Exhibit
At Regency Centers, we have lived our values
for 50 years by executing and successfully
meeting our commitments to our people, our
customers, and our communities. We hold
ourselves to that high standard every day.
Our exceptional culture will set us apart
for the next 50 years through our unending
dedication to these beliefs:
We are our people.
We believe our people are our most
fundamental asset - the best professionals
in the business who bring our culture to life.
We are the company you want to work for and
the people you want to do business with.
We work together to sustain
superior results.
We believe that, by partnering with each other
and with our customers, our talented team
will sustain superior results over the long
term. We believe that when you are passionate
about what you are doing and who you are
working with in a results-oriented, family
atmosphere, you do it better.
We provide exceptional service
to our customers.
We believe in putting our customers first.
This starts by owning, operating, and
developing dominant shopping centers
that are exceptionally merchandised and
maintained and most preferred by the
neighborhoods and communities where our
best-in-class retailers will thrive.
We add value.
We believe in creating value from every
transaction. We realize the critical importance
of executing, performing and delivering on our
commitments.
We perform for our investors.
We believe that the capital that our investors
have entrusted to us is precious. We are
open and transparent. We are committed
to enhancing the investments of our
shareholders, bond and mortgage holders,
lenders, and co-investment partners.
We connect to our communities.
We believe in contributing to the betterment
of our communities. We strive to develop
and operate thriving shopping centers that
are connected to our neighborhoods. We are
continuously reducing our environmental
impact through our greengenuity® program.
We do what is right.
We believe in unwavering standards of
honesty and integrity. Since 1963, our
Company has built its reputation by
maintaining the highest ethical principles.
You will find differentiation in our character –
we do what is right and you can take us at
our word.
We are the industry leader.
We believe that through dedication to
excellence, innovation, and ongoing process
improvements, and by remaining focused on
our core values, we will continue to be the
industry leader in a highly competitive and
ever-changing market.
Our Mission is to enhance our standing as the preeminent national shopping center company through the first-rate performance of our exceptionally merchandised portfolio of dominant grocery-anchored shopping centers, the value-added service from the best team of professionals in the business to our top-performing retailers, and profitable growth and development.
Table of Contents
December 31, 2017
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Non-GAAP Disclosures.............................................................................................................................................. | |
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Earnings Press Release................................................................................................................................................ | |
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Summary Information: | |
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Summary Financial Information.................................................................................................................................. | |
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Summary Real Estate Information.............................................................................................................................. | |
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Financial Information: | |
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Consolidated Balance Sheets....................................................................................................................................... | |
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Consolidated Statements of Operations....................................................................................................................... | |
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Supplemental Details of Operations (Consolidated Only).......................................................................................... | |
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Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)........................................................ | |
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Supplemental Details of Operations (Real Estate Partnerships Only)........................................................................ | |
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Supplemental Details of Same Property NOI as adjusted (Pro-Rata)......................................................................... | |
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Reconciliations of Non-GAAP Financial Measures and Additional Disclosures....................................................... | |
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Summary of Consolidated Debt ................................................................................................................................. | |
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Summary of Consolidated Debt Detail ...................................................................................................................... | |
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Summary of Unsecured Debt Covenants and Leverage Ratios................................................................................... | |
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Summary of Unconsolidated Debt.............................................................................................................................. | |
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Investment Activity: | |
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Property Transactions.................................................................................................................................................. | |
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Summary of Development........................................................................................................................................... | |
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Summary of Redevelopment....................................................................................................................................... | |
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Co-investment Partnerships: | |
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Unconsolidated Investments........................................................................................................................................ | |
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Real Estate Information: | |
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Leasing Statistics......................................................................................................................................................... | |
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Average Base Rent by CBSA...................................................................................................................................... | |
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Significant Tenant Rents.............................................................................................................................................. | |
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Tenant Lease Expirations............................................................................................................................................. | |
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Portfolio Summary Report by State............................................................................................................................ | |
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Forward-Looking Information: | |
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Earnings and Valuation Guidance................................................................................................................................ | |
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Reconciliation of Net Income to NAREIT FFO and Core FFO Guidance................................................................ | |
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Glossary of Terms........................................................................................................................................................ | |
Non-GAAP Disclosures
December 31, 2017
We use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP. The pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio, regardless of ownership structure.
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• | The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable. |
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• | The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated co-investment partnerships. |
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• | A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item. |
We do not control the unconsolidated investment partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata share.
The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:
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• | The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and |
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• | Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information. |
Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata details as a supplement.
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The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:
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• | NAREIT Funds From Operations (NAREIT FFO): The Company believes NAREIT FFO 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. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO. |
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• | Core Funds From Operations (Core FFO): The Company believes Core FFO, which excludes certain non-cash and non-comparable items from the computation of NAREIT FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of NAREIT FFO to Core FFO. |
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• | Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to pro-rata NOI. |
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• | Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes bother termination fee income and expenses. |
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• | Same Property NOI as adjusted: For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI as adjusted, which is on a pro forma basis as if the merger had occurred January 1, 2016. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI and growth for future periods. We derived this information from the accounting records of Equity One and did not adjust such information. Equity One’s financial information for the two month period ended February 28, 2017 and 12 month period ended December 31, 2016 was subject to a limited internal review by Regency. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted. |
Following is the detail for the non-ownership periods of Equity One included in Same Property NOI as adjusted:
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| Two months ended February 2017 | | Three Months Ended December 2016 | Twelve Months Ended December 2016 |
Same Property NOI detail for non-ownership periods of Equity One: | | |
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Real Estate Revenues: | | | | |
Base Rent | $ | 43,798 |
| | $ | 65,031 |
| 256,326 |
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Recoveries from Tenants | 13,889 |
| | 19,148 |
| 79,651 |
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Percentage Rent | 1,143 |
| | 834 |
| 5,143 |
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Termination Fees | 30 |
| | 42 |
| 305 |
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Other Income | 581 |
| | 1,029 |
| 3,342 |
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Total Real Estate Revenues | 59,441 |
| | 86,084 |
| 344,767 |
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Real Estate Operating Expenses: | | | | |
Operating and Maintenance | 9,270 |
| | 13,497 |
| 53,347 |
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Termination Expense | — |
| | — |
| 170 |
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Real Estate Taxes | 7,661 |
| | 9,482 |
| 41,809 |
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Ground Rent | 28 |
| | 69 |
| 277 |
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Provision for Doubtful Accounts | 237 |
| | 259 |
| 1,128 |
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Total Real Estate Operating Expenses | 17,196 |
| | 23,307 |
| 96,731 |
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Same Property NOI | $ | 42,245 |
| | $ | 62,777 |
| 248,036 |
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Same Property NOI without Termination Fees | $ | 42,215 |
| | $ | 62,735 |
| 247,901 |
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Same Property NOI without Termination Fees or Redevelopments | $ | 36,906 |
| | $ | 55,074 |
| 218,608 |
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Regency Centers Reports Fourth Quarter and Full Year 2017 Results
JACKSONVILLE, FL. (February 8, 2018) - Regency Centers Corporation (“Regency” or the “Company”) today reported financial and operating results for the period ended December 31, 2017.
Fourth Quarter and Full Year 2017 Highlights
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• | Fourth quarter Net Income Attributable to Common Stockholders (“Net Income”) of $0.50 per diluted share. |
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• | Fourth quarter NAREIT Funds From Operations (“NAREIT FFO”) of $0.94 per diluted share and Core Funds From Operations (“Core FFO”) of $0.92 per diluted share. |
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• | Same property Net Operating Income (“NOI”) as adjusted, which reflects adjustments for the Equity One merger, excluding termination fees, increased 2.7% in the fourth quarter and 3.6% for the full year as compared to the same periods in the prior year. |
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• | As of December 31, 2017, the same property portfolio was 96.3% leased, a 30 basis point increase sequentially. |
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• | As of December 31, 2017, spaces less than 10,000 square feet (“Small Shops”) were 92.5% leased, a 10 basis point increase sequentially. |
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• | As of December 31, 2017, a total of 23 properties were in development or redevelopment representing a total investment of approximately $544 million. |
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• | During the fourth quarter, Regency acquired two shopping centers for approximately $150 million and sold five shopping centers for approximately $103 million. |
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• | On February 6, 2018, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.555 per share, an annualized increase of 5.7%. |
“Regency’s unequaled combination of strategic advantages allowed for another remarkable year of performance, including strong levels of percent leased and same property NOI growth at or above 3.5% for the sixth consecutive year,” stated Martin E. “Hap” Stein, Jr., Chairman and Chief Executive Officer. “Our successes in 2017 and over the last six years demonstrate our ability to continually execute on our commitment to being best-in-class and realize our strategic objectives by delivering superior NOI, net asset value and earnings growth while creating long term value for our shareholders.”
Financial Results
Regency reported Net Income for the fourth quarter of $85.1 million, or $0.50 per diluted share compared to $55.9 million, or $0.53 per diluted share, for the same period in 2016. For the twelve months ended December 31, 2017, Net Income was $159.9 million, or $1.00 per diluted share, compared to $143.9 million, or $1.42 per diluted share, for the same period in 2016.
The Company reported NAREIT FFO for the fourth quarter of $161.4 million, or $0.94 per diluted share, compared to $83.1 million, or $0.79 per diluted share, for the same period in 2016. For the twelve months ended December 31, 2017, NAREIT FFO was $494.8 million, or $3.09 per diluted share, compared to $277.3
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million, or $2.73 per diluted share, for the same period in 2016. The Company’s full year 2017 NAREIT FFO includes costs of $80.7 million associated with the merger of Regency and Equity One. No additional merger related costs are anticipated in 2018.
Core FFO for the fourth quarter was $157.9 million, or $0.92 per diluted share, compared to $89.9 million, or $0.86 per diluted share, for the same period in 2016. For the twelve months ended December 31, 2017, Core FFO was $592.1 million, or $3.69 per diluted share, compared to $334.0 million, or $3.29 per diluted share, for the same period in 2016.
Operating Results
Fourth quarter same property NOI as adjusted, excluding termination fees, increased 2.7% compared to the same period in 2016. For the twelve months ended December 31, 2017, same property NOI as adjusted, excluding termination fees, increased 3.6% compared to the same period in 2016 driven by base rent growth of 3.5%. In light of the merger with Equity One on March 1, 2017, same property NOI as adjusted is presented on a pro forma basis as if the merger had occurred January 1, 2016. Please refer to the Company’s supplemental package for additional details.
As of December 31, 2017, Regency’s wholly owned portfolio plus its pro-rata share of co-investment partnerships was 95.5% leased. The same property portfolio was 96.3% leased, which is an increase of 30 basis points sequentially and from the same period in 2016 when adjusted for the current same property pool. Within the same property portfolio, Small Shops were 92.5% leased, an increase of 10 basis points sequentially and an increase of 40 basis points from the same period in 2016 when adjusted for the current same property pool. Within the same property portfolio, spaces greater than or equal to 10,000 square feet (“Anchors”) were 98.6% leased, an increase of 40 basis points sequentially and from the same period in 2016 when adjusted for the current same property pool.
Regency executed approximately 1.8 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 6.0%. New leasing represented approximately 443,000 square feet, with Anchors representing nearly 60% of new activity, which compares to an average of 30% in the eight quarters prior. This significant contribution in new Anchor leasing drove higher committed tenant improvements for the quarter when compared to prior quarters. For the twelve months ended December 31, 2017, the Company executed approximately 6.3 million square feet of comparable new and renewal leases at blended rent spreads of 7.8%.
Investments
Property Transactions
During the fourth quarter, the Company closed on approximately $150 million of acquisitions, and approximately $103 million of dispositions.
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• | Scripps Ranch Marketplace (San Diego, CA) - In December, Regency acquired Scripps Ranch Marketplace, a 132,000 square foot neighborhood shopping center anchored by Vons for $81.6 million. A secured mortgage of $27.0 million was assumed at closing. |
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• | Roosevelt Square (Seattle, WA) - In December, the Company closed on the acquisition of Roosevelt Square, a 148,000 square foot retail center anchored by Whole Foods Market for $68.3 million. |
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• | Regency sold five shopping centers during the fourth quarter of 2017. |
Subsequent to year-end, in January 2018, Regency closed on approximately $65 million of acquisitions.
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• | Ballard Blocks I (Seattle, WA) - The Company acquired a 50% equity interest in Ballard Blocks I, an operating 132,000 square foot shopping center, anchored by Trader Joe’s, for $27.3 million. Regency also acquired a 50% interest in adjacent land, and concurrently announced the development start of Ballard Blocks II (description below). |
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• | District at Metuchen (Metuchen, NJ) - Regency and a co-investment partner acquired District at Metuchen, a 67,000 square foot Whole Foods Market anchored shopping center located in the New York metro area for a gross purchase price of $33.8 million. The Company’s share of the purchase price was $6.8 million. |
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• | Hewlett Crossing I & II (Hewlett, NY) - The Company acquired Hewlett Crossing I, a 32,000 square foot retail center anchored by Petco, for a gross purchase price of $19.5 million. A secured mortgage of $9.7 million was assumed at closing. Regency also acquired the adjacent Hewlett Crossing II, a 20,000 square foot neighborhood retail center anchored by Duane Reade, for a gross purchase price of $11.4 million. Regency will operate the two centers as a single center known as Hewlett Crossing. |
Developments and Redevelopments
At year end, the Company had 23 properties in development or redevelopment with combined, estimated net development costs of approximately $544 million. In-process development projects were a combined 58% funded and 80% leased, and are expected to yield an average return of 7.3%.
During the fourth quarter, the Company started two ground up development projects.
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• | Midtown East (Raleigh, NC) - Midtown East is a 174,000 square foot shopping center anchored by Wegmans. Midtown East is a 50/50 joint venture and Regency’s pro-rata share of estimated development cost is $22.0 million at a projected 8.0% stabilized yield. |
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• | Indigo Square (Charleston, SC) - Indigo Square is a 51,000 square foot shopping center anchored by Publix Greenwise Market. Indigo Square will be surrounded by 456 multifamily units, a Hilton hotel, and 600 self-storage units. The estimated development cost of Indigo Square is $16.6 million at a projected 8.3% stabilized yield. |
Subsequent to quarter end, and simultaneously with the acquisition of Ballard Blocks I, the Company also started Ballard Blocks II, a 114,000 square foot 50/50 joint venture development anchored by PCC Community Markets. Regency’s pro-rata share of estimated development costs in Ballard II is $31.1 million at a projected 6.3% stabilized yield.
Capital Markets
Equity Offering
As previously disclosed, on December 14, 2017, the final settlement of the Company’s forward sale agreement occurred. Regency received approximately $89.1 million of net proceeds after adjustments for interest, dividends and the underwriters’ discount but before deducting offering expenses, by delivering 1,250,000 shares of the Company’s common stock.
Stock Repurchase Program
On February 7, 2018, Regency’s Board authorized a share repurchase program for up to $250 million of shares of the Company’s common stock. This program is scheduled to expire on February 6, 2020. The timing of share repurchases under this new program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of the Board.
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Dividend
On February 6, 2018, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.555 per share, an annualized increase of 5.7%. The dividend is payable on March 2, 2018, to shareholders of record as of February 20, 2018.
2018 Guidance
Regency Centers issued 2018 guidance on January 11, 2018. There have been no changes to the previously released guidance. Please refer to the Company’s fourth quarter 2017 supplemental information package for a complete list of guidance.
