's
|
|
163
|
|
0.6%
|
|
4,313
|
|
|
0.9%
|
|
18
|
|
—
|
JPMorgan Chase Bank
|
|
63
|
|
0.2%
|
|
3,894
|
|
|
0.8%
|
|
26
|
|
—
|
Bank of America
|
|
81
|
|
0.3%
|
|
3,846
|
|
|
0.8%
|
|
28
|
|
—
|
Wells Fargo Bank
|
|
82
|
|
0.3%
|
|
3,716
|
|
|
0.8%
|
|
39
|
|
—
|
Starbucks
|
|
95
|
|
0.3%
|
|
3,629
|
|
|
0.8%
|
|
76
|
|
—
|
Walgreens
|
|
136
|
|
0.5%
|
|
3,399
|
|
|
0.7%
|
|
12
|
|
—
|
Sears Holdings
|
|
412
|
|
1.5%
|
|
3,315
|
|
|
0.7%
|
|
7
|
|
1
|
Roundys/Marianos
|
|
233
|
|
0.8%
|
|
3,249
|
|
|
0.7%
|
|
7
|
|
—
|
Rite Aid
|
|
200
|
|
0.7%
|
|
3,203
|
|
|
0.7%
|
|
22
|
|
—
|
Wal-Mart
|
|
466
|
|
1.7%
|
|
3,026
|
|
|
0.6%
|
|
5
|
|
3
|
SUPERVALU
|
|
265
|
|
1.0%
|
|
3,008
|
|
|
0.6%
|
|
11
|
|
—
|
Panera Bread
|
|
89
|
|
0.3%
|
|
3,007
|
|
|
0.6%
|
|
26
|
|
—
|
Sports Authority
|
|
134
|
|
0.5%
|
|
2,973
|
|
|
0.6%
|
|
3
|
|
—
|
Subway
|
|
95
|
|
0.3%
|
|
2,946
|
|
|
0.6%
|
|
104
|
|
—
|
Lease Expiration Year
|
|
Number of Tenants with Expiring Leases
|
|
Expiring GLA
|
|
Percent of Total Company GLA
|
|
Minimum Rent Expiring Leases
(2)
|
|
Percent of Minimum Rent
(2)
|
||||||
(1)
|
|
19
|
|
|
27
|
|
|
0.1
|
%
|
|
$
|
212
|
|
|
—
|
%
|
2014
|
|
852
|
|
|
1,982
|
|
|
7.7
|
%
|
|
38,940
|
|
|
8.4
|
%
|
|
2015
|
|
1,038
|
|
|
2,344
|
|
|
9.1
|
%
|
|
49,126
|
|
|
10.7
|
%
|
|
2016
|
|
1,026
|
|
|
2,772
|
|
|
10.7
|
%
|
|
50,081
|
|
|
10.9
|
%
|
|
2017
|
|
985
|
|
|
3,242
|
|
|
12.5
|
%
|
|
63,908
|
|
|
13.9
|
%
|
|
2018
|
|
858
|
|
|
2,713
|
|
|
10.5
|
%
|
|
51,728
|
|
|
11.3
|
%
|
|
2019
|
|
351
|
|
|
2,030
|
|
|
7.8
|
%
|
|
33,852
|
|
|
7.4
|
%
|
|
2020
|
|
175
|
|
|
1,370
|
|
|
5.3
|
%
|
|
21,939
|
|
|
4.8
|
%
|
|
2021
|
|
169
|
|
|
1,261
|
|
|
4.9
|
%
|
|
19,983
|
|
|
4.4
|
%
|
|
2022
|
|
220
|
|
|
1,600
|
|
|
6.2
|
%
|
|
25,005
|
|
|
5.4
|
%
|
|
2023
|
|
223
|
|
|
1,300
|
|
|
5.0
|
%
|
|
24,348
|
|
|
5.3
|
%
|
|
Thereafter
|
|
411
|
|
|
5,226
|
|
|
20.2
|
%
|
|
80,202
|
|
|
17.5
|
%
|
|
Total
|
|
6,327
|
|
|
25,867
|
|
|
100.0
|
%
|
|
$
|
459,324
|
|
|
100.0
|
%
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
ALABAMA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valleydale Village Shop Center
|
|
Birmingham-Hoover
|
|
50%
|
|
2002
|
|
2003
|
|
$—
|
|
118,466
|
|
73.9%
|
|
$11.95
|
|
Publix
|
|
-
|
Shoppes at Fairhope Village
|
|
Mobile
|
|
|
|
2008
|
|
2008
|
|
—
|
|
84,740
|
|
84.5%
|
|
14.97
|
|
Publix
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (AL)
|
|
|
|
|
|
|
|
|
|
—
|
|
203,206
|
|
78.3%
|
|
13.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARIZONA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palm Valley Marketplace
|
|
Phoenix-Mesa-Scottsdale
|
|
20%
|
|
2001
|
|
1999
|
|
11,000
|
|
107,633
|
|
94.1%
|
|
13.49
|
|
Safeway
|
|
-
|
Pima Crossing
|
|
Phoenix-Mesa-Scottsdale
|
|
|
|
1999
|
|
1996
|
|
—
|
|
238,275
|
|
95.6%
|
|
14.10
|
|
Golf & Tennis Pro Shop, Inc., SteinMart
|
|
Life Time Fitness, Paddock Pools Store, Pier 1 Imports, Fight Ready
|
Shops at Arizona
|
|
Phoenix-Mesa-Scottsdale
|
|
|
|
2003
|
|
2000
|
|
—
|
|
35,710
|
|
30.2%
|
|
18.82
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (AZ)
|
|
|
|
|
|
|
|
|
|
11,000
|
|
381,618
|
|
89.1%
|
|
14.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amerige Heights Town Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
2000
|
|
2000
|
|
16,796
|
|
89,443
|
|
100.0%
|
|
27.14
|
|
Albertsons, (Target)
|
|
-
|
Brea Marketplace
(7)
|
|
Los Angeles-Long Beach-Santa Ana
|
|
40%
|
|
2005
|
|
1987
|
|
50,039
|
|
352,226
|
|
99.6%
|
|
16.57
|
|
Sprout's Markets, Target
|
|
24 Hour Fitness, Big 5 Sporting Goods, Beverages & More!, Childtime Childcare, Golfsmith
|
El Camino Shopping Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1995
|
|
—
|
|
135,740
|
|
99.5%
|
|
24.36
|
|
Von's Food & Drug
|
|
Sav-On Drugs
|
Granada Village
|
|
Los Angeles-Long Beach-Santa Ana
|
|
40%
|
|
2005
|
|
1965
|
|
40,569
|
|
226,488
|
|
97.8%
|
|
21.09
|
|
Sprout's Markets
|
|
Rite Aid, TJ Maxx, Stein Mart, PETCO, Homegoods
|
Hasley Canyon Village
|
|
Los Angeles-Long Beach-Santa Ana
|
|
20%
|
|
2003
|
|
2003
|
|
8,362
|
|
65,801
|
|
100.0%
|
|
23.20
|
|
Ralphs
|
|
-
|
Heritage Plaza
(7)
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1981
|
|
—
|
|
230,283
|
|
98.6%
|
|
30.53
|
|
Ralphs
|
|
CVS, Daiso, Mitsuwa Marketplace, Total Woman
|
Juanita Tate Marketplace
(4)
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
2013
|
|
2013
|
|
—
|
|
77,096
|
|
91.5%
|
|
22.66
|
|
Northgate Market
|
|
CVS
|
Laguna Niguel Plaza
|
|
Los Angeles-Long Beach-Santa Ana
|
|
40%
|
|
2005
|
|
1985
|
|
9,215
|
|
41,943
|
|
96.7%
|
|
24.76
|
|
(Albertsons)
|
|
CVS
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Marina Shores
|
|
Los Angeles-Long Beach-Santa Ana
|
|
20%
|
|
2008
|
|
2001
|
|
11,405
|
|
67,727
|
|
100.0%
|
|
32.69
|
|
Whole Foods
|
|
PETCO
|
Morningside Plaza
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1996
|
|
—
|
|
91,212
|
|
97.4%
|
|
20.51
|
|
Stater Bros.
|
|
-
|
Newland Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1985
|
|
—
|
|
149,140
|
|
97.2%
|
|
20.77
|
|
Albertsons
|
|
-
|
Plaza Hermosa
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1984
|
|
13,800
|
|
94,717
|
|
100.0%
|
|
23.10
|
|
Von's Food & Drug
|
|
Sav-On Drugs
|
Rona Plaza
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1989
|
|
—
|
|
51,760
|
|
100.0%
|
|
18.97
|
|
Superior Super Warehouse
|
|
-
|
Seal Beach
|
|
Los Angeles-Long Beach-Santa Ana
|
|
20%
|
|
2002
|
|
1966
|
|
—
|
|
96,858
|
|
96.7%
|
|
23.34
|
|
Von's Food & Drug
|
|
CVS
|
South Bay Village
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
2012
|
|
2012
|
|
—
|
|
107,706
|
|
100.0%
|
|
20.21
|
|
Orchard Supply Hardware
|
|
Homegoods
|
Twin Oaks Shopping Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
40%
|
|
2005
|
|
1978
|
|
10,478
|
|
98,399
|
|
96.6%
|
|
17.14
|
|
Ralphs
|
|
Rite Aid
|
Valencia Crossroads
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
2002
|
|
2003
|
|
—
|
|
172,856
|
|
100.0%
|
|
23.91
|
|
Whole Foods, Kohl's
|
|
-
|
Woodman Van Nuys
|
|
Los Angeles-Long Beach-Santa Ana
|
|
|
|
1999
|
|
1992
|
|
—
|
|
107,614
|
|
100.0%
|
|
14.34
|
|
El Super
|
|
-
|
Silverado Plaza
|
|
Napa
|
|
40%
|
|
2005
|
|
1974
|
|
10,615
|
|
84,916
|
|
100.0%
|
|
15.91
|
|
Nob Hill
|
|
Longs Drug
|
Gelson's Westlake Market Plaza
|
|
Oxnard-Thousand Oaks-Ventura
|
|
|
|
2002
|
|
2002
|
|
—
|
|
84,975
|
|
98.0%
|
|
17.84
|
|
Gelson's Markets
|
|
-
|
Oakbrook Plaza
|
|
Oxnard-Thousand Oaks-Ventura
|
|
|
|
1999
|
|
1982
|
|
—
|
|
83,286
|
|
94.7%
|
|
16.61
|
|
Albertsons
|
|
(Longs Drug)
|
Ventura Village
|
|
Oxnard-Thousand Oaks-Ventura
|
|
|
|
1999
|
|
1984
|
|
—
|
|
76,070
|
|
91.3%
|
|
19.45
|
|
Von's Food & Drug
|
|
-
|
Westlake Village Plaza and Center
|
|
Oxnard-Thousand Oaks-Ventura
|
|
|
|
1999
|
|
1975
|
|
—
|
|
193,729
|
|
89.4%
|
|
31.29
|
|
Von's Food & Drug and Sprouts
|
|
(CVS), Longs Drug, Total Woman
|
French Valley Village Center
|
|
Riverside-San Bernardino-Ontario
|
|
|
|
2004
|
|
2004
|
|
—
|
|
98,752
|
|
96.9%
|
|
24.07
|
|
Stater Bros.
|
|
CVS
|
Indio Towne Center
|
|
Riverside-San Bernardino-Ontario
|
|
|
|
2006
|
|
2010
|
|
—
|
|
179,505
|
|
86.3%
|
|
17.78
|
|
(Home Depot), (WinCo), Toys R Us
|
|
CVS, 24 Hour Fitness, PETCO, Party City
|
Jefferson Square
|
|
Riverside-San Bernardino-Ontario
|
|
|
|
2007
|
|
2007
|
|
—
|
|
38,013
|
|
47.9%
|
|
15.17
|
|
-
|
|
CVS
|
Auburn Village
|
|
Sacramento--Arden-Arcade--Roseville
|
|
40%
|
|
2005
|
|
1990
|
|
—
|
|
133,944
|
|
86.2%
|
|
17.27
|
|
Bel Air Market
|
|
Dollar Tree, Goodwill Industries, Dollar Tree (CVS)
|
Folsom Prairie City Crossing
|
|
Sacramento--Arden-Arcade--Roseville
|
|
|
|
1999
|
|
1999
|
|
—
|
|
90,237
|
|
93.7%
|
|
19.10
|
|
Safeway
|
|
-
|
Oak Shade Town Center
|
|
Sacramento--Arden-Arcade--Roseville
|
|
|
|
2011
|
|
1998
|
|
10,147
|
|
103,762
|
|
97.7%
|
|
20.52
|
|
Safeway
|
|
Office Max, Rite Aid
|
Raley's Supermarket
|
|
Sacramento--Arden-Arcade--Roseville
|
|
20%
|
|
2007
|
|
1964
|
|
—
|
|
62,827
|
|
100.0%
|
|
5.41
|
|
Raley's
|
|
-
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
4S Commons Town Center
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
2004
|
|
2004
|
|
62,500
|
|
240,060
|
|
92.6%
|
|
29.74
|
|
Ralphs, Jimbo's...Naturally!
|
|
Bed Bath & Beyond, Cost Plus World Market, CVS, Griffin Ace Hardware
|
Balboa Mesa Shopping Center
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
2012
|
|
1969
|
|
—
|
|
186,121
|
|
97.7%
|
|
23.54
|
|
Von's Food & Drug, Kohl's
|
|
CVS
|
Costa Verde Center
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
1999
|
|
1988
|
|
—
|
|
178,623
|
|
93.9%
|
|
34.13
|
|
Bristol Farms
|
|
Bookstar, The Boxing Club
|
El Norte Pkwy Plaza
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
1999
|
|
1984
|
|
—
|
|
90,549
|
|
94.9%
|
|
16.49
|
|
Von's Food & Drug
|
|
CVS
|
Friars Mission Center
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
1999
|
|
1989
|
|
272
|
|
146,898
|
|
100.0%
|
|
30.69
|
|
Ralphs
|
|
Longs Drug
|
Navajo Shopping Center
(7)
|
|
San Diego-Carlsbad-San Marcos
|
|
40%
|
|
2005
|
|
1964
|
|
8,674
|
|
102,139
|
|
98.9%
|
|
13.29
|
|
Albertsons
|
|
Rite Aid, O'Reilly Auto Parts
|
Point Loma Plaza
|
|
San Diego-Carlsbad-San Marcos
|
|
40%
|
|
2005
|
|
1987
|
|
27,422
|
|
212,652
|
|
90.1%
|
|
18.65
|
|
Von's Food & Drug
|
|
Sport Chalet 5, 24 Hour Fitness, Jo-Ann Fabrics
|
Rancho San Diego Village
|
|
San Diego-Carlsbad-San Marcos
|
|
40%
|
|
2005
|
|
1981
|
|
23,634
|
|
153,256
|
|
88.4%
|
|
20.10
|
|
Von's Food & Drug
|
|
(Longs Drug), 24 Hour Fitness
|
Twin Peaks
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
1999
|
|
1988
|
|
—
|
|
207,741
|
|
99.1%
|
|
17.43
|
|
Albertsons, Target
|
|
-
|
Uptown District
|
|
San Diego-Carlsbad-San Marcos
|
|
|
|
2012
|
|
1990
|
|
—
|
|
148,638
|
|
94.1%
|
|
33.30
|
|
Ralphs, Trader Joe's
|
|
-
|
Bayhill Shopping Center
|
|
San Francisco-Oakland-Fremont
|
|
40%
|
|
2005
|
|
1990
|
|
22,001
|
|
121,846
|
|
98.4%
|
|
21.88
|
|
Mollie Stone's Market
|
|
CVS
|
Clayton Valley Shopping Center
|
|
San Francisco-Oakland-Fremont
|
|
|
|
2003
|
|
2004
|
|
—
|
|
260,205
|
|
93.0%
|
|
20.29
|
|
Fresh & Easy, Orchard Supply Hardware
|
|
Longs Drugs, Dollar Tree, Ross Dress For Less
|
Diablo Plaza
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1982
|
|
—
|
|
63,265
|
|
100.0%
|
|
35.06
|
|
(Safeway)
|
|
(CVS), Beverages & More
|
El Cerrito Plaza
|
|
San Francisco-Oakland-Fremont
|
|
|
|
2000
|
|
2000
|
|
39,355
|
|
256,035
|
|
95.7%
|
|
26.81
|
|
(Lucky's), Trader Joe's
|
|
(Longs Drug), Bed Bath & Beyond, Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less
|
Encina Grande
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1965
|
|
—
|
|
102,413
|
|
94.0%
|
|
25.88
|
|
Safeway
|
|
Walgreens
|
Gateway 101
|
|
San Francisco-Oakland-Fremont
|
|
|
|
2008
|
|
2008
|
|
—
|
|
92,110
|
|
100.0%
|
|
31.14
|
|
(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack
|
|
-
|
Pleasant Hill Shopping Center
|
|
San Francisco-Oakland-Fremont
|
|
40%
|
|
2005
|
|
1970
|
|
29,490
|
|
227,681
|
|
100.0%
|
|
23.53
|
|
Target, Toys "R" Us
|
|
Barnes & Noble, Ross Dress for Less
|
Powell Street Plaza
|
|
San Francisco-Oakland-Fremont
|
|
|
|
2001
|
|
1987
|
|
—
|
|
165,928
|
|
100.0%
|
|
30.35
|
|
Trader Joe's
|
|
PETCO, Beverages & More!, Ross Dress For Less, DB Shoe Company, Marshalls
|
San Leandro Plaza
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1982
|
|
—
|
|
50,432
|
|
100.0%
|
|
31.83
|
|
(Safeway)
|
|
(Longs Drug)
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Sequoia Station
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1996
|
|
21,100
|
|
103,148
|
|
100.0%
|
|
35.37
|
|
(Safeway)
|
|
Longs Drug, Barnes & Noble, Old Navy, Pier 1
|
Strawflower Village
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1985
|
|
—
|
|
78,827
|
|
98.5%
|
|
18.91
|
|
Safeway
|
|
(Longs Drug)
|
Tassajara Crossing
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1990
|
|
19,800
|
|
146,140
|
|
98.9%
|
|
21.69
|
|
Safeway
|
|
Longs Drug, Tassajara Valley Hardware
|
Woodside Central
|
|
San Francisco-Oakland-Fremont
|
|
|
|
1999
|
|
1993
|
|
—
|
|
80,591
|
|
100.0%
|
|
21.39
|
|
(Target)
|
|
Chuck E. Cheese, Marshalls
|
Ygnacio Plaza
|
|
San Francisco-Oakland-Fremont
|
|
40%
|
|
2005
|
|
1968
|
|
28,851
|
|
109,701
|
|
97.2%
|
|
34.70
|
|
Fresh & Easy
|
|
Sports Basement
|
Blossom Valley
|
|
San Jose-Sunnyvale-Santa Clara
|
|
20%
|
|
1999
|
|
1990
|
|
10,257
|
|
93,316
|
|
100.0%
|
|
24.55
|
|
Safeway
|
|
CVS
|
Loehmanns Plaza California
|
|
San Jose-Sunnyvale-Santa Clara
|
|
|
|
1999
|
|
1983
|
|
—
|
|
113,310
|
|
100.0%
|
|
18.24
|
|
(Safeway)
|
|
Longs Drug, Loehmann's
|
Mariposa Shopping Center
|
|
San Jose-Sunnyvale-Santa Clara
|
|
40%
|
|
2005
|
|
1957
|
|
21,256
|
|
126,658
|
|
100.0%
|
|
18.71
|
|
Safeway
|
|
Longs Drug, Ross Dress for Less
|
Snell & Branham Plaza
|
|
San Jose-Sunnyvale-Santa Clara
|
|
40%
|
|
2005
|
|
1988
|
|
14,170
|
|
92,352
|
|
98.6%
|
|
16.94
|
|
Safeway
|
|
-
|
West Park Plaza
|
|
San Jose-Sunnyvale-Santa Clara
|
|
|
|
1999
|
|
1996
|
|
—
|
|
88,104
|
|
100.0%
|
|
16.97
|
|
Safeway
|
|
Rite Aid
|
Golden Hills Promenade
|
|
San Luis Obispo-Paso Robles
|
|
|
|
2006
|
|
2006
|
|
—
|
|
241,846
|
|
98.1%
|
|
6.72
|
|
Lowe's
|
|
Bed Bath & Beyond, TJ Maxx
|
Five Points Shopping Center
|
|
Santa Barbara-Santa Maria-Goleta
|
|
40%
|
|
2005
|
|
1960
|
|
28,076
|
|
144,553
|
|
96.2%
|
|
24.92
|
|
Albertsons
|
|
Longs Drug, Ross Dress for Less, Big 5 Sporting Goods, PETCO
|
East Washington Place
|
|
Santa Rosa-Petaluma
|
|
|
|
2011
|
|
2011
|
|
—
|
|
203,313
|
|
93.4%
|
|
23.31
|
|
(Target), Dick's Sporting Goods, TJ Maxx
|
|
-
|
Corral Hollow
|
|
Stockton
|
|
25%
|
|
2000
|
|
2000
|
|
21,300
|
|
167,184
|
|
99.0%
|
|
16.47
|
|
Safeway, Orchard Supply & Hardware
|
|
Longs Drug
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (CA)
|
|
|
|
|
|
|
|
|
|
559,584
|
|
8,282,660
|
|
96.4%
|
|
23.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLORADO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arapahoe Village
|
|
Boulder
|
|
40%
|
|
2005
|
|
1957
|
|
14,596
|
|
159,045
|
|
95.1%
|
|
16.56
|
|
Safeway
|
|
Jo-Ann Fabrics, PETCO, Pier 1 Imports, HomeGoods
|
Crossroads Commons
|
|
Boulder
|
|
20%
|
|
2001
|
|
1986
|
|
17,218
|
|
142,589
|
|
98.7%
|
|
25.20
|
|
Whole Foods
|
|
Barnes & Noble, Bicycle Village
|
Falcon Marketplace
|
|
Colorado Springs
|
|
|
|
2005
|
|
2005
|
|
—
|
|
22,491
|
|
78.7%
|
|
20.61
|
|
(Wal-Mart Supercenter)
|
|
-
|
Marketplace at Briargate
|
|
Colorado Springs
|
|
|
|
2006
|
|
2006
|
|
—
|
|
29,075
|
|
100.0%
|
|
26.89
|
|
(King Soopers)
|
|
-
|
Monument Jackson Creek
|
|
Colorado Springs
|
|
|
|
1998
|
|
1999
|
|
—
|
|
85,263
|
|
100.0%
|
|
11.10
|
|
King Soopers
|
|
-
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELAWARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
White Oak - Dover, DE
|
|
Dover
|
|
|
|
2000
|
|
2000
|
|
—
|
|
10,908
|
|
100.0%
|
|
32.73
|
|
-
|
|
Eckerd
|
Pike Creek
|
|
Philadelphia-Camden-Wilmington
|
|
|
|
1998
|
|
1981
|
|
—
|
|
231,603
|
|
94.6%
|
|
13.56
|
|
Acme Markets, K-Mart
|
|
Rite Aid
|
Shoppes of Graylyn
|
|
Philadelphia-Camden-Wilmington
|
|
40%
|
|
2005
|
|
1971
|
|
—
|
|
66,808
|
|
96.1%
|
|
22.24
|
|
-
|
|
Rite Aid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (DE)
|
|
|
|
|
|
|
|
|
|
—
|
|
309,319
|
|
95.1%
|
|
15.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLORIDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corkscrew Village
|
|
Cape Coral-Fort Myers
|
|
|
|
2007
|
|
1997
|
|
8,187
|
|
82,011
|
|
92.6%
|
|
12.68
|
|
Publix
|
|
-
|
Grande Oak
|
|
Cape Coral-Fort Myers
|
|
|
|
2000
|
|
2000
|
|
—
|
|
78,784
|
|
96.7%
|
|
14.39
|
|
Publix
|
|
-
|
Millhopper Shopping Center
|
|
Gainesville
|
|
|
|
1993
|
|
1974
|
|
—
|
|
80,421
|
|
83.5%
|
|
15.96
|
|
Publix
|
|
-
|
Newberry Square
|
|
Gainesville
|
|
|
|
1994
|
|
1986
|
|
—
|
|
180,524
|
|
89.8%
|
|
7.49
|
|
Publix, K-Mart
|
|
Jo-Ann Fabrics
|
Anastasia Plaza
|
|
Jacksonville
|
|
|
|
1993
|
|
1988
|
|
—
|
|
102,342
|
|
95.1%
|
|
11.77
|
|
Publix
|
|
-
|
Courtyard Shopping Center
|
|
Jacksonville
|
|
|
|
1993
|
|
1987
|
|
—
|
|
137,256
|
|
100.0%
|
|
3.33
|
|
(Publix), Target
|
|
-
|
Fleming Island
|
|
Jacksonville
|
|
|
|
1998
|
|
2000
|
|
417
|
|
136,663
|
|
83.2%
|
|
15.15
|
|
Publix, (Target)
|
|
PETCO
|
Hibernia Pavilion
|
|
Jacksonville
|
|
|
|
2006
|
|
2006
|
|
—
|
|
51,298
|
|
84.4%
|
|
15.84
|
|
Publix
|
|
-
|
Hibernia Plaza
|
|
Jacksonville
|
|
|
|
2006
|
|
2006
|
|
—
|
|
8,400
|
|
16.7%
|
|
10.00
|
|
-
|
|
(Walgreens)
|
John's Creek Center
|
|
Jacksonville
|
|
20%
|
|
2003
|
|
2004
|
|
7,835
|
|
75,101
|
|
87.9%
|
|
13.76
|
|
Publix
|
|
-
|
Julington Village
|
|
Jacksonville
|
|
20%
|
|
1999
|
|
1999
|
|
9,500
|
|
81,820
|
|
100.0%
|
|
14.58
|
|
Publix
|
|
(CVS)
|
Nocatee Town Center
|
|
Jacksonville
|
|
|
|
2007
|
|
2007
|
|
—
|
|
69,679
|
|
100.0%
|
|
14.02
|
|
Publix
|
|
-
|
Oakleaf Commons
|
|
Jacksonville
|
|
|
|
2006
|
|
2006
|
|
—
|
|
73,717
|
|
90.5%
|
|
13.45
|
|
Publix
|
|
(Walgreens)
|
Old St Augustine Plaza
|
|
Jacksonville
|
|
|
|
1996
|
|
1990
|
|
—
|
|
232,459
|
|
92.5%
|
|
7.74
|
|
Publix, Burlington Coat Factory, Hobby Lobby
|
|
-
|
Pine Tree Plaza
|
|
Jacksonville
|
|
|
|
1997
|
|
1999
|
|
—
|
|
63,387
|
|
97.8%
|
|
12.88
|
|
Publix
|
|
-
|
Plantation Plaza
|
|
Jacksonville
|
|
20%
|
|
2004
|
|
2004
|
|
10,500
|
|
77,747
|
|
88.0%
|
|
15.21
|
|
Publix
|
|
-
|
Seminole Shoppes
|
|
Jacksonville
|
|
|
|
2009
|
|
2009
|
|
9,000
|
|
73,241
|
|
100.0%
|
|
20.92
|
|
Publix
|
|
-
|
Shoppes at Bartram Park
|
|
Jacksonville
|
|
50%
|
|
2005
|
|
2004
|
|
—
|
|
126,458
|
|
95.7%
|
|
17.28
|
|
Publix, (Kohl's)
|
|
(Tutor Time)
|
Shoppes on Riverside
(4)
|
|
Jacksonville
|
|
|
|
2013
|
|
2013
|
|
—
|
|
49,870
|
|
48.9%
|
|
17.61
|
|
The Fresh Market
|
|
-
|
Shops at John's Creek
|
|
Jacksonville
|
|
|
|
2003
|
|
2004
|
|
—
|
|
15,490
|
|
91.6%
|
|
18.42
|
|
-
|
|
-
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Aventura Shopping Center
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1994
|
|
1974
|
|
—
|
|
102,876
|
|
73.7%
|
|
18.68
|
|
Publix
|
|
CVS
|
Boynton Lakes Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1997
|
|
1993
|
|
—
|
|
105,820
|
|
96.5%
|
|
14.96
|
|
Publix
|
|
Citi Trends, Pet Supermarket
|
Caligo Crossing
(7)
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
2007
|
|
2007
|
|
—
|
|
10,763
|
|
100.0%
|
|
42.74
|
|
(Kohl's)
|
|
-
|
Chasewood Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1993
|
|
1986
|
|
—
|
|
146,669
|
|
94.6%
|
|
22.85
|
|
Publix
|
|
Books-A-Million, Pet Smart
|
Five Points Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
25%
|
|
2005
|
|
2001
|
|
—
|
|
38,747
|
|
100.0%
|
|
15.30
|
|
Publix
|
|
-
|
Fountain Square
(4)
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
2013
|
|
2013
|
|
—
|
|
179,593
|
|
71.9%
|
|
21.62
|
|
Publix
|
|
Ross Dress for Less, TJ Maxx
|
Garden Square
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1997
|
|
1991
|
|
—
|
|
90,258
|
|
98.6%
|
|
15.60
|
|
Publix
|
|
CVS
|
Shoppes @ 104
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1998
|
|
1990
|
|
—
|
|
108,192
|
|
96.7%
|
|
16.09
|
|
Winn-Dixie
|
|
Navarro Discount Pharmacies
|
Welleby Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1996
|
|
1982
|
|
—
|
|
109,949
|
|
91.7%
|
|
11.35
|
|
Publix
|
|
Bealls
|
Wellington Town Square
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
|
|
1996
|
|
1982
|
|
12,800
|
|
107,325
|
|
95.5%
|
|
19.98
|
|
Publix
|
|
CVS
|
Berkshire Commons
|
|
Naples-Marco Island
|
|
|
|
1994
|
|
1992
|
|
7,500
|
|
110,062
|
|
97.8%
|
|
13.47
|
|
Publix
|
|
Walgreens
|
Naples Walk Shopping Center
|
|
Naples-Marco Island
|
|
|
|
2007
|
|
1999
|
|
15,524
|
|
125,390
|
|
82.5%
|
|
14.66
|
|
Publix
|
|
-
|
Pebblebrook Plaza
|
|
Naples-Marco Island
|
|
50%
|
|
2000
|
|
2000
|
|
—
|
|
76,767
|
|
100.0%
|
|
13.89
|
|
Publix
|
|
(Walgreens)
|
Starke
(7)
|
|
None
|
|
|
|
2000
|
|
2000
|
|
—
|
|
12,739
|
|
100.0%
|
|
24.65
|
|
-
|
|
CVS
|
Canopy Oak Center
|
|
Ocala
|
|
50%
|
|
2006
|
|
2006
|
|
—
|
|
90,042
|
|
91.8%
|
|
18.73
|
|
Publix
|
|
-
|
East Towne Center
|
|
Orlando
|
|
|
|
2002
|
|
2003
|
|
—
|
|
69,841
|
|
90.0%
|
|
13.49
|
|
Publix
|
|
-
|
Willa Springs
|
|
Orlando
|
|
20%
|
|
2000
|
|
2000
|
|
7,022
|
|
89,930
|
|
100.0%
|
|
17.86
|
|
Publix
|
|
-
|
Lynnhaven
|
|
Panama City-Lynn Haven
|
|
50%
|
|
2001
|
|
2001
|
|
—
|
|
63,871
|
|
95.6%
|
|
12.12
|
|
Publix
|
|
-
|
Carriage Gate
|
|
Tallahassee
|
|
|
|
1994
|
|
1978
|
|
—
|
|
74,284
|
|
80.1%
|
|
18.82
|
|
-
|
|
TJ Maxx
|
Ocala Corners
(7)
|
|
Tallahassee
|
|
|
|
2000
|
|
2000
|
|
5,211
|
|
86,772
|
|
97.9%
|
|
13.83
|
|
Publix
|
|
-
|
Bloomingdale Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
1998
|
|
1987
|
|
—
|
|
267,736
|
|
98.9%
|
|
9.26
|
|
Publix, Wal-Mart, Bealls
|
|
Ace Hardware
|
Kings Crossing Sun City
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
1999
|
|
1999
|
|
—
|
|
75,020
|
|
97.1%
|
|
12.27
|
|
Publix
|
|
-
|
Marketplace Shopping Center
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
1995
|
|
1983
|
|
—
|
|
90,296
|
|
80.7%
|
|
17.94
|
|
LA Fitness
|
|
-
|
Northgate Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
2007
|
|
1995
|
|
—
|
|
75,495
|
|
100.0%
|
|
13.28
|
|
Publix
|
|
-
|
Regency Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
1993
|
|
1986
|
|
—
|
|
351,688
|
|
97.0%
|
|
15.03
|
|
AMC Theater, Michaels, (Best Buy), (Macdill)
|
|
Dollar Tree, Marshalls, Shoe Carnival, Staples, TJ Maxx, PETCO, Ulta
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Suncoast Crossing
(7)
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
2007
|
|
2007
|
|
—
|
|
117,885
|
|
90.8%
|
|
5.80
|
|
Kohl's, (Target)
|
|
-
|
Town Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
1997
|
|
1999
|
|
—
|
|
44,380
|
|
90.0%
|
|
26.74
|
|
-
|
|
PETCO, Pier 1 Imports
|
Village Center
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
1995
|
|
1993
|
|
—
|
|
181,651
|
|
78.5%
|
|
18.21
|
|
Publix
|
|
Walgreens, Stein Mart
|
Westchase
|
|
Tampa-St. Petersburg-Clearwater
|
|
|
|
2007
|
|
1998
|
|
7,529
|
|
78,998
|
|
100.0%
|
|
14.33
|
|
Publix
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (FL)
|
|
|
|
|
|
|
|
|
|
101,025
|
|
4,879,707
|
|
91.5%
|
|
14.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORGIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ashford Place
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1993
|
|
—
|
|
53,449
|
|
81.5%
|
|
19.48
|
|
-
|
|
Harbor Freight Tools
|
Briarcliff La Vista
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1962
|
|
—
|
|
39,204
|
|
100.0%
|
|
18.26
|
|
-
|
|
Michaels
|
Briarcliff Village
(7)
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1990
|
|
—
|
|
189,551
|
|
95.2%
|
|
14.89
|
|
Publix
|
|
Office Depot, Party City, Shoe Carnival, TJ Maxx
|
Buckhead Court
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1984
|
|
—
|
|
48,317
|
|
92.5%
|
|
15.81
|
|
|
|
-
|
Cambridge Square
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1996
|
|
1979
|
|
—
|
|
71,429
|
|
100.0%
|
|
13.82
|
|
Kroger
|
|
-
|
Cornerstone Square
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1990
|
|
—
|
|
80,406
|
|
95.7%
|
|
14.67
|
|
Aldi
|
|
CVS, Hancock Fabrics, Concentra
|
Delk Spectrum
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1998
|
|
1991
|
|
—
|
|
98,675
|
|
83.3%
|
|
14.99
|
|
Publix
|
|
Eckerd
|
Dunwoody Hall
|
|
Atlanta-Sandy Springs-Marietta
