|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
FLORIDA (REGENCY CENTERS CORPORATION)
|
|
59-3191743
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DELAWARE (REGENCY CENTERS, L.P.)
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59-3429602
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|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
One Independent Drive, Suite 114
Jacksonville, Florida 32202
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(904) 598-7000
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|
(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
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|
Name of each exchange on which registered
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Common Stock, $.01 par value
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|
New York Stock Exchange
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6.625% Series 6 Cumulative Redeemable Preferred Stock, $.01 par value
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|
New York Stock Exchange
|
6.000% Series 7 Cumulative Redeemable Preferred Stock, $.01 par value
|
|
New York Stock Exchange
|
|
|
|
|
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Title of each class
|
|
Name of each exchange on which registered
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None
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N/A
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Large accelerated filer
|
x
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|
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
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|
•
|
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;
|
•
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Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
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•
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Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
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•
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First-rate performance of our exceptionally merchandised and located national portfolio;
|
•
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Value-enhancing services of the best team of professionals in the business; and
|
•
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Creation of superior growth in shareholder value.
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•
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Sustain average annual 3% net operating income (“NOI”) growth from a high-quality, growing portfolio of thriving community and neighborhood shopping centers;
|
•
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Develop new, and redevelop existing, high quality shopping centers at attractive returns on investment from a disciplined development program;
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•
|
Cost-effectively enhance our already strong balance sheet to reduce our cost of capital, provide financial flexibility and weather economic downturns; and
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•
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Engage a talented and dedicated team that operates efficiently and is recognized as a leader in the real estate industry with respect to development and operating capabilities, customer relationships, operating and technology systems, and environmental sustainability.
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•
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Own and develop centers that are located at key corners in our nation’s most attractive metro areas;
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•
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Target trade areas characterized by their strong demographics and consumer buying power, and draw shoppers to our centers with highly productive anchor tenants;
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•
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Attract the best national, regional and local retailers and restaurants;
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•
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Pursue initiatives that reinforce the underlying quality of our portfolio and maximize long-term growth such as “Fresh Look®,” an operating philosophy that guides our merchandising and place-making programs;
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•
|
Fortify future NOI growth by rigorously reviewing our portfolio to identify low growth assets for disposition; and
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•
|
Opportunistically upgrade our portfolio by acquiring high quality shopping centers with meaningful upside in NOI growth funded from the sale of low growth assets.
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•
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Maintain and grow our existing presence in our key markets with in-house expertise and anchor relationships;
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•
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Develop shopping centers located in desirable infill markets for long-term ownership;
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•
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Anchor developments with dominant, national and regional chains and high volume specialty grocers;
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•
|
Limit size of program to manage total development exposure and risk;
|
•
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Create additional value through redevelopment of existing centers to benefit the operating portfolio; and
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•
|
Fund development program primarily from the sale of low-growth assets in the existing portfolio.
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•
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Prudently access our multiple sources of debt and equity through the capital markets and co-investment partnerships;
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•
|
Fund development and acquisitions from free cash flow, a disciplined match-funding strategy of selling low growth assets, and accessing favorably priced equity;
|
•
|
Further reduce leverage when appropriate through organic growth in earnings and accessing the capital markets;
|
•
|
Rigorously manage our $800 million line of credit and maintain substantial uncommitted capacity;
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•
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Maintain a large pool of unencumbered assets and excellent relationships with mortgage lenders; and
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•
|
Maintain a well laddered debt maturity profile.
|
•
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Reflect our values by executing and successfully meeting our commitments to our people and our communities, a tradition we have embraced for over 50 years;
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•
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Foster a values-based culture, offering a comprehensive benefits package and an engaging workplace environment;
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•
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Uphold unwavering standards of honesty and integrity and build our reputation by maintaining the highest ethical principles;
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•
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Offer a challenging, safe and dynamic work environment and support the professional development and personal life of each employee;
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•
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Encourage employees to achieve their personal health goals through a robust wellness program focused on education, awareness and prevention; and
|
•
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Contribute to the betterment of our communities by supporting philanthropic programs with employee contribution matching and paid volunteer time.
|
•
|
our locations within our market areas;
|
•
|
the design and high quality of our shopping centers;
|
•
|
the strong demographics surrounding our shopping centers;
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•
|
our relationships with our anchor tenants and our side-shop and out-parcel retailers;
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•
|
our practice of maintaining and renovating our shopping centers; and
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•
|
our ability to source and develop new shopping centers.
|
Name
|
Age
|
Title
|
Executive Officer in Position Shown Since
|
Martin E. Stein, Jr.
|
63
|
Chairman and Chief Executive Officer
|
1993
|
Lisa Palmer
|
48
|
President and Chief Financial Officer
|
2016
(1)
|
Dan M. Chandler, III
|
49
|
Executive Vice President of Development
|
2016
(2)
|
James D. Thompson
|
60
|
Executive Vice President of Operations
|
2016
(3)
|
•
|
Net Operating Income ("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.
|
•
|
Same Property
information is provided for operating properties that were owned and operated for the entirety of both calendar year periods being compared and excludes Non-Same Properties and Properties in Development.
|
•
|
A Non-Same Property
is a property acquired, sold, or development property completed during either calendar year period being compared.
|
•
|
Property In Development
is a property owned and intended to be developed, including partially operating properties acquired specifically for redevelopment and excluding land held for future development.
|
•
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Development Completion
is a project in development that is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) percent leased equals or exceeds 90% and the project features at least one year of anchor operations, or (iii) the project features at least two years of anchor operations, or (iv) three years have passed since the start of construction. Once deemed complete, the property is termed an Operating Property.
|
•
|
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. The Company also provides disclosure of Same Property NOI excluding termination fees, which excludes both termination fee income and expenses.
|
•
|
Pro-Rata
information includes 100% of our consolidated properties plus our ownership interest in our unconsolidated real estate investment partnerships.
|
•
|
NAREIT Funds from Operations ("NAREIT FFO")
is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts ("NAREIT") defines as net income, computed in accordance with GAAP, excluding gains 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 NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it provides 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, NAREIT 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 used by Regency as the computation of NAREIT FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO, but is not limited to: (a) transaction related gains, income or expense; (b) impairments on land; (c) gains or losses from the early extinguishment of debt; and (d) other non-core amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.
|
•
|
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 categories;
|
•
|
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 changing energy costs on consumers and its consequential effect on retail spending; 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
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•
|
Renews at lower rental rates.
|
•
|
The risk that we may be unable 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;
|
•
|
The risk that delays in the development and construction process could increase costs;
|
•
|
The risk that we may abandon development opportunities and lose our investment in such opportunities;
|
•
|
The risk that the size of our development pipeline will strain our capacity to complete the developments within the targeted timelines and at the expected returns on invested capital;
|
•
|
Changes in the level of future development and redevelopment activity could have an adverse impact on operating results by reducing the amount of capitalizable internal costs for development projects; and
|
•
|
The lack of cash flow during the construction period.
|
•
|
Properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, 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 company, property or building prior to our acquisition, and any representations we may receive from such seller, may fail to reveal various liabilities, which could reduce the cash flow from the acquisition 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;
|
•
|
We may not recover our costs from an unsuccessful acquisition;
|
•
|
Our acquisition activities may distract our management and generate significant costs; and
|
•
|
We may not be able to integrate an acquisition into our existing operations successfully.
|
•
|
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, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
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
|
|
|
5,619
|
|
|
24.1
|
%
|
|
95.6
|
%
|
|
43
|
|
|
5,692
|
|
|
24.5
|
%
|
|
95.4
|
%
|
Florida
|
|
39
|
|
|
4,214
|
|
|
18.1
|
%
|
|
94.7
|
%
|
|
38
|
|
|
4,025
|
|
|
17.3
|
%
|
|
93.8
|
%
|
Texas
|
|
22
|
|
|
2,716
|
|
|
11.7
|
%
|
|
97.6
|
%
|
|
21
|
|
|
2,689
|
|
|
11.5
|
%
|
|
96.1
|
%
|
Georgia
|
|
15
|
|
|
1,392
|
|
|
6.0
|
%
|
|
92.9
|
%
|
|
15
|
|
|
1,390
|
|
|
6.0
|
%
|
|
93.5
|
%
|
Colorado
|
|
15
|
|
|
1,266
|
|
|
5.4
|
%
|
|
91.3
|
%
|
|
15
|
|
|
1,266
|
|
|
5.5
|
%
|
|
90.7
|
%
|
Ohio
|
|
8
|
|
|
1,164
|
|
|
5.0
|
%
|
|
98.6
|
%
|
|
9
|
|
|
1,307
|
|
|
5.6
|
%
|
|
98.8
|
%
|
North Carolina
|
|
10
|
|
|
895
|
|
|
3.8
|
%
|
|
95.8
|
%
|
|
10
|
|
|
895
|
|
|
3.9
|
%
|
|
94.9
|
%
|
Virginia
|
|
6
|
|
|
841
|
|
|
3.6
|
%
|
|
96.2
|
%
|
|
6
|
|
|
841
|
|
|
3.6
|
%
|
|
95.3
|
%
|
Illinois
|
|
5
|
|
|
817
|
|
|
3.5
|
%
|
|
98.2
|
%
|
|
6
|
|
|
920
|
|
|
4.0
|
%
|
|
96.8
|
%
|
Oregon
|
|
7
|
|
|
742
|
|
|
3.2
|
%
|
|
87.9
|
%
|
|
6
|
|
|
563
|
|
|
2.4
|
%
|
|
97.2
|
%
|
Washington
|
|
5
|
|
|
606
|
|
|
2.6
|
%
|
|
98.7
|
%
|
|
5
|
|
|
606
|
|
|
2.6
|
%
|
|
99.8
|
%
|
Massachusetts
|
|
3
|
|
|
516
|
|
|
2.2
|
%
|
|
96.1
|
%
|
|
3
|
|
|
519
|
|
|
2.2
|
%
|
|
92.5
|
%
|
Missouri
|
|
4
|
|
|
408
|
|
|
1.8
|
%
|
|
100.0
|
%
|
|
4
|
|
|
408
|
|
|
1.8
|
%
|
|
100.0
|
%
|
Tennessee
|
|
3
|
|
|
317
|
|
|
1.4
|
%
|
|
96.1
|
%
|
|
3
|
|
|
317
|
|
|
1.4
|
%
|
|
96.1
|
%
|
Connecticut
|
|
3
|
|
|
315
|
|
|
1.4
|
%
|
|
96.3
|
%
|
|
3
|
|
|
315
|
|
|
1.4
|
%
|
|
96.8
|
%
|
Pennsylvania
|
|
3
|
|
|
311
|
|
|
1.3
|
%
|
|
98.4
|
%
|
|
4
|
|
|
325
|
|
|
1.4
|
%
|
|
99.6
|
%
|
Indiana
|
|
3
|
|
|
281
|
|
|
1.2
|
%
|
|
93.8
|
%
|
|
3
|
|
|
240
|
|
|
1.0
|
%
|
|
96.1
|
%
|
Arizona
|
|
2
|
|
|
274
|
|
|
1.2
|
%
|
|
92.7
|
%
|
|
2
|
|
|
274
|
|
|
1.2
|
%
|
|
95.1
|
%
|
Delaware
|
|
1
|
|
|
232
|
|
|
1.0
|
%
|
|
90.1
|
%
|
|
1
|
|
|
232
|
|
|
1.0
|
%
|
|
92.0
|
%
|
Maryland
|
|
1
|
|
|
113
|
|
|
0.5
|
%
|
|
96.1
|
%
|
|
1
|
|
|
113
|
|
|
0.5
|
%
|
|
97.2
|
%
|
Michigan
|
|
1
|
|
|
97
|
|
|
0.4
|
%
|
|
95.7
|
%
|
|
2
|
|
|
118
|
|
|
0.5
|
%
|
|
96.4
|
%
|
Alabama
|
|
1
|
|
|
85
|
|
|
0.4
|
%
|
|
95.0
|
%
|
|
1
|
|
|
85
|
|
|
0.4
|
%
|
|
89.9
|
%
|
South Carolina
|
|
1
|
|
|
59
|
|
|
0.3
|
%
|
|
100.0
|
%
|
|
1
|
|
|
60
|
|
|
0.3
|
%
|
|
100.0
|
%
|
Total
|
|
200
|
|
23,280
|
|
100.0%
|
|
95.4%
|
|
202
|
|
23,200
|
|
100.0%
|
|
95.3%
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
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
|
|
20
|
|
2,652
|
|
18.0%
|
|
98.7%
|
|
21
|
|
2,782
|
|
18.6%
|
|
97.5%
|
Virginia
|
|
19
|
|
2,645
|
|
17.9%
|
|
96.9%
|
|
19
|
|
2,643
|
|
17.6%
|
|
97.4%
|
Maryland
|
|
13
|
|
1,491
|
|
10.1%
|
|
92.5%
|
|
13
|
|
1,490
|
|
9.9%
|
|
93.6%
|
North Carolina
|
|
8
|
|
1,275
|
|
8.6%
|
|
97.6%
|
|
8
|
|
1,272
|
|
8.5%
|
|
95.2%
|
Illinois
|
|
7
|
|
944
|
|
6.4%
|
|
94.6%
|
|
8
|
|
1,067
|
|
7.1%
|
|
94.5%
|
Texas
|
|
7
|
|
932
|
|
6.3%
|
|
99.3%
|
|
7
|
|
934
|
|
6.2%
|
|
97.5%
|
Colorado
|
|
5
|
|
862
|
|
5.8%
|
|
92.9%
|
|
5
|
|
862
|
|
5.8%
|
|
92.8%
|
Florida
|
|
8
|
|
682
|
|
4.6%
|
|
97.4%
|
|
8
|
|
682
|
|
4.6%
|
|
97.5%
|
Minnesota
|
|
5
|
|
674
|
|
4.6%
|
|
98.3%
|
|
5
|
|
674
|
|
4.5%
|
|
99.3%
|
Pennsylvania
|
|
6
|
|
664
|
|
4.5%
|
|
88.7%
|
|
6
|
|
661
|
|
4.4%
|
|
90.1%
|
Washington
|
|
5
|
|
621
|
|
4.2%
|
|
97.0%
|
|
5
|
|
621
|
|
4.1%
|
|
95.5%
|
Connecticut
|
|
1
|
|
186
|
|
1.3%
|
|
98.8%
|
|
1
|
|
186
|
|
1.2%
|
|
99.8%
|
South Carolina
|
|
2
|
|
162
|
|
1.1%
|
|
100.0%
|
|
2
|
|
162
|
|
1.1%
|
|
98.5%
|
New Jersey
|
|
2
|
|
158
|
|
1.1%
|
|
95.7%
|
|
2
|
|
158
|
|
1.1%
|
|
94.5%
|
New York
|
|
1
|
|
141
|
|
1.0%
|
|
100.0%
|
|
1
|
|
141
|
|
0.9%
|
|
100.0%
|
Indiana
|
|
2
|
|
139
|
|
0.9%
|
|
100.0%
|
|
2
|
|
138
|
|
0.9%
|
|
92.3%
|
Wisconsin
|
|
1
|
|
133
|
|
0.9%
|
|
92.8%
|
|
1
|
|
133
|
|
0.9%
|
|
92.8%
|
Arizona
|
|
1
|
|
108
|
|
0.7%
|
|
87.4%
|
|
1
|
|
108
|
|
0.7%
|
|
93.4%
|
Oregon
|
|
1
|
|
93
|
|
0.6%
|
|
98.1%
|
|
1
|
|
93
|
|
0.6%
|
|
98.1%
|
Georgia
|
|
1
|
|
86
|
|
0.6%
|
|
100.0%
|
|
1
|
|
86
|
|
0.6%
|
|
100.0%
|
Delaware
|
|
1
|
|
67
|
|
0.5%
|
|
91.0%
|
|
1
|
|
67
|
|
0.4%
|
|
90.1%
|
Dist. of Columbia
|
|
2
|
|
40
|
|
0.3%
|
|
100.0%
|
|
2
|
|
40
|
|
0.3%
|
|
97.0%
|
Total
|
|
118
|
|
14,755
|
|
100.0%
|
|
96.3%
|
|
120
|
|
15,000
|
|
100.0%
|
|
96.0%
|
Tenant
|
|
GLA
|
|
Percent of Company Owned GLA
|
|
Annualized Base Rent
|
|
Percent of Annualized Base Rent
|
|
Number of Leased Stores
|
|
Anchor Owned Stores
(1)
|
|
Kroger
|
|
2,490
|
|
8.8%
|
$
|
24,886
|
|
|
4.7%
|
|
53
|
|
5
|
Publix
|
|
1,836
|
|
6.5%
|
|
19,345
|
|
|
3.7%
|
|
45
|
|
1
|
Albertsons/Safeway
|
|
1,374
|
|
4.8%
|
|
15,277
|
|
|
2.9%
|
|
42
|
|
7
|
Whole Foods
|
|
628
|
|
2.2%
|
|
12,091
|
|
|
2.3%
|
|
19
|
|
—
|
TJX Companies
|
|
778
|
|
2.7%
|
|
10,331
|
|
|
2.0%
|
|
36
|
|
—
|
CVS
|
|
485
|
|
1.7%
|
|
7,829
|
|
|
1.5%
|
|
44
|
|
—
|
PETCO
|
|
334
|
|
1.2%
|
|
7,294
|
|
|
1.4%
|
|
44
|
|
—
|
Ahold/Giant
|
|
419
|
|
1.5%
|
|
5,980
|
|
|
1.1%
|
|
13
|
|
—
|
H.E.B.
|
|
344
|
|
1.2%
|
|
5,439
|
|
|
1.0%
|
|
5
|
|
—
|
Ross Dress For Less
|
|
306
|
|
1.1%
|
|
4,949
|
|
|
0.9%
|
|
16
|
|
—
|
Trader Joe's
|
|
179
|
|
0.6%
|
|
4,920
|
|
|
0.9%
|
|
19
|
|
—
|
Wells Fargo Bank
|
|
82
|
|
0.3%
|
|
4,238
|
|
|
0.8%
|
|
39
|
|
—
|
Bank of America
|
|
84
|
|
0.3%
|
|
4,107
|
|
|
0.8%
|
|
30
|
|
—
|
JPMorgan Chase Bank
|
|
69
|
|
0.2%
|
|
4,037
|
|
|
0.8%
|
|
25
|
|
—
|
Starbucks
|
|
98
|
|
0.3%
|
|
3,976
|
|
|
0.8%
|
|
77
|
|
—
|
Nordstrom
|
|
138
|
|
0.5%
|
|
3,813
|
|
|
0.7%
|
|
4
|
|
—
|
Dick's Sporting Goods
|
|
267
|
|
0.9%
|
|
3,441
|
|
|
0.7%
|
|
5
|
|
—
|
Panera Bread
|
|
97
|
|
0.3%
|
|
3,227
|
|
|
0.6%
|
|
27
|
|
—
|
Sears Holdings
|
|
388
|
|
1.4%
|
|
3,069
|
|
|
0.6%
|
|
5
|
|
1
|
SUPERVALU
|
|
265
|
|
0.9%
|
|
3,055
|
|
|
0.6%
|
|
11
|
|
—
|
Wal-Mart
|
|
466
|
|
1.6%
|
|
3,026
|
|
|
0.6%
|
|
5
|
|
2
|
Subway
|
|
89
|
|
0.3%
|
|
2,991
|
|
|
0.6%
|
|
96
|
|
—
|
Sports Authority
|
|
134
|
|
0.5%
|
|
2,973
|
|
|
0.6%
|
|
3
|
|
—
|
Bed Bath & Beyond
|
|
175
|
|
0.6%
|
|
2,915
|
|
|
0.6%
|
|
6
|
|
—
|
Target
|
|
359
|
|
1.3%
|
|
2,907
|
|
|
0.6%
|
|
4
|
|
13
|
Lease Expiration Year
|
|
Number of Tenants with Expiring Leases
|
|
Pro-rata Expiring GLA
|
|
Percent of Total Company GLA
|
|
Minimum Rent Expiring Leases
(2)
|
|
Percent of Minimum Rent
(2)
|
||||||
(1)
|
|
228
|
|
|
192
|
|
|
0.7
|
%
|
|
$
|
4,098
|
|
|
0.8
|
%
|
2016
|
|
879
|
|
|
2,056
|
|
|
7.6
|
%
|
|
40,640
|
|
|
7.8
|
%
|
|
2017
|
|
1,130
|
|
|
3,278
|
|
|
12.2
|
%
|
|
70,312
|
|
|
13.5
|
%
|
|
2018
|
|
983
|
|
|
2,930
|
|
|
10.9
|
%
|
|
58,840
|
|
|
11.3
|
%
|
|
2019
|
|
827
|
|
|
3,090
|
|
|
11.5
|
%
|
|
60,482
|
|
|
11.7
|
%
|
|
2020
|
|
901
|
|
|
3,009
|
|
|
11.2
|
%
|
|
62,398
|
|
|
12.0
|
%
|
|
2021
|
|
410
|
|
|
2,022
|
|
|
7.5
|
%
|
|
37,337
|
|
|
7.2
|
%
|
|
2022
|
|
273
|
|
|
1,732
|
|
|
6.4
|
%
|
|
28,983
|
|
|
5.6
|
%
|
|
2023
|
|
216
|
|
|
1,150
|
|
|
4.3
|
%
|
|
23,621
|
|
|
4.6
|
%
|
|
2024
|
|
251
|
|
|
1,577
|
|
|
5.8
|
%
|
|
30,067
|
|
|
5.8
|
%
|
|
2025
|
|
228
|
|
|
1,188
|
|
|
4.4
|
%
|
|
27,850
|
|
|
5.4
|
%
|
|
Thereafter
|
|
453
|
|
|
4,749
|
|
|
17.5
|
%
|
|
74,485
|
|
|
14.3
|
%
|
|
Total
|
|
6,779
|
|
|
26,973
|
|
|
100.0
|
%
|
|
$
|
519,113
|
|
|
100.0
|
%
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Shoppes at Fairhope Village
|
|
Mobile
|
|
AL
|
|
|
|
2008
|
|
2008
|
|
$—
|
|
85
|
|
95.0%
|
|
$14.72
|
|
Publix
|
Palm Valley Marketplace
|
|
Phoenix-Mesa-Scottsdale
|
|
AZ
|
|
20%
|
|
2001
|
|
1999
|
|
—
|
|
108
|
|
87.4%
|
|
14.08
|
|
Safeway
|
Pima Crossing
|
|
Phoenix-Mesa-Scottsdale
|
|
AZ
|
|
|
|
1999
|
|
1996
|
|
—
|
|
238
|
|
95.8%
|
|
14.48
|
|
Golf & Tennis Pro Shop, Inc., SteinMart
|
Shops at Arizona
|
|
Phoenix-Mesa-Scottsdale
|
|
AZ
|
|
|
|
2003
|
|
2000
|
|
—
|
|
36
|
|
72.4%
|
|
10.97
|
|
--
|
4S Commons Town Center
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
85%
|
|
2004
|
|
2004
|
|
62,500
|
|
240
|
|
98.7%
|
|
30.50
|
|
Ralphs, Jimbo's...Naturally!
|
Amerige Heights Town Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
2000
|
|
2000
|
|
16,349
|
|
89
|
|
100.0%
|
|
28.25
|
|
Albertsons, (Target)
|
Balboa Mesa Shopping Center
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
|
|
2012
|
|
2014
|
|
—
|
|
207
|
|
100.0%
|
|
23.75
|
|
Von's Food & Drug, Kohl's
|
Bayhill Shopping Center
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
40%
|
|
2005
|
|
1990
|
|
21,245
|
|
122
|
|
95.7%
|
|
22.65
|
|
Mollie Stone's Market
|
Blossom Valley
|
|
San Jose-Sunnyvale-Santa Clara
|
|
CA
|
|
20%
|
|
1999
|
|
1990
|
|
10,255
|
|
93
|
|
100.0%
|
|
25.21
|
|
Safeway
|
Brea Marketplace
(6)
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
40%
|
|
2005
|
|
1987
|
|
48,168
|
|
352
|
|
99.2%
|
|
17.55
|
|
Sprout's Markets, Target
|
Clayton Valley Shopping Center
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
2003
|
|
2004
|
|
—
|
|
260
|
|
92.5%
|
|
21.38
|
|
Grocery Outlet, Orchard Supply Hardware
|
Corral Hollow
|
|
Stockton
|
|
CA
|
|
25%
|
|
2000
|
|
2000
|
|
—
|
|
167
|
|
100.0%
|
|
16.67
|
|
Safeway, Orchard Supply & Hardware
|
Costa Verde Center
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
|
|
1999
|
|
1988
|
|
—
|
|
179
|
|
93.3%
|
|
35.66
|
|
Bristol Farms
|
Diablo Plaza
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1982
|
|
—
|
|
63
|
|
100.0%
|
|
36.71
|
|
(Safeway)
|
East Washington Place
|
|
Santa Rosa-Petaluma
|
|
CA
|
|
|
|
2011
|
|
2011
|
|
—
|
|
203
|
|
97.9%
|
|
23.71
|
|
(Target), Dick's Sporting Goods, TJ Maxx
|
El Camino Shopping Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
1995
|
|
—
|
|
136
|
|
71.7%
|
|
34.02
|
|
--
|
El Cerrito Plaza
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
2000
|
|
2000
|
|
37,989
|
|
256
|
|
95.8%
|
|
27.78
|
|
(Lucky's), Trader Joe's
|
El Norte Pkwy Plaza
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
|
|
1999
|
|
2013
|
|
—
|
|
91
|
|
93.2%
|
|
16.70
|
|
Von's Food & Drug
|
Encina Grande
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1965
|
|
—
|
|
106
|
|
100.0%
|
|
29.86
|
|
Whole Foods
|
Five Points Shopping Center
|
|
Santa Barbara-Santa Maria-Goleta
|
|
CA
|
|
40%
|
|
2005
|
|
1960
|
|
27,118
|
|
145
|
|
98.7%
|
|
26.72
|
|
Haggen
|
Folsom Prairie City Crossing
|
|
Sacramento--Arden-Arcade--Roseville
|
|
CA
|
|
|
|
1999
|
|
1999
|
|
—
|
|
90
|
|
95.8%
|
|
19.47
|
|
Safeway
|
French Valley Village Center
|
|
Riverside-San Bernardino-Ontario
|
|
CA
|
|
|
|
2004
|
|
2004
|
|
—
|
|
99
|
|
100.0%
|
|
24.52
|
|
Stater Bros.
|
Friars Mission Center
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
|
|
1999
|
|
1989
|
|
—
|
|
147
|
|
99.0%
|
|
31.84
|
|
Ralphs
|
Gateway 101
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
2008
|
|
2008
|
|
—
|
|
92
|
|
100.0%
|
|
32.05
|
|
(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack
|
Gelson's Westlake Market Plaza
|
|
Oxnard-Thousand Oaks-Ventura
|
|
CA
|
|
|
|
2002
|
|
2002
|
|
—
|
|
85
|
|
92.2%
|
|
21.80
|
|
Gelson's Markets
|
Golden Hills Promenade
|
|
San Luis Obispo-Paso Robles
|
|
CA
|
|
|
|
2006
|
|
2012
|
|
—
|
|
242
|
|
98.9%
|
|
7.11
|
|
Lowe's
|
Granada Village
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
40%
|
|
2005
|
|
2012
|
|
50,000
|
|
226
|
|
100.0%
|
|
22.03
|
|
Sprout's Markets
|
Hasley Canyon Village
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
20%
|
|
2003
|
|
2003
|
|
8,360
|
|
66
|
|
100.0%
|
|
24.84
|
|
Ralphs
|
Heritage Plaza
(6)
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
1981
|
|
—
|
|
230
|
|
98.6%
|
|
33.15
|
|
Ralphs
|
Indio Towne Center
|
|
Riverside-San Bernardino-Ontario
|
|
CA
|
|
|
|
2006
|
|
2010
|
|
—
|
|
180
|
|
95.8%
|
|
17.87
|
|
(Home Depot), (WinCo), Toys R Us
|
Jefferson Square
|
|
Riverside-San Bernardino-Ontario
|
|
CA
|
|
|
|
2007
|
|
2007
|
|
—
|
|
38
|
|
55.7%
|
|
14.81
|
|
--
|
Laguna Niguel Plaza
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
40%
|
|
2005
|
|
1985
|
|
—
|
|
42
|
|
100.0%
|
|
25.84
|
|
(Albertsons)
|
Loehmanns Plaza California
|
|
San Jose-Sunnyvale-Santa Clara
|
|
CA
|
|
|
|
1999
|
|
1983
|
|
—
|
|
113
|
|
81.1%
|
|
20.88
|
|
(Safeway)
|
Marina Shores
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
20%
|
|
2008
|
|
2001
|
|
11,079
|
|
68
|
|
100.0%
|
|
33.08
|
|
Whole Foods
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Mariposa Shopping Center
|
|
San Jose-Sunnyvale-Santa Clara
|
|
CA
|
|
40%
|
|
2005
|
|
1957
|
|
20,529
|
|
127
|
|
100.0%
|
|
19.16
|
|
Safeway
|
Morningside Plaza
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
1996
|
|
—
|
|
91
|
|
100.0%
|
|
21.79
|
|
Stater Bros.