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Full Year 2018 Guidance |
Net Income Attributable to Common Stockholders (“Net Income”) | $1.47 - $1.56 |
NAREIT Funds From Operations (“NAREIT FFO”) per diluted share | $3.73 - $3.82 |
Operating Funds From Operations (“Operating FFO”) per diluted share | $3.48 - $3.54 |
Same Property Net Operating Income (“SPNOI”) Growth excluding termination fees (pro-rata) | 2.25% - 3.25% |
Acquisitions ($ thousands) | +/- $150,000 |
Cap Rate (weighted average) | +/- 4.75% |
Dispositions ($ thousands) | +/- $150,000 |
Cap Rate (weighted average) | +/- 7.25% |
Conference Call Information
To discuss Regency’s fourth quarter results, the Company will host a conference call on Friday, February 9, 2018, at 11:00 a.m. ET. Dial-in and webcast information is listed below.
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Fourth Quarter Conference Call |
Date: | Friday, February 9, 2018 |
Time: | 11:00 a.m. ET |
Dial#: | 877-407-0789 or 201-689-8562 |
Webcast: | investors.regencycenters.com |
Replay
Webcast Archive: Investor Relations page under Events & Webcasts
Non-GAAP Disclosure
The Company uses certain non-GAAP performance measures, in addition to the required GAAP presentations, as it believes these measures improve the understanding of the Company's operational results. Regency manages its entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, the Company believes presenting its pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. Management continually evaluates the usefulness, relevance, limitations, and calculation of the Company’s
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reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change.
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 dispositions of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes 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 can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP and therefore, should not be considered a substitute measure of cash flows from operations. Core FFO is an additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO: (a) transaction related income or expenses; (b) impairments on land; (c) gains or losses from the early extinguishment of debt; (d) development pursuit costs; and (e) other non-comparable amounts as they occur. The Company provides a reconciliation of Net Income to NAREIT FFO and Core FFO for actual results. Operating FFO is an additional performance measure that excludes from Core FFO: (a) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and includes (b) development pursuit costs. The Company provides a reconciliation of Net Income to Operating FFO per diluted share for forward looking guidance.
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Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Core FFO - Actual (in thousands)
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For the Periods Ended December 31, 2017 and 2016 | | Three Months Ended | | Year to Date |
| | | | 2017 | 2016 | | 2017 | 2016 |
Net Income Attributable to Common Stockholders | | $ | 85,139 |
| 55,869 |
| | $ | 159,949 |
| 143,860 |
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Adjustments to reconcile to NAREIT Funds From Operations(1): | | | | | | |
Depreciation and amortization (excluding FF&E) | | 98,036 |
| 50,077 |
| | 364,908 |
| 193,451 |
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Provision for impairment to operating properties | | — |
| 2,500 |
| | — |
| 3,159 |
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Gain on sale of operating properties | | (21,988 | ) | (25,410 | ) | | (30,402 | ) | (63,426 | ) |
Exchangeable operating partnership units | | 171 |
| 92 |
| | 388 |
| 257 |
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NAREIT Funds From Operations | | $ | 161,358 |
| 83,128 |
| | $ | 494,843 |
| 277,301 |
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NAREIT Funds From Operations | | $ | 161,358 |
| 83,128 |
| | 494,843 |
| 277,301 |
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Adjustments to reconcile to Core Funds From Operations(1): | | | | | | |
Acquisition pursuit and closing costs | | — |
| 242 |
| | 138 |
| 2,007 |
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Development pursuit costs | | 1,047 |
| 596 |
| | 1,569 |
| 1,503 |
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Income tax benefit | | (9,737 | ) | — |
| | (9,737 | ) | — |
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Gain on sale of land | | (654 | ) | (883 | ) | | (3,623 | ) | (8,769 | ) |
Provision for impairment to land | | — |
| 33 |
| | — |
| 580 |
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Loss on derivative instruments and hedge ineffectiveness | | (2 | ) | (1 | ) | | (15 | ) | 40,589 |
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Early extinguishment of debt | | 46 |
| 250 |
| | 12,449 |
| 14,207 |
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Merger related costs | | 5,131 |
| 6,539 |
| | 80,715 |
| 6,539 |
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Merger related debt offering interest | | — |
| — |
| | 975 |
| — |
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Preferred redemption costs | | — |
| — |
| | 12,227 |
| — |
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Hurricane losses | | 744 |
| — |
| | 2,596 |
| — |
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Core Funds From Operations | | $ | 157,933 |
| 89,904 |
| | $ | 592,137 |
| 333,957 |
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Weighted Average Shares For Diluted Earnings per Share | | 170,855 |
| 104,971 |
| | 159,960 |
| 101,285 |
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Weighted Average Shares For Diluted FFO and Core FFO per Share | | 171,205 |
| 105,125 |
| | 160,255 |
| 101,439 |
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(1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. |
Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of net income to pro-rata same property NOI.
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Reconciliation of Net Income Attributable to Common Stockholders to Pro-Rata Same Property NOI as adjusted - Actual (in thousands)
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For the Periods Ended December 31, 2017 and 2016 | | Three Months Ended | | Year to Date |
| | | | 2017 | 2016 | | 2017 | 2016 |
Net Income Attributable to Common Stockholders | | $ | 85,139 |
| 55,869 |
| | $ | 159,949 |
| 143,860 |
|
Less: | | | | | | |
Management, transaction, and other fees | | (6,806 | ) | (6,568 | ) | | (26,158 | ) | (25,327 | ) |
Income tax benefit | | (9,737 | ) | — |
| | (9,737 | ) | — |
|
Gain on sale of real estate | | (22,519 | ) | (24,324 | ) | | (27,432 | ) | (47,321 | ) |
Other(1) | | (10,819 | ) | (4,976 | ) | | (47,357 | ) | (16,144 | ) |
Plus: | | | | | | |
Depreciation and amortization | | 90,444 |
| 42,606 |
| | 334,201 |
| 162,327 |
|
General and administrative | | 18,006 |
| 16,631 |
| | 67,624 |
| 65,327 |
|
Other operating expense, excluding provision for doubtful accounts | | 6,460 |
| 8,033 |
| | 85,233 |
| 12,376 |
|
Other expense (income) | | 34,360 |
| 22,646 |
| | 141,093 |
| 148,066 |
|
Equity in income of investments in real estate excluded from NOI (2) | | 14,771 |
| 12,271 |
| | 53,290 |
| 33,952 |
|
Net income attributable to noncontrolling interests | | 802 |
| 524 |
| | 2,903 |
| 2,070 |
|
Preferred stock dividends and issuance costs | | — |
| 5,266 |
| | 16,128 |
| 21,062 |
|
NOI | | 200,101 |
| 127,978 |
| | 749,737 |
| 500,248 |
|
| | | | | | |
Less non-same property NOI (3) | | (10,572 | ) | (6,050 | ) | | (38,186 | ) | (19,716 | ) |
Plus same property NOI for non-ownership periods of Equity One(4) | | — |
| 62,777 |
| | 42,245 |
| 248,036 |
|
| | | | | | |
Same Property NOI | | $ | 189,529 |
| 184,705 |
| | $ | 753,796 |
| 728,568 |
|
| | | | | | |
Same Property NOI without termination fees | | $ | 189,311 |
| 184,384 |
| | $ | 753,106 |
| 727,209 |
|
| | | | | | |
Same Property NOI without termination fees or redevelopments | | $ | 163,095 |
| 161,484 |
| | $ | 655,898 |
| 638,347 |
|
|
(1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests. |
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, and interest expense. |
(3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. |
(4) Refer to page 2 of the Company's fourth quarter 2017 supplemental package for Same Property NOI detail for the non-ownership periods of Equity One. |
Reported results are preliminary and not final until the filing of the Company’s Form 10-K with the SEC and, therefore, remain subject to adjustment.
|
| | |
| | 9 |
Reconciliation of Net Income Attributable to Common Stockholders to NAREIT FFO and Operating FFO - Guidance (per diluted share)
|
| | | | |
| | | Full Year |
NAREIT FFO and Operating FFO Guidance: | | | 2018 |
| | | | |
Net income attributable to common stockholders | | | $ 1.47 | 1.56 |
| | | | |
Adjustments to reconcile net income to NAREIT FFO: | | | | |
Depreciation and amortization | | | 2.26 | 2.26 |
| | | | |
| | | | |
NAREIT Funds From Operations | | | $ 3.73 | 3.82 |
| | | | |
| | | | |
Adjustments to reconcile NAREIT FFO to Operating FFO: | | | |
Other non-comparable costs | | | 0.02 | 0.00 |
Straight line rent, net | | | (0.09) | (0.10) |
Market rent amortization, net | | | (0.16) | (0.16) |
Debt mark-to-market | | | (0.02) | (0.02) |
| | | | |
| | | | |
Operating Funds From Operations | | | $ 3.48 | $ 3.54 |
The Company has published forward-looking statements and additional financial information in its fourth quarter 2017 supplemental information package that may help investors estimate earnings for 2018. A copy of the Company’s fourth quarter 2017 supplemental information will be available on the Company's website at www.RegencyCenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental information package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-K for the year ended December 31, 2017. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.
About Regency Centers Corporation (NYSE: REG)
Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent and densely populated trade areas. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit regencycenters.com.
###
|
| | |
| | 10 |
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
|
| | |
| | 11 |
Summary Financial Information
December 31, 2017
(in thousands, except per share data)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year to Date |
| | 2017 | | 2016 | | 2017 | | 2016 |
Financial Results | | | | | | | | |
Net income attributable to common stockholders (page 15) | | $ | 85,139 |
| | $ | 55,869 |
| | $ | 159,949 |
| | $ | 143,860 |
|
Net income per diluted share | | $ | 0.50 |
| | $ | 0.53 |
| | $ | 1.00 |
| | $ | 1.42 |
|
| | | | | | | | |
NAREIT Funds From Operations (NAREIT FFO) (page 20) | | $ | 161,358 |
| | $ | 83,128 |
| | $ | 494,843 |
| | $ | 277,301 |
|
NAREIT FFO per diluted share | | $ | 0.94 |
| | $ | 0.79 |
| | $ | 3.09 |
| | $ | 2.73 |
|
| | | | | | | | |
Core Funds From Operations (Core FFO) (page 20) | | $ | 157,933 |
| | $ | 89,904 |
| | $ | 592,137 |
| | $ | 333,957 |
|
Core FFO per diluted share | | $ | 0.92 |
| | $ | 0.86 |
| | $ | 3.69 |
| | $ | 3.29 |
|
| | | | | | | | |
Same Property NOI as adjusted without termination fees (page 19) | | $ | 189,311 |
| | $ | 184,384 |
| | $ | 753,106 |
| | $ | 727,209 |
|
% growth | | 2.7 | % | | | | 3.6 | % | | |
| | | | | | | | |
Dividends paid per share and unit | | $ | 0.53 |
| | $ | 0.50 |
| | $ | 2.10 |
| | $ | 2.00 |
|
Payout ratio of Core FFO per share (diluted) | | 57.6 | % | | 58.1 | % | | 56.9 | % | | 60.8 | % |
| | | | | | | | |
Diluted share and unit count | | | | | | | | |
Weighted average shares (diluted) - Net income | | 170,855 |