|
|
20%
|
|
1997
|
|
1986
|
|
6,857
|
|
85,899
|
|
96.3%
|
|
16.29
|
|
Publix
|
|
Eckerd
|
Dunwoody Village
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1975
|
|
—
|
|
120,758
|
|
97.2%
|
|
17.48
|
|
Fresh Market
|
|
Walgreens, Dunwoody Prep
|
Howell Mill Village
(7)
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
2004
|
|
1984
|
|
—
|
|
92,294
|
|
98.8%
|
|
18.66
|
|
Publix
|
|
Eckerd
|
Loehmanns Plaza Georgia
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1986
|
|
—
|
|
137,686
|
|
92.2%
|
|
21.10
|
|
-
|
|
Loehmann's, Office Max, Dance 101
|
Paces Ferry Plaza
(7)
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1987
|
|
—
|
|
61,698
|
|
89.5%
|
|
30.99
|
|
-
|
|
Harry Norman Realtors
|
Powers Ferry Square
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1987
|
|
—
|
|
97,897
|
|
99.3%
|
|
26.28
|
|
-
|
|
CVS, PETCO
|
Powers Ferry Village
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1997
|
|
1994
|
|
—
|
|
78,896
|
|
100.0%
|
|
11.97
|
|
Publix
|
|
Mardi Gras, Brush Creek Package
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Russell Ridge
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
1994
|
|
1995
|
|
—
|
|
98,559
|
|
91.4%
|
|
12.15
|
|
Kroger
|
|
-
|
Sandy Springs
|
|
Atlanta-Sandy Springs-Marietta
|
|
|
|
2012
|
|
2006
|
|
16,371
|
|
116,304
|
|
98.5%
|
|
19.67
|
|
-
|
|
Trader Joe's, Pier 1, Party City
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (GA)
|
|
|
|
|
|
|
|
|
|
23,228
|
|
1,471,022
|
|
94.7%
|
|
17.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ILLINOIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Civic Center Plaza
|
|
Chicago-Naperville-Joliet
|
|
40%
|
|
2005
|
|
1989
|
|
26,128
|
|
264,973
|
|
98.9%
|
|
10.94
|
|
Super H Mart, Home Depot
|
|
O'Reilly Automotive, King Spa
|
Geneva Crossing
|
|
Chicago-Naperville-Joliet
|
|
20%
|
|
2004
|
|
1997
|
|
10,900
|
|
123,182
|
|
98.8%
|
|
14.07
|
|
Dominick's
|
|
Goodwill
|
Glen Gate
(4)
|
|
Chicago-Naperville-Joliet
|
|
|
|
2013
|
|
2013
|
|
—
|
|
103,134
|
|
73.3%
|
|
22.50
|
|
Mariano's Fresh Market
|
|
-
|
Glen Oak Plaza
|
|
Chicago-Naperville-Joliet
|
|
|
|
2010
|
|
1967
|
|
—
|
|
62,616
|
|
100.0%
|
|
21.97
|
|
Trader Joe's
|
|
Walgreens, ENH Medical Offices
|
Hinsdale
|
|
Chicago-Naperville-Joliet
|
|
|
|
1998
|
|
1986
|
|
—
|
|
178,960
|
|
95.1%
|
|
13.03
|
|
Dominick's
|
|
Goodwill, Cardinal Fitness
|
McHenry Commons Shopping Center
|
|
Chicago-Naperville-Joliet
|
|
40%
|
|
2005
|
|
1988
|
|
9,089
|
|
99,448
|
|
92.6%
|
|
7.39
|
|
Hobby Lobby
|
|
Goodwill
|
Riverside Sq & River's Edge
|
|
Chicago-Naperville-Joliet
|
|
40%
|
|
2005
|
|
1986
|
|
15,835
|
|
169,435
|
|
100.0%
|
|
15.22
|
|
Dominick's
|
|
Ace Hardware, Party City
|
Roscoe Square
|
|
Chicago-Naperville-Joliet
|
|
40%
|
|
2005
|
|
1981
|
|
11,954
|
|
140,426
|
|
97.3%
|
|
18.97
|
|
Mariano's
|
|
Walgreens, Toys "R" Us
|
Shorewood Crossing
|
|
Chicago-Naperville-Joliet
|
|
20%
|
|
2004
|
|
2001
|
|
—
|
|
87,705
|
|
91.7%
|
|
14.13
|
|
Dominick's
|
|
-
|
Shorewood Crossing II
|
|
Chicago-Naperville-Joliet
|
|
20%
|
|
2007
|
|
2005
|
|
7,187
|
|
86,276
|
|
100.0%
|
|
13.57
|
|
-
|
|
Babies R Us, Staples, PETCO, Factory Card Outlet
|
Stonebrook Plaza Shopping Center
|
|
Chicago-Naperville-Joliet
|
|
40%
|
|
2005
|
|
1984
|
|
8,450
|
|
95,825
|
|
94.3%
|
|
11.59
|
|
Dominick's
|
|
-
|
Westbrook Commons
|
|
Chicago-Naperville-Joliet
|
|
|
|
2001
|
|
1984
|
|
—
|
|
123,855
|
|
91.3%
|
|
10.86
|
|
Dominick's
|
|
Goodwill
|
Willow Festival
(7)
|
|
Chicago-Naperville-Joliet
|
|
|
|
2010
|
|
2007
|
|
39,505
|
|
403,876
|
|
98.8%
|
|
16.39
|
|
Whole Foods, Lowe's
|
|
CVS, DSW Warehouse, HomeGoods, Recreational Equipment, Best Buy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (IL)
|
|
|
|
|
|
|
|
|
|
129,048
|
|
1,939,711
|
|
95.9%
|
|
14.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDIANA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport Crossing
|
|
Chicago-Naperville-Joliet
|
|
|
|
2006
|
|
2006
|
|
—
|
|
11,924
|
|
88.6%
|
|
17.46
|
|
(Kohl's)
|
|
-
|
Augusta Center
|
|
Chicago-Naperville-Joliet
|
|
|
|
2006
|
|
2006
|
|
—
|
|
14,533
|
|
90.1%
|
|
22.10
|
|
(Menards)
|
|
-
|
Shops on Main
(4)
|
|
Chicago-Naperville-Joliet
|
|
|
|
2013
|
|
2013
|
|
—
|
|
154,931
|
|
89.4%
|
|
13.34
|
|
Gordmans
|
|
Ross Dress for Less, HomeGoods, DSW
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Greenwood Springs
|
|
Indianapolis
|
|
|
|
2004
|
|
2004
|
|
—
|
|
28,028
|
|
100.0%
|
|
15.23
|
|
(Gander Mountain), (Wal-Mart Supercenter)
|
|
-
|
Willow Lake Shopping Center
|
|
Indianapolis
|
|
40%
|
|
2005
|
|
1987
|
|
—
|
|
85,923
|
|
80.0%
|
|
16.76
|
|
(Kroger)
|
|
-
|
Willow Lake West Shopping Center
|
|
Indianapolis
|
|
40%
|
|
2005
|
|
2001
|
|
—
|
|
52,961
|
|
97.0%
|
|
23.54
|
|
Trader Joe's
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (IN)
|
|
|
|
|
|
|
|
|
|
—
|
|
348,300
|
|
89.1%
|
|
15.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KENTUCKY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walton Towne Center
|
|
Cincinnati-Middletown
|
|
|
|
2007
|
|
2007
|
|
—
|
|
23,186
|
|
100.0%
|
|
17.71
|
|
(Kroger)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (KY)
|
|
|
|
|
|
|
|
|
|
—
|
|
23,186
|
|
100.0%
|
|
17.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MASSACHUSETTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fellsway Plaza
|
|
Boston-Cambridge-Quincy
|
|
|
|
2013
|
|
2008
|
|
28,100
|
|
148,717
|
|
100.0%
|
|
17.88
|
|
Stop & Shop
|
|
CW Price, Modells Sporting Goods
|
Shops at Saugus
|
|
Boston-Cambridge-Quincy
|
|
|
|
2006
|
|
2006
|
|
—
|
|
86,855
|
|
92.8%
|
|
27.96
|
|
Trader Joe's
|
|
La-Z-Boy, PetSmart
|
Twin City Plaza
|
|
Boston-Cambridge-Quincy
|
|
|
|
2006
|
|
2004
|
|
40,493
|
|
270,242
|
|
95.4%
|
|
16.95
|
|
Shaw's, Marshall's
|
|
Rite Aid, K&G Fashion, Dollar Tree, Gold's Gym, Extra Space Storage
|
Speedway Plaza
|
|
Worcester
|
|
20%
|
|
2006
|
|
1988
|
|
8,518
|
|
183,942
|
|
94.9%
|
|
10.61
|
|
Stop & Shop, Burlington Coat Factory
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (MA)
|
|
|
|
|
|
|
|
|
|
77,111
|
|
689,756
|
|
95.9%
|
|
18.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Festival at Woodholme
|
|
Baltimore-Towson
|
|
40%
|
|
2005
|
|
1986
|
|
22,001
|
|
81,016
|
|
95.3%
|
|
36.66
|
|
Trader Joe's
|
|
-
|
Parkville Shopping Center
|
|
Baltimore-Towson
|
|
40%
|
|
2005
|
|
1961
|
|
12,196
|
|
162,382
|
|
98.6%
|
|
14.88
|
|
Giant Food
|
|
Parkville Lanes, Castlewood Realty (Sub: Herit)
|
Southside Marketplace
|
|
Baltimore-Towson
|
|
40%
|
|
2005
|
|
1990
|
|
15,162
|
|
125,146
|
|
96.1%
|
|
16.93
|
|
Shoppers Food Warehouse
|
|
Rite Aid
|
Valley Centre
|
|
Baltimore-Towson
|
|
40%
|
|
2005
|
|
1987
|
|
19,591
|
|
219,549
|
|
100.0%
|
|
15.02
|
|
-
|
|
TJ Maxx, Ross Dress for Less, HomeGoods, Staples, PetSmart
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Village at Lee Airpark
(7)
|
|
Baltimore-Towson
|
|
|
|
2005
|
|
2005
|
|
—
|
|
87,557
|
|
100.0%
|
|
30.62
|
|
Giant Food, (Sunrise)
|
|
-
|
Bowie Plaza
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1966
|
|
—
|
|
102,904
|
|
93.8%
|
|
18.29
|
|
-
|
|
CVS, Fitness 4 Less
|
Burnt Mills
(7)
|
|
Washington-Arlington-Alexandria
|
|
20%
|
|
2013
|
|
2004
|
|
7,147
|
|
31,316
|
|
100.0%
|
|
34.00
|
|
-
|
|
-
|
Clinton Park
|
|
Washington-Arlington-Alexandria
|
|
20%
|
|
2003
|
|
2003
|
|
—
|
|
206,050
|
|
95.6%
|
|
9.44
|
|
Giant Food, Sears, (Toys "R" Us)
|
|
Fitness For Less
|
Cloppers Mill Village
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1995
|
|
—
|
|
137,098
|
|
96.1%
|
|
17.44
|
|
Shoppers Food Warehouse
|
|
CVS
|
Firstfield Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1978
|
|
—
|
|
22,328
|
|
88.8%
|
|
37.10
|
|
-
|
|
-
|
King Farm Village Center
|
|
Washington-Arlington-Alexandria
|
|
25%
|
|
2004
|
|
2001
|
|
27,500
|
|
118,326
|
|
92.5%
|
|
27.53
|
|
Safeway
|
|
-
|
Takoma Park
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1960
|
|
—
|
|
104,079
|
|
100.0%
|
|
11.78
|
|
Shoppers Food Warehouse
|
|
-
|
Watkins Park Plaza
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1985
|
|
—
|
|
111,141
|
|
100.0%
|
|
23.33
|
|
Safeway
|
|
CVS
|
Woodmoor Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1954
|
|
6,907
|
|
68,627
|
|
98.1%
|
|
26.26
|
|
-
|
|
CVS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (MD)
|
|
|
|
|
|
|
|
|
|
110,504
|
|
1,577,519
|
|
97.2%
|
|
20.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MICHIGAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Street Crossing
|
|
Ann Arbor
|
|
|
|
2006
|
|
2006
|
|
—
|
|
21,049
|
|
100.0%
|
|
18.77
|
|
(Wal-Mart)
|
|
-
|
Fenton Marketplace
|
|
Flint
|
|
|
|
1999
|
|
1999
|
|
—
|
|
97,275
|
|
43.3%
|
|
8.81
|
|
-
|
|
Michaels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Subtotal/Weighted Average (MI)
|
|
|
|
|
|
|
|
|
|
—
|
|
118,324
|
|
53.4%
|
|
12.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINNESOTA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apple Valley Square
|
|
Minneapolis-St. Paul-Bloomington
|
|
25%
|
|
2006
|
|
1998
|
|
16,000
|
|
184,841
|
|
95.2%
|
|
11.61
|
|
Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)
|
|
Savers, PETCO
|
Calhoun Commons
|
|
Minneapolis-St. Paul-Bloomington
|
|
25%
|
|
2011
|
|
1999
|
|
4,316
|
|
66,150
|
|
100.0%
|
|
22.13
|
|
Whole Foods
|
|
-
|
Colonial Square
|
|
Minneapolis-St. Paul-Bloomington
|
|
40%
|
|
2005
|
|
1959
|
|
10,090
|
|
93,248
|
|
98.7%
|
|
17.96
|
|
Lund's
|
|
-
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Rockford Road Plaza
|
|
Minneapolis-St. Paul-Bloomington
|
|
40%
|
|
2005
|
|
1991
|
|
—
|
|
207,209
|
|
98.7%
|
|
11.41
|
|
Kohl's
|
|
PetSmart, HomeGoods, TJ Maxx
|
Rockridge Center
|
|
Minneapolis-St. Paul-Bloomington
|
|
20%
|
|
2011
|
|
2006
|
|
14,539
|
|
125,213
|
|
97.0%
|
|
13.02
|
|
Cub Foods
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (MN)
|
|
|
|
|
|
|
|
|
|
44,945
|
|
676,661
|
|
97.6%
|
|
13.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSOURI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brentwood Plaza
|
|
St. Louis
|
|
|
|
2007
|
|
2002
|
|
—
|
|
60,452
|
|
100.0%
|
|
10.23
|
|
Schnucks
|
|
-
|
Bridgeton
|
|
St. Louis
|
|
|
|
2007
|
|
2005
|
|
—
|
|
70,762
|
|
100.0%
|
|
11.90
|
|
Schnucks, (Home Depot)
|
|
-
|
Dardenne Crossing
|
|
St. Louis
|
|
|
|
2007
|
|
1996
|
|
—
|
|
67,430
|
|
100.0%
|
|
10.81
|
|
Schnucks
|
|
-
|
Kirkwood Commons
|
|
St. Louis
|
|
|
|
2007
|
|
2000
|
|
11,510
|
|
209,703
|
|
100.0%
|
|
9.73
|
|
Wal-Mart, (Target), (Lowe's)
|
|
TJ Maxx, HomeGoods, Famous Footwear
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (MO)
|
|
|
|
|
|
|
|
|
|
11,510
|
|
408,347
|
|
100.0%
|
|
11.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH CAROLINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carmel Commons
|
|
Charlotte-Gastonia-Concord
|
|
|
|
1997
|
|
1979
|
|
—
|
|
132,651
|
|
92.5%
|
|
17.63
|
|
Fresh Market
|
|
Chuck E. Cheese, Party City, Rite Aid, Planet Fitness
|
Cochran Commons
|
|
Charlotte-Gastonia-Concord
|
|
20%
|
|
2007
|
|
2003
|
|
5,977
|
|
66,020
|
|
98.2%
|
|
15.44
|
|
Harris Teeter
|
|
(Walgreens)
|
Phillips Place
|
|
Charlotte-Gastonia-Concord
|
|
50%
|
|
2012
|
|
2005
|
|
44,500
|
|
133,059
|
|
99.3%
|
|
30.89
|
|
-
|
|
Phillips Place Theater, Dean & Deluca
|
Providence Commons
|
|
Charlotte-Gastonia-Concord
|
|
25%
|
|
2010
|
|
1994
|
|
—
|
|
77,315
|
|
100.0%
|
|
16.00
|
|
Harris Teeter
|
|
Rite Aid
|
Erwin Square
(4)
|
|
Durham-Chapel Hill
|
|
|
|
2012
|
|
2012
|
|
—
|
|
89,901
|
|
84.9%
|
|
15.20
|
|
Harris Teeter
|
|
-
|
Southpoint Crossing
|
|
Durham-Chapel Hill
|
|
|
|
1998
|
|
1998
|
|
—
|
|
103,240
|
|
97.1%
|
|
15.01
|
|
Kroger
|
|
-
|
Village Plaza
|
|
Durham-Chapel Hill
|
|
20%
|
|
2012
|
|
2008
|
|
8,000
|
|
74,530
|
|
100.0%
|
|
16.56
|
|
Whole Foods
|
|
PTA Thrift Shop
|
Woodcroft Shopping Center
|
|
Durham-Chapel Hill
|
|
|
|
1996
|
|
1984
|
|
—
|
|
89,833
|
|
98.7%
|
|
12.04
|
|
Food Lion
|
|
Triangle True Value Hardware
|
Cameron Village
|
|
Raleigh-Cary
|
|
30%
|
|
2004
|
|
1949
|
|
47,300
|
|
552,541
|
|
96.8%
|
|
18.29
|
|
Harris Teeter, Fresh Market
|
|
Eckerd, Talbots, Wake County Public Library, Great Outdoor Provision Co., York Properties, The Bargain Box, K&W Cafeteria, Johnson-Lambe Sporting Goods, Pier 1 Imports, Bevello, The Cheshire Cat Gallery
|
Colonnade Center
|
|
Raleigh-Cary
|
|
|
|
2009
|
|
2009
|
|
—
|
|
57,637
|
|
100.0%
|
|
26.36
|
|
Whole Foods
|
|
-
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Glenwood Village
|
|
Raleigh-Cary
|
|
|
|
1997
|
|
1983
|
|
—
|
|
42,864
|
|
96.8%
|
|
14.09
|
|
Harris Teeter
|
|
-
|
Harris Crossing
|
|
Raleigh-Cary
|
|
|
|
2007
|
|
2007
|
|
—
|
|
65,150
|
|
92.9%
|
|
8.63
|
|
Harris Teeter
|
|
-
|
Holly Park
|
|
Raleigh-Cary
|
|
|
|
2013
|
|
2009
|
|
—
|
|
159,871
|
|
98.6%
|
|
13.07
|
|
Trader Joe's
|
|
Ross Dress For Less, Staples, US Fitness Products, Overton's, Jerry's Arystsms, Pet Supplies Plus, RX Uniform
|
Lake Pine Plaza
|
|
Raleigh-Cary
|
|
|
|
1998
|
|
1997
|
|
—
|
|
87,690
|
|
95.2%
|
|
11.61
|
|
Kroger
|
|
-
|
Maynard Crossing
|
|
Raleigh-Cary
|
|
20%
|
|
1998
|
|
1997
|
|
8,935
|
|
122,782
|
|
92.8%
|
|
14.28
|
|
Kroger
|
|
-
|
Middle Creek Commons
|
|
Raleigh-Cary
|
|
|
|
2006
|
|
2006
|
|
—
|
|
73,634
|
|
96.7%
|
|
14.87
|
|
Lowes Foods
|
|
-
|
Shoppes of Kildaire
|
|
Raleigh-Cary
|
|
40%
|
|
2005
|
|
1986
|
|
18,474
|
|
145,101
|
|
97.2%
|
|
16.62
|
|
Trader Joe's
|
|
Home Comfort Furniture, Fitness Connection, Staples
|
Sutton Square
|
|
Raleigh-Cary
|
|
20%
|
|
2006
|
|
1985
|
|
—
|
|
101,025
|
|
98.7%
|
|
16.40
|
|
Fresh Market
|
|
Rite Aid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (NC)
|
|
|
|
|
|
|
|
|
|
133,186
|
|
2,174,844
|
|
96.5%
|
|
16.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW JERSEY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plaza Square
|
|
New York-Northern New Jersey-Long Island
|
|
40%
|
|
2005
|
|
1990
|
|
14,008
|
|
103,891
|
|
95.3%
|
|
21.81
|
|
Shop Rite
|
|
-
|
Haddon Commons
|
|
Philadelphia-Camden-Wilmington
|
|
40%
|
|
2005
|
|
1985
|
|
1,531
|
|
52,871
|
|
87.3%
|
|
6.35
|
|
Acme Markets
|
|
CVS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (NJ)
|
|
|
|
|
|
|
|
|
|
15,539
|
|
156,762
|
|
92.6%
|
|
16.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Grove Commons
|
|
New York-Northern New Jersey-Long Island
|
|
40%
|
|
2012
|
|
2008
|
|
33,236
|
|
141,382
|
|
100.0%
|
|
29.68
|
|
Whole Foods, LA Fitness
|
|
PETCO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (NY)
|
|
|
|
|
|
|
|
|
|
33,236
|
|
141,382
|
|
100.0%
|
|
29.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cherry Grove
|
|
Cincinnati-Middletown
|
|
|
|
1998
|
|
1997
|
|
—
|
|
195,513
|
|
97.9%
|
|
10.57
|
|
Kroger
|
|
Hancock Fabrics, Shoe Carnival, TJ Maxx
|
Hyde Park
|
|
Cincinnati-Middletown
|
|
|
|
1997
|
|
1995
|
|
—
|
|
396,720
|
|
95.9%
|
|
14.58
|
|
Kroger, Biggs
|
|
Walgreens, Jo-Ann Fabrics, Ace Hardware, Michaels, Staples
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Red Bank Village
|
|
Cincinnati-Middletown
|
|
|
|
2006
|
|
2006
|
|
—
|
|
164,318
|
|
100.0%
|
|
6.39
|
|
Wal-Mart
|
|
-
|
Regency Commons
|
|
Cincinnati-Middletown
|
|
|
|
2004
|
|
2004
|
|
—
|
|
30,770
|
|
94.5%
|
|
21.42
|
|
-
|
|
-
|
Westchester Plaza
|
|
Cincinnati-Middletown
|
|
|
|
1998
|
|
1988
|
|
—
|
|
88,181
|
|
95.3%
|
|
9.25
|
|
Kroger
|
|
-
|
East Pointe
|
|
Columbus
|
|
|
|
1998
|
|
1993
|
|
—
|
|
102,422
|
|
100.0%
|
|
9.08
|
|
Kroger
|
|
-
|
Kroger New Albany Center
|
|
Columbus
|
|
|
|
1999
|
|
1999
|
|
—
|
|
93,286
|
|
100.0%
|
|
11.15
|
|
Kroger
|
|
-
|
Maxtown Road (Northgate)
|
|
Columbus
|
|
|
|
1998
|
|
1996
|
|
—
|
|
85,100
|
|
100.0%
|
|
11.01
|
|
Kroger, (Home Depot)
|
|
-
|
Windmiller Plaza Phase I
|
|
Columbus
|
|
|
|
1998
|
|
1997
|
|
—
|
|
140,437
|
|
98.5%
|
|
8.91
|
|
Kroger
|
|
Sears Hardware
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (OH)
|
|
|
|
|
|
|
|
|
|
—
|
|
1,296,747
|
|
97.8%
|
|
11.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OREGON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corvallis Market Center
|
|
Corvallis
|
|
|
|
2006
|
|
2006
|
|
—
|
|
84,548
|
|
100.0%
|
|
19.12
|
|
Trader Joe's
|
|
TJ Maxx, Michael's
|
Northgate Marketplace
|
|
Medford
|
|
|
|
2011
|
|
2011
|
|
—
|
|
80,953
|
|
98.8%
|
|
20.94
|
|
Trader Joe's
|
|
REI, PETCO, Ulta Salon
|
Greenway Town Center
|
|
Portland-Vancouver-Beaverton
|
|
40%
|
|
2005
|
|
1979
|
|
10,021
|
|
93,101
|
|
94.8%
|
|
12.30
|
|
Whole Foods
|
|
Rite Aid, Dollar Tree
|
Murrayhill Marketplace
|
|
Portland-Vancouver-Beaverton
|
|
|
|
1999
|
|
1988
|
|
7,013
|
|
148,967
|
|
95.4%
|
|
15.38
|
|
Safeway
|
|
-
|
Sherwood Crossroads
|
|
Portland-Vancouver-Beaverton
|
|
|
|
1999
|
|
1999
|
|
—
|
|
87,966
|
|
94.2%
|
|
10.65
|
|
Safeway
|
|
-
|
Sunnyside 205
|
|
Portland-Vancouver-Beaverton
|
|
|
|
1999
|
|
1988
|
|
—
|
|
53,547
|
|
86.0%
|
|
25.14
|
|
-
|
|
-
|
Tanasbourne Market
(7)
|
|
Portland-Vancouver-Beaverton
|
|
|
|
2006
|
|
2006
|
|
—
|
|
71,000
|
|
100.0%
|
|
27.37
|
|
Whole Foods
|
|
-
|
Walker Center
|
|
Portland-Vancouver-Beaverton
|
|
|
|
1999
|
|
1987
|
|
—
|
|
89,610
|
|
94.0%
|
|
19.12
|
|
Bed Bath and Beyond
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (OR)
|
|
|
|
|
|
|
|
|
|
17,034
|
|
709,692
|
|
95.7%
|
|
18.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNSYLVANIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allen Street Shopping Center
|
|
Allentown-Bethlehem-Easton
|
|
40%
|
|
2005
|
|
1958
|
|
—
|
|
46,228
|
|
100.0%
|
|
13.94
|
|
Ahart's Market
|
|
-
|
Lower Nazareth Commons
|
|
Allentown-Bethlehem-Easton
|
|
|
|
2007
|
|
2007
|
|
—
|
|
90,210
|
|
100.0%
|
|
25.31
|
|
(Wegmans), (Target), Sports Authority
|
|
PETCO
|
Stefko Boulevard Shopping Center
(7)
|
|
Allentown-Bethlehem-Easton
|
|
40%
|
|
2005
|
|
1976
|
|
—
|
|
133,899
|
|
93.1%
|
|
9.92
|
|
Valley Farm Market
|
|
Dollar Tree
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Hershey
(7)
|
|
Harrisburg-Carlisle
|
|
|
|
2000
|
|
2000
|
|
—
|
|
6,000
|
|
100.0%
|
|
30.41
|
|
-
|
|
-
|
City Avenue Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
40%
|
|
2005
|
|
1960
|
|
21,204
|
|
159,406
|
|
76.7%
|
|
18.97
|
|
-
|
|
Ross Dress for Less, TJ Maxx
|
Gateway Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
|
|
2004
|
|
1960
|
|
—
|
|
214,213
|
|
99.3%
|
|
26.15
|
|
Trader Joe's
|
|
Staples, TJ Maxx, Famous Footwear, Jo-Ann Fabrics
|
Kulpsville Village Center
|
|
Philadelphia-Camden-Wilmington
|
|
|
|
2006
|
|
2006
|
|
—
|
|
14,820
|
|
100.0%
|
|
30.36
|
|
-
|
|
Walgreens
|
Mercer Square Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
40%
|
|
2005
|
|
1988
|
|
11,363
|
|
91,400
|
|
96.7%
|
|
20.98
|
|
Wies Markets
|
|
-
|
Newtown Square Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
40%
|
|
2005
|
|
1970
|
|
11,167
|
|
140,789
|
|
100.0%
|
|
15.80
|
|
Acme Markets
|
|
Rite Aid
|
Warwick Square Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
40%
|
|
2005
|
|
1999
|
|
9,992
|
|
89,680
|
|
98.0%
|
|
19.12
|
|
Giant Food
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (PA)
|
|
|
|
|
|
|
|
|
|
53,726
|
|
986,645
|
|
94.7%
|
|
22.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTH CAROLINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchants Village
|
|
Charleston-North Charleston
|
|
40%
|
|
1997
|
|
1997
|
|
10,142
|
|
79,649
|
|
100.0%
|
|
14.57
|
|
Publix
|
|
-
|
Orangeburg
|
|
Charleston-North Charleston
|
|
|
|
2006
|
|
2006
|
|
—
|
|
14,820
|
|
100.0%
|
|
23.01
|
|
-
|
|
Walgreens
|
Queensborough Shopping Center
|
|
Charleston-North Charleston
|
|
50%
|
|
1998
|
|
1993
|
|
—
|
|
82,333
|
|
100.0%
|
|
10.15
|
|
Publix
|
|
-
|
Buckwalter Village
|
|
Hilton Head Island-Beaufort
|
|
|
|
2006
|
|
2006
|
|
—
|
|
59,601
|
|
100.0%
|
|
14.53
|
|
Publix
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (SC)
|
|
|
|
|
|
|
|
|
|
10,142
|
|
236,403
|
|
100.0%
|
|
14.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNESSEE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dickson Tn
|
|
Nashville-Davidson--Murfreesboro
|
|
|
|
1998
|
|
1998
|
|
—
|
|
10,908
|
|
100.0%
|
|
20.35
|
|
-
|
|
Eckerd
|
Harpeth Village Fieldstone
|
|
Nashville-Davidson--Murfreesboro
|
|
|
|
1997
|
|
1998
|
|
—
|
|
70,091
|
|
100.0%
|
|
14.12
|
|
Publix
|
|
-
|
Lebanon Center
|
|
Nashville-Davidson--Murfreesboro
|
|
|
|
2006
|
|
2006
|
|
—
|
|
63,800
|
|
94.0%
|
|
12.28
|
|
Publix
|
|
-
|
Northlake Village
|
|
Nashville-Davidson--Murfreesboro
|
|
|
|
2000
|
|
1988
|
|
—
|
|
137,807
|
|
93.5%
|
|
12.61
|
|
Kroger
|
|
PETCO
|
Peartree Village
|
|
Nashville-Davidson--Murfreesboro
|
|
|
|
1997
|
|
1997
|
|
8,043
|
|
109,506
|
|
100.0%
|
|
18.09
|
|
Harris Teeter
|
|
PETCO, Office Max
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Subtotal/Weighted Average (TN)
|
|
|
|
|
|
|
|
|
|
8,043
|
|
392,112
|
|
96.7%
|
|
13.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hancock
|
|
Austin-Round Rock
|
|
|
|
1999
|
|
1998
|
|
—
|
|
410,438
|
|
98.2%
|
|
14.26
|
|
H.E.B., Sears
|
|
Twin Liquors, PETCO, 24 Hour Fitness
|
Market at Round Rock
|
|
Austin-Round Rock
|
|
|
|
1999
|
|
1987
|
|
—
|
|
122,646
|
|
87.1%
|
|
17.44
|
|
Sprout's Markets
|
|
Office Depot
|
North Hills
|
|
Austin-Round Rock
|
|
|
|
1999
|
|
1995
|
|
—
|
|
144,020
|
|
97.3%
|
|
20.99
|
|
H.E.B.
|
|
-
|
Tech Ridge Center
|
|
Austin-Round Rock
|
|
|
|
2011
|
|
2001
|
|
10,497
|
|
187,350
|
|
94.0%
|
|
20.48
|
|
H.E.B.
|
|
Office Depot, Petco
|
Bethany Park Place
|
|
Dallas-Fort Worth-Arlington
|
|
20%
|
|
1998
|
|
1998
|
|
5,747
|
|
98,906
|
|
100.0%
|
|
11.39
|
|
Kroger
|
|
-
|
Hickory Creek Plaza
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
2006
|
|
2006
|
|
—
|
|
28,134
|
|
93.6%
|
|
23.98
|
|
(Kroger)
|
|
-
|
Hillcrest Village
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
1999
|
|
1991
|
|
—
|
|
14,530
|
|
100.0%
|
|
44.40
|
|
-
|
|
-
|
Keller Town Center
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
1999
|
|
1999
|
|
—
|
|
120,319
|
|
88.7%
|
|
19.92
|
|
Tom Thumb
|
|
-
|
Lebanon/Legacy Center
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
2000
|
|
2002
|
|
—
|
|
56,435
|
|
100.0%
|
|
22.46
|
|
(Wal-Mart)
|
|
-
|
Market at Preston Forest
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
1999
|
|
1990
|
|
—
|
|
96,353
|
|
100.0%
|
|
19.49
|
|
Tom Thumb
|
|
-
|
Mockingbird Common
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
1999
|
|
1987
|
|
10,300
|
|
120,321
|
|
91.4%
|
|
16.96
|
|
Tom Thumb
|
|
Ogle School of Hair Design
|
Preston Oaks
(7)
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
2013
|
|
1991
|
|
—
|
|
103,503
|
|
93.8%
|
|
29.59
|
|
H.E.B. Central Market
|
|
Pier 1 Imports
|
Prestonbrook
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
1998
|
|
1998
|
|
6,800
|
|
91,537
|
|
98.5%
|
|
13.53
|
|
Kroger
|
|
-
|
Shiloh Springs
|
|
Dallas-Fort Worth-Arlington
|
|
20%
|
|
1998
|
|
1998
|
|
6,857
|
|
110,040
|
|
94.1%
|
|
14.24
|
|
Kroger
|
|
-
|
Signature Plaza
|
|
Dallas-Fort Worth-Arlington
|
|
|
|
2003
|
|
2004
|
|
—
|
|
32,415
|
|
72.3%
|
|
20.93
|
|
(Kroger)
|
|
-
|
Alden Bridge
|
|
Houston-Baytown-Sugar Land
|
|
20%
|
|
2002
|
|
1998
|
|
12,872
|
|
138,935
|
|
100.0%
|
|
18.91
|
|
Kroger
|
|
Walgreens
|
Cochran's Crossing
|
|
Houston-Baytown-Sugar Land
|
|
|
|
2002
|
|
1994
|
|
—
|
|
138,192
|
|
100.0%
|
|
16.88
|
|
Kroger
|
|
CVS
|
Indian Springs Center
|
|
Houston-Baytown-Sugar Land
|
|
50%
|
|
2002
|
|
2003
|
|
25,597
|
|
136,625
|
|
98.9%
|
|
19.96
|
|
H.E.B.