|
Navajo Shopping Center
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
40%
|
|
2005
|
|
1964
|
|
8,375
|
|
102
|
|
96.9%
|
|
13.37
|
|
Albertsons
|
Newland Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
1985
|
|
—
|
|
152
|
|
96.5%
|
|
22.91
|
|
Albertsons
|
Oakbrook Plaza
|
|
Oxnard-Thousand Oaks-Ventura
|
|
CA
|
|
|
|
1999
|
|
1982
|
|
—
|
|
83
|
|
95.4%
|
|
17.67
|
|
Haggen
|
Oak Shade Town Center
|
|
Sacramento--Arden-Arcade--Roseville
|
|
CA
|
|
|
|
2011
|
|
1998
|
|
9,208
|
|
104
|
|
97.4%
|
|
19.54
|
|
Safeway
|
Persimmon Place
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
2014
|
|
2014
|
|
—
|
|
153
|
|
96.5%
|
|
33.81
|
|
Whole Foods, Nordstrom Rack
|
Plaza Hermosa
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
2013
|
|
13,800
|
|
95
|
|
100.0%
|
|
24.80
|
|
Von's Food & Drug
|
Pleasant Hill Shopping Center
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
40%
|
|
2005
|
|
1970
|
|
50,000
|
|
232
|
|
99.1%
|
|
23.98
|
|
Target, Toys "R" Us
|
Point Loma Plaza
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
40%
|
|
2005
|
|
1987
|
|
26,487
|
|
213
|
|
99.2%
|
|
19.19
|
|
Von's Food & Drug
|
Powell Street Plaza
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
2001
|
|
1987
|
|
—
|
|
166
|
|
100.0%
|
|
32.42
|
|
Trader Joe's
|
Raley's Supermarket
|
|
Sacramento--Arden-Arcade--Roseville
|
|
CA
|
|
20%
|
|
2007
|
|
1964
|
|
—
|
|
63
|
|
100.0%
|
|
5.41
|
|
Raley's
|
Rancho San Diego Village
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
40%
|
|
2005
|
|
1981
|
|
22,825
|
|
153
|
|
92.8%
|
|
20.37
|
|
Haggen
|
Rona Plaza
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
1989
|
|
—
|
|
52
|
|
100.0%
|
|
20.05
|
|
Superior Super Warehouse
|
San Leandro Plaza
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1982
|
|
—
|
|
50
|
|
100.0%
|
|
33.91
|
|
(Safeway)
|
Seal Beach
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
20%
|
|
2002
|
|
1966
|
|
2,200
|
|
97
|
|
98.5%
|
|
23.85
|
|
Von's Food & Drug
|
Sequoia Station
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1996
|
|
21,100
|
|
103
|
|
98.6%
|
|
37.74
|
|
(Safeway)
|
Silverado Plaza
|
|
Napa
|
|
CA
|
|
40%
|
|
2005
|
|
1974
|
|
10,253
|
|
85
|
|
100.0%
|
|
16.70
|
|
Nob Hill
|
Snell & Branham Plaza
|
|
San Jose-Sunnyvale-Santa Clara
|
|
CA
|
|
40%
|
|
2005
|
|
1988
|
|
13,686
|
|
92
|
|
100.0%
|
|
17.90
|
|
Safeway
|
South Bay Village
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
2012
|
|
2012
|
|
—
|
|
108
|
|
100.0%
|
|
19.11
|
|
Wal-Mart, Orchard Supply Hardware
|
Strawflower Village
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1985
|
|
—
|
|
79
|
|
96.2%
|
|
18.98
|
|
Safeway
|
Tassajara Crossing
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1990
|
|
19,800
|
|
146
|
|
99.0%
|
|
22.71
|
|
Safeway
|
Twin Oaks Shopping Center
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
40%
|
|
2005
|
|
1978
|
|
10,117
|
|
98
|
|
98.6%
|
|
17.81
|
|
Ralphs
|
Twin Peaks
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
|
|
1999
|
|
1988
|
|
—
|
|
208
|
|
76.8%
|
|
20.23
|
|
Target
|
The Hub Hillcrest Market (fka Uptown District)
|
|
San Diego-Carlsbad-San Marcos
|
|
CA
|
|
|
|
2012
|
|
2015
|
|
—
|
|
149
|
|
92.2%
|
|
36.43
|
|
Ralphs, Trader Joe's
|
Valencia Crossroads
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
2002
|
|
2003
|
|
—
|
|
173
|
|
100.0%
|
|
25.56
|
|
Whole Foods, Kohl's
|
Village at La Floresta
(7)
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
2014
|
|
2014
|
|
—
|
|
87
|
|
92.1%
|
|
31.49
|
|
Whole Foods
|
West Park Plaza
|
|
San Jose-Sunnyvale-Santa Clara
|
|
CA
|
|
|
|
1999
|
|
1996
|
|
—
|
|
88
|
|
100.0%
|
|
17.49
|
|
Safeway
|
Westlake Village Plaza and Center
|
|
Oxnard-Thousand Oaks-Ventura
|
|
CA
|
|
|
|
1999
|
|
2015
|
|
—
|
|
197
|
|
100.0%
|
|
35.52
|
|
Von's Food & Drug and Sprouts
|
Woodman Van Nuys
|
|
Los Angeles-Long Beach-Santa Ana
|
|
CA
|
|
|
|
1999
|
|
1992
|
|
—
|
|
108
|
|
100.0%
|
|
14.90
|
|
El Super
|
Woodside Central
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
|
|
1999
|
|
1993
|
|
—
|
|
81
|
|
100.0%
|
|
23.61
|
|
(Target)
|
Ygnacio Plaza
|
|
San Francisco-Oakland-Fremont
|
|
CA
|
|
40%
|
|
2005
|
|
1968
|
|
27,859
|
|
110
|
|
97.2%
|
|
36.26
|
|
Sports Basement, Fresh & Easy
|
Applewood Shopping Center
|
|
Denver-Aurora
|
|
CO
|
|
40%
|
|
2005
|
|
1956
|
|
—
|
|
381
|
|
86.0%
|
|
11.28
|
|
King Soopers, Wal-Mart
|
Arapahoe Village
|
|
Boulder
|
|
CO
|
|
40%
|
|
2005
|
|
1957
|
|
14,169
|
|
159
|
|
96.9%
|
|
17.55
|
|
Safeway
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Belleview Square
|
|
Denver-Aurora
|
|
CO
|
|
|
|
2004
|
|
2013
|
|
—
|
|
117
|
|
99.0%
|
|
17.15
|
|
King Soopers
|
Boulevard Center
|
|
Denver-Aurora
|
|
CO
|
|
|
|
1999
|
|
1986
|
|
—
|
|
79
|
|
94.1%
|
|
26.15
|
|
(Safeway)
|
Buckley Square
|
|
Denver-Aurora
|
|
CO
|
|
|
|
1999
|
|
1978
|
|
—
|
|
116
|
|
97.4%
|
|
10.23
|
|
King Soopers
|
Centerplace of Greeley III Phase I
|
|
Greeley
|
|
CO
|
|
|
|
2007
|
|
2007
|
|
—
|
|
119
|
|
100.0%
|
|
14.17
|
|
Sports Authority
|
Cherrywood Square
|
|
Denver-Aurora
|
|
CO
|
|
40%
|
|
2005
|
|
1978
|
|
4,374
|
|
97
|
|
100.0%
|
|
9.84
|
|
King Soopers
|
Crossroads Commons
|
|
Boulder
|
|
CO
|
|
20%
|
|
2001
|
|
1986
|
|
16,759
|
|
143
|
|
100.0%
|
|
26.74
|
|
Whole Foods
|
Falcon Marketplace
|
|
Colorado Springs
|
|
CO
|
|
|
|
2005
|
|
2005
|
|
—
|
|
22
|
|
78.7%
|
|
21.56
|
|
(Wal-Mart)
|
Hilltop Village
|
|
Denver-Aurora
|
|
CO
|
|
|
|
2002
|
|
2003
|
|
7,500
|
|
100
|
|
93.8%
|
|
10.74
|
|
King Soopers
|
Kent Place
|
|
Denver-Aurora
|
|
CO
|
|
50%
|
|
2011
|
|
2011
|
|
8,250
|
|
48
|
|
100.0%
|
|
19.28
|
|
King Soopers
|
Littleton Square
|
|
Denver-Aurora
|
|
CO
|
|
|
|
1999
|
|
2015
|
|
—
|
|
99
|
|
100.0%
|
|
10.28
|
|
King Soopers
|
Lloyd King Center
|
|
Denver-Aurora
|
|
CO
|
|
|
|
1998
|
|
1998
|
|
—
|
|
83
|
|
96.9%
|
|
11.69
|
|
King Soopers
|
Marketplace at Briargate
|
|
Colorado Springs
|
|
CO
|
|
|
|
2006
|
|
2006
|
|
—
|
|
29
|
|
91.8%
|
|
28.31
|
|
(King Soopers)
|
Monument Jackson Creek
|
|
Colorado Springs
|
|
CO
|
|
|
|
1998
|
|
1999
|
|
—
|
|
85
|
|
100.0%
|
|
11.57
|
|
King Soopers
|
Ralston Square Shopping Center
|
|
Denver-Aurora
|
|
CO
|
|
40%
|
|
2005
|
|
1977
|
|
4,374
|
|
83
|
|
96.5%
|
|
9.99
|
|
King Soopers
|
Shops at Quail Creek
|
|
Denver-Aurora
|
|
CO
|
|
|
|
2008
|
|
2008
|
|
—
|
|
38
|
|
100.0%
|
|
26.99
|
|
(King Soopers)
|
South Lowry Square
|
|
Denver-Aurora
|
|
CO
|
|
|
|
1999
|
|
1993
|
|
—
|
|
120
|
|
34.7%
|
|
17.75
|
|
--
|
Stroh Ranch
|
|
Denver-Aurora
|
|
CO
|
|
|
|
1998
|
|
1998
|
|
—
|
|
93
|
|
100.0%
|
|
12.59
|
|
King Soopers
|
Woodmen Plaza
|
|
Colorado Springs
|
|
CO
|
|
|
|
1998
|
|
1998
|
|
—
|
|
116
|
|
94.2%
|
|
12.92
|
|
King Soopers
|
Black Rock
|
|
Bridgeport-Stamford-Norwalk
|
|
CT
|
|
80%
|
|
2014
|
|
1996
|
|
19,828
|
|
98
|
|
95.9%
|
|
31.89
|
|
--
|
Brick Walk
(6)
|
|
Bridgeport-Stamford-Norwalk
|
|
CT
|
|
80%
|
|
2014
|
|
2007
|
|
31,514
|
|
124
|
|
93.8%
|
|
43.44
|
|
--
|
Corbin's Corner
|
|
Hartford-West Hartford-East Hartford
|
|
CT
|
|
40%
|
|
2005
|
|
2015
|
|
40,295
|
|
186
|
|
98.8%
|
|
26.29
|
|
Trader Joe's, Toys "R" Us, Best Buy
|
Fairfield Center
(6)
|
|
Bridgeport-Stamford-Norwalk
|
|
CT
|
|
80%
|
|
2014
|
|
2000
|
|
—
|
|
93
|
|
100.0%
|
|
33.10
|
|
--
|
Shops at The Columbia
|
|
Washington-Arlington-Alexandria
|
|
DC
|
|
25%
|
|
2006
|
|
2006
|
|
—
|
|
23
|
|
100.0%
|
|
37.73
|
|
Trader Joe's
|
Spring Valley Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
DC
|
|
40%
|
|
2005
|
|
1930
|
|
12,772
|
|
17
|
|
100.0%
|
|
90.23
|
|
--
|
Pike Creek
|
|
Philadelphia-Camden-Wilmington
|
|
DE
|
|
|
|
1998
|
|
2013
|
|
—
|
|
232
|
|
90.1%
|
|
13.61
|
|
Acme Markets, K-Mart
|
Shoppes of Graylyn
|
|
Philadelphia-Camden-Wilmington
|
|
DE
|
|
40%
|
|
2005
|
|
1971
|
|
—
|
|
67
|
|
91.0%
|
|
22.55
|
|
--
|
Anastasia Plaza
|
|
Jacksonville
|
|
FL
|
|
|
|
1993
|
|
1988
|
|
—
|
|
102
|
|
99.4%
|
|
12.71
|
|
Publix
|
Aventura Shopping Center
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1994
|
|
1974
|
|
—
|
|
103
|
|
70.1%
|
|
19.24
|
|
Publix
|
Berkshire Commons
|
|
Naples-Marco Island
|
|
FL
|
|
|
|
1994
|
|
1992
|
|
7,500
|
|
110
|
|
96.9%
|
|
13.73
|
|
Publix
|
Bloomingdale Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
1998
|
|
1987
|
|
—
|
|
268
|
|
97.1%
|
|
9.37
|
|
Publix, Wal-Mart, Bealls
|
Boynton Lakes Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1997
|
|
2012
|
|
—
|
|
110
|
|
94.9%
|
|
15.62
|
|
Publix
|
Brooklyn Station on Riverside
(7)
|
|
Jacksonville
|
|
FL
|
|
|
|
2013
|
|
2013
|
|
—
|
|
50
|
|
88.0%
|
|
24.75
|
|
The Fresh Market
|
Caligo Crossing
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
2007
|
|
2007
|
|
—
|
|
11
|
|
100.0%
|
|
44.48
|
|
(Kohl's)
|
Canopy Oak Center
|
|
Ocala
|
|
FL
|
|
50%
|
|
2006
|
|
2006
|
|
—
|
|
90
|
|
91.8%
|
|
19.06
|
|
Publix
|
Carriage Gate
|
|
Tallahassee
|
|
FL
|
|
|
|
1994
|
|
2013
|
|
—
|
|
74
|
|
88.5%
|
|
21.16
|
|
Trader Joe's
|
Chasewood Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1993
|
|
2015
|
|
—
|
|
151
|
|
96.7%
|
|
23.88
|
|
Publix
|
Corkscrew Village
|
|
Cape Coral-Fort Myers
|
|
FL
|
|
|
|
2007
|
|
1997
|
|
7,642
|
|
82
|
|
98.3%
|
|
13.27
|
|
Publix
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Courtyard Shopping Center
|
|
Jacksonville
|
|
FL
|
|
|
|
1993
|
|
1987
|
|
—
|
|
137
|
|
100.0%
|
|
3.50
|
|
(Publix), Target
|
Fleming Island
|
|
Jacksonville
|
|
FL
|
|
|
|
1998
|
|
2000
|
|
—
|
|
132
|
|
99.3%
|
|
14.79
|
|
Publix, (Target)
|
Fountain Square
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
2013
|
|
2013
|
|
—
|
|
177
|
|
96.4%
|
|
25.38
|
|
Publix, (Target)
|
Garden Square
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1997
|
|
1991
|
|
—
|
|
90
|
|
97.7%
|
|
15.99
|
|
Publix
|
Grande Oak
|
|
Cape Coral-Fort Myers
|
|
FL
|
|
|
|
2000
|
|
2000
|
|
—
|
|
79
|
|
100.0%
|
|
15.26
|
|
Publix
|
Hibernia Pavilion
|
|
Jacksonville
|
|
FL
|
|
|
|
2006
|
|
2006
|
|
—
|
|
51
|
|
87.1%
|
|
15.62
|
|
Publix
|
Hibernia Plaza
|
|
Jacksonville
|
|
FL
|
|
|
|
2006
|
|
2006
|
|
—
|
|
8
|
|
—%
|
|
—
|
|
--
|
John's Creek Center
|
|
Jacksonville
|
|
FL
|
|
20%
|
|
2003
|
|
2004
|
|
9,000
|
|
75
|
|
100.0%
|
|
13.83
|
|
Publix
|
Julington Village
|
|
Jacksonville
|
|
FL
|
|
20%
|
|
1999
|
|
1999
|
|
9,500
|
|
82
|
|
100.0%
|
|
15.16
|
|
Publix
|
Lynnhaven
|
|
Panama City-Lynn Haven
|
|
FL
|
|
50%
|
|
2001
|
|
2001
|
|
—
|
|
64
|
|
95.6%
|
|
12.54
|
|
Publix
|
Marketplace Shopping Center
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
1995
|
|
2012
|
|
—
|
|
90
|
|
87.2%
|
|
18.13
|
|
LA Fitness
|
Millhopper Shopping Center
|
|
Gainesville
|
|
FL
|
|
|
|
1993
|
|
2010
|
|
—
|
|
76
|
|
100.0%
|
|
16.25
|
|
Publix
|
Naples Walk Shopping Center
|
|
Naples-Marco Island
|
|
FL
|
|
|
|
2007
|
|
1999
|
|
14,488
|
|
125
|
|
86.0%
|
|
14.80
|
|
Publix
|
Newberry Square
|
|
Gainesville
|
|
FL
|
|
|
|
1994
|
|
1986
|
|
—
|
|
181
|
|
83.9%
|
|
7.14
|
|
Publix, K-Mart
|
Nocatee Town Center
|
|
Jacksonville
|
|
FL
|
|
|
|
2007
|
|
2015
|
|
—
|
|
79
|
|
100.0%
|
|
15.18
|
|
Publix
|
Northgate Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
2007
|
|
1995
|
|
—
|
|
75
|
|
100.0%
|
|
13.71
|
|
Publix
|
Oakleaf Commons
|
|
Jacksonville
|
|
FL
|
|
|
|
2006
|
|
2006
|
|
—
|
|
74
|
|
88.6%
|
|
13.21
|
|
Publix
|
Ocala Corners
(6)
|
|
Tallahassee
|
|
FL
|
|
|
|
2000
|
|
2000
|
|
4,826
|
|
87
|
|
100.0%
|
|
14.26
|
|
Publix
|
Old St Augustine Plaza
|
|
Jacksonville
|
|
FL
|
|
|
|
1996
|
|
1990
|
|
—
|
|
238
|
|
92.7%
|
|
7.74
|
|
Publix, Burlington Coat Factory, Hobby Lobby
|
Pebblebrook Plaza
|
|
Naples-Marco Island
|
|
FL
|
|
50%
|
|
2000
|
|
2000
|
|
—
|
|
77
|
|
100.0%
|
|
14.26
|
|
Publix
|
Pine Tree Plaza
|
|
Jacksonville
|
|
FL
|
|
|
|
1997
|
|
1999
|
|
—
|
|
63
|
|
95.3%
|
|
12.97
|
|
Publix
|
Plantation Plaza
|
|
Jacksonville
|
|
FL
|
|
20%
|
|
2004
|
|
2004
|
|
10,500
|
|
78
|
|
93.5%
|
|
15.54
|
|
Publix
|
Regency Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
1993
|
|
2013
|
|
—
|
|
352
|
|
98.0%
|
|
15.84
|
|
AMC Theater, Michaels, (Best Buy), (Macdill)
|
Seminole Shoppes
|
|
Jacksonville
|
|
FL
|
|
50%
|
|
2009
|
|
2009
|
|
9,698
|
|
77
|
|
100.0%
|
|
21.80
|
|
Publix
|
Shoppes @ 104
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1998
|
|
1990
|
|
—
|
|
108
|
|
98.0%
|
|
17.77
|
|
Winn-Dixie
|
Shoppes at Bartram Park
|
|
Jacksonville
|
|
FL
|
|
50%
|
|
2005
|
|
2004
|
|
—
|
|
126
|
|
100.0%
|
|
18.33
|
|
Publix, (Kohl's)
|
Shops at John's Creek
|
|
Jacksonville
|
|
FL
|
|
|
|
2003
|
|
2004
|
|
—
|
|
15
|
|
100.0%
|
|
19.79
|
|
--
|
Starke
(6)
|
|
Other
|
|
FL
|
|
|
|
2000
|
|
2000
|
|
—
|
|
13
|
|
100.0%
|
|
25.56
|
|
--
|
Suncoast Crossing
(6)
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
2007
|
|
2007
|
|
—
|
|
118
|
|
92.0%
|
|
5.99
|
|
Kohl's, (Target)
|
Town Square
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
1997
|
|
1999
|
|
—
|
|
44
|
|
100.0%
|
|
28.53
|
|
--
|
University Commons
(6)
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
2015
|
|
2001
|
|
38,000
|
|
180
|
|
100.0%
|
|
30.49
|
|
Whole Foods, Nordstrom Rack
|
Village Center
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
1995
|
|
2014
|
|
—
|
|
187
|
|
96.5%
|
|
18.21
|
|
Publix
|
Welleby Plaza
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1996
|
|
1982
|
|
—
|
|
110
|
|
93.3%
|
|
12.63
|
|
--
|
Wellington Town Square
|
|
Miami-Fort Lauderdale-Miami Beach
|
|
FL
|
|
|
|
1996
|
|
1982
|
|
12,800
|
|
107
|
|
94.3%
|
|
20.78
|
|
Publix
|
Westchase
|
|
Tampa-St. Petersburg-Clearwater
|
|
FL
|
|
|
|
2007
|
|
1998
|
|
6,941
|
|
79
|
|
94.5%
|
|
14.47
|
|
Publix
|
Willa Springs
|
|
Orlando
|
|
FL
|
|
20%
|
|
2000
|
|
2000
|
|
7,020
|
|
90
|
|
97.1%
|
|
19.14
|
|
Publix
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Ashford Place
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1993
|
|
—
|
|
53
|
|
97.2%
|
|
20.50
|
|
--
|
Briarcliff La Vista
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1962
|
|
—
|
|
39
|
|
100.0%
|
|
20.01
|
|
--
|
Briarcliff Village
(6)
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1990
|
|
—
|
|
190
|
|
94.2%
|
|
15.61
|
|
Publix
|
Brighten Park (fka Loehmanns Plaza Georgia)
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1986
|
|
—
|
|
138
|
|
75.2%
|
|
24.73
|
|
The Fresh Market
|
Buckhead Court
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1984
|
|
—
|
|
48
|
|
92.5%
|
|
20.73
|
|
--
|
Cambridge Square
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1996
|
|
1979
|
|
—
|
|
71
|
|
98.7%
|
|
14.30
|
|
Kroger
|
Cornerstone Square
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1990
|
|
—
|
|
80
|
|
100.0%
|
|
15.33
|
|
Aldi
|
Delk Spectrum
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1998
|
|
1991
|
|
—
|
|
99
|
|
95.7%
|
|
14.67
|
|
Publix
|
Dunwoody Hall
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
20%
|
|
1997
|
|
1986
|
|
6,855
|
|
86
|
|
100.0%
|
|
17.57
|
|
Publix
|
Dunwoody Village
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1975
|
|
—
|
|
121
|
|
90.5%
|
|
18.27
|
|
The Fresh Market
|
Howell Mill Village
(6)
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
2004
|
|
1984
|
|
—
|
|
92
|
|
96.0%
|
|
19.34
|
|
Publix
|
Paces Ferry Plaza
(6)
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1987
|
|
—
|
|
62
|
|
70.7%
|
|
33.19
|
|
--
|
Powers Ferry Square
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
2013
|
|
—
|
|
101
|
|
99.4%
|
|
27.88
|
|
--
|
Powers Ferry Village
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1997
|
|
1994
|
|
—
|
|
79
|
|
100.0%
|
|
13.02
|
|
Publix
|
Russell Ridge
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
1994
|
|
1995
|
|
—
|
|
101
|
|
98.6%
|
|
12.59
|
|
Kroger
|
Sandy Springs
|
|
Atlanta-Sandy Springs-Marietta
|
|
GA
|
|
|
|
2012
|
|
2006
|
|
—
|
|
116
|
|
92.5%
|
|
21.54
|
|
Trader Joe's
|
Civic Center Plaza
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
40%
|
|
2005
|
|
1989
|
|
22,000
|
|
265
|
|
98.9%
|
|
11.23
|
|
Super H Mart, Home Depot
|
Clybourn Commons
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
|
|
2014
|
|
1999
|
|
—
|
|
32
|
|
100.0%
|
|
34.81
|
|
--
|
Glen Oak Plaza
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
|
|
2010
|
|
1967
|
|
—
|
|
63
|
|
95.2%
|
|
22.99
|
|
Trader Joe's
|
Hinsdale
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
|
|
1998
|
|
2015
|
|
—
|
|
179
|
|
95.0%
|
|
15.39
|
|
Whole Foods
|
McHenry Commons Shopping Center
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
40%
|
|
2005
|
|
1988
|
|
—
|
|
99
|
|
91.1%
|
|
7.26
|
|
Hobby Lobby
|
Riverside Sq & River's Edge
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
40%
|
|
2005
|
|
1986
|
|
15,291
|
|
169
|
|
91.1%
|
|
15.86
|
|
Mariano's Fresh Market
|
Roscoe Square
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
40%
|
|
2005
|
|
2012
|
|
11,543
|
|
140
|
|
100.0%
|
|
19.81
|
|
Mariano's Fresh Market
|
Shorewood Crossing
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
20%
|
|
2004
|
|
2001
|
|
—
|
|
88
|
|
92.2%
|
|
14.42
|
|
Mariano's Fresh Market
|
Shorewood Crossing II
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
20%
|
|
2007
|
|
2005
|
|
—
|
|
86
|
|
100.0%
|
|
14.07
|
|
Babies R Us
|
Stonebrook Plaza Shopping Center
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
40%
|
|
2005
|
|
1984
|
|
8,161
|
|
96
|
|
82.0%
|
|
11.80
|
|
Jewel-Osco
|
Westchester Commons (fka Westbrook Commons)
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
|
|
2001
|
|
2014
|
|
—
|
|
139
|
|
98.3%
|
|
17.56
|
|
Mariano's Fresh Market
|
Willow Festival
(6)
|
|
Chicago-Naperville-Joliet
|
|
IL
|
|
|
|
2010
|
|
2007
|
|
39,505
|
|
404
|
|
100.0%
|
|
16.20
|
|
Whole Foods, Lowe's
|
Airport Crossing
|
|
Chicago-Naperville-Joliet
|
|
IN
|
|
88%
|
|
2006
|
|
2006
|
|
—
|
|
12
|
|
77.3%
|
|
18.86
|
|
(Kohl's)
|
Augusta Center
|
|
Chicago-Naperville-Joliet
|
|
IN
|
|
96%
|
|
2006
|
|
2006
|
|
—
|
|
15
|
|
100.0%
|
|
22.54
|
|
(Menards)
|
Shops on Main
|
|
Chicago-Naperville-Joliet
|
|
IN
|
|
92%
|
|
2013
|
|
2013
|
|
—
|
|
254
|
|
94.2%
|
|
14.70
|
|
Whole Foods, Gordmans
|
Willow Lake Shopping Center
|
|
Indianapolis
|
|
IN
|
|
40%
|
|
2005
|
|
1987
|
|
—
|
|
86
|
|
100.0%
|
|
15.99
|
|
(Kroger)
|
Willow Lake West Shopping Center
|
|
Indianapolis
|
|
IN
|
|
40%
|
|
2005
|
|
2001
|
|
10,000
|
|
53
|
|
100.0%
|
|
24.28
|
|
Trader Joe's
|
Fellsway Plaza
(6)
|
|
Boston-Cambridge-Quincy
|
|
MA
|
|
75%
|
|
2013
|
|
2015
|
|
34,154
|
|
155
|
|
98.3%
|
|
22.17
|
|
Stop & Shop
|
Shops at Saugus
|
|
Boston-Cambridge-Quincy
|
|
MA
|
|
|
|
2006
|
|
2006
|
|
—
|
|
87
|
|
92.1%
|
|
28.68
|
|
Trader Joe's
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Twin City Plaza
|
|
Boston-Cambridge-Quincy
|
|
MA
|
|
|
|
2006
|
|
2004
|
|
—
|
|
274
|
|
96.2%
|
|
17.90
|
|
Shaw's, Marshall's
|
Bowie Plaza
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
40%
|
|
2005
|
|
1966
|
|
—
|
|
103
|
|
96.1%
|
|
20.47
|
|
--
|
Burnt Mills
(6)
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
20%
|
|
2013
|
|
2004
|
|
7,000
|
|
31
|
|
100.0%
|
|
37.83
|
|
Trader Joe's
|
Clinton Park
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
20%
|
|
2003
|
|
2003
|
|
—
|
|
206
|
|
74.2%
|
|
9.47
|
|
Sears, (Toys "R" Us)
|
Cloppers Mill Village
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
40%
|
|
2005
|
|
1995
|
|
—
|
|
137
|
|
96.8%
|
|
17.46
|
|
Shoppers Food Warehouse
|
Festival at Woodholme
|
|
Baltimore-Towson
|
|
MD
|
|
40%
|
|
2005
|
|
1986
|
|
21,245
|
|
81
|
|
95.4%
|
|
37.17
|
|
Trader Joe's
|
Firstfield Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
40%
|
|
2005
|
|
2014
|
|
—
|
|
22
|
|
95.5%
|
|
37.08
|
|
--
|
King Farm Village Center
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
25%
|
|
2004
|
|
2015
|
|
27,500
|
|
118
|
|
91.4%
|
|
24.85
|
|
Safeway
|
Parkville Shopping Center
|
|
Baltimore-Towson
|
|
MD
|
|
40%
|
|
2005
|
|
2013
|
|
11,782
|
|
162
|
|
91.6%
|
|
14.53
|
|
Giant Food
|
Southside Marketplace
|
|
Baltimore-Towson
|
|
MD
|
|
40%
|
|
2005
|
|
2011
|
|
14,643
|
|
125
|
|
96.0%
|
|
18.49
|
|
Shoppers Food Warehouse
|
Takoma Park
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
40%
|
|
2005
|
|
1960
|
|
—
|
|
104
|
|
93.1%
|
|
12.28
|
|
Shoppers Food Warehouse
|
Valley Centre
|
|
Baltimore-Towson
|
|
MD
|
|
40%
|
|
2005
|
|
1987
|
|
19,018
|
|
220
|
|
97.0%
|
|
15.64
|
|
Aldi, TJ Maxx
|
Village at Lee Airpark
(6)
|
|
Baltimore-Towson
|
|
MD
|
|
|
|
2005
|
|
2014
|
|
—
|
|
113
|
|
96.1%
|
|
28.64
|
|
Giant Food, (Sunrise)
|
Watkins Park Plaza
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
40%
|
|
2005
|
|
1985
|
|
—
|
|
111
|
|
98.5%
|
|
24.10
|
|
LA Fitness
|
Woodmoor Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
MD
|
|
40%
|
|
2005
|
|
1954
|
|
6,575
|
|
69
|
|
97.7%
|
|
27.42
|
|
--
|
Fenton Marketplace
|
|
Flint
|
|
MI
|
|
|
|
1999
|
|
1999
|
|
—
|
|
97
|
|
95.7%
|
|
7.11
|
|
Family Farm & Home
|
Brentwood Plaza
|
|
St. Louis
|
|
MO
|
|
|
|
2007
|
|
2002
|
|
—
|
|
60
|
|
100.0%
|
|
10.36
|
|
Schnucks
|
Bridgeton
|
|
St. Louis
|
|
MO
|
|
|
|
2007
|
|
2005
|
|
—
|
|
71
|
|
100.0%
|
|
11.98
|
|
Schnucks, (Home Depot)
|
Dardenne Crossing
|
|
St. Louis
|
|
MO
|
|
|
|
2007
|
|
1996
|
|
—
|
|
67
|
|
100.0%
|
|
10.84
|
|
Schnucks
|
Kirkwood Commons
|
|
St. Louis
|
|
MO
|
|
|
|
2007
|
|
2000
|
|
10,528
|
|
210
|
|
100.0%
|
|
9.83
|
|
Wal-Mart, (Target), (Lowe's)
|
Apple Valley Square
|
|
Minneapolis-St. Paul-Bloomington
|
|
MN
|
|
25%
|
|
2006
|
|
1998
|
|
16,000
|
|
185
|
|
97.6%
|
|
12.40
|
|
Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)
|
Calhoun Commons
|
|
Minneapolis-St. Paul-Bloomington
|
|
MN
|
|
25%
|
|
2011
|
|
1999
|
|
3,008
|
|
66
|
|
100.0%
|
|
24.32
|
|
Whole Foods
|
Colonial Square
|
|
Minneapolis-St. Paul-Bloomington
|
|
MN
|
|
40%
|
|
2005
|
|
2014
|
|
9,794
|
|
93
|
|
98.8%
|
|
22.14
|
|
Lund's
|
Rockford Road Plaza
|
|
Minneapolis-St. Paul-Bloomington
|
|
MN
|
|
40%
|
|
2005
|
|
1991
|
|
20,000
|
|
204
|
|
100.0%
|
|
12.07
|
|
Kohl's
|
Rockridge Center
|
|
Minneapolis-St. Paul-Bloomington
|
|
MN
|
|
20%
|
|
2011
|
|
2006
|
|
14,500
|
|
125
|
|
95.4%
|
|
13.08
|
|
Cub Foods
|
Cameron Village
|
|
Raleigh-Cary
|
|
NC
|
|
30%
|
|
2004
|
|
2014
|
|
60,000
|
|
558
|
|
97.4%
|
|
20.04
|
|
Harris Teeter, The Fresh Market
|
Carmel Commons
|
|
Charlotte-Gastonia-Concord
|
|
NC
|
|
|
|
1997
|
|
2012
|
|
—
|
|
133
|
|
95.1%
|
|
18.84
|
|
The Fresh Market
|
Cochran Commons
|
|
Charlotte-Gastonia-Concord
|
|
NC
|
|
20%
|
|
2007
|
|
2003
|
|
5,506
|
|
66
|
|
95.6%
|
|
15.57
|
|
Harris Teeter
|
Colonnade Center
|
|
Raleigh-Cary
|
|
NC
|
|
|
|
2009
|
|
2009
|
|
—
|
|
58
|
|
100.0%
|
|
26.79
|
|
Whole Foods
|
Glenwood Village
|
|
Raleigh-Cary
|
|
NC
|
|
|
|
1997
|
|
1983
|
|
—
|
|
43
|
|
100.0%
|
|
15.02
|
|
Harris Teeter
|
Harris Crossing
|
|
Raleigh-Cary
|
|
NC
|
|
|
|
2007
|
|
2007
|
|
—
|
|
65
|
|
89.4%
|
|
8.26
|
|
Harris Teeter
|
Holly Park
|
|
Raleigh-Cary
|
|
NC
|
|
99%
|
|
2013
|
|
1969
|
|
—
|
|
160
|
|
100.0%
|
|
14.70
|
|
Trader Joe's
|
Lake Pine Plaza
|
|
Raleigh-Cary
|
|
NC
|
|
|
|
1998
|
|
1997
|
|
—
|
|
88
|
|
96.8%
|
|
11.97
|
|
Kroger
|
Maynard Crossing
|
|
Raleigh-Cary
|
|
NC
|
|
20%
|
|
1998
|
|
1997
|
|
8,933
|
|
123
|
|
94.2%
|
|
14.79
|
|
Kroger
|
Phillips Place
|
|
Charlotte-Gastonia-Concord
|
|
NC
|
|
50%
|
|
2012
|
|
2005
|
|
44,500
|
|
133
|
|
98.5%
|
|
31.54
|
|
Dean & Deluca
|
Providence Commons
|
|
Charlotte-Gastonia-Concord
|
|
NC
|
|
25%
|
|
2010
|
|
1994
|
|
—
|
|
74
|
|
100.0%
|
|
18.07
|
|
Harris Teeter
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Shops at Erwin Mill (fka Erwin Square)
|
|
Durham-Chapel Hill
|
|
NC
|
|
55%
|
|
2012
|
|
2012
|
|
10,000
|
|
87
|
|
98.2%
|
|
17.06
|
|
Harris Teeter
|
Shoppes of Kildaire
|
|
Raleigh-Cary
|
|
NC
|
|
40%
|
|
2005
|
|
1986
|
|
20,000
|
|
145
|
|
100.0%
|
|
17.53
|
|
Trader Joe's
|
Southpoint Crossing
|
|
Durham-Chapel Hill
|
|
NC
|
|
|
|
1998
|
|
1998
|
|
—
|
|
103
|
|
96.6%
|
|
15.36
|
|
Kroger
|
Sutton Square
|
|
Raleigh-Cary
|
|
NC
|
|
20%
|
|
2006
|
|
1985
|
|
—
|
|
101
|
|
96.8%
|
|
17.70
|
|
The Fresh Market
|
Village Plaza
|
|
Durham-Chapel Hill
|
|
NC
|
|
20%
|
|
2012
|
|
1975
|
|
8,000
|
|
75
|
|
98.0%
|
|
17.17
|
|
Whole Foods
|
Willow Oaks
(7)
|
|
Charlotte-Gastonia-Concord
|
|
NC
|
|
|
|
2014
|
|
2014
|
|
—
|
|
69
|
|
81.5%
|
|
16.10
|
|
Publix
|
Woodcroft Shopping Center
|
|
Durham-Chapel Hill
|
|
NC
|
|
|
|
1996
|
|
1984
|
|
—
|
|
90
|
|
95.7%
|
|
12.31
|
|
Food Lion
|
Plaza Square
|
|
New York-Northern New Jersey-Long Island
|
|
NJ
|
|
40%
|
|
2005
|
|
1990
|
|
13,598
|
|
104
|
|
100.0%
|
|
21.84
|
|
Shop Rite
|
Haddon Commons
|
|
Philadelphia-Camden-Wilmington
|
|
NJ
|
|
40%
|
|
2005
|
|
1985
|
|
—
|
|
54
|
|
87.5%
|
|
12.63
|
|
Acme Markets
|
Lake Grove Commons
|
|
New York-Northern New Jersey-Long Island
|
|
NY
|
|
40%
|
|
2012
|
|
2008
|
|
31,970
|
|
141
|
|
100.0%
|
|
32.32
|
|
Whole Foods, LA Fitness
|
Cherry Grove
|
|
Cincinnati-Middletown
|
|
OH
|
|
|
|
1998
|
|
2012
|
|
—
|
|
196
|
|
93.6%
|
|
11.27
|
|
Kroger
|
East Pointe
|
|
Columbus
|
|
OH
|
|
|
|
1998
|
|
2014
|
|
—
|
|
107
|
|
98.7%
|
|
9.63
|
|
Kroger
|
Hyde Park
|
|
Cincinnati-Middletown
|
|
OH
|
|
|
|
1997
|
|
1995
|
|
—
|
|
397
|
|
99.7%
|
|
15.27
|
|
Kroger, Remke Markets
|
Kroger New Albany Center
|
|
Columbus
|
|
OH
|
|
50%
|
|
1999
|
|
1999
|
|
—
|
|
93
|
|
100.0%
|
|
12.03
|
|
Kroger
|
Maxtown Road (Northgate)
|
|
Columbus
|
|
OH
|
|
|
|
1998
|
|
1996
|
|
—
|
|
85
|
|
100.0%
|
|
11.16
|
|
Kroger, (Home Depot)
|
Red Bank Village
|
|
Cincinnati-Middletown
|
|
OH
|
|
|
|
2006
|
|
2006
|
|
—
|
|
164
|
|
100.0%
|
|
6.39
|
|
Wal-Mart
|
Regency Commons
|
|
Cincinnati-Middletown
|
|
OH
|
|
|
|
2004
|
|
2004
|
|
—
|
|
34
|
|
100.0%
|
|
21.74
|
|
--
|
Westchester Plaza
|
|
Cincinnati-Middletown
|
|
OH
|
|
|
|
1998
|
|
1988
|
|
—
|
|
88
|
|
98.4%
|
|
9.47
|
|
Kroger
|
Corvallis Market Center
|
|
Corvallis
|
|
OR
|
|
|
|
2006
|
|
2006
|
|
—
|
|
85
|
|
100.0%
|
|
20.03
|
|
Trader Joe's
|
Greenway Town Center
|
|
Portland-Vancouver-Beaverton
|
|
OR
|
|
40%
|
|
2005
|
|
2014
|
|
—
|
|
93
|
|
98.1%
|
|
13.59
|
|
Whole Foods
|
Murrayhill Marketplace
|
|
Portland-Vancouver-Beaverton
|
|
OR
|
|
|
|
1999
|
|
1988
|
|
—
|
|
149
|
|
92.7%
|
|
15.95
|
|
Safeway
|
Northgate Marketplace
|
|
Medford
|
|
OR
|
|
|
|
2011
|
|
2011
|
|
—
|
|
81
|
|
100.0%
|
|
21.39
|
|
Trader Joe's
|
Northgate Marketplace Ph II
(7)
|
|
Medford
|
|
OR
|
|
|
|
2011
|
|
2015
|
|
—
|
|
179
|
|
|
|
11.20
|
|
Dick's Sporting Goods
|
Sherwood Crossroads
|
|
Portland-Vancouver-Beaverton
|
|
OR
|
|
|
|
1999
|
|
1999
|
|
—
|
|
88
|
|
95.4%
|
|
10.99
|
|
Safeway
|
Tanasbourne Market
(6)
|
|
Portland-Vancouver-Beaverton
|
|
OR
|
|
|
|
2006
|
|
2006
|
|
—
|
|
71
|
|
100.0%
|
|
27.41
|
|
Whole Foods
|
Walker Center
|
|
Portland-Vancouver-Beaverton
|
|
OR
|
|
|
|
1999
|
|
1987
|
|
—
|
|
90
|
|
90.4%
|
|
18.89
|
|
Bed Bath and Beyond
|
Allen Street Shopping Center
|
|
Allentown-Bethlehem-Easton
|
|
PA
|
|
40%
|
|
2005
|
|
1958
|
|
—
|
|
46
|
|
92.0%
|
|
14.08
|
|
Ahart's Market
|
City Avenue Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
PA
|
|
40%
|
|
2005
|
|
1960
|
|
—
|
|
162
|
|
78.4%
|
|
19.98
|
|
Ross Dress for Less
|
Gateway Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
PA
|
|
|
|
2004
|
|
1960
|
|
—
|
|
214
|
|
99.3%
|
|
28.14
|
|
Trader Joe's
|
Hershey
(6)
|
|
Harrisburg-Carlisle
|
|
PA
|
|
|
|
2000
|
|
2000
|
|
—
|
|
6
|
|
100.0%
|
|
33.45
|
|
--
|
Lower Nazareth Commons
|
|
Allentown-Bethlehem-Easton
|
|
PA
|
|
|
|
2007
|
|
2012
|
|
—
|
|
90
|
|
96.0%
|
|
26.11
|
|
(Wegmans), (Target), Sports Authority
|
Mercer Square Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
PA
|
|
40%
|
|
2005
|
|
1988
|
|
11,031
|
|
91
|
|
100.0%
|
|
22.54
|
|
Weis Markets
|
Newtown Square Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
PA
|
|
40%
|
|
2005
|
|
1970
|
|
10,840
|
|
141
|
|
83.0%
|
|
17.71
|
|
Acme Markets
|
Stefko Boulevard Shopping Center
(6)
|
|
Allentown-Bethlehem-Easton
|
|
PA
|
|
40%
|
|
2005
|
|
1976
|
|
—
|
|
134
|
|
96.0%
|
|
7.52
|
|
Valley Farm Market
|
Warwick Square Shopping Center
|
|
Philadelphia-Camden-Wilmington
|
|
PA
|
|
40%
|
|
2005
|
|
1999
|
|
9,699
|
|
90
|
|
92.5%
|
|
20.15
|
|
Giant Food
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Buckwalter Village
|
|
Hilton Head Island-Beaufort
|
|
SC
|
|
|
|
2006
|
|
2006
|
|
—
|
|
60
|
|
100.0%
|
|
14.47
|
|
Publix
|
Merchants Village
|
|
Charleston-North Charleston
|
|
SC
|
|
40%
|
|
1997
|
|
1997
|
|
9,000
|
|
80
|
|
100.0%
|
|
15.37
|
|
Publix
|
Queensborough Shopping Center
|
|
Charleston-North Charleston
|
|
SC
|
|
50%
|
|
1998
|
|
1993
|
|
—
|
|
82
|
|
100.0%
|
|
10.34
|
|
Publix
|
Harpeth Village Fieldstone
|
|
Nashville-Davidson--Murfreesboro
|
|
TN
|
|
|
|
1997
|
|
1998
|
|
—
|
|
70
|
|
100.0%
|
|
14.38
|
|
Publix
|
Northlake Village
|
|
Nashville-Davidson--Murfreesboro
|
|
TN
|
|
|
|
2000
|
|
1988
|
|
—
|
|
138
|
|
91.0%
|
|
12.86
|
|
Kroger
|
Peartree Village
|
|
Nashville-Davidson--Murfreesboro
|
|
TN
|
|
|
|
1997
|
|
1997
|
|
6,836
|
|
110
|
|
100.0%
|
|
18.12
|
|
Harris Teeter
|
Alden Bridge
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
20%
|
|
2002
|
|
1998
|
|
12,870
|
|
139
|
|
100.0%
|
|
19.28
|
|
Kroger
|
Bethany Park Place
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
20%
|
|
1998
|
|
1998
|
|
5,745
|
|
99
|
|
100.0%
|
|
11.54
|
|
Kroger
|
CityLine Market
(7)
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
2014
|
|
2014
|
|
—
|
|
80
|
|
97.6%
|
|
25.14
|
|
Whole Foods
|
CityLine Market Phase II
(7)
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
2014
|
|
2015
|
|
—
|
|
22
|
|
100.0%
|
|
25.88
|
|
--
|
Cochran's Crossing
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
|
|
2002
|
|
1994
|
|
—
|
|
138
|
|
96.4%
|
|
17.66
|
|
Kroger
|
Hancock
|
|
Austin-Round Rock
|
|
TX
|
|
|
|
1999
|
|
1998
|
|
—
|
|
410
|
|
97.0%
|
|
14.35
|
|
H.E.B., Sears
|
Hickory Creek Plaza
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
2006
|
|
2006
|
|
—
|
|
28
|
|
100.0%
|
|
25.18
|
|
(Kroger)
|
Hillcrest Village
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
1999
|
|
1991
|
|
—
|
|
15
|
|
100.0%
|
|
44.40
|
|
--
|
Indian Springs Center
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
|
|
2002
|
|
2003
|
|
—
|
|
137
|
|
100.0%
|
|
23.19
|
|
H.E.B.
|
Keller Town Center
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
1999
|
|
2014
|
|
—
|
|
120
|
|
96.9%
|
|
15.12
|
|
Tom Thumb
|
Lebanon/Legacy Center
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
2000
|
|
2002
|
|
—
|
|
56
|
|
97.3%
|
|
23.40
|
|
(Wal-Mart)
|
Market at Preston Forest
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
1999
|
|
1990
|
|
—
|
|
96
|
|
100.0%
|
|
20.19
|
|
Tom Thumb
|
Market at Round Rock
|
|
Austin-Round Rock
|
|
TX
|
|
|
|
1999
|
|
1987
|
|
—
|
|
123
|
|
100.0%
|
|
16.82
|
|
Sprout's Markets
|
Mockingbird Common
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
1999
|
|
1987
|
|
10,300
|
|
120
|
|
93.3%
|
|
17.67
|
|
Tom Thumb
|
North Hills
|
|
Austin-Round Rock
|
|
TX
|
|
|
|
1999
|
|
1995
|
|
—
|
|
144
|
|
97.9%
|
|
21.69
|
|
H.E.B.