| | 104,971 |
| | 159,960 |
| | 101,285 |
|
Weighted average shares (diluted) - NAREIT FFO and Core FFO | | 171,205 |
| | 105,125 |
| | 160,255 |
| | 101,439 |
|
| | | | | | | | |
| | As of | | As of | | As of | | As of |
| | 12/31/2017 | | 12/31/2016 | | 12/31/2015 | | 12/31/2014 |
Capital Information | | | | | | | | |
Market price per common share | | $ | 69.18 |
| | $ | 68.95 |
| | $ | 68.12 |
| | $ | 63.78 |
|
| | | | | | | | |
Common shares outstanding | | 171,365 |
| | 104,497 |
| | 97,213 |
| | 94,108 |
|
Exchangeable units held by noncontrolling interests | | 350 |
| | 154 |
| | 154 |
| | 154 |
|
Common shares and equivalents issued and outstanding | | 171,715 |
| | 104,651 |
| | 97,367 |
| | 94,262 |
|
Market equity value of common and convertible shares | | $ | 11,879,231 |
| | $ | 7,215,718 |
| | $ | 6,632,627 |
| | $ | 6,012,045 |
|
| | | | | | | | |
Non-convertible preferred stock | | $ | — |
| | $ | 325,000 |
| | $ | 325,000 |
| | $ | 325,000 |
|
| | | | | | | | |
Outstanding debt | | $ | 4,115,588 |
| | $ | 2,111,450 |
| | $ | 2,363,238 |
| | $ | 2,528,137 |
|
Less: cash | | (49,381 | ) | | (17,879 | ) | | (40,623 | ) | | (121,789 | ) |
Net debt | | $ | 4,066,207 |
| | $ | 2,093,571 |
| | $ | 2,322,615 |
| | $ | 2,406,348 |
|
| | | | | | | | |
Total market capitalization | | $ | 15,945,438 |
| | $ | 9,634,289 |
| | $ | 9,280,242 |
| | $ | 8,743,393 |
|
| | | | | | | | |
Debt metrics (pro-rata; trailing 12 months "TTM") (1) | | | | | | | | |
Net Debt-to-Adjusted EBITDA | | 5.4x |
| | 4.4x |
| | 5.2x |
| | 5.7x |
|
Fixed charge coverage | | 4.1x |
| | 3.3x |
| | 2.8x |
| | 2.5x |
|
| | | | | | | | |
(1) In light of the merger with Equity One on March 1, 2017, debt metric calculations include legacy Regency results for the trailing 12 months and the annualized impact of year to date results for the Equity One contribution post merger. |
|
| | |
| | 12 |
Summary Real Estate Information
December 31, 2017
(GLA in thousands) |
| | | | | | | | | | |
Wholly Owned and 100% of Co-investment Partnerships | | 12/31/2017 | | 9/30/2017 | | 6/30/2017 | | 3/31/2017* | | 12/31/2016 |
Number of properties | | 426 | | 427 | | 428 | | 429 | | 307 |
Number of retail operating properties | | 412 | | 413 | | 414 | | 416 | | 301 |
Number of same properties | | 395 | | 399 | | 400 | | 402 | | 289 |
Number of properties in redevelopment | | 14 | | 22 | | 21 | | 23 | | 15 |
Number of properties in development | | 9 | | 8 | | 8 | | 7 | | 6 |
| | | | | | | | | | |
| | | | | | | | | | |
Gross Leasable Area (GLA) - All properties | | 53,881 | | 54,067 | | 54,162 | | 54,038 | | 37,831 |
GLA including retailer-owned stores - All properties | | 58,845 | | 59,031 | | 59,125 | | 59,002 | | 42,246 |
GLA - Retail operating properties | | 52,161 | | 52,250 | | 52,344 | | 52,473 | | 36,923 |
GLA - Same properties | | 50,144 | | 50,624 | | 50,719 | | 50,848 | | 35,316 |
GLA - Properties in redevelopment(1) | | 3,607 | | 4,907 | | 4,591 | | 4,691 | | 2,692 |
GLA - Properties in development | | 1,461 | | 1,348 | | 1,348 | | 1,096 | | 908 |
| | | | | | | | | | |
| | | | | | | | | | |
Wholly Owned and Pro-Rata Share of Co-investment Partnerships | | | | |
| | | | | | | | | | |
GLA - All properties | | 44,015 | | 44,281 | | 44,284 | | 44,075 | | 28,745 |
GLA including retailer-owned stores - All properties | | 48,979 | | 49,244 | | 49,248 | | 49,039 | | 33,160 |
GLA - Retail operating properties | | 42,456 | | 42,536 | | 42,540 | | 42,583 | | 27,837 |
GLA - Same properties | | 40,601 | | 41,073 | | 41,076 | | 41,120 | | 26,392 |
Spaces ≥ 10,000 sf | | 25,239 | | 25,914 | | 25,930 | | 25,912 | | 16,113 |
Spaces < 10,000 sf | | 13,874 | | 15,159 | | 15,146 | | 15,208 | | 10,279 |
GLA - Properties in redevelopment(1) | | 2,817 | | 4,138 | | 3,865 | | 4,211 | | 2,277 |
GLA - Properties in development | | 1,374 | | 1,348 | | 1,348 | | 1,096 | | 908 |
| | | | | | | | | | |
| | | | | | | | | | |
% leased - All properties | | 95.5% | | 95.3% | | 95.0% | | 95.3% | | 95.4% |
% leased - Retail operating properties | | 96.2% | | 95.9% | | 95.7% | | 95.8% | | 96.0% |
% leased - Same properties (2) | | 96.3% | | 96.0% | | 95.8% | | 96.0% | | 96.2% |
Spaces ≥ 10,000 sf (2) | | 98.6% | | 98.2% | | 98.0% | | 98.4% | | 98.3% |
Spaces < 10,000 sf (2) | | 92.5% | | 92.4% | | 92.1% | | 91.8% | | 93.0% |
Average % leased - Same properties (2) | | 96.0% | | 96.0% | | 96.1% | | 96.1% | | 96.1% |
% commenced - Same properties(2)(3) | | 94.4% | | 93.7% | | 93.7% | | 93.7% | | 94.3% |
| | | | | | | | | | |
| | | | | | | | | | |
Same property NOI as adjusted growth - YTD (see page 19) (2) (4) | | 3.5% | | 3.9% | | 3.3% | | 3.3% | | 3.9% |
Same property NOI as adjusted growth without termination fees - YTD(2) (4) | | 3.6% | | 4.0% | | 3.5% | | 3.7% | | 3.5% |
Same property NOI as adjusted growth without termination fees or redevelopments - YTD (2) (4) | | 2.7% | | 3.3% | | 2.9% | | 3.1% | | 3.1% |
Rent spreads - Trailing 12 months (5) (see page 31) | | 7.8% | | 9.4% | | 9.1% | | 9.8% | | 11.3% |
| | | | | | | | | | |
| | | | | | | | | | |
|
| | |
| | 13 |
|
| | | | | | | | | | |
*Note: Beginning with the quarter ended 3/31/17, information includes the impact of the Equity One merger closed March 1, 2017. The information presented for periods prior to 3/31/17 has not been restated and is therefore not comparable. |
(1) Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise. | | | | | | | |
(2) Periods prior to 3/31/17 are not adjusted for current same property pool. |
(3) Excludes leases that are signed but have not yet commenced. | | | | | | | | | | |
(4) From 3/31/17 forward, Same Property NOI growth is presented as adjusted, as if the merger had occurred on 1/1/16. Please see page 19 for more detail. |
(5) Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed. |
|
| | |
| | 14 |
Consolidated Balance Sheets
December 31, 2017 and December 31, 2017
(in thousands)
|
| | | | | | | |
| 2017 | | 2016 |
| (unaudited) | |
|
Assets | | | |
Real estate investments at cost: | | | |
Land, building and improvements | $ | 10,599,302 |
| | $ | 4,752,621 |
|
Properties in development | 314,391 |
| | 180,878 |
|
| 10,913,693 |
| | 4,933,499 |
|
Less: accumulated depreciation | 1,339,814 |
| | 1,124,391 |
|
| 9,573,879 |
| | 3,809,108 |
|
Properties held for sale | — |
| | — |
|
Investments in real estate partnerships | 386,304 |
| | 296,699 |
|
Net real estate investments | 9,960,183 |
| | 4,105,807 |
|
| | | |
Cash and cash equivalents | 49,381 |
| | 17,879 |
|
Accounts receivable, net | 66,586 |
| | 31,418 |
|
Straight line rent receivables, net | 88,596 |
| | 69,823 |
|
Notes receivable | 15,803 |
| | 10,481 |
|
Deferred leasing costs, net | 80,044 |
| | 69,000 |
|
Acquired lease intangible assets, net | 477,589 |
| | 118,831 |
|
Trading securities held in trust, at fair value | 31,655 |
| | 28,588 |
|
Goodwill | 310,609 |
| | — |
|
Other assets | 63,589 |
| | 37,079 |
|
Total assets | $ | 11,144,035 |
| | $ | 4,488,906 |
|
| | | |
Liabilities and Equity | | | |
Liabilities: | | | |
Notes payable | $ | 2,971,715 |
| | $ | 1,363,925 |
|
Unsecured credit facilities | 623,262 |
| | 278,495 |
|
Total notes payable | 3,594,977 |
| | 1,642,420 |
|
| | | |
Accounts payable and other liabilities | 234,271 |
| | 138,936 |
|
Acquired lease intangible liabilities, net | 535,720 |
| | 54,180 |
|
Tenants' security and escrow deposits | 46,013 |
| | 28,868 |
|
Total liabilities | 4,410,981 |
| | 1,864,404 |
|
| | | |
Equity: |
|
| |
|
Stockholders' Equity: | | | |
Preferred stock | — |
| | 325,000 |
|
Common stock, $.01 par | 1,714 |
| | 1,045 |
|
Additional paid in capital | 7,854,797 |
| | 3,277,861 |
|
Accumulated other comprehensive loss | (6,289 | ) | | (18,346 | ) |
Distributions in excess of net income | (1,158,170 | ) | | (994,259 | ) |
Total stockholders' equity | 6,692,052 |
| | 2,591,301 |
|
Noncontrolling Interests: | | | |
Exchangeable operating partnership units | 10,907 |
| | (1,967 | ) |
Limited partners' interest | 30,095 |
| | 35,168 |
|
Total noncontrolling interests | 41,002 |
| | 33,201 |
|
Total equity | 6,733,054 |
| | 2,624,502 |
|
Total liabilities and equity | $ | 11,144,035 |
| | $ | 4,488,906 |
|
| | | |
These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission. |
|
| | |
| | 15 |
Consolidated Statements of Operations
For the Periods Ended December 31, 2017 and 2016
(in thousands)
unaudited
|
| | | | | | | | | | | | | |
| Three Months Ended | | Year to Date |
| 2017 | | 2016 | | 2017 | | 2016 |
Revenues: | | | | | | | |
Minimum rent | $ | 195,452 |
| | 114,800 |
| | $ | 728,078 |
| | 444,305 |
|
Percentage rent | 1,126 |
| | 1,476 |
| | 6,635 |
| | 4,128 |
|
Recoveries from tenants and other income | 61,367 |
| | 36,717 |
| | 223,455 |
| | 140,611 |
|
Management, transaction, and other fees | 6,806 |
| | 6,568 |
| | 26,158 |
| | 25,327 |
|
Total revenues | 264,751 |
| | 159,561 |
| | 984,326 |
| | 614,371 |
|
Operating Expenses: | | | | | | | |
Depreciation and amortization | 90,444 |
| | 42,606 |
| | 334,201 |
| | 162,327 |
|
Operating and maintenance | 40,101 |
| | 25,256 |
| | 143,990 |
| | 95,022 |
|
General and administrative | 18,006 |
| | 16,631 |
| | 67,624 |
| | 65,327 |
|
Real estate taxes | 30,087 |
| | 16,698 |
| | 109,723 |
| | 66,395 |
|
Other operating expense | 7,605 |
| | 8,289 |
| | 89,225 |
| | 14,081 |
|
Total operating expenses | 186,243 |
| | 109,480 |
| | 744,763 |
| | 403,152 |
|
Other Expense (Income): | | | | | | | |
Interest expense, net of interest income | 35,344 |
| | 20,222 |
| | 132,629 |
| | 90,712 |
|
Provision for impairment | — |
| | 2,533 |
| | — |
| | 4,200 |
|
Early extinguishment of debt | 46 |
| | 296 |
| | 12,449 |
| | 14,240 |
|
Net investment (income) loss | (1,030 | ) | | (405 | ) | | (3,985 | ) | | (1,672 | ) |
Loss on derivative instruments | — |
| | — |
| | — |
| | 40,586 |
|
Total other expense | 34,360 |
| | 22,646 |
| | 141,093 |
| | 148,066 |
|
Income (loss) from operations before equity in income of investments in real estate partnerships | 44,148 |
| | 27,435 |
| | 98,470 |
| | 63,153 |
|
Equity in income of investments in real estate partnerships | 9,537 |
| | 9,900 |
| | 43,341 |
| | 56,518 |
|
Income tax expense of taxable REIT subsidiary | (9,737 | ) | | — |
| | (9,737 | ) | | — |
|
Income from operations | 63,422 |
| | 37,335 |
| | 151,548 |
| | 119,671 |
|
Gain on sale of real estate, net of tax | 22,519 |
| | 24,324 |
| | 27,432 |
| | 47,321 |
|
Net income | 85,941 |
| | 61,659 |
| | 178,980 |
| | 166,992 |
|
Noncontrolling Interests: | | | | | | | |
Exchangeable operating partnership units | (171 | ) | | (92 | ) | | (388 | ) | | (257 | ) |
Limited partners' interests in consolidated partnerships | (631 | ) | | (432 | ) | | (2,515 | ) | | (1,813 | ) |
Net income attributable to noncontrolling interests | (802 | ) | | (524 | ) | | (2,903 | ) | | (2,070 | ) |
Net income attributable to controlling interests | 85,139 |
| | 61,135 |
| | 176,077 |
| | 164,922 |
|
Preferred stock dividends and issuance costs | — |
| | (5,266 | ) | | (16,128 | ) | | (21,062 | ) |
Net income attributable to common stockholders | $ | 85,139 |
| | 55,869 |
| | $ | 159,949 |
| | 143,860 |
|
| | | | | | | |
These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission. |
|
| | |
| | 16 |
Supplemental Details of Operations (Consolidated Only)
For the Periods Ended December 31, 2017 and 2016
(in thousands)
|
| | | | | | | | | | | |
| Three Months Ended | | Year to Date |
| 2017 | 2016 | | 2017 | 2016 |
Real Estate Revenues: | | | | | |
Base rent | $ | 185,530 |
| 110,650 |
| | $ | 684,133 |
| 432,296 |
|
Recoveries from tenants | 56,864 |
| 32,993 |
| | 206,675 |
| 127,677 |
|
Percentage rent | 1,126 |
| 1,476 |
| | 6,635 |
| 4,128 |
|
Termination fees | 223 |
| 267 |
| | 845 |
| 878 |
|
Other income | 4,239 |
| 3,457 |