|
|
-
|
Panther Creek
|
|
Houston-Baytown-Sugar Land
|
|
|
|
2002
|
|
1994
|
|
—
|
|
166,077
|
|
100.0%
|
|
17.57
|
|
Randall's Food
|
|
CVS, Sears Paint & Hardware (Sublease Morelands), The Woodlands Childrens Museum
|
Southpark at Cinco Ranch
|
|
Houston-Baytown-Sugar Land
|
|
|
|
2012
|
|
2012
|
|
—
|
|
239,187
|
|
95.6%
|
|
11.17
|
|
Kroger, Academy
|
|
-
|
Sterling Ridge
|
|
Houston-Baytown-Sugar Land
|
|
|
|
2002
|
|
2000
|
|
13,900
|
|
128,643
|
|
100.0%
|
|
19.03
|
|
Kroger
|
|
CVS
|
Sweetwater Plaza
|
|
Houston-Baytown-Sugar Land
|
|
20%
|
|
2001
|
|
2000
|
|
11,405
|
|
134,045
|
|
99.1%
|
|
16.39
|
|
Kroger
|
|
Walgreens
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Weslayan Plaza East
|
|
Houston-Baytown-Sugar Land
|
|
40%
|
|
2005
|
|
1969
|
|
—
|
|
169,693
|
|
100.0%
|
|
16.11
|
|
-
|
|
Berings, Ross Dress for Less, Michaels, Berings Warehouse, Chuck E. Cheese, The Next Level Fitness, Spec's Liquor, Bike Barn
|
Weslayan Plaza West
|
|
Houston-Baytown-Sugar Land
|
|
40%
|
|
2005
|
|
1969
|
|
39,961
|
|
185,964
|
|
99.2%
|
|
17.21
|
|
Randall's Food
|
|
Walgreens, PETCO, Jo Ann's, Office Max, Tuesday Morning
|
Westwood Village
|
|
Houston-Baytown-Sugar Land
|
|
|
|
2006
|
|
2006
|
|
—
|
|
183,547
|
|
98.2%
|
|
17.96
|
|
(Target)
|
|
Gold's Gym, PetSmart, Office Max, Ross Dress For Less, TJ Maxx
|
Woodway Collection
|
|
Houston-Baytown-Sugar Land
|
|
40%
|
|
2005
|
|
1974
|
|
9,163
|
|
96,224
|
|
95.8%
|
|
25.11
|
|
Whole Foods
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (TX)
|
|
|
|
|
|
|
|
|
|
153,099
|
|
3,454,079
|
|
96.8%
|
|
17.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIRGINIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hollymead Town Center
|
|
Charlottesville
|
|
20%
|
|
2003
|
|
2004
|
|
21,545
|
|
153,739
|
|
96.9%
|
|
22.04
|
|
Harris Teeter, (Target)
|
|
Petsmart
|
Culpeper Colonnade
|
|
Culpeper
|
|
|
|
2006
|
|
2006
|
|
—
|
|
171,446
|
|
100.0%
|
|
15.95
|
|
Martin's, Dick's Sporting Goods, (Target)
|
|
PetSmart, Staples
|
Gayton Crossing
|
|
Richmond
|
|
40%
|
|
2005
|
|
1983
|
|
15,391
|
|
156,917
|
|
88.6%
|
|
13.85
|
|
Martin's, (Kroger)
|
|
-
|
Hanover Village Shopping Center
|
|
Richmond
|
|
40%
|
|
2005
|
|
1971
|
|
—
|
|
88,006
|
|
83.8%
|
|
8.24
|
|
-
|
|
Tractor Supply Company, Floor Trader
|
Village Shopping Center
|
|
Richmond
|
|
40%
|
|
2005
|
|
1948
|
|
16,583
|
|
111,177
|
|
96.3%
|
|
21.18
|
|
Martin's
|
|
CVS
|
Ashburn Farm Market Center
|
|
Washington-Arlington-Alexandria
|
|
|
|
2000
|
|
2000
|
|
—
|
|
91,905
|
|
100.0%
|
|
22.88
|
|
Giant Food
|
|
-
|
Ashburn Farm Village Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1996
|
|
—
|
|
88,897
|
|
100.0%
|
|
14.90
|
|
Shoppers Food Warehouse
|
|
-
|
Braemar Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
25%
|
|
2004
|
|
2004
|
|
12,076
|
|
96,439
|
|
96.9%
|
|
19.60
|
|
Safeway
|
|
-
|
Centre Ridge Marketplace
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1996
|
|
14,025
|
|
104,100
|
|
98.8%
|
|
17.57
|
|
Shoppers Food Warehouse
|
|
Sears
|
Fairfax Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
|
|
2007
|
|
1955
|
|
—
|
|
75,711
|
|
86.3%
|
|
13.56
|
|
-
|
|
Direct Furniture
|
Festival at Manchester Lakes
(7)
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1990
|
|
23,999
|
|
165,130
|
|
100.0%
|
|
24.19
|
|
Shoppers Food Warehouse
|
|
-
|
Fox Mill Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1977
|
|
16,846
|
|
103,269
|
|
100.0%
|
|
21.86
|
|
Giant Food
|
|
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Greenbriar Town Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1972
|
|
52,015
|
|
339,939
|
|
96.4%
|
|
23.30
|
|
Giant Food
|
|
CVS, HMY Roomstore, Total Beverage, Ross Dress for Less, Marshalls, PETCO
|
Kamp Washington Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1960
|
|
—
|
|
71,924
|
|
87.0%
|
|
35.72
|
|
-
|
|
Golfsmith
|
Kings Park Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1966
|
|
14,235
|
|
74,496
|
|
95.6%
|
|
25.60
|
|
Giant Food
|
|
CVS
|
Lorton Station Marketplace
|
|
Washington-Arlington-Alexandria
|
|
20%
|
|
2006
|
|
2005
|
|
24,375
|
|
132,445
|
|
98.8%
|
|
20.72
|
|
Shoppers Food Warehouse
|
|
Advanced Design Group
|
Lorton Town Center
|
|
Washington-Arlington-Alexandria
|
|
20%
|
|
2006
|
|
2005
|
|
—
|
|
51,807
|
|
91.6%
|
|
24.76
|
|
-
|
|
ReMax
|
Saratoga Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1977
|
|
11,461
|
|
113,013
|
|
100.0%
|
|
18.21
|
|
Giant Food
|
|
-
|
Shops at County Center
|
|
Washington-Arlington-Alexandria
|
|
|
|
2005
|
|
2005
|
|
—
|
|
96,695
|
|
92.2%
|
|
19.92
|
|
Harris Teeter
|
|
-
|
Shops at Stonewall
|
|
Washington-Arlington-Alexandria
|
|
|
|
2007
|
|
2011
|
|
—
|
|
307,845
|
|
99.6%
|
|
16.14
|
|
Wegmans, Dick's Sporting Goods
|
|
Staples, Ross Dress For Less, Bed Bath & Beyond, Michaels
|
Signal Hill
|
|
Washington-Arlington-Alexandria
|
|
20%
|
|
2003
|
|
2004
|
|
12,731
|
|
95,172
|
|
100.0%
|
|
19.33
|
|
Shoppers Food Warehouse
|
|
-
|
Town Center at Sterling Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1980
|
|
—
|
|
186,531
|
|
98.2%
|
|
18.34
|
|
Giant Food
|
|
Fitness Evolution, Hockey Giant
|
Tysons CVS
|
|
Washington-Arlington-Alexandria
|
|
50%
|
|
2012
|
|
2012
|
|
11,329
|
|
12,900
|
|
100.0%
|
|
95.35
|
|
-
|
|
CVS
|
Village Center at Dulles
|
|
Washington-Arlington-Alexandria
|
|
20%
|
|
2002
|
|
1991
|
|
43,011
|
|
297,572
|
|
98.3%
|
|
23.10
|
|
Shoppers Food Warehouse, Gold's Gym
|
|
CVS, Advance Auto Parts, Chuck E. Cheese, Staples, Goodwill, Tuesday Morning
|
Willston Centre I
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1952
|
|
—
|
|
105,376
|
|
96.6%
|
|
23.83
|
|
-
|
|
CVS, Baileys Health Care
|
Willston Centre II
|
|
Washington-Arlington-Alexandria
|
|
40%
|
|
2005
|
|
1986
|
|
27,000
|
|
135,862
|
|
98.6%
|
|
22.36
|
|
Safeway, (Target)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (VA)
|
|
|
|
|
|
|
|
|
|
316,622
|
|
3,428,313
|
|
96.8%
|
|
20.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WASHINGTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aurora Marketplace
|
|
Seattle-Tacoma-Bellevue
|
|
40%
|
|
2005
|
|
1991
|
|
12,031
|
|
106,921
|
|
92.4%
|
|
15.39
|
|
Safeway
|
|
TJ Maxx
|
Cascade Plaza
|
|
Seattle-Tacoma-Bellevue
|
|
20%
|
|
1999
|
|
1999
|
|
14,816
|
|
211,072
|
|
86.6%
|
|
11.51
|
|
Safeway
|
|
Jo-Ann Fabrics, Ross Dress For Less, Big Lots, Fitness Evolution
|
Eastgate Plaza
|
|
Seattle-Tacoma-Bellevue
|
|
40%
|
|
2005
|
|
1956
|
|
10,579
|
|
78,230
|
|
95.8%
|
|
22.81
|
|
Albertsons
|
|
Rite Aid
|
Grand Ridge
|
|
Seattle-Tacoma-Bellevue
|
|
|
|
2012
|
|
2012
|
|
11,482
|
|
325,706
|
|
98.5%
|
|
21.06
|
|
Safeway, Regal Cinemas
|
|
Port Blakey
|
Property Name
|
|
CBSA
(1)
|
|
Ownership Interest
(2)
|
|
Year
Acquired
|
|
Year Construct-ed or Last Renovated
|
|
Mortgages or Encumbrances (000's)
|
|
Gross Leasable Area
(GLA)
|
|
Percent Leased
(3)
|
|
Average Base Rent
(Per SFT)
(5)
|
|
Grocer & Major Tenant(s) >40,000 Sq Ft
(6)
|
|
Other Junior Anchors > 10,000 Sq Ft
|
Inglewood Plaza
|
|
Seattle-Tacoma-Bellevue
|
|
|
|
1999
|
|
1985
|
|
—
|
|
17,253
|
|
100.0%
|
|
32.12
|
|
-
|
|
-
|
Overlake Fashion Plaza
(7)
|
|
Seattle-Tacoma-Bellevue
|
|
40%
|
|
2005
|
|
1987
|
|
12,570
|
|
80,555
|
|
98.5%
|
|
24.51
|
|
(Sears)
|
|
Marshalls
|
Pine Lake Village
|
|
Seattle-Tacoma-Bellevue
|
|
|
|
1999
|
|
1989
|
|
—
|
|
102,900
|
|
99.1%
|
|
21.10
|
|
Quality Foods
|
|
Rite Aid
|
Sammamish-Highlands
|
|
Seattle-Tacoma-Bellevue
|
|
|
|
1999
|
|
1992
|
|
—
|
|
101,289
|
|
99.5%
|
|
27.37
|
|
(Safeway)
|
|
Bartell Drugs
|
Southcenter
|
|
Seattle-Tacoma-Bellevue
|
|
|
|
1999
|
|
1990
|
|
—
|
|
58,282
|
|
93.8%
|
|
25.28
|
|
(Target)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (WA)
|
|
|
|
|
|
|
|
|
|
61,478
|
|
1,082,208
|
|
95.3%
|
|
21.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WISCONSIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Whitnall Square Shopping Center
|
|
Milwaukee-Waukesha-West Allis
|
|
40%
|
|
2005
|
|
1989
|
|
—
|
|
133,421
|
|
92.8%
|
|
7.90
|
|
Pick 'N' Save
|
|
Harbor Freight Tools, Dollar Tree
|
Racine Centre Shopping Center
|
|
Racine
|
|
40%
|
|
2005
|
|
1988
|
|
9,080
|
|
135,827
|
|
93.5%
|
|
7.49
|
|
Piggly Wiggly
|
|
Golds Gym, Factory Card Outlet, Dollar Tree
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal/Weighted Average (WI)
|
|
|
|
|
|
|
|
|
|
9,080
|
|
269,248
|
|
93.2%
|
|
7.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total/Weighted Average
|
|
|
|
|
|
|
|
|
|
$1,997,430
|
|
37,980,300
|
|
95.2%
|
|
$17.89
|
|
|
|
|
Item 5.
|
Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
|
|
|
2013
|
|
2012
|
||||||||||||||
Quarter Ended
|
|
High Price
|
|
Low Price
|
|
Cash Dividends Declared
|
|
High Price
|
|
Low Price
|
|
Cash Dividends Declared
|
||||||
March 31
|
$
|
53.55
|
|
|
47.19
|
|
|
0.4625
|
|
$
|
44.78
|
|
|
40.90
|
|
|
0.4625
|
|
June 30
|
|
59.35
|
|
|
45.32
|
|
|
0.4625
|
|
|
47.99
|
|
|
41.65
|
|
|
0.4625
|
|
September 30
|
|
54.69
|
|
|
45.63
|
|
|
0.4625
|
|
|
51.38
|
|
|
45.81
|
|
|
0.4625
|
|
December 31
|
|
53.48
|
|
|
45.31
|
|
|
0.4625
|
|
|
50.40
|
|
|
36.30
|
|
|
0.4625
|
|
|
|
Total Distribution per Share
|
|
Ordinary Dividends
|
|
Total Capital Gain Distributions
|
|
Nontaxable Distributions
|
|
Qualified Dividends (included in Ordinary Dividends)
|
|||||
2013
|
$
|
1.8500
|
|
|
1.7390
|
|
|
0.1110
|
|
|
—
|
|
|
0.4440
|
|
2012
|
|
1.8500
|
|
|
1.3135
|
|
|
0.0185
|
|
|
0.5180
|
|
|
—
|
|
|
|
12/08
|
12/09
|
12/10
|
12/11
|
12/12
|
12/13
|
|
|
|
|
|
|
|
|
Regency Centers Corporation
|
|
100.00
|
80.23
|
101.60
|
94.65
|
123.39
|
125.62
|
S&P 500
|
|
100.00
|
126.46
|
145.51
|
148.59
|
172.37
|
228.19
|
FTSE NAREIT Equity REITs
|
|
100.00
|
127.99
|
163.78
|
177.36
|
209.39
|
214.56
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
|||||
Operating data:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
489,007
|
|
|
473,929
|
|
|
470,449
|
|
|
440,725
|
|
|
450,854
|
|
|
Operating expenses
|
|
324,687
|
|
|
307,493
|
|
|
303,976
|
|
|
292,413
|
|
|
282,677
|
|
|
Total other expense (income)
|
|
111,741
|
|
|
131,240
|
|
|
136,317
|
|
|
140,275
|
|
|
209,328
|
|
|
Income before equity in income of investments in real estate partnerships
|
|
52,579
|
|
|
35,196
|
|
|
30,156
|
|
|
8,037
|
|
|
(41,151
|
)
|
|
Equity in income of investments in real estate partnerships
|
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
|
(12,884
|
)
|
|
(26,373
|
)
|
|
Income from continuing operations before tax
|
|
84,297
|
|
|
59,003
|
|
|
39,799
|
|
|
(4,847
|
)
|
|
(67,524
|
)
|
|
Income tax expense of taxable REIT subsidiary
|
|
—
|
|
|
13,224
|
|
|
2,994
|
|
|
(1,333
|
)
|
|
1,883
|
|
|
Income from continuing operations
|
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
|
(3,514
|
)
|
|
(69,407
|
)
|
|
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
|
15,522
|
|
|
21,014
|
|
|
Income before gain on sale of real estate
|
|
149,582
|
|
|
24,051
|
|
|
53,384
|
|
|
12,008
|
|
|
(48,393
|
)
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
|
993
|
|
|
19,357
|
|
|
Net income
|
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
|
13,001
|
|
|
(29,036
|
)
|
|
Income attributable to noncontrolling interests
|
|
(1,481
|
)
|
|
(342
|
)
|
|
(4,418
|
)
|
|
(4,185
|
)
|
|
(3,961
|
)
|
|
Net income attributable to the Company
|
|
149,804
|
|
|
25,867
|
|
|
51,370
|
|
|
8,816
|
|
|
(32,997
|
)
|
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(32,531
|
)
|
|
(19,675
|
)
|
|
(19,675
|
)
|
|
(19,675
|
)
|
|
Net income (loss) attributable to common stockholders
|
|
128,742
|
|
|
(6,664
|
)
|
|
31,695
|
|
|
(10,859
|
)
|
|
(52,672
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FFO
(1)
|
|
240,621
|
|
|
222,100
|
|
|
220,318
|
|
|
151,321
|
|
|
85,758
|
|
|
Core FFO
(1)
|
|
241,619
|
|
|
230,937
|
|
|
213,148
|
|
|
199,357
|
|
|
207,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) per common share - diluted (note 14):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
|
(0.33
|
)
|
|
(0.98
|
)
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
|
0.19
|
|
|
0.28
|
|
|
Net income (loss) attributable to common stockholders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
|
(0.14
|
)
|
|
(0.70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other information:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities
|
$
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
|
138,459
|
|
|
195,804
|
|
|
Net cash (used in) provided by investing activities
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
|
(184,457
|
)
|
|
51,545
|
|
|
Net cash used in financing activities
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
|
(32,797
|
)
|
|
(164,279
|
)
|
|
Dividends paid to common stockholders
|
|
168,095
|
|
|
164,747
|
|
|
160,479
|
|
|
149,117
|
|
|
159,670
|
|
|
Common dividends declared per share
|
|
1.85
|
|
|
1.85
|
|
|
1.85
|
|
|
1.85
|
|
|
2.11
|
|
|
Common stock outstanding including exchangeable operating partnership units
|
|
92,499
|
|
|
90,572
|
|
|
90,099
|
|
|
81,717
|
|
|
81,670
|
|
|
Ratio of earnings to fixed charges
(2)
|
|
1.8
|
|
|
1.6
|
|
|
1.5
|
|
|
1.3
|
|
|
0.9
|
|
(3)
|
Ratio of earnings to combined fixed charges and preference dividends
(2)
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
|
1.1
|
|
|
0.8
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate investments before accumulated depreciation
|
$
|
4,385,380
|
|
|
4,352,839
|
|
|
4,488,794
|
|
|
4,417,746
|
|
|
4,259,990
|
|
|
Total assets
|
|
3,913,516
|
|
|
3,853,458
|
|
|
3,987,071
|
|
|
3,994,539
|
|
|
3,992,228
|
|
|
Total debt
|
|
1,854,697
|
|
|
1,941,891
|
|
|
1,982,440
|
|
|
2,094,469
|
|
|
1,886,380
|
|
|
Total liabilities
|
|
2,052,382
|
|
|
2,107,547
|
|
|
2,117,417
|
|
|
2,250,137
|
|
|
2,061,621
|
|
|
Total stockholders’ equity
|
|
1,843,354
|
|
|
1,730,765
|
|
|
1,808,355
|
|
|
1,685,177
|
|
|
1,862,380
|
|
|
Total noncontrolling interests
|
|
17,780
|
|
|
15,146
|
|
|
61,299
|
|
|
59,225
|
|
|
68,227
|
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
|||||
Operating data:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
489,007
|
|
|
473,929
|
|
|
470,449
|
|
|
440,725
|
|
|
450,854
|
|
|
Operating expenses
|
|
324,687
|
|
|
307,493
|
|
|
303,976
|
|
|
292,413
|
|
|
282,677
|
|
|
Total other expense (income)
|
|
111,741
|
|
|
131,240
|
|
|
136,317
|
|
|
140,275
|
|
|
209,328
|
|
|
Income before equity in income of investments in real estate partnerships
|
|
52,579
|
|
|
35,196
|
|
|
30,156
|
|
|
8,037
|
|
|
(41,151
|
)
|
|
Equity in income of investments in real estate partnerships
|
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
|
(12,884
|
)
|
|
(26,373
|
)
|
|
Income from continuing operations before tax
|
|
84,297
|
|
|
59,003
|
|
|
39,799
|
|
|
(4,847
|
)
|
|
(67,524
|
)
|
|
Income tax expense of taxable REIT subsidiary
|
|
—
|
|
|
13,224
|
|
|
2,994
|
|
|
(1,333
|
)
|
|
1,883
|
|
|
Income from continuing operations
|
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
|
(3,514
|
)
|
|
(69,407
|
)
|
|
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
|
15,522
|
|
|
21,014
|
|
|
Income before gain on sale of real estate
|
|
149,582
|
|
|
24,051
|
|
|
53,384
|
|
|
12,008
|
|
|
(48,393
|
)
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
|
993
|
|
|
19,357
|
|
|
Net income
|
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
|
13,001
|
|
|
(29,036
|
)
|
|
Income attributable to noncontrolling interests
|
|
(1,205
|
)
|
|
(865
|
)
|
|
(590
|
)
|
|
(376
|
)
|
|
(452
|
)
|
|
Net income attributable to the Partnership
|
|
150,080
|
|
|
25,344
|
|
|
55,198
|
|
|
12,625
|
|
|
(29,488
|
)
|
|
Preferred unit distributions
|
|
(21,062
|
)
|
|
(31,902
|
)
|
|
(23,400
|
)
|
|
(23,400
|
)
|
|
(23,400
|
)
|
|
Net income (loss) attributable to common unit holders
|
|
129,018
|
|
|
(6,558
|
)
|
|
31,798
|
|
|
(10,775
|
)
|
|
(52,888
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FFO
(1)
|
|
240,621
|
|
|
222,100
|
|
|
220,318
|
|
|
151,321
|
|
|
85,758
|
|
|
Core FFO
(1)
|
|
241,619
|
|
|
230,937
|
|
|
213,148
|
|
|
199,357
|
|
|
207,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income (loss) per common unit - diluted (note 14):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
|
(0.33
|
)
|
|
(0.98
|
)
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
|
0.19
|
|
|
0.28
|
|
|
Net income (loss) attributable to common unit holders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
|
(0.14
|
)
|
|
(0.70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other information:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities
|
$
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
|
138,459
|
|
|
195,804
|
|
|
Net cash (used in) provided by investing activities
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
|
(184,457
|
)
|
|
51,545
|
|
|
Net cash used in financing activities
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
|
(32,797
|
)
|
|
(164,279
|
)
|
|
Distributions paid on common units
|
|
168,095
|
|
|
164,747
|
|
|
160,479
|
|
|
149,117
|
|
|
159,670
|
|
|
Ratio of earnings to fixed charges
(2)
|
|
1.8
|
|
|
1.6
|
|
|
1.5
|
|
|
1.3
|
|
|
0.9
|
|
(3)
|
Ratio of combined fixed charges and preference dividends to earnings
(2)
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
|
1.1
|
|
|
0.8
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate investments before accumulated depreciation
|
$
|
4,385,380
|
|
|
4,352,839
|
|
|
4,488,794
|
|
|
4,417,746
|
|
|
4,259,990
|
|
|
Total assets
|
|
3,913,516
|
|
|
3,853,458
|
|
|
3,987,071
|
|
|
3,994,539
|
|
|
3,992,228
|
|
|
Total debt
|
|
1,854,697
|
|
|
1,941,891
|
|
|
1,982,440
|
|
|
2,094,469
|
|
|
1,886,380
|
|
|
Total liabilities
|
|
2,052,382
|
|
|
2,107,547
|
|
|
2,117,417
|
|
|
2,250,137
|
|
|
2,061,621
|
|
|
Total partners’ capital
|
|
1,841,928
|
|
|
1,729,612
|
|
|
1,856,550
|
|
|
1,733,573
|
|
|
1,918,859
|
|
|
Total noncontrolling interests
|
|
19,206
|
|
|
16,299
|
|
|
13,104
|
|
|
10,829
|
|
|
11,748
|
|
|
•
|
reliable growth in NOI from a high-quality, growing portfolio of thriving, neighborhood and community shopping centers;
|
•
|
disciplined value-add development and redevelopment activities profitably creating and enhancing high-quality shopping centers;
|
•
|
a conservative balance sheet and track record of cost effectively accessing capital to withstand market volatility and efficiently fund investments; and,
|
•
|
an engaged and talented team of people guided by our culture.
|
•
|
Pre-development costs are incurred prior to land acquisition during the due diligence phase and include contract deposits, legal, engineering, and other professional fees related to evaluating the feasibility of developing a shopping center. If we determine it is probable that a specific project undergoing due diligence will not be developed, we immediately expense all related capitalized pre-development costs not considered recoverable.
|
•
|
Interest costs are capitalized to each development project based on applying our weighted average borrowing rate to that portion of the actual development costs expended. We cease interest cost capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor opens for business. During the years ended
December 31, 2013
,
2012
, and
2011
, we capitalized interest of $6.1 million, $3.7 million, and $1.5 million, respectively, on our development projects.
|
•
|
Real estate taxes are capitalized to each development project over the same period as we capitalize interest.
|
•
|
We have a staff of employees who directly support our development program. All direct internal costs attributable to these development activities are capitalized as part of each development project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended
December 31, 2013
,
2012
, and
|
|
|
December 31,
2013 |
|
December 31,
2012 |
Number of properties
|
|
202
|
|
204
|
Properties in development
|
|
6
|
|
4
|
Gross leasable area
|
|
22,472
|
|
22,532
|
Percent leased - operating and development
|
|
94.5%
|
|
94.1%
|
Percent leased - operating
|
|
95.0%
|
|
94.4%
|
Weighted average annual effective rent per SFT
(1)
|
$
|
17.40
|
|
16.95
|
|
|
December 31,
2013 |
|
December 31,
2012 |
Number of properties
|
|
126
|
|
144
|
Properties in development
|
|
—
|
|
—
|
Gross leasable area
|
|
15,508
|
|
17,762
|
Percent leased - operating
|
|
96.2%
|
|
95.2%
|
Weighted average annual effective rent per SFT
(1)
|
$
|
17.34
|
|
17.03
|
2013
|
||||||||||
|
|
Leasing Transactions
|
|
SFT (in thousands)
|
|
Base Rent / SF
|
|
Tenant Improvements / SF
|
|
Leasing Commissions / SF
|
New leases
|
|
603
|
|
1,642
|
|
$21.56
|
|
$6.72
|
|
$8.30
|
Renewals
|
|
968
|
|
2,442
|
|
$20.48
|
|
$0.36
|
|
$2.44
|
Total
|
|
1,571
|
|
4,084
|
|
$20.91
|
|
$2.92
|
|
$4.80
|
2012
|
||||||||||
|
|
Leasing Transactions
|
|
SFT (in thousands)
|
|
Base Rent / SF
|
|
Tenant Improvements / SF
|
|
Leasing Commissions / SF
|
New leases
|
|
695
|
|
2,143
|
|
$19.68
|
|
$4.33
|
|
$7.70
|
Renewals
|
|
1,105
|
|
2,967
|
|
$18.27
|
|
$0.32
|
|
$2.15
|
Total
|
|
1,800
|
|
5,110
|
|
$18.86
|
|
$2.00
|
|
$4.48
|
Grocery Anchor
|
|
Number of
Stores
(1)
|
|
Percentage of
Company
Owned GLA
(2)
|
|
Percentage of
Annualized
Base Rent
(2)
|
Kroger
|
(3)
|
56
|
|
8.6%
|
|
4.7%
|
Publix
|
|
50
|
|
7.0%
|
|
4.3%
|
Safeway
|
|
44
|
|
4.4%
|
|
2.7%
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Net cash provided by operating activities
|
$
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
Net cash (used in) provided by investing activities
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
Net cash used in financing activities
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
58,335
|
|
|
10,947
|
|
|
(5,659
|
)
|
Total cash and cash equivalents
|
$
|
80,684
|
|
|
22,349
|
|
|
11,402
|
|
•
|
We received proceeds of
$212.6 million
from the sale of
twelve
shopping centers and
ten
out-parcels;
|
•
|
We received distributions from our investments in real estate partnerships of
$87.1 million
, primarily related to the disposition of all operating properties within the Regency Retail Partners, LP (the "Fund") during August 2013 and
|
•
|
We paid
$107.8 million
for the acquisition of
three
shopping centers;
|
•
|
We received proceeds of
$27.4 million
upon the collection and sale of notes receivable; and,
|
•
|
We paid
$213.3 million
for the development, redevelopment, improvement, and leasing of our real estate properties as comprised of the following (in thousands):
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Capital expenditures:
|
|
|
|
|
|
|
|||
Acquisition of land for development / redevelopment
|
$
|
28,320
|
|
|
27,100
|
|
|
1,220
|
|
Building improvements and other
|
|
37,078
|
|
|
32,180
|
|
|
4,898
|
|
Tenant allowances
|
|
6,118
|
|
|
8,664
|
|
|
(2,546
|
)
|
Redevelopment costs
|
|
19,964
|
|
|
10,944
|
|
|
9,020
|
|
Development costs
|
|
104,662
|
|
|
71,702
|
|
|
32,960
|
|
Capitalized interest
|
|
6,078
|
|
|
3,686
|
|
|
2,392
|
|
Capitalized direct compensation
|
|
11,062
|
|
|
10,312
|
|
|
750
|
|
Real estate development and capital improvements
|
$
|
213,282
|
|
|
164,588
|
|
|
48,694
|
|
•
|
Capital expenditures for tenant allowances are highly correlated to occupancy levels and leasing activity on new leases. As occupancy improves, there is less vacant space to lease, which reduces our cash outflow on tenant allowances, which are generally highest with new leases. We leased
1.6 million
square feet of new leases for the year ended
December 31, 2013
as compared to
2.1 million
square feet of new leases for the year ended
December 31, 2012
.
|
•
|
The number and size of development projects in process (detailed below) increased during the year ended
December 31, 2013
, as compared to the year ended
December 31, 2012
, resulting in increased expenditures. East Washington Place and Grand Ridge Plaza, the largest two projects incurring costs during
2013
, had development costs of
$145.7 million
, and represented
$79.5 million
of
2013
development expenditures, which were both completed during the fourth quarter of
2013
.
|
•
|
Capitalized interest increases as development costs accumulate during the development period, which is why more interest costs were capitalized during 2013 than 2012.
|
Property Name
|
|
Location
|
|
Start Date
|
|
Estimated / Actual Anchor Opening
|
|
Estimated Net Development Costs After Partner Participation
(1)
|
|
Estimated Net Costs to Complete
(1)
|
|
Company Owned GLA
|
|
Cost per SFT of GLA
(1)
|
|
||||
Shops at Erwin Mill
|
|
Durham, NC
|
|
Q1-12
|
|
Nov-13
|
$
|
14,593
|
|
$
|
2,627
|
|
|
90
|
|
$
|
162
|
|
|
Juanita Tate Marketplace
|
|
Los Angeles, CA
|
|
Q2-13
|
|
Apr-14
|
|
17,189
|
|
|
10,566
|
|
|
77
|
|
|
223
|
|
|
Shops on Main
|
|
Schererville, IN
|
|
Q2-13
|
|
Apr-14
|
|
29,424
|
|
|
1,678
|
|
|
155
|
|
|
190
|
|
|
Fountain Square
|
|
Miami, FL
|
|
Q3-13
|
|
Nov-14
|
|
52,561
|
|
|
27,923
|
|
|
180
|
|
|
292
|
|
|
Glen Gate
|
|
Glenview, IL
|
|
Q4-13
|
|
Feb-15
|
|
29,725
|
|
|
21,069
|
|
|
103
|
|
|
289
|
|
|
Shoppes on Riverside
|
|
Jacksonville, FL
|
|
Q4-13
|
|
Oct-14
|
|
14,769
|
|
|
10,555
|
|
|
50
|
|
|
295
|
|
|
Total
|
|
|
|
|
|
|
$
|
158,261
|
|
$
|
74,418
|
|
|
655
|
|
$
|
242
|
|
(2)
|
Property Name
|
|
Location
|
|
Completion Date
|
|
Net Development Costs
(1)
|
|
Company Owned GLA
|
|
Cost per SFT of GLA
(1)
|
|||
East Washington Place
|
|
Petaluma, CA
|
|
Q4-13
|
$
|
56,892
|
|
|
203
|
|
$
|
280
|
|
Grand Ridge Plaza
|
|
Issaquah, WA
|
|
Q4-13
|
|
88,764
|
|
|
326
|
|
|
272
|
|
Southpark at Cinco Ranch
|
|
Katy, TX
|
|
Q4-13
|
|
30,625
|
|
|
239
|
|
|
128
|
|
Total
|
|
|
|
|
$
|
176,281
|
|
|
768
|
|
$
|
680
|
|
•
|
The Parent Company issued
1.9 million
shares of common stock through our ATM program, resulting in net proceeds of
$99.8 million
;
|
•
|
We repaid
$70.0 million
, net, on our Line and
$25.0 million
on our Term Loan; and
|
•
|
We paid dividends to our common and preferred stockholders of
$168.1 million
and
$21.1 million
, respectively.
|
|
|
2013
|
|
2012
|
||
Number of co-investment partnerships
|
|
17
|
|
19
|
||
Regency's ownership
|
|
20%-50%
|
|
20%-50%
|
||
Number of properties
|
|
126
|
|
144
|
||
Combined assets
|
$
|
2,939,599
|
|
|
3,434,954
|
|
Combined liabilities
|
$
|
1,617,920
|
|
|
1,933,488
|
|
Combined equity
|
$
|
1,321,679
|
|
|
1,501,466
|
|
Regency’s Share of
(1)(2)
:
|
|
|
|
|
||
Assets
|
$
|
1,035,842
|
|
|
1,154,387
|
|
Liabilities
|
$
|
567,743
|
|
|
635,882
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Asset management, property management, leasing, and investment and financing services
|
$
|
24.2
|
|
|
25.4
|
|
|
29.0
|
|
Transaction fees
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
$
|
24.2
|
|
|
25.4
|
|
|
34.0
|
|
•
|
Recorded debt premiums or discounts that are not obligations;
|
•
|
Obligations related to construction or development contracts, since payments are only due upon satisfactory performance under the contracts;
|
•
|
Letters of credit of
$19.3 million
issued to cover performance obligations on certain development projects, which will be satisfied upon completion of the development projects; and,
|
•
|
Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in Note 13 to the Consolidated Financial Statements.
|
|
|
Payments Due by Period
|
|
|
|||||||||||||||||
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Beyond 5 Years
|
|
Total
|
|||||||
Notes payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Regency
(1)
|
$
|
269,208
|
|
|
499,415
|
|
|
171,460
|
|
|
542,458
|
|
|
97,872
|
|
|
665,690
|
|
$
|
2,246,103
|
|
Regency's share of joint ventures
(1)
|
|
53,669
|
|
|
69,549
|
|
|
133,777
|
|
|
44,195
|
|
|
31,834
|
|
|
350,378
|
|
|
683,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Regency
|
|
4,410
|
|
|
4,314
|
|
|
3,683
|
|
|
1,966
|
|
|
814
|
|
|
1,955
|
|
|
17,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subleases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Regency
|
|
(236
|
)
|
|
(106
|
)
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(366
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ground leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Regency
|
|
3,623
|
|
|
3,248
|
|
|
3,247
|
|
|
3,198
|
|
|
3,250
|
|
|
113,118
|
|
|
129,684
|
|
Regency's share of joint ventures
|
|
242
|
|
|
242
|
|
|
242
|
|
|
242
|
|
|
242
|
|
|
7,740
|
|
|
8,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
330,916
|
|
|
576,662
|
|
|
312,385
|
|
|
592,059
|
|
|
134,012
|
|
|
1,138,881
|
|
$
|
3,084,915
|
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Minimum rent
|
$
|
353,833
|
|
|
340,940
|
|
|
12,893
|
|
Percentage rent
|
|
3,583
|
|
|
3,323
|
|
|
260
|
|
Recoveries from tenants and other income
|
|
106,494
|
|
|
103,155
|
|
|
3,339
|
|
Management, transaction, and other fees
|
|
25,097
|
|
|
26,511
|
|
|
(1,414
|
)
|
Total revenues
|
$
|
489,007
|
|
|
473,929
|
|
|
15,078
|
|
•
|
$17.8 million decrease due to the sale of a 15-property portfolio on July 25, 2012; offset by:
|
•
|
$22.5 million increase due to the acquisition of operating properties and operations beginning at development properties during
2013
and
2012
; and,
|
•
|
$8.2 million increase in minimum rent from same properties, which was driven by rental rate and occupancy growth and increases from contractual rent steps in existing leases.
|
•
|
$5.1 million decrease due to the sale of a 15-property portfolio on July 25, 2012; and,
|
•
|
$2.2 million decrease
as a result of final distributions from our terminated third party managed captive insurance program and establishing a consolidated captive insurance subsidiary during 2012;
|
•
|
$4.7 million increase due to the acquisition of operating properties and operations beginning at development properties during
2013
and
2012
; and,
|
•
|
$6.1 million increase in recoveries at same properties due to increased occupancy levels resulting in a higher recovery ratio on recoverable costs, which were also higher in 2013.
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Asset management fees
|
$
|
6,205
|
|
|
6,488
|
|
|
(283
|
)
|
Property management fees
|
|
13,692
|
|
|
14,224
|
|
|
(532
|
)
|
Leasing commissions and other fees
|
|
5,200
|
|
|
5,799
|
|
|
(599
|
)
|
|
$
|
25,097
|
|
|
26,511
|
|
|
(1,414
|
)
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Depreciation and amortization
|
$
|
130,630
|
|
|
119,008
|
|
|
11,622
|
|
Operating and maintenance
|
|
71,018
|
|
|
66,687
|
|
|
4,331
|
|
General and administrative
|
|
61,234
|
|
|
61,700
|
|
|
(466
|
)
|
Real estate taxes
|
|
53,726
|
|
|
52,911
|
|
|
815
|
|
Other expenses
|
|
8,079
|
|
|
7,187
|
|
|
892
|
|
Total operating expenses
|
$
|
324,687
|
|
|
307,493
|
|
|
17,194
|
|
•
|
$14.6 million decrease due to the sale of a 15-property portfolio on July 25, 2012; offset by:
|
•
|
$20.1 million increase due to the acquisition of operating properties and operations beginning at development properties during
2013
and
2012
; and,
|
•
|
$11.3 million increase at same properties, due to a number of factors, including:
|
◦
|
incremental snow removal costs from 2013 winter weather;
|
◦
|
increases in recurring operating and maintenance costs;
|
◦
|
additional depreciation expense resulting from capital improvements to existing centers;
|
◦
|
additional amortization of leasing commissions from the increase in recent years' leasing activity; and,
|
◦
|
increases in real estate tax assessments.
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Interest expense, net
|
$
|
108,966
|
|
|
112,129
|
|
|
(3,163
|
)
|
Provision for impairment
|
|
6,000
|
|
|
20,316
|
|
|
(14,316
|
)
|
Early extinguishment of debt
|
|
32
|
|
|
852
|
|
|
(820
|
)
|
Net investment (income) loss from deferred compensation plan
|
|
(3,257
|
)
|
|
(2,057
|
)
|
|
(1,200
|
)
|
|
$
|
111,741
|
|
|
131,240
|
|
|
(19,499
|
)
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Interest on notes payable
|
$
|
103,143
|
|
|
103,610
|
|
|
(467
|
)
|
Interest on unsecured credit facilities
|
|
3,937
|
|
|
4,388
|
|
|
(451
|
)
|
Capitalized interest
|
|
(6,078
|
)
|
|
(3,686
|
)
|
|
(2,392
|
)
|
Hedge interest
|
|
9,607
|
|
|
9,492
|
|
|
115
|
|
Interest income
|
|
(1,643
|
)
|
|
(1,675
|
)
|
|
32
|
|
|
$
|
108,966
|
|
|
112,129
|
|
|
(3,163
|
)
|
•
|
$3.5 million
increase from the GRIR partnership due to various factors, including: increased tenant percentage rent, recovery revenue rates, and settlement proceeds; coupled with lower interest expense as a result of paying off debt in 2012 and the loss on debt extinguishment and provision for impairment in 2012 that did not occur in 2013. These increases are offset by higher depreciation expense from redevelopments.
|
•
|
$6.8 million
decrease from the Columbia I partnership primarily due to our $6.9 million pro-rata gain on sale of an operating property that was sold in April 2012,
|
•
|
$7.5 million
increase from the Fund due to recognizing $7.4 million pro-rata gain on the sale of all operating properties within the Fund in August 2013, and
|
•
|
$2.3 million
increase from our ownership interest retained in BRET, as part of the 15-property portfolio sale completed in July 2012, which we redeemed 100% of our ownership interest for cash in October 2013.