|
Panther Creek
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
|
|
2002
|
|
1994
|
|
—
|
|
166
|
|
99.4%
|
|
18.63
|
|
Randall's Food
|
Prestonbrook
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
1998
|
|
1998
|
|
6,800
|
|
92
|
|
100.0%
|
|
13.89
|
|
Kroger
|
Preston Oaks
(6)
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
2013
|
|
1991
|
|
—
|
|
104
|
|
94.8%
|
|
30.39
|
|
H.E.B. Central Market
|
Shiloh Springs
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
20%
|
|
1998
|
|
1998
|
|
6,855
|
|
110
|
|
94.1%
|
|
14.38
|
|
Kroger
|
Shops at Mira Vista
|
|
Austin-Round Rock
|
|
TX
|
|
|
|
2014
|
|
2002
|
|
250
|
|
68
|
|
100.0%
|
|
20.62
|
|
Trader Joe's
|
Signature Plaza
|
|
Dallas-Fort Worth-Arlington
|
|
TX
|
|
|
|
2003
|
|
2004
|
|
—
|
|
32
|
|
90.1%
|
|
20.78
|
|
(Kroger)
|
Southpark at Cinco Ranch
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
|
|
2012
|
|
2015
|
|
—
|
|
265
|
|
97.9%
|
|
12.62
|
|
Kroger, Academy Sports
|
Sterling Ridge
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
|
|
2002
|
|
2000
|
|
13,900
|
|
129
|
|
100.0%
|
|
19.72
|
|
Kroger
|
Sweetwater Plaza
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
20%
|
|
2001
|
|
2000
|
|
11,079
|
|
134
|
|
100.0%
|
|
16.89
|
|
Kroger
|
Tech Ridge Center
|
|
Austin-Round Rock
|
|
TX
|
|
|
|
2011
|
|
2001
|
|
8,741
|
|
187
|
|
96.0%
|
|
20.68
|
|
H.E.B.
|
Weslayan Plaza East
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
40%
|
|
2005
|
|
1969
|
|
—
|
|
168
|
|
100.0%
|
|
16.88
|
|
Berings
|
Weslayan Plaza West
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
40%
|
|
2005
|
|
1969
|
|
38,598
|
|
186
|
|
100.0%
|
|
18.50
|
|
Randall's Food
|
Westwood Village
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
|
|
2006
|
|
2006
|
|
—
|
|
184
|
|
96.8%
|
|
18.25
|
|
(Target)
|
Woodway Collection
|
|
Houston-Baytown-Sugar Land
|
|
TX
|
|
40%
|
|
2005
|
|
2012
|
|
8,851
|
|
96
|
|
100.0%
|
|
27.32
|
|
Whole Foods
|
Ashburn Farm Market Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
|
|
2000
|
|
2000
|
|
—
|
|
92
|
|
100.0%
|
|
23.75
|
|
Giant Food
|
Ashburn Farm Village Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1996
|
|
—
|
|
89
|
|
97.3%
|
|
14.64
|
|
Shoppers Food Warehouse
|
|
||||||||||||||||||||
Property Name
|
|
(1)
CBSA
|
|
State
|
|
(2)
Owner-ship Interest
|
|
Year Acquired
|
|
Year Constructed or Last Major Renovation
|
|
Mortgages or Encumbrances (in 000's)
|
|
Gross Leasable Area
(GLA) (in 000's)
|
|
(3)
Percent Leased
|
|
(4)
Average Base Rent (Per Sq Ft)
|
|
(5)
Grocer(s) & Major Tenant(s) >35,000 SFT
|
Belmont Chase
(7)
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
|
|
2014
|
|
2014
|
|
—
|
|
91
|
|
92.8%
|
|
28.35
|
|
Whole Foods
|
Braemar Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
25%
|
|
2004
|
|
2004
|
|
11,533
|
|
96
|
|
96.3%
|
|
21.13
|
|
Safeway
|
Centre Ridge Marketplace
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1996
|
|
13,543
|
|
104
|
|
97.3%
|
|
17.60
|
|
Shoppers Food Warehouse
|
Culpeper Colonnade
|
|
Culpeper
|
|
VA
|
|
|
|
2006
|
|
2014
|
|
—
|
|
171
|
|
98.8%
|
|
15.09
|
|
Martin's, Dick's Sporting Goods, (Target)
|
Fairfax Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
|
|
2007
|
|
1955
|
|
—
|
|
76
|
|
83.5%
|
|
13.39
|
|
--
|
Festival at Manchester Lakes
(6)
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1990
|
|
23,297
|
|
169
|
|
99.3%
|
|
25.22
|
|
Shoppers Food Warehouse
|
Fox Mill Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
2013
|
|
16,267
|
|
103
|
|
100.0%
|
|
22.28
|
|
Giant Food
|
Gayton Crossing
|
|
Richmond
|
|
VA
|
|
40%
|
|
2005
|
|
1983
|
|
—
|
|
158
|
|
93.0%
|
|
15.06
|
|
Martin's, (Kroger)
|
Greenbriar Town Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1972
|
|
50,494
|
|
340
|
|
98.2%
|
|
24.37
|
|
Giant Food
|
Hanover Village Shopping Center
|
|
Richmond
|
|
VA
|
|
40%
|
|
2005
|
|
1971
|
|
—
|
|
90
|
|
98.4%
|
|
8.40
|
|
Aldi
|
Hollymead Town Center
|
|
Charlottesville
|
|
VA
|
|
20%
|
|
2003
|
|
2004
|
|
25,000
|
|
154
|
|
94.9%
|
|
22.14
|
|
Harris Teeter, (Target)
|
Kamp Washington Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1960
|
|
—
|
|
72
|
|
95.0%
|
|
37.01
|
|
Golfsmith
|
Kings Park Shopping Center
(6)
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
2015
|
|
13,745
|
|
93
|
|
100.0%
|
|
27.16
|
|
Giant Food
|
Lorton Station Marketplace
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
20%
|
|
2006
|
|
2005
|
|
24,375
|
|
132
|
|
97.7%
|
|
21.59
|
|
Shoppers Food Warehouse
|
Saratoga Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1977
|
|
11,126
|
|
113
|
|
100.0%
|
|
19.34
|
|
Giant Food
|
Shops at County Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
|
|
2005
|
|
2005
|
|
—
|
|
97
|
|
92.8%
|
|
19.99
|
|
Harris Teeter
|
Shops at Stonewall
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
|
|
2007
|
|
2014
|
|
—
|
|
314
|
|
98.7%
|
|
16.17
|
|
Wegmans, Dick's Sporting Goods
|
Signal Hill
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
20%
|
|
2003
|
|
2004
|
|
—
|
|
95
|
|
97.5%
|
|
21.59
|
|
Shoppers Food Warehouse
|
Town Center at Sterling Shopping Center
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1980
|
|
—
|
|
187
|
|
91.5%
|
|
19.21
|
|
Giant Food
|
Village Center at Dulles
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
20%
|
|
2002
|
|
1991
|
|
41,588
|
|
298
|
|
97.2%
|
|
24.28
|
|
Shoppers Food Warehouse, Gold's Gym
|
Village Shopping Center
|
|
Richmond
|
|
VA
|
|
40%
|
|
2005
|
|
1948
|
|
16,016
|
|
111
|
|
100.0%
|
|
22.39
|
|
Martin's
|
Willston Centre I
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
1952
|
|
—
|
|
105
|
|
95.6%
|
|
25.09
|
|
--
|
Willston Centre II
|
|
Washington-Arlington-Alexandria
|
|
VA
|
|
40%
|
|
2005
|
|
2010
|
|
27,000
|
|
136
|
|
94.3%
|
|
23.69
|
|
Safeway, (Target)
|
Aurora Marketplace
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
40%
|
|
2005
|
|
1991
|
|
11,617
|
|
107
|
|
92.4%
|
|
15.56
|
|
Safeway
|
Broadway Market
(6)
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
20%
|
|
2014
|
|
1988
|
|
21,500
|
|
140
|
|
98.4%
|
|
24.33
|
|
Quality Food Centers
|
Cascade Plaza
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
20%
|
|
1999
|
|
1999
|
|
14,409
|
|
215
|
|
96.0%
|
|
11.58
|
|
Haggen
|
Eastgate Plaza
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
40%
|
|
2005
|
|
1956
|
|
10,270
|
|
78
|
|
100.0%
|
|
23.65
|
|
Albertsons
|
Grand Ridge
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
|
|
2012
|
|
2012
|
|
11,125
|
|
326
|
|
100.0%
|
|
22.57
|
|
Safeway, Regal Cinemas
|
Inglewood Plaza
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
|
|
1999
|
|
1985
|
|
—
|
|
17
|
|
100.0%
|
|
35.94
|
|
--
|
Overlake Fashion Plaza
(6)
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
40%
|
|
2005
|
|
1987
|
|
12,100
|
|
81
|
|
100.0%
|
|
24.47
|
|
(Sears)
|
Pine Lake Village
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
|
|
1999
|
|
1989
|
|
—
|
|
103
|
|
100.0%
|
|
22.76
|
|
Quality Food Centers
|
Sammamish-Highlands
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
|
|
1999
|
|
2013
|
|
—
|
|
101
|
|
100.0%
|
|
30.04
|
|
(Safeway)
|
Southcenter
|
|
Seattle-Tacoma-Bellevue
|
|
WA
|
|
|
|
1999
|
|
1990
|
|
—
|
|
58
|
|
86.2%
|
|
28.98
|
|
(Target)
|
Whitnall Square Shopping Center
|
|
Milwaukee-Waukesha-West Allis
|
|
WI
|
|
40%
|
|
2005
|
|
1989
|
|
—
|
|
133
|
|
92.8%
|
|
8.07
|
|
Pick 'N' Save
|
Regency Centers Total
|
|
|
|
|
|
|
|
|
|
|
|
$1,905,067
|
|
38,035
|
|
95.8%
|
|
|
|
|
Item 5.
|
Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
|
|
|
2015
|
|
2014
|
||||||||||||||||
Quarter Ended
|
|
High Price
|
|
Low Price
|
|
Cash Dividends Declared
|
|
High Price
|
|
Low Price
|
|
Cash Dividends Declared
|
||||||||
March 31
|
|
$
|
70.80
|
|
|
63.38
|
|
|
0.4850
|
|
|
$
|
51.49
|
|
|
45.41
|
|
|
0.4700
|
|
June 30
|
|
69.45
|
|
|
58.81
|
|
|
0.4850
|
|
|
56.11
|
|
|
50.55
|
|
|
0.4700
|
|
||
September 30
|
|
64.79
|
|
|
55.79
|
|
|
0.4850
|
|
|
57.99
|
|
|
53.28
|
|
|
0.4700
|
|
||
December 31
|
|
69.45
|
|
|
61.71
|
|
|
0.4850
|
|
|
65.72
|
|
|
53.55
|
|
|
0.4700
|
|
|
|
Total Distribution per Share
|
|
Ordinary Dividends
|
|
Total Capital Gain Distributions
|
|
Nontaxable Distributions
|
|
Qualified Dividends (included in Ordinary Dividends)
|
Unrecapt Sec 1250 Gain
|
|||||||
2015
|
|
$
|
1.9400
|
|
|
1.4744
|
|
|
0.0970
|
|
|
0.3686
|
|
|
0.0970
|
|
0.0388
|
|
2014
|
|
1.8800
|
|
|
1.3160
|
|
|
0.3008
|
|
|
0.2632
|
|
|
—
|
|
0.0564
|
|
|
|
12/10
|
12/11
|
12/12
|
12/13
|
12/14
|
12/15
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Regency Centers Corporation
|
|
$
|
100.00
|
|
93.15
|
|
121.45
|
|
123.64
|
|
176.24
|
|
193.90
|
|
S&P 500
|
|
100.00
|
|
102.11
|
|
118.45
|
|
156.82
|
|
178.29
|
|
180.75
|
|
|
FTSE NAREIT Equity REITs
|
|
100.00
|
|
108.29
|
|
127.85
|
|
131.01
|
|
170.49
|
|
175.94
|
|
|
FTSE NAREIT Equity Shopping Centers
|
|
100.00
|
|
99.27
|
|
124.11
|
|
130.31
|
|
169.35
|
|
177.34
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||
Operating data:
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues
|
|
$
|
569,763
|
|
|
537,898
|
|
|
489,007
|
|
|
473,929
|
|
|
470,449
|
|
Operating expenses
|
|
365,098
|
|
|
353,348
|
|
|
324,687
|
|
|
307,493
|
|
|
303,976
|
|
|
Total other expense (income)
|
|
110,236
|
|
|
83,046
|
|
(1)
|
111,741
|
|
|
131,240
|
|
|
136,317
|
|
|
Income from operations before equity in income of investments in real estate partnerships
|
|
94,429
|
|
|
101,504
|
|
|
52,579
|
|
|
35,196
|
|
|
30,156
|
|
|
Equity in income of investments in real estate partnerships
|
|
22,508
|
|
|
31,270
|
|
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
|
Income tax (benefit) expense of taxable REIT subsidiary
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|
13,224
|
|
|
2,994
|
|
|
Income from continuing operations
|
|
116,937
|
|
|
133,770
|
|
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
|
Income (loss) from discontinued operations
(2)
|
|
—
|
|
|
—
|
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
|
Net income
|
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
|
Income attributable to noncontrolling interests
|
|
(2,487
|
)
|
|
(1,457
|
)
|
|
(1,481
|
)
|
|
(342
|
)
|
|
(4,418
|
)
|
|
Net income attributable to the Company
|
|
150,056
|
|
|
187,390
|
|
|
149,804
|
|
|
25,867
|
|
|
51,370
|
|
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(32,531
|
)
|
|
(19,675
|
)
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
128,994
|
|
|
166,328
|
|
|
128,742
|
|
|
(6,664
|
)
|
|
31,695
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NAREIT FFO
(3)
|
|
276,515
|
|
|
269,149
|
|
|
240,621
|
|
|
222,100
|
|
|
220,318
|
|
|
Core FFO
(3)
|
|
288,872
|
|
|
261,506
|
|
|
241,619
|
|
|
230,937
|
|
|
213,148
|
|
|
Income per common share - diluted (note 15):
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
1.36
|
|
|
1.80
|
|
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
(2)
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
|
Net income attributable to common stockholders
|
|
$
|
1.36
|
|
|
1.80
|
|
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
Other information:
|
|
|
|
|
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
|
$
|
275,637
|
|
|
277,742
|
|
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
Net cash used in investing activities
|
|
(139,346
|
)
|
|
(210,290
|
)
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
|
Net cash used in financing activities
|
|
(213,211
|
)
|
|
(34,360
|
)
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
|
Dividends paid to common stockholders
|
|
181,691
|
|
|
172,900
|
|
|
168,095
|
|
|
164,747
|
|
|
160,479
|
|
|
Common dividends declared per share
|
|
1.94
|
|
|
1.88
|
|
|
1.85
|
|
|
1.85
|
|
|
1.85
|
|
|
Common stock outstanding including exchangeable operating partnership units
|
|
97,367
|
|
|
94,262
|
|
|
92,499
|
|
|
90,572
|
|
|
90,099
|
|
|
Ratio of earnings to fixed charges
(4)
|
|
2.5
|
|
|
2.6
|
|
|
1.8
|
|
|
1.6
|
|
|
1.5
|
|
|
Ratio of earnings to combined fixed charges and preference dividends
(4)
|
|
2.1
|
|
|
2.2
|
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
||||||
Real estate investments before accumulated depreciation
|
|
$
|
4,852,106
|
|
|
4,743,053
|
|
|
4,385,380
|
|
|
4,352,839
|
|
|
4,488,794
|
|
Total assets
|
|
4,191,074
|
|
|
4,197,170
|
|
|
3,913,516
|
|
|
3,853,458
|
|
|
3,987,071
|
|
|
Total debt
|
|
1,872,478
|
|
|
2,021,357
|
|
|
1,854,697
|
|
|
1,941,891
|
|
|
1,982,440
|
|
|
Total liabilities
|
|
2,108,454
|
|
|
2,260,688
|
|
|
2,052,382
|
|
|
2,107,547
|
|
|
2,117,417
|
|
|
Total stockholders’ equity
|
|
2,054,109
|
|
|
1,906,592
|
|
|
1,843,354
|
|
|
1,730,765
|
|
|
1,808,355
|
|
|
Total noncontrolling interests
|
|
28,511
|
|
|
29,890
|
|
|
17,780
|
|
|
15,146
|
|
|
61,299
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||
Operating data:
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues
|
|
$
|
569,763
|
|
|
537,898
|
|
|
489,007
|
|
|
473,929
|
|
|
470,449
|
|
Operating expenses
|
|
365,098
|
|
|
353,348
|
|
|
324,687
|
|
|
307,493
|
|
|
303,976
|
|
|
Total other expense (income)
|
|
110,236
|
|
|
83,046
|
|
(1)
|
111,741
|
|
|
131,240
|
|
|
136,317
|
|
|
Income from operations before equity in income of investments in real estate partnerships
|
|
94,429
|
|
|
101,504
|
|
|
52,579
|
|
|
35,196
|
|
|
30,156
|
|
|
Equity in income of investments in real estate partnerships
|
|
22,508
|
|
|
31,270
|
|
|
31,718
|
|
|
23,807
|
|
|
9,643
|
|
|
Income tax (benefit) expense of taxable REIT subsidiary
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|
13,224
|
|
|
2,994
|
|
|
Income from continuing operations
|
|
116,937
|
|
|
133,770
|
|
|
84,297
|
|
|
45,779
|
|
|
36,805
|
|
|
Income (loss) from discontinued operations
(2)
|
|
—
|
|
|
—
|
|
|
65,285
|
|
|
(21,728
|
)
|
|
16,579
|
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
1,703
|
|
|
2,158
|
|
|
2,404
|
|
|
Net income
|
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
|
26,209
|
|
|
55,788
|
|
|
Income attributable to noncontrolling interests
|
|
(2,247
|
)
|
|
(1,138
|
)
|
|
(1,205
|
)
|
|
(865
|
)
|
|
(590
|
)
|
|
Net income attributable to the Partnership
|
|
150,296
|
|
|
187,709
|
|
|
150,080
|
|
|
25,344
|
|
|
55,198
|
|
|
Preferred unit distributions
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(31,902
|
)
|
|
(23,400
|
)
|
|
Net income (loss) attributable to common unit holders
|
|
$
|
129,234
|
|
|
166,647
|
|
|
129,018
|
|
|
(6,558
|
)
|
|
31,798
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NAREIT FFO
(3)
|
|
276,515
|
|
|
269,149
|
|
|
240,621
|
|
|
222,100
|
|
|
220,318
|
|
|
Core FFO
(3)
|
|
288,872
|
|
|
261,506
|
|
|
241,619
|
|
|
230,937
|
|
|
213,148
|
|
|
Income per common unit - diluted (note 15):
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
1.36
|
|
|
1.80
|
|
|
0.69
|
|
|
0.16
|
|
|
0.16
|
|
Discontinued operations
(2)
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
(0.24
|
)
|
|
0.19
|
|
|
Net income (loss) attributable to common unit holders
|
|
$
|
1.36
|
|
|
1.80
|
|
|
1.40
|
|
|
(0.08
|
)
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other information:
|
|
|
|
|
|
|
|
|
|
|
||||||
Net cash provided by operating activities
|
|
$
|
275,637
|
|
|
277,742
|
|
|
250,731
|
|
|
257,215
|
|
|
217,633
|
|
Net cash used in investing activities
|
|
(139,346
|
)
|
|
(210,290
|
)
|
|
(9,817
|
)
|
|
3,623
|
|
|
(77,723
|
)
|
|
Net cash used in financing activities
|
|
(213,211
|
)
|
|
(34,360
|
)
|
|
(182,579
|
)
|
|
(249,891
|
)
|
|
(145,569
|
)
|
|
Distributions paid on common units
|
|
181,691
|
|
|
172,900
|
|
|
168,095
|
|
|
164,747
|
|
|
160,479
|
|
|
Ratio of earnings to fixed charges
(4)
|
|
2.5
|
|
|
2.6
|
|
|
1.8
|
|
|
1.6
|
|
|
1.5
|
|
|
Ratio of combined fixed charges and preference dividends to earnings
(4)
|
|
2.1
|
|
|
2.2
|
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
||||||
Real estate investments before accumulated depreciation
|
|
$
|
4,852,106
|
|
|
4,743,053
|
|
|
4,385,380
|
|
|
4,352,839
|
|
|
4,488,794
|
|
Total assets
|
|
4,191,074
|
|
|
4,197,170
|
|
|
3,913,516
|
|
|
3,853,458
|
|
|
3,987,071
|
|
|
Total debt
|
|
1,872,478
|
|
|
2,021,357
|
|
|
1,854,697
|
|
|
1,941,891
|
|
|
1,982,440
|
|
|
Total liabilities
|
|
2,108,454
|
|
|
2,260,688
|
|
|
2,052,382
|
|
|
2,107,547
|
|
|
2,117,417
|
|
|
Total partners’ capital
|
|
2,052,134
|
|
|
1,904,678
|
|
|
1,841,928
|
|
|
1,729,612
|
|
|
1,856,550
|
|
|
Total noncontrolling interests
|
|
30,486
|
|
|
31,804
|
|
|
19,206
|
|
|
16,299
|
|
|
13,104
|
|
•
|
We achieved pro-rata same property NOI growth, excluding termination fees, of
4.4%
in 2015, marking four consecutive years of 4% growth.
|
•
|
We maintained our pro-rata same property percent leased at 95.8% at
December 31, 2015
and
2014
.
|
•
|
We grew rental rates 9.6% on comparable spaces for new and renewal leases.
|
•
|
We cost effectively invested in the acquisition of one operating property and funded the purchase with $50 million from the sale of a center with a similar cap rate but a lower growth opportunity and greater anchor risk.
|
•
|
During 2015, we started $116.7 million of development and redevelopment projects with a weighted average estimated yield of 7.5%.
|
•
|
As of December 31, 2015, we have
seven
ground-up developments in process, with total expected net development costs of $
163.9 million
with projected return on capital of 7.7%, and are currently 83% leased. We also have thirteen redevelopments of existing centers in process with total expected net redevelopment costs of $81.8 million and incremental yields ranging from 7.0% - 10.0%.
|
•
|
We managed our balance sheet to improve our debt maturity profile by refinancing and reducing our unsecured borrowings, thereby leveling our maturities to better withstand downturns in the financial markets and efficiently fund investments.
|
•
|
We cost effectively sold $193.6 million in common stock through our forward equity offering in January. Net proceeds of $186.2 million were received in November upon settlement and used a portion to improve our debt maturity profile. In addition, we issued 189,200 shares through our ATM program resulting in net proceeds of $12.7 million.
|
•
|
At
December 31, 2015
, our net debt-to-core EBITDA ratio was 5.2x versus 5.7x at
December 31, 2014
. We had
$36.9 million
of cash and no outstanding balance on our $800.0 million line of credit.
|
•
|
We executed on our succession plan with our bench of proven and experienced executives with the promotion of Lisa Palmer to President, in addition to her existing role of Chief Financial Officer. Additionally, we promoted two Managing Directors to Executive Vice President of Operations and of Development, respectively.
|
•
|
We worked to increase employee engagement through a variety of employee-related initiatives.
|
•
|
We developed critical information platforms that provide value added decision making capabilities.
|
|
|
December 31,
2015 |
|
December 31,
2014 |
% Leased – Operating
|
|
95.9%
|
|
95.9%
|
Anchor space
|
|
98.5%
|
|
98.8%
|
Shop space
|
|
91.7%
|
|
91.2%
|
Year ended December 31, 2015
|
||||||||||||||||
|
|
Leasing Transactions
(1)
|
|
Square Feet ("SF") (in thousands)
|
|
Base Rent PSF
(2)
|
|
Tenant Improvements PSF
(2)
|
|
Leasing Commissions PSF
(2)
|
||||||
New leases
|
|
|
|
|
|
|
|
|
|
|
||||||
Anchor space
|
|
15
|
|
295
|
|
$
|
13.81
|
|
|
$
|
5.28
|
|
|
$
|
5.14
|
|
Shop space
|
|
445
|
|
724
|
|
$
|
30.67
|
|
|
$
|
10.35
|
|
|
$
|
13.53
|
|
Total New Leases
|
|
460
|
|
1,019
|
|
$
|
25.79
|
|
|
$
|
8.88
|
|
|
$
|
11.10
|
|
Renewals
|
|
|
|
|
|
|
|
|
|
|
||||||
Anchor space
|
|
48
|
|
972
|
|
$
|
11.96
|
|
|
$
|
0.01
|
|
|
$
|
1.08
|
|
Shop space
|
|
950
|
|
1,497
|
|
$
|
30.33
|
|
|
$
|
0.64
|
|
|
$
|
3.92
|
|
Total Renewal Leases
(1)
|
|
998
|
|
2,469
|
|
$
|
23.10
|
|
|
$
|
0.40
|
|
|
$
|
2.80
|
|
Total Leases
|
|
1,458
|
|
3,488
|
|
$
|
23.88
|
|
|
$
|
2.87
|
|
|
$
|
5.23
|
|
Year ended December 31, 2014
|
||||||||||||||||
|
|
Leasing Transactions
(1)
|
|
SF (in thousands)
|
|
Base Rent PSF
(2)
|
|
Tenant Improvements PSF
(2)
|
|
Leasing Commissions PSF
(2)
|
||||||
New leases
|
|
|
|
|
|
|
|
|
|
|
||||||
Anchor space
|
|
28
|
|
793
|
|
$
|
14.49
|
|
|
$
|
5.54
|
|
|
$
|
4.62
|
|
Shop space
|
|
477
|
|
828
|
|
$
|
29.24
|
|
|
$
|
8.76
|
|
|
$
|
13.72
|
|
Total New Leases
|
|
505
|
|
1,621
|
|
$
|
22.02
|
|
|
$
|
7.19
|
|
|
$
|
9.27
|
|
Renewals
|
|
|
|
|
|
|
|
|
|
|
||||||
Anchor space
|
|
59
|
|
1,173
|
|
$
|
11.80
|
|
|
$
|
0.20
|
|
|
$
|
1.07
|
|
Shop space
|
|
854
|
|
1,281
|
|
$
|
28.80
|
|
|
$
|
0.76
|
|
|
$
|
3.61
|
|
Total Renewal Leases
(1)
|
|
913
|
|
2,454
|
|
$
|
20.67
|
|
|
$
|
0.49
|
|
|
$
|
2.39
|
|
Total Leases
|
|
1,418
|
|
4,075
|
|
$
|
21.21
|
|
|
$
|
3.16
|
|
|
$
|
5.13
|
|
|
|
December 31, 2015
|
||||
Grocery Anchor
|
|
Number of
Stores
(1)
|
|
Percentage of
Company
Owned GLA
(2)
|
|
Percentage of
Annualized
Base Rent
(2)
|
Kroger
|
|
58
|
|
8.8%
|
|
4.7%
|
Publix
|
|
46
|
|
6.5%
|
|
3.7%
|
Albertsons/Safeway
|
|
49
|
|
4.8%
|
|
2.9%
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Minimum rent
|
|
$
|
415,155
|
|
|
390,697
|
|
|
24,458
|
|
Percentage rent
|
|
3,750
|
|
|
3,488
|
|
|
262
|
|
|
Recoveries from tenants
|
|
116,120
|
|
|
108,434
|
|
|
7,686
|
|
|
Other income
|
|
9,175
|
|
|
11,184
|
|
|
(2,009
|
)
|
|
Management, transaction, and other fees
|
|
25,563
|
|
|
24,095
|
|
|
1,468
|
|
|
Total revenues
|
|
$
|
569,763
|
|
|
537,898
|
|
|
31,865
|
|
•
|
$5.0 million increase due to the acquisitions of operating properties;
|
•
|
$9.8 million increase from operations beginning at development properties; and
|
•
|
$15.7 million increase in minimum rent from same properties, with $6.7 million relating to redevelopment properties, and $9.0 million relating to higher rental rates and rent paying occupancy growth;
|
•
|
reduced by $6.0 million from the sale of operating properties.
|
•
|
$1.2 million increase due to the acquisition of operating properties;
|
•
|
$1.5 million increase from operations beginning at development properties; and,
|
•
|
$5.9 million increase from same properties associated with rent paying occupancy improvements and higher recoverable costs;
|
•
|
reduced by approximately $890,000 from the sale of operating properties.
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Asset management fees
|
|
$
|
6,416
|
|
|
6,013
|
|
|
403
|
|
Property management fees
|
|
13,123
|
|
|
13,020
|
|
|
103
|
|
|
Leasing commissions and other fees
|
|
6,024
|
|
|
5,062
|
|
|
962
|
|
|
Total management, transaction, and other fees
|
|
$
|
25,563
|
|
|
24,095
|
|
|
1,468
|
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Depreciation and amortization
|
|
$
|
146,829
|
|
|
147,791
|
|
|
(962
|
)
|
Operating and maintenance
|
|
82,978
|
|
|
77,788
|
|
|
5,190
|
|
|
General and administrative
|
|
65,600
|
|
|
60,242
|
|
|
5,358
|
|
|
Real estate taxes
|
|
61,855
|
|
|
59,031
|
|
|
2,824
|
|
|
Other operating expenses
|
|
7,836
|
|
|
8,496
|
|
|
(660
|
)
|
|
Total operating expenses
|
|
$
|
365,098
|
|
|
353,348
|
|
|
11,750
|
|
•
|
$2.9 million decrease from the sale of operating properties;
|
•
|
$1.9 million increase primarily from operations beginning at development properties and acquisition of operating properties.
|
•
|
$1.6 million increase from operations beginning at development properties;
|
•
|
$2.9 million increase at same properties primarily driven by increases in property management fees, landscaping, and parking lot maintenance costs;
|
•
|
$2.1 million increase relating to acquisition of operating properties;
|
•
|
reduced by $1.4 million from the sale of operating properties.
|
•
|
$3.9 million of higher compensation costs, including $2.2 million associated with executive management changes at December 31, 2015;
|
•
|
$2.3 million of lower development overhead capitalization based on fewer new development and redevelopment projects started in 2015;
|
•
|
reduced by
$1.1
million from the decrease in the value of participant obligations within the deferred compensation plan.
|
•
|
$690,000 increase from acquisition of operating properties;
|
•
|
$510,000 increase relating to operations beginning at development properties; and,
|
•
|
$2.0 million increase at same properties from increased tax assessments;
|
•
|
reduced by approximately $360,000 from the sale of operating properties.
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Interest expense, net
|
|
|
|
|
|
|
||||
Interest on notes payable
|
|
$
|
98,485
|
|
|
104,938
|
|
|
(6,453
|
)
|
Interest on unsecured credit facilities
|
|
3,566
|
|
|
3,539
|
|
|
27
|
|
|
Capitalized interest
|
|
(6,739
|
)
|
|
(7,142
|
)
|
|
403
|
|
|
Hedge expense
|
|
8,900
|
|
|
9,366
|
|
|
(466
|
)
|
|
Interest income
|
|
(1,590
|
)
|
|
(1,210
|
)
|
|
(380
|
)
|
|
Interest expense, net
|
|
102,622
|
|
|
109,491
|
|
|
(6,869
|
)
|
|
Provision for impairment
|
|
—
|
|
|
1,257
|
|
|
(1,257
|
)
|
|
Early extinguishment of debt
|
|
8,239
|
|
|
18
|
|
|
8,221
|
|
|
Net investment (income) loss
|
|
(625
|
)
|
|
(9,449
|
)
|
|
8,824
|
|
|
Gain on remeasurement of investment in real estate partnership
|
|
—
|
|
|
(18,271
|
)
|
|
18,271
|
|
|
Total other expense (income)
|
|
$
|
110,236
|
|
|
83,046
|
|
|
27,190
|
|
(in thousands)
|
|
Regency's Ownership
|
|
2015
|
|
2014
|
|
Change
|
||||
GRI - Regency, LLC (GRIR)
|
|
40.00%
|
|
$
|
18,148
|
|
|
13,727
|
|
|
4,421
|
|
Columbia Regency Retail Partners, LLC (Columbia I)
|
|
20.00%
|
|
(278
|
)
|
|
1,431
|
|
|
(1,709
|
)
|
|
Columbia Regency Partners II, LLC (Columbia II)
|
|
20.00%
|
|
755
|
|
|
233
|
|
|
522
|
|
|
Cameron Village, LLC (Cameron)
|
|
30.00%
|
|
643
|
|
|
1,008
|
|
|
(365
|
)
|
|
RegCal, LLC (RegCal)
|
|
25.00%
|
|
576
|
|
|
966
|
|
|
(390
|
)
|
|
US Regency Retail I, LLC (USAA)
|
|
20.01%
|
|
807
|
|
|
567
|
|
|
240
|
|
|
Other investments in real estate partnerships
|
|
50.00%
|
|
1,857
|
|
|
13,338
|
|
|
(11,481
|
)
|
|
Total equity in income of investments in real estate partnerships
|
|
|
|
$
|
22,508
|
|
|
31,270
|
|
|
(8,762
|
)
|
•
|
$1.3 million increase in base rent from occupancy and rental rate growth,
|
•
|
$1.8 million decrease in depreciation due to higher depreciation expense in 2014 relating to redevelopment activity,
|
•
|
Reduced interest expense roughly $800,000 by paying off or refinancing property debt at better rates in 2014 and 2015.
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Income from continuing operations before tax
|
|
$
|
116,937
|
|
|
132,774
|
|
|
(15,837
|
)
|
Income tax (benefit) of taxable REIT subsidiary
|
|
—
|
|
|
(996
|
)
|
|
996
|
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
(19,471
|
)
|
|
Income attributable to noncontrolling interests
|
|
(2,487
|
)
|
|
(1,457
|
)
|
|
(1,030
|
)
|
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
—
|
|
|
Net income attributable to common stockholders
|
|
$
|
128,994
|
|
|
166,328
|
|
|
(37,334
|
)
|
Net income attributable to exchangeable operating partnership units
|
|
240
|
|
|
319
|
|
|
(79
|
)
|
|
Net income attributable to common unit holders
|
|
$
|
129,234
|
|
|
166,647
|
|
|
(37,413
|
)
|
(in thousands)
|
|
2014
|
|
2013
|
|
Change
|
||||
Minimum rent
|
|
$
|
390,697
|
|
|
353,833
|
|
|
36,864
|
|
Percentage rent
|
|
3,488
|
|
|
3,583
|
|
|
(95
|
)
|
|
Recoveries from tenants
|
|
108,434
|
|
|
95,902
|
|
|
12,532
|
|
|
Other income
|
|
11,184
|
|
|
10,592
|
|
|
592
|
|
|
Management, transaction, and other fees
|
|
24,095
|
|
|
25,097
|
|
|
(1,002
|
)
|
|
Total revenues
|
|
$
|
537,898
|
|
|
489,007
|
|
|
48,891
|
|
•
|
$16.8 million increase due to the acquisitions of operating properties;
|
•
|
$12.3 million increase from operations beginning at development properties; and
|
•
|
$9.9 million increase in minimum rent from same properties, with $4.4 million relating to redevelopment properties, and $5.5 million relating to higher rental rates and rent paying occupancy growth;
|
•
|
reduced by a $2.2 million decrease from the sale of operating properties.
|
•
|
$3.8 million increase due to the acquisition of operating properties;
|
•
|
$3.5 million increase from operations beginning at development properties during
2014
and
2013
; and,
|
•
|
$6.2 million increase in recoveries at same properties, which was driven by an increase in occupancy and recoverable costs;
|
•
|
reduced by $1.0 million decrease from the sale of operating properties.
|
(in thousands)
|
|
2014
|
|
2013
|
|
Change
|
||||
Asset management fees
|
|
$
|
6,013
|
|
|
6,205
|
|
|
(192
|
)
|
Property management fees
|
|
13,020
|
|
|
13,692
|
|
|
(672
|
)
|
|
Leasing commissions and other fees
|
|
5,062
|
|
|
5,200
|
|
|
(138
|
)
|
|
Total management, transaction, and other fees
|
|
$
|
24,095
|
|
|
25,097
|
|
|
(1,002
|
)
|
(in thousands)
|
|
2014
|
|
2013
|
|
Change
|
||||
Depreciation and amortization
|
|
$
|
147,791
|
|
|
130,630
|
|
|
17,161
|
|
Operating and maintenance
|
|
77,788
|
|
|
71,018
|
|
|
6,770
|
|
|
General and administrative
|
|
60,242
|
|
|
61,234
|
|
|
(992
|
)
|
|
Real estate taxes
|
|
59,031
|
|
|
53,726
|
|
|
5,305
|
|
|
Other operating expenses
|
|
8,496
|
|
|
8,079
|
|
|
417
|
|
|
Total operating expenses
|
|
$
|
353,348
|
|
|
324,687
|
|
|
28,661
|
|
•
|
$9.9 million increase from the acquisition of operating properties;
|
•
|
$5.5 million increase from operations beginning at development properties; and,
|
•
|
$2.6 million increase at same properties, attributable to redevelopments and recent capital improvements being depreciated;
|
•
|
reduced by $800,000 from the sale of operating properties.
|
•
|
$2.6 million increase from operations beginning at development properties;
|
•
|
$2.4 million increase at same properties, attributable to an increase in snow removal costs; and,
|
•
|
$2.0 million increase relating to the acquisition of operating properties;
|
•
|
reduced by approximately $200,000 from the sale of operating properties.
|
•
|
$2.6 million increase from the acquisition of operating properties;
|
•
|
$1.6 million increase relating to operations beginning at development properties; and,
|
•
|
$1.4 million increase at same properties from increased tax assessments;
|
•
|
reduced by approximately $300,000 from the sale of operating properties.
|
(in thousands)
|
|
2014
|
|
2013
|
|
Change
|
||||
Interest expense, net
|
|
|
|
|
|
|
||||
Interest on notes payable
|
|
104,938
|
|
|
103,143
|
|
|
1,795
|
|
|
Interest on unsecured credit facilities
|
|
3,539
|
|
|
3,937
|
|
|
(398
|
)
|
|
Capitalized interest
|
|
(7,142
|
)
|
|
(6,078
|
)
|
|
(1,064
|
)
|
|
Hedge expense
|
|
9,366
|
|
|
9,607
|
|
|
(241
|
)
|
|
Interest income
|
|
(1,210
|
)
|
|
(1,643
|
)
|
|
433
|
|
|
Interest expense, net
|
|
109,491
|
|
|
108,966
|
|
|
525
|
|
|
Provision for impairment
|
|
1,257
|
|
|
6,000
|
|
|
(4,743
|
)
|
|
Early extinguishment of debt
|
|
18
|
|
|
32
|
|
|
(14
|
)
|
|
Net investment (income) loss
|
|
(9,449
|
)
|
|
(3,257
|
)
|
|
(6,192
|
)
|
|
Gain on remeasurement of investment in real estate partnership
|
|
(18,271
|
)
|
|
—
|
|
|
(18,271
|
)
|
|
Total other expense (income)
|
|
$
|
83,046
|
|
|
111,741
|
|
|
(28,695
|
)
|
•
|
GRIR
:
$947,000 increase from gain on one operating property disposal in 2014;
|
•
|
Columbia II
:
$1.0 million decrease due to $424,000 of impairment losses recognized upon sale of two properties in 2014 compared to $830,000 of gains recognized in 2013 on the sale of four operating properties and one land parcel;
|
•
|
RegCal
:
$654,000 gain on one operating property disposal in 2014;
|
•
|
The Fund
:
All operating properties were sold in August 2013 for gains of $7.4 million. The only activity in 2014 was collection of remaining receivables and the final distribution;
|
•
|
BRET
:
$4.5 million
decrease from liquidating our ownership interest in October 2013; and,
|
•
|
Other investments in real estate partnerships
:
$11.2 million
increase driven by 2014 gains of $10.9 million on the sale of two land parcels and two operating properties.