| | 15,935 |
| 12,056 |
|
Total real estate revenues | 247,982 |
| 148,843 |
| | 914,223 |
| 577,035 |
|
| | | | | |
Real Estate Operating Expenses: | | | | | |
Operating and maintenance | 37,166 |
| 22,906 |
| | 132,512 |
| 86,034 |
|
Real estate taxes | 30,087 |
| 16,698 |
| | 109,723 |
| 66,395 |
|
Ground rent | 2,150 |
| 1,798 |
| | 8,583 |
| 7,049 |
|
Provision for doubtful accounts | 1,145 |
| 256 |
| | 3,992 |
| 1,705 |
|
Total real estate operating expenses | 70,548 |
| 41,658 |
| | 254,810 |
| 161,183 |
|
| | | | | |
Other Rent Amounts: | | | | | |
Straight line rent, net | 4,810 |
| 2,015 |
| | 17,859 |
| 6,165 |
|
Above/below market rent amortization, net | 4,368 |
| 1,583 |
| | 23,192 |
| 3,905 |
|
Total other rent amounts | 9,178 |
| 3,598 |
| | 41,051 |
| 10,070 |
|
| | | | | |
Fee Income: | | | | | |
Property management fees | 3,465 |
| 3,256 |
| | 13,917 |
| 13,075 |
|
Asset management fees | 1,776 |
| 1,811 |
| | 7,090 |
| 6,745 |
|
Leasing commissions and other fees | 1,565 |
| 1,501 |
| | 5,151 |
| 5,507 |
|
Total fee income | 6,806 |
| 6,568 |
| | 26,158 |
| 25,327 |
|
| | | | | |
Interest Expense, net: | | | | | |
Gross interest expense | 35,497 |
| 18,817 |
| | 132,884 |
| 85,611 |
|
Derivative amortization | 2,102 |
| 2,102 |
| | 8,408 |
| 8,408 |
|
Debt cost amortization | 1,214 |
| 880 |
| | 4,615 |
| 3,718 |
|
Debt premium/discount amortization | (941 | ) | (462 | ) | | (3,515 | ) | (2,363 | ) |
Capitalized interest | (2,168 | ) | (859 | ) | | (7,946 | ) | (3,482 | ) |
Interest income | (358 | ) | (256 | ) | | (1,811 | ) | (1,180 | ) |
Total interest expense, net | 35,346 |
| 20,222 |
| | 132,635 |
| 90,712 |
|
| | | | | |
General & Administrative, net: | | | | | |
Gross general & administrative | 20,641 |
| 20,874 |
| | 76,153 |
| 73,672 |
|
Stock-based compensation | 4,375 |
| 3,455 |
| | 15,525 |
| 13,422 |
|
Capitalized direct leasing compensation costs | (2,901 | ) | (2,495 | ) | | (10,384 | ) | (10,545 | ) |
Capitalized direct development compensation costs | (5,093 | ) | (5,637 | ) | | (17,609 | ) | (12,981 | ) |
Total general & administrative, net | 17,022 |
| 16,197 |
| | 63,685 |
| 63,568 |
|
| | | | | |
Real Estate (Gains) Losses: | | | | | |
Gain on sale of operating properties | (21,870 | ) | (23,438 | ) | | (24,505 | ) | (38,573 | ) |
Provision for impairment of operating properties | — |
| 2,500 |
| | — |
| 3,366 |
|
Gain on sale of land | (649 | ) | (886 | ) | | (2,927 | ) | (8,748 | ) |
Provision for impairment of land | — |
| 33 |
| | — |
| 834 |
|
Total real estate (gains) losses | (22,519 | ) | (21,791 | ) | | (27,432 | ) | (43,121 | ) |
| | | | | |
Depreciation, Transaction and Other Expense (Income): | | | | | |
Depreciation and amortization (including FF&E) | 90,444 |
| 42,606 |
| | 334,201 |
| 162,327 |
|
Acquisition pursuit and closing costs | — |
| 158 |
| | 131 |
| 1,924 |
|
Development pursuit costs | 1,021 |
| 591 |
| | 1,529 |
| 1,487 |
|
Merger related costs | 5,131 |
| 6,539 |
| | 80,715 |
| 6,539 |
|
Income tax benefit | (9,737 | ) | — |
| | (9,737 | ) | — |
|
Loss from deferred compensation plan, net | 24 |
| 29 |
| | 94 |
| 87 |
|
Early extinguishment of debt | 46 |
| 296 |
| | 12,449 |
| 14,240 |
|
Loss on derivative instruments and hedge ineffectiveness | (2 | ) | — |
| | (6 | ) | 40,586 |
|
Gain on sale of investments | (70 | ) | — |
| | (139 | ) | — |
|
Other expenses | 308 |
| 745 |
| | 2,858 |
| 2,426 |
|
Total depreciation, transaction and other expense (income) | 87,165 |
| 50,964 |
| | 422,095 |
| 229,616 |
|
| | | | | |
|
| | |
| | 17 |
|
| | | | | | | | | | | |
| Three Months Ended | | Year to Date |
| 2017 | 2016 | | 2017 | 2016 |
These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission. |
|
| | |
| | 18 |
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)
December 31, 2017 and December 31, 2017
(in thousands)
|
| | | | | | | | | | | |
| Noncontrolling Interests | | Share of JVs |
| | | | | |
| 2017 | 2016 | | 2017 | 2016 |
Assets | | | | | |
Land, building and improvements | $ | (77,528 | ) | (67,245 | ) | | $ | 1,248,224 |
| 1,084,975 |
|
Properties in development | (597 | ) | (7,655 | ) | | 14,599 |
| 1,858 |
|
| (78,125 | ) | (74,900 | ) | | 1,262,823 |
| 1,086,833 |
|
Less: accumulated depreciation | (10,645 | ) | (9,127 | ) | | 387,587 |
| 347,074 |
|
Net real estate investments | (67,480 | ) | (65,773 | ) | | 875,236 |
| 739,759 |
|
| | | | | |
Cash and cash equivalents | (3,098 | ) | (2,366 | ) | | 11,123 |
| 6,811 |
|
Accounts receivable, net | (1,334 | ) | (1,311 | ) | | 5,641 |
| 6,299 |
|
Straight line rent receivables, net | (1,444 | ) | (1,213 | ) | | 16,539 |
| 14,514 |
|
Deferred leasing costs, net | (1,383 | ) | (1,007 | ) | | 13,905 |
| 11,527 |
|
Acquired lease intangible assets, net | (1,061 | ) | (1,379 | ) | | 14,268 |
| 10,710 |
|
Other assets | (357 | ) | (344 | ) | | 7,291 |
| 7,168 |
|
| | | | | |
Total assets | $ | (76,157 | ) | (73,393 | ) | | $ | 944,003 |
| 796,788 |
|
| | | | | |
Liabilities | | | | | |
Notes payable | (43,121 | ) | (35,731 | ) | | 520,611 |
| 469,030 |
|
Accounts payable and other liabilities | (2,172 | ) | (1,645 | ) | | 21,977 |
| 20,371 |
|
Acquired lease intangible liabilities, net | (482 | ) | (604 | ) | | 11,323 |
| 7,336 |
|
Tenants' security and escrow deposits | (287 | ) | (245 | ) | | 3,788 |
| 3,352 |
|
| | | | | |
Total liabilities | $ | (46,062 | ) | (38,225 | ) | | $ | 557,699 |
| 500,089 |
|
| | | | | |
Note
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. |
|
| | |
| | 19 |
Supplemental Details of Operations (Real Estate Partnerships Only)
For the Periods Ended December 31, 2017 and 2016
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Noncontrolling Interests | | Share of JVs |
| Three Months Ended | | Year to Date | | Three Months Ended | | Year to Date |
| 2017 | 2016 | | 2017 | 2016 | | 2017 | 2016 | | 2017 | 2016 |
| | | | | | | | | | | |
Real Estate Revenues: | | | | | | | | | | | |
Base rent | $ | (1,803 | ) | (1,559 | ) | | $ | (6,742 | ) | (6,678 | ) | | $ | 25,324 |
| 23,011 |
| | $ | 99,507 |
| 91,872 |
|
Recoveries from tenants | (557 | ) | (388 | ) | | (1,979 | ) | (1,689 | ) | | 8,312 |
| 7,332 |
| | 31,621 |
| 28,753 |
|
Percentage rent | — |
| — |
| | (4 | ) | (5 | ) | | 169 |
| 91 |
| | 1,271 |
| 1,230 |
|
Termination fees | — |
| — |
| | (20 | ) | (4 | ) | | — |
| 12 |
| | 241 |
| 356 |
|
Other income | (30 | ) | (27 | ) | | (144 | ) | (143 | ) | | 529 |
| 399 |
| | 2,454 |
| 2,331 |
|
Total real estate revenues | (2,390 | ) | (1,974 | ) | | (8,889 | ) | (8,519 | ) | | 34,334 |
| 30,845 |
| | 135,094 |
| 124,542 |
|
| | | | | | | | | | | |
Real Estate Operating Expenses: | | | | | | | | | | | |
Operating and maintenance | (389 | ) | (313 | ) | | (1,326 | ) | (1,283 | ) | | 5,389 |
| 4,711 |
| | 20,348 |
| 18,413 |
|
Real estate taxes | (320 | ) | (257 | ) | | (1,125 | ) | (1,049 | ) | | 4,557 |
| 3,772 |
| | 17,204 |
| 14,984 |
|
Ground rent | (26 | ) | (25 | ) | | (105 | ) | (100 | ) | | 89 |
| 92 |
| | 362 |
| 361 |
|
Termination expense | — |
| — |
| | — |
| — |
| | — |
| — |
| | 113 |
| — |
|
Provision for doubtful accounts | (14 | ) | (1 | ) | | (27 | ) | (13 | ) | | (9 | ) | 99 |
| | 436 |
| 314 |
|
Total real estate operating expenses | (749 | ) | (596 | ) | | (2,583 | ) | (2,445 | ) | | 10,026 |
| 8,674 |
| | 38,463 |
| 34,072 |
|
| | | | | | | | | | | |
Other Rent Amounts: | | | | | | | | | | | |
Straight line rent, net | (25 | ) | (82 | ) | | (197 | ) | (229 | ) | | 336 |
| 256 |
| | 1,057 |
| 1,283 |
|
Above/below market rent amortization, net | (6 | ) | (15 | ) | | (51 | ) | (22 | ) | | 319 |
| 222 |
| | 1,146 |
| 903 |
|
Total other rent amounts | (31 | ) | (97 | ) | | (248 | ) | (251 | ) | | 655 |
| 478 |
| | 2,203 |
| 2,186 |
|
| | | | | | | | | | | |
Fee Income: | | | | | | | | | | | |
Asset management fees | — |
| — |
| | — |
| — |
| | (281 | ) | (267 | ) | | (1,141 | ) | (1,080 | ) |
Total fee income | — |
| — |
| | — |
| — |
| | (281 | ) | (267 | ) | | (1,141 | ) | (1,080 | ) |
| | | | | | | | | | | |
Interest Expense, net: | | | | | | | | | | | |
Gross interest expense | (396 | ) | (393 | ) | | (1,541 | ) | (1,738 | ) | | 6,108 |
| 5,580 |
| | 24,472 |
| 23,326 |
|
Debt cost amortization | (36 | ) | (11 | ) | | (73 | ) | (44 | ) | | 155 |
| 142 |
| | 602 |
| 587 |
|
Debt premium/discount amortization | — |
| 16 |
| | — |
| 176 |
| | 42 |
| 45 |
| | 175 |
| 172 |
|
Capitalized interest | — |
| — |
| | — |
| — |
| | — |
| — |
| | — |
| — |
|
Interest income | — |
| — |
| | — |
| — |
| | — |
| — |
| | — |
| — |
|
Total interest expense, net | (432 | ) | (388 | ) | | (1,614 | ) | (1,606 | ) | | 6,305 |
| 5,767 |
| | 25,249 |
| 24,085 |
|
| | | | | | | | | | | |
General & Administrative, net: | | | | | | | | | | | |
Gross general & administrative | — |
| — |
| | — |
| — |
| | 40 |
| 24 |
| | 174 |
| 159 |
|
Total general & administrative, net | — |
| — |
| | — |
| — |
| | 40 |
| 24 |
| | 174 |
| 159 |
|
| | | | | | | | | | | |
Real Estate (Gains) Losses: | | | | | | | | | | | |
Gain on sale of operating properties | — |
| — |
| | — |
| 128 |
| | (118 | ) | (1,972 | ) | | (5,897 | ) | (24,981 | ) |
Provision for impairment of operating properties | — |
| — |
| | — |
| (207 | ) | | — |
| — |
| | — |
| — |
|
Gain on sale of land | — |
| — |
| | — |
| — |
| | (5 | ) | 3 |
| | (696 | ) | (21 | ) |
Provision for impairment of land | — |
| — |
| | — |
| (253 | ) | | — |
| — |
| | — |
| — |
|
Total real estate (gains) losses | — |
| — |
| | — |
| (332 | ) | | (123 | ) | (1,969 | ) | | (6,593 | ) | (25,002 | ) |
| | | | | | | | | | | |
Depreciation, Transaction and Other Expense (Income): | | | | | | | | | | | |
Depreciation and amortization (including FF&E) | (614 | ) | (599 | ) | | (2,353 | ) | (2,465 | ) | | 8,766 |
| 8,443 |
| | 34,051 |
| 34,786 |
|
Acquisition pursuit and closing costs | — |
| — |
| | — |
| — |
| | — |
| 84 |
| | 7 |
| 83 |
|
Development pursuit costs | — |
| — |
| | — |
| — |
| | 26 |
| 5 |
| | 40 |
| 16 |
|
Early extinguishment of debt | — |
| (46 | ) | | — |
| (46 | ) | | — |
| — |
| | — |
| 13 |
|
Hedge ineffectiveness | — |
| — |
| | — |
| — |
| | — |
| (1 | ) | | (8 | ) | 3 |
|
Other expenses | 5 |
| (9 | ) | | (72 | ) | (63 | ) | | 131 |
| 129 |
| | 1,432 |
| 915 |
|
Total depreciation, transaction and other expense (income) | (609 | ) | (654 | ) | | (2,425 | ) | (2,574 | ) | | 8,923 |
| 8,660 |
| | 35,522 |
| 35,816 |
|
| | | | | | | | | | | |
|
| | |
| | 20 |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Noncontrolling Interests | | Share of JVs |
| Three Months Ended | | Year to Date | | Three Months Ended | | Year to Date |
Note
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. |
|
| | |
| | 21 |
Supplemental Details of Same Property NOI as adjusted (Pro-Rata)
For the Periods Ended December 31, 2017 and 2016
(in thousands)
|
| | | | | | | | | | | |
Same Property NOI is a non-GAAP key measure used by management in evaluating the operating performance of our properties and includes pro-rata share of unconsolidated co-investment partnerships. For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI as adjusted, which is on a pro forma basis as if the merger had occurred January 1, 2016. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI growth for future periods. |
| | | | | |
| Three Months Ended | | Year to Date |
| 2017 | 2016 | | 2017 | 2016 |
Same Property NOI as adjusted Detail: | | | |
| | | | | |
Real Estate Revenues: | | | | | |
Base Rent | $ | 198,441 |
| 191,289 |
| | $ | 782,142 |
| 755,556 |
|
Recoveries from Tenants | 60,688 |
| 56,704 |
| | 238,076 |
| 227,322 |
|
Percentage Rent | 1,249 |
| 2,334 |
| | 8,499 |
| 10,364 |
|
Termination Fees | 218 |
| 321 |
| | 803 |
| 1,529 |
|
Other Income | 3,393 |
| 3,734 |
| | 13,216 |
| 13,497 |
|
Total Real Estate Revenues | 263,989 |