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Income from continuing operations before tax
|
$
|
84,297
|
|
|
59,003
|
|
|
25,294
|
|
Income tax expense of taxable REIT subsidiary
|
|
—
|
|
|
13,224
|
|
|
(13,224
|
)
|
Discontinued operations
|
|
|
|
|
|
|
|||
Gain on sale of operating properties, net
|
|
57,953
|
|
|
21,855
|
|
|
36,098
|
|
Provision for impairment
|
|
—
|
|
|
54,500
|
|
|
(54,500
|
)
|
Operating income (loss), excluding provision for impairment
|
|
7,332
|
|
|
10,917
|
|
|
(3,585
|
)
|
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
87,013
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
(455
|
)
|
Income attributable to noncontrolling interests
|
|
(1,481
|
)
|
|
(342
|
)
|
|
(1,139
|
)
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(32,531
|
)
|
|
11,469
|
|
Net income (loss) attributable to common stockholders
|
$
|
128,742
|
|
|
(6,664
|
)
|
|
135,406
|
|
Net income attributable to exchangeable operating partnership units
|
|
276
|
|
|
106
|
|
|
170
|
|
Net income (loss) attributable to common unit holders
|
$
|
129,018
|
|
|
(6,558
|
)
|
|
135,576
|
|
|
|
2012
|
|
2011
|
|
Change
|
|||
Minimum rent
|
$
|
340,940
|
|
|
332,027
|
|
|
8,913
|
|
Percentage rent
|
|
3,323
|
|
|
2,989
|
|
|
334
|
|
Recoveries from tenants and other income
|
|
103,155
|
|
|
101,453
|
|
|
1,702
|
|
Management, transaction, and other fees
|
|
26,511
|
|
|
33,980
|
|
|
(7,469
|
)
|
Total revenues
|
$
|
473,929
|
|
|
470,449
|
|
|
3,480
|
|
•
|
$13.2 million decrease due to the sale of a 15-property portfolio on July 25, 2012; offset by:
|
•
|
$3.9 million increase due to the acquisition of operating properties and operations beginning at development properties during
2012
and
2011
; and,
|
•
|
$18.2 million increase in minimum rent from same properties, which was driven by rental rate and occupancy growth and increases from contractual rent steps in existing leases.
|
•
|
$6.5 million decrease due to the sale of a 15-property portfolio on July 25, 2012; offset by:
|
•
|
$3.5 million increase due to a change in the timing and amount of our captive insurance distribution;
|
•
|
$1.0 million increase due to the acquisition of operating properties and operations beginning at development properties during
2012
and
2011
; and,
|
•
|
$3.7 million increase in recoveries at same properties due to increased occupancy levels resulting in a higher recovery ratio on recoverable costs, which were also higher in
2012
.
|
|
|
2012
|
|
2011
|
|
Change
|
|||
Asset management fees
|
$
|
6,488
|
|
|
6,705
|
|
|
(217
|
)
|
Property management fees
|
|
14,224
|
|
|
14,910
|
|
|
(686
|
)
|
Leasing commissions and other fees
|
|
5,799
|
|
|
7,365
|
|
|
(1,566
|
)
|
Transaction fees
|
|
—
|
|
|
5,000
|
|
|
(5,000
|
)
|
|
$
|
26,511
|
|
|
33,980
|
|
|
(7,469
|
)
|
|
|
2012
|
|
2011
|
|
Change
|
|||
Depreciation and amortization
|
$
|
119,008
|
|
|
120,803
|
|
|
(1,795
|
)
|
Operating and maintenance
|
|
66,687
|
|
|
68,501
|
|
|
(1,814
|
)
|
General and administrative
|
|
61,700
|
|
|
56,117
|
|
|
5,583
|
|
Real estate taxes
|
|
52,911
|
|
|
52,039
|
|
|
872
|
|
Other expenses
|
|
7,187
|
|
|
6,516
|
|
|
671
|
|
Total operating expenses
|
$
|
307,493
|
|
|
303,976
|
|
|
3,517
|
|
•
|
$14.9 million decrease due to the sale of a 15-property portfolio on July 25, 2012; offset by:
|
•
|
$2.5 million increase due to the acquisition of operating properties and operations beginning at development properties during
2012
and
2011
; and,
|
•
|
$9.6 million increase at same properties, due to additional depreciation expense resulting from capital improvements to existing centers, additional amortization of leasing commissions from the increase in leasing activity, and increased real estate tax assessments, offset by less incremental operating expenses associated with mild winter weather during
2012
.
|
|
|
2012
|
|
2011
|
|
Change
|
|||
Interest expense, net
|
$
|
112,129
|
|
|
123,645
|
|
|
(11,516
|
)
|
Provision for impairment
|
|
20,316
|
|
|
12,466
|
|
|
7,850
|
|
Early extinguishment of debt
|
|
852
|
|
|
—
|
|
|
852
|
|
Net investment (income) loss from deferred compensation plan
|
|
(2,057
|
)
|
|
206
|
|
|
(2,263
|
)
|
|
$
|
131,240
|
|
|
136,317
|
|
|
(5,077
|
)
|
|
|
2012
|
|
2011
|
|
Change
|
|||
Interest on notes payable
|
$
|
103,610
|
|
|
116,343
|
|
|
(12,733
|
)
|
Interest on unsecured credit facilities
|
|
4,388
|
|
|
1,746
|
|
|
2,642
|
|
Capitalized interest
|
|
(3,686
|
)
|
|
(1,480
|
)
|
|
(2,206
|
)
|
Hedge interest
|
|
9,492
|
|
|
9,478
|
|
|
14
|
|
Interest income
|
|
(1,675
|
)
|
|
(2,442
|
)
|
|
767
|
|
|
$
|
112,129
|
|
|
123,645
|
|
|
(11,516
|
)
|
|
|
Ownership
|
|
2012
|
|
2011
|
|
Change
|
|||
GRI - Regency, LLC (GRIR)
|
|
40.00%
|
$
|
9,311
|
|
|
7,266
|
|
|
2,045
|
|
Macquarie CountryWide-Regency III, LLC (MCWR III)
|
|
24.95%
|
|
(22
|
)
|
|
(123
|
)
|
|
101
|
|
Macquarie CountryWide-Regency-DESCO, LLC (MCWR-DESCO)
(1)
|
|
—%
|
|
—
|
|
|
(293
|
)
|
|
293
|
|
Columbia Regency Retail Partners, LLC (Columbia I)
|
|
20.00%
|
|
8,480
|
|
|
2,775
|
|
|
5,705
|
|
Columbia Regency Partners II, LLC (Columbia II)
|
|
20.00%
|
|
290
|
|
|
179
|
|
|
111
|
|
Cameron Village, LLC (Cameron)
|
|
30.00%
|
|
596
|
|
|
322
|
|
|
274
|
|
RegCal, LLC (RegCal)
|
|
25.00%
|
|
540
|
|
|
1,904
|
|
|
(1,364
|
)
|
Regency Retail Partners, LP (the Fund)
|
|
20.00%
|
|
297
|
|
|
268
|
|
|
29
|
|
US Regency Retail I, LLC (USAA)
|
|
20.00%
|
|
297
|
|
|
243
|
|
|
54
|
|
BRE Throne Holdings, LLC (BRET)
|
|
47.80%
|
|
2,211
|
|
|
—
|
|
|
2,211
|
|
Other investments in real estate partnerships
|
|
50.00%
|
|
1,807
|
|
|
(2,898
|
)
|
|
4,705
|
|
Total investments in real estate partnerships
|
|
|
$
|
23,807
|
|
|
9,643
|
|
|
14,164
|
|
•
|
$5.7 million
increase from the Columbia I partnership primarily due to our share of a $34.5 million gain on sale of an operating property that was sold in April 2012,
|
•
|
$2.2 million
increase from our ownership interest retained in BRET, as part of the 15-property portfolio sale completed in July 2012, which we redeemed in October of 2013.
|
•
|
$4.6 million increase from an impairment recognized on one investment in a real estate partnership, included in other investments in real estate partnerships, during the first quarter of 2011.
|
|
|
2012
|
|
2011
|
|
Change
|
|||
Income from continuing operations before tax
|
$
|
59,003
|
|
|
39,799
|
|
|
19,204
|
|
Income tax expense of taxable REIT subsidiary
|
|
13,224
|
|
|
2,994
|
|
|
10,230
|
|
Discontinued operations
|
|
|
|
|
|
|
|||
Gain on sale of operating properties, net
|
|
21,855
|
|
|
5,942
|
|
|
15,913
|
|
Provision for impairment
|
|
54,500
|
|
|
3,416
|
|
|
51,084
|
|
Operating income (loss), excluding provision for impairment
|
|
10,917
|
|
|
14,053
|
|
|
(3,136
|
)
|
(Loss) income from discontinued operations
|
|
(21,728
|
)
|
|
16,579
|
|
|
(38,307
|
)
|
Gain on sale of real estate
|
|
2,158
|
|
|
2,404
|
|
|
(246
|
)
|
Income attributable to noncontrolling interests
|
|
(342
|
)
|
|
(4,418
|
)
|
|
4,076
|
|
Preferred stock dividends
|
|
(32,531
|
)
|
|
(19,675
|
)
|
|
(12,856
|
)
|
Net income (loss) attributable to common stockholders
|
$
|
(6,664
|
)
|
|
31,695
|
|
|
(38,359
|
)
|
Net income attributable to exchangeable operating partnership units
|
|
106
|
|
|
103
|
|
|
3
|
|
Net income (loss) attributable to common unit holders
|
$
|
(6,558
|
)
|
|
31,798
|
|
|
(38,356
|
)
|
|
NOI
is calculated as total property revenues (minimum rent, percentage rents, and recoveries from tenants and other income) less direct property operating expenses (operating and maintenance and real estate taxes) from the properties owned by us, and excludes corporate-level income (including management, transaction, and other fees), for the entirety of the periods presented.
|
•
|
Sa
me Property
information is provided for operating properties that were owned and operated for the entirety of both periods being compared and excludes all Properties in Development and Non-Same Properties. A Non-Same Property is a property acquired during either period being compared, a development completion that is less than 90% funded and 95% leased or features less than two years of anchor operations. Same Property also excludes projects in development, which represent projects owned and intended to be developed, including partially operating properties acquired specifically for redevelopment and excluding land held for future development. See note 1 to the consolidated financial statements for an expanded definition of properties in development.
|
•
|
Same Property NOI
includes NOI for Same Properties, but excludes straight-line rental income, net of reserves, above and below market rent amortization, banking charges, and other fees. Same Property NOI is a key measure used by management in evaluating the performance of our properties.
|
•
|
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 and losses from sales of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We compute 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 FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered an alternative for cash flow as a measure of liquidity.
|
•
|
Core FFO
is an additional performance measure we use as the computation of FFO includes certain non-cash and non-comparable items that affect our period-over-period performance. Core FFO excludes from FFO, but is not limited to, transaction profits, income or expense, gains or losses from the early extinguishment of debt and other non-core items. We provide a reconciliation of FFO to Core FFO as shown below.
|
|
|
2013
|
|
2012
|
||||||||||||||
|
|
Same Property
|
|
Other
(1)
|
|
Total
|
|
Same Property
|
|
Other
(1)
|
|
Total
|
||||||
Income from continuing operations before tax
|
$
|
193,108
|
|
|
(108,811
|
)
|
|
84,297
|
|
|
188,450
|
|
|
(129,447
|
)
|
|
59,003
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Management, transaction, and other fees
|
|
—
|
|
|
25,097
|
|
|
25,097
|
|
|
—
|
|
|
26,511
|
|
|
26,511
|
|
Other
(2)
|
|
9,608
|
|
|
(1,379
|
)
|
|
8,229
|
|
|
7,498
|
|
|
(594
|
)
|
|
6,904
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
111,688
|
|
|
18,942
|
|
|
130,630
|
|
|
104,723
|
|
|
14,285
|
|
|
119,008
|
|
General and administrative
|
|
—
|
|
|
61,234
|
|
|
61,234
|
|
|
—
|
|
|
61,700
|
|
|
61,700
|
|
Other operating expense, excluding provision for doubtful accounts
|
|
2,317
|
|
|
3,973
|
|
|
6,290
|
|
|
76
|
|
|
4,162
|
|
|
4,238
|
|
Other expense (income)
|
|
34,775
|
|
|
76,966
|
|
|
111,741
|
|
|
29,941
|
|
|
101,299
|
|
|
131,240
|
|
Equity in income (loss) of investments in real estate excluded from NOI
(3)
|
|
56,632
|
|
|
2,774
|
|
|
59,406
|
|
|
58,653
|
|
|
7,889
|
|
|
66,542
|
|
NOI from properties sold
|
|
—
|
|
|
10,866
|
|
|
10,866
|
|
|
—
|
|
|
19,475
|
|
|
19,475
|
|
Pro rata NOI
|
$
|
388,912
|
|
|
42,226
|
|
|
431,138
|
|
|
374,345
|
|
|
53,446
|
|
|
427,791
|
|
|
2013
|
|
2012
|
||||||
|
Properties
|
|
GLA
|
|
Properties
|
|
GLA
|
||
Beginning same property count
|
323
|
|
25,803
|
|
|
314
|
|
24,922
|
|
Acquired properties owned for entirety of comparable periods
|
6
|
|
476
|
|
|
3
|
|
465
|
|
Developments that reached completion by beginning of earliest comparable period presented
|
4
|
|
359
|
|
|
33
|
|
3,163
|
|
Disposed properties
|
(29
|
)
|
(1,683
|
)
|
|
(27
|
)
|
(2,736
|
)
|
SFT adjustments
(1)
|
—
|
|
154
|
|
|
|
(11
|
)
|
|
Ending same property count
|
304
|
|
25,109
|
|
|
323
|
|
25,803
|
|
|
|
2013
|
|
2012
|
|
Change
|
|||
Base rent
|
$
|
409,641
|
|
|
398,773
|
|
|
10,868
|
|
Percentage rent
|
|
4,788
|
|
|
4,038
|
|
|
750
|
|
Recovery revenue
|
|
116,716
|
|
|
109,190
|
|
|
7,526
|
|
Other income
|
|
6,849
|
|
|
6,537
|
|
|
312
|
|
Operating expenses
|
|
149,082
|
|
|
144,193
|
|
|
4,889
|
|
Pro rata same property NOI
|
$
|
388,912
|
|
|
374,345
|
|
|
14,567
|
|
|
|
2013
|
|
2012
|
||
Reconciliation of Net income to FFO
|
|
|
|
|
||
Net income (loss) attributable to common stockholders
|
$
|
128,742
|
|
|
(6,664
|
)
|
Adjustments to reconcile to FFO:
|
|
|
|
|
||
Depreciation and amortization - consolidated
|
|
111,689
|
|
|
108,057
|
|
Depreciation and amortization - unconsolidated
|
|
43,498
|
|
|
43,162
|
|
Consolidated joint venture partners' share of depreciation
|
|
(1,003
|
)
|
|
(755
|
)
|
Provision for impairment
(1)
|
|
6,000
|
|
|
75,326
|
|
Amortization of leasing commissions and intangibles
|
|
19,313
|
|
|
16,055
|
|
Gain on sale of operating properties, net of tax
(1)
|
|
(67,894
|
)
|
|
(13,187
|
)
|
Noncontrolling interest of exchangeable partnership units
|
|
276
|
|
|
106
|
|
FFO
|
$
|
240,621
|
|
|
222,100
|
|
Reconciliation of FFO to Core FFO
|
|
|
|
|
||
FFO
|
$
|
240,621
|
|
|
222,100
|
|
Adjustments to reconcile to Core FFO:
|
|
|
|
|
||
Transaction profits, net of dead deal costs and tax
(1)
|
|
1,344
|
|
|
(3,415
|
)
|
Provision for impairment to land and out-parcels
(1)
|
|
—
|
|
|
1,000
|
|
Provision for hedge ineffectiveness
(1)
|
|
(21
|
)
|
|
20
|
|
Loss on early debt extinguishment
(1)
|
|
(325
|
)
|
|
1,238
|
|
Original preferred stock issuance costs expensed
|
|
—
|
|
|
10,119
|
|
Gain on redemption of preferred units
|
|
—
|
|
|
(1,875
|
)
|
One-time additional preferred dividend payment
|
|
—
|
|
|
1,750
|
|
Core FFO
|
$
|
241,619
|
|
|
230,937
|
|
•
|
We have an
$800.0 million
Line commitment and a
$75.0 million
Term Loan commitment, as further described in Note 8 to the Consolidated Financial Statements. Our Line commitment has a variable interest rate that is based upon an annual rate of
LIBOR plus 117.5 basis points
and our Term Loan has a variable rate of
LIBOR plus 145 basis points
. LIBOR rates charged on our Line and Term Loan (collectively our "unsecured credit facilities") change monthly. The spread on the unsecured credit facilities is dependent upon maintaining specific credit ratings. If our credit ratings are downgraded, the spread on the unsecured credit facilities would increase, resulting in higher interest costs.
|
•
|
We are also exposed to changes in interest rates when we refinance our existing long-term fixed rate debt. The objective of our interest rate risk management program is to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, we borrow primarily at fixed interest rates and may enter into derivative financial instruments such as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes. Our interest rate swaps are structured solely for the purpose of interest rate protection.
|
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Fixed rate debt
|
$
|
163,632
|
|
|
418,182
|
|
|
27,148
|
|
|
489,396
|
|
|
61,103
|
|
|
579,909
|
|
|
1,739,370
|
|
|
1,899,404
|
|
Average interest rate for all fixed rate debt
(1)
|
|
5.72
|
%
|
|
5.87
|
%
|
|
5.87
|
%
|
|
5.82
|
%
|
|
5.77
|
%
|
|
5.77
|
%
|
|
—
|
|
|
—
|
|
Variable rate LIBOR debt
|
$
|
9,000
|
|
|
—
|
|
|
75,000
|
|
|
297
|
|
|
410
|
|
|
27,392
|
|
|
112,099
|
|
|
112,483
|
|
Average interest rate for all variable rate debt
(1)
|
|
2.20
|
%
|
|
2.20
|
%
|
|
3.70
|
%
|
|
3.70
|
%
|
|
3.70
|
%
|
|
3.70
|
%
|
|
—
|
|
|
—
|
|
|
|
Regency Centers Corporation:
|
|
|
|
Regency Centers, L.P.:
|
|
|
|
|
|
Financial Statement Schedule
|
|
|
|
2013
|
|
2012
|
||
Assets
|
|
|
|
|
||
Real estate investments at cost (notes 2 and 3):
|
|
|
|
|
||
Land
|
$
|
1,249,779
|
|
|
1,215,659
|
|
Buildings and improvements
|
|
2,590,302
|
|
|
2,502,186
|
|
Properties in development
|
|
186,450
|
|
|
192,067
|
|
|
|
4,026,531
|
|
|
3,909,912
|
|
Less: accumulated depreciation
|
|
844,873
|
|
|
782,749
|
|
|
|
3,181,658
|
|
|
3,127,163
|
|
Investments in real estate partnerships (note 4)
|
|
358,849
|
|
|
442,927
|
|
Net real estate investments
|
|
3,540,507
|
|
|
3,570,090
|
|
Cash and cash equivalents
|
|
80,684
|
|
|
22,349
|
|
Restricted cash
|
|
9,520
|
|
|
6,472
|
|
Accounts receivable, net of allowance for doubtful accounts of $3,922 and $3,915 at December 31, 2013 and 2012, respectively
|
|
26,319
|
|
|
26,601
|
|
Straight-line rent receivable, net of reserve of $547 and $870 at December 31, 2013 and 2012, respectively
|
|
50,612
|
|
|
49,990
|
|
Notes receivable (note 5)
|
|
11,960
|
|
|
23,751
|
|
Deferred costs, less accumulated amortization of $73,231 and $69,224 at December 31, 2013 and 2012, respectively
|
|
69,963
|
|
|
69,506
|
|
Acquired lease intangible assets, less accumulated amortization of $25,591 and $19,148 at December 31, 2013 and 2012, respectively (note 6)
|
|
44,805
|
|
|
42,459
|
|
Trading securities held in trust, at fair value (note 13)
|
|
26,681
|
|
|
23,429
|
|
Other assets (note 9)
|
|
52,465
|
|
|
18,811
|
|
Total assets
|
$
|
3,913,516
|
|
|
3,853,458
|
|
Liabilities and Equity
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Notes payable (note 8)
|
$
|
1,779,697
|
|
|
1,771,891
|
|
Unsecured credit facilities (note 8)
|
|
75,000
|
|
|
170,000
|
|
Accounts payable and other liabilities (note 9 and 13)
|
|
147,045
|
|
|
127,185
|
|
Acquired lease intangible liabilities, less accumulated accretion of $10,102 and $6,636 at December 31, 2013 and 2012, respectively (note 6)
|
|
26,729
|
|
|
20,325
|
|
Tenants’ security and escrow deposits and prepaid rent
|
|
23,911
|
|
|
18,146
|
|
Total liabilities
|
|
2,052,382
|
|
|
2,107,547
|
|
Commitments and contingencies (notes 15 and 16)
|
|
—
|
|
|
—
|
|
Equity:
|
|
|
|
|
||
Stockholders’ equity (notes 11 and 12):
|
|
|
|
|
||
Preferred stock, $0.01 par value per share, 30,000,000 shares authorized; 13,000,000 Series 6 and 7 shares issued and outstanding at December 31, 2013 and December 31, 2012, with liquidation preferences of $25 per share
|
|
325,000
|
|
|
325,000
|
|
Common stock $0.01 par value per share,150,000,000 shares authorized; 92,333,161 and 90,394,486 shares issued at December 31, 2013 and 2012, respectively
|
|
923
|
|
|
904
|
|
Treasury stock at cost, 373,042 and 335,347 shares held at December 31, 2013 and 2012, respectively
|
|
(16,726
|
)
|
|
(14,924
|
)
|
Additional paid in capital
|
|
2,426,477
|
|
|
2,312,310
|
|
Accumulated other comprehensive loss
|
|
(17,404
|
)
|
|
(57,715
|
)
|
Distributions in excess of net income
|
|
(874,916
|
)
|
|
(834,810
|
)
|
Total stockholders’ equity
|
|
1,843,354
|
|
|
1,730,765
|
|
Noncontrolling interests (note 11):
|
|
|
|
|
||
Exchangeable operating partnership units, aggregate redemption value of $7,676 and $8,348 at December 31, 2013 and 2012, respectively
|
|
(1,426
|
)
|
|
(1,153
|
)
|
Limited partners’ interests in consolidated partnerships
|
|
19,206
|
|
|
16,299
|
|
Total noncontrolling interests
|
|
17,780
|
|
|
15,146
|
|
Total equity
|
|
1,861,134
|
|
|
1,745,911
|
|
Total liabilities and equity
|
$
|
3,913,516
|
|
|
3,853,458
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Revenues:
|
|
|
|
|
|
|
|||
Minimum rent
|
$
|
353,833
|
|
|
340,940
|
|
|
332,027
|
|
Percentage rent
|
|
3,583
|
|
|
3,323
|
|
|
2,989
|
|
Recoveries from tenants and other income
|
|
106,494
|
|
|
103,155
|
|
|
101,453
|
|
Management, transaction, and other fees
|
|
25,097
|
|
|
26,511
|
|
|
33,980
|
|
Total revenues
|
|
489,007
|
|
|
473,929
|
|
|
470,449
|
|
Operating expenses:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
130,630
|
|
|
119,008
|
|
|
120,803
|
|
Operating and maintenance
|
|
71,018
|
|
|
66,687
|
|
|
68,501
|
|
General and administrative
|
|
61,234
|
|
|
61,700
|
|
|
56,117
|
|
Real estate taxes
|
|
53,726
|
|
|
52,911
|
|
|
52,039
|
|
Other expenses
|
|
8,079
|
|
|
7,187
|
|
|
6,516
|
|
Total operating expenses
|
|
324,687
|
|
|
307,493
|
|
|
303,976
|
|
Other expense (income):
|
|
|
|
|
|
|
|||
Interest expense, net of interest income of $1,643, $1,675, and $2,442 in 2013, 2012, and 2011, respectively (note 9)
|
|
108,966
|
|
|
112,129
|
|
|
123,645
|
|
Provision for impairment
|
|
6,000
|
|
|
20,316
|
|
|
12,466
|
|
Early extinguishment of debt
|
|
32
|
|
|
852
|
|
|
—
|
|
Net investment (income) loss from deferred compensation plan, including unrealized (gains) losses of $(2,231), $(888), and $567 in 2013, 2012, and 2011, respectively (note 13)
|
|
(3,257
|
)
|
|
(2,057
|
)
|
|
206
|
|
Total other expense (income)
|
|
111,741
|
|
|
131,240
|
|
|
136,317
|
|
Income before equity in income of investments in real estate partnerships
|
|
52,579
|
|
|
35,196
|
|
|
30,156
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
Income from continuing operations before tax
|
|
84,297
|
|
|
59,003
|
|
|
39,799
|
|
Income tax expense of taxable REIT subsidiary
|
|
—
|
|
|
13,224
|
|
|
2,994
|
|
Income from continuing operations
|
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
Discontinued operations, net (note 3):
|
|
|
|
|
|
|
|||
Operating income (loss)
|
|
7,332
|
|
|
(43,583
|
)
|
|
10,637
|
|
Gain on sale of operating properties, net
|
|
57,953
|
|
|
21,855
|
|
|
5,942
|
|
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
Income before gain on sale of real estate
|
|
149,582
|
|
|
24,051
|
|
|
53,384
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
Net income
|
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
Noncontrolling interests:
|
|
|
|
|
|
|
|||
Preferred units
|
|
—
|
|
|
629
|
|
|
(3,725
|
)
|
Exchangeable operating partnership units
|
|
(276
|
)
|
|
(106
|
)
|
|
(103
|
)
|
Limited partners’ interests in consolidated partnerships
|
|
(1,205
|
)
|
|
(865
|
)
|
|
(590
|
)
|
Income attributable to noncontrolling interests
|
|
(1,481
|
)
|
|
(342
|
)
|
|
(4,418
|
)
|
Net income attributable to the Company
|
|
149,804
|
|
|
25,867
|
|
|
51,370
|
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(32,531
|
)
|
|
(19,675
|
)
|
Net income (loss) attributable to common stockholders
|
$
|
128,742
|
|
|
(6,664
|
)
|
|
31,695
|
|
Income (loss) per common share - basic (note 14):
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common stockholders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
Income (loss) per common share - diluted (note 14):
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common stockholders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Net income
|
$
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|||
Loss on settlement of derivative instruments:
|
|
|
|
|
|
|
|||
Unrealized loss on derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loss on settlement of derivative instruments recognized in net income
|
|
9,466
|
|
|
9,466
|
|
|
9,467
|
|
Effective portion of change in fair value of derivative instruments:
|
|
|
|
|
|
|
|||
Effective portion of change in fair value of derivative instruments
|
|
30,985
|
|
|
4,220
|
|
|
11
|
|
Less: reclassification adjustment for change in fair value of derivative instruments included in net income
|
|
(33
|
)
|
|
25
|
|
|
7
|
|
Other comprehensive income
|
|
40,418
|
|
|
13,711
|
|
|
9,485
|
|
Comprehensive income
|
|
191,703
|
|
|
39,920
|
|
|
65,273
|
|
Less: comprehensive income (loss) attributable to noncontrolling interests:
|
|
|
|
|
|
|
|||
Net income attributable to noncontrolling interests
|
|
1,481
|
|
|
342
|
|
|
4,418
|
|
Other comprehensive income (loss) attributable to noncontrolling interests
|
|
107
|
|
|
(3
|
)
|
|
29
|
|
Comprehensive income attributable to noncontrolling interests
|
|
1,588
|
|
|
339
|
|
|
4,447
|
|
Comprehensive income attributable to the Company
|
$
|
190,115
|
|
|
39,581
|
|
|
60,826
|
|
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the
years
ended
December 31, 2013
,
2012
, and
2011
(in thousands, except per share data)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||
|
|
Preferred
Stock |
|
Common
Stock |
|
Treasury
Stock |
|
Additional
Paid In Capital |
|
Accumulated
Other Comprehensive Loss |
|
Distributions
in Excess of Net Income |
|
Total
Stockholders’ Equity |
|
Preferred Units
|
|
Exchangeable
Operating Partnership Units |
|
Limited
Partners’ Interest in Consolidated Partnerships |
|
Total
Noncontrolling Interests |
|
Total
Equity |
||||||||||||
Balance at December 31, 2010
|
$
|
275,000
|
|
|
819
|
|
|
(16,175
|
)
|
|
2,039,612
|
|
|
(80,885
|
)
|
|
(533,194
|
)
|
|
1,685,177
|
|
|
49,158
|
|
|
(762
|
)
|
|
10,829
|
|
|
59,225
|
|
|
1,744,402
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,370
|
|
|
51,370
|
|
|
3,725
|
|
|
103
|
|
|
590
|
|
|
4,418
|
|
|
55,788
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,456
|
|
|
—
|
|
|
9,456
|
|
|
—
|
|
|
20
|
|
|
9
|
|
|
29
|
|
|
9,485
|
|
Deferred compensation plan, net
|
|
—
|
|
|
—
|
|
|
978
|
|
|
16,865
|
|
|
—
|
|
|
—
|
|
|
17,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,843
|
|
Amortization of restricted stock issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,659
|
|
Common stock redeemed for taxes withheld for stock based compensation, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,689
|
)
|
|
—
|
|
|
—
|
|
|
(1,689
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,689
|
)
|
Common stock issued for dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,081
|
|
|
—
|
|
|
—
|
|
|
1,081
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,081
|
|
Common stock issued for stock offerings, net of issuance costs
|
|
—
|
|
|
80
|
|
|
—
|
|
|
215,289
|
|
|
—
|
|
|
—
|
|
|
215,369
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215,369
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,787
|
|
|
2,787
|
|
|
2,787
|
|
Distributions to partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,111
|
)
|
|
(1,111
|
)
|
|
(1,111
|
)
|
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred stock/unit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,675
|
)
|
|
(19,675
|
)
|
|
(3,725
|
)
|
|
—
|
|
|
—
|
|
|
(3,725
|
)
|
|
(23,400
|
)
|
Common stock/unit ($1.85 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(161,236
|
)
|
|
(161,236
|
)
|
|
—
|
|
|
(324
|
)
|
|
—
|
|
|
(324
|
)
|
|
(161,560
|
)
|
Balance at December 31, 2011
|
$
|
275,000
|
|
|
899
|
|
|
(15,197
|
)
|
|
2,281,817
|
|
|
(71,429
|
)
|
|
(662,735
|
)
|
|
1,808,355
|
|
|
49,158
|
|
|
(963
|
)
|
|
13,104
|
|
|
61,299
|
|
|
1,869,654
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,867
|
|
|
25,867
|
|
|
(629
|
)
|
|
106
|
|
|
865
|
|
|
342
|
|
|
26,209
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,714
|
|
|
—
|
|
|
13,714
|
|
|
—
|
|
|
28
|
|
|
(31
|
)
|
|
(3
|
)
|
|
13,711
|
|
Deferred compensation plan, net
|
|
—
|
|
|
—
|
|
|
273
|
|
|
(261
|
)
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
Amortization of restricted stock issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,526
|
|
|
—
|
|
|
—
|
|
|
11,526
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,526
|
|
Common stock redeemed for taxes withheld for stock based compensation, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,474
|
)
|
|
—
|
|
|
—
|
|
|
(1,474
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,474
|
)
|
Common stock issued for dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
988
|
|
Common stock issued for stock offerings, net of issuance costs
|
|
—
|
|
|
5
|
|
|
—
|
|
|
21,537
|
|
|
—
|
|
|
—
|
|
|
21,542
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,542
|
|
Redemption of preferred units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,125
|
)
|
|
—
|
|
|
—
|
|
|
(48,125
|
)
|
|
(48,125
|
)
|
Issuance of preferred stock, net of issuance costs
|
|
325,000
|
|
|
—
|
|
|
—
|
|
|
(11,100
|
)
|
|
—
|
|
|
—
|
|
|
313,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
313,900
|
|
Redemption of preferred stock
|
|
(275,000
|
)
|
|
—
|
|
|
—
|
|
|
9,277
|
|
|
—
|
|
|
(9,277
|
)
|
|
(275,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(275,000
|
)
|
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the
years
ended
December 31, 2012
,
2011
, and
2010
(in thousands, except per share data)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||
|
|
Preferred
Stock |
|
Common
Stock |
|
Treasury
Stock |
|
Additional
Paid In Capital |
|
Accumulated
Other Comprehensive Loss |
|
Distributions
in Excess of Net Income |
|
Total
Stockholders’ Equity |
|
Preferred Units
|
|
Exchangeable
Operating Partnership Units |
|
Limited
Partners’ Interest in Consolidated Partnerships |
|
Total
Noncontrolling Interests |
|
Total
Equity |
||||||||||||
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,362
|
|
|
3,362
|
|
|
3,362
|
|
Distributions to partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,001
|
)
|
|
(1,001
|
)
|
|
(1,001
|
)
|
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred stock/unit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,254
|
)
|
|
(23,254
|
)
|
|
(404
|
)
|
|
—
|
|
|
—
|
|
|
(404
|
)
|
|
(23,658
|
)
|
Common stock/unit ($1.85 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(165,411
|
)
|
|
(165,411
|
)
|
|
—
|
|
|
(324
|
)
|
|
—
|
|
|
(324
|
)
|
|
(165,735
|
)
|
Balance at December 31, 2012
|
$
|
325,000
|
|
|
904
|
|
|
(14,924
|
)
|
|
2,312,310
|
|
|
(57,715
|
)
|
|
(834,810
|
)
|
|
1,730,765
|
|
|
—
|
|
|
(1,153
|
)
|
|
16,299
|
|
|
15,146
|
|
|
1,745,911
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
149,804
|
|
|
149,804
|
|
|
—
|
|
|
276
|
|
|
1,205
|
|
|
1,481
|
|
|
151,285
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,311
|
|
|
—
|
|
|
40,311
|
|
|
—
|
|
|
75
|
|
|
32
|
|
|
107
|
|
|
40,418
|
|
Deferred compensation plan, net
|
|
—
|
|
|
—
|
|
|
(1,802
|
)
|
|
1,802
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of restricted stock issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,141
|
|
|
—
|
|
|
—
|
|
|
14,141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,141
|
|
Common stock redeemed for taxes withheld for stock based compensation, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,887
|
)
|
|
—
|
|
|
—
|
|
|
(2,887
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,887
|
)
|
Common stock issued for dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,075
|
|
|
—
|
|
|
—
|
|
|
1,075
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,075
|
|
Common stock issued for stock offerings, net of issuance costs
|
|
—
|
|
|
19
|
|
|
—
|
|
|
99,734
|
|
|
—
|
|
|
—
|
|
|
99,753
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,753
|
|
Common stock issued for partnership units exchanged
|
|
—
|
|
|
—
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
(302
|
)
|
|
—
|
|
|
(302
|
)
|
|
—
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,792
|
|
|
5,792
|
|
|
5,792
|
|
Distributions to partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,122
|
)
|
|
(4,122
|
)
|
|
(4,122
|
)
|
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred stock/unit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
Common stock/unit ($1.85 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(168,848
|
)
|
|
(168,848
|
)
|
|
—
|
|
|
(322
|
)
|
|
—
|
|
|
(322
|
)
|
|
(169,170
|
)
|
Balance at December 31, 2013
|
$
|
325,000
|
|
|
923
|
|
|
(16,726
|
)
|
|
2,426,477
|
|
|
(17,404
|
)
|
|
(874,916
|
)
|
|
1,843,354
|
|
|
—
|
|
|
(1,426
|
)
|
|
19,206
|
|
|
17,780
|
|
|
1,861,134
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Cash flows from operating activities:
|
|
|
|
|
|
|
|||
Net income
|
$
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
134,454
|
|
|
127,839
|
|
|
133,756
|
|
Amortization of deferred loan cost and debt premium
|
|
12,339
|
|
|
12,759
|
|
|
12,327
|
|
Amortization and (accretion) of above and below market lease intangibles, net
|
|
(2,488
|
)
|
|
(1,043
|
)
|
|
(931
|
)
|