|
(in thousands)
|
|
2014
|
|
2013
|
|
Change
|
||||
Income from continuing operations before tax
|
|
$
|
132,774
|
|
|
84,297
|
|
|
48,477
|
|
Income tax (benefit) of taxable REIT subsidiary
|
|
(996
|
)
|
|
—
|
|
|
(996
|
)
|
|
Discontinued operations
|
|
|
|
|
|
|
||||
Gain on sale of operating properties, net of tax
|
|
—
|
|
|
57,953
|
|
|
(57,953
|
)
|
|
Operating income
|
|
—
|
|
|
7,332
|
|
|
(7,332
|
)
|
|
(Loss) income from discontinued operations
|
|
—
|
|
|
65,285
|
|
|
(65,285
|
)
|
|
Gain on sale of real estate
|
|
55,077
|
|
|
1,703
|
|
|
53,374
|
|
|
Income attributable to noncontrolling interests
|
|
(1,457
|
)
|
|
(1,481
|
)
|
|
24
|
|
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
—
|
|
|
Net income attributable to common stockholders
|
|
$
|
166,328
|
|
|
128,742
|
|
|
37,586
|
|
Net income attributable to exchangeable operating partnership units
|
|
319
|
|
|
276
|
|
|
43
|
|
|
Net income attributable to common unit holders
|
|
$
|
166,647
|
|
|
129,018
|
|
|
37,629
|
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Base rent
|
|
$
|
468,085
|
|
|
451,031
|
|
|
17,054
|
|
Percentage rent
|
|
5,066
|
|
|
4,885
|
|
|
181
|
|
|
Recovery revenue
|
|
136,928
|
|
|
130,922
|
|
|
6,006
|
|
|
Other income
|
|
7,644
|
|
|
8,985
|
|
|
(1,341
|
)
|
|
Operating expenses
|
|
169,047
|
|
|
164,656
|
|
|
4,391
|
|
|
Pro-rata same property NOI
(1)
|
|
$
|
448,676
|
|
|
431,167
|
|
|
17,509
|
|
|
2015
|
|
2014
|
||||||
(GLA in thousands)
|
Property Count
|
GLA
|
|
Property Count
|
GLA
|
||||
Beginning same property count
|
298
|
|
25,526
|
|
|
304
|
|
25,109
|
|
Acquired properties owned for entirety of comparable periods
|
4
|
|
427
|
|
|
6
|
|
560
|
|
Developments that reached completion by beginning of earliest comparable period presented
|
3
|
|
790
|
|
|
5
|
|
360
|
|
Disposed properties
|
(5
|
)
|
(260
|
)
|
|
(17
|
)
|
(680
|
)
|
SF adjustments
(1)
|
—
|
|
25
|
|
|
—
|
|
177
|
|
Ending same property count
|
300
|
|
26,508
|
|
|
298
|
|
25,526
|
|
(in thousands, except share information)
|
|
2015
|
|
2014
|
||
Reconciliation of Net income to NAREIT FFO
|
|
|
|
|
||
Net income attributable to common stockholders
|
$
|
128,994
|
|
|
166,328
|
|
Adjustments to reconcile to NAREIT FFO:
|
|
|
|
|
||
Depreciation and amortization
(1)
|
|
182,103
|
|
|
184,750
|
|
Provision for impairment
(2)
|
|
1,820
|
|
|
983
|
|
Gain on sale of operating properties, net of tax
(2)
|
|
(36,642
|
)
|
|
(64,960
|
)
|
Gain on remeasurement of investment in real estate partnership
|
|
—
|
|
|
(18,271
|
)
|
Exchangeable partnership units
|
|
240
|
|
|
319
|
|
NAREIT FFO attributable to common stockholders
|
$
|
276,515
|
|
|
269,149
|
|
Reconciliation of NAREIT FFO to Core FFO
|
|
|
|
|
||
NAREIT FFO
|
$
|
276,515
|
|
|
269,149
|
|
Adjustments to reconcile to Core FFO:
|
|
|
|
|
||
Development and acquisition pursuit costs
(2)(3)
|
|
2,409
|
|
|
2,598
|
|
Income tax
|
|
—
|
|
|
(996
|
)
|
Gain on sale of land
(2)
|
|
(73
|
)
|
|
(3,731
|
)
|
Provision for impairment to land
(2)
|
|
—
|
|
|
699
|
|
Interest rate swap ineffectiveness
(2)
|
|
5
|
|
|
30
|
|
Early extinguishment of debt
(2)
|
|
8,239
|
|
|
51
|
|
Change in executive management
|
|
2,193
|
|
|
—
|
|
Gain on sale of AmREIT stock, net of costs
(3)
|
|
—
|
|
|
(5,960
|
)
|
Dividends from investments
|
|
(416
|
)
|
|
(334
|
)
|
Core FFO attributable to common stockholders
|
$
|
288,872
|
|
|
261,506
|
|
|
|
2015
|
|
2014
|
|||||||||||||||
(in thousands)
|
|
Same Property
|
|
Other
(1)
|
|
Total
|
|
Same Property
|
|
Other
(1)
|
|
Total
|
|||||||
Income from continuing operations
|
|
$
|
233,580
|
|
|
(116,643
|
)
|
|
116,937
|
|
|
218,753
|
|
|
(85,979
|
)
|
|
132,774
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Management, transaction, and other fees
|
|
—
|
|
|
25,563
|
|
|
25,563
|
|
|
—
|
|
|
24,095
|
|
|
24,095
|
|
|
Other
(2)
|
|
6,977
|
|
|
3,081
|
|
|
10,058
|
|
|
8,452
|
|
|
1,590
|
|
|
10,042
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Depreciation and amortization
|
|
129,837
|
|
|
16,992
|
|
|
146,829
|
|
|
130,962
|
|
|
16,829
|
|
|
147,791
|
|
|
General and administrative
|
|
—
|
|
|
65,600
|
|
|
65,600
|
|
|
—
|
|
|
60,242
|
|
|
60,242
|
|
|
Other operating expense, excluding provision for doubtful accounts
|
|
536
|
|
|
4,937
|
|
|
5,473
|
|
|
933
|
|
|
5,606
|
|
|
6,539
|
|
|
Other expense (income)
|
|
26,352
|
|
|
83,884
|
|
|
110,236
|
|
|
29,661
|
|
|
53,385
|
|
|
83,046
|
|
|
Equity in income (loss) of investments in real estate excluded from NOI
(3)
|
|
65,348
|
|
|
1,787
|
|
|
67,135
|
|
|
59,310
|
|
|
(1,439
|
)
|
|
57,871
|
|
|
Pro-rata NOI
|
|
$
|
448,676
|
|
|
27,913
|
|
|
476,589
|
|
|
431,167
|
|
|
22,959
|
|
|
454,126
|
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Net cash provided by operating activities
|
|
$
|
275,637
|
|
|
277,742
|
|
|
(2,105
|
)
|
Net cash used in investing activities
|
|
(139,346
|
)
|
|
(210,290
|
)
|
|
70,944
|
|
|
Net cash used in financing activities
|
|
(213,211
|
)
|
|
(34,360
|
)
|
|
(178,851
|
)
|
|
Net (decrease) increase in cash and cash equivalents
|
|
(76,920
|
)
|
|
33,092
|
|
|
(110,012
|
)
|
|
Total cash and cash equivalents
|
|
$
|
36,856
|
|
|
113,776
|
|
|
(76,920
|
)
|
•
|
$18.3 million
increase in cash from operating income; and
|
•
|
$3.9 million
increase in operating cash flow distributions from our unconsolidated real estate partnerships as several redevelopment projects were completed and began distributing cash flows; reduced by,
|
•
|
$12.3 million
net decrease in cash due to timing of cash receipts and payments related to operating activities; and
|
•
|
$11.9 million
decrease in cash from payments to settle our treasury hedges in connection with our bond issuances. During
2015
we paid $7.3 million as compared to receiving
$4.6 million
in 2014 because of changes in the underlying ten year treasury rates.
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||||
Acquisition of operating real estate
|
|
$
|
(42,983
|
)
|
|
(112,120
|
)
|
|
69,137
|
|
Advance deposits on acquisition of operating real estate
|
|
(2,250
|
)
|
|
—
|
|
|
(2,250
|
)
|
|
Real estate development and capital improvements
|
|
(205,103
|
)
|
|
(238,237
|
)
|
|
33,134
|
|
|
Proceeds from sale of real estate investments
|
|
108,822
|
|
|
118,787
|
|
|
(9,965
|
)
|
|
Collection of notes receivable
|
|
1,719
|
|
|
—
|
|
|
1,719
|
|
|
Investments in real estate partnerships
|
|
(20,054
|
)
|
|
(23,577
|
)
|
|
3,523
|
|
|
Distributions received from investments in real estate partnerships
|
|
23,801
|
|
|
37,152
|
|
|
(13,351
|
)
|
|
Dividends on investments
|
|
243
|
|
|
243
|
|
|
—
|
|
|
Acquisition of securities
|
|
(31,941
|
)
|
|
(23,760
|
)
|
|
(8,181
|
)
|
|
Proceeds from sale of securities
|
|
28,400
|
|
|
31,222
|
|
|
(2,822
|
)
|
|
Net cash used in investing activities
|
|
$
|
(139,346
|
)
|
|
(210,290
|
)
|
|
70,944
|
|
•
|
We acquired one shopping center in
2015
, compared to four during
2014
.
|
•
|
We received proceeds of
$108.8 million
from the sale of five shopping centers and two out-parcels in 2015, compared to
$118.8 million
for
eleven
shopping centers and
six
out-parcels in
2015
.
|
•
|
We invested
$20.1 million
in our unconsolidated partnerships during
2015
to fund our share of maturing mortgage debt and redevelopment activities. In
2014
, we invested
$23.6 million
to acquire an operating property and to fund redevelopment activity.
|
•
|
Distributions from our unconsolidated partnerships include return of capital from sales or financing proceeds. The
$23.8 million
received in
2015
includes $12.8 million of proceeds from the sale of one shopping center with a co-investment partner and $11.0 million of financing proceeds. Distributions in
2014
were from real estate sales proceeds of $32.1 million and $5.1 million from refinancing a loan.
|
•
|
Acquisition of securities and proceeds from sale of securities include investments in equity and debt securities. During
2015
, we invested
$7.9 million
of funds held in our captive insurance subsidiary in available-for-sale marketable securities. Our insurance subsidiary is required to maintain statutory minimum capital and surplus, and therefore, our access to these securities may be limited. In
2014
, we paid $14.3 million for the acquisition of AmREIT common stock, and received $22.1 million in proceeds upon the subsequent sale. The remaining activity, during both
2015
and
2014
, primarily relating to our deferred compensation plan.
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Capital expenditures:
|
|
|
|
|
|
|
||||
Land acquisitions for development / redevelopment
|
|
$
|
5,135
|
|
|
34,650
|
|
|
(29,515
|
)
|
Building and tenant improvements
|
|
30,103
|
|
|
35,759
|
|
|
(5,656
|
)
|
|
Redevelopment costs
|
|
50,933
|
|
|
48,853
|
|
|
2,080
|
|
|
Development costs
|
|
100,111
|
|
|
98,367
|
|
|
1,744
|
|
|
Capitalized interest
|
|
6,740
|
|
|
7,141
|
|
|
(401
|
)
|
|
Capitalized direct compensation
|
|
12,081
|
|
|
13,467
|
|
|
(1,386
|
)
|
|
Real estate development and capital improvements
|
|
$
|
205,103
|
|
|
238,237
|
|
|
(33,134
|
)
|
•
|
During
2015
we acquired
two
land parcels for new development projects as compared to six in
2014
.
|
•
|
Building and tenant improvements decreased
$5.7 million
during the
year ended December 31, 2015
primarily related to timing of capital projects.
|
•
|
Redevelopment expenditures were higher during
2015
due to the timing, magnitude, and number of projects
|
•
|
The
$1.7 million
increase in our development project expenditures was due to the size of and progress on developments. See the table below for a detail of current and recently completed development projects.
|
•
|
Capitalized direct compensation represents overhead costs of our development and construction team directly related to the development projects, with the majority of capitalizable direct compensation costs incurred at or near inception of a development project. The decreased number and size of projects starting in
2015
as compared to
2014
resulted in the decrease in capitalized compensation costs. During
2015
we started $106.1 million of development and redevelopment projects as compared to $213.7 million in
2014
.
|
December 31, 2015
|
||||||||||||||||||||
(in thousands, except cost PSF)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Property Name
|
|
Location
|
|
Start Date
|
|
Estimated Net Development Costs
(1)
|
|
% of Costs Incurred
|
|
GLA
|
|
Cost PSF GLA
(1)
|
|
Estimated/Actual Anchor Opens
|
||||||
Brooklyn Station on Riverside
|
|
Jacksonville, FL
|
|
Q4-13
|
|
15,070
|
|
|
84
|
%
|
|
50
|
|
|
301
|
|
|
Oct-14
|
||
Willow Oaks Crossing
|
|
Concord, NC
|
|
Q2-14
|
|
13,777
|
|
|
95
|
%
|
|
69
|
|
|
200
|
|
|
Dec-15
|
||
CityLine Market
|
|
Richardson, TX
|
|
Q3-14
|
|
27,740
|
|
|
78
|
%
|
|
80
|
|
|
347
|
|
|
Apr-16
|
||
Belmont Shopping Center
|
|
Ashburn, VA
|
|
Q3-14
|
|
28,286
|
|
|
88
|
%
|
|
91
|
|
|
311
|
|
|
Aug-15
|
||
The Village at La Floresta
|
|
Brea, CA
|
|
Q4-14
|
|
33,116
|
|
|
83
|
%
|
|
87
|
|
|
381
|
|
|
Feb-16
|
||
CityLine Market Phase II
|
|
Richardson, TX
|
|
Q4-15
|
|
6,172
|
|
|
43
|
%
|
|
21
|
|
|
281
|
|
|
May-16
|
||
Northgate Marketplace Phase II
|
|
Medford, OR
|
|
Q4-15
|
|
39,690
|
|
|
12
|
%
|
|
179
|
|
|
222
|
|
|
Nov-16
|
||
|
|
|
|
|
|
$
|
163,851
|
|
|
65
|
%
|
|
577
|
|
|
$
|
284
|
|
(2)
|
|
December 31, 2015
|
|||||||||||||||
(in thousands, except cost PSF)
|
|
|
|
|
|
|
|
|
|||||||
Property Name
|
|
Location
|
|
Completion Date
|
|
Net Development Costs
(1)
|
|
GLA
|
|
Cost PSF GLA
(1)
|
|||||
Fountain Square
|
|
Miami, FL
|
|
6/30/2015
|
|
$
|
55,937
|
|
|
177
|
|
|
$
|
316
|
|
Persimmon Place
|
|
Dublin, CA
|
|
9/30/2015
|
|
59,976
|
|
|
153
|
|
|
392
|
|
||
Total
|
|
|
|
|
|
$
|
115,913
|
|
|
330
|
|
|
$
|
351
|
|
(in thousands)
|
|
2015
|
|
2014
|
|
Change
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||
Equity issuances
|
|
$
|
198,494
|
|
|
102,453
|
|
|
96,041
|
|
Stock and operating partnership unit redemptions
|
|
—
|
|
|
(300
|
)
|
|
300
|
|
|
(Distributions to) contributions from limited partners in consolidated partnerships, net
|
|
(5,341
|
)
|
|
(5,303
|
)
|
|
(38
|
)
|
|
Dividend payments
|
|
(202,753
|
)
|
|
(193,962
|
)
|
|
(8,791
|
)
|
|
Unsecured credit facilities, net
|
|
90,000
|
|
|
—
|
|
|
90,000
|
|
|
Debt issuance
|
|
238,435
|
|
|
258,378
|
|
|
(19,943
|
)
|
|
Debt repayment
|
|
(532,046
|
)
|
|
(195,626
|
)
|
|
(336,420
|
)
|
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net cash used in financing activities
|
|
$
|
(213,211
|
)
|
|
(34,360
|
)
|
|
(178,851
|
)
|
•
|
During
2015
, the Parent Company issued
2.9 million
shares of common stock in an underwritten forward public equity offering that settled in November 2015 resulting in net proceeds of $185.8 million. Additionally, the Parent company issued 189,000 shares of common stock through its ATM program at an average price of $67.86 per share resulting in net proceeds of $12.7 million. During 2014, the Parent Company issued 1.7 million shares of common stock through our ATM program at an average price of $60.00 per share. The proceeds were used to repay debt and fund investment activities.
|
•
|
During
2015
, we increased our dividend distribution rate on our common stock and operating partnership units.
|
•
|
During
2015
, we borrowed $90.0 million on our Term Loan, with no such borrowings during
2014
.
|
•
|
During both 2015 and 2014, we issued new $250.0 million fixed rate ten-year unsecured public debt, net of discount and issuance costs, and received proceeds of $4.3 million and $10 million from a non-recourse property mortgages during 2015 and 2014, respectively.
|
•
|
During 2015, we used
$532.0 million
to repay debt, including $350.0 million to repay our 5.25% fixed rate ten-year unsecured public debt that matured in August 2015, $100 million to redeem a portion of our 2017 unsecured public debt in November 2015, $76.2 million to repay three mortgages that matured in 2015, and $5.9 million for scheduled principal payments. During 2014, we used
$195.6 million
to repay debt, including $150.0 million to repay our 4.95% fixed-rate ten-year unsecured public debt that matured, $38.7 million to repay mortgages that matured in 2014, and $6.9 million for scheduled principal payments.
|
•
|
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
$5.9 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 14 to the Consolidated Financial Statements.
|
|
|
Payments Due by Period
|
|
|
|||||||||||||||||||
(in thousands)
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Beyond 5 Years
|
|
Total
|
|||||||||
Notes payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Regency
(1)
|
|
$
|
135,616
|
|
|
497,180
|
|
|
122,626
|
|
|
329,140
|
|
|
280,824
|
|
|
909,264
|
|
|
$
|
2,274,650
|
|
Regency's share of joint ventures
(1) (2)
|
|
59,278
|
|
|
44,641
|
|
|
46,087
|
|
|
39,511
|
|
|
101,004
|
|
|
329,155
|
|
|
619,676
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Regency
|
|
3,707
|
|
|
2,823
|
|
|
2,475
|
|
|
2,203
|
|
|
2,066
|
|
|
10,154
|
|
|
23,428
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Subleases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Regency
|
|
(123
|
)
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(169
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ground leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Regency
|
|
4,866
|
|
|
4,822
|
|
|
4,899
|
|
|
4,903
|
|
|
4,327
|
|
|
243,746
|
|
|
267,563
|
|
||
Regency's share of joint ventures
|
|
414
|
|
|
414
|
|
|
414
|
|
|
420
|
|
|
422
|
|
|
41,346
|
|
|
43,430
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total
|
|
$
|
203,758
|
|
|
549,834
|
|
|
176,501
|
|
|
376,177
|
|
|
388,643
|
|
|
1,533,665
|
|
|
$
|
3,228,578
|
|
•
|
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, 2015
,
2014
, and
2013
, we capitalized interest of
$6.7 million
,
$7.1 million
, and
$6.1 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, 2015
,
2014
, and
2013
, we capitalized
$13.8 million
,
$16.1 million
, and
$11.7 million
, respectively, of direct internal costs incurred to support our development program.
|
•
|
We have an
$800.0 million
Line commitment and a
$165.0 million
Term Loan commitment, as further described in Note 9 to the Consolidated Financial Statements. Our Line commitment has a variable interest rate that is based upon an annual rate of
LIBOR plus 0.925 basis points
and our Term Loan has a variable rate of
LIBOR plus 0.975 basis points
. Our Line is subject to a fee on the
$800.0 million
total capacity. 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. 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.
|
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
|||||||||
Fixed rate debt
|
|
$
|
47,609
|
|
|
422,720
|
|
|
61,969
|
|
|
109,612
|
|
|
205,209
|
|
|
820,601
|
|
|
1,667,720
|
|
|
1,793,200
|
|
Average interest rate for all fixed rate debt
(1)
|
|
5.20
|
%
|
|
4.94
|
%
|
|
4.87
|
%
|
|
4.57
|
%
|
|
4.25
|
%
|
|
4.25
|
%
|
|
|
|
|
|||
Variable rate LIBOR debt
|
|
$
|
—
|
|
|
357
|
|
|
492
|
|
|
165,517
|
|
|
32,788
|
|
|
—
|
|
|
199,154
|
|
|
165,300
|
|
Average interest rate for all variable rate debt
(1)
|
|
—
|
%
|
|
1.55
|
%
|
|
1.54
|
%
|
|
1.80
|
%
|
|
2.72
|
%
|
|
—
|
%
|
|
|
|
|
|
|
Regency Centers Corporation:
|
|
|
|
Regency Centers, L.P.:
|
|
|
|
|
|
Financial Statement Schedule
|
|
|
|
2015
|
|
2014
|
|||
Assets
|
|
|
|
|
|||
Real estate investments at cost (notes 2 and 3):
|
|
|
|
|
|||
Land
|
|
$
|
1,432,468
|
|
|
1,380,211
|
|
Buildings and improvements
|
|
2,896,396
|
|
|
2,790,137
|
|
|
Properties in development
|
|
217,036
|
|
|
239,538
|
|
|
|
|
4,545,900
|
|
|
4,409,886
|
|
|
Less: accumulated depreciation
|
|
1,043,787
|
|
|
933,708
|
|
|
|
|
3,502,113
|
|
|
3,476,178
|
|
|
Investments in real estate partnerships (note 4)
|
|
306,206
|
|
|
333,167
|
|
|
Net real estate investments
|
|
3,808,319
|
|
|
3,809,345
|
|
|
Cash and cash equivalents
|
|
36,856
|
|
|
113,776
|
|
|
Restricted cash
|
|
3,767
|
|
|
8,013
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $5,295 and $4,523 at December 31, 2015 and 2014, respectively
|
|
32,292
|
|
|
30,999
|
|
|
Straight-line rent receivable, net of reserve of $1,365 and $652 at December 31, 2015 and 2014, respectively
|
|
63,392
|
|
|
55,768
|
|
|
Notes receivable (note 5)
|
|
10,480
|
|
|
12,132
|
|
|
Deferred costs, less accumulated amortization of $88,694 and $81,822 at December 31, 2015 and 2014, respectively
|
|
79,619
|
|
|
71,502
|
|
|
Acquired lease intangible assets, less accumulated amortization of $45,639 and $36,112 at December 31, 2015 and 2014, respectively (note 6)
|
|
105,380
|
|
|
52,365
|
|
|
Trading securities held in trust, at fair value (note 14)
|
|
29,093
|
|
|
28,134
|
|
|
Other assets
|
|
21,876
|
|
|
15,136
|
|
|
Total assets
|
|
$
|
4,191,074
|
|
|
4,197,170
|
|
Liabilities and Equity
|
|
|
|
|
|||
Liabilities:
|
|
|
|
|
|||
Notes payable (note 9)
|
|
$
|
1,707,478
|
|
|
1,946,357
|
|
Unsecured credit facilities (note 9)
|
|
165,000
|
|
|
75,000
|
|
|
Accounts payable and other liabilities
|
|
164,515
|
|
|
181,197
|
|
|
Acquired lease intangible liabilities, less accumulated accretion of $17,555 and $13,993 at December 31, 2015 and 2014, respectively (note 6)
|
|
42,034
|
|
|
32,143
|
|
|
Tenants’ security and escrow deposits and prepaid rent
|
|
29,427
|
|
|
25,991
|
|
|
Total liabilities
|
|
2,108,454
|
|
|
2,260,688
|
|
|
Commitments and contingencies (notes 16 and 17)
|
|
—
|
|
|
—
|
|
|
Equity:
|
|
|
|
|
|||
Stockholders’ equity (notes 12 and 13):
|
|
|
|
|
|||
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, 2015 and December 31, 2014, with liquidation preferences of $25 per share
|
|
325,000
|
|
|
325,000
|
|
|
Common stock $0.01 par value per share,150,000,000 shares authorized; 97,212,638 and 94,108,061 shares issued at December 31, 2015 and 2014, respectively
|
|
972
|
|
|
941
|
|
|
Treasury stock at cost, 417,862 and 425,246 shares held at December 31, 2015 and 2014, respectively
|
|
(19,658
|
)
|
|
(19,382
|
)
|
|
Additional paid in capital
|
|
2,742,508
|
|
|
2,540,153
|
|
|
Accumulated other comprehensive loss
|
|
(58,693
|
)
|
|
(57,748
|
)
|
|
Distributions in excess of net income
|
|
(936,020
|
)
|
|
(882,372
|
)
|
|
Total stockholders’ equity
|
|
2,054,109
|
|
|
1,906,592
|
|
|
Noncontrolling interests (note 12):
|
|
|
|
|
|||
Exchangeable operating partnership units, aggregate redemption value of $10,502 and $9,833 at December 31, 2015 and 2014, respectively
|
|
(1,975
|
)
|
|
(1,914
|
)
|
|
Limited partners’ interests in consolidated partnerships
|
|
30,486
|
|
|
31,804
|
|
|
Total noncontrolling interests
|
|
28,511
|
|
|
29,890
|
|
|
Total equity
|
|
2,082,620
|
|
|
1,936,482
|
|
|
Total liabilities and equity
|
|
$
|
4,191,074
|
|
|
4,197,170
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||
Revenues:
|
|
|
|
|
|
|
||||
Minimum rent
|
|
$
|
415,155
|
|
|
390,697
|
|
|
353,833
|
|
Percentage rent
|
|
3,750
|
|
|
3,488
|
|
|
3,583
|
|
|
Recoveries from tenants and other income
|
|
125,295
|
|
|
119,618
|
|
|
106,494
|
|
|
Management, transaction, and other fees
|
|
25,563
|
|
|
24,095
|
|
|
25,097
|
|
|
Total revenues
|
|
569,763
|
|
|
537,898
|
|
|
489,007
|
|
|
Operating expenses:
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
146,829
|
|
|
147,791
|
|
|
130,630
|
|
|
Operating and maintenance
|
|
82,978
|
|
|
77,788
|
|
|
71,018
|
|
|
General and administrative
|
|
65,600
|
|
|
60,242
|
|
|
61,234
|
|
|
Real estate taxes
|
|
61,855
|
|
|
59,031
|
|
|
53,726
|
|
|
Other operating expenses
|
|
7,836
|
|
|
8,496
|
|
|
8,079
|
|
|
Total operating expenses
|
|
365,098
|
|
|
353,348
|
|
|
324,687
|
|
|
Other expense (income):
|
|
|
|
|
|
|
||||
Interest expense, net of interest income of $1,590, $1,210, and $1,643 in 2015, 2014, and 2013, respectively (note 9)
|
|
102,622
|
|
|
109,491
|
|
|
108,966
|
|
|
Provision for impairment
|
|
—
|
|
|
1,257
|
|
|
6,000
|
|
|
Early extinguishment of debt
|
|
8,239
|
|
|
18
|
|
|
32
|
|
|
Net investment income, including unrealized losses (gains) of $1,734, $1,058, and $(2,231) in 2015, 2014, and 2013, respectively (notes 8 and 14)
|
|
(625
|
)
|
|
(9,449
|
)
|
|
(3,257
|
)
|
|
Gain on remeasurement of investment in real estate partnership
|
|
—
|
|
|
(18,271
|
)
|
|
—
|
|
|
Total other expense (income)
|
|
110,236
|
|
|
83,046
|
|
|
111,741
|
|
|
Income from operations before equity in income of investments in real estate partnerships
|
|
94,429
|
|
|
101,504
|
|
|
52,579
|
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
22,508
|
|
|
31,270
|
|
|
31,718
|
|
|
Income tax (benefit) of taxable REIT subsidiary
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|
Income from operations
|
|
116,937
|
|
|
133,770
|
|
|
84,297
|
|
|
Discontinued operations, net (note 3):
|
|
|
|
|
|
|
||||
Operating income
|
|
—
|
|
|
—
|
|
|
7,332
|
|
|
Gain on sale of operating properties, net of tax
|
|
—
|
|
|
—
|
|
|
57,953
|
|
|
Income from discontinued operations
|
|
—
|
|
|
—
|
|
|
65,285
|
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
1,703
|
|
|
Net income
|
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
|
Noncontrolling interests:
|
|
|
|
|
|
|
||||
Exchangeable operating partnership units
|
|
(240
|
)
|
|
(319
|
)
|
|
(276
|
)
|
|
Limited partners’ interests in consolidated partnerships
|
|
(2,247
|
)
|
|
(1,138
|
)
|
|
(1,205
|
)
|
|
Income attributable to noncontrolling interests
|
|
(2,487
|
)
|
|
(1,457
|
)
|
|
(1,481
|
)
|
|
Net income attributable to the Company
|
|
150,056
|
|
|
187,390
|
|
|
149,804
|
|
|
Preferred stock dividends
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
Net income attributable to common stockholders
|
|
$
|
128,994
|
|
|
166,328
|
|
|
128,742
|
|
Income per common share - basic (note 15):
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.37
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income attributable to common stockholders
|
|
$
|
1.37
|
|
|
1.80
|
|
|
1.40
|
|
Income per common share - diluted (note 15):
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.36
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income attributable to common stockholders
|
|
$
|
1.36
|
|
|
1.80
|
|
|
1.40
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||
Net income
|
|
$
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
Other comprehensive income:
|
|
|
|
|
|
|
||||
Effective portion of change in fair value of derivative instruments:
|
|
|
|
|
|
|
||||
Effective portion of change in fair value of derivative instruments
|
|
(10,089
|
)
|
|
(49,968
|
)
|
|
30,985
|
|
|
Less: reclassification adjustment of derivative instruments included in net income
|
|
9,152
|
|
|
9,353
|
|
|
9,433
|
|
|
Available for sale securities
|
|
|
|
|
|
|
||||
Unrealized (loss) gain on available-for-sale securities
|
|
(43
|
)
|
|
7,765
|
|
|
—
|
|
|
Less: realized gains on sale of available-for-sale securities recognized in net income
|
|
—
|
|
|
(7,765
|
)
|
|
—
|
|
|
Other comprehensive income
|
|
(980
|
)
|
|
(40,615
|
)
|
|
40,418
|
|
|
Comprehensive income
|
|
151,563
|
|
|
148,232
|
|
|
191,703
|
|
|
Less: comprehensive (loss) income attributable to noncontrolling interests:
|
|
|
|
|
|
|
||||
Net income attributable to noncontrolling interests
|
|
2,487
|
|
|
1,457
|
|
|
1,481
|
|
|
Other comprehensive (loss) income attributable to noncontrolling interests
|
|
(35
|
)
|
|
(271
|
)
|
|
107
|
|
|
Comprehensive income attributable to noncontrolling interests
|
|
2,452
|
|
|
1,186
|
|
|
1,588
|
|
|
Comprehensive income attributable to the Company
|
|
$
|
149,111
|
|
|
147,046
|
|
|
190,115
|
|
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the
years
ended
December 31, 2015
,
2014
, and
2013
(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 |
|
Exchangeable
Operating Partnership Units |
|
Limited
Partners’ Interest in Consolidated Partnerships |
|
Total
Noncontrolling Interests |
|
Total
Equity |
|||||||||||
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
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187,390
|
|
|
187,390
|
|
|
319
|
|
|
1,138
|
|
|
1,457
|
|
|
188,847
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,344
|
)
|
|
—
|
|
|
(40,344
|
)
|
|
(70
|
)
|
|
(201
|
)
|
|
(271
|
)
|
|
(40,615
|
)
|
Deferred compensation plan, net
|
|
—
|
|
|
—
|
|
|
(2,656
|
)
|
|
2,656
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of restricted stock issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,161
|
|
|
—
|
|
|
—
|
|
|
12,161
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,161
|
|
Common stock redeemed for taxes withheld for stock based compensation, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,493
|
)
|
|
—
|
|
|
—
|
|
|
(3,493
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,493
|
)
|
Common stock issued for dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,184
|
|
|
—
|
|
|
—
|
|
|
1,184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,184
|
|
Common stock issued for stock offerings, net of issuance costs
|
|
—
|
|
|
18
|
|
|
—
|
|
|
102,435
|
|
|
—
|
|
|
—
|
|
|
102,453
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,453
|
|
Redemption of preferred units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(300
|
)
|
|
(300
|
)
|
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the
years
ended
December 31, 2015
,
2014
, and
2013
(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 |
|
Exchangeable
Operating Partnership Units |
|
Limited
Partners’ Interest in Consolidated Partnerships |
|
Total
Noncontrolling Interests |
|
Total
Equity |
|||||||||||
Common stock issued for partnership units exchanged
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137
|
|
|
—
|
|
|
—
|
|
|
137
|
|
|
(137
|
)
|
|
—
|
|
|
(137
|
)
|
|
—
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,204
|
|
|
16,204
|
|
|
16,204
|
|
Distributions to partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,404
|
)
|
|
—
|
|
|
—
|
|
|
(1,404
|
)
|
|
—
|
|
|
(4,543
|
)
|
|
(4,543
|
)
|
|
(5,947
|
)
|
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Preferred stock/unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
Common stock/unit ($1.88 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173,784
|
)
|
|
(173,784
|
)
|
|
(300
|
)
|
|
—
|
|
|
(300
|
)
|
|
(174,084
|
)
|
Balance at December 31, 2014
|
$
|
325,000
|
|
|
941
|
|
|
(19,382
|
)
|
|
2,540,153
|
|
|
(57,748
|
)
|
|
(882,372
|
)
|
|
1,906,592
|
|
|
(1,914
|
)
|
|
31,804
|
|
|
29,890
|
|
|
1,936,482
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,056
|
|
|
150,056
|
|
|
240
|
|
|
2,247
|
|
|
2,487
|
|
|
152,543
|
|
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(945
|
)
|
|
—
|
|
|
(945
|
)
|
|
(2
|
)
|
|
(33
|
)
|
|
(35
|
)
|
|
(980
|
)
|
Deferred compensation plan, net
|
|
—
|
|
|
—
|
|
|
(276
|
)
|
|
276
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of restricted stock issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,869
|
|
|
—
|
|
|
—
|
|
|
13,869
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,869
|
|
Common stock redeemed for taxes withheld for stock based compensation, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,706
|
)
|
|
—
|
|
|
—
|
|
|
(9,706
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,706
|
)
|
Common stock issued for dividend reinvestment plan
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,250
|
|
|
—
|
|
|
—
|
|
|
1,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,250
|
|