| 254,382 |
| | 1,042,736 |
| 1,008,268 |
|
| | | | | |
Real Estate Operating Expenses: | | | | | |
Operating and Maintenance | 39,418 |
| 38,835 |
| | 150,530 |
| 150,841 |
|
Termination Expense | — |
| — |
| | 113 |
| 170 |
|
Real Estate Taxes | 31,951 |
| 28,457 |
| | 125,904 |
| 118,155 |
|
Ground Rent | 1,964 |
| 1,935 |
| | 7,829 |
| 7,732 |
|
Provision for Doubtful Accounts | 1,127 |
| 450 |
| | 4,564 |
| 2,802 |
|
Total Real Estate Operating Expenses | 74,460 |
| 69,677 |
| | 288,940 |
| 279,700 |
|
| | | | | |
Same Property NOI as adjusted | $ | 189,529 |
| 184,705 |
| | $ | 753,796 |
| 728,568 |
|
% change | 2.6 | % | | | 3.5 | % | |
| | | | | |
Same Property NOI as adjusted without Termination Fees | $ | 189,311 |
| 184,384 |
| | $ | 753,106 |
| 727,209 |
|
% change | 2.7 | % | | | 3.6 | % | |
| | | | | |
Same Property NOI as adjusted without Termination Fees or Redevelopments | $ | 163,095 |
| 161,484 |
| | $ | 655,898 |
| 638,347 |
|
% change | 1.0 | % | | | 2.7 | % | |
| | | | | |
| | | | | |
Reconciliation of Income from Operations to Same Property NOI as adjusted: | | | | |
| | | | | |
Net income attributable to common stockholders | $ | 85,139 |
| 55,869 |
| | $ | 159,949 |
| 143,860 |
|
Less: | | | | | |
Management, transaction, and other fees | (6,806 | ) | (6,568 | ) | | (26,158 | ) | (25,327 | ) |
Income tax benefit | (9,737 | ) | — |
| | (9,737 | ) | — |
|
Gain on sale of real estate | (22,519 | ) | (24,324 | ) | | (27,432 | ) | (47,321 | ) |
Other(1) | (10,819 | ) | (4,976 | ) | | (47,357 | ) | (16,144 | ) |
Plus: | | | | | |
Depreciation and amortization | 90,444 |
| 42,606 |
| | 334,201 |
| 162,327 |
|
General and administrative | 18,006 |
| 16,631 |
| | 67,624 |
| 65,327 |
|
Other operating expense, excluding provision for doubtful accounts | 6,460 |
| 8,033 |
| | 85,233 |
| 12,376 |
|
Other expense (income) | 34,360 |
| 22,646 |
| | 141,093 |
| 148,066 |
|
Equity in income of investments in real estate excluded from NOI(2) | 14,771 |
| 12,271 |
| | 53,290 |
| 33,952 |
|
Net income attributable to noncontrolling interests | 802 |
| 524 |
| | 2,903 |
| 2,070 |
|
Preferred stock dividends and issuance costs | — |
| 5,266 |
| | 16,128 |
| 21,062 |
|
NOI | 200,101 |
| 127,978 |
| | 749,737 |
| 500,248 |
|
|
| | |
| | 22 |
|
| | | | | | | | | | | |
| | | | | |
Less non-same property NOI(3) | (10,572 | ) | (6,050 | ) | | (38,186 | ) | (19,716 | ) |
Plus same property NOI for non-ownership periods of Equity One(4) | — |
| 62,777 |
| | 42,245 |
| 248,036 |
|
| | | | | |
Same Property NOI as adjusted | $ | 189,529 |
| 184,705 |
| | $ | 753,796 |
| 728,568 |
|
| | | | | |
(1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests. |
(2) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, and interest expense. |
(3) Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. |
(4) See page 2 for Same Property NOI detail for the non-ownership periods of Equity One. |
|
| | |
| | 23 |
Reconciliations of Non-GAAP Financial Measures and Additional Disclosures
For the Periods Ended December 31, 2017 and 2016
(in thousands, except per share data)
|
| | | | | | | | | | | |
| Three Months Ended | | Year to Date |
| 2017 | 2016 | | 2017 | 2016 |
| | | | | |
Reconciliation of Net Income to NAREIT FFO: | | | | | |
| | | | | |
Net Income Attributable to Common Stockholders | $ | 85,139 |
| 55,869 |
| | $ | 159,949 |
| 143,860 |
|
Adjustments to reconcile to NAREIT Funds From Operations(1): | | | | | |
Depreciation and amortization (excluding FF&E) | 98,036 |
| 50,077 |
| | 364,908 |
| 193,451 |
|
Provision for impairment to operating properties | — |
| 2,500 |
| | — |
| 3,159 |
|
Gain on sale of operating properties | (21,988 | ) | (25,410 | ) | | (30,402 | ) | (63,426 | ) |
Exchangeable operating partnership units | 171 |
| 92 |
| | 388 |
| 257 |
|
NAREIT Funds From Operations | $ | 161,358 |
| 83,128 |
| | $ | 494,843 |
| 277,301 |
|
| | | | | |
NAREIT FFO per share (diluted) | $ | 0.94 |
| 0.79 |
| | $ | 3.09 |
| 2.73 |
|
Weighted average shares (diluted) | 171,205 |
| 105,125 |
| | 160,255 |
| 101,439 |
|
| | | | | |
Reconciliation of NAREIT FFO to Core FFO: | | | | | |
| | | | | |
NAREIT Funds From Operations | $ | 161,358 |
| 83,128 |
| | $ | 494,843 |
| 277,301 |
|
Adjustments to reconcile to Core Funds From Operations(1): | | | | | |
Acquisition pursuit and closing costs | — |
| 242 |
| | 138 |
| 2,007 |
|
Development pursuit costs | 1,047 |
| 596 |
| | 1,569 |
| 1,503 |
|
Income tax benefit | (9,737 | ) | — |
| | (9,737 | ) | — |
|
Gain on sale of land | (654 | ) | (883 | ) | | (3,623 | ) | (8,769 | ) |
Provision for impairment to land | — |
| 33 |
| | — |
| 580 |
|
Loss on derivative instruments and hedge ineffectiveness | (2 | ) | (1 | ) | | (15 | ) | 40,589 |
|
Early extinguishment of debt | 46 |
| 250 |
| | 12,449 |
| 14,207 |
|
Merger related costs | 5,131 |
| 6,539 |
| | 80,715 |
| 6,539 |
|
Merger related debt offering interest | — |
| — |
| | 975 |
| — |
|
Preferred redemption costs | — |
| — |
| | 12,227 |
| — |
|
Hurricane losses | 744 |
| — |
| | 2,596 |
| — |
|
Core Funds From Operations | $ | 157,933 |
| 89,904 |
| | $ | 592,137 |
| 333,957 |
|
| | | | | |
Core FFO per share (diluted) | $ | 0.92 |
| 0.86 |
| | $ | 3.69 |
| 3.29 |
|
Weighted average shares (diluted) | 171,205 |
| 105,125 |
| | 160,255 |
| 101,439 |
|
| | | | | |
Additional Disclosures: | | | | | |
| | | | | |
Non Cash Expense (Income)(1) | | | | | |
Straight line rent, net | $ | (4,534 | ) | (2,189 | ) | | $ | (18,131 | ) | (7,219 | ) |
Above/below market rent amortization, net | (4,681 | ) | (1,790 | ) | | (24,287 | ) | (4,786 | ) |
Derivative amortization | 2,102 |
| 2,102 |
| | 8,408 |
| 8,408 |
|
Debt cost amortization | 1,333 |
| 1,011 |
| | 5,144 |
| 4,261 |
|
Debt premium/discount amortization | (899 | ) | (401 | ) | | (3,340 | ) | (2,015 | ) |
Stock-based compensation | 4,375 |
| 3,455 |
| | 15,525 |
| 13,422 |
|
Non Cash Expense (Income) | $ | (2,304 | ) | 2,188 |
| | $ | (16,681 | ) | 12,071 |
|
| | | | | |
Capital Expenditures(1) | | | | | |
Leasing commissions | $ | 5,383 |
| 3,345 |
| | $ | 19,089 |
| 13,990 |
|
Tenant improvements and other landlord leasing costs | 11,965 |
| 7,314 |
| | 34,521 |
| 20,807 |
|
Building improvements | 14,587 |
| 7,361 |
| | 26,452 |
| 16,143 |
|
Capital Expenditures | $ | 31,935 |
| 18,020 |
| | $ | 80,062 |
| 50,940 |
|
|
| | |
| | 24 |
|
| | | | | | | | | | | |
| Three Months Ended | | Year to Date |
| 2017 | 2016 | | 2017 | 2016 |
| | | | | |
(1) Includes pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests. |
|
| | |
| | 25 |
Summary of Consolidated Debt
December 31, 2017 and December 31, 2017
(in thousands)
|
| | | | | | | |
Total Debt Outstanding: | | 12/31/2017 | | 12/31/2016 |
Notes Payable: | | | | |
Fixed-rate mortgage loans | | $ | 610,049 |
| | 465,255 |
|
Variable-rate mortgage loans | | 36,010 |
| | 6,500 |
|
Fixed-rate unsecured public debt | | 2,138,156 |
| | 892,170 |
|
Fixed-rate unsecured private debt | | 187,500 |
| | — |
|
Unsecured credit facilities: | | | | |
Revolving line of credit | | 60,000 |
| | 15,000 |
|
Term Loans | | 563,262 |
| | 263,495 |
|
Total | | $ | 3,594,977 |
| | 1,642,420 |
|
|
| | | | | | | | | | | | | | | |
Schedule of Maturities by Year: | | Scheduled Principal Payments | | Mortgage Loan Maturities | | Unsecured Maturities (1) | | Total | | Weighted Average Contractual Interest Rate on Maturities |
2018 | | $ | 10,641 |
| | 112,226 |
| | — |
| | 122,867 |
| | 6.2% |
2019 | | 9,360 |
| | 21,787 |
| | 60,000 |
| | 91,147 |
| | 2.6% |
2020 | | 11,122 |
| | 78,580 |
| | 450,000 |
| | 539,702 |
| | 4.5% |
2021 | | 11,426 |
| | 66,751 |
| | 250,000 |
| | 328,177 |
| | 4.9% |
2022 | | 11,618 |
| | 5,848 |
| | 565,000 |
| | 582,466 |
| | 3.0% |
2023 | | 10,043 |
| | 50,492 |
| | — |
| | 60,535 |
| | 3.2% |
2024 | | 5,301 |
| | 88,534 |
| | 250,000 |
| | 343,835 |
| | 3.7% |
2025 | | 4,207 |
| | — |
| | 250,000 |
| | 254,207 |
| | 3.9% |
2026 | | 4,420 |
| | 88,000 |
| | 200,000 |
| | 292,420 |
| | 3.8% |
2027 | | 4,312 |
| | 32,915 |
| | 525,000 |
| | 562,227 |
| | 3.6% |
>10 years | | 8,773 |
| | 387 |
| | 425,000 |
| | 434,160 |
| | 4.0% |
Unamortized debt premium/(discount) and issuance costs | | — |
| | 9,316 |
| | (26,082 | ) | | (16,766 | ) | | |
| | $ | 91,223 |
| | 554,836 |
| | 2,948,918 |
| | 3,594,977 |
| | 4.0% |
|
| | | | |
Percentage of Total Debt: | | 12/31/2017 | | 12/31/2016 |
Fixed | | 97.3% | | 98.7% |
Variable | | 2.7% | | 1.3% |
| | | | |
Current Weighted Average Contractual Interest Rates: (2) | | | | |
Fixed | | 4.0% | | 4.4% |
Variable | | 2.1% | | 0.2% |
Combined | | 4.0% | | 4.5% |
| | | | |
Current Weighted Average Effective Interest Rate: (3) | | | | |
Combined | | 4.2% | | 5.1% |
|
| | | | |
Average Years to Maturity: | | | | |
Fixed | | 8.6 | | 5.2 |
Variable | | 2.2 | | 2.4 |
| | | | |
(1) Includes unsecured public and private placement debt, unsecured term loans, and unsecured revolving line of credit. |
(2) Interest rates are calculated as of the quarter end. |
(3) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees. |
|
| | |
| | 26 |
|
| | | | | | | | | | | | | | | |
Summary of Consolidated Debt |
As of December 31, 2017 and December 31, 2016 |
(in thousands) |
Lender | | Collateral | | Contractual Rate | | Effective Rate (1) | | Maturity | | 12/31/2017 | | 12/31/2016 |
| | | | | | | | | | | | |
Secured Debt - Fixed Rate Mortgage Loans | | | | | | | | | | |
TIAA-CREF | | Westchase | | 5.5% | | | | 07/10/18 | | 6,286 |
| | 6,623 |
|
Allianz Life Insurance Company | | Sheridan Plaza | | 6.3% | | | | 10/10/18 | | 55,872 |
| | — |
|
Guardian Life Insurance Company | | Amerige Heights Town Center | | 6.1% | | | | 12/01/18 | | 15,844 |
| | 16,105 |
|
Guardian Life Insurance Company | | El Cerrito Plaza | | 6.4% | | | | 12/01/18 | | 36,436 |
| | 37,237 |
|
Peoples United Bank | | The Village Center | | 6.3% | | | | 06/01/19 | | 13,930 |
| | — |
|
Allianz Life Insurance Company | | Willow Festival | | 7.3% | | | | 01/10/20 | | 39,505 |
| | 39,505 |
|
Nationwide Bank | | Kent Place | | 3.3% | | | | 04/01/20 | | 8,250 |
| | 8,250 |
|
CUNA Mutal Insurance Society | | Ocala Corners | | 6.5% | | | | 04/01/20 | | 4,389 |
| | 4,615 |
|
New York Life Insurance Company | | Scripps Ranch Marketplace | | 3.8% | | | | 11/10/20 | | 27,000 |
| | — |
|
Wells Fargo | | University Commons | | 5.5% | | | | 01/10/21 | | 36,994 |
| | 37,532 |
|
Jefferson Pilot | | BridgeMill | | 7.9% | | | | 05/05/21 | | 5,596 |
| | — |
|
John Hancock Life Insurance Company | | Kirkwood Commons | | 7.7% | | | | 10/01/22 | | 9,383 |
| | 9,978 |
|
TD Bank | | Black Rock Shopping Center | | 2.8% | | | | 04/01/23 | | 20,000 |
| | 20,000 |
|
State Farm Life Insurance Company | | Tech Ridge Center | | 5.8% | | | | 06/01/23 | | 6,769 |
| | 7,784 |
|
American United Life Insurance Company | | Westport Plaza | | 7.5% | | | | 08/01/23 | | 2,897 |
| | — |
|
TD Bank | | Brickwalk Shopping Center | | 3.2% | | | | 11/01/23 | | 33,000 |
| | 33,000 |
|
Genworth Life Insurance Company | | Aventura, Oakbrook & Treasure Coast | | 6.5% | | | | 02/28/24 | | 16,685 |
| | — |
|
Prudential Insurance Company of America | | 4S Commons Town Center | | 3.5% | | | | 06/05/24 | | 85,000 |
| | 62,500 |
|
Great-West Life & Annuity Insurance Co | | Erwin Square | | 3.8% | | | | 09/01/24 | | 10,000 |
| | 10,000 |
|
Metropolitan Life Insurance Company | | Westbury Plaza | | 3.8% | | | | 02/01/26 | | 88,000 |
| | — |
|
PNC Bank | | Fellsway Plaza | | 4.1% | | | | 06/02/27 | | 37,500 |
| | 34,600 |
|
NYLIM Real Estate Group | | Oak Shade Town Center | | 6.1% | | | | 05/10/28 | | 8,149 |
| | 8,695 |
|
New York Life Insurance | | Von's Circle Center | | 5.2% | | | | 10/10/28 | | 8,283 |
| | — |
|
CIGNA | | Copps Hill Plaza | | 6.1% | | | | 01/01/29 | | 14,224 |
| | — |