Stock-based compensation, net of capitalization
|
|
12,191
|
|
|
9,806
|
|
|
9,824
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
(31,718
|
)
|
|
(23,807
|
)
|
|
(9,643
|
)
|
Net gain on sale of properties
|
|
(59,656
|
)
|
|
(24,013
|
)
|
|
(8,346
|
)
|
Provision for impairment
|
|
6,000
|
|
|
74,816
|
|
|
15,883
|
|
Early extinguishment of debt
|
|
32
|
|
|
852
|
|
|
—
|
|
Deferred income tax expense (benefit) of taxable REIT subsidiary
|
|
—
|
|
|
13,727
|
|
|
2,422
|
|
Distribution of earnings from operations of investments in real estate partnerships
|
|
45,377
|
|
|
44,809
|
|
|
43,361
|
|
(Gain) loss on derivative instruments
|
|
(19
|
)
|
|
(22
|
)
|
|
54
|
|
Deferred compensation expense (income)
|
|
3,294
|
|
|
2,069
|
|
|
(2,136
|
)
|
Realized and unrealized (gain) loss on trading securities held in trust (note 13)
|
|
(3,293
|
)
|
|
(2,095
|
)
|
|
184
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|||
Restricted cash
|
|
(62
|
)
|
|
(423
|
)
|
|
(651
|
)
|
Accounts receivable
|
|
(5,042
|
)
|
|
6,157
|
|
|
(3,108
|
)
|
Straight-line rent receivable, net
|
|
(5,459
|
)
|
|
(6,059
|
)
|
|
(4,642
|
)
|
Deferred leasing costs
|
|
(10,086
|
)
|
|
(12,642
|
)
|
|
(15,013
|
)
|
Other assets (note 9)
|
|
(1,866
|
)
|
|
(1,079
|
)
|
|
(3,393
|
)
|
Accounts payable and other liabilities (note 9 and 13)
|
|
(672
|
)
|
|
10,994
|
|
|
(17,892
|
)
|
Tenants’ security and escrow deposits and prepaid rent
|
|
6,120
|
|
|
(1,639
|
)
|
|
9,789
|
|
Net cash provided by operating activities
|
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|||
Acquisition of operating real estate
|
|
(107,790
|
)
|
|
(156,026
|
)
|
|
(70,629
|
)
|
Real estate development and capital improvements
|
|
(213,282
|
)
|
|
(164,588
|
)
|
|
(82,069
|
)
|
Proceeds from sale of real estate investments
|
|
212,632
|
|
|
352,707
|
|
|
86,233
|
|
Collection (issuance) of notes receivable
|
|
27,354
|
|
|
(552
|
)
|
|
(78
|
)
|
Investments in real estate partnerships (note 4)
|
|
(10,883
|
)
|
|
(66,663
|
)
|
|
(198,688
|
)
|
Distributions received from investments in real estate partnerships
|
|
87,111
|
|
|
38,353
|
|
|
188,514
|
|
Dividends on trading securities held in trust
|
|
194
|
|
|
245
|
|
|
225
|
|
Acquisition of securities
|
|
(19,144
|
)
|
|
(17,930
|
)
|
|
(19,377
|
)
|
Proceeds from sale securities
|
|
13,991
|
|
|
18,077
|
|
|
18,146
|
|
Net cash (used in) provided by investing activities
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|||
Net proceeds from common stock issuance
|
|
99,753
|
|
|
21,542
|
|
|
215,369
|
|
Net proceeds from issuance of preferred stock
|
|
—
|
|
|
313,900
|
|
|
—
|
|
Proceeds from sale of treasury stock
|
|
34
|
|
|
338
|
|
|
2,128
|
|
Acquisition of treasury stock
|
|
—
|
|
|
(4
|
)
|
|
(13
|
)
|
Redemption of preferred stock and partnership units
|
|
—
|
|
|
(323,125
|
)
|
|
—
|
|
Contributions from (distributions to) limited partners in consolidated partnerships, net
|
|
1,514
|
|
|
1,375
|
|
|
(735
|
)
|
Distributions to exchangeable operating partnership unit holders
|
|
(322
|
)
|
|
(324
|
)
|
|
(324
|
)
|
Distributions to preferred unit holders
|
|
—
|
|
|
(404
|
)
|
|
(3,725
|
)
|
Dividends paid to common stockholders
|
|
(167,773
|
)
|
|
(164,423
|
)
|
|
(160,155
|
)
|
Dividends paid to preferred stockholders
|
|
(21,062
|
)
|
|
(23,254
|
)
|
|
(19,675
|
)
|
Repayment of fixed rate unsecured notes
|
|
—
|
|
|
(192,377
|
)
|
|
(181,691
|
)
|
Proceeds from unsecured credit facilities
|
|
82,000
|
|
|
750,000
|
|
|
455,000
|
|
Repayment of unsecured credit facilities
|
|
(177,000
|
)
|
|
(620,000
|
)
|
|
(425,000
|
)
|
Proceeds from notes payable
|
|
36,350
|
|
|
—
|
|
|
1,940
|
|
Repayment of notes payable
|
|
(27,960
|
)
|
|
(1,332
|
)
|
|
(16,919
|
)
|
Scheduled principal payments
|
|
(7,530
|
)
|
|
(7,259
|
)
|
|
(5,699
|
)
|
Payment of loan costs
|
|
(583
|
)
|
|
(4,544
|
)
|
|
(6,070
|
)
|
Net cash used in financing activities
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
58,335
|
|
|
10,947
|
|
|
(5,659
|
)
|
Cash and cash equivalents at beginning of the year
|
|
22,349
|
|
|
11,402
|
|
|
17,061
|
|
Cash and cash equivalents at end of the year
|
$
|
80,684
|
|
|
22,349
|
|
|
11,402
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|||
Cash paid for interest (net of capitalized interest of $6,078, $3,686, and $1,480 in 2013, 2012, and 2011, respectively)
|
$
|
107,312
|
|
|
115,879
|
|
|
128,649
|
|
Supplemental disclosure of non-cash transactions:
|
|
|
|
|
|
|
|||
Common stock issued for partnership units exchanged
|
$
|
302
|
|
|
—
|
|
|
—
|
|
Real estate received through distribution in kind
|
$
|
7,576
|
|
|
—
|
|
|
47,512
|
|
Mortgage loans assumed through distribution in kind
|
$
|
7,500
|
|
|
—
|
|
|
28,760
|
|
Mortgage loans assumed for the acquisition of real estate
|
$
|
—
|
|
|
30,467
|
|
|
31,292
|
|
Real estate contributed for investments in real estate partnerships
|
$
|
—
|
|
|
47,500
|
|
|
—
|
|
Real estate received through foreclosure on notes receivable
|
$
|
—
|
|
|
12,585
|
|
|
—
|
|
Change in fair value of derivative instruments
|
$
|
30,952
|
|
|
(4,285
|
)
|
|
18
|
|
Common stock issued for dividend reinvestment plan
|
$
|
1,075
|
|
|
988
|
|
|
1,081
|
|
Stock-based compensation capitalized
|
$
|
2,188
|
|
|
1,979
|
|
|
1,104
|
|
Contributions from limited partners in consolidated partnerships, net
|
$
|
156
|
|
|
986
|
|
|
2,411
|
|
Common stock issued for dividend reinvestment in trust
|
$
|
660
|
|
|
440
|
|
|
631
|
|
Contribution of stock awards into trust
|
$
|
1,537
|
|
|
819
|
|
|
1,132
|
|
Distribution of stock held in trust
|
$
|
201
|
|
|
1,191
|
|
|
—
|
|
|
|
2013
|
|
2012
|
||
Assets
|
|
|
|
|
||
Real estate investments at cost (notes 2 and 3):
|
|
|
|
|
||
Land
|
$
|
1,249,779
|
|
|
1,215,659
|
|
Buildings and improvements
|
|
2,590,302
|
|
|
2,502,186
|
|
Properties in development
|
|
186,450
|
|
|
192,067
|
|
|
|
4,026,531
|
|
|
3,909,912
|
|
Less: accumulated depreciation
|
|
844,873
|
|
|
782,749
|
|
|
|
3,181,658
|
|
|
3,127,163
|
|
Investments in real estate partnerships (note 4)
|
|
358,849
|
|
|
442,927
|
|
Net real estate investments
|
|
3,540,507
|
|
|
3,570,090
|
|
Cash and cash equivalents
|
|
80,684
|
|
|
22,349
|
|
Restricted cash
|
|
9,520
|
|
|
6,472
|
|
Accounts receivable, net of allowance for doubtful accounts of $3,922 and $3,915 at December 31, 2013 and 2012, respectively
|
|
26,319
|
|
|
26,601
|
|
Straight-line rent receivable, net of reserve of $547 and $870 at December 31, 2013 and 2012, respectively
|
|
50,612
|
|
|
49,990
|
|
Notes receivable (note 5)
|
|
11,960
|
|
|
23,751
|
|
Deferred costs, less accumulated amortization of $73,231 and $69,224 at December 31, 2013 and 2012, respectively
|
|
69,963
|
|
|
69,506
|
|
Acquired lease intangible assets, less accumulated amortization of $25,591 and $19,148 at December 31, 2013 and 2012, respectively (note 6)
|
|
44,805
|
|
|
42,459
|
|
Trading securities held in trust, at fair value (note 13)
|
|
26,681
|
|
|
23,429
|
|
Other assets (note 9)
|
|
52,465
|
|
|
18,811
|
|
Total assets
|
$
|
3,913,516
|
|
|
3,853,458
|
|
Liabilities and Capital
|
|
|
|
|
||
Liabilities:
|
|
|
|
|
||
Notes payable (note 8)
|
$
|
1,779,697
|
|
|
1,771,891
|
|
Unsecured credit facilities (note 8)
|
|
75,000
|
|
|
170,000
|
|
Accounts payable and other liabilities (note 9 and 13)
|
|
147,045
|
|
|
127,185
|
|
Acquired lease intangible liabilities, less accumulated accretion of $10,102 and $6,636 at December 31, 2013 and 2012, respectively (note 6)
|
|
26,729
|
|
|
20,325
|
|
Tenants’ security and escrow deposits and prepaid rent
|
|
23,911
|
|
|
18,146
|
|
Total liabilities
|
|
2,052,382
|
|
|
2,107,547
|
|
Commitments and contingencies (notes 15 and 16)
|
|
—
|
|
|
—
|
|
Capital:
|
|
|
|
|
||
Partners’ capital (notes 11 and 12):
|
|
|
|
|
||
Preferred units of general partner, $0.01 par value per unit, 13,000,000 units issued and outstanding at December 31, 2013 and 2012, respectively, liquidation preference of $25 per unit
|
|
325,000
|
|
|
325,000
|
|
General partner; 92,333,161 and 90,394,486 units outstanding at December 31, 2013 and 2012, respectively
|
|
1,535,758
|
|
|
1,463,480
|
|
Limited partners; 165,796 and 177,164 units outstanding at December 31, 2013 and 2012, respectively
|
|
(1,426
|
)
|
|
(1,153
|
)
|
Accumulated other comprehensive loss
|
|
(17,404
|
)
|
|
(57,715
|
)
|
Total partners’ capital
|
|
1,841,928
|
|
|
1,729,612
|
|
Noncontrolling interests (note 11):
|
|
|
|
|
||
Limited partners’ interests in consolidated partnerships
|
|
19,206
|
|
|
16,299
|
|
Total noncontrolling interests
|
|
19,206
|
|
|
16,299
|
|
Total capital
|
|
1,861,134
|
|
|
1,745,911
|
|
Total liabilities and capital
|
$
|
3,913,516
|
|
|
3,853,458
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Revenues:
|
|
|
|
|
|
|
|||
Minimum rent
|
$
|
353,833
|
|
|
340,940
|
|
|
332,027
|
|
Percentage rent
|
|
3,583
|
|
|
3,323
|
|
|
2,989
|
|
Recoveries from tenants and other income
|
|
106,494
|
|
|
103,155
|
|
|
101,453
|
|
Management, transaction, and other fees
|
|
25,097
|
|
|
26,511
|
|
|
33,980
|
|
Total revenues
|
|
489,007
|
|
|
473,929
|
|
|
470,449
|
|
Operating expenses:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
130,630
|
|
|
119,008
|
|
|
120,803
|
|
Operating and maintenance
|
|
71,018
|
|
|
66,687
|
|
|
68,501
|
|
General and administrative
|
|
61,234
|
|
|
61,700
|
|
|
56,117
|
|
Real estate taxes
|
|
53,726
|
|
|
52,911
|
|
|
52,039
|
|
Other expenses
|
|
8,079
|
|
|
7,187
|
|
|
6,516
|
|
Total operating expenses
|
|
324,687
|
|
|
307,493
|
|
|
303,976
|
|
Other expense (income):
|
|
|
|
|
|
|
|||
Interest expense, net of interest income of $1,643, $1,675, and $2,442 in 2013, 2012, and 2011, respectively (note 9)
|
|
108,966
|
|
|
112,129
|
|
|
123,645
|
|
Provision for impairment
|
|
6,000
|
|
|
20,316
|
|
|
12,466
|
|
Early extinguishment of debt
|
|
32
|
|
|
852
|
|
|
—
|
|
Net investment (income) loss from deferred compensation plan, including unrealized (gains) losses of $(2,231), $(888), and $567 in 2013, 2012, and 2011, respectively (note 13)
|
|
(3,257
|
)
|
|
(2,057
|
)
|
|
206
|
|
Total other expense (income)
|
|
111,741
|
|
|
131,240
|
|
|
136,317
|
|
Income before equity in income of investments in real estate partnerships
|
|
52,579
|
|
|
35,196
|
|
|
30,156
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
Income from continuing operations before tax
|
|
84,297
|
|
|
59,003
|
|
|
39,799
|
|
Income tax expense of taxable REIT subsidiary
|
|
—
|
|
|
13,224
|
|
|
2,994
|
|
Income from continuing operations
|
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
Discontinued operations, net (note 3):
|
|
|
|
|
|
|
|||
Operating income (loss)
|
|
7,332
|
|
|
(43,583
|
)
|
|
10,637
|
|
Gain on sale of operating properties, net
|
|
57,953
|
|
|
21,855
|
|
|
5,942
|
|
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
Income before gain on sale of real estate
|
|
149,582
|
|
|
24,051
|
|
|
53,384
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
Net income
|
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
Noncontrolling interests:
|
|
|
|
|
|
|
|||
Limited partners’ interests in consolidated partnerships
|
|
(1,205
|
)
|
|
(865
|
)
|
|
(590
|
)
|
Income attributable to noncontrolling interests
|
|
(1,205
|
)
|
|
(865
|
)
|
|
(590
|
)
|
Net income attributable to the Partnership
|
|
150,080
|
|
|
25,344
|
|
|
55,198
|
|
Preferred unit distributions
|
|
(21,062
|
)
|
|
(31,902
|
)
|
|
(23,400
|
)
|
Net income (loss) attributable to common unit holders
|
$
|
129,018
|
|
|
(6,558
|
)
|
|
31,798
|
|
Income (loss) per common unit - basic (note 14):
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common unit holders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
Income (loss) per common unit - diluted (note 14):
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common unit holders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Net income
|
$
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|||
Loss on settlement of derivative instruments:
|
|
|
|
|
|
|
|||
Unrealized loss on derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of loss on settlement of derivative instruments recognized in net income
|
|
9,466
|
|
|
9,466
|
|
|
9,467
|
|
Effective portion of change in fair value of derivative instruments:
|
|
|
|
|
|
|
|||
Effective portion of change in fair value of derivative instruments
|
|
30,985
|
|
|
4,220
|
|
|
11
|
|
Less: reclassification adjustment for change in fair value of derivative instruments included in net income
|
|
(33
|
)
|
|
25
|
|
|
7
|
|
Other comprehensive income
|
|
40,418
|
|
|
13,711
|
|
|
9,485
|
|
Comprehensive income
|
|
191,703
|
|
|
39,920
|
|
|
65,273
|
|
Less: comprehensive income (loss) attributable to noncontrolling interests:
|
|
|
|
|
|
|
|||
Net income attributable to noncontrolling interests
|
|
1,205
|
|
|
865
|
|
|
590
|
|
Other comprehensive income (loss) attributable to noncontrolling interests
|
|
32
|
|
|
(31
|
)
|
|
9
|
|
Comprehensive income attributable to noncontrolling interests
|
|
1,237
|
|
|
834
|
|
|
599
|
|
Comprehensive income attributable to the Partnership
|
$
|
190,466
|
|
|
39,086
|
|
|
64,674
|
|
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the
years
ended
December 31, 2013
,
2012
, and
2011
(in thousands)
|
|||||||||||||||||||||
|
|
Preferred Units
|
|
General Partner
Preferred and Common Units |
|
Limited
Partners |
|
Accumulated
Other Comprehensive Loss |
|
Total
Partners’ Capital |
|
Noncontrolling
Interests in Limited Partners’ Interest in Consolidated Partnerships |
|
Total
Capital |
|||||||
Balance at December 31, 2010
|
$
|
49,158
|
|
|
1,766,062
|
|
|
(762
|
)
|
|
(80,885
|
)
|
|
1,733,573
|
|
|
10,829
|
|
|
1,744,402
|
|
Net income
|
|
3,725
|
|
|
51,370
|
|
|
103
|
|
|
—
|
|
|
55,198
|
|
|
590
|
|
|
55,788
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
20
|
|
|
9,456
|
|
|
9,476
|
|
|
9
|
|
|
9,485
|
|
Deferred compensation plan, net
|
|
—
|
|
|
17,843
|
|
|
—
|
|
|
—
|
|
|
17,843
|
|
|
—
|
|
|
17,843
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,787
|
|
|
2,787
|
|
Distributions to partners
|
|
—
|
|
|
(161,236
|
)
|
|
(324
|
)
|
|
—
|
|
|
(161,560
|
)
|
|
(1,111
|
)
|
|
(162,671
|
)
|
Preferred unit distributions
|
|
(3,725
|
)
|
|
(19,675
|
)
|
|
—
|
|
|
—
|
|
|
(23,400
|
)
|
|
—
|
|
|
(23,400
|
)
|
Restricted units issued as a result of amortization of restricted stock issued by Parent Company
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
10,659
|
|
Common units issued as a result of common stock issued by Parent Company, net of repurchases
|
|
—
|
|
|
214,761
|
|
|
—
|
|
|
—
|
|
|
214,761
|
|
|
—
|
|
|
214,761
|
|
Balance at December 31, 2011
|
$
|
49,158
|
|
|
1,879,784
|
|
|
(963
|
)
|
|
(71,429
|
)
|
|
1,856,550
|
|
|
13,104
|
|
|
1,869,654
|
|
Net income
|
|
(629
|
)
|
|
25,867
|
|
|
106
|
|
|
—
|
|
|
25,344
|
|
|
865
|
|
|
26,209
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
28
|
|
|
13,714
|
|
|
13,742
|
|
|
(31
|
)
|
|
13,711
|
|
Deferred compensation plan, net
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,362
|
|
|
3,362
|
|
Distributions to partners
|
|
—
|
|
|
(165,411
|
)
|
|
(324
|
)
|
|
—
|
|
|
(165,735
|
)
|
|
(1,001
|
)
|
|
(166,736
|
)
|
Redemption of preferred units
|
|
(48,125
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48,125
|
)
|
|
—
|
|
|
(48,125
|
)
|
Preferred unit distributions
|
|
(404
|
)
|
|
(23,254
|
)
|
|
—
|
|
|
—
|
|
|
(23,658
|
)
|
|
—
|
|
|
(23,658
|
)
|
Restricted units issued as a result of amortization of restricted stock issued by Parent Company
|
|
—
|
|
|
11,526
|
|
|
—
|
|
|
—
|
|
|
11,526
|
|
|
—
|
|
|
11,526
|
|
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs
|
|
—
|
|
|
313,900
|
|
|
—
|
|
|
—
|
|
|
313,900
|
|
|
—
|
|
|
313,900
|
|
Preferred stock redemptions
|
|
—
|
|
|
(275,000
|
)
|
|
—
|
|
|
—
|
|
|
(275,000
|
)
|
|
—
|
|
|
(275,000
|
)
|
Common units issued as a result of common stock issued by Parent Company, net of repurchases
|
|
—
|
|
|
21,056
|
|
|
—
|
|
|
—
|
|
|
21,056
|
|
|
—
|
|
|
21,056
|
|
Balance at December 31, 2012
|
$
|
—
|
|
|
1,788,480
|
|
|
(1,153
|
)
|
|
(57,715
|
)
|
|
1,729,612
|
|
|
16,299
|
|
|
1,745,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the
years
ended
December 31, 2013
,
2012
, and
2011
(in thousands)
|
|||||||||||||||||||||
|
|
Preferred Units
|
|
General Partner
Preferred and Common Units |
|
Limited
Partners |
|
Accumulated
Other Comprehensive Loss |
|
Total
Partners’ Capital |
|
Noncontrolling
Interests in Limited Partners’ Interest in Consolidated Partnerships |
|
Total
Capital |
|||||||
Net income
|
|
—
|
|
|
149,804
|
|
|
276
|
|
|
—
|
|
|
150,080
|
|
|
1,205
|
|
|
151,285
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
75
|
|
|
40,311
|
|
|
40,386
|
|
|
32
|
|
|
40,418
|
|
Deferred compensation plan, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,792
|
|
|
5,792
|
|
Distributions to partners
|
|
—
|
|
|
(168,848
|
)
|
|
(322
|
)
|
|
—
|
|
|
(169,170
|
)
|
|
(4,122
|
)
|
|
(173,292
|
)
|
Redemption of preferred units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Preferred unit distributions
|
|
—
|
|
|
(21,062
|
)
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
|
—
|
|
|
(21,062
|
)
|
Restricted units issued as a result of amortization of restricted stock issued by Parent Company
|
|
—
|
|
|
14,141
|
|
|
—
|
|
|
—
|
|
|
14,141
|
|
|
—
|
|
|
14,141
|
|
Preferred units issued as a result of preferred stock issued by Parent Company, net of issuance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Preferred stock redemptions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common units issued as a result of common stock issued by Parent Company, net of repurchases
|
|
—
|
|
|
97,941
|
|
|
—
|
|
|
—
|
|
|
97,941
|
|
|
—
|
|
|
97,941
|
|
Common units exchanged for common stock of Regency
|
|
—
|
|
|
302
|
|
|
(302
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Balance at December 31, 2013
|
$
|
—
|
|
|
1,860,758
|
|
|
(1,426
|
)
|
|
(17,404
|
)
|
|
1,841,928
|
|
|
19,206
|
|
|
1,861,134
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Cash flows from operating activities:
|
|
|
|
|
|
|
|||
Net income
|
$
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
134,454
|
|
|
127,839
|
|
|
133,756
|
|
Amortization of deferred loan cost and debt premium
|
|
12,339
|
|
|
12,759
|
|
|
12,327
|
|
Amortization and (accretion) of above and below market lease intangibles, net
|
|
(2,488
|
)
|
|
(1,043
|
)
|
|
(931
|
)
|
Stock-based compensation, net of capitalization
|
|
12,191
|
|
|
9,806
|
|
|
9,824
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
(31,718
|
)
|
|
(23,807
|
)
|
|
(9,643
|
)
|
Net gain on sale of properties
|
|
(59,656
|
)
|
|
(24,013
|
)
|
|
(8,346
|
)
|
Provision for impairment
|
|
6,000
|
|
|
74,816
|
|
|
15,883
|
|
Early extinguishment of debt
|
|
32
|
|
|
852
|
|
|
—
|
|
Deferred income tax expense (benefit) of taxable REIT subsidiary
|
|
—
|
|
|
13,727
|
|
|
2,422
|
|
Distribution of earnings from operations of investments in real estate partnerships
|
|
45,377
|
|
|
44,809
|
|
|
43,361
|
|
Settlement of derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
(Gain) loss on derivative instruments
|
|
(19
|
)
|
|
(22
|
)
|
|
54
|
|
Deferred compensation expense (income)
|
|
3,294
|
|
|
2,069
|
|
|
(2,136
|
)
|
Realized and unrealized (gain) loss on trading securities held in trust (note 13)
|
|
(3,293
|
)
|
|
(2,095
|
)
|
|
184
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|||
Restricted cash
|
|
(62
|
)
|
|
(423
|
)
|
|
(651
|
)
|
Accounts receivable
|
|
(5,042
|
)
|
|
6,157
|
|
|
(3,108
|
)
|
Straight-line rent receivable, net
|
|
(5,459
|
)
|
|
(6,059
|
)
|
|
(4,642
|
)
|
Deferred leasing costs
|
|
(10,086
|
)
|
|
(12,642
|
)
|
|
(15,013
|
)
|
Other assets (note 9)
|
|
(1,866
|
)
|
|
(1,079
|
)
|
|
(3,393
|
)
|
Accounts payable and other liabilities (note 9 and 13)
|
|
(672
|
)
|
|
10,994
|
|
|
(17,892
|
)
|
Tenants’ security and escrow deposits and prepaid rent
|
|
6,120
|
|
|
(1,639
|
)
|
|
9,789
|
|
Net cash provided by operating activities
|
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|||
Acquisition of operating real estate
|
|
(107,790
|
)
|
|
(156,026
|
)
|
|
(70,629
|
)
|
Real estate development and capital improvements
|
|
(213,282
|
)
|
|
(164,588
|
)
|
|
(82,069
|
)
|
Proceeds from sale of real estate investments
|
|
212,632
|
|
|
352,707
|
|
|
86,233
|
|
Collection (issuance) of notes receivable
|
|
27,354
|
|
|
(552
|
)
|
|
(78
|
)
|
Investments in real estate partnerships (note 4)
|
|
(10,883
|
)
|
|
(66,663
|
)
|
|
(198,688
|
)
|
Distributions received from investments in real estate partnerships
|
|
87,111
|
|
|
38,353
|
|
|
188,514
|
|
Dividends on trading securities held in trust
|
|
194
|
|
|
245
|
|
|
225
|
|
Acquisition of securities
|
|
(19,144
|
)
|
|
(17,930
|
)
|
|
(19,377
|
)
|
Proceeds from sale securities
|
|
13,991
|
|
|
18,077
|
|
|
18,146
|
|
Net cash (used in) provided by investing activities
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|||
Net proceeds from common units issued as a result of common stock issued by Parent Company
|
|
99,753
|
|
|
21,542
|
|
|
215,369
|
|
Net proceeds from preferred units issued as a result of preferred stock issued by Parent Company
|
|
—
|
|
|
313,900
|
|
|
—
|
|
Proceeds from sale of treasury stock
|
|
34
|
|
|
338
|
|
|
2,128
|
|
Acquisition of treasury stock
|
|
—
|
|
|
(4
|
)
|
|
(13
|
)
|
Redemption of preferred partnership units
|
|
—
|
|
|
(323,125
|
)
|
|
—
|
|
Contributions from (distributions to) limited partners in consolidated partnerships, net
|
|
1,514
|
|
|
1,375
|
|
|
(735
|
)
|
Distributions to partners
|
|
(168,095
|
)
|
|
(164,747
|
)
|
|
(160,479
|
)
|
Distributions to preferred unit holders
|
|
(21,062
|
)
|
|
(23,658
|
)
|
|
(23,400
|
)
|
Repayment of fixed rate unsecured notes
|
|
—
|
|
|
(192,377
|
)
|
|
(181,691
|
)
|
Proceeds from unsecured credit facilities
|
|
82,000
|
|
|
750,000
|
|
|
455,000
|
|
Repayment of unsecured credit facilities
|
|
(177,000
|
)
|
|
(620,000
|
)
|
|
(425,000
|
)
|
Proceeds from notes payable
|
|
36,350
|
|
|
—
|
|
|
1,940
|
|
Repayment of notes payable
|
|
(27,960
|
)
|
|
(1,332
|
)
|
|
(16,919
|
)
|
Scheduled principal payments
|
|
(7,530
|
)
|
|
(7,259
|
)
|
|
(5,699
|
)
|
Payment of loan costs
|
|
(583
|
)
|
|
(4,544
|
)
|
|
(6,070
|
)
|
Net cash used in financing activities
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
58,335
|
|
|
10,947
|
|
|
(5,659
|
)
|
Cash and cash equivalents at beginning of the year
|
|
22,349
|
|
|
11,402
|
|
|
17,061
|
|
Cash and cash equivalents at end of the year
|
$
|
80,684
|
|
|
22,349
|
|
|
11,402
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|||
Cash paid for interest (net of capitalized interest of $6,078, $3,686, and $1,480 in 2013, 2012, and 2011, respectively)
|
$
|
107,312
|
|
|
115,879
|
|
|
128,649
|
|
Supplemental disclosure of non-cash transactions:
|
|
|
|
|
|
|
|||
Common stock issued by Parent Company for partnership units exchanged
|
$
|
302
|
|
|
—
|
|
|
—
|
|
Real estate received through distribution in kind
|
$
|
7,576
|
|
|
—
|
|
|
47,512
|
|
Mortgage loans assumed through distribution in kind
|
$
|
7,500
|
|
|
—
|
|
|
28,760
|
|
Mortgage loans assumed for the acquisition of real estate
|
$
|
—
|
|
|
30,467
|
|
|
31,292
|
|
Real estate contributed for investments in real estate partnerships
|
$
|
—
|
|
|
47,500
|
|
|
—
|
|
Real estate received through foreclosure on notes receivable
|
$
|
—
|
|
|
12,585
|
|
|
—
|
|
Change in fair value of derivative instruments
|
$
|
30,952
|
|
|
(4,285
|
)
|
|
18
|
|
Common stock issued by Parent Company for dividend reinvestment plan
|
$
|
1,075
|
|
|
988
|
|
|
1,081
|
|
Stock-based compensation capitalized
|
$
|
2,188
|
|
|
1,979
|
|
|
1,104
|
|
Contributions from limited partners in consolidated partnerships, net
|
$
|
156
|
|
|
986
|
|
|
2,411
|
|
Common stock issued for dividend reinvestment in trust
|
$
|
660
|
|
|
440
|
|
|
631
|
|
Contribution of stock awards into trust
|
$
|
1,537
|
|
|
819
|
|
|
1,132
|
|
Distribution of stock held in trust
|
$
|
201
|
|
|
1,191
|
|
|
—
|
|
1.
|
Summary of Significant Accounting Policies
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Gross provision for doubtful accounts
|
$
|
1,841
|
|
|
3,006
|
|
|
3,166
|
|
Amount included in discontinued operations
|
|
53
|
|
|
58
|
|
|
354
|
|
|
|
2013
|
|
2012
|
||
Tenant receivables
|
$
|
6,550
|
|
|
4,043
|
|
CAM and tax reimbursements
|
|
16,280
|
|
|
17,891
|
|
Other receivables
|
|
7,411
|
|
|
8,582
|
|
Less: allowance for doubtful accounts
|
|
(3,922
|
)
|
|
(3,915
|
)
|
Total accounts receivable, net
|
$
|
26,319
|
|
|
26,601
|
|
|
|
2013
|
|
2012
|
||
Construction in process
|
$
|
158,002
|
|
|
129,628
|
|
Land held for future development
|
|
24,953
|
|
|
58,914
|
|
Pre-development costs
|
|
3,495
|
|
|
3,525
|
|
Total properties in development
|
$
|
186,450
|
|
|
192,067
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Consolidated properties:
|
|
|
|
|
|
|
|||
Gross provision for impairment
|
$
|
6,000
|
|
|
74,816
|
|
|
15,883
|
|
Amount included in discontinued operations
|
|
—
|
|
|
54,500
|
|
|
3,417
|
|
Investments in real estate partnerships:
|
|
|
|
|
|
|
|||
Gross provision for impairment
|
|
—
|
|
|
—
|
|
|
4,580
|
|
|
|
2013
|
|
2012
|
||
Deferred leasing costs, net
|
$
|
59,027
|
|
|
55,485
|
|
Deferred loan costs, net
(1)
|
|
10,936
|
|
|
14,021
|
|
Total deferred costs, net
|
$
|
69,963
|
|
|
69,506
|
|
•
|
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.
|
•
|
Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
|
•
|
Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity.
|
2.
|
Real Estate Investments
|
Date Purchased
|
|
Property Name
|
|
City/State
|
|
Property Type
|
|
Purchase Price
|
|
Debt Assumed, Net of Premiums
|
|
Intangible Assets
|
|
Intangible Liabilities
|
|
Contingent Liabilities
(1)
|
|||||
1/16/2013
|
|
Shops on Main
|
|
Schererville, IN
|
|
Development
|
$
|
85
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
5/16/2013
|
|
Juanita Tate Marketplace
|
|
Los Angeles, CA
|
|
Development
|
|
1,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
5/30/2013
|
|
Preston Oaks
|
|
Dallas, TX
|
|
Operating
|
|
27,000
|
|
|
—
|
|
|
3,396
|
|
|
7,597
|
|
|
—
|
|
7/22/2013
|
|
Fontainebleau Square
|
|
Miami, FL
|
|
Development
|
|
17,092
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
10/7/2013
|
|
Glen Gate
|
|
Glenview, IL
|
|
Development
|
|
14,950
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
636
|
|
10/16/2013
|
|
Fellsway Plaza
|
|
Medford, MA
|
|
Operating
|
|
42,500
|
|
|
—
|
|
|
5,139
|
|
|
963
|
|
|
600
|
|
10/24/2013
|
|
Shoppes on Riverside
|
|
Jacksonville, FL
|
|
Development
|
|
3,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
12/27/2013
|
|
Holly Park
|
|
Raleigh, NC
|
|
Operating
|
|
33,900
|
|
|
—
|
|
|
3,146
|
|
|
1,526
|
|
|
300
|
|
Total property acquisitions
|
$
|
140,127
|
|
|
—
|
|
|
11,681
|
|
|
10,086
|
|
|
1,536
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
|||
Proceeds from sale of real estate investments
|
$
|
212,632
|
|
(1)
|
352,707
|
|
|
86,233
|
|
|
Net gain on sale of properties
|
$
|
(59,656
|
)
|
|
(24,013
|
)
|
|
(8,346
|
)
|
|
Number of operating properties sold
|
|
12
|
|
20
|
(2)
|
8
|
(3)
|
|||
Number of land out-parcels sold
|
|
10
|
|
7
|
|
8
|
|
|||
Percent interest sold
|
|
100%
|
|
100%
|
(2)
|
100%
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Revenues
|
$
|
14,924
|
|
|
26,413
|
|
|
37,679
|
|
Operating expenses
|
|
7,592
|
|
|
15,514
|
|
|
23,520
|
|
Provision for impairment
|
|
—
|
|
|
54,500
|
|
|
3,416
|
|
Other expense (income)
|
|
—
|
|
|
—
|
|
|
—
|
|
Income tax expense (benefit)
(1)
|
|
—
|
|
|
(18
|
)
|
|
106
|
|
Operating income from discontinued operations
|
$
|
7,332
|
|
|
(43,583
|
)
|
|
10,637
|
|
4.
|
Investments in Real Estate Partnerships
|
|
Ownership
|
|
Total Investment
|
|
Total Assets of the Partnership
|
|
Net Income (Loss) of the Partnership
|
|
The Company's Share of Net Income (Loss) of the Partnership
|
||||
GRI - Regency, LLC (GRIR)
(1)
|
40.00%
|
$
|
250,118
|
|
|
1,870,660
|
|
|
31,705
|
|
|
12,789
|
|
Macquarie CountryWide-Regency III, LLC (MCWR III)
(1)(2)
|
—%
|
|
—
|
|
|
—
|
|
|
213
|
|
|
53
|
|
Columbia Regency Retail Partners, LLC (Columbia I)
(1)
|
20.00%
|
|
16,735
|
|
|
204,759
|
|
|
8,605
|
|
|
1,727
|
|
Columbia Regency Partners II, LLC (Columbia II)
(1)
|
20.00%
|
|
8,797
|
|
|
295,829
|
|
|
6,290
|
|
|
1,274
|
|
Cameron Village, LLC (Cameron)
|
30.00%
|
|
16,678
|
|
|
103,805
|
|
|
2,198
|
|
|
662
|
|
RegCal, LLC (RegCal)
(1)
|
25.00%
|
|
15,576
|
|
|
159,255
|
|
|
1,300
|
|
|
332
|
|
Regency Retail Partners, LP (the Fund)
(3)
|
20.00%
|
|
1,793
|
|
|
9,325
|
|
|
9,234
|
|
|
7,749
|
|
US Regency Retail I, LLC (USAA)
(1)
|
20.00%
|
|
1,391
|
|
|
118,865
|
|
|
2,387
|
|
|
487
|
|
BRE Throne Holdings, LLC (BRET)
(4)
|
—%
|
|
—
|
|
|
—
|
|
|
4,499
|
|
|
4,499
|
|
Other investments in real estate partnerships
|
50.00%
|
|
47,761
|
|
|
177,101
|
|
|
4,619
|
|
|
2,146
|
|
Total investments in real estate partnerships
|
|
$
|
358,849
|
|
|
2,939,599
|
|
|
71,050
|
|
|
31,718
|
|
|
Ownership
|
|
Total Investment
|
|
Total Assets of the Partnership
|
|
Net Income (Loss) of the Partnership
|
|
The Company's Share of Net Income (Loss) of the Partnership
|
|||||
GRI - Regency, LLC (GRIR)
(1)
|
40.00%
|
|
$
|
272,044
|
|
|
1,939,659
|
|
|
23,357
|
|
|
9,311
|
|
Macquarie CountryWide-Regency III, LLC (MCWR III)
(1)
|
24.95%
|
|
29
|
|
|
60,496
|
|
|
(75
|
)
|
|
(22
|
)
|
|
Columbia Regency Retail Partners, LLC (Columbia I)
(1)
|
20.00%
|
|
17,200
|
|
|
210,490
|
|
|
42,399
|
|
|
8,480
|
|
|
Columbia Regency Partners II, LLC (Columbia II)
(1)
|
20.00%
|
|
8,660
|
|
|
326,649
|
|
|
1,467
|
|
|
290
|
|
|
Cameron Village, LLC (Cameron)
|
30.00%
|
|
16,708
|
|
|
102,930
|
|
|
2,021
|
|
|
596
|
|
|
RegCal, LLC (RegCal)
(1)
|
25.00%
|
|
15,602
|
|
|
164,106
|
|
|
2,160
|
|
|
540
|
|
|
Regency Retail Partners, LP (the Fund)
|
20.00%
|
|
15,248
|
|
|
323,406
|
|
|
407
|
|
|
297
|
|
|
US Regency Retail I, LLC (USAA)
(1)
|
20.00%
|
|
2,173
|
|
|
123,053
|
|
|
1,484
|
|
|
297
|
|
|
BRE Throne Holdings, LLC (BRET)
(2)
|
47.80%
|
|
48,757
|
|
|
—
|
|
|
2,211
|
|
|
2,211
|
|
|
Other investments in real estate partnerships
|
50.00%
|
|
46,506
|
|
|
184,165
|
|
|
3,833
|
|
|
1,807
|
|
|
Total investments in real estate partnerships
|
|
|
$
|
442,927
|
|
|
3,434,954
|
|
|
79,264
|
|
|
23,807
|
|
|
|
2013
|
|
2012
|
||
|
|
|
|
|
||
Investments in real estate, net
|
$
|
2,742,591
|
|
|
3,213,984
|
|
Acquired lease intangible assets, net
|
|
52,350
|
|
|
74,986
|
|
Other assets
|
|
144,658
|
|
|
145,984
|
|
Total assets
|
$
|
2,939,599
|
|
|
3,434,954
|
|
|
|
|
|
|
||
Notes payable
|
$
|
1,519,943
|
|
|
1,816,648
|
|
Acquired lease intangible liabilities, net
|
|
31,148
|
|
|
46,264
|
|
Other liabilities
|
|
66,829
|
|
|
70,576
|
|
Capital - Regency
|
|
468,099
|
|
|
518,505
|
|
Capital - Third parties
|
|
853,580
|
|
|
982,961
|
|
Total liabilities and capital
|
$
|
2,939,599
|
|
|
3,434,954
|
|
|
|
2013
|
|
2012
|
||
Capital - Regency
|
$
|
468,099
|
|
|
518,505
|
|
add: Preferred equity investment in BRET
|
|
—
|
|
|
47,500
|
|
add: Investment in Indian Springs at Woodlands, Ltd.