Common stock issued for stock offerings, net of issuance costs
|
|
—
|
|
|
31
|
|
|
—
|
|
|
198,463
|
|
|
—
|
|
|
—
|
|
|
198,494
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198,494
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
717
|
|
|
717
|
|
|
717
|
|
Distributions to partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,797
|
)
|
|
—
|
|
|
—
|
|
|
(1,797
|
)
|
|
—
|
|
|
(4,249
|
)
|
|
(4,249
|
)
|
|
(6,046
|
)
|
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Preferred stock/unit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
Common stock/unit ($1.94 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(182,642
|
)
|
|
(182,642
|
)
|
|
(299
|
)
|
|
—
|
|
|
(299
|
)
|
|
(182,941
|
)
|
Balance at December 31, 2015
|
$
|
325,000
|
|
|
972
|
|
|
(19,658
|
)
|
|
2,742,508
|
|
|
(58,693
|
)
|
|
(936,020
|
)
|
|
2,054,109
|
|
|
(1,975
|
)
|
|
30,486
|
|
|
28,511
|
|
|
2,082,620
|
|
REGENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the years ended December 31, 2015, 2014, and 2013
(in thousands)
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||
Net income
|
|
$
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
146,829
|
|
|
147,791
|
|
|
134,454
|
|
|
Amortization of deferred loan cost and debt premium
|
|
9,677
|
|
|
10,521
|
|
|
12,339
|
|
|
Amortization and (accretion) of above and below market lease intangibles, net
|
|
(1,598
|
)
|
|
(3,101
|
)
|
|
(2,488
|
)
|
|
Stock-based compensation, net of capitalization
|
|
11,081
|
|
|
9,662
|
|
|
12,191
|
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
(22,508
|
)
|
|
(31,270
|
)
|
|
(31,718
|
)
|
|
Gain on remeasurement of investment in real estate partnership
|
|
—
|
|
|
(18,271
|
)
|
|
—
|
|
|
Gain on sale of real estate, net of tax
|
|
(35,606
|
)
|
|
(55,077
|
)
|
|
(59,656
|
)
|
|
Provision for impairment
|
|
—
|
|
|
1,257
|
|
|
6,000
|
|
|
Early extinguishment of debt
|
|
8,239
|
|
|
18
|
|
|
32
|
|
|
Distribution of earnings from operations of investments in real estate partnerships
|
|
46,646
|
|
|
42,767
|
|
|
45,377
|
|
|
Settlement of derivative instruments
|
|
(7,267
|
)
|
|
4,648
|
|
|
—
|
|
|
Gain on derivative instruments
|
|
—
|
|
|
(13
|
)
|
|
(19
|
)
|
|
Deferred compensation expense
|
|
207
|
|
|
1,386
|
|
|
3,294
|
|
|
Realized and unrealized gain on investments (note 8 and 14)
|
|
(626
|
)
|
|
(9,158
|
)
|
|
(3,293
|
)
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||
Restricted cash
|
|
1,926
|
|
|
848
|
|
|
(62
|
)
|
|
Accounts receivable
|
|
(11,965
|
)
|
|
(6,225
|
)
|
|
(5,042
|
)
|
|
Straight-line rent receivable, net
|
|
(8,231
|
)
|
|
(6,544
|
)
|
|
(5,459
|
)
|
|
Deferred leasing costs
|
|
(12,949
|
)
|
|
(8,252
|
)
|
|
(10,086
|
)
|
|
Other assets
|
|
(496
|
)
|
|
89
|
|
|
(1,866
|
)
|
|
Accounts payable and other liabilities
|
|
(3,810
|
)
|
|
6,201
|
|
|
(672
|
)
|
|
Tenants’ security and escrow deposits and prepaid rent
|
|
3,545
|
|
|
1,618
|
|
|
6,120
|
|
|
Net cash provided by operating activities
|
|
275,637
|
|
|
277,742
|
|
|
250,731
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
||||
Acquisition of operating real estate
|
|
(42,983
|
)
|
|
(112,120
|
)
|
|
(107,790
|
)
|
|
Advance deposits on acquisition of operating real estate
|
|
(2,250
|
)
|
|
—
|
|
|
—
|
|
|
Real estate development and capital improvements
|
|
(205,103
|
)
|
|
(238,237
|
)
|
|
(213,282
|
)
|
|
Proceeds from sale of real estate investments
|
|
108,822
|
|
|
118,787
|
|
|
212,632
|
|
|
Collection of notes receivable
|
|
1,719
|
|
|
—
|
|
|
27,354
|
|
|
Investments in real estate partnerships (note 4)
|
|
(20,054
|
)
|
|
(23,577
|
)
|
|
(10,883
|
)
|
|
Distributions received from investments in real estate partnerships
|
|
23,801
|
|
|
37,152
|
|
|
87,111
|
|
|
Dividends on investments
|
|
243
|
|
|
243
|
|
|
194
|
|
|
Acquisition of securities
|
|
(31,941
|
)
|
|
(23,760
|
)
|
|
(19,144
|
)
|
|
Proceeds from sale of securities
|
|
28,400
|
|
|
31,222
|
|
|
13,991
|
|
|
Net cash used in investing activities
|
|
(139,346
|
)
|
|
(210,290
|
)
|
|
(9,817
|
)
|
REGENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the years ended December 31, 2015, 2014, and 2013
(in thousands)
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||
Net proceeds from common stock issuance
|
|
198,494
|
|
|
102,453
|
|
|
99,753
|
|
|
Proceeds from sale of treasury stock
|
|
—
|
|
|
—
|
|
|
34
|
|
|
Redemption of preferred stock and partnership units
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(Distributions to) contributions from limited partners in consolidated partnerships, net
|
|
(5,341
|
)
|
|
(5,303
|
)
|
|
1,514
|
|
|
Distributions to exchangeable operating partnership unit holders
|
|
(299
|
)
|
|
(300
|
)
|
|
(322
|
)
|
|
Dividends paid to common stockholders
|
|
(181,392
|
)
|
|
(172,600
|
)
|
|
(167,773
|
)
|
|
Dividends paid to preferred stockholders
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
Repayment of fixed rate unsecured notes
|
|
(450,000
|
)
|
|
(150,000
|
)
|
|
—
|
|
|
Proceeds from issuance of fixed rate unsecured notes, net
|
|
248,160
|
|
|
248,705
|
|
|
—
|
|
|
Proceeds from unsecured credit facilities
|
|
445,000
|
|
|
255,000
|
|
|
82,000
|
|
|
Repayment of unsecured credit facilities
|
|
(355,000
|
)
|
|
(255,000
|
)
|
|
(177,000
|
)
|
|
Proceeds from notes payable
|
|
4,316
|
|
|
12,739
|
|
|
36,350
|
|
|
Repayment of notes payable
|
|
(76,168
|
)
|
|
(38,717
|
)
|
|
(27,960
|
)
|
|
Scheduled principal payments
|
|
(5,878
|
)
|
|
(6,909
|
)
|
|
(7,530
|
)
|
|
Payment of loan costs
|
|
(5,998
|
)
|
|
(3,066
|
)
|
|
(583
|
)
|
|
Early redemption costs
|
|
(8,043
|
)
|
|
—
|
|
|
—
|
|
|
Net cash used in financing activities
|
|
(213,211
|
)
|
|
(34,360
|
)
|
|
(182,579
|
)
|
|
Net (decrease) increase in cash and cash equivalents
|
|
(76,920
|
)
|
|
33,092
|
|
|
58,335
|
|
|
Cash and cash equivalents at beginning of the year
|
|
113,776
|
|
|
80,684
|
|
|
22,349
|
|
|
Cash and cash equivalents at end of the year
|
|
$
|
36,856
|
|
|
113,776
|
|
|
80,684
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||||
Cash paid for interest (net of capitalized interest of $6,740, $7,142, and $6,078 in 2015, 2014, and 2013, respectively)
|
|
$
|
101,527
|
|
|
109,425
|
|
|
107,312
|
|
Cash paid for income taxes
|
|
$
|
1,015
|
|
|
2,169
|
|
|
—
|
|
Supplemental disclosure of non-cash transactions:
|
|
|
|
|
|
|
||||
Common stock issued for partnership units exchanged
|
|
$
|
—
|
|
|
137
|
|
|
302
|
|
Real estate received through distribution in kind
|
|
$
|
—
|
|
|
—
|
|
|
7,576
|
|
Mortgage loans assumed through distribution in kind
|
|
$
|
—
|
|
|
—
|
|
|
7,500
|
|
Mortgage loans assumed for the acquisition of real estate
|
|
$
|
42,799
|
|
|
103,187
|
|
|
—
|
|
Unrealized gain (loss) on available-for-sale securities
|
|
$
|
(43
|
)
|
|
—
|
|
|
—
|
|
Initial fair value of non-controlling interest recorded at acquisition
|
|
$
|
—
|
|
|
15,385
|
|
|
—
|
|
Acquisition of previously unconsolidated real estate investments
|
|
$
|
—
|
|
|
16,182
|
|
|
—
|
|
Change in fair value of derivative instruments
|
|
$
|
(9,012
|
)
|
|
(49,968
|
)
|
|
30,952
|
|
Common stock issued for dividend reinvestment plan
|
|
$
|
1,250
|
|
|
1,184
|
|
|
1,075
|
|
Stock-based compensation capitalized
|
|
$
|
2,988
|
|
|
2,707
|
|
|
2,188
|
|
Contributions from limited partners in consolidated partnerships, net
|
|
$
|
13
|
|
|
1,579
|
|
|
156
|
|
Common stock issued for dividend reinvestment in trust
|
|
$
|
833
|
|
|
779
|
|
|
660
|
|
Contribution of stock awards into trust
|
|
$
|
1,651
|
|
|
1,881
|
|
|
1,537
|
|
Distribution of stock held in trust
|
|
$
|
1,898
|
|
|
4
|
|
|
201
|
|
|
|
2015
|
|
2014
|
|||
Assets
|
|
|
|
|
|||
Real estate investments at cost (notes 2 and 3):
|
|
|
|
|
|||
Land
|
|
$
|
1,432,468
|
|
|
1,380,211
|
|
Buildings and improvements
|
|
2,896,396
|
|
|
2,790,137
|
|
|
Properties in development
|
|
217,036
|
|
|
239,538
|
|
|
|
|
4,545,900
|
|
|
4,409,886
|
|
|
Less: accumulated depreciation
|
|
1,043,787
|
|
|
933,708
|
|
|
|
|
3,502,113
|
|
|
3,476,178
|
|
|
Investments in real estate partnerships (note 4)
|
|
306,206
|
|
|
333,167
|
|
|
Net real estate investments
|
|
3,808,319
|
|
|
3,809,345
|
|
|
Cash and cash equivalents
|
|
36,856
|
|
|
113,776
|
|
|
Restricted cash
|
|
3,767
|
|
|
8,013
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $5,295 and $4,523 at December 31, 2015 and 2014, respectively
|
|
32,292
|
|
|
30,999
|
|
|
Straight-line rent receivable, net of reserve of $1,365 and $652 at December 31, 2015 and 2014, respectively
|
|
63,392
|
|
|
55,768
|
|
|
Notes receivable (note 5)
|
|
10,480
|
|
|
12,132
|
|
|
Deferred costs, less accumulated amortization of $88,694 and $81,822 at December 31, 2015 and 2014, respectively
|
|
79,619
|
|
|
71,502
|
|
|
Acquired lease intangible assets, less accumulated amortization of $45,639 and $36,112 at December 31, 2015 and 2014, respectively (note 6)
|
|
105,380
|
|
|
52,365
|
|
|
Trading securities held in trust, at fair value (note 14)
|
|
29,093
|
|
|
28,134
|
|
|
Other assets
|
|
21,876
|
|
|
15,136
|
|
|
Total assets
|
|
$
|
4,191,074
|
|
|
4,197,170
|
|
Liabilities and Capital
|
|
|
|
|
|||
Liabilities:
|
|
|
|
|
|||
Notes payable (note 9)
|
|
$
|
1,707,478
|
|
|
1,946,357
|
|
Unsecured credit facilities (note 9)
|
|
165,000
|
|
|
75,000
|
|
|
Accounts payable and other liabilities
|
|
164,515
|
|
|
181,197
|
|
|
Acquired lease intangible liabilities, less accumulated accretion of $17,555 and $13,993 at December 31, 2015 and 2014, respectively (note 6)
|
|
42,034
|
|
|
32,143
|
|
|
Tenants’ security and escrow deposits and prepaid rent
|
|
29,427
|
|
|
25,991
|
|
|
Total liabilities
|
|
2,108,454
|
|
|
2,260,688
|
|
|
Commitments and contingencies (notes 16 and 17)
|
|
—
|
|
|
—
|
|
|
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, 2015 and 2014, respectively, liquidation preference of $25 per unit
|
|
325,000
|
|
|
325,000
|
|
|
General partner; 97,212,638 and 94,108,061 units outstanding at December 31, 2015 and 2014, respectively
|
|
1,787,802
|
|
|
1,639,340
|
|
|
Limited partners; 154,170 and 154,170 units outstanding at December 31, 2015 and 2014, respectively
|
|
(1,975
|
)
|
|
(1,914
|
)
|
|
Accumulated other comprehensive loss
|
|
(58,693
|
)
|
|
(57,748
|
)
|
|
Total partners’ capital
|
|
2,052,134
|
|
|
1,904,678
|
|
|
Noncontrolling interests (note 12):
|
|
|
|
|
|||
Limited partners’ interests in consolidated partnerships
|
|
30,486
|
|
|
31,804
|
|
|
Total noncontrolling interests
|
|
30,486
|
|
|
31,804
|
|
|
Total capital
|
|
2,082,620
|
|
|
1,936,482
|
|
|
Total liabilities and capital
|
|
$
|
4,191,074
|
|
|
4,197,170
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||
Revenues:
|
|
|
|
|
|
|
||||
Minimum rent
|
|
$
|
415,155
|
|
|
390,697
|
|
|
353,833
|
|
Percentage rent
|
|
3,750
|
|
|
3,488
|
|
|
3,583
|
|
|
Recoveries from tenants and other income
|
|
125,295
|
|
|
119,618
|
|
|
106,494
|
|
|
Management, transaction, and other fees
|
|
25,563
|
|
|
24,095
|
|
|
25,097
|
|
|
Total revenues
|
|
569,763
|
|
|
537,898
|
|
|
489,007
|
|
|
Operating expenses:
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
146,829
|
|
|
147,791
|
|
|
130,630
|
|
|
Operating and maintenance
|
|
82,978
|
|
|
77,788
|
|
|
71,018
|
|
|
General and administrative
|
|
65,600
|
|
|
60,242
|
|
|
61,234
|
|
|
Real estate taxes
|
|
61,855
|
|
|
59,031
|
|
|
53,726
|
|
|
Other operating expenses
|
|
7,836
|
|
|
8,496
|
|
|
8,079
|
|
|
Total operating expenses
|
|
365,098
|
|
|
353,348
|
|
|
324,687
|
|
|
Other expense (income):
|
|
|
|
|
|
|
||||
Interest expense, net of interest income of $1,590, $1,210, and $1,643 in 2015, 2014, and 2013, respectively (note 9)
|
|
102,622
|
|
|
109,491
|
|
|
108,966
|
|
|
Provision for impairment
|
|
—
|
|
|
1,257
|
|
|
6,000
|
|
|
Early extinguishment of debt
|
|
8,239
|
|
|
18
|
|
|
32
|
|
|
Net investment income, including unrealized losses (gains) of $1,734, $1,058, and $(2,231) in 2015, 2014, and 2013, respectively (notes 8 and 14)
|
|
(625
|
)
|
|
(9,449
|
)
|
|
(3,257
|
)
|
|
Gain on remeasurement of investment in real estate partnership
|
|
—
|
|
|
(18,271
|
)
|
|
—
|
|
|
Total other expense (income)
|
|
110,236
|
|
|
83,046
|
|
|
111,741
|
|
|
Income from operations before equity in income of investments in real estate partnerships
|
|
94,429
|
|
|
101,504
|
|
|
52,579
|
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
22,508
|
|
|
31,270
|
|
|
31,718
|
|
|
Income tax (benefit) of taxable REIT subsidiary
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|
Income from operations
|
|
116,937
|
|
|
133,770
|
|
|
84,297
|
|
|
Discontinued operations, net (note 3):
|
|
|
|
|
|
|
||||
Operating income
|
|
—
|
|
|
—
|
|
|
7,332
|
|
|
Gain on sale of operating properties, net of tax
|
|
—
|
|
|
—
|
|
|
57,953
|
|
|
Income from discontinued operations
|
|
—
|
|
|
—
|
|
|
65,285
|
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
1,703
|
|
|
Net income
|
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
|
Limited partners’ interests in consolidated partnerships
|
|
(2,247
|
)
|
|
(1,138
|
)
|
|
(1,205
|
)
|
|
Net income attributable to the Partnership
|
|
150,296
|
|
|
187,709
|
|
|
150,080
|
|
|
Preferred unit distributions
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
Net income attributable to common unit holders
|
|
$
|
129,234
|
|
|
166,647
|
|
|
129,018
|
|
Income per common unit - basic (note 15):
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.37
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income attributable to common unit holders
|
|
$
|
1.37
|
|
|
1.80
|
|
|
1.40
|
|
Income per common unit - diluted (note 15):
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.36
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income attributable to common unit holders
|
|
$
|
1.36
|
|
|
1.80
|
|
|
1.40
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||
Net income
|
|
$
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
Other comprehensive income:
|
|
|
|
|
|
|
||||
Effective portion of change in fair value of derivative instruments:
|
|
|
|
|
|
|
||||
Effective portion of change in fair value of derivative instruments
|
|
(10,089
|
)
|
|
(49,968
|
)
|
|
30,985
|
|
|
Less: reclassification adjustment of derivative instruments included in net income
|
|
9,152
|
|
|
9,353
|
|
|
9,433
|
|
|
Available for sale securities
|
|
|
|
|
|
|
||||
Unrealized (loss) gain on available-for-sale securities
|
|
(43
|
)
|
|
7,765
|
|
|
—
|
|
|
Less: realized gains on sale of available-for-sale securities recognized in net income
|
|
—
|
|
|
(7,765
|
)
|
|
—
|
|
|
Other comprehensive income
|
|
(980
|
)
|
|
(40,615
|
)
|
|
40,418
|
|
|
Comprehensive income
|
|
151,563
|
|
|
148,232
|
|
|
191,703
|
|
|
Less: comprehensive (loss) income attributable to noncontrolling interests:
|
|
|
|
|
|
|
||||
Net income attributable to noncontrolling interests
|
|
2,247
|
|
|
1,138
|
|
|
1,205
|
|
|
Other comprehensive (loss) income attributable to noncontrolling interests
|
|
(33
|
)
|
|
(201
|
)
|
|
32
|
|
|
Comprehensive income attributable to noncontrolling interests
|
|
2,214
|
|
|
937
|
|
|
1,237
|
|
|
Comprehensive income attributable to the Partnership
|
|
$
|
149,349
|
|
|
147,295
|
|
|
190,466
|
|
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the
years
ended
December 31, 2015
,
2014
, and
2013
(in thousands)
|
||||||||||||||||||
|
|
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, 2012
|
$
|
1,788,480
|
|
|
(1,153
|
)
|
|
(57,715
|
)
|
|
1,729,612
|
|
|
16,299
|
|
|
1,745,911
|
|
Net income
|
|
149,804
|
|
|
276
|
|
|
—
|
|
|
150,080
|
|
|
1,205
|
|
|
151,285
|
|
Other comprehensive income
|
|
—
|
|
|
75
|
|
|
40,311
|
|
|
40,386
|
|
|
32
|
|
|
40,418
|
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,792
|
|
|
5,792
|
|
Distributions to partners
|
|
(168,848
|
)
|
|
(322
|
)
|
|
—
|
|
|
(169,170
|
)
|
|
(4,122
|
)
|
|
(173,292
|
)
|
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
|
|
Common units exchanged for common stock of the Parent Company
|
|
302
|
|
|
(302
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common units issued as a result of common stock issued by Parent Company, net of repurchases
|
|
97,941
|
|
|
—
|
|
|
—
|
|
|
97,941
|
|
|
—
|
|
|
97,941
|
|
Balance at December 31, 2013
|
$
|
1,860,758
|
|
|
(1,426
|
)
|
|
(17,404
|
)
|
|
1,841,928
|
|
|
19,206
|
|
|
1,861,134
|
|
Net income
|
|
187,390
|
|
|
319
|
|
|
—
|
|
|
187,709
|
|
|
1,138
|
|
|
188,847
|
|
Other comprehensive income
|
|
—
|
|
|
(70
|
)
|
|
(40,344
|
)
|
|
(40,414
|
)
|
|
(201
|
)
|
|
(40,615
|
)
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,204
|
|
|
16,204
|
|
Distributions to partners
|
|
(175,188
|
)
|
|
(300
|
)
|
|
—
|
|
|
(175,488
|
)
|
|
(4,543
|
)
|
|
(180,031
|
)
|
Redemption of preferred units
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(300
|
)
|
Preferred unit distributions
|
|
(21,062
|
)
|
|
—
|
|
|
|
|
|
(21,062
|
)
|
|
—
|
|
|
(21,062
|
)
|
Restricted units issued as a result of amortization of restricted stock issued by Parent Company
|
|
12,161
|
|
|
—
|
|
|
—
|
|
|
12,161
|
|
|
—
|
|
|
12,161
|
|
Common units exchanged for common stock of the Parent Company
|
|
137
|
|
|
(137
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Common units issued as a result of common stock issued by Parent Company, net of repurchases
|
|
100,144
|
|
|
—
|
|
|
—
|
|
|
100,144
|
|
|
—
|
|
|
100,144
|
|
Balance at December 31, 2014
|
$
|
1,964,340
|
|
|
(1,914
|
)
|
|
(57,748
|
)
|
|
1,904,678
|
|
|
31,804
|
|
|
1,936,482
|
|
Net income
|
|
150,056
|
|
|
240
|
|
|
—
|
|
|
150,296
|
|
|
2,247
|
|
|
152,543
|
|
Other comprehensive income
|
|
—
|
|
|
(2
|
)
|
|
(945
|
)
|
|
(947
|
)
|
|
(33
|
)
|
|
(980
|
)
|
Contributions from partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
717
|
|
|
717
|
|
Distributions to partners
|
|
(184,439
|
)
|
|
(299
|
)
|
|
—
|
|
|
(184,738
|
)
|
|
(4,249
|
)
|
|
(188,987
|
)
|
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the
years
ended
December 31, 2015
,
2014
, and
2013
(in thousands)
|
||||||||||||||||||
|
|
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 |
||||||
Preferred unit distributions
|
|
(21,062
|
)
|
|
—
|
|
|
—
|
|
|
(21,062
|
)
|
|
—
|
|
|
(21,062
|
)
|
Restricted units issued as a result of amortization of restricted stock issued by Parent Company
|
|
13,869
|
|
|
—
|
|
|
—
|
|
|
13,869
|
|
|
—
|
|
|
13,869
|
|
Common units issued as a result of common stock issued by Parent Company, net of repurchases
|
|
190,038
|
|
|
—
|
|
|
—
|
|
|
190,038
|
|
|
—
|
|
|
190,038
|
|
Balance at December 31, 2015
|
$
|
2,112,802
|
|
|
(1,975
|
)
|
|
(58,693
|
)
|
|
2,052,134
|
|
|
30,486
|
|
|
2,082,620
|
|
REGENCY CENTERS, L.P.
Consolidated Statements of Cash Flows
For the years ended December 31, 2015, 2014, and 2013
(in thousands)
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||
Net income
|
|
$
|
152,543
|
|
|
188,847
|
|
|
151,285
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
146,829
|
|
|
147,791
|
|
|
134,454
|
|
|
Amortization of deferred loan cost and debt premium
|
|
9,677
|
|
|
10,521
|
|
|
12,339
|
|
|
Amortization and (accretion) of above and below market lease intangibles, net
|
|
(1,598
|
)
|
|
(3,101
|
)
|
|
(2,488
|
)
|
|
Stock-based compensation, net of capitalization
|
|
11,081
|
|
|
9,662
|
|
|
12,191
|
|
|
Equity in income of investments in real estate partnerships (note 4)
|
|
(22,508
|
)
|
|
(31,270
|
)
|
|
(31,718
|
)
|
|
Gain on remeasurement of investment in real estate partnership
|
|
—
|
|
|
(18,271
|
)
|
|
—
|
|
|
Gain on sale of real estate, net of tax
|
|
(35,606
|
)
|
|
(55,077
|
)
|
|
(59,656
|
)
|
|
Provision for impairment
|
|
—
|
|
|
1,257
|
|
|
6,000
|
|
|
Early extinguishment of debt
|
|
8,239
|
|
|
18
|
|
|
32
|
|
|
Distribution of earnings from operations of investments in real estate partnerships
|
|
46,646
|
|
|
42,767
|
|
|
45,377
|
|
|
Settlement of derivative instruments
|
|
(7,267
|
)
|
|
4,648
|
|
|
—
|
|
|
Gain on derivative instruments
|
|
—
|
|
|
(13
|
)
|
|
(19
|
)
|
|
Deferred compensation expense
|
|
207
|
|
|
1,386
|
|
|
3,294
|
|
|
Realized and unrealized gain on investments (note 8 and 14)
|
|
(626
|
)
|
|
(9,158
|
)
|
|
(3,293
|
)
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||
Restricted cash
|
|
1,926
|
|
|
848
|
|
|
(62
|
)
|
|
Accounts receivable
|
|
(11,965
|
)
|
|
(6,225
|
)
|
|
(5,042
|
)
|
|
Straight-line rent receivable, net
|
|
(8,231
|
)
|
|
(6,544
|
)
|
|
(5,459
|
)
|
|
Deferred leasing costs
|
|
(12,949
|
)
|
|
(8,252
|
)
|
|
(10,086
|
)
|
|
Other assets
|
|
(496
|
)
|
|
89
|
|
|
(1,866
|
)
|
|
Accounts payable and other liabilities
|
|
(3,810
|
)
|
|
6,201
|
|
|
(672
|
)
|
|
Tenants’ security and escrow deposits and prepaid rent
|
|
3,545
|
|
|
1,618
|
|
|
6,120
|
|
|
Net cash provided by operating activities
|
|
275,637
|
|
|
277,742
|
|
|
250,731
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
||||
Acquisition of operating real estate
|
|
(42,983
|
)
|
|
(112,120
|
)
|
|
(107,790
|
)
|
|
Advance deposits on acquisition of operating real estate
|
|
(2,250
|
)
|
|
—
|
|
|
—
|
|
|
Real estate development and capital improvements
|
|
(205,103
|
)
|
|
(238,237
|
)
|
|
(213,282
|
)
|
|
Proceeds from sale of real estate investments
|
|
108,822
|
|
|
118,787
|
|
|
212,632
|
|
|
Collection of notes receivable
|
|
1,719
|
|
|
—
|
|
|
27,354
|
|
|
Investments in real estate partnerships (note 4)
|
|
(20,054
|
)
|
|
(23,577
|
)
|
|
(10,883
|
)
|
|
Distributions received from investments in real estate partnerships
|
|
23,801
|
|
|
37,152
|
|
|
87,111
|
|
|
Dividends on investments
|
|
243
|
|
|
243
|
|
|
194
|
|
|
Acquisition of securities
|
|
(31,941
|
)
|
|
(23,760
|
)
|
|
(19,144
|
)
|
|
Proceeds from sale of securities
|
|
28,400
|
|
|
31,222
|
|
|
13,991
|
|
|
Net cash used in investing activities
|
|
(139,346
|
)
|
|
(210,290
|
)
|
|
(9,817
|
)
|
REGENCY CENTERS, L.P.
Consolidated Statements of Cash Flows
For the years ended December 31, 2015, 2014, and 2013
(in thousands)
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||
Net proceeds from common units issued as a result of common stock issued by Parent Company
|
|
198,494
|
|
|
102,453
|
|
|
99,753
|
|
|
Proceeds from sale of treasury stock
|
|
—
|
|
|
—
|
|
|
34
|
|
|
Redemption of preferred partnership units
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
(Distributions to) contributions from limited partners in consolidated partnerships, net
|
|
(5,341
|
)
|
|
(5,303
|
)
|
|
1,514
|
|
|
Distributions to partners
|
|
(181,691
|
)
|
|
(172,900
|
)
|
|
(168,095
|
)
|
|
Distributions to preferred unit holders
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
Repayment of fixed rate unsecured notes
|
|
(450,000
|
)
|
|
(150,000
|
)
|
|
—
|
|
|
Proceeds from issuance of fixed rate unsecured notes, net
|
|
248,160
|
|
|
248,705
|
|
|
—
|
|
|
Proceeds from unsecured credit facilities
|
|
445,000
|
|
|
255,000
|
|
|
82,000
|
|
|
Repayment of unsecured credit facilities
|
|
(355,000
|
)
|
|
(255,000
|
)
|
|
(177,000
|
)
|
|
Proceeds from notes payable
|
|
4,316
|
|
|
12,739
|
|
|
36,350
|
|
|
Repayment of notes payable
|
|
(76,168
|
)
|
|
(38,717
|
)
|
|
(27,960
|
)
|
|
Scheduled principal payments
|
|
(5,878
|
)
|
|
(6,909
|
)
|
|
(7,530
|
)
|
|
Payment of loan costs
|
|
(5,998
|
)
|
|
(3,066
|
)
|
|
(583
|
)
|
|
Early redemption costs
|
|
(8,043
|
)
|
|
—
|
|
|
—
|
|
|
Net cash used in financing activities
|
|
(213,211
|
)
|
|
(34,360
|
)
|
|
(182,579
|
)
|
|
Net (decrease) increase in cash and cash equivalents
|
|
(76,920
|
)
|
|
33,092
|
|
|
58,335
|
|
|
Cash and cash equivalents at beginning of the year
|
|
113,776
|
|
|
80,684
|
|
|
22,349
|
|
|
Cash and cash equivalents at end of the year
|
|
$
|
36,856
|
|
|
113,776
|
|
|
80,684
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||||
Cash paid for interest (net of capitalized interest of $6,740, $7,142, and $6,078 in 2015, 2014, and 2013, respectively)
|
|
$
|
101,527
|
|
|
109,425
|
|
|
107,312
|
|
Cash paid for income taxes
|
|
$
|
1,015
|
|
|
2,169
|
|
|
—
|
|
Supplemental disclosure of non-cash transactions:
|
|
|
|
|
|
|
||||
Common stock issued by Parent Company for partnership units exchanged
|
|
$
|
—
|
|
|
137
|
|
|
302
|
|
Real estate received through distribution in kind
|
|
$
|
—
|
|
|
—
|
|
|
7,576
|
|
Mortgage loans assumed through distribution in kind
|
|
$
|
—
|
|
|
—
|
|
|
7,500
|
|
Mortgage loans assumed for the acquisition of real estate
|
|
$
|
42,799
|
|
|
103,187
|
|
|
—
|
|
Unrealized gain (loss) on available-for-sale securities
|
|
$
|
(43
|
)
|
|
—
|
|
|
—
|
|
Initial fair value of non-controlling interest recorded at acquisition
|
|
$
|
—
|
|
|
15,385
|
|
|
—
|
|
Acquisition of previously unconsolidated real estate investments
|
|
$
|
—
|
|
|
16,182
|
|
|
—
|
|
Change in fair value of derivative instruments
|
|
$
|
(9,012
|
)
|
|
(49,968
|
)
|
|
30,952
|
|
Common stock issued by Parent Company for dividend reinvestment plan
|
|
$
|
1,250
|
|
|
1,184
|
|
|
1,075
|
|
Stock-based compensation capitalized
|
|
$
|
2,988
|
|
|
2,707
|
|
|
2,188
|
|
Contributions from limited partners in consolidated partnerships, net
|
|
$
|
13
|
|
|
1,579
|
|
|
156
|
|
Common stock issued for dividend reinvestment in trust
|
|
$
|
833
|
|
|
779
|
|
|
660
|
|
Contribution of stock awards into trust
|
|
$
|
1,651
|
|
|
1,881
|
|
|
1,537
|
|
Distribution of stock held in trust
|
|
$
|
1,898
|
|
|
4
|
|
|
201
|
|
1.
|
Summary of Significant Accounting Policies
|
|
Year ended December 31,
|
||||||||
(in thousands)
|
2015
|
|
2014
|
|
2013
|
||||
Gross provision for doubtful accounts
|
$
|
2,364
|
|
|
2,192
|
|
|
1,841
|
|
Amount included in discontinued operations
|
—
|
|
|
—
|
|
|
53
|
|
|
December 31,
|
|||||
(in thousands)
|
2015
|
|
2014
|
|||
Billed tenant receivables
|
$
|
14,521
|
|
|
10,583
|
|
Accrued CAM, insurance and tax reimbursements
|
12,358
|
|
|
15,369
|
|
|
Other receivables
|
10,708
|
|
|
9,570
|
|
|
Less: allowance for doubtful accounts
|
(5,295
|
)
|
|
(4,523
|
)
|
|
Total accounts receivable, net
|
$
|
32,292
|
|
|
30,999
|
|
|
December 31,
|
|||||
(in thousands)
|
2015
|
|
2014
|
|||
Deferred leasing costs, net
|
$
|
66,367
|
|
|
60,889
|
|
Deferred loan costs, net
|
13,252
|
|
|
10,613
|
|
|
Total deferred costs, net
|
$
|
79,619
|
|
|
71,502
|
|
•
|
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
|
(in thousands)
|
|
Year ended December 31, 2015
|
|||||||||||||||||
Date Purchased
|
|
Property Name
|
|
City/State
|
|
Property Type
|
|
Purchase Price
|
|
Debt Assumed, Net of Premiums
|
|
Intangible Assets
|
|
Intangible Liabilities
|
|||||
9/1/2015
|
|
University Commons
|
|
Boca Raton, FL
|
|
Operating
|
|
$
|
80,500
|
|
|
42,799
|
|
|
64,482
|
|
|
14,039
|
|
10/9/2015
|
|
CityLine Market Ph II
|
|
Dallas, TX
|
|
Development
|
|
2,157
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12/29/2015
|
|
Northgate Ph II
|
|
Medford, OR
|
|
Development
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total property acquisitions
|
|
$
|
86,657
|
|
|
42,799
|
|
|
64,482
|
|
|
14,039
|
|
(in thousands)
|
|
Year ended December 31, 2014
|
|||||||||||||||||
Date Purchased
|
|
Property Name
|
|
City/State
|
|
Property Type
|
|
Purchase Price
|
|
Debt Assumed, Net of Premiums
|
|
Intangible Assets
|
|
Intangible Liabilities
|
|||||
1/31/2014
|
|
Persimmon Place
|
|
Dublin, CA
|
|
Development
|
|
$
|
14,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
2/14/2014
|
|
Shops at Mira Vista
|
|
Austin, TX
|
|
Operating
|
|
22,500
|
|
|
319
|
|
|
2,329
|
|
|
291
|
|
|
3/7/2014
|
|
Fairfield Portfolio
(1)
|
|
Fairfield, CT
|
|
Operating
|
|
149,344
|
|
|
77,730
|
|
|
12,650
|
|
|
5,601
|
|
|
6/2/2014
|
|
Willow Oaks Crossing
|
|
Concord, NC
|
|
Development
|
|
3,342
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7/15/2014
|
|
Clybourn Commons
|
|
Chicago, IL
|
|
Operating
|
|
19,000
|
|
|
—
|
|
|
1,686
|
|
|
3,298
|
|
|
9/10/2014
|
|
Belmont Chase
|
|
Ashburn, VA
|
|
Development
|
|
4,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9/19/2014
|
|
CityLine Market
|
|
Dallas, TX
|
|
Development
|
|
4,913
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10/24/2014
|
|
East San Marco
(2)
|
|
Jacksonville, FL
|
|
Development
|
|
5,223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12/4/2014
|
|
The Village at La Floresta
|
|
Brea, CA
|
|
Development
|
|
6,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12/16/2014
|
|
Indian Springs
(3)
|
|
Houston, TX
|
|
Operating
|
|
53,156
|
|
|
25,138
|
|
|
3,867
|
|
|
1,612
|
|
|
Total property acquisitions
|
|
$
|
282,728
|
|
|
103,187
|
|
|
20,532
|
|
|
10,802
|
|
|
|
Year ended December 31,
|
||
(in years)
|
|
2015
|
|
2014
|
Assets:
|
|
|
|
|
In-place leases
|
|
14.7
|
|
4.9
|
Above-market leases
|
|
12.3
|
|
3.9
|
Below-market ground leases
|
|
57.4
|
|
41.2
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
Acquired lease intangible liabilities
|
|
18.1
|
|
12.7
|
|
Year ended December 31,
|
||||||||
(in thousands)
|
2015
|
|
2014
|
|
2013
|
||||
Net proceeds from sale of real estate investments
|
$
|
108,822
|
|
|
118,787
|
|
|
212,632
|
|
Gain on sale of real estate
|
$
|
35,606
|
|
|
55,077
|
|
|
59,656
|
|
Number of operating properties sold
|
5
|
|
11
|
|
12
|
||||
Number of land out-parcels sold
|
2
|
|
6
|
|
10
|
|
Year ended December 31,
|
|||
(in thousands)
|
|
2013
|
||
Revenues
|
|
$
|
14,924
|
|
Operating expenses
|
|
7,592
|
|
|
Operating income from discontinued operations
|
|
$
|
7,332
|
|
4.