|
City of Rollingwood | | Shops at Mira Vista | | 8.0% | | | | 03/01/32 | | 234 |
| | 242 |
|
Allianz Life Insurance Company | | Circle Center West | | 5.0% | | | | 10/01/36 | | 10,198 |
| | — |
|
Jefferson Pilot | | Peartree Village | | 8.4% | | | | 06/01/17 | | — |
| | 6,153 |
|
Bank of America | | Grand Ridge Plaza | | 5.8% | | | | 07/01/17 | | — |
| | 10,931 |
|
Metropolitan Life Insurance Company | | Corkscrew Village | | 6.2% | | | | 08/01/17 | | — |
| | 7,343 |
|
Allianz Life Insurance Company | | Tassajara Crossing | | 7.8% | | | | 07/10/19 | | — |
| | 19,800 |
|
Allianz Life Insurance Company | | Plaza Hermosa | | 7.8% | | | | 07/10/19 | | — |
| | 13,800 |
|
Allianz Life Insurance Company | | Sequoia Station | | 7.8% | | | | 07/10/19 | | — |
| | 21,100 |
|
Allianz Life Insurance Company | | Mockingbird Commons | | 7.8% | | | | 07/10/19 | | — |
| | 10,300 |
|
Allianz Life Insurance Company | | Sterling Ridge | | 7.8% | | | | 07/10/19 | | — |
| | 13,900 |
|
Allianz Life Insurance Company | | Frisco Prestonbrook | | 7.8% | | | | 07/10/19 | | — |
| | 6,800 |
|
Allianz Life Insurance Company | | Wellington Town Square | | 7.8% | | | | 07/10/19 | | — |
| | 12,800 |
|
Allianz Life Insurance Company | | Berkshire Commons | | 7.8% | | | | 07/10/19 | | — |
| | 7,500 |
|
Unamortized premiums on assumed debt of acquired properties and issuance costs | | | | | | 9,625 |
| | 4,662 |
|
Total Fixed Rate Mortgage Loans | | 4.9% | | 4.3% | | | | $ | 610,049 |
| | 471,755 |
|
| | | | | | | | | | | | |
|
| | |
| | 27 |
|
| | | | | | | | | | | | | | | |
Summary of Consolidated Debt |
As of December 31, 2017 and December 31, 2016 |
(in thousands) |
Lender | | Collateral | | Contractual Rate | | Effective Rate (1) | | Maturity | | 12/31/2017 | | 12/31/2016 |
| | | | | | | | | | | | |
Unsecured Debt | | | | | | | | | | |
Debt Offering (6/2/10) | | Fixed-rate unsecured | | 6.0% | | | | 06/15/20 | | 150,000 |
| | 150,000 |
|
Debt Offering (10/7/10) | | Fixed-rate unsecured | | 4.8% | |
| | 04/15/21 | | 250,000 |
| | 250,000 |
|
Debt Offering (10/22/12) | | Fixed-rate unsecured | | 3.8% | |
| | 11/11/22 | | 300,000 |
| | — |
|
Debt Offering (5/16/14) | | Fixed-rate unsecured | | 3.8% | |
| | 06/15/24 | | 250,000 |
| | 250,000 |
|
Debt Offering (8/17/15) | | Fixed-rate unsecured | | 3.9% | |
| | 11/01/25 | | 250,000 |
| | 250,000 |
|
Debt Placement (5/11/2016) | | Fixed-rate unsecured | | 3.8% | | | | 05/11/26 | | 100,000 |
| | — |
|
Debt Placement (8/11/2016) | | Fixed-rate unsecured | | 3.9% | | | | 08/11/26 | | 100,000 |
| | — |
|
Debt Offering (1/17/17) | | Fixed-rate unsecured | | 3.6% | | | | 02/01/27 | | 525,000 |
| | — |
|
Debt Offering (1/17/17) | | Fixed-rate unsecured | | 4.4% | | | | 02/01/47 | | 425,000 |
| | — |
|
Term Loan | | Fixed-rate unsecured | | 2.8% | (2) | | | 12/02/20 | | 300,000 |
| | — |
|
Term Loan | | Fixed-rate unsecured | | 2.0% | (3) | | | 01/05/22 | | 265,000 |
| | 265,000 |
|
Revolving Line of Credit | | Variable-rate unsecured | | LIBOR + 0.925% | (4) | | | 05/13/19 | | 60,000 |
| | 15,000 |
|
Unamortized debt discount and issuance costs | | | | | | | | (26,082 | ) | | (9,335 | ) |
Total Unsecured Debt, Net of Discounts | | 3.8% | | 4.2% | | | | $ | 2,948,918 |
| | 1,170,665 |
|
| | | | | | | | | | | | |
Variable Rate Mortgage Loans | | | | | | | | | | | | |
TD Bank | | Concord Shopping Plaza | | LIBOR + 0.95% | | | | 06/28/18 | | 27,750 |
| | — |
|
PNC Bank | | Market at Springwoods Village | | LIBOR + 1.75% | | | | 12/28/19 | | 8,569 |
| | — |
|
Unamortized debt discount and issuance costs | | | | | | | | (309 | ) | | |
| | | | | | | | | | $ | 36,010 |
| | — |
|
| | | | | | | | | | | | |
Total | | | | 4.0% | | 4.2% | | | | $ | 3,594,977 |
| | 1,642,420 |
|
| | | | | | | | | | | | |
(1) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees. |
(2) Underlying debt is LIBOR+0.95%; however, interest rate swaps are in place to fix the interest rate on the entire $300,000 balance at 2.774% through maturity. Contractual rate represents blended contractual terms, including the swap. |
(3) Effective July 7, 2016, the interest rate on the underlying debt is LIBOR + 0.95%, with an interest rate swap in place to fix the interest rate on the entire $265,000 balance at 2.00% through maturity. |
(4) Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option. |
|
| | |
| | 28 |
Summary of Unsecured Debt Covenants and Leverage Ratios
December 31, 2017
(in thousands)
|
| | | | | | | | | |
Outstanding Unsecured Unsecured Public Debt: | Origination | | Maturity | | Rate | | Balance |
| | 6/2/2010 | | 6/15/2020 | | 6.00% | $ | 150,000 |
|
| | 10/7/2010 | | 4/15/2021 | | 4.80% | $ | 250,000 |
|
| | 10/25/2012 | | 11/15/2022 | | 3.75% | $ | 300,000 |
|
| | 5/16/2014 | | 6/15/2024 | | 3.75% | $ | 250,000 |
|
| | 8/17/2015 | | 11/1/2025 | | 3.90% | $ | 250,000 |
|
| | 1/17/2017 | | 2/1/2027 | | 3.60% | $ | 525,000 |
|
| | 1/17/2017 | | 2/1/2047 | | 4.40% | $ | 425,000 |
|
|
| | | | | | | | | | | | | | | |
Unsecured Public Debt Covenants: | | Required | | 9/30/17 | | 6/30/17 | | 3/31/17 | | 12/31/16 |
| | | | | | | | | | |
Fair Market Value Calculation Method Covenants (1)(2) | | | | | | | | | | |
Total Consolidated Debt to Total Consolidated Assets | | ≤ 65% |
| | 27 | % | | 27 | % | | 26 | % | | 24 | % |
Secured Consolidated Debt to Total Consolidated Assets | | ≤ 40% |
| | 5 | % | | 5 | % | | 6 | % | | 7 | % |
Consolidated Income for Debt Service to Consolidated Debt Service | | ≥ 1.5x |
| | 5.1x |
| | 5.1x |
| | 5.2x |
| | 4.7x |
|
Unencumbered Consolidated Assets to Unsecured Consolidated Debt | | >150% |
| | 391 | % | | 393 | % | | 410 | % | | 480 | % |
| | | | | | | | | | |
Ratios: | | 12/31/17 | | 9/30/17 | | 6/30/17 | | 3/31/17 | | 12/31/16 |
Consolidated Only | | | | | | | | | | |
Net debt to total market capitalization | | 23.0 | % | | 24.8 | % | | 24.0 | % | | 22.8 | % | | 17.7 | % |
Net debt to real estate assets, before depreciation | | 31.4 | % | | 31.0 | % | | 30.3 | % | | 29.6 | % | | 31.1 | % |
Net debt to total assets, before depreciation | | 28.5 | % | | 28.2 | % | | 27.6 | % | | 27.4 | % | | 29.0 | % |
Net debt + preferred to total assets, before depreciation | | 28.5 | % | | 28.2 | % | | 28.2 | % | | 28.0 | % | | 34.8 | % |
| | | | | | | | | | |
Net debt to Adjusted EBITDA - TTM(3) | | 4.9x |
| | 4.8x |
| | 4.6x |
| | 4.5x |
| | 3.6x |
|
Fixed charge coverage | | 4.8x |
| | 4.9x |
| | 5.1x |
| | 5.1x |
| | 4.0x |
|
Fixed charge coverage excluding preferreds | | 4.8x |
| | 5.1x |
| | 5.5x |
| | 5.6x |
| | 4.7x |
|
Interest coverage | | 5.4x |
| | 5.7x |
| | 6.2x |
| | 6.3x |
| | 5.3x |
|
| | | | | | | | | | |
Unsecured assets to total real estate assets | | 85.8 | % | | 86.6 | % | | 86.5 | % | | 83.2 | % | | 83.0 | % |
Unsecured NOI to total NOI - TTM(3) | | 87.0 | % | | 87.0 | % | | 86.9 | % | | 83.2 | % | | 81.5 | % |
Unencumbered assets to unsecured debt | | 315 | % | | 322 | % | | 323 | % | | 336 | % | | 347 | % |
| | | | | | | | | | |
Total Pro-Rata Share | | | | | | | | | | |
Net debt to total market capitalization | | 25.5 | % | | 27.5 | % | | 26.8 | % | | 25.5 | % | | 21.7 | % |
Net debt to real estate assets, before depreciation | | 33.4 | % | | 33.1 | % | | 32.5 | % | | 31.8 | % | | 34.8 | % |
Net debt to total assets, before depreciation | | 30.4 | % | | 30.1 | % | | 29.7 | % | | 29.5 | % | | 32.5 | % |
Net debt + preferred to total assets, before depreciation | | 30.4 | % | | 30.1 | % | | 30.2 | % | | 30.1 | % | | 37.5 | % |
| | | | | | | | | | |
Net debt to Adjusted EBITDA - TTM(3) | | 5.4x |
| | 5.4x |
| | 5.2x |
| | 4.9x |
| | 4.4x |
|
Fixed charge coverage | | 4.1x |
| | 4.1x |
| | 4.3x |
| | 4.5x |
| | 3.3x |
|
Fixed charge coverage excluding preferreds | | 4.1x |
| | 4.3x |
| | 4.5x |
| | 4.9x |
| | 3.8x |
|
Interest coverage | | 4.7x |
| | 4.9x |
| | 5.2x |
| | 5.6x |
| | 4.4x |
|
| | | | | | | | | | |
(1) For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. |
(2) Debt covenant disclosure is in arrears due to current quarter calculations being dependent on the Company's most recent Form 10-Q or Form 10-K filing. |
(3) In light of the merger with Equity One on March 1, 2017, debt metric calculations include legacy Regency results for the trailing 12 months and the annualized impact of year to date results for the Equity One contribution post merger. |
|
| | |
| | 29 |
Summary of Unconsolidated Debt
December 31, 2017 and December 31, 2017
(in thousands)
|
| | | | | | | |
Total Debt Outstanding: | | 12/31/2017 | | 12/31/2016 |
Mortgage loans payable: | | | | |
Fixed rate secured loans | | $ | 1,493,595 |
| | 1,290,296 |
|
Variable rate secured loans | | 1,499 |
| | — |
|
Unsecured credit facilities variable rate | | 19,635 |
| | 19,635 |
|
Total | | $ | 1,514,729 |
| | 1,309,931 |
|
|
| | | | | | | | | | | | | | | | | | |
Schedule of Maturities by Year: | | Scheduled Principal Payments | | Mortgage Loan Maturities | | Unsecured Maturities | | Total | | Regency's Pro-Rata Share | | Weighted Average Contractual Interest Rate on Maturities |
2018 | | $ | 21,059 |
| | 30,022 |
| | — |
| | 51,081 |
| | 19,647 |
| | 4.1% |
2019 | | 19,852 |
| | 73,259 |
| | — |
| | 93,111 |
| | 24,448 |
| | 7.3% |
2020 | | 16,823 |
| | 224,090 |
| | 19,635 |
| | 260,548 |
| | 91,039 |
| | 5.5% |
2021 | | 10,818 |
| | 269,942 |
| | — |
| | 280,760 |
| | 100,402 |
| | 4.6% |
2022 | | 7,569 |
| | 195,702 |
| | — |
| | 203,271 |
| | 73,369 |
| | 4.2% |
2023 | | 2,631 |
| | 171,608 |
| | — |
| | 174,239 |
| | 65,003 |
| | 4.8% |
2024 | | 380 |
| | 33,690 |
| | — |
| | 34,070 |
| | 13,760 |
| | 3.9% |
2025 | | — |
| | 162,000 |
| | — |
| | 162,000 |
| | 48,900 |
| | 3.6% |
2026 | | — |
| | 101,000 |
| | — |
| | 101,000 |
| | 44,400 |
| | 3.8% |
2027 | | — |
| | 115,000 |
| |
|
| | 115,000 |
| | 23,008 |
| | 3.8% |
>10 Years | | — |
| | 50,000 |
| | — |
| | 50,000 |
| | 20,000 |
| | 4.0% |
Unamortized debt premium/(discount) and issuance costs (2) | | — |
| | (10,351 | ) | | — |
| | (10,351 | ) | | (3,365 | ) | | |
| | $ | 79,132 |
| | 1,415,962 |
| | 19,635 |
| | 1,514,729 |
| | 520,611 |
| | 4.6% |
|
| | | | |
Percentage of Total Debt: | | 12/31/2017 | | 12/31/2016 |
Fixed | | 98.6% | | 98.5% |
Variable | | 1.4% | | 1.5% |
| | | | |
Current Weighted Average Contractual Interest Rates: (1) | | | | |
Fixed | | 4.6% | | 4.8% |
Variable | | 2.9% | | 2.3% |
Combined | | 4.6% | | 4.7% |
| | | | |
Current Weighted Average Effective Interest Rates: (2) | | | | |
Combined | | 4.7% | | 4.9% |
| | | | |
Average Years to Maturity: | | | | |
Fixed | | 5.2 | | 5.7 |
Variable | | 2.9 | | 0.9 |
| | | | |
(1) Interest rates are calculated as of the quarter end. |
(2) Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees. |
|
| | |
| | 30 |
Property Transactions
December 31, 2017
(in thousands) |
| | | | | | | | | |
Acquisitions: |
Date | Property Name | Co-investment Partner (REG %) | Market | Total GLA | Regency’s Share of Purchase Price | Weighted Average Cap Rate | Anchor(s)(1) |
Dec-17 | Scripps Ranch Marketplace |
| San Diego, CA | 132 | $ | 81,600 |
|
| Vons, CVS |
Dec-17 | Roosevelt Square |
| Seattle, WA | 148 | 68,248 |
|
| Whole Foods, Bartell Drugs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total | | | 280 | $ | 149,848 |
| 4.4% | |
| | | | | | | |
Dispositions: |
Date | Property Name | Co-investment Partner (REG %) | Market | Total GLA | Regency’s Share of Sales Price | Weighted Average Cap Rate | Anchor(s)(1) |
Mar-17 | 1900/2000 Offices | DRA (20%) | Boca Raton, FL | 117 | $ | 4,200 |
|
| -- |
May-17 | Shops at Arizona |
| Anthem, AZ | 36 | 2,625 |
|
| Ace Hardware |
May-17 | Palm Valley Marketplace | Oregon (20%) | Phoenix, AZ | 108 | 4,490 |
|
| Safeway |
Aug-17 | Maynard Crossing | USAA (20%) | Cary, NC | 123 | 5,985 |
|
| Kroger |
Oct-17 | Strawflower Village |
| Half Moon Bay, CA | 79 | 29,000 |