|
|
4,094
|
|
|
—
|
|
less: Impairment
|
|
(5,880
|
)
|
|
(5,880
|
)
|
less: Ownership percentage or Restricted Gain Method deferral
|
|
(29,261
|
)
|
|
(38,995
|
)
|
less: Net book equity in excess of purchase price
|
|
(78,203
|
)
|
|
(78,203
|
)
|
Investments in real estate partnerships
|
$
|
358,849
|
|
|
442,927
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Total revenues
|
$
|
378,670
|
|
|
387,908
|
|
|
399,091
|
|
Operating expenses:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
125,363
|
|
|
128,946
|
|
|
134,236
|
|
Operating and maintenance
|
|
55,423
|
|
|
55,394
|
|
|
62,442
|
|
General and administrative
|
|
7,385
|
|
|
7,549
|
|
|
7,905
|
|
Real estate taxes
|
|
45,451
|
|
|
46,395
|
|
|
49,103
|
|
Other expenses
|
|
1,725
|
|
|
3,521
|
|
|
3,477
|
|
Total operating expenses
|
|
235,347
|
|
|
241,805
|
|
|
257,163
|
|
Other expense (income):
|
|
|
|
|
|
|
|||
Interest expense, net
|
|
95,505
|
|
|
104,694
|
|
|
112,099
|
|
Gain on sale of real estate
|
|
(15,695
|
)
|
|
(40,437
|
)
|
|
(7,464
|
)
|
Provision for impairment
|
|
—
|
|
|
3,775
|
|
|
—
|
|
Early extinguishment of debt
|
|
(1,780
|
)
|
|
967
|
|
|
(8,743
|
)
|
Preferred return on equity investment
|
|
(4,499
|
)
|
|
(2,211
|
)
|
|
—
|
|
Other expense (income)
|
|
(1,258
|
)
|
|
51
|
|
|
776
|
|
Total other expense (income)
|
|
72,273
|
|
|
66,839
|
|
|
96,668
|
|
Net income (loss) of the Partnership
|
$
|
71,050
|
|
|
79,264
|
|
|
45,260
|
|
The Company's share of net income (loss) of the Partnership
|
$
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
Date Purchased
|
|
Property Name
|
|
City/State
|
|
Property Type
|
|
Co-investment Partner
|
|
Ownership %
|
|
Purchase Price
|
|
Debt Assumed, Net of Premiums
|
|
Intangible Assets
|
|
Intangible Liabilities
|
||||
7/23/2013
|
|
Shoppes of Burnt Mills
|
|
Silver Spring, MD
|
|
Operating
|
|
Columbia II
|
|
20.00%
|
$
|
13,600
|
|
|
7,496
|
|
|
8,438
|
|
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,600
|
|
|
7,496
|
|
|
8,438
|
|
|
332
|
|
Date Purchased
|
|
Property Name
|
|
City/State
|
|
Property Type
|
|
Co-investment Partner
|
|
Ownership %
|
|
Purchase Price
|
|
Debt Assumed, Net of Premiums
|
|
Intangible Assets
|
|
Intangible Liabilities
|
||||
1/17/2012
|
|
Lake Grove Commons
|
|
Lake Grove, NY
|
|
Operating
|
|
GRIR
|
|
40.00%
|
$
|
72,500
|
|
|
31,813
|
|
|
5,397
|
|
|
4,342
|
|
6/20/2012
|
|
Tysons CVS
|
|
Vienna, VA
|
|
Operating
|
|
Other
|
|
50.00%
|
|
13,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
11/28/2012
|
|
Applewood Village Shops
|
|
Wheat Ridge, CO
|
|
Operating
|
|
GRIR
|
|
40.00%
|
|
3,700
|
|
|
—
|
|
|
363
|
|
|
34
|
|
12/19/2012
|
|
Village Plaza
|
|
Chapel Hill, NC
|
|
Operating
|
|
Columbia II
|
|
20.00%
|
|
19,200
|
|
|
—
|
|
|
2,242
|
|
|
686
|
|
12/28/2012
|
|
Phillips Place
|
|
Charlotte, NC
|
|
Operating
|
|
Other
|
|
50.00%
|
|
55,400
|
|
|
44,500
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
164,600
|
|
|
76,313
|
|
|
8,002
|
|
|
5,062
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Proceeds from sale of real estate investments
|
$
|
145,295
|
|
|
119,275
|
|
|
43,710
|
|
Gain on sale of real estate
|
$
|
15,695
|
|
|
40,437
|
|
|
7,464
|
|
The Company's share of gain on sale of real estate
|
$
|
3,847
|
|
|
8,962
|
|
|
2,114
|
|
Number of operating properties sold
|
|
15
|
|
7
|
|
5
|
|||
Number of land out-parcels sold
|
|
3
|
|
1
|
|
1
|
|||
Percent interest sold
|
|
100%
|
|
100%
|
|
100%
|
Scheduled Principal Payments by Year:
|
|
Scheduled
Principal Payments |
|
Mortgage Loan
Maturities |
|
Unsecured
Maturities |
|
Total
|
|
Regency’s
Pro-Rata Share |
|||||
2014
|
$
|
19,921
|
|
|
53,015
|
|
|
14,060
|
|
|
86,996
|
|
|
25,460
|
|
2015
|
|
20,382
|
|
|
99,750
|
|
|
—
|
|
|
120,132
|
|
|
43,107
|
|
2016
|
|
17,550
|
|
|
305,076
|
|
|
—
|
|
|
322,626
|
|
|
113,362
|
|
2017
|
|
17,685
|
|
|
87,479
|
|
|
—
|
|
|
105,164
|
|
|
27,053
|
|
2018
|
|
18,888
|
|
|
37,000
|
|
|
—
|
|
|
55,888
|
|
|
15,723
|
|
Beyond 5 Years
|
|
54,158
|
|
|
775,994
|
|
|
—
|
|
|
830,152
|
|
|
310,014
|
|
Unamortized debt premiums (discounts), net
|
|
—
|
|
|
(1,015
|
)
|
|
—
|
|
|
(1,015
|
)
|
|
(579
|
)
|
Total notes payable
|
$
|
148,584
|
|
|
1,357,299
|
|
|
14,060
|
|
|
1,519,943
|
|
|
534,140
|
|
5.
|
Notes Receivable
|
6.
|
Acquired Lease Intangibles
|
|
|
2013
|
|
2012
|
||
In-place leases, net
|
$
|
33,049
|
|
|
31,314
|
|
Above-market leases, net
|
|
10,074
|
|
|
9,440
|
|
Above-market ground leases, net
|
|
1,682
|
|
|
1,705
|
|
Acquired lease intangible assets, net
|
$
|
44,805
|
|
|
42,459
|
|
|
|
|
|
|
||
Acquired lease intangible liabilities, net
|
$
|
26,729
|
|
|
20,325
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
Remaining Weighted Average Amortization/Accretion Period
|
|||
|
|
(in thousands)
|
|
(in thousands)
|
|
(in thousands)
|
|
(in years)
|
|||
In-place lease amortization
|
$
|
7,441
|
|
|
4,307
|
|
|
3,436
|
|
|
14.4
|
Above-market lease amortization
(1)
|
|
1,246
|
|
|
739
|
|
|
319
|
|
|
9.0
|
Above-market ground lease amortization
(3)
|
|
22
|
|
|
23
|
|
|
17
|
|
|
83.5
|
Acquired lease intangible asset amortization
|
$
|
8,709
|
|
|
5,069
|
|
|
3,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Acquired lease intangible liability accretion
(2)(3)
|
$
|
3,726
|
|
|
1,950
|
|
|
1,375
|
|
|
13.4
|
Year Ending December 31,
|
|
Amortization Expense
|
|
Net Accretion
|
||
2014
|
$
|
7,265
|
|
|
3,521
|
|
2015
|
|
5,780
|
|
|
2,557
|
|
2016
|
|
4,902
|
|
|
2,219
|
|
2017
|
|
3,852
|
|
|
1,995
|
|
2018
|
|
3,224
|
|
|
1,619
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Dividend per share
|
$
|
1.85
|
|
|
1.85
|
|
|
1.85
|
|
Ordinary income
|
|
70%
|
|
71%
|
|
33%
|
|||
Capital gain
|
|
6%
|
|
1%
|
|
1%
|
|||
Return of capital
|
|
—%
|
|
28%
|
|
66%
|
|||
Qualified dividend income
|
|
24%
|
|
—%
|
|
—%
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Income tax expense (benefit):
|
|
|
|
|
|
|
|||
Current
|
$
|
—
|
|
|
97
|
|
|
283
|
|
Deferred
|
|
—
|
|
|
13,727
|
|
|
2,422
|
|
Total income tax expense (benefit)
|
$
|
—
|
|
|
13,824
|
|
|
2,705
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Income tax expense (benefit) from:
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
—
|
|
|
13,224
|
|
|
2,994
|
|
Discontinued operations
|
|
—
|
|
|
600
|
|
|
(289
|
)
|
Total income tax expense (benefit)
|
$
|
—
|
|
|
13,824
|
|
|
2,705
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Computed expected tax expense (benefit)
|
$
|
1,677
|
|
|
(2,099
|
)
|
|
1,089
|
|
Increase (decrease) in income tax resulting from state taxes
|
|
98
|
|
|
(122
|
)
|
|
126
|
|
Valuation allowance
|
|
(1,511
|
)
|
|
15,635
|
|
|
1,438
|
|
All other items
|
|
(264
|
)
|
|
410
|
|
|
52
|
|
Total income tax expense
|
|
—
|
|
|
13,824
|
|
|
2,705
|
|
Amounts attributable to discontinued operations
|
|
—
|
|
|
600
|
|
|
(289
|
)
|
Amounts attributable to continuing operations
|
$
|
—
|
|
|
13,224
|
|
|
2,994
|
|
|
|
2013
|
|
2012
|
||
Deferred tax assets
|
|
|
|
|
||
Investments in real estate partnerships
|
$
|
8,314
|
|
|
8,116
|
|
Provision for impairment
|
|
3,273
|
|
|
5,667
|
|
Deferred interest expense
|
|
4,295
|
|
|
4,507
|
|
Capitalized costs under Section 263A
|
|
2,184
|
|
|
2,637
|
|
Net operating loss carryforward
|
|
2,019
|
|
|
1,033
|
|
Employee benefits
|
|
488
|
|
|
838
|
|
Other
|
|
887
|
|
|
435
|
|
Deferred tax assets
|
|
21,460
|
|
|
23,233
|
|
Valuation allowance
|
|
(20,603
|
)
|
|
(22,114
|
)
|
Deferred tax assets, net
|
|
857
|
|
|
1,119
|
|
Deferred tax liabilities
|
|
|
|
|
||
Straight line rent
|
|
537
|
|
|
519
|
|
Depreciation
|
|
320
|
|
|
600
|
|
Deferred tax liabilities
|
|
857
|
|
|
1,119
|
|
Net deferred tax assets
|
$
|
—
|
|
|
—
|
|
|
|
2013
|
|
2012
|
||
Notes payable:
|
|
|
|
|
||
Fixed rate mortgage loans
|
$
|
444,245
|
|
|
461,914
|
|
Variable rate mortgage loans
(1)
|
|
37,100
|
|
|
12,041
|
|
Fixed rate unsecured loans
|
|
1,298,352
|
|
|
1,297,936
|
|
Total notes payable
|
|
1,779,697
|
|
|
1,771,891
|
|
Unsecured credit facilities:
|
|
|
|
|
||
Line
|
|
—
|
|
|
70,000
|
|
Term Loan
|
|
75,000
|
|
|
100,000
|
|
Total unsecured credit facilities
|
|
75,000
|
|
|
170,000
|
|
Total debt outstanding
|
$
|
1,854,697
|
|
|
1,941,891
|
|
|
|
|
|
Fixed Interest Rates
|
||||
|
|
Maturing Through
|
|
Minimum
|
|
Maximum
|
|
Weighted Average
|
Secured mortgage loans
|
|
2028
|
|
3.30%
|
|
8.40%
|
|
6.12%
|
Unsecured public debt
|
|
2021
|
|
4.80%
|
|
6.00%
|
|
5.41%
|
|
Balance
|
|
Maturity
|
|
Variable Interest Rate
|
|
$
|
9,000
|
|
|
9/1/2014
|
|
LIBOR plus 160 basis points
|
|
28,100
|
|
|
10/16/2020
|
|
LIBOR plus 150 basis points
|
|
|
Total Capacity
|
|
|
Remaining Capacity
|
|
Maturity
|
|
Variable Interest Rate
|
|
Facility Fee
|
|
||
Line
|
$
|
800,000
|
|
(1)
|
$
|
780,686
|
|
(2)
|
9/4/2016
|
(3)
|
LIBOR plus 117.5 basis points
|
|
22.5 basis points
|
(4)
|
Term Loan
|
|
75,000
|
|
(5)
|
|
—
|
|
12/15/2016
|
|
LIBOR plus 145 basis points
|
(6)
|
—
|
|
Scheduled Principal Payments and Maturities by Year:
|
|
Scheduled
Principal Payments |
|
Mortgage Loan
Maturities |
|
Unsecured
Maturities
(1)
|
|
Total
|
||||
2014
|
$
|
7,094
|
|
|
15,538
|
|
|
150,000
|
|
|
172,632
|
|
2015
|
|
5,747
|
|
|
62,435
|
|
|
350,000
|
|
|
418,182
|
|
2016
|
|
5,487
|
|
|
21,661
|
|
|
75,000
|
|
|
102,148
|
|
2017
|
|
4,881
|
|
|
84,812
|
|
|
400,000
|
|
|
489,693
|
|
2018
|
|
4,156
|
|
|
57,358
|
|
|
—
|
|
|
61,514
|
|
Beyond 5 Years
|
|
17,005
|
|
|
190,298
|
|
|
400,000
|
|
|
607,303
|
|
Unamortized debt premiums (discounts), net
|
|
—
|
|
|
4,873
|
|
|
(1,648
|
)
|
|
3,225
|
|
Total notes payable
|
$
|
44,370
|
|
|
436,975
|
|
|
1,373,352
|
|
|
1,854,697
|
|
Derivatives in FASB
ASC Topic 815 Cash Flow Hedging Relationships: |
Amount of Gain (Loss)
Recognized in Other Comprehensive Loss on Derivative (Effective Portion) |
|
Location of Gain
(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) |
|
Amount of Gain (Loss)
Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) |
|
Location of Gain or
(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
|
Amount of Gain or
(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
||||||||||||||||||||||||
|
2013
|
|
2012
|
|
2011
|
|
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
2013
|
|
2012
|
|
2011
|
||||||||||||
Interest rate swaps
|
$
|
30,952
|
|
|
4,245
|
|
|
18
|
|
|
Interest expense
|
|
$
|
(9,433
|
)
|
|
(9,491
|
)
|
|
(9,467
|
)
|
|
Other expenses
|
|
$
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
|
2013
|
|
2012
|
||||||||
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||
Financial assets:
|
|
|
|
|
|
|
|
|
||||
Notes receivable
|
$
|
11,960
|
|
|
11,600
|
|
$
|
23,751
|
|
|
23,700
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
||||
Notes payable
|
$
|
1,779,697
|
|
|
1,936,400
|
|
$
|
1,771,891
|
|
|
2,000,000
|
|
Unsecured credit facilities
|
$
|
75,000
|
|
|
75,400
|
|
$
|
170,000
|
|
|
170,200
|
|
|
|
2013
|
|
2012
|
||||
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Notes receivable
|
|
7.8%
|
|
7.8%
|
|
7.0%
|
|
8.1%
|
Notes payable
|
|
3.0%
|
|
3.5%
|
|
2.4%
|
|
3.3%
|
Unsecured credit facilities
|
|
1.4%
|
|
1.4%
|
|
1.6%
|
|
1.6%
|
|
|
Fair Value Measurements as of December 31, 2013
|
||||||||||
|
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||
|
|
Balance
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||
Assets:
|
|
|
|
|
|
|
|
|
||||
Trading securities held in trust
|
$
|
26,681
|
|
|
26,681
|
|
|
—
|
|
|
—
|
|
Interest rate derivatives
|
|
35,237
|
|
|
—
|
|
|
35,237
|
|
|
—
|
|
Total
|
$
|
61,918
|
|
|
26,681
|
|
|
35,237
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||
Interest rate derivatives
|
$
|
(34
|
)
|
|
—
|
|
|
(34
|
)
|
|
—
|
|
|
|
Fair Value Measurements as of December 31, 2012
|
||||||||||
|
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||
|
|
Balance
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||
Assets:
|
|
|
|
|
|
|
|
|
||||
Trading securities held in trust
|
$
|
23,429
|
|
|
23,429
|
|
|
—
|
|
|
—
|
|
Interest rate derivatives
|
|
4,307
|
|
|
—
|
|
|
4,307
|
|
|
—
|
|
Total
|
$
|
27,736
|
|
|
23,429
|
|
|
4,307
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||
Interest rate derivatives
|
$
|
(76
|
)
|
|
—
|
|
|
(76
|
)
|
|
—
|
|
|
|
Fair Value Measurements as of December 31, 2013
|
|||||||||||||
|
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Total Losses
|
|||||
Assets:
|
|
Balance
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
||||||
Long-lived asset held and used
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating property
|
$
|
4,686
|
|
|
—
|
|
|
—
|
|
|
4,686
|
|
|
(6,000
|
)
|
|
|
Fair Value Measurements as of December 31, 2012
|
|||||||||||||
|
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|
Total Losses
(1)
|
|||||
Assets:
|
|
Balance
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
||||||
Long-lived asset held and used
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating property
|
$
|
49,673
|
|
|
—
|
|
|
—
|
|
|
49,673
|
|
|
(54,500
|
)
|
|
|
2013
|
|
2012
|
||
|
|
|
Low
|
|
High
|
|
Overall cap rates
|
|
8.0%
|
|
8.3%
|
|
8.5%
|
Rental growth rates
|
|
0.0%
|
|
(8.3)%
|
|
2.5%
|
Discount rates
|
|
9.0%
|
|
10.5%
|
|
10.5%
|
Terminal cap rates
|
|
8.5%
|
|
8.8%
|
|
8.8%
|
|
|
Preferred Stock Outstanding as of December 31, 2013 and 2012
|
|||||||||||
|
|
Date of Issuance
|
|
Shares Issued and Outstanding
|
|
Liquidation Preference
|
|
Distribution Rate
|
|
Callable By Company
|
|||
Series 6
|
|
2/16/2012
|
|
10,000,000
|
|
|
$
|
250,000,000
|
|
|
6.625%
|
|
2/16/2017
|
Series 7
|
|
8/23/2012
|
|
3,000,000
|
|
|
75,000,000
|
|
|
6.000%
|
|
8/23/2017
|
|
|
|
|
|
13,000,000
|
|
|
$
|
325,000,000
|
|
|
|
|
|
|
|
2013
|
|
2012
|
||
Shares issued
|
|
1,899
|
|
|
443
|
|
Weighted average price per share
|
$
|
53.35
|
|
|
49.70
|
|
Gross proceeds
|
$
|
101,342
|
|
|
22,007
|
|
Commissions
|
$
|
1,521
|
|
|
331
|
|
Issuance costs
|
$
|
68
|
|
|
134
|
|
|
|
2013
|
|
2012
|
||
Partnership units owned by the general partner
|
|
92,333
|
|
|
90,394
|
|
Total partnership units outstanding
|
|
92,499
|
|
|
90,572
|
|
Percentage of partnership units owned by the general partner
|
|
99.8%
|
|
99.8%
|
|
|
Loss on Settlement of Derivative Instruments
|
|
Fair Value of Derivative Instruments
|
|
Accumulated Other Comprehensive Income (Loss)
|
|||
Beginning balance as of December 31, 2012
|
$
|
(61,991
|
)
|
|
4,276
|
|
|
(57,715
|
)
|
Net gain on cash flow derivative instruments
|
|
—
|
|
|
30,878
|
|
|
30,878
|
|
Amounts reclassified from accumulated other comprehensive income
|
|
9,449
|
|
|
(16
|
)
|
|
9,433
|
|
Current period other comprehensive income, net
|
|
9,449
|
|
|
30,862
|
|
|
40,311
|
|
Ending balance as of December 31, 2013
|
$
|
(52,542
|
)
|
|
35,138
|
|
|
(17,404
|
)
|
Accumulated Other Comprehensive Loss Component
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
|
|
Location of Gain
(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income |
|||||||
|
|
2013
|
|
2012
|
|
2011
|
|
|
|||
Interest rate swaps
|
$
|
(9,433
|
)
|
|
(9,491
|
)
|
|
(9,467
|
)
|
|
Interest expense
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Restricted stock
(1)
|
$
|
14,141
|
|
|
11,526
|
|
|
10,659
|
|
Directors' fees paid in common stock
(1)
|
|
238
|
|
|
259
|
|
|
269
|
|
Capitalized stock-based compensation
(2)
|
|
(2,188
|
)
|
|
(1,979
|
)
|
|
(1,104
|
)
|
Stock-based compensation, net of capitalization
|
$
|
12,191
|
|
|
9,806
|
|
|
9,824
|
|
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value (in thousands)
|
|||
Outstanding as of December 31, 2012
|
|
315,924
|
|
$
|
52.39
|
|
|
2.1
|
$
|
(1,664
|
)
|
Less: Exercised
(1)
|
|
20,000
|
|
|
51.36
|
|
|
|
|
|
|
Less: Forfeited
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Less: Expired
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Outstanding of of December 31, 2013
|
|
295,924
|
|
$
|
52.46
|
|
|
1.1
|
$
|
(1,822
|
)
|
Vested and expected to vest as of December 31, 2013
|
|
295,924
|
|
$
|
52.46
|
|
|
1.1
|
$
|
(1,822
|
)
|
Exercisable as of December 31, 2013
|
|
295,924
|
|
$
|
52.46
|
|
|
1.1
|
$
|
(1,822
|
)
|
|
|
Number of Shares
|
|
Intrinsic Value (in thousands)
|
|
Weighted Average Grant Price
|
|
Non-vested as of December 31, 2012
|
|
674,491
|
|
|
|
|
|
Add: Time-based awards granted
(1) (4)
|
|
140,850
|
|
|
|
$
|
50.69
|
Add: Performance-based awards granted
(2) (4)
|
|
12,090
|
|
|
|
$
|
49.63
|
Add: Market-based awards granted
(3) (4)
|
|
95,104
|
|
|
|
$
|
56.32
|
Less: Vested and Distributed
(5)
|
|
226,293
|
|
|
|
$
|
50.75
|
Less: Forfeited
|
|
10,545
|
|
|
|
$
|
42.31
|
Non-vested as of December 31, 2013
(6)
|
|
685,697
|
|
$
|
31,748
|
|
|
|
|
2013
|
|
2012
|
|
2011
|
Volatility
|
|
27.80%
|
|
48.80%
|
|
66.50%
|
Risk free interest rate
|
|
0.42%
|
|
0.32%
|
|
0.98%
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Numerator:
|
|
|
|
|
|
|
|||
Continuing Operations
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
Less: income attributable to noncontrolling interests
|
|
1,360
|
|
|
385
|
|
|
4,385
|
|
Income from continuing operations attributable to the Company
|
|
84,640
|
|
|
47,552
|
|
|
34,824
|
|
Less: preferred stock dividends
|
|
21,062
|
|
|
32,531
|
|
|
19,675
|
|
Less: dividends paid on unvested restricted stock
|
|
448
|
|
|
572
|
|
|
615
|
|
Income from continuing operations attributable to common stockholders - basic
|
|
63,130
|
|
|
14,449
|
|
|
14,534
|
|
Add: dividends paid on Treasury Method restricted stock
|
|
45
|
|
|
71
|
|
|
18
|
|
Income from continuing operations attributable to common stockholders - diluted
|
|
63,175
|
|
|
14,520
|
|
|
14,552
|
|
Discontinued Operations
|
|
|
|
|
|
|
|||
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
Less: income from discontinued operations attributable to noncontrolling interests
|
|
121
|
|
|
(43
|
)
|
|
33
|
|
Income from discontinued operations attributable to the Company
|
|
65,164
|
|
|
(21,685
|
)
|
|
16,546
|
|
Net Income
|
|
|
|
|
|
|
|||
Net income attributable to common stockholders - basic
|
|
128,294
|
|
|
(7,236
|
)
|
|
31,080
|
|
Net income attributable to common stockholders - diluted
|
$
|
128,339
|
|
|
(7,165
|
)
|
|
31,098
|
|
Denominator:
|
|
|
|
|
|
|
|||
Weighted average common shares outstanding for basic EPS
|
|
91,383
|
|
|
89,630
|
|
|
87,825
|
|
Incremental shares to be issued under common stock options
|
|
2
|
|
|
—
|
|
|
—
|
|
Incremental shares to be issued under unvested restricted stock
|
|
24
|
|
|
39
|
|
|
10
|
|
Incremental shares under Forward Equity Offering
|
|
—
|
|
|
—
|
|
|
424
|
|
Weighted average common shares outstanding for diluted EPS
|
|
91,409
|
|
|
89,669
|
|
|
88,259
|
|
Income per common share – basic
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common stockholders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
Income per common share – diluted
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common stockholders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Numerator:
|
|
|
|
|
|
|
|||
Continuing Operations
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
Gain on sale of real estate
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
Less: income attributable to noncontrolling interests
|
|
1,084
|
|
|
908
|
|
|
557
|
|
Income from continuing operations attributable to the Partnership
|
|
84,916
|
|
|
47,029
|
|
|
38,652
|
|
Less: preferred unit distributions
|
|
21,062
|
|
|
31,902
|
|
|
23,400
|
|
Less: dividends paid on unvested restricted units
|
|
448
|
|
|
572
|
|
|
615
|
|
Income from continuing operations attributable to common unit holders - basic
|
|
63,406
|
|
|
14,555
|
|
|
14,637
|
|
Add: dividends paid on Treasury Method restricted units
|
|
45
|
|
|
71
|
|
|
18
|
|
Income from continuing operations attributable to common unit holders - diluted
|
|
63,451
|
|
|
14,626
|
|
|
14,655
|
|
Discontinued Operations
|
|
|
|
|
|
|
|||
Income (loss) from discontinued operations
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
Less: income from discontinued operations attributable to noncontrolling interests
|
|
121
|
|
|
(43
|
)
|
|
33
|
|
Income from discontinued operations attributable to the Partnership
|
|
65,164
|
|
|
(21,685
|
)
|
|
16,546
|
|
Net Income
|
|
|
|
|
|
|
|||
Net income attributable to common unit holders - basic
|
|
128,570
|
|
|
(7,130
|
)
|
|
31,183
|
|
Net income attributable to common unit holders - diluted
|
$
|
128,615
|
|
|
(7,059
|
)
|
|
31,201
|
|
Denominator:
|
|
|
|
|
|
|
|||
Weighted average common units outstanding for basic EPU
|
|
91,555
|
|
|
89,808
|
|
|
88,002
|
|
Incremental units to be issued under common stock options
|
|
2
|
|
|
—
|
|
|
—
|
|
Incremental units to be issued under unvested restricted stock
|
|
24
|
|
|
39
|
|
|
10
|
|
Incremental units to be issued under Forward Equity Offering
|
|
—
|
|
|
—
|
|
|
424
|
|
Weighted average common units outstanding for diluted EPU
|
|
91,581
|
|
|
89,847
|
|
|
88,436
|
|
Income (loss) per common unit – basic
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common unit holders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
Income (loss) per common unit – diluted
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
Net income (loss) attributable to common unit holders
|
$
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
Year Ending December 31,
|
|
Future Minimum Rents
|
|
2014
|
$
|
344,464
|
|
2015
|
|
324,227
|
|
2016
|
|
288,315
|
|
2017
|
|
244,639
|
|
2018
|
|
198,298
|
|
Thereafter
|
|
1,013,349
|
|
Total
|
$
|
2,413,292
|
|
Year Ending December 31,
|
|
Future Obligations
|
|
2014
|
$
|
7,797
|
|
2015
|
|
7,456
|
|
2016
|
|
6,906
|
|
2017
|
|
5,164
|
|
2018
|
|
4,064
|
|
Thereafter
|
|
115,073
|
|
Total
|
$
|
146,460
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
45 Commons Town Center
|
|
$
|
30,760
|
|
|
35,830
|
|
|
(191
|
)
|
|
30,812
|
|
|
35,586
|
|
|
—
|
|
|
66,398
|
|
|
14,232
|
|
|
52,166
|
|
|
62,500
|
|
Airport Crossing
|
|
1,748
|
|
|
1,690
|
|
|
85
|
|
|
1,744
|
|
|
1,780
|
|
|
—
|
|
|
3,524
|
|
|
609
|
|
|
2,915
|
|
|
—
|
|
|
Amerige Heights Town Center
|
|
10,109
|
|
|
11,288
|
|
|
354
|
|
|
10,109
|
|
|
11,642
|
|
|
—
|
|
|
21,751
|
|
|
2,332
|
|
|
19,419
|
|
|
16,796
|
|
|
Anastasia Plaza
|
|
9,065
|
|
|
—
|
|
|
278
|
|
|
3,338
|
|
|
6,005
|
|
|
—
|
|
|
9,343
|
|
|
1,020
|
|
|
8,323
|
|
|
—
|
|
|
Ashburn Farm Market Center
|
|
9,835
|
|
|
4,812
|
|
|
111
|
|
|
9,835
|
|
|
4,923
|
|
|
—
|
|
|
14,758
|
|
|
3,230
|
|
|
11,528
|
|
|
—
|
|
|
Ashford Perimeter
|
|
2,584
|
|
|
9,865
|
|
|
550
|
|
|
2,584
|
|
|
10,415
|
|
|
—
|
|
|
12,999
|
|
|
5,639
|
|
|
7,360
|
|
|
—
|
|
|
Augusta Center
|
|
5,142
|
|
|
2,720
|
|
|
(5,618
|
)
|
|
1,386
|
|
|
858
|
|
|
—
|
|
|
2,244
|
|
|
231
|
|
|
2,013
|
|
|
—
|
|
|
Aventura Shopping Center
|
|
2,751
|
|
|
10,459
|
|
|
17
|
|
|
2,751
|
|
|
10,476
|
|
|
—
|
|
|
13,227
|
|
|
10,050
|
|
|
3,177
|
|
|
—
|
|
|
Balboa Mesa Shopping Center
|
|
23,074
|
|
|
33,838
|
|
|
130
|
|
|
23,074
|
|
|
33,969
|
|
|
—
|
|
|
57,043
|
|
|
1,929
|
|
|
55,114
|
|
|
—
|
|
|
Belleview Square
|
|
8,132
|
|
|
9,756
|
|
|
2,254
|
|
|
8,323
|
|
|
11,819
|
|
|
—
|
|
|
20,142
|
|
|
4,870
|
|
|
15,272
|
|
|
6,769
|
|
|
Berkshire Commons
|
|
2,295
|
|
|
9,551
|
|
|
1,498
|
|
|
2,965
|
|
|
10,379
|
|
|
—
|
|
|
13,344
|
|
|
6,007
|
|
|
7,337
|
|
|
7,500
|
|
|
Bloomingdale Square
|
|
3,940
|
|
|
14,912
|
|
|
1,585
|
|
|
3,940
|
|
|
16,497
|
|
|
—
|
|
|
20,437
|
|
|
6,757
|
|
|
13,680
|
|
|
—
|
|
|
Boulevard Center
|
|
3,659
|
|
|
10,787
|
|
|
1,068
|
|
|
3,659
|
|
|
11,855
|
|
|
—
|
|
|
15,514
|
|
|
5,032
|
|
|
10,482
|
|
|
—
|
|
|
Boynton Lakes Plaza
|
|
2,628
|
|
|
11,236
|
|
|
4,267
|
|
|
3,596
|
|
|
14,535
|
|
|
—
|
|
|
18,131
|
|
|
4,613
|
|
|
13,518
|
|
|
—
|
|
|
Brentwood Plaza
|
|
2,788
|
|
|
3,473
|
|
|
184
|
|
|
2,788
|
|
|
3,657
|
|
|
—
|
|
|
6,445
|
|
|
442
|
|
|
6,003
|
|
|
—
|
|
|
Briarcliff La Vista
|
|
694
|
|
|
3,292
|
|
|
246
|
|
|
694
|
|
|
3,537
|
|
|
—
|
|
|
4,231
|
|
|
2,177
|
|
|
2,054
|
|
|
—
|
|
|
Briarcliff Village
|
|
4,597
|
|
|
24,836
|
|
|
1,180
|
|
|
4,597
|
|
|
26,016
|
|
|
—
|
|
|
30,613
|
|
|
14,053
|
|
|
16,560
|
|
|
—
|
|
|
Bridgeton
|
|
3,033
|
|
|
8,137
|
|
|
98
|
|
|
3,067
|
|
|
8,201
|
|
|
—
|
|
|
11,268
|
|
|
863
|
|
|
10,405
|
|
|
—
|
|
|
Buckhead Court
|
|
1,417
|
|
|
7,432
|
|
|
234
|
|
|
1,417
|
|
|
7,666
|
|
|
—
|
|
|
9,083
|
|
|
4,665
|
|
|
4,418
|
|
|
—
|
|
|
Buckley Square
|
|
2,970
|
|
|
5,978
|
|
|
722
|
|
|
2,970
|
|
|
6,700
|
|
|
—
|
|
|
9,670
|
|
|
3,073
|
|
|
6,597
|
|
|
—
|
|
|
Buckwalter Place Shopping Ctr
|
|
6,563
|
|
|
6,590
|
|
|
127
|
|
|
6,592
|
|
|
6,688
|
|
|
—
|
|
|
13,280
|
|
|
2,178
|
|
|
11,102
|
|
|
—
|
|
|
Caligo Crossing
|
|
2,459
|
|
|
4,897
|
|
|
14
|
|
|
2,459
|
|
|
4,910
|
|
|
—
|
|
|
7,369
|
|
|
1,481
|
|
|
5,888
|
|
|
—
|
|
|
Cambridge Square
|
|
774
|
|
|
4,347
|
|
|
644
|
|
|
774
|
|
|
4,991
|
|
|
—
|
|
|
5,765
|
|
|
2,392
|
|
|
3,373
|
|
|
—
|
|
|
Carmel Commons
|
|
2,466
|
|
|
12,548
|
|
|
4,153
|
|
|
3,422
|
|
|
15,745
|
|
|
—
|
|
|
19,167
|
|
|
6,198
|
|
|
12,969
|
|
|
—
|
|
|
Carriage Gate
|
|
833
|
|
|
4,974
|
|
|
2,308
|
|
|
1,284
|
|
|
6,832
|
|
|
—
|
|
|
8,116
|
|
|
3,899
|
|
|
4,217
|
|
|
—
|
|
|
Centerplace of Greeley III
|
|
6,661
|
|
|
11,502
|
|
|
2,531
|
|
|
6,807
|
|
|
13,887
|
|
|
—
|
|
|
20,694
|
|
|
3,046
|
|
|
17,648
|
|
|
—
|
|
|
Chasewood Plaza
|
|
4,612
|
|
|
20,829
|
|
|
(1,517
|
)
|
|
4,663
|
|
|
19,260
|
|
|
—
|
|
|
23,923
|
|
|
11,908
|
|
|
12,015
|
|
|
—
|
|
|
Cherry Grove
|
|
3,533
|
|
|
15,862
|
|
|
1,620
|
|
|
3,533
|
|
|
17,482
|
|
|
—
|
|
|
21,015
|
|
|
7,021
|
|
|
13,994