|
Investments in Real Estate Partnerships
|
|
December 31, 2015
|
|||||||||||||||
(in thousands)
|
Regency's Ownership
|
|
Number of Properties
|
|
Total Investment
|
|
Total Assets of the Partnership
|
|
Net Income of the Partnership
|
|
The Company's Share of Net Income of the Partnership
|
|||||
GRI - Regency, LLC (GRIR)
(1)
|
40.00%
|
|
73
|
|
$
|
220,099
|
|
|
1,744,017
|
|
|
45,761
|
|
|
18,148
|
|
Columbia Regency Retail Partners, LLC (Columbia I)
(1)
|
20.00%
|
|
9
|
|
15,255
|
|
|
175,044
|
|
|
(1,396
|
)
|
|
(278
|
)
|
|
Columbia Regency Partners II, LLC (Columbia II)
(1)
|
20.00%
|
|
14
|
|
8,496
|
|
|
290,064
|
|
|
3,794
|
|
|
755
|
|
|
Cameron Village, LLC (Cameron)
|
30.00%
|
|
1
|
|
11,857
|
|
|
100,124
|
|
|
2,195
|
|
|
643
|
|
|
RegCal, LLC (RegCal)
(1)
|
25.00%
|
|
7
|
|
17,967
|
|
|
145,213
|
|
|
2,316
|
|
|
576
|
|
|
US Regency Retail I, LLC (USAA)
(1)
|
20.01%
|
|
8
|
|
161
|
|
|
112,225
|
|
|
4,011
|
|
|
807
|
|
|
Other investments in real estate partnerships
|
50.00%
|
|
6
|
|
32,371
|
|
|
108,698
|
|
|
4,067
|
|
|
1,857
|
|
|
Total investments in real estate partnerships
|
|
|
118
|
|
$
|
306,206
|
|
|
2,675,385
|
|
|
60,748
|
|
|
22,508
|
|
|
December 31, 2014
|
|||||||||||||||
(in thousands)
|
Regency's Ownership
|
|
Number of Properties
|
|
Total Investment
|
|
Total Assets of the Partnership
|
|
Net Income of the Partnership
|
|
The Company's Share of Net Income of the Partnership
|
|||||
GRI - Regency, LLC (GRIR)
(1)
|
40.00%
|
|
74
|
|
$
|
247,175
|
|
|
1,829,116
|
|
|
33,032
|
|
|
13,727
|
|
Columbia Regency Retail Partners, LLC (Columbia I)
(1) |
20.00%
|
|
10
|
|
15,916
|
|
|
199,427
|
|
|
7,173
|
|
|
1,431
|
|
|
Columbia Regency Partners II, LLC (Columbia II)
(1)
|
20.00%
|
|
14
|
|
9,343
|
|
|
300,028
|
|
|
1,211
|
|
|
233
|
|
|
Cameron Village, LLC (Cameron)
|
30.00%
|
|
1
|
|
12,114
|
|
|
100,625
|
|
|
3,393
|
|
|
1,008
|
|
|
RegCal, LLC (RegCal)
(1)
|
25.00%
|
|
7
|
|
13,354
|
|
|
149,457
|
|
|
4,012
|
|
|
966
|
|
|
US Regency Retail I, LLC (USAA)
(1)
|
20.01%
|
|
8
|
|
806
|
|
|
115,660
|
|
|
2,872
|
|
|
567
|
|
|
Other investments in real estate partnerships
|
50.00%
|
|
6
|
|
34,459
|
|
|
113,189
|
|
|
27,773
|
|
|
13,338
|
|
|
Total investments in real estate partnerships
|
|
|
120
|
|
$
|
333,167
|
|
|
2,807,502
|
|
|
79,466
|
|
|
31,270
|
|
|
|
December 31,
|
|||||
(in thousands)
|
|
2015
|
|
2014
|
|||
Investments in real estate, net
|
|
$
|
2,497,770
|
|
|
2,620,583
|
|
Acquired lease intangible assets, net
|
|
43,469
|
|
|
50,763
|
|
|
Other assets
|
|
134,146
|
|
|
136,156
|
|
|
Total assets
|
|
$
|
2,675,385
|
|
|
2,807,502
|
|
|
|
|
|
|
|||
Notes payable
|
|
$
|
1,401,977
|
|
|
1,462,790
|
|
Acquired lease intangible liabilities, net
|
|
23,826
|
|
|
28,991
|
|
|
Other liabilities
|
|
66,061
|
|
|
67,093
|
|
|
Capital - Regency
|
|
414,681
|
|
|
442,050
|
|
|
Capital - Third parties
|
|
768,840
|
|
|
806,578
|
|
|
Total liabilities and capital
|
|
$
|
2,675,385
|
|
|
2,807,502
|
|
|
|
December 31,
|
|||||
(in thousands)
|
|
2015
|
|
2014
|
|||
Capital - Regency
|
|
$
|
414,681
|
|
|
442,050
|
|
less: Impairment of investment in real estate partnerships
|
|
(1,300
|
)
|
|
(1,300
|
)
|
|
less: Ownership percentage or Restricted Gain Method deferral
|
|
(28,972
|
)
|
|
(29,380
|
)
|
|
less: Net book equity in excess of purchase price
|
|
(78,203
|
)
|
|
(78,203
|
)
|
|
Investments in real estate partnerships
|
|
$
|
306,206
|
|
|
333,167
|
|
|
|
Year ended December 31,
|
||||||||
(in thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||
Total revenues
|
|
$
|
363,745
|
|
|
361,103
|
|
|
378,670
|
|
Operating expenses:
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
111,648
|
|
|
117,780
|
|
|
125,363
|
|
|
Operating and maintenance
|
|
51,970
|
|
|
55,216
|
|
|
55,423
|
|
|
General and administrative
|
|
5,292
|
|
|
5,503
|
|
|
7,385
|
|
|
Real estate taxes
|
|
43,769
|
|
|
42,380
|
|
|
45,451
|
|
|
Other operating expenses
|
|
2,989
|
|
|
2,234
|
|
|
1,725
|
|
|
Total operating expenses
|
|
215,668
|
|
|
223,113
|
|
|
235,347
|
|
|
Other expense (income):
|
|
|
|
|
|
|
||||
Interest expense, net
|
|
79,477
|
|
|
84,155
|
|
|
95,505
|
|
|
Gain on sale of real estate
|
|
(2,766
|
)
|
|
(28,856
|
)
|
|
(15,695
|
)
|
|
Provision for impairment
|
|
9,102
|
|
|
2,123
|
|
|
—
|
|
|
Early extinguishment of debt
|
|
—
|
|
|
114
|
|
|
(1,780
|
)
|
|
Preferred return on equity investment
|
|
—
|
|
|
—
|
|
|
(4,499
|
)
|
|
Other expense (income)
|
|
1,516
|
|
|
988
|
|
|
(1,258
|
)
|
|
Total other expense (income)
|
|
87,329
|
|
|
58,524
|
|
|
72,273
|
|
|
Net income of the Partnerships
|
|
$
|
60,748
|
|
|
79,466
|
|
|
71,050
|
|
The Company's share of net income of the Partnerships
|
|
$
|
22,508
|
|
|
31,270
|
|
|
31,718
|
|
(in thousands)
|
|
Year ended December 31, 2014
|
|||||||||||||||||||||
Date Purchased
|
|
Property Name
|
|
City/State
|
|
Property Type
|
|
Co-investment Partner
|
|
Ownership %
|
|
Purchase Price
|
|
Debt Assumed, Net of Premiums
|
|
Intangible Assets
|
|
Intangible Liabilities
|
|||||
12/30/2014
|
|
Broadway
|
|
Seattle, WA
|
|
Operating
|
|
Columbia II
|
|
20.00%
|
|
$
|
43,000
|
|
|
—
|
|
|
7,604
|
|
|
3,487
|
|
Total property acquisitions
|
|
$
|
43,000
|
|
|
—
|
|
|
7,604
|
|
|
3,487
|
|
|
|
Year ended December 31,
|
||||||||
(in thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||
Proceeds from sale of real estate investments
|
|
$
|
39,459
|
|
|
88,106
|
|
|
145,295
|
|
Gain on sale of real estate
|
|
$
|
2,766
|
|
|
28,856
|
|
|
15,695
|
|
The Company's share of gain on sale of real estate
|
|
$
|
1,108
|
|
|
13,615
|
|
|
3,847
|
|
Number of operating properties sold
|
|
2
|
|
6
|
|
15
|
||||
Number of land out-parcels sold
|
|
0
|
|
2
|
|
3
|
Scheduled Principal Payments and Maturities by Year:
|
|
Scheduled
Principal Payments |
|
Mortgage Loan
Maturities |
|
Unsecured
Maturities |
|
Total
|
|
Regency’s
Pro-Rata Share |
||||||
2016
|
|
$
|
16,614
|
|
|
84,875
|
|
|
—
|
|
|
101,489
|
|
|
37,238
|
|
2017
|
|
17,517
|
|
|
77,385
|
|
|
9,760
|
|
|
104,662
|
|
|
23,874
|
|
|
2018
|
|
18,696
|
|
|
67,022
|
|
|
—
|
|
|
85,718
|
|
|
27,655
|
|
|
2019
|
|
17,934
|
|
|
65,939
|
|
|
—
|
|
|
83,873
|
|
|
21,618
|
|
|
2020
|
|
14,826
|
|
|
222,199
|
|
|
—
|
|
|
237,025
|
|
|
85,506
|
|
|
Beyond 5 Years
|
|
20,001
|
|
|
770,424
|
|
|
—
|
|
|
790,425
|
|
|
295,357
|
|
|
Unamortized debt premiums (discounts), net
|
|
—
|
|
|
(1,215
|
)
|
|
—
|
|
|
(1,215
|
)
|
|
(488
|
)
|
|
Total notes payable
|
|
$
|
105,588
|
|
|
1,286,629
|
|
|
9,760
|
|
|
1,401,977
|
|
|
490,760
|
|
|
|
Year ended December 31,
|
||||||||
(in thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||
Asset management, property management, leasing, and investment and financing services
|
|
$
|
24,519
|
|
|
22,983
|
|
|
24,153
|
|
5.
|
Notes Receivable
|
6.
|
Acquired Lease Intangibles
|
|
December 31,
|
|||||
(in thousands)
|
2015
|
|
2014
|
|||
In-place leases
|
$
|
77,691
|
|
|
71,696
|
|
Above-market leases
|
14,841
|
|
|
15,020
|
|
|
Below-market ground leases
|
58,487
|
|
|
1,761
|
|
|
Total intangible assets
|
$
|
151,019
|
|
|
88,477
|
|
Accumulated amortization
|
(45,639
|
)
|
|
(36,112
|
)
|
|
Acquired lease intangible assets, net
|
$
|
105,380
|
|
|
52,365
|
|
|
|
|
|
|||
Acquired lease intangible liabilities
|
$
|
59,589
|
|
|
46,136
|
|
Accumulated accretion
|
(17,555
|
)
|
|
(13,993
|
)
|
|
Acquired lease intangible liabilities, net
|
$
|
42,034
|
|
|
32,143
|
|
|
Year ended December 31,
|
|
|
||||||||
(in thousands)
|
2015
|
|
2014
|
|
2013
|
|
Remaining Weighted Average Amortization/Accretion Period
(in years) |
||||
In-place lease amortization
|
$
|
9,141
|
|
|
10,365
|
|
|
7,441
|
|
|
6.2
|
Above-market lease amortization
(1)
|
1,950
|
|
|
1,795
|
|
|
1,246
|
|
|
6.6
|
|
Below-market ground lease amortization
(3)
|
351
|
|
|
23
|
|
|
22
|
|
|
58.2
|
|
Acquired lease intangible asset amortization
|
$
|
11,442
|
|
|
12,183
|
|
|
8,709
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquired lease intangible liability accretion
(2)(3)
|
$
|
4,155
|
|
|
4,590
|
|
|
3,726
|
|
|
13.2
|
|
Year ended December 31,
|
||||
|
2015
|
|
2014
|
|
2013
|
Dividend per share
|
$1.94
|
|
1.88
|
|
1.85
|
Ordinary income
|
71%
|
|
70%
|
|
70%
|
Capital gain
|
5%
|
|
16%
|
|
6%
|
Return of capital
|
19%
|
|
14%
|
|
—%
|
Qualified dividend income
|
5%
|
|
—%
|
|
24%
|
|
December 31,
|
|||||
(in thousands)
|
2015
|
|
2014
|
|||
Deferred tax assets
|
|
|
|
|||
Investments in real estate partnerships
|
$
|
1,676
|
|
|
8,427
|
|
Provision for impairment
|
6,242
|
|
|
3,299
|
|
|
Deferred interest expense
|
2,714
|
|
|
2,538
|
|
|
Capitalized costs under Section 263A
|
1,157
|
|
|
1,832
|
|
|
Employee benefits
|
148
|
|
|
385
|
|
|
Other
|
2,376
|
|
|
1,370
|
|
|
Deferred tax assets
|
14,313
|
|
|
17,851
|
|
|
Valuation allowance
|
(13,746
|
)
|
|
(17,302
|
)
|
|
Deferred tax assets, net
|
567
|
|
|
549
|
|
|
Deferred tax liabilities
|
|
|
|
|||
Straight line rent
|
567
|
|
|
549
|
|
|
Deferred tax liabilities
|
567
|
|
|
549
|
|
|
Net deferred tax assets
|
$
|
—
|
|
|
—
|
|
|
December 31, 2015
|
|||||||||||
(in thousands)
|
Amortized Cost
|
|
Gains in Accumulated Other Comprehensive Loss
|
|
Losses in Accumulated Other Comprehensive Loss
|
|
Estimated Fair Value
|
|||||
Certificates of deposit
|
$
|
1,500
|
|
|
1
|
|
|
—
|
|
|
1,501
|
|
Corporate bonds
|
6,465
|
|
|
—
|
|
|
(44
|
)
|
|
6,421
|
|
|
|
$
|
7,965
|
|
|
1
|
|
|
(44
|
)
|
|
7,922
|
|
|
December 31, 2015
|
|||||||||||
(in thousands)
|
Less than 12 months
|
|
1-3 Years
|
|
Over 3 Years
|
|
Total
|
|||||
Certificates of deposit
|
$
|
1,251
|
|
|
—
|
|
|
250
|
|
|
1,501
|
|
Corporate bonds
|
251
|
|
|
4,121
|
|
|
2,049
|
|
|
6,421
|
|
|
|
$
|
1,502
|
|
|
4,121
|
|
|
2,299
|
|
|
7,922
|
|
|
December 31,
|
|||||
(in thousands)
|
2015
|
|
2014
|
|||
Notes payable:
|
|
|
|
|||
Fixed rate mortgage loans
|
$
|
477,022
|
|
|
518,993
|
|
Variable rate mortgage loans
(1)
|
34,154
|
|
|
29,839
|
|
|
Fixed rate unsecured loans
|
1,196,302
|
|
|
1,397,525
|
|
|
Total notes payable
|
1,707,478
|
|
|
1,946,357
|
|
|
Unsecured credit facilities:
|
|
|
|
|||
Line
|
—
|
|
|
—
|
|
|
Term Loan
|
165,000
|
|
|
75,000
|
|
|
Total unsecured credit facilities
|
165,000
|
|
|
75,000
|
|
|
Total debt outstanding
|
$
|
1,872,478
|
|
|
2,021,357
|
|
|
|
|
|
Fixed Interest Rates
|
||||
|
|
Maturing Through
|
|
Minimum
|
|
Maximum
|
|
Weighted Average
|
Secured mortgage loans
|
|
2032
|
|
3.30%
|
|
8.40%
|
|
6.10%
|
Unsecured public debt
|
|
2025
|
|
3.75%
|
|
6.00%
|
|
4.80%
|
|
December 31, 2015
|
|||||||||||||||
(in thousands)
|
Total Capacity
|
|
Remaining Capacity
|
|
Maturity
|
|
Variable Interest Rate
(5)
|
|
Fee
|
|
||||||
Line
|
$
|
800,000
|
|
(1)
|
$
|
794,100
|
|
(2)
|
5/13/2019
|
(3)
|
LIBOR plus 0.925 basis points
|
|
0.150%
|
(4)
|
||
Term Loan
|
165,000
|
|
|
—
|
|
|
6/27/2019
|
|
LIBOR plus 0.975 basis points
|
|
$
|
35
|
|
(6)
|
(in thousands)
|
December 31, 2015
|
|||||||||||
Scheduled Principal Payments and Maturities by Year:
|
Scheduled
Principal Payments |
|
Mortgage Loan
Maturities |
|
Unsecured
Maturities
(1)
|
|
Total
|
|||||
2016
|
$
|
6,167
|
|
|
41,442
|
|
|
—
|
|
|
47,609
|
|
2017
|
5,778
|
|
|
117,298
|
|
|
300,000
|
|
|
423,076
|
|
|
2018
|
5,103
|
|
|
57,358
|
|
|
—
|
|
|
62,461
|
|
|
2019
|
4,130
|
|
|
106,000
|
|
|
165,000
|
|
|
275,130
|
|
|
2020
|
3,986
|
|
|
84,011
|
|
|
150,000
|
|
|
237,997
|
|
|
Beyond 5 Years
|
12,347
|
|
|
58,254
|
|
|
750,000
|
|
|
820,601
|
|
|
Unamortized debt premiums (discounts), net
|
—
|
|
|
9,302
|
|
|
(3,698
|
)
|
|
5,604
|
|
|
Total notes payable
|
$
|
37,511
|
|
|
473,665
|
|
|
1,361,302
|
|
|
1,872,478
|
|
Derivatives in FASB
ASC Topic 815 Cash Flow Hedging Relationships: |
Amount of Gain (Loss)
Recognized in Other Comprehensive Loss on Derivative (Effective Portion) |
|
Location and Amount of Gain (Loss)
Reclassified from AOCI into Income (Effective Portion) |
|
Location and Amount of Gain or
(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
||||||||||||||||||||||||||||
|
Year ended December 31,
|
|
|
|
Year ended December 31,
|
|
|
|
Year ended December 31,
|
||||||||||||||||||||||||
(in thousands)
|
2015
|
|
2014
|
|
2013
|
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
Interest rate swaps
|
$
|
(10,089
|
)
|
|
(49,968
|
)
|
|
30,985
|
|
|
Interest expense
|
|
$
|
(9,152
|
)
|
|
(9,353
|
)
|
|
(9,433
|
)
|
|
Other expenses
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
(in thousands)
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||
Notes receivable
|
$
|
10,480
|
|
|
10,620
|
|
|
$
|
12,132
|
|
|
11,980
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||
Notes payable
|
$
|
1,707,478
|
|
|
1,793,200
|
|
|
$
|
1,946,357
|
|
|
2,116,000
|
|
Unsecured credit facilities
|
$
|
165,000
|
|
|
165,300
|
|
|
$
|
75,000
|
|
|
75,000
|
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
|
|
Low
|
|
High
|
|
Low
|
|
High
|
Notes receivable
|
|
6.3%
|
|
6.3%
|
|
7.4%
|
|
7.4%
|
Notes payable
|
|
2.8%
|
|
4.2%
|
|
0.9%
|
|
3.4%
|
Unsecured credit facilities
|
|
1.1%
|
|
1.1%
|
|
1.3%
|
|
1.3%
|
|
Fair Value Measurements as of December 31, 2015
|
|||||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|||||
(in thousands)
|
Balance
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|||||
Assets:
|
|
|
|
|
|
|
|
|||||
Trading securities held in trust
|
$
|
29,093
|
|
|
29,093
|
|
|
—
|
|
|
—
|
|
Available-for-sale securities
|
7,922
|
|
|
—
|
|
|
7,922
|
|
|
—
|
|
|
Total
|
$
|
37,015
|
|
|
29,093
|
|
|
7,922
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|||||
Interest rate derivatives
|
$
|
(20,539
|
)
|
|
—
|
|
|
(20,539
|
)
|
|
—
|
|
|
Fair Value Measurements as of December 31, 2014
|
|||||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
|||||
(in thousands)
|
Balance
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|||||
Assets:
|
|
|
|
|
|
|
|
|||||
Trading securities held in trust
|
$
|
28,134
|
|
|
28,134
|
|
|
—
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|||||
Interest rate derivatives
|
$
|
(18,794
|
)
|
|
—
|
|
|
(18,794
|
)
|
|
—
|
|
|
|
Preferred Stock Outstanding as of December 31, 2015 and 2014
|
|||||||||||
|
|
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
|
|
|
|
|
|
|
Year ended December 31,
|
|||||
|
2015
|
|
2014
|
|||
Shares issued
|
189,266
|
|
|
1,730,363
|
|
|
Weighted average price per share
|
$
|
67.86
|
|
|
60.00
|
|
Gross proceeds
(in thousands)
|
$
|
12,843
|
|
|
103,821
|
|
Commissions
(in thousands)
|
$
|
161
|
|
|
1,369
|
|
|
|
December 31,
|
||||
(in thousands)
|
|
2015
|
|
2014
|
||
Partnership units owned by the general partner
|
|
97,213
|
|
|
94,108
|
|
Total partnership units outstanding
|
|
97,367
|
|
|
94,262
|
|
Percentage of partnership units owned by the general partner
|
|
99.8%
|
|
99.8%
|
|
Controlling Interest
|
|
Noncontrolling Interest
|
|
Total
|
||||||||||||||||
(in thousands)
|
Cash Flow Hedges
|
|
Unrealized gain (loss) on Available-For-Sale Securities
|
|
AOCI
|
|
Cash Flow Hedges
|
|
Unrealized gain (loss) on Available-For-Sale Securities
|
|
AOCI
|
|
AOCI
|
||||||||
Balance as of December 31, 2012
|
$
|
(57,715
|
)
|
|
—
|
|
|
(57,715
|
)
|
|
(586
|
)
|
|
—
|
|
|
(586
|
)
|
|
(58,301
|
)
|
Other comprehensive income before reclassifications
|
30,879
|
|
|
—
|
|
|
30,879
|
|
|
106
|
|
|
—
|
|
|
106
|
|
|
30,985
|
|
|
Amounts reclassified from accumulated other comprehensive income
|
9,432
|
|
|
—
|
|
|
9,432
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
9,433
|
|
|
Current period other comprehensive income, net
|
40,311
|
|
|
—
|
|
|
40,311
|
|
|
107
|
|
|
—
|
|
|
107
|
|
|
40,418
|
|
|
Balance as of December 31, 2013
|
$
|
(17,404
|
)
|
|
—
|
|
|
(17,404
|
)
|
|
(479
|
)
|
|
—
|
|
|
(479
|
)
|
|
(17,883
|
)
|
Other comprehensive income before reclassifications
|
(49,524
|
)
|
|
7,752
|
|
|
(41,772
|
)
|
|
(444
|
)
|
|
13
|
|
|
(431
|
)
|
|
(42,203
|
)
|
|
Amounts reclassified from accumulated other comprehensive income
|
9,180
|
|
|
(7,752
|
)
|
|
1,428
|
|
|
173
|
|
|
(13
|
)
|
|
160
|
|
|
1,588
|
|
|
Current period other comprehensive income, net
|
(40,344
|
)
|
|
—
|
|
|
(40,344
|
)
|
|
(271
|
)
|
|
—
|
|
|
(271
|
)
|
|
(40,615
|
)
|
|
Balance as of December 31, 2014
|
$
|
(57,748
|
)
|
|
—
|
|
|
(57,748
|
)
|
|
(750
|
)
|
|
—
|
|
|
(750
|
)
|
|
(58,498
|
)
|
Other comprehensive income before reclassifications
|
(9,897
|
)
|
|
(43
|
)
|
|
(9,940
|
)
|
|
(192
|
)
|
|
—
|
|
|
(192
|
)
|
|
(10,132
|
)
|
|
Amounts reclassified from accumulated other comprehensive income
|
8,995
|
|
|
—
|
|
|
8,995
|
|
|
157
|
|
|
—
|
|
|
157
|
|
|
9,152
|
|
|
Current period other comprehensive income, net
|
(902
|
)
|
|
(43
|
)
|
|
(945
|
)
|
|
(35
|
)
|
|
—
|
|
|
(35
|
)
|
|
(980
|
)
|
|
Balance as of December 31, 2015
|
$
|
(58,650
|
)
|
|
(43
|
)
|
|
(58,693
|
)
|
|
(785
|
)
|
|
—
|
|
|
(785
|
)
|
|
(59,478
|
)
|
AOCI Component
|
Amount Reclassified from AOCI into Income
|
|
Affected Line Item Where Net Income is Presented
|
||||||||
|
Year ended December 31,
|
|
|
||||||||
(in thousands)
|
2015
|
|
2014
|
|
2013
|
|
|
||||
Interest rate swaps
|
$
|
9,152
|
|
|
9,353
|
|
|
9,433
|
|
|
Interest expense
|
Realized gains on sale of available-for-sale securities
|
—
|
|
|
(7,765
|
)
|
|
—
|
|
|
Net investment (income) loss
|
|
Year ended December 31,
|
||||||||
(in thousands)
|
2015
|
|
2014
|
|
2013
|
||||
Restricted stock
(1)
|
$
|
13,869
|
|
|
12,161
|
|
|
14,141
|
|
Directors' fees paid in common stock
(1)
|
200
|
|
|
208
|
|
|
238
|
|
|
Capitalized stock-based compensation
(2)
|
(2,988
|
)
|
|
(2,707
|
)
|
|
(2,188
|
)
|
|
Stock-based compensation, net of capitalization
|
$
|
11,081
|
|
|
9,662
|
|
|
12,191
|
|
|
|
Year ended December 31, 2015
|
|||||||||||
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value (in thousands)
|
|||||
Outstanding as of December 31, 2014
|
|
8,741
|
|
|
$
|
88.45
|
|
|
2.1
|
|
$
|
(216
|
)
|
Outstanding of of December 31, 2015
|
|
8,741
|
|
|
$
|
88.45
|
|
|
1.1
|
|
$
|
(178
|
)
|
Vested and expected to vest as of December 31, 2015
|
|
8,741
|
|
|
$
|
88.45
|
|
|
1.1
|
|
$
|
(178
|
)
|
Exercisable as of December 31, 2015
(1)
|
|
8,741
|
|
|
$
|
88.45
|
|
|
1.1
|
|
$
|
(178
|
)
|
|
|
Year ended December 31, 2015
|
|||||
|
|
Number of Shares
|
|
Intrinsic Value (in thousands)
|
|
Weighted Average Grant Price
|
|
Non-vested as of December 31, 2014
|
|
676,366
|
|
|
|
|
|
Add: Time-based awards granted
(1) (4)
|
|
119,714
|
|
|
|
|
$67.82
|
Add: Performance-based awards granted
(2) (4)
|
|
8,760
|
|
|
|
|
$68.49
|
Add: Market-based awards granted
(3) (4)
|
|
80,595
|
|
|
|
|
$72.89
|
Less: Vested and Distributed
(5)
|
|
268,747
|
|
|
|
|
$69.17
|
Less: Forfeited
|
|
1,268
|
|
|
|
|
$59.71
|
Non-vested as of December 31, 2015
(6)
|
|
615,420
|
|
|
$41,922
|
|
|
|
|
Year ended December 31,
|
||||
|
|
2015
|
|
2014
|
|
2013
|
Volatility
|
|
17.10%
|
|
24.60%
|
|
27.80%
|
Risk free interest rate
|
|
0.78%
|
|
0.64%
|
|
0.42%
|
Non Qualified Deferred Compensation Plan Component
(1)
|
Year ended December 31,
|
|||||
(in thousands)
|
2015
|
|
2014
|
|||
Assets:
|
|
|
|
|||
Trading securities held in trust
|
$
|
29,093
|
|
|
28,134
|
|
Liabilities:
|
|
|
|
|||
Accounts payable and other liabilities
|
$
|
28,632
|
|
|
27,621
|
|
|
|
Year ended December 31,
|
||||||||
(in thousands, except per share data)
|
|
2015
|
|
2014
|
|
2013
|
||||
Numerator:
|
|
|
|
|
|
|
||||
Continuing Operations
|
|
|
|
|
|
|
||||
Income from operations
|
|
$
|
116,937
|
|
|
133,770
|
|
|
84,297
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
1,703
|
|
|
Less: income attributable to noncontrolling interests
|
|
2,487
|
|
|
1,457
|
|
|
1,360
|
|
|
Income from continuing operations attributable to the Company
|
|
150,056
|
|
|
187,390
|
|
|
84,640
|
|
|
Less: preferred stock dividends and other
|
|
21,062
|
|
|
21,515
|
|
|
21,510
|
|
|
Income from continuing operations attributable to common stockholders - basic
|
|
$
|
128,994
|
|
|
165,875
|
|
|
63,130
|
|
Income from continuing operations attributable to common stockholders - diluted
|
|
$
|
128,994
|
|
|
165,938
|
|
|
63,175
|
|
Discontinued Operations
|
|
|
|
|
|
|
||||
Income from discontinued operations
|
|
—
|
|
|
—
|
|
|
65,285
|
|
|
Less: income from discontinued operations attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
121
|
|
|
Income from discontinued operations attributable to the Company
|
|
—
|
|
|
—
|
|
|
65,164
|
|
|
Net Income
|
|
|
|
|
|
|
||||
Net income attributable to common stockholders - basic
|
|
128,994
|
|
|
165,875
|
|
|
128,294
|
|
|
Net income attributable to common stockholders - diluted
|
|
$
|
128,994
|
|
|
165,938
|
|
|
128,339
|
|
Denominator:
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding for basic EPS
|
|
94,391
|
|
|
92,370
|
|
|
91,383
|
|
|
Weighted average common shares outstanding for diluted EPS
|
|
94,856
|
|
|
92,404
|
|
|
91,409
|
|
|
Income per common share – basic
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.37
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
1.37
|
|
|
1.80
|
|
|
1.40
|
|
Income per common share – diluted
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.36
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
1.36
|
|
|
1.80
|
|
|
1.40
|
|
|
|
Year ended December 31,
|
||||||||
(in thousands, except per share data)
|
|
2015
|
|
2014
|
|
2013
|
||||
Numerator:
|
|
|
|
|
|
|
||||
Continuing Operations
|
|
|
|
|
|
|
||||
Income from operations
|
|
$
|
116,937
|
|
|
133,770
|
|
|
84,297
|
|
Gain on sale of real estate
|
|
35,606
|
|
|
55,077
|
|
|
1,703
|
|
|
Less: income attributable to noncontrolling interests
|
|
2,247
|
|
|
1,138
|
|
|
1,084
|
|
|
Income from continuing operations attributable to the Partnership
|
|
150,296
|
|
|
187,709
|
|
|
84,916
|
|
|
Less: preferred unit distributions and other
|
|
21,062
|
|
|
21,515
|
|
|
21,510
|
|
|
Income from continuing operations attributable to common unit holders - basic
|
|
129,234
|
|
|
166,194
|
|
|
63,406
|
|
|
Income from continuing operations attributable to common unit holders - diluted
|
|
129,234
|
|
|
166,257
|
|
|
63,451
|
|
|
Discontinued Operations
|
|
|
|
|
|
|
||||
Income from discontinued operations
|
|
—
|
|
|
—
|
|
|
65,285
|
|
|
Less: income from discontinued operations attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
121
|
|
|
Income from discontinued operations attributable to the Partnership
|
|
—
|
|
|
—
|
|
|
65,164
|
|
|
Net Income
|
|
|
|
|
|
|
||||
Net income attributable to common unit holders - basic
|
|
129,234
|
|
|
166,194
|
|
|
128,570
|
|
|
Net income attributable to common unit holders - diluted
|
|
$
|
129,234
|
|
|
166,257
|
|
|
128,615
|
|
Denominator:
|
|
|
|
|
|
|
||||
Weighted average common units outstanding for basic EPU
|
|
94,546
|
|
|
92,528
|
|
|
91,555
|
|
|
Weighted average common units outstanding for diluted EPU
|
|
95,011
|
|
|
92,562
|
|
|
91,581
|
|
|
Income (loss) per common unit – basic
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.37
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income (loss) attributable to common unit holders
|
|
$
|
1.37
|
|
|
1.80
|
|
|
1.40
|
|
Income (loss) per common unit – diluted
|
|
|
|
|
|
|
||||
Continuing operations
|
|
$
|
1.36
|
|
|
1.80
|
|
|
0.69
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.71
|
|
|
Net income (loss) attributable to common unit holders
|
|
$
|
1.36
|
|
|
1.80
|
|
|
1.40
|
|
In Process Year Ending December 31,
|
|
Future Minimum Rents (in thousands)
|
||
2016
|
|
$
|
414,025
|
|
2017
|
|
372,266
|
|
|
2018
|
|
323,354
|
|
|
2019
|
|
278,450
|
|
|
2020
|
|
228,796
|
|
|
Thereafter
|
|
1,037,783
|
|
|
Total
|
|
$
|
2,654,674
|
|
In Process Year Ending December 31,
|
|
Future Obligations (in thousands)
|
||
2016
|
|
$
|
8,450
|
|
2017
|
|
7,599
|
|
|
2018
|
|
7,374
|
|
|
2019
|
|
7,106
|
|
|
2020
|
|
6,393
|
|
|
Thereafter
|
|
253,900
|
|
|
Total
|
|
$
|
290,822
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
4S Commons Town Center
|
|
$
|
30,760
|
|
|
35,830
|
|
|
797
|
|
|
30,812
|
|
|
36,575
|
|
|
67,387
|
|
|
18,476
|
|
|
48,911
|
|
|
62,500
|
|
Airport Crossing
|
|
1,748
|
|
|
1,690
|
|
|
156
|
|
|
1,744
|
|
|
1,850
|
|
|
3,594
|
|
|
885
|
|
|
2,709
|
|
|
—
|
|
|
Amerige Heights Town Center
|
|
10,109
|
|
|
11,288
|
|
|
440
|
|
|
10,109
|
|
|
11,728
|
|
|
21,837
|
|
|
3,317
|
|
|
18,520
|
|
|
16,349
|
|
|
Anastasia Plaza
|
|
9,065
|
|
|
—
|
|
|
470
|
|
|
3,338
|
|
|
6,197
|
|
|
9,535
|
|
|
1,653
|
|
|
7,882
|
|
|
—
|
|
|
Ashburn Farm Market Center
|
|
9,835
|
|
|
4,812
|
|
|
145
|
|
|
9,835
|
|
|
4,957
|
|
|
14,792
|
|
|
3,810
|
|
|
10,982
|
|
|
—
|
|
|
Ashford Perimeter
|
|
2,584
|
|
|
9,865
|
|
|
879
|
|
|
2,584
|
|
|
10,744
|
|
|
13,328
|
|
|
6,412
|
|
|
6,916
|
|
|
—
|
|
|
Augusta Center
|
|
5,142
|
|
|
2,720
|
|
|
(5,632
|
)
|
|
1,366
|
|
|
864
|
|
|
2,230
|
|
|
436
|
|
|
1,794
|
|
|
—
|
|
|
Aventura Shopping Center
|
|
2,751
|
|
|
10,459
|
|
|
30
|
|
|
2,751
|
|
|
10,489
|
|
|
13,240
|
|
|
10,330
|
|
|
2,910
|
|
|
—
|
|
|
Balboa Mesa Shopping Center
|
|
23,074
|
|
|
33,838
|
|
|
13,857
|
|
|
27,765
|
|
|
43,004
|
|
|
70,769
|
|
|
5,496
|
|
|
65,273
|
|
|
—
|
|
|
Belleview Square
|
|
8,132
|
|
|
9,756
|
|
|
2,358
|
|
|
8,323
|
|
|
11,923
|
|
|
20,246
|
|
|
6,105
|
|
|
14,141
|
|
|
—
|
|
|
Berkshire Commons
|
|
2,295
|
|
|
9,551
|
|
|
1,905
|
|
|
2,965
|
|
|
10,786
|
|
|
13,751
|
|
|
6,804
|
|
|
6,947
|
|
|
7,500
|
|
|
Blackrock
|
|
22,251
|
|
|
20,815
|
|
|
132
|
|
|
22,251
|
|
|
20,946
|
|
|
43,197
|
|
|
1,787
|
|
|
41,410
|
|
|
19,828
|
|
|
Bloomingdale Square
|
|
3,940
|
|
|
14,912
|
|
|
2,081
|
|
|
3,940
|
|
|
16,993
|
|
|
20,933
|
|
|
7,997
|
|
|
12,936
|
|
|
—
|
|
|
Boulevard Center
|
|
3,659
|
|
|
10,787
|
|
|
1,188
|
|
|
3,659
|
|
|
11,975
|
|
|
15,634
|
|
|
5,872
|
|
|
9,762
|
|
|
—
|
|
|
Boynton Lakes Plaza
|
|
2,628
|
|
|
11,236
|
|
|
4,606
|
|
|
3,606
|
|
|
14,864
|
|
|
18,470
|
|
|
5,692
|
|
|
12,778
|
|
|
—
|
|
|
Brentwood Plaza
|
|
2,788
|
|
|
3,473
|
|
|
286
|
|
|
2,788
|
|
|
3,759
|
|
|
6,547
|
|
|
836
|
|
|
5,711
|
|
|
—
|
|
|
Briarcliff La Vista
|
|
694
|
|
|
3,292
|
|
|
461
|
|
|
694
|
|
|
3,753
|
|
|
4,447
|
|
|
2,442
|
|
|
2,005
|
|
|
—
|
|
|
Briarcliff Village
|
|
4,597
|
|
|
24,836
|
|
|
1,164
|
|
|
4,597
|
|
|
26,000
|
|
|
30,597
|
|
|
15,674
|
|
|
14,923
|
|
|
—
|
|
|
Brickwalk
|
|
25,299
|
|
|
41,995
|
|
|
183
|
|
|
25,299
|
|
|
42,178
|
|
|
67,477
|
|
|
2,639
|
|
|
64,838
|
|
|
31,514
|
|
|
Bridgeton
|
|
3,033
|
|
|
8,137
|
|
|
107
|
|
|
3,067
|
|
|
8,210
|
|
|
11,277
|
|
|
1,528
|
|
|
9,749
|
|
|
—
|
|
|
Brighten Park
|
|
3,983
|
|
|
18,687
|
|
|
2,162
|
|
|
3,926
|
|
|
20,906
|
|
|
24,832
|
|
|
11,241
|
|
|
13,591
|
|
|
—
|
|
|
Buckhead Court
|
|
1,417
|
|
|
7,432
|
|
|
835
|
|
|
1,417
|
|
|
8,267
|
|
|
9,684
|
|
|
5,271
|
|
|
4,413
|
|
|
—
|
|
|
Buckley Square
|
|
2,970
|
|
|
5,978
|
|
|
836
|
|
|
2,970
|
|
|
6,814
|
|
|
9,784
|
|
|
3,520
|
|
|
6,264
|
|
|
—
|
|
|
Buckwalter Place Shopping Ctr
|
|
6,563
|
|
|
6,590
|
|
|
498
|
|
|
6,783
|
|
|
6,868
|
|
|
13,651
|
|
|
3,058
|
|
|
10,593
|
|
|
—
|
|
|
Caligo Crossing
|
|
2,459
|
|
|
4,897
|
|
|
144
|
|
|
2,546
|
|
|
4,954
|
|
|
7,500
|
|
|
2,064
|
|
|
5,436
|
|
|
—
|
|
|
Cambridge Square
|
|
774
|
|
|
4,347
|
|
|
725
|
|
|
774
|
|
|
5,072
|
|
|
5,846
|
|
|
2,768
|
|
|
3,078
|
|
|
—
|
|
|
Carmel Commons
|
|
2,466
|
|
|
12,548
|
|
|
4,737
|
|
|
3,422
|
|
|
16,329
|
|
|
19,751
|
|
|
7,570
|
|
|
12,181
|
|
|
—
|
|
|
Carriage Gate
|
|
833
|
|
|
4,974
|
|
|
2,782
|
|
|
1,302
|
|
|
7,287
|
|
|
8,589
|
|
|
4,730
|
|
|
3,859