|
| Safeway, Longs Drug |
Nov-17 | Ridge Plaza |
| Davie, FL | 155 | 21,300 |
|
| Goodwill, The Round Up |
Dec-17 | Chapel Trail |
| Pembroke Pines, FL | 56 | 14,100 |
|
| LA Fitness |
Dec-17 | Westwood Towers |
| Bethesda, MD | 211 | 20,000 |
|
| -- |
Dec-17 | McAlpin Square |
| Savannah, GA | 174 | 18,590 |
|
| Kroger, Big Lots, Goodwill |
|
|
|
|
|
|
|
|
|
| Total | | | 1,058 | $ | 120,290 |
| 7.8% | |
| | | | | | | |
(1) Retailers in parenthesis are shadow anchors and not a part of the owned property |
| | | | | | | |
|
| | |
| | 31 |
Summary of Development
December 31, 2017
(in thousands)
|
| | | | | | | | | | | | |
Property Name | Market | Grocer/Anchor Tenant | Dev Start | Anchor
Opens | Estimated Net Development Costs After
JV Buyout | %
of Costs Incurred | Development Yield Before
JV Buyout (3) | Return
After
JV Buyout | GLA | % Leased |
Properties in Development: | | | | | | | | | | | |
Chimney Rock | New York, NY | Whole Foods, Nordstrom Rack & Saks Off 5th | Q4-2016 | Apr-18 | $71,005 | 79% | 6.5% | 6.5% | 218 | 87% |
Indigo Square | Charleston, SC | Publix Greenwise Market | Q4-2017 | Feb-19 | $16,574 | 31% | 8.3% | 8.3% | 51 | 71% |
Market at Springwoods Village (1) | Houston, TX | Kroger | Q1-2016 | May-17 | $14,571 | 82% | 9.0% | 9.0% | 167 | 89% |
Mellody Farm | Chicago, IL | Whole Foods, Nordstrom Rack & REI | Q2-2017 | Oct-18 | $97,399 | 39% | 6.9% | 6.9% | 252 | 63% |
Midtown East (2) | Raleigh, NC | Wegmans | Q4-2017 | Jul-19 | $22,015 | 35% | 8.0% | 8.0% | 174 | 72% |
Northgate Marketplace Ph II | Medford, OR | Dick's & HomeGoods | Q4-2015 | Oct-16 | $40,791 | 98% | 7.3% | 7.3% | 177 | 92% |
Pinecrest Place | Miami, FL | Whole Foods | Q1-2017 | Jan-18 | $16,427 | 21% | 7.3% | 7.3% | 70 | 75% |
The Field at Commonwealth | Metro DC | Wegmans | Q1-2017 | Aug-18 | $45,033 | 64% | 7.5% | 7.5% | 187 | 82% |
The Village at Riverstone | Houston, TX | Kroger | Q4-2016 | Oct-18 | $30,658 | 50% | 8.0% | 7.8% | 165 | 83% |
Total Properties in Development | 9 | | | | $354,473 | 58% | 7.3% | 7.3 | % | (4) | 1,461 | 80% |
| | | | | | | | | | | |
Development Completions: | | | | | | | | | | | |
The Village at Tustin Legacy | Los Angeles, CA | Stater Brothers | Q3-2016 | Nov-17 | $37,122 | 95% | 8.8% | 8.8% | 112 | 97% |
Willow Oaks Crossing | Charlotte, NC | Publix | Q2-2014 | Dec-15 | $13,991 | 99% | 8.0% | 8.0% | 69 | 95% |
Total Development Completions | 2 | | |
| $51,113 | 96% | 8.6% | 8.6 | % | (4) | 181 | 96% |
| | | | | | | | | | | |
| | | | | | | | | | | |
NOI from Properties in Development (Current Quarter) | | $923 | | | | | | |
| | | | | | | | | | | |
Base rent from Development Completions for leases signed but not yet rent-paying (Current Quarter) | | $42 | | | | | | |
| | | |
Notes: | | | |
New starts for the quarter are in bold and italicized. | | | |
See Page 40 for additional disclosures regarding undeveloped land classified on the non-GAAP balance sheet as Land, building, and improvements rather than Properties in Development |
|
(1) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 53% controlling interest. Anchor rent commencement date is May-2017. Anchor opening date is Nov-2017. |
(2) Reflects Regency's share of Estimated Net Development Costs After JV Buyout at 50% noncontrolling interest. |
(3) Represents the ratio of Regency's underwritten NOI at stabilization to total estimated net development costs, before any adjustments for expected JV partner buyouts. |
(4) After allocating land basis for outparcel proceeds, additional interest and overhead capitalization, returns are estimated to be 6.6% for Projects in Development and 8.0% for Development Completions. |
| | | |
|
| | |
| | 32 |
Summary of Redevelopment
December 31, 2017
(in thousands)
|
| | | | | | |
Property Name | Market | Description | Target Completion Year (1) | Incremental
Costs (2) | %
of Costs Incurred | Incremental
Yield |
Properties in Redevelopment (>$5M): | | | | | | |
Countryside Shops | Miami | Relocation and expansion of existing Publix including reduction of shop space and leasing former Publix space to Ross; addition of pad building leased to Chipotle; refaçade remaining center. | 2018 | $21,337 | 56% | 6% - 7% |
Paces Ferry Plaza | Atlanta | Reconfiguration of center including construction of Whole Foods 365, parking deck, and façade renovations. | 2018 | $14.802 | 54% | 9% - 10% |
Point Royale Shopping Center | Miami | Reconfiguration of the former Best Buy space for Burlington Coat and two junior anchors; construction of new outparcel leased to Panera Bread; façade enhancements to remaining center. | 2018 | $10,935 | 55% | 7% - 8% |
Serramonte Shopping Center | San Francisco | Additional 250K SF of new retail including new parking deck. Anchor leases executed with Nordstrom Rack, Ross, TJ Maxx, Buy Buy Baby, Cost Plus World Market, Dave & Busters and Daiso. | 2018 | $116,200 | 84% | 6% - 7% |
Various Properties | 10 | Redevelopments located in various markets with project costs <$5M | | $26,045 | 60% | 7% - 10% |
Total Properties in Redevelopment | 14 | | | $189,319 | 73% | 7% - 9% |
| | | | | | |
Redevelopment Completions (>$5M): | | | | | | |
Aventura Shopping Center | Miami | Tear down of existing center and development of 86K SF center anchored by Publix and CVS. | 2017 | $20,044 | 91% | 9% - 10% |
El Camino Shopping Center | Los Angeles | Reconfiguration of previous Haggen anchor box with Bristol Farms and Pet Food Express and improvements to remaining center. | 2017 | $13,499 | 91% | 8% - 9% |
Nocatee Town Center | Jacksonville | Addition of a 23K SF shop building. | 2017 | $5,412 | 92% | 11% - 12% |
Old St. Augustine | Jacksonville | Reconfiguration of vacant shop space and increasing GLA for LA Fitness. | 2017 | $7,870 | 99% | 7% - 8% |
Pablo Plaza | Jacksonville | Demolish shop space for junior anchor boxes (PetSmart), addition of free standing multi-tenant shop building and construction of new pad building leased to Chipotle. | 2017 | $8,965 | 90% | 6% - 7% |
Shops on Main Ph II | Chicago | Addition of Nordstrom Rack and additional shops. | 2017 | $7,726 | 91% | 8% - 9% |
Various Properties | 7 | Redevelopments located in various markets with project costs <$5M | | $17,336 | 96% | 7% - 10% |
Total Redevelopment Completions | 13 | | | $80,851 | 93% | 7% - 9% |
| | | | | | |
Reconciliation of Summary of Development and Redevelopment to Properties In Development (Balance Sheet): | | |
Developments | % of estimated development costs, including GAAP allocations | | $226,663 | | |
Redevelopments | % of incremental costs | | 138,871 | | |
Other Costs | Pre-development costs and accruals for costs not yet paid | | 41,410 | | |
Transfers to Operating | Cost of assets placed in service | | (78,551) | | |
Properties in Development (Pro-Rata) | | | | $328,393 | | |
| | | | |
| | | | |
|
| | |
| | 33 |
|
| | | | | | |
| | | |
| | | | | |
(1) Target completion year reflects the year that construction is expected to be substantially complete. | | |
(2) Includes Regency's pro-rata share of unconsolidated co-investment partnerships. | | |
|
| | |
| | 34 |
Unconsolidated Investments
December 31, 2017
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | Regency |
Investment Partner and Portfolio Summary Abbreviation | Number of Properties | Total GLA | Total Assets | Total Debt | | Ownership Interest | Share of Debt | Investment 12/31/2017 | | Equity Pick-up |
| | | | | | | | | | |
State of Oregon | | | | | | | | | | |
(JV-C, JV-C2) | 18 | 2,204 |
| $ | 460,826 |
| $ | 237,485 |
| | 20.00% | $ | 47,497 |
| $ | 20,777 |
| | $ | 5,150 |
|
(JV-CCV) | 1 | 558 |
| 99,808 |
| 59,731 |
| | 30.00% | 17,919 |
| 11,784 |
| | 850 |
|
| 19 | 2,762 |
| 560,634 |
| 297,216 |
| | | | | | |
GRI | | | | | | | | | | |
(JV-GRI) | 70 | 9,064 |
| 1,656,068 |
| 908,641 |
| | 40.00% | 363,456 |
| 198,521 |
| | 27,440 |
|
| | | | | | | | | | |
CalSTRS | | | | | | | | | | |
(JV-RC) | 7 | 730 |
| 138,717 |
| 12,434 |
| | 25.00% | 3,108 |
| 27,829 |
| | 1,403 |
|
| | | | | | | | | | |
NYSCRF | | | | | | | | | | |
(JV-NYC) | 6 | 1,152 |
| 284,412 |
| 142,360 |
| | 30.00% | 42,708 |
| 53,277 |
| | 686 |
|
| | | | | | | | | | |
USAA | | | | | | | | | | |
(JV-USA) | 7 | 683 |
| 90,900 |
| 103,752 |
| | 20.01% | 20,759 |
| (11,290 | ) | (1) | 4,456 |
|
| | | | | | | | | | |
Publix | | | | | | | | | | |
(JV-O) | 2 | 207 |
| 31,621 |
| — |
| | 50.00% | — |
| 15,364 |
| | 1,874 |
|
| | | | | | | | | | |
Individual Investors | | | | | | | | | | |
(JV-O) | 4 | 540 |
| 123,366 |
| 50,326 |
| | 50.00% | 25,164 |
| 58,752 |
| | 1,482 |
|
| | | | | | | | | | |
| 115 | 15,138 |
| $ | 2,885,718 |
| $ | 1,514,729 |
| | | $ | 520,611 |
| $ | 375,014 |
| | $ | 43,341 |
|
| | | | | | | | | | |
(1) During 2017, the USAA partnership distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is classified within Accounts Payable and Other Liabilities in the Consolidated Balance Sheets. |
|
| | |
| | 35 |
Leasing Statistics -Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 2017
(Retail Operating Properties Only) |
| | | | | | | | | | | | | | | | | |
Leasing Statistics - Comparable | | | | | | | | | |
| | | | | | | | | | | | | |
Total | | Leasing Transactions | | GLA
(in 000s) | | New Base Rent/Sq. Ft | | Rent Spread % | | Weighted Avg. Lease Term | | Tenant Improvements /Sq. Ft. | |
4th Quarter 2017 | | 442 | | 1,772 | | $ | 22.04 |
| | 6.0% | | 5.7 | | $ | 3.67 |
| |
3rd Quarter 2017 | | 387 | | 1,774 | | 20.41 |
| | 7.8% | | 5.6 | | 2.37 |
| |
2nd Quarter 2017 | | 427 | | 1,690 | | 23.89 |
| | 9.4% | | 5.5 | | 1.83 |
| |
1st Quarter 2017 | | 274 | | 1,069 | | 22.99 |
| | 8.2% | | 5.8 | | 2.31 |
| |
Total - 12 months | | 1,530 | | 6,305 | | $ | 22.22 |
| | 7.8% | | 5.6 | | $ | 2.57 |
| |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
New Leases | | Leasing Transactions | | GLA
(in 000s) | | New Base Rent/Sq. Ft | | Rent Spread % | | Weighted Avg. Lease Term | | Tenant Improvements /Sq. Ft. | |
4th Quarter 2017 | | 106 | | 443 | | $ | 21.66 |
| | 2.2% | | 8.4 | | $ | 14.61 |
| |
3rd Quarter 2017 | | 92 | | 279 | | 26.20 |
| | 17.4% | | 9.3 | | 13.58 |
| |
2nd Quarter 2017 | | 103 | | 281 | | 23.81 |
| | 13.5% | | 7.4 | | 9.87 |
| |
1st Quarter 2017 | | 62 | | 185 | | 22.26 |
| | 0.2% | | 7.3 | | 12.15 |
| |
Total - 12 months | | 363 | | 1,188 | | $ | 23.41 |
| | 8.5% | | 8.2 | | $ | 12.82 |
| |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Renewals | | Leasing Transactions | | GLA
(in 000s) | | New Base Rent/Sq. Ft | | Rent Spread % | | Weighted Avg. Lease Term | | Tenant Improvements /Sq. Ft. | |
4th Quarter 2017 | | 336 | | 1,329 | | $ | 22.15 |
| | 7.1% | | 4.9 | | $ | 0.46 |
| |
3rd Quarter 2017 | | 295 | | 1,495 | | 19.41 |
| | 5.7% | | 5.0 | | 0.41 |
| |
2nd Quarter 2017 | | 324 | | 1,409 | | 23.91 |
| | 8.7% | | 5.2 | | 0.34 |
| |
1st Quarter 2017 | | 212 | | 883 | | 23.14 |
| | 10.0% | | 5.5 | | 0.30 |
| |
Total - 12 months | | 1,167 | | 5,116 | | $ | 21.97 |
| | 7.7% | | 5.1 | | $ | 0.39 |
| |
|
| | | | | | | | | | | | | | |
Leasing Statistics - Comparable and Non-comparable |
Total | | Leasing Transactions | | GLA
(in 000s) | | New Base Rent/Sq. Ft | | Weighted Avg. Lease Term | | Tenant Improvements /Sq. Ft. |
4th Quarter 2017 | | 516 | | 1,974 | | $ | 22.74 |
| | 6.5 | | $ | 4.26 |
|
3rd Quarter 2017 | | 452 | | 2,042 | | 20.79 |
| | 5.5 | | 2.80 |
|
2nd Quarter 2017 | | 497 | | 1,915 | | 23.91 |
| | 5.5 | | 2.88 |
|
1st Quarter 2017 | | 316 | | 1,185 | | 23.75 |
| | 6.3 | | 2.44 |
|
Total - 12 months | | 1,781 | | 7,116 | | $ | 22.63 |
| | 5.9 | | $ | 3.16 |
|
Notes:
• All amounts reported at execution.
• Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
• Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.
• Tenant Improvements represent the costs to accommodate tenant-specific needs over and above baseline condition.