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
Clayton Valley Shopping Center
|
|
24,189
|
|
|
35,422
|
|
|
1,978
|
|
|
24,538
|
|
|
37,051
|
|
|
—
|
|
|
61,589
|
|
|
14,651
|
|
|
46,938
|
|
|
—
|
|
|
Cochran's Crossing
|
|
13,154
|
|
|
12,315
|
|
|
723
|
|
|
13,154
|
|
|
13,038
|
|
|
—
|
|
|
26,192
|
|
|
6,861
|
|
|
19,331
|
|
|
—
|
|
|
Corkscrew Village
|
|
8,407
|
|
|
8,004
|
|
|
101
|
|
|
8,407
|
|
|
8,105
|
|
|
—
|
|
|
16,512
|
|
|
2,077
|
|
|
14,435
|
|
|
8,187
|
|
|
Cornerstone Square
|
|
1,772
|
|
|
6,944
|
|
|
1,056
|
|
|
1,772
|
|
|
8,001
|
|
|
—
|
|
|
9,773
|
|
|
3,961
|
|
|
5,812
|
|
|
—
|
|
|
Corvallis Market Center
|
|
6,674
|
|
|
12,244
|
|
|
36
|
|
|
6,696
|
|
|
12,259
|
|
|
—
|
|
|
18,955
|
|
|
3,028
|
|
|
15,927
|
|
|
—
|
|
|
Costa Verde Center
|
|
12,740
|
|
|
26,868
|
|
|
1,050
|
|
|
12,798
|
|
|
27,860
|
|
|
—
|
|
|
40,658
|
|
|
12,210
|
|
|
28,448
|
|
|
—
|
|
|
Courtyard Landcom
|
|
5,867
|
|
|
4
|
|
|
3
|
|
|
5,867
|
|
|
7
|
|
|
—
|
|
|
5,874
|
|
|
1
|
|
|
5,873
|
|
|
—
|
|
|
Culpeper Colonnade
|
|
15,944
|
|
|
10,601
|
|
|
42
|
|
|
15,947
|
|
|
10,639
|
|
|
—
|
|
|
26,586
|
|
|
4,888
|
|
|
21,698
|
|
|
—
|
|
|
Dardenne Crossing
|
|
4,194
|
|
|
4,005
|
|
|
79
|
|
|
4,195
|
|
|
4,083
|
|
|
—
|
|
|
8,278
|
|
|
577
|
|
|
7,701
|
|
|
—
|
|
|
Delk Spectrum
|
|
2,985
|
|
|
12,001
|
|
|
861
|
|
|
3,000
|
|
|
12,847
|
|
|
—
|
|
|
15,847
|
|
|
5,400
|
|
|
10,447
|
|
|
—
|
|
|
Diablo Plaza
|
|
5,300
|
|
|
8,181
|
|
|
877
|
|
|
5,300
|
|
|
9,058
|
|
|
—
|
|
|
14,358
|
|
|
3,576
|
|
|
10,782
|
|
|
—
|
|
|
Dickson Tn
|
|
675
|
|
|
1,568
|
|
|
—
|
|
|
675
|
|
|
1,568
|
|
|
—
|
|
|
2,243
|
|
|
557
|
|
|
1,686
|
|
|
—
|
|
|
Dunwoody Village
|
|
3,342
|
|
|
15,934
|
|
|
2,404
|
|
|
3,342
|
|
|
18,338
|
|
|
—
|
|
|
21,680
|
|
|
9,839
|
|
|
11,841
|
|
|
—
|
|
|
East Pointe
|
|
1,730
|
|
|
7,189
|
|
|
1,137
|
|
|
1,705
|
|
|
8,351
|
|
|
—
|
|
|
10,056
|
|
|
3,613
|
|
|
6,443
|
|
|
—
|
|
|
East Towne Center
|
|
2,957
|
|
|
4,938
|
|
|
(95
|
)
|
|
2,957
|
|
|
4,843
|
|
|
—
|
|
|
7,800
|
|
|
2,496
|
|
|
5,304
|
|
|
—
|
|
|
East Washington Place
|
|
15,993
|
|
|
40,151
|
|
|
—
|
|
|
15,993
|
|
|
40,151
|
|
|
—
|
|
|
56,144
|
|
|
1,062
|
|
|
55,082
|
|
|
—
|
|
|
El Camino Shopping Center
|
|
7,600
|
|
|
11,538
|
|
|
717
|
|
|
7,600
|
|
|
12,255
|
|
|
—
|
|
|
19,855
|
|
|
4,574
|
|
|
15,281
|
|
|
—
|
|
|
El Cerrito Plaza
|
|
11,025
|
|
|
27,371
|
|
|
666
|
|
|
11,025
|
|
|
28,037
|
|
|
—
|
|
|
39,062
|
|
|
5,123
|
|
|
33,939
|
|
|
39,355
|
|
|
El Norte Parkway Plaza
|
|
2,834
|
|
|
7,370
|
|
|
3,009
|
|
|
3,199
|
|
|
10,014
|
|
|
—
|
|
|
13,213
|
|
|
3,299
|
|
|
9,914
|
|
|
—
|
|
|
Encina Grande
|
|
5,040
|
|
|
11,572
|
|
|
(31
|
)
|
|
5,040
|
|
|
11,541
|
|
|
—
|
|
|
16,581
|
|
|
4,807
|
|
|
11,774
|
|
|
—
|
|
|
Fairfax Shopping Center
|
|
15,239
|
|
|
11,367
|
|
|
(5,539
|
)
|
|
13,175
|
|
|
7,892
|
|
|
—
|
|
|
21,067
|
|
|
1,419
|
|
|
19,648
|
|
|
—
|
|
|
Falcon
|
|
1,340
|
|
|
4,168
|
|
|
182
|
|
|
1,340
|
|
|
4,350
|
|
|
—
|
|
|
5,690
|
|
|
1,219
|
|
|
4,471
|
|
|
—
|
|
|
Fellsway Plaza
|
|
30,712
|
|
|
7,327
|
|
|
—
|
|
|
30,712
|
|
|
7,327
|
|
|
—
|
|
|
38,039
|
|
|
221
|
|
|
37,818
|
|
|
28,100
|
|
|
Fenton Marketplace
|
|
2,298
|
|
|
8,510
|
|
|
(8,592
|
)
|
|
512
|
|
|
1,704
|
|
|
—
|
|
|
2,216
|
|
|
172
|
|
|
2,044
|
|
|
—
|
|
|
Fleming Island
|
|
3,077
|
|
|
11,587
|
|
|
2,057
|
|
|
3,111
|
|
|
13,610
|
|
|
—
|
|
|
16,721
|
|
|
4,806
|
|
|
11,915
|
|
|
417
|
|
|
French Valley Village Center
|
|
11,924
|
|
|
16,856
|
|
|
5
|
|
|
11,822
|
|
|
16,964
|
|
|
—
|
|
|
28,786
|
|
|
7,214
|
|
|
21,572
|
|
|
—
|
|
|
Friars Mission Center
|
|
6,660
|
|
|
28,021
|
|
|
827
|
|
|
6,660
|
|
|
28,848
|
|
|
—
|
|
|
35,508
|
|
|
10,830
|
|
|
24,678
|
|
|
272
|
|
|
Gardens Square
|
|
2,136
|
|
|
8,273
|
|
|
376
|
|
|
2,136
|
|
|
8,649
|
|
|
—
|
|
|
10,785
|
|
|
3,713
|
|
|
7,072
|
|
|
—
|
|
|
Gateway 101
|
|
24,971
|
|
|
9,113
|
|
|
20
|
|
|
24,971
|
|
|
9,134
|
|
|
—
|
|
|
34,105
|
|
|
2,205
|
|
|
31,900
|
|
|
—
|
|
|
Gateway Shopping Center
|
|
52,665
|
|
|
7,134
|
|
|
1,654
|
|
|
52,672
|
|
|
8,781
|
|
|
—
|
|
|
61,453
|
|
|
8,491
|
|
|
52,962
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
Gelson's Westlake Market Plaza
|
|
3,157
|
|
|
11,153
|
|
|
357
|
|
|
3,157
|
|
|
11,510
|
|
|
—
|
|
|
14,667
|
|
|
4,083
|
|
|
10,584
|
|
|
—
|
|
|
Glen Oak Plaza
|
|
4,103
|
|
|
12,951
|
|
|
305
|
|
|
4,103
|
|
|
13,256
|
|
|
—
|
|
|
17,359
|
|
|
1,559
|
|
|
15,800
|
|
|
—
|
|
|
Glenwood Village
|
|
1,194
|
|
|
5,381
|
|
|
132
|
|
|
1,194
|
|
|
5,513
|
|
|
—
|
|
|
6,707
|
|
|
3,320
|
|
|
3,387
|
|
|
—
|
|
|
Golden Hills Plaza
|
|
12,699
|
|
|
18,482
|
|
|
3,318
|
|
|
12,693
|
|
|
21,805
|
|
|
—
|
|
|
34,498
|
|
|
3,686
|
|
|
30,812
|
|
|
—
|
|
|
Grand Ridge Plaza
|
|
2,240
|
|
|
8,454
|
|
|
74,547
|
|
|
24,208
|
|
|
61,033
|
|
|
—
|
|
|
85,241
|
|
|
1,392
|
|
|
83,849
|
|
|
11,482
|
|
|
Greenwood Springs
|
|
2,720
|
|
|
3,059
|
|
|
(3,728
|
)
|
|
889
|
|
|
1,162
|
|
|
—
|
|
|
2,051
|
|
|
120
|
|
|
1,931
|
|
|
—
|
|
|
Hancock
|
|
8,232
|
|
|
28,260
|
|
|
1,047
|
|
|
8,232
|
|
|
29,307
|
|
|
—
|
|
|
37,539
|
|
|
12,304
|
|
|
25,235
|
|
|
—
|
|
|
Harpeth Village Fieldstone
|
|
2,284
|
|
|
9,443
|
|
|
234
|
|
|
2,284
|
|
|
9,677
|
|
|
—
|
|
|
11,961
|
|
|
3,904
|
|
|
8,057
|
|
|
—
|
|
|
Harris Crossing
|
|
7,199
|
|
|
3,677
|
|
|
6
|
|
|
7,159
|
|
|
3,723
|
|
|
—
|
|
|
10,882
|
|
|
1,070
|
|
|
9,812
|
|
|
—
|
|
|
Heritage Land
|
|
12,390
|
|
|
—
|
|
|
(453
|
)
|
|
11,937
|
|
|
—
|
|
|
—
|
|
|
11,937
|
|
|
—
|
|
|
11,937
|
|
|
—
|
|
|
Heritage Plaza
|
|
—
|
|
|
26,097
|
|
|
13,372
|
|
|
278
|
|
|
39,192
|
|
|
—
|
|
|
39,470
|
|
|
11,989
|
|
|
27,481
|
|
|
—
|
|
|
Hershey
|
|
7
|
|
|
808
|
|
|
6
|
|
|
7
|
|
|
814
|
|
|
—
|
|
|
821
|
|
|
271
|
|
|
550
|
|
|
—
|
|
|
Hibernia Pavilion
|
|
4,929
|
|
|
5,065
|
|
|
(18
|
)
|
|
4,929
|
|
|
5,047
|
|
|
—
|
|
|
9,976
|
|
|
1,515
|
|
|
8,461
|
|
|
—
|
|
|
Hibernia Plaza
|
|
267
|
|
|
230
|
|
|
1
|
|
|
267
|
|
|
231
|
|
|
—
|
|
|
498
|
|
|
46
|
|
|
452
|
|
|
—
|
|
|
Hickory Creek Plaza
|
|
5,629
|
|
|
4,564
|
|
|
283
|
|
|
5,629
|
|
|
4,847
|
|
|
—
|
|
|
10,476
|
|
|
2,080
|
|
|
8,396
|
|
|
—
|
|
|
Hillcrest Village
|
|
1,600
|
|
|
1,909
|
|
|
51
|
|
|
1,600
|
|
|
1,960
|
|
|
—
|
|
|
3,560
|
|
|
742
|
|
|
2,818
|
|
|
—
|
|
|
Hilltop Village
|
|
2,995
|
|
|
4,581
|
|
|
(930
|
)
|
|
2,596
|
|
|
4,050
|
|
|
—
|
|
|
6,646
|
|
|
280
|
|
|
6,366
|
|
|
7,500
|
|
|
Hinsdale
|
|
5,734
|
|
|
16,709
|
|
|
1,538
|
|
|
5,734
|
|
|
18,247
|
|
|
—
|
|
|
23,981
|
|
|
7,542
|
|
|
16,439
|
|
|
—
|
|
|
Holly Park
|
|
8,975
|
|
|
23,799
|
|
|
—
|
|
|
8,975
|
|
|
23,799
|
|
|
—
|
|
|
32,774
|
|
|
—
|
|
|
32,774
|
|
|
—
|
|
|
Horton's Corner
|
|
3,137
|
|
|
2,779
|
|
|
(5,916
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
(37
|
)
|
|
—
|
|
|
Howell Mill Village
|
|
5,157
|
|
|
14,279
|
|
|
1,863
|
|
|
5,157
|
|
|
16,142
|
|
|
—
|
|
|
21,299
|
|
|
2,687
|
|
|
18,612
|
|
|
—
|
|
|
Hyde Park
|
|
9,809
|
|
|
39,905
|
|
|
1,631
|
|
|
9,809
|
|
|
41,536
|
|
|
—
|
|
|
51,345
|
|
|
18,558
|
|
|
32,787
|
|
|
—
|
|
|
Indio Towne Center
|
|
17,946
|
|
|
31,985
|
|
|
(90
|
)
|
|
17,317
|
|
|
32,524
|
|
|
—
|
|
|
49,841
|
|
|
7,888
|
|
|
41,953
|
|
|
—
|
|
|
Inglewood Plaza
|
|
1,300
|
|
|
2,159
|
|
|
136
|
|
|
1,300
|
|
|
2,295
|
|
|
—
|
|
|
3,595
|
|
|
943
|
|
|
2,652
|
|
|
—
|
|
|
Jefferson Square
|
|
5,167
|
|
|
6,445
|
|
|
(7,242
|
)
|
|
1,894
|
|
|
2,477
|
|
|
—
|
|
|
4,371
|
|
|
114
|
|
|
4,257
|
|
|
—
|
|
|
Keller Town Center
|
|
2,294
|
|
|
12,841
|
|
|
88
|
|
|
2,294
|
|
|
12,929
|
|
|
—
|
|
|
15,223
|
|
|
4,901
|
|
|
10,322
|
|
|
—
|
|
|
Kent Place
|
|
4,855
|
|
|
3,544
|
|
|
825
|
|
|
5,210
|
|
|
4,014
|
|
|
—
|
|
|
9,224
|
|
|
108
|
|
|
9,116
|
|
|
8,250
|
|
|
Kings Crossing Sun City
|
|
515
|
|
|
1,246
|
|
|
116
|
|
|
515
|
|
|
1,363
|
|
|
—
|
|
|
1,878
|
|
|
387
|
|
|
1,491
|
|
|
—
|
|
|
Kirkwood Commons
|
|
6,772
|
|
|
16,224
|
|
|
445
|
|
|
6,802
|
|
|
16,639
|
|
|
—
|
|
|
23,441
|
|
|
1,588
|
|
|
21,853
|
|
|
11,510
|
|
|
Kroger New Albany Center
|
|
3,844
|
|
|
6,599
|
|
|
431
|
|
|
3,844
|
|
|
7,030
|
|
|
—
|
|
|
10,874
|
|
|
4,177
|
|
|
6,697
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
Kulpsville
|
|
5,518
|
|
|
3,756
|
|
|
142
|
|
|
5,600
|
|
|
3,815
|
|
|
—
|
|
|
9,415
|
|
|
1,004
|
|
|
8,411
|
|
|
—
|
|
|
Lake Pine Plaza
|
|
2,008
|
|
|
7,632
|
|
|
394
|
|
|
2,029
|
|
|
8,005
|
|
|
—
|
|
|
10,034
|
|
|
3,173
|
|
|
6,861
|
|
|
—
|
|
|
Lebanon Center
|
|
3,865
|
|
|
5,751
|
|
|
(439
|
)
|
|
3,215
|
|
|
5,962
|
|
|
—
|
|
|
9,177
|
|
|
1,585
|
|
|
7,592
|
|
|
—
|
|
|
Lebanon/Legacy Center
|
|
3,913
|
|
|
7,874
|
|
|
106
|
|
|
3,913
|
|
|
7,979
|
|
|
—
|
|
|
11,892
|
|
|
4,316
|
|
|
7,576
|
|
|
—
|
|
|
Littleton Square
|
|
2,030
|
|
|
8,859
|
|
|
310
|
|
|
2,030
|
|
|
9,169
|
|
|
—
|
|
|
11,199
|
|
|
3,606
|
|
|
7,593
|
|
|
—
|
|
|
Lloyd King
|
|
1,779
|
|
|
10,060
|
|
|
1,007
|
|
|
1,779
|
|
|
11,066
|
|
|
—
|
|
|
12,845
|
|
|
4,353
|
|
|
8,492
|
|
|
—
|
|
|
Loehmann's Plaza
|
|
3,983
|
|
|
18,687
|
|
|
722
|
|
|
4,097
|
|
|
19,294
|
|
|
—
|
|
|
23,391
|
|
|
9,733
|
|
|
13,658
|
|
|
—
|
|
|
Loehmanns Plaza California
|
|
5,420
|
|
|
9,450
|
|
|
607
|
|
|
5,420
|
|
|
10,057
|
|
|
—
|
|
|
15,477
|
|
|
4,133
|
|
|
11,344
|
|
|
—
|
|
|
Lower Nazareth Commons
|
|
15,992
|
|
|
12,964
|
|
|
3,195
|
|
|
16,343
|
|
|
15,809
|
|
|
—
|
|
|
32,152
|
|
|
4,145
|
|
|
28,007
|
|
|
—
|
|
|
Market at Colonnade Center
|
|
6,455
|
|
|
9,839
|
|
|
(53
|
)
|
|
6,160
|
|
|
10,081
|
|
|
—
|
|
|
16,241
|
|
|
1,307
|
|
|
14,934
|
|
|
—
|
|
|
Market at Preston Forest
|
|
4,400
|
|
|
11,445
|
|
|
947
|
|
|
4,400
|
|
|
12,392
|
|
|
—
|
|
|
16,792
|
|
|
4,829
|
|
|
11,963
|
|
|
—
|
|
|
Market at Round Rock
|
|
2,000
|
|
|
9,676
|
|
|
5,546
|
|
|
2,000
|
|
|
15,222
|
|
|
—
|
|
|
17,222
|
|
|
5,339
|
|
|
11,883
|
|
|
—
|
|
|
Marketplace Shopping Center
|
|
1,287
|
|
|
5,509
|
|
|
4,983
|
|
|
1,330
|
|
|
10,449
|
|
|
—
|
|
|
11,779
|
|
|
3,699
|
|
|
8,080
|
|
|
—
|
|
|
Marketplace at Briargate
|
|
1,706
|
|
|
4,885
|
|
|
28
|
|
|
1,727
|
|
|
4,892
|
|
|
—
|
|
|
6,619
|
|
|
1,672
|
|
|
4,947
|
|
|
—
|
|
|
Middle Creek Commons
|
|
5,042
|
|
|
8,100
|
|
|
163
|
|
|
5,091
|
|
|
8,214
|
|
|
—
|
|
|
13,305
|
|
|
2,524
|
|
|
10,781
|
|
|
—
|
|
|
Millhopper Shopping Center
|
|
1,073
|
|
|
5,358
|
|
|
4,520
|
|
|
1,796
|
|
|
9,155
|
|
|
—
|
|
|
10,951
|
|
|
5,324
|
|
|
5,627
|
|
|
—
|
|
|
Mockingbird Common
|
|
3,000
|
|
|
10,728
|
|
|
586
|
|
|
3,000
|
|
|
11,314
|
|
|
—
|
|
|
14,314
|
|
|
4,661
|
|
|
9,653
|
|
|
10,300
|
|
|
Monument Jackson Creek
|
|
2,999
|
|
|
6,765
|
|
|
604
|
|
|
2,999
|
|
|
7,369
|
|
|
—
|
|
|
10,368
|
|
|
4,254
|
|
|
6,114
|
|
|
—
|
|
|
Morningside Plaza
|
|
4,300
|
|
|
13,951
|
|
|
444
|
|
|
4,300
|
|
|
14,395
|
|
|
—
|
|
|
18,695
|
|
|
5,809
|
|
|
12,886
|
|
|
—
|
|
|
Murryhill Marketplace
|
|
2,670
|
|
|
18,401
|
|
|
1,279
|
|
|
2,670
|
|
|
19,679
|
|
|
—
|
|
|
22,349
|
|
|
7,799
|
|
|
14,550
|
|
|
7,013
|
|
|
Naples Walk
|
|
18,173
|
|
|
13,554
|
|
|
277
|
|
|
18,173
|
|
|
13,831
|
|
|
—
|
|
|
32,004
|
|
|
3,363
|
|
|
28,641
|
|
|
15,524
|
|
|
Newberry Square
|
|
2,412
|
|
|
10,150
|
|
|
240
|
|
|
2,412
|
|
|
10,390
|
|
|
—
|
|
|
12,802
|
|
|
6,610
|
|
|
6,192
|
|
|
—
|
|
|
Newland Center
|
|
12,500
|
|
|
10,697
|
|
|
655
|
|
|
12,500
|
|
|
11,352
|
|
|
—
|
|
|
23,852
|
|
|
5,011
|
|
|
18,841
|
|
|
—
|
|
|
Nocatee Town Center
|
|
10,124
|
|
|
8,691
|
|
|
(550
|
)
|
|
9,375
|
|
|
8,891
|
|
|
—
|
|
|
18,266
|
|
|
1,845
|
|
|
16,421
|
|
|
—
|
|
|
North Hills
|
|
4,900
|
|
|
19,774
|
|
|
884
|
|
|
4,900
|
|
|
20,658
|
|
|
—
|
|
|
25,558
|
|
|
8,079
|
|
|
17,479
|
|
|
—
|
|
|
Northgate Marketplace
|
|
5,668
|
|
|
13,727
|
|
|
1,272
|
|
|
6,232
|
|
|
14,435
|
|
|
—
|
|
|
20,667
|
|
|
1,048
|
|
|
19,619
|
|
|
—
|
|
|
Northgate Plaza (Maxtown Road)
|
|
1,769
|
|
|
6,652
|
|
|
184
|
|
|
1,769
|
|
|
6,836
|
|
|
—
|
|
|
8,605
|
|
|
3,007
|
|
|
5,598
|
|
|
—
|
|
|
Northgate Square
|
|
5,011
|
|
|
8,692
|
|
|
201
|
|
|
5,011
|
|
|
8,893
|
|
|
—
|
|
|
13,904
|
|
|
2,156
|
|
|
11,748
|
|
|
—
|
|
|
Northlake Village
|
|
2,662
|
|
|
11,284
|
|
|
1,108
|
|
|
2,686
|
|
|
12,367
|
|
|
—
|
|
|
15,053
|
|
|
4,501
|
|
|
10,552
|
|
|
—
|
|
|
Oak Shade Town Center
|
|
6,591
|
|
|
28,966
|
|
|
392
|
|
|
6,591
|
|
|
29,358
|
|
|
—
|
|
|
35,949
|
|
|
2,467
|
|
|
33,482
|
|
|
10,147
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
Oakbrook Plaza
|
|
4,000
|
|
|
6,668
|
|
|
324
|
|
|
4,000
|
|
|
6,992
|
|
|
—
|
|
|
10,992
|
|
|
2,833
|
|
|
8,159
|
|
|
—
|
|
|
Oakleaf Commons
|
|
3,503
|
|
|
11,671
|
|
|
226
|
|
|
3,503
|
|
|
11,897
|
|
|
—
|
|
|
15,400
|
|
|
3,239
|
|
|
12,161
|
|
|
—
|
|
|
Ocala Corners
|
|
1,816
|
|
|
10,515
|
|
|
83
|
|
|
1,816
|
|
|
10,598
|
|
|
—
|
|
|
12,414
|
|
|
1,197
|
|
|
11,217
|
|
|
5,211
|
|
|
Old St Augustine Plaza
|
|
2,368
|
|
|
11,405
|
|
|
194
|
|
|
2,368
|
|
|
11,598
|
|
|
—
|
|
|
13,966
|
|
|
5,316
|
|
|
8,650
|
|
|
—
|
|
|
Orangeburg & Central
|
|
2,071
|
|
|
2,384
|
|
|
(82
|
)
|
|
2,071
|
|
|
2,301
|
|
|
—
|
|
|
4,372
|
|
|
620
|
|
|
3,752
|
|
|
—
|
|
|
Paces Ferry Plaza
|
|
2,812
|
|
|
12,639
|
|
|
169
|
|
|
2,812
|
|
|
12,809
|
|
|
—
|
|
|
15,621
|
|
|
7,205
|
|
|
8,416
|
|
|
—
|
|
|
Panther Creek
|
|
14,414
|
|
|
14,748
|
|
|
2,563
|
|
|
15,212
|
|
|
16,513
|
|
|
—
|
|
|
31,725
|
|
|
8,479
|
|
|
23,246
|
|
|
—
|
|
|
Peartree Village
|
|
5,197
|
|
|
19,746
|
|
|
794
|
|
|
5,197
|
|
|
20,540
|
|
|
—
|
|
|
25,737
|
|
|
9,125
|
|
|
16,612
|
|
|
8,043
|
|
|
Pike Creek
|
|
5,153
|
|
|
20,652
|
|
|
1,529
|
|
|
5,251
|
|
|
22,083
|
|
|
—
|
|
|
27,334
|
|
|
9,053
|
|
|
18,281
|
|
|
—
|
|
|
Pima Crossing
|
|
5,800
|
|
|
28,143
|
|
|
1,051
|
|
|
5,800
|
|
|
29,194
|
|
|
—
|
|
|
34,994
|
|
|
12,013
|
|
|
22,981
|
|
|
—
|
|
|
Pine Lake Village
|
|
6,300
|
|
|
10,991
|
|
|
589
|
|
|
6,300
|
|
|
11,580
|
|
|
—
|
|
|
17,880
|
|
|
4,655
|
|
|
13,225
|
|
|
—
|
|
|
Pine Tree Plaza
|
|
668
|
|
|
6,220
|
|
|
246
|
|
|
668
|
|
|
6,466
|
|
|
—
|
|
|
7,134
|
|
|
2,639
|
|
|
4,495
|
|
|
—
|
|
|
Plaza Hermosa
|
|
4,200
|
|
|
10,109
|
|
|
2,139
|
|
|
4,203
|
|
|
12,245
|
|
|
—
|
|
|
16,448
|
|
|
3,859
|
|
|
12,589
|
|
|
13,800
|
|
|
Powell Street Plaza
|
|
8,248
|
|
|
30,716
|
|
|
1,646
|
|
|
8,248
|
|
|
32,362
|
|
|
—
|
|
|
40,610
|
|
|
10,389
|
|
|
30,221
|
|
|
—
|
|
|
Powers Ferry Square
|
|
3,687
|
|
|
17,965
|
|
|
5,042
|
|
|
5,123
|
|
|
21,572
|
|
|
—
|
|
|
26,695
|
|
|
10,535
|
|
|
16,160
|
|
|
—
|
|
|
Powers Ferry Village
|
|
1,191
|
|
|
4,672
|
|
|
279
|
|
|
1,191
|
|
|
4,951
|
|
|
—
|
|
|
6,142
|
|
|
2,729
|
|
|
3,413
|
|
|
—
|
|
|
Prairie City Crossing
|
|
4,164
|
|
|
13,032
|
|
|
392
|
|
|
4,164
|
|
|
13,424
|
|
|
—
|
|
|
17,588
|
|
|
4,424
|
|
|
13,164
|
|
|
—
|
|
|
Prestonbrook
|
|
7,069
|
|
|
8,622
|
|
|
144
|
|
|
7,069
|
|
|
8,766
|
|
|
—
|
|
|
15,835
|
|
|
5,330
|
|
|
10,505
|
|
|
6,800
|
|
|
Preston Oaks
|
|
763
|
|
|
30,438
|
|
|
39
|
|
|
763
|
|
|
30,477
|
|
|
—
|
|
|
31,240
|
|
|
553
|
|
|
30,687
|
|
|
—
|
|
|
Red Bank
|
|
10,336
|
|
|
9,505
|
|
|
(165
|
)
|
|
10,110
|
|
|
9,566
|
|
|
—
|
|
|
19,676
|
|
|
1,305
|
|
|
18,371
|
|
|
—
|
|
|
Regency Commons
|
|
3,917
|
|
|
3,616
|
|
|
149
|
|
|
3,917
|
|
|
3,765
|
|
|
—
|
|
|
7,682
|
|
|
1,641
|
|
|
6,041
|
|
|
—
|
|
|
Regency Solar (Saugus)
|
|
—
|
|
|
—
|
|
|
758
|
|
|
6
|
|
|
752
|
|
|
—
|
|
|
758
|
|
|
40
|
|
|
718
|
|
|
—
|
|
|
Regency Square
|
|
4,770
|
|
|
25,191
|
|
|
3,862
|
|
|
5,067
|
|
|
28,756
|
|
|
—
|
|
|
33,823
|
|
|
18,648
|
|
|
15,175
|
|
|
—
|
|
|
Rona Plaza
|
|
1,500
|
|
|
4,917
|
|
|
173
|
|
|
1,500
|
|
|
5,090
|
|
|
—
|
|
|
6,590
|
|
|
2,316
|
|
|
4,274
|
|
|
—
|
|
|
Russell Ridge
|
|
2,234
|
|
|
6,903
|
|
|
799
|
|
|
2,234
|
|
|
7,702
|
|
|
—
|
|
|
9,936
|
|
|
3,643
|
|
|
6,293
|
|
|
—
|
|
|
Sammamish
|
|
9,300
|
|
|
8,075
|
|
|
6,369
|
|
|
9,441
|
|
|
14,302
|
|
|
—
|
|
|
23,743
|
|
|
3,513
|
|
|
20,230
|
|
|
—
|
|
|
San Leandro Plaza
|
|
1,300
|
|
|
8,226
|
|
|
411
|
|
|
1,300
|
|
|
8,637
|
|
|
—
|
|
|
9,937
|
|
|
3,256
|
|
|
6,681
|
|
|
—
|
|
|
Sandy Springs
|
|
6,889
|
|
|
28,056
|
|
|
954
|
|
|
6,889
|
|
|
29,010
|
|
|
—
|
|
|
35,899
|
|
|
1,164
|
|
|
34,735
|
|
|
16,370
|
|
|
Saugus
|
|
19,201
|
|
|
17,984
|
|
|
(1,123
|
)
|
|
18,805
|
|
|
17,257
|
|
|
—
|
|
|
36,062
|
|
|
4,660
|
|
|
31,402
|
|
|
—
|
|
|
Seminole Shoppes
|
|
8,593
|
|
|
7,523
|
|
|
66
|
|
|
8,629
|
|
|
7,552
|
|
|
—
|
|
|
16,181
|
|
|
1,178
|
|
|
15,003
|
|
|
9,000
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
Sequoia Station
|
|
9,100
|
|
|
18,356
|
|
|
1,366
|
|
|
9,100
|
|
|
19,722
|
|
|
—
|
|
|
28,822
|
|
|
7,338
|
|
|
21,484
|
|
|
21,100
|
|
|
Sherwood II
|
|
2,731
|
|
|
6,360
|
|
|
404
|
|
|
2,731
|
|
|
6,764
|
|
|
—
|
|
|
9,495
|
|
|
1,958
|
|
|
7,537
|
|
|
—
|
|
|
Shoppes @ 104
|
|
11,193
|
|
|
—
|
|
|
226
|
|
|
6,652
|
|
|
4,767
|
|
|
—
|
|
|
11,419
|
|
|
940
|
|
|
10,479
|
|
|
—
|
|
|
Shoppes at Fairhope Village
|
|
6,920
|
|
|
11,198
|
|
|
179
|
|
|
6,920
|
|
|
11,377
|
|
|
—
|
|
|
18,297
|
|
|
2,450
|
|
|
15,847
|
|
|
—
|
|
|
Shoppes of Grande Oak
|
|
5,091
|
|
|
5,985
|
|
|
137
|
|
|
5,091
|
|
|
6,122
|
|
|
—
|
|
|
11,213
|
|
|
3,617
|
|
|
7,596
|
|
|
—
|
|
|
Shops at Arizona
|
|
3,063
|
|
|
3,243
|
|
|
31
|
|
|
3,063
|
|
|
3,274
|
|
|
—
|
|
|
6,337
|
|
|
1,637
|
|
|
4,700
|
|
|
—
|
|
|
Shops at County Center
|
|
9,957
|
|
|
11,269
|
|
|
645
|
|
|
10,162
|
|
|
11,709
|
|
|
—
|
|
|
21,871
|
|
|
4,656
|
|
|
17,215
|
|
|
—
|
|
|
Shops at Erwin Mill
|
|
236
|
|
|
131
|
|
|
—
|
|
|
236
|
|
|
131
|
|
|
—
|
|
|
367
|
|
|
32
|
|
|
335
|
|
|
—
|
|
|
Shops at Johns Creek
|
|
1,863
|
|
|
2,014
|
|
|
(359
|
)
|
|
1,501
|
|
|
2,017
|
|
|
—
|
|
|
3,518
|
|
|
837
|
|
|
2,681
|
|
|
—
|
|
|
Shops at Quail Creek
|
|
1,487
|
|
|
7,717
|
|
|
381
|
|
|
1,486
|
|
|
8,098
|
|
|
—
|
|
|
9,584
|
|
|
1,644
|
|
|
7,940
|
|
|
—
|
|
|
Signature Plaza
|
|
2,396
|
|
|
3,898
|
|
|
(69
|
)
|
|
2,396
|
|
|
3,830
|
|
|
—
|
|
|
6,226
|
|
|
1,793
|
|
|
4,433
|
|
|
—
|
|
|
South Bay Village
|
|
11,714
|
|
|
15,580
|
|
|
1,385
|
|
|
11,776
|
|
|
16,903
|
|
|
—
|
|
|
28,679
|
|
|
975
|
|
|
27,704
|
|
|
—
|
|
|
South Lowry Square
|
|
3,434
|
|
|
10,445
|
|
|
800
|
|
|
3,434
|
|
|
11,245
|
|
|
—
|
|
|
14,679
|
|
|
4,419
|
|
|
10,260
|
|
|
—
|
|
|
Southcenter
|
|
1,300
|
|
|
12,750
|
|
|
748
|
|
|
1,300
|
|
|
13,498
|
|
|
—
|
|
|
14,798
|
|
|
5,092
|
|
|
9,706
|
|
|
—
|
|
|
Southpark at Cinco Ranch
|
|
18,395
|
|
|
11,306
|
|
|
—
|
|
|
18,395
|
|
|
11,307
|
|
|
—
|
|
|
29,702
|
|
|
606
|
|
|
29,096
|
|
|
—
|
|
|
SouthPoint Crossing
|
|
4,412
|
|
|
12,235
|
|
|
291
|
|
|
4,412
|
|
|
12,526
|
|
|
—
|
|
|
16,938
|
|
|
4,678
|
|
|
12,260
|
|
|
—
|
|
|
Starke
|
|
71
|
|
|
1,683
|
|
|
2
|
|
|
71
|
|
|
1,685
|
|
|
—
|
|
|
1,756
|
|
|
556
|
|
|
1,200
|
|
|
—
|
|
|
State Street Crossing
|
|
1,283
|
|
|
1,970
|
|
|
104
|
|
|
1,283
|
|
|
2,074
|
|
|
—
|
|
|
3,357
|
|
|
333
|
|
|
3,024
|
|
|
—
|
|
|
Sterling Ridge
|
|
12,846
|
|
|
12,162
|
|
|
464
|
|
|
12,846
|
|
|
12,626
|
|
|
—
|
|
|
25,472
|
|
|
6,789
|
|
|
18,683
|
|
|
13,900
|
|
|
Stonewall
|
|
27,511
|
|
|
22,123
|
|
|
5,311
|
|
|
28,127
|
|
|
26,818
|
|
|
—
|
|
|
54,945
|
|
|
8,425
|
|
|
46,520
|
|
|
—
|
|
|
Strawflower Village
|
|
4,060
|
|
|
8,084
|
|
|
290
|
|
|
4,060
|
|
|
8,374
|
|
|
—
|
|
|
12,434
|
|
|
3,491
|
|
|
8,943
|
|
|
—
|
|
|
Stroh Ranch
|
|
4,280
|
|
|
8,189
|
|
|
389
|
|
|
4,280
|
|
|
8,578
|
|
|
—
|
|
|
12,858
|
|
|
4,869
|
|
|
7,989
|
|
|
—
|
|
|
Suncoast Crossing
|
|
4,057
|
|
|
5,545
|
|
|
10,235
|
|
|
9,030
|
|
|
10,806
|
|
|
—
|
|
|
19,836
|
|
|
2,875
|
|
|
16,961
|
|
|
—
|
|
|
Sunnyside 205
|
|
1,200
|
|
|
9,459
|
|
|
1,369
|
|
|
1,200
|
|
|
10,828
|
|
|
—
|
|
|
12,028
|
|
|
3,903
|
|
|
8,125
|
|
|
—
|
|
|
Tanasbourne Market
|
|
3,269
|
|
|
10,861
|
|
|
(302
|
)
|
|
3,269
|
|
|
10,558
|
|
|
—
|
|
|
13,827
|
|
|
2,681
|
|
|
11,146
|
|
|
—
|
|
|
Tassajara Crossing
|
|
8,560
|
|
|
15,464
|
|
|
665
|
|
|
8,560
|
|
|
16,129
|
|
|
—
|
|
|
24,689
|
|
|
6,262
|
|
|
18,427
|
|
|
19,800
|
|
|
Tech Ridge Center
|
|
12,945
|
|
|
37,169
|
|
|
251
|
|
|
12,945
|
|
|
37,420
|
|
|
—
|
|
|
50,365
|
|
|
3,606
|
|
|
46,759
|
|
|
10,497
|
|
|
Town Square
|
|
883
|
|
|
8,132
|
|
|
245
|
|
|
883
|
|
|
8,377
|
|
|
—
|
|
|
9,260
|
|
|
3,800
|
|
|
5,460
|
|
|
—
|
|
|
Twin City Plaza
|
|
17,245
|
|
|
44,225
|
|
|
1,354
|
|
|
17,263
|
|
|
45,561
|
|
|
—
|
|
|
62,824
|
|
|
10,352
|
|
|
52,472
|
|
|
40,493
|
|
|
Twin Peaks
|
|
5,200
|
|
|
25,827
|
|
|
457
|
|
|
5,200
|
|
|
26,284
|
|
|
—
|
|
|
31,484
|
|
|
10,095
|
|
|
21,389
|
|
|
—
|
|
|
Uptown District
|
|
18,773
|
|
|
61,906
|
|
|
311
|
|
|
18,771
|
|
|
62,218
|
|
|
—
|
|
|
80,989
|
|
|
1,946
|
|
|
79,043
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2013 (in thousands) |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Total Cost
|
|
|
|||||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Properties held for Sale
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
|||||||||||
Valencia Crossroads
|
|
17,921
|
|
|
17,659
|
|
|
372
|
|
|
17,921
|
|
|
18,031
|
|
|
—
|
|
|
35,952
|
|
|
12,188
|
|
|
23,764
|
|
|
—
|
|
|
Ventura Village
|
|
4,300
|
|
|
6,648
|
|
|
426
|
|
|
4,300
|
|
|
7,074
|
|
|
—
|
|
|
11,374
|
|
|
2,758
|
|
|
8,616
|
|
|
—
|
|
|
Village at Lee Airpark
|
|
11,099
|
|
|
12,955
|
|
|
117
|
|
|
11,176
|
|
|
12,996
|
|
|
—
|
|
|
24,172
|
|
|
3,058
|
|
|
21,114
|
|
|
—
|
|
|
Village Center
|
|
3,885
|
|
|
14,131
|
|
|
(1,382
|
)
|
|
3,885
|
|
|
12,748
|
|
|
—
|
|
|
16,633
|
|
|
5,964
|
|
|
10,669
|
|
|
—
|
|
|
Walker Center
|
|
3,840
|
|
|
7,232
|
|
|
3,114
|
|
|
3,878
|
|
|
10,308
|
|
|
—
|
|
|
14,186
|
|
|
3,446
|
|
|
10,740
|
|
|
—
|
|
|
Walton Towne Center
|
|
3,872
|
|
|
3,298
|
|
|
93
|
|
|
3,872
|
|
|
3,392
|
|
|
—
|
|
|
7,264
|
|
|
864
|
|
|
6,400
|
|
|
—
|
|
|
Welleby Plaza
|
|
1,496
|
|
|
7,787
|
|
|
558
|
|
|
1,496
|
|
|
8,345
|
|
|
—
|
|
|
9,841
|
|
|
5,414
|
|
|
4,427
|
|
|
—
|
|
|
Wellington Town Square
|
|
2,041
|
|
|
12,131
|
|
|
214
|
|
|
2,041
|
|
|
12,346
|
|
|
—
|
|
|
14,387
|
|
|
5,280
|
|
|
9,107
|
|
|
12,800
|
|
|
West Park Plaza
|
|
5,840
|
|
|
5,759
|
|
|
851
|
|
|
5,840
|
|
|
6,610
|
|
|
—
|
|
|
12,450
|
|
|
2,631
|
|
|
9,819
|
|
|
—
|
|
|
Westbrook Commons
|
|
3,366
|
|
|
11,751
|
|
|
(536
|
)
|
|
3,091
|
|
|
11,490
|
|
|
—
|
|
|
14,581
|
|
|
3,998
|
|
|
10,583
|
|
|
—
|
|
|
Westchase
|
|
5,302
|
|
|
8,273
|
|
|
229
|
|
|
5,302
|
|
|
8,502
|
|
|
—
|
|
|
13,804
|
|
|
1,972
|
|
|
11,832
|
|
|
7,529
|
|
|
Westchester Plaza
|
|
1,857
|
|
|
7,572
|
|
|
229
|
|
|
1,857
|
|
|
7,801
|
|
|
—
|
|
|
9,658
|
|
|
4,132
|
|
|
5,526
|
|
|
—
|
|
|
Westlake Plaza and Center
|
|
7,043
|
|
|
27,195
|
|
|
1,469
|
|
|
7,043
|
|
|
28,665
|
|
|
—
|
|
|
35,708
|
|
|
11,579
|
|
|
24,129
|
|
|
—
|
|
|
Westwood Village
|
|
19,933
|
|
|
25,301
|
|
|
(678
|
)
|
|
20,135
|
|
|
24,421
|
|
|
—
|
|
|
44,556
|
|
|
7,426
|
|
|
37,130
|
|
|
—
|
|
|
White Oak
|
|
2,144
|
|
|
3,069
|
|
|
3
|
|
|
2,144
|
|
|
3,072
|
|
|
—
|
|
|
5,216
|
|
|
2,147
|
|
|
3,069
|
|
|
—
|
|
|
Willow Festival
|
|
1,954
|
|
|
56,501
|
|
|
408
|
|
|
1,954
|
|
|
56,909
|
|
|
—
|
|
|
58,863
|
|
|
5,580
|
|
|
53,283
|
|
|
39,507
|
|
|
Windmiller Plaza Phase I
|
|
2,638
|
|
|
13,241
|
|
|
30
|
|
|
2,638
|
|
|
13,271
|
|
|
—
|
|
|
15,909
|
|
|
5,824
|
|
|
10,085
|
|
|
—
|
|
|
Woodcroft Shopping Center
|
|
1,419
|
|
|
6,284
|
|
|
408
|
|
|
1,421
|
|
|
6,690
|
|
|
—
|
|
|
8,111
|
|
|
3,253
|
|
|
4,858
|
|
|
—
|
|
|
Woodman Van Nuys
|
|
5,500
|
|
|
7,195
|
|
|
197
|
|
|
5,500
|
|
|
7,392
|
|
|
—
|
|
|
12,892
|
|
|
2,920
|
|
|
9,972
|
|
|
—
|
|
|
Woodmen and Rangewood
|
7,621
|
|
|
11,018
|
|
|
448
|
|
|
7,620
|
|
|
11,467
|
|
|
—
|
|
|
19,087
|
|
|
8,493
|
|
|
10,594
|
|
|
—
|
|
||
Woodside Central
|
|
3,500
|
|
|
9,288
|
|
|
508
|
|
|
3,500
|
|
|
9,796
|
|
|
—
|
|
|
13,296
|
|
|
3,703
|
|
|
9,593
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Corporately Held Assets
|
|
—
|
|
|
—
|
|
|
3,526
|
|
|
—
|
|
|
3,526
|
|
|
|
|
3,526
|
|
|
2,551
|
|
|
975
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
||||||||||
Properties in Development
|
|
(200
|
)
|
|
1,078,886
|
|
|
(892,236
|
)
|
|
—
|
|
|
186,450
|
|
|
—
|
|
|
186,450
|
|
|
—
|
|
|
186,450
|
|
|
—
|
|
|
|
|
$
|
1,242,276
|
|
|
3,472,314
|
|
|
(688,058
|
)
|
|
1,249,779
|
|
|
2,776,752
|
|
|
—
|
|
|
4,026,531
|
|
|
844,873
|
|
|
3,181,658
|
|
|
476,472
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Beginning balance
|
$
|
3,909,912
|
|
|
4,101,912
|
|
|
3,989,154
|
|
Acquired properties
|
|
143,992
|
|
|
220,340
|
|
|
149,774
|
|
Developments and improvements
|
|
180,374
|
|
|
141,807
|
|
|
70,789
|
|
Sale of properties
|
|
(200,393
|
)
|
|
(491,438
|
)
|
|
(92,872
|
)
|
Provision for impairment
|
|
(7,354
|
)
|
|
(62,709
|
)
|
|
(14,933
|
)
|
Ending balance
|
$
|
4,026,531
|
|
|
3,909,912
|
|
|
4,101,912
|
|
|
|
2013
|
|
2012
|
|
2011
|
|||
Beginning balance
|
$
|
782,749
|
|
|
791,619
|
|
|
700,878
|
|
Depreciation expense
|
|
99,883
|
|
|
104,087
|
|
|
107,932
|
|
Sale of properties
|
|
(36,405
|
)
|
|
(104,748
|
)
|
|
(14,101
|
)
|
Provision for impairment
|
|
(1,354
|
)
|
|
(8,209
|
)
|
|
(3,090
|
)
|
Ending balance
|
$
|
844,873
|
|
|
782,749
|
|
|
791,619
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(1)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column
(2)
|
||||
Equity compensation plans
approved by security holders
|
|
295,924
|
|
|
$
|
52.46
|
|
|
2,838,677
|
|
Equity compensation plans not approved by security holders
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Total
|
|
295,924
|
|
|
$
|
52.46
|
|
|
2,838,677
|
|
•
|
should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
|
•
|
have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
|
•
|
may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and