|
|
|
—
|
|
|
Centerplace of Greeley III
|
|
6,661
|
|
|
11,502
|
|
|
1,621
|
|
|
5,690
|
|
|
14,094
|
|
|
19,784
|
|
|
4,225
|
|
|
15,559
|
|
|
—
|
|
|
Chasewood Plaza
|
|
4,612
|
|
|
20,829
|
|
|
4,737
|
|
|
6,511
|
|
|
23,667
|
|
|
30,178
|
|
|
13,365
|
|
|
16,813
|
|
|
—
|
|
|
Cherry Grove
|
|
3,533
|
|
|
15,862
|
|
|
2,286
|
|
|
3,533
|
|
|
18,148
|
|
|
21,681
|
|
|
8,133
|
|
|
13,548
|
|
|
—
|
|
|
Clayton Valley Shopping Center
|
|
24,189
|
|
|
35,422
|
|
|
2,261
|
|
|
24,538
|
|
|
37,334
|
|
|
61,872
|
|
|
18,678
|
|
|
43,194
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
Clybourn Commons
|
|
15,056
|
|
|
5,594
|
|
|
118
|
|
|
15,056
|
|
|
5,712
|
|
|
20,768
|
|
|
458
|
|
|
20,310
|
|
|
—
|
|
|
Cochran's Crossing
|
|
13,154
|
|
|
12,315
|
|
|
848
|
|
|
13,154
|
|
|
13,163
|
|
|
26,317
|
|
|
8,208
|
|
|
18,109
|
|
|
—
|
|
|
Corkscrew Village
|
|
8,407
|
|
|
8,004
|
|
|
171
|
|
|
8,407
|
|
|
8,175
|
|
|
16,582
|
|
|
2,726
|
|
|
13,856
|
|
|
7,642
|
|
|
Cornerstone Square
|
|
1,772
|
|
|
6,944
|
|
|
1,145
|
|
|
1,772
|
|
|
8,089
|
|
|
9,861
|
|
|
4,576
|
|
|
5,285
|
|
|
—
|
|
|
Corvallis Market Center
|
|
6,674
|
|
|
12,244
|
|
|
388
|
|
|
6,696
|
|
|
12,610
|
|
|
19,306
|
|
|
4,124
|
|
|
15,182
|
|
|
—
|
|
|
Costa Verde Center
|
|
12,740
|
|
|
26,868
|
|
|
1,609
|
|
|
12,798
|
|
|
28,419
|
|
|
41,217
|
|
|
13,910
|
|
|
27,307
|
|
|
—
|
|
|
Courtyard Landcom
|
|
5,867
|
|
|
4
|
|
|
3
|
|
|
5,867
|
|
|
7
|
|
|
5,874
|
|
|
1
|
|
|
5,873
|
|
|
—
|
|
|
Culpeper Colonnade
|
|
15,944
|
|
|
10,601
|
|
|
4,876
|
|
|
16,258
|
|
|
15,163
|
|
|
31,421
|
|
|
6,911
|
|
|
24,510
|
|
|
—
|
|
|
Dardenne Crossing
|
|
4,194
|
|
|
4,005
|
|
|
253
|
|
|
4,343
|
|
|
4,109
|
|
|
8,452
|
|
|
1,056
|
|
|
7,396
|
|
|
—
|
|
|
Delk Spectrum
|
|
2,985
|
|
|
12,001
|
|
|
1,444
|
|
|
3,000
|
|
|
13,430
|
|
|
16,430
|
|
|
6,392
|
|
|
10,038
|
|
|
—
|
|
|
Diablo Plaza
|
|
5,300
|
|
|
8,181
|
|
|
1,123
|
|
|
5,300
|
|
|
9,304
|
|
|
14,604
|
|
|
4,243
|
|
|
10,361
|
|
|
—
|
|
|
Dunwoody Village
|
|
3,342
|
|
|
15,934
|
|
|
3,219
|
|
|
3,342
|
|
|
19,153
|
|
|
22,495
|
|
|
11,360
|
|
|
11,135
|
|
|
—
|
|
|
East Pointe
|
|
1,730
|
|
|
7,189
|
|
|
1,997
|
|
|
1,937
|
|
|
8,979
|
|
|
10,916
|
|
|
4,331
|
|
|
6,585
|
|
|
—
|
|
|
East Washington Place
|
|
15,993
|
|
|
40,151
|
|
|
1,570
|
|
|
15,509
|
|
|
42,205
|
|
|
57,714
|
|
|
4,992
|
|
|
52,722
|
|
|
—
|
|
|
El Camino Shopping Center
|
|
7,600
|
|
|
11,538
|
|
|
1,154
|
|
|
7,600
|
|
|
12,692
|
|
|
20,292
|
|
|
5,338
|
|
|
14,954
|
|
|
—
|
|
|
El Cerrito Plaza
|
|
11,025
|
|
|
27,371
|
|
|
859
|
|
|
11,025
|
|
|
28,230
|
|
|
39,255
|
|
|
7,278
|
|
|
31,977
|
|
|
37,989
|
|
|
El Norte Parkway Plaza
|
|
2,834
|
|
|
7,370
|
|
|
3,198
|
|
|
3,263
|
|
|
10,139
|
|
|
13,402
|
|
|
4,118
|
|
|
9,284
|
|
|
—
|
|
|
Encina Grande
|
|
5,040
|
|
|
11,572
|
|
|
(107
|
)
|
|
5,040
|
|
|
11,465
|
|
|
16,505
|
|
|
8,180
|
|
|
8,325
|
|
|
—
|
|
|
Fairfax Shopping Center
|
|
15,239
|
|
|
11,367
|
|
|
(5,539
|
)
|
|
13,175
|
|
|
7,892
|
|
|
21,067
|
|
|
2,107
|
|
|
18,960
|
|
|
—
|
|
|
Fairfield
|
|
6,731
|
|
|
29,420
|
|
|
432
|
|
|
6,731
|
|
|
29,852
|
|
|
36,583
|
|
|
1,793
|
|
|
34,790
|
|
|
—
|
|
|
Falcon
|
|
1,340
|
|
|
4,168
|
|
|
162
|
|
|
1,340
|
|
|
4,330
|
|
|
5,670
|
|
|
1,607
|
|
|
4,063
|
|
|
—
|
|
|
Fellsway Plaza
|
|
30,712
|
|
|
7,327
|
|
|
5,913
|
|
|
32,982
|
|
|
10,970
|
|
|
43,952
|
|
|
1,671
|
|
|
42,281
|
|
|
34,154
|
|
|
Fenton Marketplace
|
|
2,298
|
|
|
8,510
|
|
|
(8,307
|
)
|
|
512
|
|
|
1,989
|
|
|
2,501
|
|
|
417
|
|
|
2,084
|
|
|
—
|
|
|
Fleming Island
|
|
3,077
|
|
|
11,587
|
|
|
2,771
|
|
|
3,111
|
|
|
14,324
|
|
|
17,435
|
|
|
6,004
|
|
|
11,431
|
|
|
—
|
|
|
Fountain Square
|
|
29,650
|
|
|
28,286
|
|
|
208
|
|
|
29,650
|
|
|
28,494
|
|
|
58,144
|
|
|
1,624
|
|
|
56,520
|
|
|
—
|
|
|
French Valley Village Center
|
|
11,924
|
|
|
16,856
|
|
|
111
|
|
|
11,822
|
|
|
17,069
|
|
|
28,891
|
|
|
9,223
|
|
|
19,668
|
|
|
—
|
|
|
Friars Mission Center
|
|
6,660
|
|
|
28,021
|
|
|
1,244
|
|
|
6,660
|
|
|
29,265
|
|
|
35,925
|
|
|
12,430
|
|
|
23,495
|
|
|
—
|
|
|
Gardens Square
|
|
2,136
|
|
|
8,273
|
|
|
444
|
|
|
2,136
|
|
|
8,717
|
|
|
10,853
|
|
|
4,228
|
|
|
6,625
|
|
|
—
|
|
|
Gateway 101
|
|
24,971
|
|
|
9,113
|
|
|
26
|
|
|
24,971
|
|
|
9,139
|
|
|
34,110
|
|
|
3,163
|
|
|
30,947
|
|
|
—
|
|
|
Gateway Shopping Center
|
|
52,665
|
|
|
7,134
|
|
|
2,240
|
|
|
52,671
|
|
|
9,368
|
|
|
62,039
|
|
|
10,790
|
|
|
51,249
|
|
|
—
|
|
|
Gelson's Westlake Market Plaza
|
|
3,157
|
|
|
11,153
|
|
|
372
|
|
|
3,157
|
|
|
11,525
|
|
|
14,682
|
|
|
4,913
|
|
|
9,769
|
|
|
—
|
|
|
Glen Oak Plaza
|
|
4,103
|
|
|
12,951
|
|
|
475
|
|
|
4,103
|
|
|
13,426
|
|
|
17,529
|
|
|
2,492
|
|
|
15,037
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
Glenwood Village
|
|
1,194
|
|
|
5,381
|
|
|
278
|
|
|
1,194
|
|
|
5,659
|
|
|
6,853
|
|
|
3,704
|
|
|
3,149
|
|
|
—
|
|
|
Golden Hills Plaza
|
|
12,699
|
|
|
18,482
|
|
|
2,815
|
|
|
12,054
|
|
|
21,942
|
|
|
33,996
|
|
|
5,777
|
|
|
28,219
|
|
|
—
|
|
|
Grand Ridge Plaza
|
|
24,208
|
|
|
61,033
|
|
|
3,053
|
|
|
24,879
|
|
|
63,415
|
|
|
88,294
|
|
|
7,731
|
|
|
80,563
|
|
|
11,125
|
|
|
Hancock
|
|
8,232
|
|
|
28,260
|
|
|
1,272
|
|
|
8,232
|
|
|
29,532
|
|
|
37,764
|
|
|
13,895
|
|
|
23,869
|
|
|
—
|
|
|
Harpeth Village Fieldstone
|
|
2,284
|
|
|
9,443
|
|
|
516
|
|
|
2,284
|
|
|
9,959
|
|
|
12,243
|
|
|
4,425
|
|
|
7,818
|
|
|
—
|
|
|
Harris Crossing
|
|
7,199
|
|
|
3,677
|
|
|
(13
|
)
|
|
7,152
|
|
|
3,711
|
|
|
10,863
|
|
|
1,827
|
|
|
9,036
|
|
|
—
|
|
|
Heritage Land
|
|
12,390
|
|
|
—
|
|
|
(453
|
)
|
|
11,937
|
|
|
—
|
|
|
11,937
|
|
|
—
|
|
|
11,937
|
|
|
—
|
|
|
Heritage Plaza
|
|
—
|
|
|
26,097
|
|
|
13,672
|
|
|
278
|
|
|
39,491
|
|
|
39,769
|
|
|
14,150
|
|
|
25,619
|
|
|
—
|
|
|
Hershey
|
|
7
|
|
|
808
|
|
|
7
|
|
|
7
|
|
|
815
|
|
|
822
|
|
|
326
|
|
|
496
|
|
|
—
|
|
|
Hibernia Pavilion
|
|
4,929
|
|
|
5,065
|
|
|
11
|
|
|
4,929
|
|
|
5,076
|
|
|
10,005
|
|
|
2,087
|
|
|
7,918
|
|
|
—
|
|
|
Hibernia Plaza
|
|
267
|
|
|
230
|
|
|
(3
|
)
|
|
267
|
|
|
227
|
|
|
494
|
|
|
70
|
|
|
424
|
|
|
—
|
|
|
Hickory Creek Plaza
|
|
5,629
|
|
|
4,564
|
|
|
276
|
|
|
5,629
|
|
|
4,840
|
|
|
10,469
|
|
|
2,999
|
|
|
7,470
|
|
|
—
|
|
|
Hillcrest Village
|
|
1,600
|
|
|
1,909
|
|
|
51
|
|
|
1,600
|
|
|
1,960
|
|
|
3,560
|
|
|
847
|
|
|
2,713
|
|
|
—
|
|
|
Hilltop Village
|
|
2,995
|
|
|
4,581
|
|
|
1,710
|
|
|
3,132
|
|
|
6,154
|
|
|
9,286
|
|
|
947
|
|
|
8,339
|
|
|
7,500
|
|
|
Hinsdale
|
|
5,734
|
|
|
16,709
|
|
|
10,352
|
|
|
7,985
|
|
|
24,810
|
|
|
32,795
|
|
|
8,912
|
|
|
23,883
|
|
|
—
|
|
|
Holly Park
|
|
8,975
|
|
|
23,799
|
|
|
(97
|
)
|
|
8,828
|
|
|
23,849
|
|
|
32,677
|
|
|
1,853
|
|
|
30,824
|
|
|
—
|
|
|
Howell Mill Village
|
|
5,157
|
|
|
14,279
|
|
|
2,105
|
|
|
5,157
|
|
|
16,384
|
|
|
21,541
|
|
|
4,111
|
|
|
17,430
|
|
|
—
|
|
|
Hyde Park
|
|
9,809
|
|
|
39,905
|
|
|
2,507
|
|
|
9,809
|
|
|
42,412
|
|
|
52,221
|
|
|
21,138
|
|
|
31,083
|
|
|
—
|
|
|
Indian Springs
|
|
24,974
|
|
|
25,903
|
|
|
18
|
|
|
25,034
|
|
|
25,861
|
|
|
50,895
|
|
|
1,085
|
|
|
49,810
|
|
|
—
|
|
|
Indio Towne Center
|
|
17,946
|
|
|
31,985
|
|
|
81
|
|
|
17,317
|
|
|
32,695
|
|
|
50,012
|
|
|
11,375
|
|
|
38,637
|
|
|
—
|
|
|
Inglewood Plaza
|
|
1,300
|
|
|
2,159
|
|
|
299
|
|
|
1,300
|
|
|
2,458
|
|
|
3,758
|
|
|
1,133
|
|
|
2,625
|
|
|
—
|
|
|
Jefferson Square
|
|
5,167
|
|
|
6,445
|
|
|
(7,215
|
)
|
|
1,894
|
|
|
2,503
|
|
|
4,397
|
|
|
356
|
|
|
4,041
|
|
|
—
|
|
|
Keller Town Center
|
|
2,294
|
|
|
12,841
|
|
|
652
|
|
|
2,404
|
|
|
13,383
|
|
|
15,787
|
|
|
5,648
|
|
|
10,139
|
|
|
—
|
|
|
Kent Place
|
|
4,855
|
|
|
3,544
|
|
|
742
|
|
|
5,228
|
|
|
3,913
|
|
|
9,141
|
|
|
458
|
|
|
8,683
|
|
|
8,250
|
|
|
Kirkwood Commons
|
|
6,772
|
|
|
16,224
|
|
|
478
|
|
|
6,802
|
|
|
16,672
|
|
|
23,474
|
|
|
2,838
|
|
|
20,636
|
|
|
10,528
|
|
|
Kroger New Albany Center
|
|
3,844
|
|
|
6,599
|
|
|
646
|
|
|
3,844
|
|
|
7,245
|
|
|
11,089
|
|
|
4,768
|
|
|
6,321
|
|
|
—
|
|
|
Lake Pine Plaza
|
|
2,008
|
|
|
7,632
|
|
|
512
|
|
|
2,029
|
|
|
8,123
|
|
|
10,152
|
|
|
3,700
|
|
|
6,452
|
|
|
—
|
|
|
Lebanon/Legacy Center
|
|
3,913
|
|
|
7,874
|
|
|
92
|
|
|
3,913
|
|
|
7,966
|
|
|
11,879
|
|
|
4,983
|
|
|
6,896
|
|
|
—
|
|
|
Littleton Square
|
|
2,030
|
|
|
8,859
|
|
|
(4,063
|
)
|
|
2,418
|
|
|
4,408
|
|
|
6,826
|
|
|
1,427
|
|
|
5,399
|
|
|
—
|
|
|
Lloyd King
|
|
1,779
|
|
|
10,060
|
|
|
1,121
|
|
|
1,779
|
|
|
11,181
|
|
|
12,960
|
|
|
5,156
|
|
|
7,804
|
|
|
—
|
|
|
Loehmanns Plaza California
|
|
5,420
|
|
|
9,450
|
|
|
799
|
|
|
5,420
|
|
|
10,249
|
|
|
15,669
|
|
|
4,810
|
|
|
10,859
|
|
|
—
|
|
|
Lower Nazareth Commons
|
|
15,992
|
|
|
12,964
|
|
|
3,268
|
|
|
16,343
|
|
|
15,881
|
|
|
32,224
|
|
|
6,312
|
|
|
25,912
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
Market at Colonnade Center
|
|
6,455
|
|
|
9,839
|
|
|
60
|
|
|
6,160
|
|
|
10,194
|
|
|
16,354
|
|
|
2,327
|
|
|
14,027
|
|
|
—
|
|
|
Market at Preston Forest
|
|
4,400
|
|
|
11,445
|
|
|
1,170
|
|
|
4,400
|
|
|
12,615
|
|
|
17,015
|
|
|
5,613
|
|
|
11,402
|
|
|
—
|
|
|
Market at Round Rock
|
|
2,000
|
|
|
9,676
|
|
|
6,214
|
|
|
2,000
|
|
|
15,890
|
|
|
17,890
|
|
|
7,024
|
|
|
10,866
|
|
|
—
|
|
|
Marketplace Shopping Center
|
|
1,287
|
|
|
5,509
|
|
|
5,103
|
|
|
1,330
|
|
|
10,569
|
|
|
11,899
|
|
|
5,024
|
|
|
6,875
|
|
|
—
|
|
|
Marketplace at Briargate
|
|
1,706
|
|
|
4,885
|
|
|
39
|
|
|
1,727
|
|
|
4,903
|
|
|
6,630
|
|
|
2,091
|
|
|
4,539
|
|
|
—
|
|
|
Millhopper Shopping Center
|
|
1,073
|
|
|
5,358
|
|
|
4,960
|
|
|
1,796
|
|
|
9,595
|
|
|
11,391
|
|
|
6,049
|
|
|
5,342
|
|
|
—
|
|
|
Mockingbird Commons
|
|
3,000
|
|
|
10,728
|
|
|
775
|
|
|
3,000
|
|
|
11,503
|
|
|
14,503
|
|
|
5,363
|
|
|
9,140
|
|
|
10,300
|
|
|
Monument Jackson Creek
|
|
2,999
|
|
|
6,765
|
|
|
670
|
|
|
2,999
|
|
|
7,435
|
|
|
10,434
|
|
|
4,922
|
|
|
5,512
|
|
|
—
|
|
|
Morningside Plaza
|
|
4,300
|
|
|
13,951
|
|
|
492
|
|
|
4,300
|
|
|
14,443
|
|
|
18,743
|
|
|
6,610
|
|
|
12,133
|
|
|
—
|
|
|
Murryhill Marketplace
|
|
2,670
|
|
|
18,401
|
|
|
1,976
|
|
|
2,670
|
|
|
20,377
|
|
|
23,047
|
|
|
9,031
|
|
|
14,016
|
|
|
—
|
|
|
Naples Walk
|
|
18,173
|
|
|
13,554
|
|
|
571
|
|
|
18,173
|
|
|
14,125
|
|
|
32,298
|
|
|
4,468
|
|
|
27,830
|
|
|
14,488
|
|
|
Newberry Square
|
|
2,412
|
|
|
10,150
|
|
|
382
|
|
|
2,412
|
|
|
10,532
|
|
|
12,944
|
|
|
7,270
|
|
|
5,674
|
|
|
—
|
|
|
Newland Center
|
|
12,500
|
|
|
10,697
|
|
|
902
|
|
|
12,500
|
|
|
11,599
|
|
|
24,099
|
|
|
5,761
|
|
|
18,338
|
|
|
—
|
|
|
Nocatee Town Center
|
|
10,124
|
|
|
8,691
|
|
|
558
|
|
|
8,695
|
|
|
10,678
|
|
|
19,373
|
|
|
2,820
|
|
|
16,553
|
|
|
—
|
|
|
North Hills
|
|
4,900
|
|
|
19,774
|
|
|
1,085
|
|
|
4,900
|
|
|
20,859
|
|
|
25,759
|
|
|
9,422
|
|
|
16,337
|
|
|
—
|
|
|
Northgate Marketplace
|
|
5,668
|
|
|
13,727
|
|
|
(101
|
)
|
|
4,995
|
|
|
14,299
|
|
|
19,294
|
|
|
2,682
|
|
|
16,612
|
|
|
—
|
|
|
Northgate Plaza (Maxtown Road)
|
|
1,769
|
|
|
6,652
|
|
|
255
|
|
|
1,769
|
|
|
6,907
|
|
|
8,676
|
|
|
3,413
|
|
|
5,263
|
|
|
—
|
|
|
Northgate Square
|
|
5,011
|
|
|
8,692
|
|
|
702
|
|
|
5,011
|
|
|
9,394
|
|
|
14,405
|
|
|
2,910
|
|
|
11,495
|
|
|
—
|
|
|
Northlake Village
|
|
2,662
|
|
|
11,284
|
|
|
1,215
|
|
|
2,686
|
|
|
12,475
|
|
|
15,161
|
|
|
5,360
|
|
|
9,801
|
|
|
—
|
|
|
Oak Shade Town Center
|
|
6,591
|
|
|
28,966
|
|
|
518
|
|
|
6,591
|
|
|
29,484
|
|
|
36,075
|
|
|
4,675
|
|
|
31,400
|
|
|
9,208
|
|
|
Oakbrook Plaza
|
|
4,000
|
|
|
6,668
|
|
|
321
|
|
|
4,000
|
|
|
6,989
|
|
|
10,989
|
|
|
3,207
|
|
|
7,782
|
|
|
—
|
|
|
Oakleaf Commons
|
|
3,503
|
|
|
11,671
|
|
|
247
|
|
|
3,510
|
|
|
11,911
|
|
|
15,421
|
|
|
4,350
|
|
|
11,071
|
|
|
—
|
|
|
Ocala Corners
|
|
1,816
|
|
|
10,515
|
|
|
370
|
|
|
1,816
|
|
|
10,885
|
|
|
12,701
|
|
|
2,181
|
|
|
10,520
|
|
|
4,826
|
|
|
Old St Augustine Plaza
|
|
2,368
|
|
|
11,405
|
|
|
218
|
|
|
2,368
|
|
|
11,623
|
|
|
13,991
|
|
|
5,951
|
|
|
8,040
|
|
|
—
|
|
|
Paces Ferry Plaza
|
|
2,812
|
|
|
12,639
|
|
|
441
|
|
|
2,812
|
|
|
13,080
|
|
|
15,892
|
|
|
8,010
|
|
|
7,882
|
|
|
—
|
|
|
Panther Creek
|
|
14,414
|
|
|
14,748
|
|
|
3,044
|
|
|
15,212
|
|
|
16,994
|
|
|
32,206
|
|
|
10,251
|
|
|
21,955
|
|
|
—
|
|
|
Peartree Village
|
|
5,197
|
|
|
19,746
|
|
|
859
|
|
|
5,197
|
|
|
20,605
|
|
|
25,802
|
|
|
10,404
|
|
|
15,398
|
|
|
6,836
|
|
|
Persimmons Place
|
|
25,979
|
|
|
37,101
|
|
|
—
|
|
|
25,979
|
|
|
37,101
|
|
|
63,080
|
|
|
1,162
|
|
|
61,918
|
|
|
—
|
|
|
Pike Creek
|
|
5,153
|
|
|
20,652
|
|
|
1,613
|
|
|
5,251
|
|
|
22,167
|
|
|
27,418
|
|
|
10,446
|
|
|
16,972
|
|
|
—
|
|
|
Pima Crossing
|
|
5,800
|
|
|
28,143
|
|
|
1,515
|
|
|
5,800
|
|
|
29,658
|
|
|
35,458
|
|
|
13,956
|
|
|
21,502
|
|
|
—
|
|
|
Pine Lake Village
|
|
6,300
|
|
|
10,991
|
|
|
816
|
|
|
6,300
|
|
|
11,807
|
|
|
18,107
|
|
|
5,456
|
|
|
12,651
|
|
|
—
|
|
|
Pine Tree Plaza
|
|
668
|
|
|
6,220
|
|
|
610
|
|
|
668
|
|
|
6,830
|
|
|
7,498
|
|
|
3,045
|
|
|
4,453
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
Plaza Hermosa
|
|
4,200
|
|
|
10,109
|
|
|
3,031
|
|
|
4,202
|
|
|
13,138
|
|
|
17,340
|
|
|
4,916
|
|
|
12,424
|
|
|
13,800
|
|
|
Powell Street Plaza
|
|
8,248
|
|
|
30,716
|
|
|
1,998
|
|
|
8,248
|
|
|
32,714
|
|
|
40,962
|
|
|
12,432
|
|
|
28,530
|
|
|
—
|
|
|
Powers Ferry Square
|
|
3,687
|
|
|
17,965
|
|
|
6,306
|
|
|
5,321
|
|
|
22,637
|
|
|
27,958
|
|
|
12,546
|
|
|
15,412
|
|
|
—
|
|
|
Powers Ferry Village
|
|
1,191
|
|
|
4,672
|
|
|
499
|
|
|
1,191
|
|
|
5,171
|
|
|
6,362
|
|
|
3,191
|
|
|
3,171
|
|
|
—
|
|
|
Prairie City Crossing
|
|
4,164
|
|
|
13,032
|
|
|
381
|
|
|
4,164
|
|
|
13,413
|
|
|
17,577
|
|
|
5,150
|
|
|
12,427
|
|
|
—
|
|
|
Prestonbrook
|
|
7,069
|
|
|
8,622
|
|
|
257
|
|
|
7,069
|
|
|
8,879
|
|
|
15,948
|
|
|
5,983
|
|
|
9,965
|
|
|
6,800
|
|
|
Preston Oaks
|
|
763
|
|
|
30,438
|
|
|
398
|
|
|
763
|
|
|
30,836
|
|
|
31,599
|
|
|
2,451
|
|
|
29,148
|
|
|
—
|
|
|
Red Bank
|
|
10,336
|
|
|
9,505
|
|
|
(115
|
)
|
|
10,110
|
|
|
9,616
|
|
|
19,726
|
|
|
1,953
|
|
|
17,773
|
|
|
—
|
|
|
Regency Commons
|
|
3,917
|
|
|
3,616
|
|
|
236
|
|
|
3,917
|
|
|
3,852
|
|
|
7,769
|
|
|
1,989
|
|
|
5,780
|
|
|
—
|
|
|
Regency Solar (Saugus)
|
|
—
|
|
|
—
|
|
|
758
|
|
|
6
|
|
|
752
|
|
|
758
|
|
|
78
|
|
|
680
|
|
|
—
|
|
|
Regency Square
|
|
4,770
|
|
|
25,191
|
|
|
4,768
|
|
|
5,060
|
|
|
29,669
|
|
|
34,729
|
|
|
20,863
|
|
|
13,866
|
|
|
—
|
|
|
Rona Plaza
|
|
1,500
|
|
|
4,917
|
|
|
186
|
|
|
1,500
|
|
|
5,103
|
|
|
6,603
|
|
|
2,604
|
|
|
3,999
|
|
|
—
|
|
|
Russell Ridge
|
|
2,234
|
|
|
6,903
|
|
|
1,296
|
|
|
2,234
|
|
|
8,199
|
|
|
10,433
|
|
|
4,200
|
|
|
6,233
|
|
|
—
|
|
|
Sammamish-Highlands
|
|
9,300
|
|
|
8,075
|
|
|
7,949
|
|
|
9,592
|
|
|
15,732
|
|
|
25,324
|
|
|
5,388
|
|
|
19,936
|
|
|
—
|
|
|
San Leandro Plaza
|
|
1,300
|
|
|
8,226
|
|
|
514
|
|
|
1,300
|
|
|
8,740
|
|
|
10,040
|
|
|
3,790
|
|
|
6,250
|
|
|
—
|
|
|
Sandy Springs
|
|
6,889
|
|
|
28,056
|
|
|
2,045
|
|
|
6,889
|
|
|
30,101
|
|
|
36,990
|
|
|
3,189
|
|
|
33,801
|
|
|
—
|
|
|
Saugus
|
|
19,201
|
|
|
17,984
|
|
|
(1,114
|
)
|
|
18,805
|
|
|
17,266
|
|
|
36,071
|
|
|
6,429
|
|
|
29,642
|
|
|
—
|
|
|
Seminole Shoppes
|
|
8,593
|
|
|
7,523
|
|
|
159
|
|
|
8,629
|
|
|
7,646
|
|
|
16,275
|
|
|
1,940
|
|
|
14,335
|
|
|
9,698
|
|
|
Sequoia Station
|
|
9,100
|
|
|
18,356
|
|
|
1,467
|
|
|
9,100
|
|
|
19,823
|
|
|
28,923
|
|
|
8,547
|
|
|
20,376
|
|
|
21,100
|
|
|
Sherwood II
|
|
2,731
|
|
|
6,360
|
|
|
631
|
|
|
2,731
|
|
|
6,991
|
|
|
9,722
|
|
|
2,413
|
|
|
7,309
|
|
|
—
|
|
|
Shoppes @ 104
|
|
11,193
|
|
|
—
|
|
|
810
|
|
|
6,652
|
|
|
5,351
|
|
|
12,003
|
|
|
1,572
|
|
|
10,431
|
|
|
—
|
|
|
Shoppes at Fairhope Village
|
|
6,920
|
|
|
11,198
|
|
|
361
|
|
|
6,920
|
|
|
11,559
|
|
|
18,479
|
|
|
3,607
|
|
|
14,872
|
|
|
—
|
|
|
Shoppes of Grande Oak
|
|
5,091
|
|
|
5,985
|
|
|
245
|
|
|
5,091
|
|
|
6,230
|
|
|
11,321
|
|
|
4,272
|
|
|
7,049
|
|
|
—
|
|
|
Shops at Arizona
|
|
3,063
|
|
|
3,243
|
|
|
176
|
|
|
3,063
|
|
|
3,419
|
|
|
6,482
|
|
|
1,964
|
|
|
4,518
|
|
|
—
|
|
|
Shops at County Center
|
|
9,957
|
|
|
11,269
|
|
|
805
|
|
|
10,225
|
|
|
11,806
|
|
|
22,031
|
|
|
6,260
|
|
|
15,771
|
|
|
—
|
|
|
Shops at Erwin Mill
|
|
9,082
|
|
|
6,087
|
|
|
(12
|
)
|
|
9,082
|
|
|
6,075
|
|
|
15,157
|
|
|
814
|
|
|
14,343
|
|
|
10,000
|
|
|
Shops at Johns Creek
|
|
1,863
|
|
|
2,014
|
|
|
(342
|
)
|
|
1,501
|
|
|
2,034
|
|
|
3,535
|
|
|
1,039
|
|
|
2,496
|
|
|
—
|
|
|
Shops at Mira Vista
|
|
11,691
|
|
|
9,026
|
|
|
36
|
|
|
11,691
|
|
|
9,062
|
|
|
20,753
|
|
|
712
|
|
|
20,041
|
|
|
250
|
|
|
Shops at Quail Creek
|
|
1,487
|
|
|
7,717
|
|
|
446
|
|
|
1,499
|
|
|
8,151
|
|
|
9,650
|
|
|
2,461
|
|
|
7,189
|
|
|
—
|
|
|
Shops on Main
|
|
17,020
|
|
|
26,988
|
|
|
—
|
|
|
17,020
|
|
|
26,988
|
|
|
44,008
|
|
|
2,398
|
|
|
41,610
|
|
|
—
|
|
|
Signature Plaza
|
|
2,396
|
|
|
3,898
|
|
|
46
|
|
|
2,396
|
|
|
3,944
|
|
|
6,340
|
|
|
2,227
|
|
|
4,113
|
|
|
—
|
|
|
South Bay Village
|
|
11,714
|
|
|
15,580
|
|
|
1,385
|
|
|
11,776
|
|
|
16,903
|
|
|
28,679
|
|
|
2,159
|
|
|
26,520
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
South Lowry Square
|
|
3,434
|
|
|
10,445
|
|
|
791
|
|
|
3,434
|
|
|
11,236
|
|
|
14,670
|
|
|
5,143
|
|
|
9,527
|
|
|
—
|
|
|
Southcenter
|
|
1,300
|
|
|
12,750
|
|
|
1,328
|
|
|
1,300
|
|
|
14,078
|
|
|
15,378
|
|
|
5,980
|
|
|
9,398
|
|
|
—
|
|
|
Southpark at Cinco Ranch
|
|
18,395
|
|
|
11,306
|
|
|
6,014
|
|
|
21,107
|
|
|
14,608
|
|
|
35,715
|
|
|
2,229
|
|
|
33,486
|
|
|
—
|
|
|
SouthPoint Crossing
|
|
4,412
|
|
|
12,235
|
|
|
736
|
|
|
4,412
|
|
|
12,971
|
|
|
17,383
|
|
|
5,462
|
|
|
11,921
|
|
|
—
|
|
|
Starke
|
|
71
|
|
|
1,683
|
|
|
4
|
|
|
71
|
|
|
1,687
|
|
|
1,758
|
|
|
642
|
|
|
1,116
|
|
|
—
|
|
|
Sterling Ridge
|
|
12,846
|
|
|
12,162
|
|
|
490
|
|
|
12,846
|
|
|
12,652
|
|
|
25,498
|
|
|
8,069
|
|
|
17,429
|
|
|
13,900
|
|
|
Stonewall
|
|
27,511
|
|
|
22,123
|
|
|
7,086
|
|
|
28,429
|
|
|
28,291
|
|
|
56,720
|
|
|
11,860
|
|
|
44,860
|
|
|
—
|
|
|
Strawflower Village
|
|
4,060
|
|
|
8,084
|
|
|
502
|
|
|
4,060
|
|
|
8,586
|
|
|
12,646
|
|
|
4,052
|
|
|
8,594
|
|
|
—
|
|
|
Stroh Ranch
|
|
4,280
|
|
|
8,189
|
|
|
526
|
|
|
4,280
|
|
|
8,715
|
|
|
12,995
|
|
|
5,521
|
|
|
7,474
|
|
|
—
|
|
|
Suncoast Crossing
|
|
9,030
|
|
|
10,764
|
|
|
104
|
|
|
9,030
|
|
|
10,868
|
|
|
19,898
|
|
|
4,254
|
|
|
15,644
|
|
|
—
|
|
|
Tanasbourne Market
|
|
3,269
|
|
|
10,861
|
|
|
(297
|
)
|
|
3,269
|
|
|
10,564
|
|
|
13,833
|
|
|
3,599
|
|
|
10,234
|
|
|
—
|
|
|
Tassajara Crossing
|
|
8,560
|
|
|
15,464
|
|
|
800
|
|
|
8,560
|
|
|
16,264
|
|
|
24,824
|
|
|
7,171
|
|
|
17,653
|
|
|
19,800
|
|
|
Tech Ridge Center
|
|
12,945
|
|
|
37,169
|
|
|
388
|
|
|
12,945
|
|
|
37,557
|
|
|
50,502
|
|
|
6,869
|
|
|
43,633
|
|
|
8,741
|
|
|
The Hub Hillcrest Market
|
|
18,773
|
|
|
61,906
|
|
|
3,848
|
|
|
19,610
|
|
|
64,917
|
|
|
84,527
|
|
|
5,724
|
|
|
78,803
|
|
|
—
|
|
|
Town Square
|
|
883
|
|
|
8,132
|
|
|
362
|
|
|
883
|
|
|
8,494
|
|
|
9,377
|
|
|
4,309
|
|
|
5,068
|
|
|
—
|
|
|
Twin City Plaza
|
|
17,245
|
|
|
44,225
|
|
|
1,886
|
|
|
17,263
|
|
|
46,093
|
|
|
63,356
|
|
|
12,801
|
|
|
50,555
|
|
|
—
|
|
|
Twin Peaks
|
|
5,200
|
|
|
25,827
|
|
|
804
|
|
|
5,200
|
|
|
26,631
|
|
|
31,831
|
|
|
11,550
|
|
|
20,281
|
|
|
—
|
|
|
University Commons
|
|
4,070
|
|
|
30,785
|
|
|
2
|
|
|
4,070
|
|
|
30,787
|
|
|
34,857
|
|
|
430
|
|
|
34,427
|
|
|
38,000
|
|
|
Valencia Crossroads
|
|
17,921
|
|
|
17,659
|
|
|
563
|
|
|
17,921
|
|
|
18,222
|
|
|
36,143
|
|
|
13,738
|
|
|
22,405
|
|
|
—
|
|
|
Village at Lee Airpark
|
|
11,099
|
|
|
12,955
|
|
|
3,266
|
|
|
11,877
|
|
|
15,443
|
|
|
27,320
|
|
|
5,351
|
|
|
21,969
|
|
|
—
|
|
|
Village Center
|
|
3,885
|
|
|
14,131
|
|
|
7,910
|
|
|
5,411
|
|
|
20,515
|
|
|
25,926
|
|
|
7,167
|
|
|
18,759
|
|
|
—
|
|
|
Walker Center
|
|
3,840
|
|
|
7,232
|
|
|
3,248
|
|
|
3,878
|
|
|
10,442
|
|
|
14,320
|
|
|
4,691
|
|
|
9,629
|
|
|
—
|
|
|
Welleby Plaza
|
|
1,496
|
|
|
7,787
|
|
|
909
|
|
|
1,496
|
|
|
8,696
|
|
|
10,192
|
|
|
6,193
|
|
|
3,999
|
|
|
—
|
|
|
Wellington Town Square
|
|
2,041
|
|
|
12,131
|
|
|
336
|
|
|
2,041
|
|
|
12,467
|
|
|
14,508
|
|
|
5,964
|
|
|
8,544
|
|
|
12,800
|
|
|
West Park Plaza
|
|
5,840
|
|
|
5,759
|
|
|
1,187
|
|
|
5,840
|
|
|
6,946
|
|
|
12,786
|
|
|
3,306
|
|
|
9,480
|
|
|
—
|
|
|
Westchase
|
|
5,302
|
|
|
8,273
|
|
|
355
|
|
|
5,302
|
|
|
8,628
|
|
|
13,930
|
|
|
2,606
|
|
|
11,324
|
|
|
6,944
|
|
|
Westchester Commons
|
|
3,366
|
|
|
11,751
|
|
|
10,662
|
|
|
4,894
|
|
|
20,885
|
|
|
25,779
|
|
|
4,790
|
|
|
20,989
|
|
|
—
|
|
|
Westchester Plaza
|
|
1,857
|
|
|
7,572
|
|
|
291
|
|
|
1,857
|
|
|
7,863
|
|
|
9,720
|
|
|
4,705
|
|
|
5,015
|
|
|
—
|
|
|
Westlake Plaza and Center
|
|
7,043
|
|
|
27,195
|
|
|
28,631
|
|
|
17,488
|
|
|
45,381
|
|
|
62,869
|
|
|
14,369
|
|
|
48,500
|
|
|
—
|
|
|
Westwood Village
|
|
19,933
|
|
|
25,301
|
|
|
(1,312
|
)
|
|
19,553
|
|
|
24,369
|
|
|
43,922
|
|
|
9,760
|
|
|
34,162
|
|
|
—
|
|
|
Willow Festival
|
|
1,954
|
|
|
56,501
|
|
|
544
|
|
|
1,954
|
|
|
57,045
|
|
|
58,999
|
|
|
9,220
|
|
|
49,779
|
|
|
39,505
|
|
|
Woodcroft Shopping Center
|
|
1,419
|
|
|
6,284
|
|
|
671
|
|
|
1,421
|
|
|
6,953
|
|
|
8,374
|
|
|
3,712
|
|
|
4,662
|
|
|
—
|
|
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
Net Cost
|
|
|
||||||||||||||||
Shopping Centers
(1)
|
|
Land
|
|
Building & Improvements
|
|
Cost Capitalized
Subsequent to
Acquisition
(2)
|
|
Land
|
|
Building & Improvements
|
|
Total
|
|
Accumulated Depreciation
|
|
Net of Accumulated Depreciation
|
|
Mortgages
|
||||||||||
Woodman Van Nuy
|
|
5,500
|
|
|
7,195
|
|
|
232
|
|
|
5,500
|
|
|
7,427
|
|
|
12,927
|
|
|
3,352
|
|
|
9,575
|
|
|
—
|
|
|
Woodmen and Rangewood
|
|
7,621
|
|
|
11,018
|
|
|
508
|
|
|
7,621
|
|
|
11,526
|
|
|
19,147
|
|
|
9,536
|
|
|
9,611
|
|
|
—
|
|
|
Woodside Central
|
|
3,500
|
|
|
9,287
|
|
|
580
|
|
|
3,500
|
|
|
9,868
|
|
|
13,368
|
|
|
4,306
|
|
|
9,062
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
|
||||||||
Total Corporate Assets
|
|
—
|
|
|
—
|
|
|
1,682
|
|
|
—
|
|
|
1,682
|
|
|
1,682
|
|
|
1,277
|
|
|
405
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|||||||||
Properties in Development
|
|
—
|
|
|
—
|
|
|
217,036
|
|
|
24,793
|
|
|
192,243
|
|
|
217,036
|
|
|
962
|
|
|
216,074
|
|
|
—
|
|
|
|
|
$
|
1,419,047
|
|
|
2,641,828
|
|
|
485,025
|
|
|
1,457,261
|
|
|
3,088,639
|
|
|
4,545,900
|
|
|
1,043,787
|
|
|
3,502,113
|
|
|
501,875
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||
Beginning balance
|
|
$
|
4,409,886
|
|
|
4,026,531
|
|
|
3,909,912
|
|
Acquired properties
|
|
39,850
|
|
|
274,091
|
|
|
143,992
|
|
|
Developments and improvements
|
|
174,972
|
|
|
191,250
|
|
|
180,374
|
|
|
Sale of properties
|
|
(78,808
|
)
|
|
(81,811
|
)
|
|
(200,393
|
)
|
|
Provision for impairment
|
|
—
|
|
|
(175
|
)
|
|
(7,354
|
)
|
|
Ending balance
|
|
$
|
4,545,900
|
|
|
4,409,886
|
|
|
4,026,531
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||
Beginning balance
|
|
$
|
933,708
|
|
|
844,873
|
|
|
782,749
|
|
Depreciation expense
|
|
119,475
|
|
|
108,692
|
|
|
99,883
|
|
|
Sale of properties
|
|
(9,396
|
)
|
|
(19,857
|
)
|
|
(36,405
|
)
|
|
Provision for impairment
|
|
—
|
|
|
—
|
|
|
(1,354
|
)
|
|
Ending balance
|
|
$
|
1,043,787
|
|
|
933,708
|
|
|
844,873
|
|
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
(1)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(2)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a)
(3)
|
||||
Equity compensation plans
approved by security holders
|
|
8,740
|
|
|
$
|
88.45
|
|
|
1,829,422
|
|
Equity compensation plans not approved by security holders
|
|
N/A
|
|
N/A
|
|
N/A
|
||||
Total
|
|
8,740
|
|
|
$
|
88.45
|
|
|
1,829,422
|
|
•
|
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), as amended by Amendment No. 1 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), Amendment No. 2 dated March 4, 2014 (incorporated by reference to Exhibit 1.1 to the Company’s report on Form 8-K filed on March 4, 2014) and Amendment No. 3 dated February 24, 2015 (incorporated by reference to Exhibit 1(a) to the Company’s Form 10-Q filed on May 7, 2015).
|
(i)
|
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 Nos. 1, 2, and 3; and
|
(ii)
|
Equity Distribution Agreement among the Company, Regency Centers, L.P. and J.P. Morgan Securities LLC dated August 10, 2012, as amended by Amendment Nos. 1, 2, and 3.
|
(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), as amended by Amendment No. 1 dated March 4, 2014 (incorporated by
|
(i)
|
Equity Distribution Agreement among the Company, Regency Centers, L.P. and RBC Capital Markets, LLC dated August 6, 2013 as amended by Amendment No. 1 dated March 4, 2014 and Amendment No. 2 dated February 24, 2015.
|
(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 3.1 to the Company's Form 8-K filed on July 20, 2015).
|
(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., (incorporated by reference to Exhibit 3(d) to the Company's Form 10-K filed on February 19, 2014).
|
(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).
|
(ii)
|
Second Supplemental Indenture dated as of June 2, 2010 to the Indenture dated as of December 5, 2001 between Regency Centers, L.P., Regency Centers Corporation, 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 the Company’s Form 8-K filed on June 3, 2010).
|
(iii)
|
Third Supplemental Indenture dated as of August 17, 2015 to the Indenture dated as of December 5, 2001 among RCLP, Regency, as guarantor, and U.S. Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015).
|
(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 July 15, 2015 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 July 20, 2015).
|
~(e)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and Lisa Palmer (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed on July 20, 2015).
|
~(f)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 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 July 20, 2015).
|
~(g)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 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 July 20, 2015).
|
~(h)
|
Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 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 July 20, 2015).
|
(i)
|
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).
|
(ii)
|
Second Amendment to Third Amended and Restated Credit Agreement dated June 27, 2014 (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on August 8, 2014).
|
(iii)
|
Third Amendment to Third Amended and Restated Credit Agreement dated May 13, 2015 (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on May 18, 2015).
|
(j)
|
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).
|
(iii)
|
Third Amendment to Term Loan Agreement dated as of June 27, 2014 (incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q filed on August 8, 2014).
|
(iv)
|
Fourth Amendment to Term Loan Agreement dated as of May 13, 2015.
|
(k)
|
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) (incorporated by reference to Exhibit 10.(h)(i) to the Company’s Form 10-K filed March 1, 2011).
|
(l)
|
Form of Retirement Agreement by and between Regency Centers Corporation and Brian Smith trustee (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on November, 2015).
|
(m)
|
Form of Consulting Agreement by and between Regency Centers, LP and Brian Smith (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on November, 2015).
|
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 18, 2016
|
REGENCY CENTERS CORPORATION
|
|
|
By:
|
/s/ Martin E. Stein, Jr.
Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer
|
February 18, 2016
|
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 18, 2016
|
|
/s/ Martin E. Stein, Jr.
Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer
|
February 18, 2016
|
|
/s/ Lisa Palmer
Lisa Palmer, President and Chief Financial Officer (Principal Financial Officer)
|
February 18, 2016
|
|
/s/ J. Christian Leavitt
J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer)
|
February 18, 2016
|
|
/s/ Raymond L. Bank
Raymond L. Bank, Director
|
February 18, 2016
|
|
/s/ Bryce Blair
Bryce Blair, Director
|
February 18, 2016
|
|
/s/ C. Ronald Blankenship
C. Ronald Blankenship, Director
|
February 18, 2016
|
|
/s/ A.R. Carpenter
A.R. Carpenter, Director
|
February 18, 2016
|
|
/s/ J. Dix Druce
J. Dix Druce, Director
|
February 18, 2016
|
|
/s/ Mary Lou Fiala
Mary Lou Fiala, Director
|
February 18, 2016
|
|
/s/ David P. O'Connor
David P. O'Connor, Director
|
February 18, 2016
|
|
/s/ John C. Schweitzer
John C. Schweitzer, Director
|
February 18, 2016
|
|
/s/ Thomas G. Wattles
Thomas G. Wattles, Director
|
BORROWER:
|
|||
REGENCY CENTERS, L.P.
|
|||
|
|
|
|
|
By:
|
Regency Centers Corporation, Its sole general partner
|
|
|
|
By:
|
/s/ Scott R. Prigge
Name: Scott R. Prigge Title: Senior Vice President |
PARENT:
|
|||
REGENCY CENTERS CORPORATION,
|
|||
|
|
|
|
|
By:
|
/s/ Scott R. Prigge
Name: Scott R. Prigge Title: Senior Vice President |
WELLS FARGO BANK, NATIONAL ASSOCIATION, as
|
|||
Administrative Agent and as a Lender
|
|||
|
|
|
|
|
By:
|
/s/ Andrew W Hussion
Name: Andrew W. Hussion Title: Director |
PNC BANK, NATIONAL ASSOCIATION, as a Lender
|
|||
|
|||
|
By:
|
/s/ Ken Carl
Name: Ken Carl Title: Senior Vice President |
REGIONS BANK, as a Lender
|
|||
|
|||
|
By:
|
/s/ Kerri L. Raines
Name: Kerri L. Raines Title: Senior Vice President
|
SUNTRUST BANK, as a Lender
|
|||
|
|||
|
By:
|
/s/ Danny Stover
Name: Danny Stover Title: Vice President
|
U.S. BANK NATIONAL ASSOCIATION, as a Lender
|
|||
|
|||
|
By:
|
/s/ J. Lee Hord
Name: J. Lee Hord Title: Senior Vice President
|
BANK OF AMERICA, N.A., as a Lender
|
|||
|
|||
|
By:
|
/s/ Asad A. Rafiq
Name: Asad A. Rafiq Title: Vice President |
JPMORGAN CHASE BANK, N.A., as a Lender
|
|||
|
|||
|
By:
|
/s/ Mohammad S Hasan
Name: Mohammad S Hasan Title: Executive Director |
ROYAL BANK OF CANADA, as a Lender
|
|||
|
|||
|
By:
|
/s/ Daniel LePage
Name: Daniel LePage Title: Authorized Signatory
|
SUMITOMO MITSUI BANKING CORPORATION, as a Lender
|
|||
|
|||
|
By:
|
/s/ Keith J. Connolly
Name: Keith J. Connolly Title: Managing Director
|
MIZUHO BANK, LTD, as a Lender
|
|||
|
|||
|
By:
|
/s/ Raymond Ventura
Name: Raymond Ventura Title: Managing Director
|
|
|
Year Ended December 31,
|
|||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||
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
|
$
|
128,431
|
|
|
158,823
|
|
|
54,282
|
|
|
37,354
|
|
|
32,560
|
|
Add: fixed charges
|
|
113,697
|
|
|
120,963
|
|
|
119,264
|
|
|
120,534
|
|
|
133,973
|
|
Add: distributed income of equity investees
|
|
46,646
|
|
|
42,767
|
|
|
45,377
|
|
|
44,809
|
|
|
43,361
|
|
Subtract: capitalized interest
|
|
(6,740
|
)
|
|
(7,142
|
)
|
|
(6,078
|
)
|
|
(3,686
|
)
|
|
(1,480
|
)
|
Subtract: preference security dividend requirements of consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(404
|
)
|
|
(3,725
|
)
|
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
|
|
(764
|
)
|
|
(471
|
)
|
|
(323
|
)
|
|
(112
|
)
|
|
(55
|
)
|
Total earnings
|
$
|
281,270
|
|
|
314,940
|
|
|
212,522
|
|
|
198,495
|
|
|
204,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expensed and capitalized
|
$
|
109,602
|
|
|
116,067
|
|
|
113,799
|
|
|
114,198
|
|
|
124,707
|
|
Amortized premiums, discounts and capitalized expenses related to indebtedness
|
|
1,350
|
|
|
1,776
|
|
|
2,887
|
|
|
3,292
|
|
|
2,860
|
|
Estimate of the interest within rental expense
|
|
2,745
|
|
|
3,120
|
|
|
2,577
|
|
|
2,639
|
|
|
2,680
|
|
Preference security dividend requirements of consolidated subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
404
|
|
|
3,725
|
|
Total fixed charges
|
$
|
113,697
|
|
|
120,963
|
|
|
119,263
|
|
|
120,533
|
|
|
133,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ratio of earnings to fixed charges
|
|
2.5
|
|
|
2.6
|
|
|
1.8
|
|
|
1.6
|
|
|
1.5
|
|
|
|
Year Ended December 31,
|
|||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||
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
|
$
|
128,431
|
|
|
158,823
|
|
|
54,282
|
|
|
37,354
|
|
|
32,560
|
|
Add: fixed charges
|
|
134,759
|
|
|
142,025
|
|
|
140,325
|
|
|
143,787
|
|
|
153,647
|
|
Add: distributed income of equity investees
|
|
46,646
|
|
|
42,767
|
|
|
45,377
|
|
|
44,809
|
|
|
43,361
|
|
Subtract: capitalized interest
|
|
(6,740
|
)
|
|
(7,142
|
)
|
|
(6,078
|
)
|
|
(3,686
|
)
|
|
(1,480
|
)
|
Subtract: preference dividends
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(21,062
|
)
|
|
(23,658
|
)
|
|
(23,400
|
)
|
Subtract: noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
|
|
(764
|
)
|
|
(471
|
)
|
|
(323
|
)
|
|
(112
|
)
|
|
(55
|
)
|
Earnings
|
$
|
281,270
|
|
|
314,940
|
|
|
212,521
|
|
|
198,494
|
|
|
204,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fixed Charges and Preference Dividend Data:
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expensed and capitalized
|
$
|
109,602
|
|
|
116,067
|
|
|
113,799
|
|
|
114,198
|
|
|
124,707
|
|
Amortized premiums, discounts and capitalized expenses related to indebtedness
|
|
1,350
|
|
|
1,776
|
|
|
2,887
|
|
|
3,292
|
|
|
2,860
|
|
Estimate of the interest within rental expense
|
|
2,745
|
|
|
3,120
|
|
|
2,577
|
|
|
2,639
|
|
|
2,680
|
|
Preference dividends
|
|
21,062
|
|
|
21,062
|
|
|
21,062
|
|
|
23,658
|
|
|
23,400
|
|
Total fixed charges and preference dividends
|
$
|
134,759
|
|
|
142,025
|
|
|
140,325
|
|
|
143,787
|
|
|
153,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ratio of combined fixed charges and preference dividends to earnings
|
|
2.1
|
|
|
2.2
|
|
|
1.5
|
|
|
1.4
|
|
|
1.3
|
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
Regency Centers, L.P.
|
Delaware
|
Regency Centers Corporation
Outside Investors
|
General Partner
Limited Partners
|
99.0%
1.0%
|
Columbia Cameron Village SPE, LLC
|
Delaware
|
Regency Centers, L.P.
Columbia Perfco Partners, L.P.
|
Managing Member
Member
|
30%
70%
|
Columbia Cameron Village, LLC
|
Delaware
|
Columbia Cameron Village SPE, LLC
|
Member
|
100%
|
Columbia Regency Retail Partners, LLC
|
Delaware
|
Regency Centers, L.P.
Columbia Perfco Partners, L.P.
|
Managing Member
Member
|
20%
80%
|
Columbia Crossroads Commons, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Retail Dulles, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Retail Geneva Crossing, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Retail Shorewood Crossing, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Retail Special Member (GLP), LLC
|
Delaware
|
Columbia Perfco, L.P.
Regency Centers, L.P.
|
Member
Managing Member
|
80%
20%
|
Columbia Retail Stearns Crossing, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Retail Texas 3, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Retail Sweetwater Plaza, LP
|
Delaware
|
Columbia Retail Texas 3, LLC
Columbia Regency Retail Partners, LLC
|
General Partner
Limited Partner
|
1%
99%
|
Columbia Retail Washington 1, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Cascade Plaza, LLC
|
Delaware
|
Columbia Retail Washington 1, LLC
|
Member
|
100%
|
Columbia Julington Village, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Palm Valley Marketplace, LLC
|
Delaware
|
Columbia Regency Retail Partners, LLC
|
Member
|
100%
|
Columbia Regency Partners II, LLC
|
Delaware
|
Regency Centers, L.P.
Columbia Perfco Partners, L.P.
|
Managing Member
Member
|
20%
80%
|
Columbia II Broadway Market, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Burnt Mills Shopping Center, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Cochran Commons, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Hollymead Town Center, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Hollymead, LLC
|
Delaware
|
Hollymead Town Center, LLC
|
Member
|
100%
|
Columbia II Johns Creek, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Lorton Station Marketplace Member, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Lorton Station Marketplace, LLC
|
Delaware
|
Columbia Lorton Station Marketplace Member, LLC
|
Member
|
100%
|
Columbia Lorton Station Town Center, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Marina Shores, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Plantation Plaza Member, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Plantation Plaza, LLC
|
Delaware
|
Columbia Plantation Plaza Member, LLC
|
Member
|
100%
|
Columbia Rockridge Center, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Rockridge Center, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Shorewood Crossing Phase 2 Member, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Shorewood Crossing Phase 2, LLC
|
Delaware
|
Columbia Shorewood Crossing Phase 2 Member, LLC
|
Member
|
100%
|
Columbia Shorewood Crossing Phase 3, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Signal Hill Two, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Signal Hill, LLC
|
Delaware
|
Signal Hill Two, LLC
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
Columbia Speedway Plaza Member, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia Speedway Plaza, LLC
|
Delaware
|
Columbia Speedway Plaza Member, LLC
|
Member
|
100%
|
Columbia Sutton Square, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Holding, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
Columbia II Island Crossing, LLC
|
Delaware
|
Columbia II Holding, LLC
|
Member
|
100%
|
Columbia II King Plaza, LLC
|
Delaware
|
Columbia II Holding, LLC
|
Member
|
100%
|
Columbia II Lost Mountain, LLC
|
Delaware
|
Columbia II Holding, LLC
|
Member
|
100%
|
Columbia II Raley’s Center, LLC
|
Delaware
|
Columbia II Holding, LLC
|
Member
|
100%
|
Columbia II Surfside Beach Commons, LLC
|
Delaware
|
Columbia II Holding, LLC
|
Member
|
100%
|
Columbia II Village Plaza, LLC
|
Delaware
|
Columbia Regency Partners II, LLC
|
Member
|
100%
|
|
|
|
|
|
GRI-Regency, LLC
|
Delaware
|
Global Retail Investors, LLC
Regency Centers, L.P.
|
Member
Managing Member
|
60%
40%
|
FW PA-Mercer Square, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW PA-Newtown Square, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW PA-Warwick Plaza, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
MCW-RC SC-Merchant’s, LLC (fka MCW-RC South Carolina, LLC)
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
MCW-RC SC-Merchant’s Village Member, LLC
|
Delaware
|
MCW-RC SC-Merchant’s, LLC
|
Member
|
100%
|
MCW-RC SC-Merchant’s Village, LLC
|
Delaware
|
MCW-RC SC-Merchant’s Village Member, LLC
|
Member
|
100%
|
FW CA-Brea Marketplace Member, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW CA-Brea Marketplace, LLC
|
Delaware
|
FW CA-Brea Marketplace Member, LLC
|
Member
|
100%
|
U.S. Retail Partners Holding, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
U.S. Retail Partners Member, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
U.S. Retail Partners, LLC
|
Delaware
|
U.S. Retail Partners Holding, LLC
U.S. Retail Partners Member, LLC
|
Managing Member
Member
|
1%
99%
|
FW CO-Arapahoe Village, LLC
|
Delaware
|
U.S. Retail Partners, LLC
|
Member
|
100%
|
FW CO-Cherrywood Square, LLC
|
Delaware
|
U.S. Retail Partners, LLC
|
Member
|
100%
|
FW CO-Ralston Square, LLC
|
Delaware
|
U.S. Retail Partners, LLC
|
Member
|
100%
|
FW MN-Colonial Square, LLC
|
Delaware
|
U.S. Retail Partners, LLC
|
Member
|
100%
|
FW MN-Rockford Road, LLC
|
Delaware
|
U.S. Retail Partners, LLC
|
Member
|
100%
|
USRP I Holding, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
USRP I Member, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
USRP I, LLC
|
Delaware
|
USRP I Holding, LLC
USRP I Member, LLC
|
Managing Member
Member
|
1%
99%
|
FW NJ-Plaza Square, LLC
|
Delaware
|
USRP I, LLC
|
Member
|
100%
|
FW VA-Greenbriar Town Center, LLC
|
Delaware
|
USRP I, LLC
|
Member
|
100%
|
FW VA-Festival at Manchester, LLC
|
Delaware
|
USRP I, LLC
|
Member
|
100%
|
FW-Reg II Holdings, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW CA-Auburn Village, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Bay Hill Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Five Points Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Mariposa Gardens Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
FW CA-Navajo Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Point Loma Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Rancho San Diego Village, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Silverado Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Snell & Branham Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Twin Oaks Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CA-Ygnacio Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW CT-Corbins Corner Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW DC-Spring Valley Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW IL-Brentwood Commons, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW IL-Riverside/Rivers Edge, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW IL-Riverview Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW IL-Stonebrook Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
USRP Willow East, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
USRP Willow West, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW VA-Ashburn Farm Village Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW VA-Centre Ridge Marketplace, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW VA-Fox Mill Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW VA-Kings Park Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW VA-Saratoga Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW VA-The Village Shopping Center, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW WA-Aurora Marketplace, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW WA-Eastgate Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW WA-Overlake Fashion Plaza, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW WI-Whitnall Square, LLC
|
Delaware
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
Parkville Shopping Center, LLC
|
Maryland
|
FW-Reg II Holdings, LLC
|
Member
|
100%
|
FW-Reg II Holding Company Two, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW CA-Granada Village, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW CA-Laguna Niguel Plaza, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW CA-Pleasant Hill Shopping Center, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW IL-Civic Center Plaza, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW IL-McHenry Commons Shopping Center, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW IN-Willow Lake West, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW NJ-Westmont Shopping Center, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW NC-Shoppes of Kildaire, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW OR-Greenway Town Center, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
FW WI Racine Centre, LLC
|
Delaware
|
FW-Reg II Holding Company Two, LLC
|
Member
|
100%
|
USRP LP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
USRP GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
US Retail Partners Limited Partnership
|
Delaware
|
USRP GP, LLC
USRP LP, LLC
Preferred Partners
|
General Partner
Limited Partner
Limited Partners
|
1%
99%
profit sharing
|
FW MD Woodmoor Borrower, LLC
|
Delaware
|
US Retail Partners Limited Partnership
|
Member
|
100%
|
FW VA-Willston Centre II, LLC
|
Delaware
|
US Retail Partners Limited Partnership
|
Member
|
100%
|
Enterprise Associates
|
Maryland
|
USRP GP, LLC
US Retail Partners Limited Partnership
|
General Partner
Limited Partner
|
1%
99%
|
FW Bowie Plaza GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Capitol Place I Investment Limited Partnership
|
Maryland
|
FW Bowie Plaza GP, LLC
Eastern Shopping Centers I, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Elkridge Corners GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
L and M Development Company Limited Partnership
|
Maryland
|
FW Elkridge Corners GP, LLC
Eastern Shopping Centers I, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Woodholm GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Woodholme Properties Limited Partnership
|
Maryland
|
FW Woodholm GP, LLC
Eastern Shopping Centers I, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Woodholme Borrower, LLC
|
Delaware
|
Woodholme Properties Limited Partnership
|
Member
|
100%
|
FW Southside Marketplace GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Southside Marketplace Limited Partnership
|
Maryland
|
FW Southside Marketplace GP, LLC
Eastern Shopping Centers I, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Southside Marketplace Borrower, LLC
|
Delaware
|
Southside Marketplace Limited Partnership
|
Member
|
100%
|
FW Valley Centre GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Greenspring Associates Limited Partnership
|
Maryland
|
FW Valley Centre GP, LLC
Eastern Shopping Centers I, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW MD-Greenspring Borrower, LLC
|
Delaware
|
Greenspring Associates Limited Partnership
|
Member
|
100%
|
Eastern Shopping Centers I, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Cloppers Mill Village Center, LLC
|
Maryland
|
GRI-Regency, LLC
Eastern Shopping Centers I, LLC
|
Member
|
100%
|
City Line Shopping Center Associates
|
Pennsylvania
|
US Retail Partners Limited Partnership
City Line LP, LLC
|
General Partner
Limited Partner
|
1%
99%
|
City Line LP, LLC
|
Delaware
|
USRP LP, LLC
|
Member
|
100%
|
FW Allenbeth GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
Allenbeth Associates Limited Partnership
|
Maryland
|
FW Allenbeth GP, LLC
Eastern Shopping Centers I, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Weslyan GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW TX-Weslyan Plaza, L.P.
|
Delaware
|
FW Weslyan GP, LLC
FW Texas LP, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Woodway GP, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW TX-Woodway Collection, L.P.
|
Delaware
|
FW Woodway GP, LLC
FW Texas LP, LLC
|
General Partner
Limited Partner
|
1%
99%
|
FW Gayton Crossing Holding, LLC
|
Delaware
|
GRI-Regency, LLC
|
Member
|
100%
|
FW VA-Gayton Crossing Shopping Center, LLC
|
Delaware
|
FW Gayton Crossing Holding, LLC
|
Member
|
100%
|
MCW RC III Hilltop Village Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW RC III Hilltop Village, LLC
|
Delaware
|
MCW RC III Hilltop Village Member, LLC
|
Member
|
100%
|
MCW-RD Brentwood Plaza, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW-RD Bridgeton, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW-RD Dardenne Crossing, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
MCW-RD Kirkwood Commons Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
MCW-RD Kirkwood Commons, LLC
|
Delaware
|
MCW-RD Kirkwood Commons Member, LLC
|
Member
|
100%
|
RegCal, LLC
|
Delaware
|
California State Teachers Retirement System
Regency Centers, L.P.
|
Member
Managing Member
|
75%
25%
|
RegCal Holding, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Apple Valley Square Member, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Apple Valley Square, LLC
|
Delaware
|
CAR Apple Valley Square Member, LLC
|
Member
|
100%
|
CAR Apple Valley Land, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Braemar Village, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Calhoun Commons, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Corral Hollow, LLC
|
Delaware
|
RegCal Holding, LLC
|
Member
|
100%
|
Five Corners Plaza Member, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Five Corners Plaza, LLC
|
Delaware
|
Five Corners Plaza Member, LLC
|
Member
|
100%
|
CAR Fuquay Crossing, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Providence Commons, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
CAR Shops at the Columbia, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
KF-REG Holding, LLC
|
Delaware
|
RegCal, LLC
|
Member
|
100%
|
KF-REG Associates, LLC
|
Delaware
|
KF-REG Holding, LLC
|
Member
|
100%
|
King Farm Center, LLC
|
Delaware
|
KF-REG Associates, LLC
|
Member
|
100%
|
|
|
|
|
|
US Regency Retail REIT I
|
Texas
|
US Southern Retail, LLC
US Republic Core Fund, L.P.
Regency Centers, L.P.
|
Common Stock
Common Stock
Common Stock
|
57.27%
23.53%
19.20%
|
US Regency Retail I, LLC
|
Delaware
|
US Regency Retail REIT I
Regency Centers, L.P.
|
Member
Managing Member
|
99%
1%
|
RC FL-Anastasia, LLC (fka MCW-RC FL-Anastasia, LLC)
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
RC-FL King’s Crossing, LLC (fka MCW-RC FL-King’s, LLC and fka MCW-RC Florida, LLC)
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
RC FL-Shoppes at 104, LLC (fka MCW-RC FL-Shoppes at 104, LLC)
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
RC GA-Howell Mill, LLC (fka MCW-RC GA-Howell Mill Village, LLC)
|
Delaware
|
Regency Centers, LLC
|
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%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
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%
|
FL-Westchase Center Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
FL-Westchase Center, LLC
|
Delaware
|
FL-Westchase Center Member, LLC
|
Member
|
100%
|
|
|
|
|
|
19330 Hawthorne, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
1C Tustin Legacy, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
60617 Balboa Mesa, LLC
|
Delaware
|
Regency Centers, L.P.
|
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
|
Varies
|
Bammel North Houston Center, Ltd.
|
Texas
|
Regency Centers, L.P.
HEB Grocery Company, LP
|
General Partner
Limited Partner
|
Varies
|
Bartram Park Center, LLC
|
Delaware
|
Regency Centers, L.P.
Real Sub, LLC
|
Managing Member
Member
|
Varies
|
Bedford Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Belleview Square, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Belmont Chase, 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%
|
Caligo Crossing, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
CityLine-REG, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Clayton Valley Shopping Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Clybourn Commons-REG, 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%
|
Conroe/White Oak Marketplace, Ltd.
|
Texas
|
Regency Centers, L.P.
HEB Grocery Co., L.P.
|
General Partner
Limited Partner
|
Varies
|
Corvallis Market Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
CPGPI Regency Erwin, LLC
|
Delaware
|
Regency Centers, L.P.
CPGPI Erwin Retail, LLC
|
Managing Member
Member
|
Varies
|
Deer Springs Town Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
East Towne Center, LLC
|
Delaware
|
Regency Centers, L.P.
Lake McLeod, LLC
|
Managing Member
Member
|
Varies
|
Fairfax Regency, LLC
|
Delaware
|
Regency Centers, L.P.
J. Donegan Company
|
Managing Member
Member
|
Varies
|
Fairhope, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Fellsway Associates Holdings Company, LLC
|
Delaware
|
Regency Centers, L.P.
Charter Fellsway, LLC
Charter Fellsway Group, LLC
|
Member
Member
Member
|
75%
24%
1%
|
Fellsway Associates, LLC
|
Delaware
|
Fellsway Associates Holdings Company, LLC
|
Member
|
100%
|
Fellsway Property, LLC
|
Delaware
|
Fellsway Associates Holdings Company, LLC
|
Member
|
100%
|
Fontainebleau Square, 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%
|
Garden City Park, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Gateway 101, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
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%
|
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%
|
Holly Park Property, LLC
|
Delaware
|
Regency Centers, L.P.
Purser HP, LLC
|
Managing Member
Member
|
99.273%
.0727%
|
Hunters Lake Tampa, LLC
|
Delaware
|
Regency Centers, L.P.
Harrison Bennett Properties, LLC
|
Managing Member
Member
|
see below Ownership is as allocated in the JV Agreement
|
Indian Springs at Woodlands, Ltd.
|
Texas
|
Indian Springs GP, LLC
Regency Centers, L.P.
|
General Partner
Limited Partner
|
0.1%
99.9%
|
Indio Jackson, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Kent Place Regency, LLC
|
Delaware
|
Regency Centers, L.P.
Kent Place Investors, LLC
|
Managing Member
Member
|
Varies
|
La Floresta Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Lee Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Lonestar Investment Holdings, 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%
|
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%
|
Oakshade Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Ocala Corners, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Ocala Retail Partners, LLC
|
Delaware
|
Regency Centers, L.P.
Real Sub, LLC
|
Member
Member
|
50%
50%
|
Otay Mesa Crossing, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Parmer Tech Ridge, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Parmer Tech Ridge Parcel 2, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Phillips Place Partners, LLC
|
North Carolina
|
Regency Centers, L.P.
John Harris
Phillips Place Management Company
|
Member
Member
Member
|
50%
49%
1%
|
Pinecrest Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Queensboro Associates, L.P.
|
Georgia
|
Regency Centers, L.P.
Real Sub, LLC
|
General Partner
Limited Partner
|
50%
50%
|
Regency Centers Acquisitions, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Centers Advisors, LLC
|
Florida
|
Regency Centers, L.P.
|
Member
|
100%
|
RC Georgia Holdings, LLC
|
Georgia
|
Regency Centers, L.P.
|
Member
|
100%
|
Red Bank Village, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Alliance Santa Rosa
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
Regency Centers Georgia, L.P.
|
Georgia
|
RC Georgia Holdings, LLC
Regency Centers, L.P.
|
General Partner
Limited Partner
|
1%
99%
|
Regency Blue Ash, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Cahan Clovis, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Grand Parkway/290 Retail, Ltd.
|
Delaware
|
Regency Centers, L.P.
|
General Partner
|
|
Regency Marinita-LaQuinta, LLC
|
Delaware
|
Regency Centers, L.P.
Marinita Development Co.
|
Managing Member
Member
|
Interests Vary
|
Regency NC GP, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Opitz, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency-Kleban Properties, LLC
|
Delaware
|
Regency Centers, L.P.
Brick Walk Associates, LLC
Pine Tree Ventures, LLC
Bright Star, LLC
1261 Post Road Associates, LLC
Kleban Holding Company, LLC
Kleban Holding Company II, LLC
Kleban Fairfield, LLC
Alida Kleban Holding Company, LLC
Sun Realty Associates, LLC
Kleban Development Company
FBW, LLC
|
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
Member
|
80.0000%
5.1676%
1.1789%
0.9871%
1.3768%
2.6451%
0.7769%
1.1790%
0.8306%
3.9009%
0.4598%
1.4973%
|
R-K Brick Walk I, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Brick Walk II, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Brick Walk III, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Brick Walk IV, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Brick Walk V, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Fairfield I, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Fairfield IV, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Fairfield V, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Black Rock I, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Black Rock II, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
R-K Black Rock III, LLC
|
Delaware
|
Regency-Kleban Properties, LLC
|
Member
|
100%
|
Regency Petaluma, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Remediation, LLC
|
Florida
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Village at Dublin, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Regency Woodlands/Kuykendahl Retail, Ltd.
|
Texas
|
Regency Centers, L.P.
|
General Partner
Limited Partner
|
50%
50%
|
Sandy Springs Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
SEPR Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Shops at Saugus, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Shops at Mira Vista Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Shoppes on Riverside Jax, LLC
|
Delaware
|
Regency Centers, L.P.
Fuqua Development Jacksonville, LLC
|
Member
Member
|
Interests Vary
|
Signature Plaza, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Southpark Cinco Ranch, LLC
|
Delaware
|
Regency Centers, L.P.
Southpark HRC, LLC
|
Managing Member
Member
|
Varies
|
Spring Hill Town Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
T&R New Albany Development Company, LLC
|
Ohio
|
Regency Centers, L.P.
Topvalco
|
Managing Member
Member
|
50%
50%
|
Tinwood, LLC
|
Delaware
|
Regency Centers, L.P.
Real Sub, LLC
|
Managing Member
Member
|
50%
50%
|
Tinwood-Lynn Haven, LLC
|
Delaware
|
Tinwood, LLC
|
Member
|
100%
|
Tinwood-Pebblebrooke, LLC
|
Delaware
|
Tinwood, LLC
|
Member
|
100%
|
Twin City Plaza Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
Twin City Plaza, LLC
|
Delaware
|
Twin City Plaza Member, LLC
|
Member
|
100%
|
UC Shopping Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Uncommon, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Uptown Member, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Uptown District Regency, LLC
|
Delaware
|
Uptown Member, LLC
|
Member
|
100%
|
Valleydale, LLC
|
Delaware
|
Regency Centers, L.P.
Real Sub, LLC
|
Managing Member
Member
|
50%
50%
|
Wadsworth, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
DJB No. 23, L.P.
|
Texas
|
Wadsworth, LLC
Regency Centers, L.P.
|
General Partner
Limited Partner
|
1%
99%
|
WFC-Purnell, L.P.
|
Delaware
|
Regency NC GP, LLC
Regency Centers, L.P.
|
General Partner
Limited Partner
|
1%
99%
|
Walton Town Center, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Waterside Marketplace, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Willow Festival Regency, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Willow Oaks Crossing, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
|
|
|
|
|
Regency Realty Group, Inc.
|
Florida
|
Regency Centers, L.P.
|
Common Stock
|
100%
|
1488-2978 SC GP, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
1488-2978 SC, L.P.
|
Texas
|
1488-2978 SC GP, LLC
Regency Realty Group, Inc.
|
General Partner
Limited Partner
|
1%
99%
|
Bordeaux Development, LLC
|
Florida
|
Regency Realty Group, Inc.
|
Member
|
100%
|
The Center at Slatten Ranch, LLC
|
Delaware
|
Regency Realty Group, Inc.
Slatten Ranch Partners, L.P.
|
Member
|
Varies
|
Centerplace of Greeley III, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Culpeper Regency, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Dixon, LLC
|
Florida
|
Regency Realty Group, Inc.
|
Member
|
100%
|
East San Marco, LLC
|
Florida
|
Regency Realty Group, Inc.
The St. Joe Company
|
Managing Member
Member
|
50%
50%
|
Edmunson Orange Corp.
|
Tennessee
|
Regency Realty Group, Inc.
|
Common Stock
|
100%
|
VP101, LLC
|
Delaware
|
Edmunson Orange Corp.
|
Member
|
100%
|
Kulpsville Village Center LP, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Kulpsville Village Center, LP
|
Delaware
|
Kulpsville Village Center LP, LLC
RRG Pennsylvania GP, LLC
|
General Partner
Limited Partner
|
.5%
99.5%
|
Lake Grove Commons Solar, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Loveland Shopping Center, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Lower Nazareth LP Holding, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Lower Nazareth Partner, LP
|
Delaware
|
Regency Realty Group, Inc.
Lower Nazareth LP Holding, LLC
|
Limited Partner
General Partner
|
100%
0%
|
Lower Nazareth GP, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Lower Nazareth Commons, LP
|
Delaware
|
Lower Nazareth GP, LLC
Lower Nazareth Partner, LP
|
General Partner
Limited Partner
|
.5%
99.5%
|
Lower Nazareth II LP Holding, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Lower Nazareth II Partner, LP
|
Delaware
|
Lower Nazareth II LP Holding, LLC
Regency Realty Group, Inc.
|
General Partner
Limited Partner
|
0%
100%
|
Lower Nazareth II GP, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Lower Nazareth Commons II, LP
|
Delaware
|
Lower Nazareth II GP, LLC
Lower Nazareth II Partner, LP
|
General Partner
Limited Partner
|
.5%
99.5%
|
Luther Properties, Inc.
|
Tennessee
|
Regency Realty Group, Inc.
|
Common Stock
|
100%
|
Marietta Outparcel, Inc.
|
Georgia
|
Regency Realty Group, Inc.
|
Common Stock
|
100%
|
Middle Creek Commons, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
NorthGate Regency, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Entity
|
Jurisdiction
|
Owner(s)
|
Nature of Interest
(1)
|
% of
Ownership
|
Paso Golden Hill, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
RB Airport Crossing, LLC
|
Delaware
|
Regency Realty Group, Inc.
Airport 6, LLC
|
Managing Member
Member
|
Interests Vary
|
RB Augusta, LLC
|
Delaware
|
Regency Realty Group, Inc.
P-6, LLC
|
Managing Member
Member
|
Interests Vary
|
RB Schererville Crossings, LLC
|
Delaware
|
Regency Realty Group, Inc.
WH41, LLC
|
Managing Member
Member
|
Interests Vary
|
RB Schererville 101, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RB Schererville 102, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RB Schererville 103, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RB Schererville 104, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RB Schererville 105, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RB Schererville 106, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RB Schererville 107, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
Schererville GRG, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
LQR1, LLC
|
Indiana
|
RB Schererville Crossings, LLC
|
Member
|
100%
|
RRG Baronhawks, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
RRG Mineral Holdings, LLC
|
Delaware
|
Regency Realty Group, Inc.
|
Member
|
100%
|
RRG Net, LLC
|
Florida
|
Regency Realty Group, Inc.
|
Member
|
100%
|
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, 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
|
Managing 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%
|
Silver Spring Square II, LP
|
Delaware
|
RRG Pennsylvania GP, LLC
TCH Realty Development Co., LLC
|
General Partner
Limited Partner
|
|
Slausen Central, 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%
|
Tysons Seven, LLC
|
Delaware
|
Regency Realty Group, Inc.
JDC Tysons, LLC
|
Managing Member
Member
|
Varies
|
West End Properties, LLC
|
Florida
|
Regency Realty Group, Inc.
|
Member
|
100%
|
Springwoods Village Stuebner/Regency, LLC
|
Delaware
|
Regency Centers, L.P.
Spring RRC 1, LLC |
Member
Member |
53%
47% |
Mellody Farm, LLC
|
Delaware
|
Regency Centers, L.P.
|
Member
|
100%
|
Fort Worth Leasing and Management, LLC
|
Texas
|
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
|
President and 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
|
President and Chief Financial Officer of Regency Centers Corporation, general partner of registrant
|
/s/ Martin E. Stein, Jr.
|
Martin E. Stein, Jr.
|
Chief Executive Officer
|
/s/ Lisa Palmer
|
Lisa Palmer
|
President and Chief Financial 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
|
President and Chief Financial Officer of Regency Centers Corporation, general partner of registrant
|