|
•
|
were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.
|
(a)
|
Equity Distribution Agreement (the “Wells Agreement”) among the Company, Regency Centers, L.P. and Wells Fargo Securities, LLC dated August 10, 2012 (incorporated by reference to Exhibit 1.1 to the Company's report on Form 8-K filed on August 10, 2012).
|
(i)
|
Amendment No. 1 to Equity Distribution Agreement (the "Wells Amendment") among the Company, Regency Centers, L.P. and Wells Fargo Securities, LLC dated August 6, 2013 (incorporated by reference to Exhibit 1.2 to the Company's report on Form 8-K filed on August 6, 2013).
|
(ii)
|
Equity Distribution Agreement among the Company, Regency Centers, L.P. and Merrill Lynch, Pierce, Fenner & Smith Incorporated dated August 10, 2012, as amended by Amendment No. 1 to Equity Distribution Agreement among the Company, Regency Centers, L.P. and Merrill Lynch, Pierce, Fenner & Smith Incorporated dated August 6, 2013; and
|
(iii)
|
Equity Distribution Agreement among the Company, Regency Centers, L.P. and J.P. Morgan Securities LLC dated August 10, 2012, as amended by Amendment No. 1 to Equity Distribution Agreement among the Company, Regency Centers, L.P. and J.P. Morgan Securities LLC dated August 6, 2013.
|
(b)
|
Equity Distribution Agreement (the “Jefferies Agreement”) among the Company, Regency Centers, L.P. and Jefferies LLC dated August 6, 2013 (incorporated by reference to Exhibit 1.1 to the Company's report on Form 8-K filed on August 6, 2013).
|
(i)
|
Equity Distribution Agreement among the Company, Regency Centers, L.P. and RBC Capital Markets, LLC dated August 6, 2013.
|
(a)
|
Restated Articles of Incorporation of Regency Centers Corporation (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed on June 5, 2013).
|
(b)
|
Amended and Restated Bylaws of Regency Centers Corporation (incorporated by reference to Exhibit 3.2(b) to the Company's Form 8-K filed on November 7, 2008).
|
(c)
|
Fourth Amended and Restated Certificate of Limited Partnership of Regency Centers, L.P. (incorporated by reference to Exhibit 3(a) to Regency Centers, L.P.'s Form 10-K filed on March 17, 2009).
|
(d)
|
Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P., as amended.
|
(a)
|
See Exhibits 3(a) and 3(b) for provisions of the Articles of Incorporation and Bylaws of the Company defining the rights of security holders. See Exhibits 3(c) and 3(d) for provisions of the Partnership Agreement of Regency Centers, L.P. defining rights of security holders.
|
(b)
|
Indenture dated December 5, 2001 between Regency Centers, L.P., the guarantors named therein and First Union National Bank, as trustee (incorporated by reference to Exhibit 4.4 to Regency Centers, L.P.'s Form 8-K filed on December 10, 2001).
|
(i)
|
First Supplemental Indenture dated as of June 5, 2007 among Regency Centers, L.P., the Company as guarantor and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P.'s Form 8-K filed on June 5, 2007).
|
(c)
|
Indenture dated July 18, 2005 between Regency Centers, L.P., the guarantors named therein and Wachovia Bank, National Bank, as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P's registration statement on Form S-4 filed on August 5, 2005, No. 333-127274).
|
~(a)
|
Regency Centers Corporation Long Term Omnibus Plan (incorporated by reference to Exhibit 10.9 to the Company's Form 10-Q filed on May 8, 2008).
|
~(i)
|
Form of Stock Rights Award Agreement pursuant to the Company's Long Term Omnibus Plan (incorporated by reference to Exhibit 10(b) to the Company's Form 10-K filed on March 10, 2006).
|
~(ii)
|
Form of 409A Amendment to Stock Rights Award Agreement (incorporated by reference to Exhibit 10(b)(i) to the Company's Form 10-K filed on March on 17, 2009).
|
~(iii)
|
Form of Nonqualified Stock Option Agreement pursuant to the Company's Long Term Omnibus Plan (incorporated by reference to Exhibit 10(c) to the Company's Form 10-K filed on March 10, 2006).
|
~(iv)
|
Form of 409A Amendment to Stock Option Agreement (incorporated by reference to Exhibit 10(c)(i) to the Company's Form 10-K filed on March 17, 2009).
|
~(v)
|
Amended and Restated Deferred Compensation Plan dated May 6, 2003 (incorporated by reference to Exhibit 10(k) to the Company's Form 10-K filed on March 12, 2004).
|
~(vi)
|
Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10(s) to the Company's Form 8-K filed on December 21, 2004).
|
~(vii)
|
First Amendment to Regency Centers Corporation 2005 Deferred Compensation Plan dated December 2005 (incorporated by reference to Exhibit 10(q)(i) to the Company's Form 10-K filed on March 10, 2006).
|
~(viii)
|
Second Amendment to the Regency Centers Corporation Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 13, 2011).
|
~(ix)
|
Third Amendment to the Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 13, 2011).
|
~(b)
|
Regency Centers Corporation 2011 Omnibus Plan (incorporated by reference to Annex A to the Company's 2011 Annual Meeting Proxy Statement filed on March 24, 2011).
|
~(c)
|
Form of Director/Officer Indemnification Agreement (filed as an Exhibit to Pre-effective Amendment No. 2 to the Company's registration statement on Form S-11 filed on October 5, 1993 (33-67258), and incorporated by reference).
|
~(d)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2014 by and between the Company and Martin E. Stein, Jr. (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed on December 24, 2013).
|
~(e)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2014 by and between the Company and Brian M. Smith (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed on December 24, 2013).
|
~(f)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2014 by and between the Company and Lisa Palmer (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed on December 24, 2013).
|
~(g)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2014 by and between the Company and Dan M. Chandler, III (incorporated by reference to Exhibit 10.4 of the Company's Form 8-K filed on December 24, 2013).
|
~(h)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2014 by and between the Company and John S. Delatour (incorporated by reference to Exhibit 10.5 of the Company's Form 8-K filed on December 24, 2013).
|
~(i)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of January 1, 2014 by and between the Company and James D. Thompson (incorporated by reference to Exhibit 10.6 of the Company's Form 8-K filed on December 24, 2013).
|
(j)
|
Third Amended and Restated Credit Agreement dated as of September 7, 2011 by and among Regency Centers, , L.P., the Company, each of the financial institutions party thereto, and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 8, 2011).
|
(i)
|
First Amendment to Third Amended and Restated Credit Agreement dated September 13, 2012 (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 9, 2012).
|
(k)
|
Term Loan Agreement dated as of November 17, 2011 by and among Regency Centers, L.P., the Company, each of the financial institutions party thereto and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-K filed on February 29, 2012).
|
(i)
|
First Amendment to Term Loan Agreement dated as of June 19, 2012 (incorporated by reference to Exhibit 10(h)(i) to the Company's Form 10-K filed on March 1, 2013).
|
(ii)
|
Second Amendment to Term Loan Agreement dated as of December 19, 2012 (incorporated by reference to Exhibit 10(h)(ii) to the Company's Form 10-K filed on March 1, 2013).
|
(l)
|
Second Amended and Restated Limited Liability Company Agreement of Macquarie CountryWide-Regency II, LLC dated as of July 31, 2009 by and among Global Retail Investors, LLC, Regency Centers, L.P. and Macquarie CountryWide (US) No. 2 LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 6, 2009).
|
(i)
|
Amendment No. 1 to Second Amended and Restate Limited Liability Company Agreement of GRI-Regency, LLC (formerly Macquarie CountryWide-Regency II, LLC).
|
(m)
|
Limited Partnership Agreement dated as of December 21, 2006 of RRP Operating, LP (incorporated by reference to Exhibit 10(u) to the Company's Form 10-K filed on February 27, 2007).
|
32.1
|
18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation.
|
32.2
|
18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation.
|
February 19, 2014
|
REGENCY CENTERS CORPORATION
|
|
|
By:
|
/s/ Martin E. Stein, Jr.
Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer
|
February 19, 2014
|
REGENCY CENTERS, L.P.
|
|
|
By:
|
Regency Centers Corporation, General Partner
|
|
By:
|
/s/ Martin E. Stein, Jr.
Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer
|
February 19, 2014
|
|
/s/ Martin E. Stein, Jr.
Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer
|
February 19, 2014
|
|
/s/ Brian M. Smith
Brian M. Smith, President, Chief Operating Officer and Director
|
February 19, 2014
|
|
/s/ Lisa Palmer
Lisa Palmer, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
February 19, 2014
|
|
/s/ J. Christian Leavitt
J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)
|
February 19, 2014
|
|
/s/ Raymond L. Bank
Raymond L. Bank, Director
|
February 19, 2014
|
|
/s/ C. Ronald Blankenship
C. Ronald Blankenship, Director
|
February 19, 2014
|
|
/s/ A.R. Carpenter
A.R. Carpenter, Director
|
February 19, 2014
|
|
/s/ J. Dix Druce
J. Dix Druce, Director
|
February 19, 2014
|
|
/s/ Mary Lou Fiala
Mary Lou Fiala, Director
|
February 19, 2014
|
|
/s/ David P. O'Connor
David P. O'Connor, Director
|
February 19, 2014
|
|
/s/ Douglas S. Luke
Douglas S. Luke, Director
|
February 19, 2014
|
|
/s/ John C. Schweitzer
John C. Schweitzer, Director
|
February 19, 2014
|
|
/s/ Thomas G. Wattles
Thomas G. Wattles, Director
|
Section 2.1
|
Organization; Application of Act.
13
|
Section 2.2
|
Name
13
|
Section 2.3
|
Registered Office and Agent; Principal Office
13
|
Section 2.4
|
Term
13
|
Section 3.1
|
Purpose and Business
13
|
Section 3.2
|
Powers
14
|
Section 4.1
|
Capital Contributions of the Partners.
14
|
Section 4.2
|
Issuances of Additional Partnership Interests.
15
|
Section 4.3
|
No Preemptive Rights
16
|
Section 4.4
|
Capital Accounts of the Partners.
16
|
Section 5.1
|
Requirement and Characterization of Distributions.
16
|
Section 5.2
|
Amounts Withheld
16
|
Section 5.3
|
Withholding
17
|
Section 5.4
|
Distributions Upon Liquidation
17
|
Section 6.1
|
Allocations of Net Income and Net Loss
17
|
Section 6.2
|
Special Allocation Rules
18
|
Section 6.3
|
Allocations for Tax Purposes.
19
|
Section 7.1
|
Management.
20
|
Section 7.2
|
Certificate of Limited Partnership
22
|
Section 7.3
|
Restriction on General Partner’s Authority
22
|
Section 7.4
|
Responsibility for Expenses.
22
|
Section 7.5
|
Outside Activities of the General Partner
23
|
Section 7.6
|
Contracts with Affiliates.
23
|
Section 7.7
|
Indemnification.
23
|
Section 7.8
|
Liability of the General Partner.
23
|
Section 7.9
|
Other Matters Concerning the General Partner.
24
|
Section 7.10
|
Title to Partnership Assets
24
|
Section 7.11
|
Reliance by Third Parties
25
|
Section 7.12
|
Redemption of Units Held by General Partner
25
|
Section 8.1
|
Limitation of Liability
25
|
Section 8.2
|
Management of Business
25
|
Section 8.3
|
Outside Activities of Limited Partners
25
|
Section 8.4
|
Priority Among Partners
25
|
Section 8.5
|
Rights of Limited Partners Relating to the Partnership.
26
|
Section 8.6
|
Redemption of Units
26
|
Section 8.7
|
Regency’s Assumption of Right
27
|
Section 9.1
|
Records and Accounting
27
|
Section 9.2
|
Fiscal Year
28
|
Section 9.3
|
Reports.
28
|
Section 10.1
|
Preparation of Tax Returns
28
|
Section 10.2
|
Tax Elections
28
|
Section 10.3
|
Tax Matters Partner.
28
|
Section 10.4
|
Organizational Expenses
29
|
Section 11.1
|
Transfer.
29
|
Section 11.2
|
Transfer of General Partner’s Partnership Interests.
29
|
Section 11.3
|
Limited Partners’ Rights to Transfer.
30
|
Section 11.4
|
Substituted Limited Partners.
31
|
Section 11.5
|
Assignees
31
|
Section 11.6
|
General Provisions.
31
|
Section 12.1
|
Admission of Successor General Partner
32
|
Section 12.2
|
Admission of Additional Limited Partners.
32
|
Section 12.3
|
Amendment of Agreement and Certificate
32
|
Section 12.4
|
Representations and Warranties of Additional Limited Partners
32
|
Section 13.1
|
Dissolution
33
|
Section 13.2
|
Winding Up.
33
|
Section 13.3
|
Compliance with Timing Requirements of Regulations; Allowance for
|
Contingent or Unforeseen Liabilities or Obligations
|
34
|
Section 13.4
|
Deficit Capital Account Restoration.
35
|
Section 13.5
|
Deemed Distribution and Recontribution
35
|
Section 13.6
|
Rights of Limited Partners
36
|
Section 13.7
|
Notice of Dissolution
36
|
Section 13.8
|
Cancellation of Certificate of Limited Partnership
36
|
Section 13.9
|
Reasonable Time for Winding-Up
36
|
Section 14.1
|
Amendments.
36
|
Section 14.2
|
Meetings of Limited Partners.
37
|
Section 15.1
|
Addresses and Notice
37
|
Section 15.2
|
Titles and Captions
37
|
Section 15.3
|
Pronouns and Plurals
38
|
Section 15.4
|
Further Action
38
|
Section 15.5
|
Binding Effect
38
|
Section 15.6
|
Waiver of Partition
38
|
Section 15.7
|
Entire Agreement
38
|
Section 15.8
|
Remedies Not Exclusive
38
|
Section 15.9
|
Time
38
|
Section 15.10
|
Creditors
38
|
Section 15.11
|
Waiver
38
|
Section 15.12
|
Execution Counterparts
38
|
Section 15.13
|
Applicable Law
38
|
Section 15.14
|
Invalidity of Provisions
38
|
Section 16.1
|
Power of Attorney.
38
|
|
|
Year Ended December 31,
|
|
|||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
|||||
Fixed Charge Coverage Ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries
|
$
|
54,282
|
|
|
37,354
|
|
|
32,560
|
|
|
9,029
|
|
|
(21,794
|
)
|
|
Add: fixed charges
|
|
119,264
|
|
|
120,534
|
|
|
133,973
|
|
|
138,885
|
|
|
138,213
|
|
|
Add: distributed income of equity investees
|
|
45,377
|
|
|
44,809
|
|
|
43,361
|
|
|
41,054
|
|
|
31,252
|
|
|
Subtract: capitalized interest
|
|
(6,078
|
)
|
|
(3,686
|
)
|
|
(1,480
|
)
|
|
(5,099
|
)
|
|
(19,062
|
)
|
|
Subtract: preference security dividend requirements of consolidated subsidiaries
|
|
—
|
|
|
(404
|
)
|
|
(3,725
|
)
|
|
(3,725
|
)
|
|
(3,725
|
)
|
|
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
|
|
(323
|
)
|
|
(112
|
)
|
|
(55
|
)
|
|
(66
|
)
|
|
(59
|
)
|
|
Total earnings
|
$
|
212,522
|
|
|
198,495
|
|
|
204,634
|
|
|
180,078
|
|
|
124,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expensed and capitalized
|
$
|
113,799
|
|
|
114,198
|
|
|
124,707
|
|
|
129,837
|
|
|
128,551
|
|
|
Amortized premiums, discounts and capitalized expenses related to indebtedness
|
|
2,887
|
|
|
3,292
|
|
|
2,860
|
|
|
2,957
|
|
|
3,517
|
|
|
Estimate of the interest within rental expense
|
|
2,577
|
|
|
2,639
|
|
|
2,680
|
|
|
2,366
|
|
|
2,420
|
|
|
Preference security dividend requirements of consolidated subsidiaries
|
|
—
|
|
|
404
|
|
|
3,725
|
|
|
3,725
|
|
|
3,725
|
|
|
Total fixed charges
|
$
|
119,263
|
|
|
120,533
|
|
|
133,972
|
|
|
138,885
|
|
|
138,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ratio of earnings to fixed charges
|
|
1.8
|
|
|
1.6
|
|
|
1.5
|
|
|
1.3
|
|
|
0.9
|
|
(1)
|
|
|
Year Ended December 31,
|
|
|||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
|||||
Combined Fixed Charges and Preference Dividends Coverage Ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add: pre-tax income from continuing operations before adjustment for income or loss from equity investees and noncontrolling interests in consolidated subsidiaries
|
$
|
54,282
|
|
|
37,354
|
|
|
32,560
|
|
|
9,029
|
|
|
(21,794
|
)
|
|
Add: fixed charges
|
|
140,325
|
|
|
143,787
|
|
|
153,647
|
|
|
158,560
|
|
|
157,888
|
|
|
Add: distributed income of equity investees
|
|
45,377
|
|
|
44,809
|
|
|
43,361
|
|
|
41,054
|
|
|
31,252
|
|
|
Subtract: capitalized interest
|
|
(6,078
|
)
|
|
(3,686
|
)
|
|
(1,480
|
)
|
|
(5,099
|
)
|
|
(19,062
|
)
|
|
Subtract: preference dividends
|
|
(21,062
|
)
|
|
(23,658
|
)
|
|
(23,400
|
)
|
|
(23,400
|
)
|
|
(23,400
|
)
|
|
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
|
|
(323
|
)
|
|
(112
|
)
|
|
(55
|
)
|
|
(66
|
)
|
|
(59
|
)
|
|
Earnings
|
$
|
212,521
|
|
|
198,494
|
|
|
204,633
|
|
|
180,078
|
|
|
124,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed Charges and Preference Dividend Data:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expensed and capitalized
|
$
|
113,799
|
|
|
114,198
|
|
|
124,707
|
|
|
129,837
|
|
|
128,551
|
|
|
Amortized premiums, discounts and capitalized expenses related to indebtedness
|
|
2,887
|
|
|
3,292
|
|
|
2,860
|
|
|
2,957
|
|
|
3,517
|
|
|
Estimate of the interest within rental expense
|
|
2,577
|
|
|
2,639
|
|
|
2,680
|
|
|
2,366
|
|
|
2,420
|
|
|
Preference dividends
|
|
21,062
|
|
|
23,658
|
|
|
23,400
|
|
|
23,400
|
|
|
23,400
|
|
|
Total fixed charges and preference dividends
|
$
|
140,325
|
|
|
143,787
|
|
|
153,647
|
|
|
158,560
|
|
|
157,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ratio of combined fixed charges and preference dividends to earnings
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
|
1.1
|
|
|
0.8
|
|
(1)
|
REGENCY CENTERS CORPORATION
|
||||
Subsidiaries
|
||||
|
|
|
|
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of
Interest
|
% of
Ownership
|
Regency Centers, L.P.
|
Delaware
|
Regency Centers Corporation
Outside Investors
|
General Partner
Limited Partners
|
99.0%
1.0%
|
|
|
|
|
|
MCW-RC FL-Anastasia, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW-RC FL-King's, LLC (fka MCW-RC Florida, LLC)
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW-RC FL-Shoppes at 104, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW-RC GA-Howell Mill Village, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCD-RC CA-Amerige, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCD-RC El Cerrito Holdings, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCD-RC CA-El Cerrito, LLC
|
Delaware
|
MCD-RC El Cerrito Holdings, LLC
|
Member
|
100%
|
REG8 Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
REG8 Tassajara Crossing, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Plaza Hermosa, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Sequoia Station, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Mockingbird Commons, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Sterling Ridge, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Prestonbrook Crossing, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Wellington, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
REG8 Berkshire Commons, LLC
|
Delaware
|
REG8 Member, LLC
|
Member
|
100%
|
FL-Corkscrew Village Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
FL-Corkscrew Village, LLC
|
Delaware
|
FL-Corkscrew Village Member, LLC
|
Member
|
100%
|
FL-Naples Walk Shopping Center Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
FL-Naples Walk Shopping Center, LLC
|
Delaware
|
FL-Naples Walk Shopping Center Member, LLC
|
Member
|
100%
|
FL-Northgate Square Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
FL-Northgate Square, LLC
|
Delaware
|
FL-Northgate Square Member, LLC
|
Member
|
100%
|
|
|
|
|
|
4S Regency Partners, LLC
|
Delaware
|
Regency Centers, L.P.
4S Ranch Company 1700, L.P.
|
Member
Member
|
80%
20%
|
Alba Village Regency, LLC
|
Delaware
|
Regency Centers, L.P.
Northgate Center Phase I, LLC
|
Member
Member
|
Interests Vary
|
Belleview Square, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Bridges Insurance Company
|
South Carolina
|
Regency Centers, L.P.
|
Shareholder
|
100%
|
Buckwalter Bluffton, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
REGENCY CENTERS CORPORATION
|
||||
Subsidiaries
|
||||
|
|
|
|
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of
Interest
|
% of
Ownership
|
Clayton Valley Shopping Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Colonnade Regency, L.P.
|
Delaware
|
Regency NC GP, LLC
Regency Centers, L.P.
|
General Partner
Limited Partner
|
1%
99%
|
Corvallis Market Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Deer Springs Town Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Fairfax Regency, LLC
|
Delaware
|
Regency Centers, L.P.
J. Donegan Company
|
Member
Member
|
Varies
|
Fairhope, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Fortuna Regency Phase II, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
FV Commons, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Gateway Azco GP, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Gateway Azco LP, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
AZCO Partners
|
Pennsylvania
|
Gateway Azco Partners GP, LLC
Gateway Azco LP, LLC
|
General Partner
Limited Partner
|
1%
99%
|
Gateway Azco Manager, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Glen Oak Glenview, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Glenview-REG, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Grand Ridge Plaza I, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Grand Ridge Plaza II, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Hibernia North, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Hickory Creek Plaza, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Hoadly Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Indian Springs GP, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Indio Jackson, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Lee Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
The Marketplace at Briargate, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Menifee Marketplace, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Murfreesboro North, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Murieta Gardens Shopping Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
NSHE Winnebago, LLC
|
Arizona
|
Regency Centers, L.P.
|
Member
|
100%
|
NTC-REG, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
New Smyrna Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
New Windsor Marketplace, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Northlake Village Shopping Center, LLC
|
Florida
|
Regency Centers, L.P.
|
Member
|
100%
|
|
|
|
|
|
Otay Mesa Crossing, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Centers Acquisitions, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Centers Advisors, LLC
|
Florida
|
Regency Centers, L.P.
|
Member
|
100%
|
REGENCY CENTERS CORPORATION
|
||||
Subsidiaries
|
||||
|
|
|
|
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of
Interest
|
% of
Ownership
|
Regency Realty Colorado, Inc.
|
Florida
|
Regency Realty Group, Inc
Snowden Leftwich
(see Note 1)
|
Common Stock
Common Stock
|
80%
20%
|
Regency Realty Group-NE, Inc.
|
Florida
|
Regency Realty Group, Inc.
|
Common Stock
|
100%
|
Regency Solar, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
SS Harbour GP, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
SS Harbour, L.P.
|
Texas
|
SS Harbour GP, LLC
Regency Realty Group, Inc.
|
General Partner
Limited Partner
|
1%
99%
|
Seminole Shoppes, LLC
|
Delaware
|
Regency Reatly Group, Inc.
M&P Shopping Centers
|
Member
Member
|
50%
50%
|
Shops at Highland Village GP, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Shops at Highland Village Development, Ltd.
|
Texas
|
Shops at Highland Village GP, LLC
Regency Realty Group, Inc.
|
General Partner
Limited Partner
|
1%
99%
|
Shops at Quail Creek, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Slausen Central, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Stanley Bernal, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
State Street Crossing, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Stonewall Regency, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Summerville-Orangeburg, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
RRG Pennsylvania GP, Inc.
|
Florida
|
Regency Realty Group, Inc.
|
Common Stock
|
100%
|
Swatara Marketplace LP
|
Delaware
|
RRG Pennsylvania GP, Inc.
Regency Realty Group, Inc.
|
General Partner
Limited Partner
|
.5%
99.5%
|
West End Properties, LLC
|
Florida
|
Regency Realty Group, Inc.
|
Member
|
100%
|
60617 Balboa Mesa, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Holly Park Property, LLC
|
Delaware
|
Regency Centers, L.P.
Purser HP, LLC
|
Member
Member
|
99.3%
00.7%
|
La Floresta Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
SEPR Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Village at Dublin, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
1.
|
I have reviewed this Annual Report on Form 10-K of
Regency Centers Corporation
(“registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Martin E. Stein, Jr.
|
Martin E. Stein, Jr.
|
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of
Regency Centers Corporation
(“registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Lisa Palmer
|
Lisa Palmer
|
Chief Financial Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of
Regency Centers, L.P.
(“registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Martin E. Stein, Jr.
|
Martin E. Stein, Jr.
|
Chief Executive Officer of Regency Centers Corporation, general partner of registrant
|
1.
|
I have reviewed this Annual Report on Form 10-K of
Regency Centers, L.P.
(“registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Lisa Palmer
|
Lisa Palmer
|
Chief Financial Officer of Regency Centers Corporation, general partner of registrant
|
/s/ Martin E. Stein, Jr.
|
Martin E. Stein, Jr.
|
Chief Executive Officer
|
/s/ Martin E. Stein, Jr.
|
Martin E. Stein, Jr.
|
Chief Executive Officer of Regency Centers Corporation, general partner of registrant
|
/s/ Lisa Palmer
|
Lisa Palmer
|
Chief Financial Officer of Regency Centers Corporation, general partner of registrant
|