• Excludes Non Retail Properties
|
| | |
| | 36 |
Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 2017
(in thousands)
|
| | | | | | | | | | | | | | | | | | |
Largest CBSAs by Population(1) | Number of Properties | GLA | % Leased(2) | ABR | ABR/Sq. Ft. | % of Number of Properties | % of GLA | % of ABR |
New York-Northern New Jersey-Long Island | 13 |
| 1,553 |
| 97.3 | % | $ | 56,941 |
| $ | 37.71 |
| 3.1 | % | 3.5 | % | 6.4 | % |
Los Angeles-Long Beach-Santa Ana | 24 |
| 2,361 |
| 99.5 | % | 62,302 |
| 26.43 |
| 5.6 | % | 5.4 | % | 7.0 | % |
Chicago-Naperville-Joliet | 11 |
| 1,591 |
| 91.0 | % | 25,987 |
| 17.80 |
| 2.6 | % | 3.6 | % | 2.9 | % |
Dallas-Fort Worth-Arlington | 12 |
| 775 |
| 98.6 | % | 16,525 |
| 21.56 |
| 2.8 | % | 1.8 | % | 1.9 | % |
Houston-Baytown-Sugar Land | 13 |
| 1,589 |
| 96.1 | % | 28,092 |
| 18.27 |
| 3.1 | % | 3.6 | % | 3.2 | % |
Washington-Arlington-Alexandria | 32 |
| 2,444 |
| 88.4 | % | 52,899 |
| 24.30 |
| 7.5 | % | 5.6 | % | 5.9 | % |
Philadelphia-Camden-Wilmington | 8 |
| 694 |
| 94.4 | % | 14,169 |
| 21.46 |
| 1.9 | % | 1.6 | % | 1.6 | % |
Miami-Fort Lauderdale-Miami Beach | 48 |
| 5,673 |
| 96.3 | % | 106,542 |
| 19.45 |
| 11.3 | % | 12.9 | % | 12.0 | % |
Atlanta-Sandy Springs-Marietta | 22 |
| 2,065 |
| 95.3 | % | 41,442 |
| 20.90 |
| 5.2 | % | 4.7 | % | 4.6 | % |
Boston-Cambridge-Quincy | 11 |
| 1,124 |
| 98.5 | % | 25,211 |
| 22.66 |
| 2.6 | % | 2.6 | % | 2.8 | % |
Phoenix-Mesa-Scottsdale | — |
| — |
| — | % | — |
| — |
| — | % | — | % | — | % |
San Francisco-Oakland-Fremont | 22 |
| 3,790 |
| 94.1 | % | 101,798 |
| 28.51 |
| 5.2 | % | 8.6 | % | 11.4 | % |
Riverside-San Bernardino-Ontario | 3 |
| 319 |
| 90.8 | % | 6,603 |
| 21.52 |
| 0.7 | % | 0.7 | % | 0.7 | % |
Detroit | — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Seattle-Tacoma-Bellevue | 12 |
| 1,003 |
| 99.0 | % | 24,483 |
| 24.84 |
| 2.8 | % | 2.3 | % | 2.7 | % |
Minneapolis-St. Paul-Bloomington | 5 |
| 207 |
| 98.7 | % | 3,173 |
| 15.54 |
| 1.2 | % | 0.5 | % | 0.4 | % |
San Diego-Carlsbad-San Marcos | 11 |
| 1,536 |
| 97.7 | % | 42,859 |
| 28.37 |
| 2.6 | % | 3.5 | % | 4.8 | % |
Tampa-St. Petersburg-Clearwater | 10 |
| 1,322 |
| 88.5 | % | 19,695 |
| 16.74 |
| 2.3 | % | 3.0 | % | 2.2 | % |
Denver-Aurora | 12 |
| 988 |
| 96.5 | % | 14,173 |
| 14.82 |
| 2.8 | % | 2.2 | % | 1.6 | % |
St. Louis | 4 |
| 408 |
| 99.7 | % | 4,323 |
| 10.62 |
| 0.9 | % | 0.9 | % | 0.5 | % |
Baltimore-Towson | 5 |
| 353 |
| 95.7 | % | 7,822 |
| 22.94 |
| 1.2 | % | 0.8 | % | 0.9 | % |
Charlotte-Gastonia-Concord | 5 |
| 300 |
| 97.2 | % | 6,656 |
| 22.05 |
| 1.2 | % | 0.7 | % | 0.7 | % |
Orlando | 9 |
| 936 |
| 91.9 | % | 14,508 |
| 16.85 |
| 2.1 | % | 2.1 | % | 1.6 | % |
San Antonio | — |
| — |
| — | % | — |
| — |
| — | % | — | % | — | % |
Portland-Vancouver-Beaverton | 5 |
| 436 |
| 94.3 | % | 7,719 |
| 18.60 |
| 1.2 | % | 1.0 | % | 0.9 | % |
Top 25 CBSAs by Population | 297 |
| 31,467 |
| 95.1 | % | $ | 683,921 |
| $ | 22.85 |
| 69.7 | % | 71.5 | % | 76.7 | % |
| | | | | | | | |
CBSAs Ranked 26 - 50 by Population | 61 |
| 6,353 |
| 97.2 | % | 98,795 |
| 16.00 |
| 14.3 | % | 14.4 | % | 11.1 | % |
| | | | | | | | |
CBSAs Ranked 51 - 75 by Population | 24 |
| 2,218 |
| 96.4 | % | 50,531 |
| 23.62 |
| 5.6 | % | 5.0 | % | 5.7 | % |
| | | | | | | | |
CBSAs Ranked 76 - 100 by Population | 12 |
| 757 |
| 97.9 | % | 11,692 |
| 15.77 |
| 2.8 | % | 1.7 | % | 1.3 | % |
| | | | | | | | |
Other CBSAs | 32 |
| 3,221 |
| 94.8 | % | 46,400 |
| 15.20 |
| 7.5 | % | 7.3 | % | 5.1 | % |
| | | | | | | | |
Total All Properties | 426 |
| 44,015 |
| 95.5 | % | $ | 891,339 |
| $ | 21.11 |
| 100.0 | % | 100.0 | % | 100.0 | % |
| | | | | | | | |
(1) 2016 Population Data Source: Synergos Technologies, Inc. | | | | | | |
(2) Includes Properties in Development and leases that are executed but have not commenced. | | | | |
|
| | |
| | 37 |
Significant Tenant Rents - Wholly Owned and Regency’s Pro-Rata Share of
Co-investment Partnerships
December 31, 2017
(in thousands)
|
| | | | | | | | | | | | | | | |
Tenant | | Tenant GLA | | % of Company-Owned GLA | | Total Annualized Base Rent | | % of Total Annualized Base Rent | | Total # of Leased Stores - 100% Owned and JV | | # of Leased Stores in JV |
Publix | | 2,750 |
| | 6.2% | | $ | 28,002 |
| | 3.1% | | 69 | | 13 |
Kroger | | 2,868 |
| | 6.5% | | 27,560 |
| | 3.1% | | 58 | | 17 |
Albertsons/Safeway | | 1,772 |
| | 4.0% | | 25,465 |
| | 2.9% | | 46 | | 19 |
TJX Companies | | 1,427 |
| | 3.2% | | 20,958 |
| | 2.4% | | 58 | | 17 |
Whole Foods | | 970 |
| | 2.2% | | 20,133 |
| | 2.3% | | 27 | | 7 |
Ahold/Delhaize | | 623 |
| | 1.4% | | 13,509 |
| | 1.5% | | 16 | | 8 |
CVS | | 640 |
| | 1.5% | | 12,975 |
| | 1.5% | | 57 | | 19 |
Nordstrom | | 320 |
| | 0.7% | | 8,747 |
| | 1.0% | | 9 | | — |
L.A. Fitness Sports Club | | 445 |
| | 1.0% | | 8,384 |
| | 0.9% | | 12 | | 3 |
PETCO | | 351 |
| | 0.8% | | 8,233 |
| | 0.9% | | 43 | | 14 |
Ross Dress For Less | | 564 |
| | 1.3% | | 8,072 |
| | 0.9% | | 24 | | 8 |
Bed Bath & Beyond | | 500 |
| | 1.1% | | 7,880 |
| | 0.9% | | 16 | | — |
Trader Joe's | | 252 |
| | 0.6% | | 7,667 |
| | 0.9% | | 25 | | 6 |
Gap | | 197 |
| | 0.4% | | 6,542 |
| | 0.7% | | 15 | | 1 |
Dick's Sporting Goods | | 417 |
| | 0.9% | | 6,520 |
| | 0.7% | | 8 | | 1 |
Wells Fargo Bank | | 133 |
| | 0.3% | | 6,465 |
| | 0.7% | | 54 | | 21 |
Starbucks | | 137 |
| | 0.3% | | 6,423 |
| | 0.7% | | 103 | | 33 |
Target | | 570 |
| | 1.3% | | 6,365 |
| | 0.7% | | 6 | | 2 |
Bank of America | | 115 |
| | 0.3% | | 5,911 |
| | 0.7% | | 39 | | 14 |
JPMorgan Chase Bank | | 109 |
| | 0.2% | | 5,855 |
| | 0.7% | | 36 | | 7 |
H.E.B. | | 344 |
| | 0.8% | | 5,762 |
| | 0.6% | | 5 | | — |
Kohl's | | 612 |
| | 1.4% | | 5,645 |
| | 0.6% | | 8 | | 2 |
Wal-Mart | | 573 |
| | 1.3% | | 4,935 |
| | 0.6% | | 7 | | 1 |
Best Buy | | 216 |
| | 0.5% | | 4,822 |
| | 0.5% | | 7 | | 1 |
Walgreens | | 222 |
| | 0.5% | | 4,700 |
| | 0.5% | | 18 | | 5 |
Top 25 Tenants | | 17,127 |
| | 38.7% | | $ | 267,530 |
| | 30.0% | | 766 | | 219 |
|
| | |
| | 38 |
Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
December 31, 2017
(GLA in thousands)
|
| | | | | | | | | | | |
| | | Anchor Tenants(1) | |
Year | | | GLA | Percent of GLA | Percent of Total ABR(3) | ABR |
MTM(4) | | | 67 |
| 0.2 | % | 0.1 | % | $ | 16.76 |
|
2018 | | | 1,243 |
| 3.0 | % | 1.8 | % | 12.76 |
2019 | | | 3,231 |
| 7.9 | % | 4.7 | % | 12.47 |
2020 | | | 2,613 |
| 6.4 | % | 4.0 | % | 13.22 |
2021 | | | 2,869 |
| 7.0 | % | 4.2 | % | 12.75 |
2022 | | | 3,460 |
| 8.4 | % | 5.8 | % | 14.48 |
2023 | | | 2,313 |
| 5.6 | % | 4.2 | % | 15.79 |
2024 | | | 1,343 |
| 3.3 | % | 2.8 | % | 18.01 |
2025 | | | 1,263 |
| 3.1 | % | 2.4 | % | 16.64 |
2026 | | | 1,328 |
| 3.2 | % | 2.8 | % | 18.29 |
2027 | | | 1,415 |
| 3.4 | % | 2.7 | % | 16.46 |
10 Year Total | | | 21,145 |
| 51.4 | % | 35.7 | % | $ | 14.56 |
|
| | | | | | |
Thereafter | | | 5,372 |
| 13.1 | % | 9.5 | % | 15.30 |
| | | 26,517 |
| 64.5 | % | 44.9 | % | $ | 14.71 |
|
| | | | | | |
| | | Shop Tenants(2) | |
Year | | | GLA | Percent of GLA | Percent of Total ABR(3) | ABR |
MTM(4) | | | 277 |
| 0.7 | % | 0.9 | % | $ | 27.48 |
|
2018 | | | 1,533 |
| 3.7 | % | 5.6 | % | 31.72 |
|
2019 | | | 1,993 |
| 4.8 | % | 7.0 | % | 30.24 |
|
2020 | | | 2,130 |
| 5.2 | % | 7.6 | % | 30.68 |
|
2021 | | | 2,051 |
| 5.0 | % | 7.4 | % | 31.33 |
|
2022 | | | 2,198 |
| 5.3 | % | 8.3 | % | 32.51 |
|
2023 | | | 1,122 |
| 2.7 | % | 4.2 | % | 32.27 |
|
2024 | | | 766 |
| 1.9 | % | 3.0 | % | 33.33 |
|
2025 | | | 740 |
| 1.8 | % | 3.1 | % | 36.40 |
|
2026 | | | 655 |
| 1.6 | % | 2.7 | % | 35.81 |
|
2027 | | | 558 |
| 1.4 | % | 2.3 | % | 35.81 |
|
10 Year Total | | | 14,023 |
| 34.1 | % | 52.1 | % | $ | 32.07 |
|
| | | | | | |
Thereafter | | | 573 |
| 1.4 | % | 2.7 | % | 40.89 |
|
| | | 14,596 |
| 35.5 | % | 55.1 | % | $ | 32.41 |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|
| | |
| | 39 |
|
| | | | | | | | | | | |
| | | All Tenants | |
Year | | | GLA | Percent of GLA | Percent of Total ABR(3) | ABR |
MTM(4) | | | 343 |
| 0.8 | % | 1.0 | % | $ | 25.40 |
|
2018 | | | 2,776 |
| 6.8 | % | 7.5 | % | 23.23 |
|
2019 | | | 5,224 |
| 12.7 | % | 11.6 | % | 19.25 |
|
2020 | | | 4,742 |
| 11.5 | % | 11.6 | % | 21.07 |
|
2021 | | | 4,919 |
| 12.0 | % | 11.7 | % | 20.50 |
|
2022 | | | 5,658 |
| 13.8 | % | 14.1 | % | 21.49 |
|
2023 | | | 3,435 |
| 8.4 | % | 8.4 | % | 21.17 |
|
2024 | | | 2,109 |
| 5.1 | % | 5.8 | % | 23.58 |
|
2025 | | | 2,003 |
| 4.9 | % | 5.6 | % | 23.94 |
|
2026 | | | 1,984 |
| 4.8 | % | 5.5 | % | 24.06 |
|
2027 | | | 1,973 |
| 4.8 | % | 5.0 | % | 21.93 |
|
10 Year Total | | | 35,166 |
| 85.5 | % | 87.8 | % | $ | 21.54 |
|
| | | | | | |
Thereafter | | | 5,945 |
| 14.5 | % | 12.2 | % | 17.77 |
|
| | | 41,111 |
| 100 | % | 100 | % | $ | 21.00 |
|
Note: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options.
(1) Anchor tenants represent any tenant occupying at least 10,000 square feet.
(2) Shop tenants represent any tenant occupying less than 10,000 square feet.
(3) Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent,
common area maintenance, real estate taxes, and insurance reimbursements.
(4) Month to month lease or in process of renewal.
|
| | |
| | 40 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
200 Potrero | | | CA | San Francisco-Oakland-Fremont | 31 | 31 | 55.1% | | — | — | - | $ | 8.93 |
|
4S Commons Town Center | M | 85% | CA | San Diego-Carlsbad-San Marcos | 240 | 240 | 100.0% | | — | 68 | Ralphs, Jimbo's...Naturally! | $ | 33.20 |
|
Amerige Heights Town Center | | | CA | Los Angeles-Long Beach-Santa Ana | 89 | 89 | 100.0% | | 143 | 58 | Albertsons, (Target) | $ | 29.35 |
|
Balboa Mesa Shopping Center | | | CA | San Diego-Carlsbad-San Marcos | 207 | 207 | 100.0% | | — | 42 | Von's Food & Drug, Kohl's | $ | 25.40 |
|
Bayhill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Fremont | 122 | 49 | 97.3% | | — | 32 | Mollie Stone's Market | $ | 24.73 |
|
Blossom Valley | USAA | 20% | CA | San Jose-Sunnyvale-Santa Clara | 93 | 19 | 100.0% | | — | 34 | Safeway | $ | 26.44 |
|
Brea Marketplace | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 352 | 141 | 99.2% | | — | 25 | Sprout's Markets, Target | $ | 18.71 |
|
Circle Center West | | | CA | Los Angeles-Long Beach-Santa Ana | 64 | 64 | 100.0% | | — | — | - | $ | 27.36 |
|
Clayton Valley Shopping Center | | | CA | San Francisco-Oakland-Fremont | 260 | 260 | 92.8% | | — | 14 | Grocery Outlet, Orchard Supply Hardware | $ | 22.27 |
|
Corral Hollow | | RC | 25% | CA | Stockton | 167 | 42 | 100.0% | | — | 66 | Safeway, Orchard Supply & Hardware | $ | 17.39 |
|
Costa Verde Center | | | CA | San Diego-Carlsbad-San Marcos | 179 | 179 | 91.3% | | — | 40 | Bristol Farms | $ | 36.64 |
|
Culver Center | | | CA | Los Angeles-Long Beach-Santa Ana | 217 | 217 | 100.0% | | — | 37 | Ralphs, Best Buy, LA Fitness | $ | 32.02 |
|
Diablo Plaza | | | CA | San Francisco-Oakland-Fremont | 63 | 63 | 98.3% | | 53 | 53 | (Safeway) | $ | 39.54 |
|
East Washington Place | | | CA | Santa Rosa-Petaluma | 203 | 203 | 99.5% | | 137 | 25 | (Target), Dick's Sporting Goods, TJ Maxx | $ | 24.07 |
|
El Camino Shopping Center | | | CA | Los Angeles-Long Beach-Santa Ana | 136 | 136 | 98.1% | | — | 31 | Bristol Farms | $ | 36.64 |
|
El Cerrito Plaza | | | CA | San Francisco-Oakland-Fremont | 256 | 256 | 96.9% | | 67 | 78 | (Lucky's), Trader Joe's | $ | 29.44 |
|
El Norte Pkwy Plaza | | | CA | San Diego-Carlsbad-San Marcos | 91 | 91 | 95.5% | | — | 42 | Von's Food & Drug | $ | 18.10 |
|
Encina Grande | | | CA | San Francisco-Oakland-Fremont | 106 | 106 | 100.0% | | — | 38 | Whole Foods | $ | 31.06 |
|
Five Points Shopping Center | GRI | 40% | CA | Santa Barbara-Santa Maria-Goleta | 145 | 58 | 97.3% | | — | 35 | Smart & Final | $ | 28.12 |
|
Folsom Prairie City Crossing | | | | CA | Sacramento--Arden-Arcade--Roseville | 90 | 90 | 98.7% | | — | 55 | Safeway | $ | 20.73 |
|
French Valley Village Center | | | CA | Riverside-San Bernardino-Ontario | 99 | 99 | 100.0% | | — | 44 | Stater Bros. | $ | 26.32 |
|
Friars Mission Center | | | CA | San Diego-Carlsbad-San Marcos | 147 | 147 | 98.5% | | — | 55 | Ralphs | $ | 33.52 |
|
Gateway 101 | | | CA | San Francisco-Oakland-Fremont | 92 | 92 | 100.0% | | 212 | — | (Home Depot), (Best Buy), Target, Nordstrom Rack | $ | 32.05 |
|
Gelson's Westlake Market Plaza | | | CA | Oxnard-Thousand Oaks-Ventura | 85 | 85 | 97.1% | | — | 38 | Gelson's Markets | $ | 27.35 |
|
Golden Hills Promenade | | | CA | San Luis Obispo-Paso Robles | 244 | 244 | 97.5% | | — | — | Lowe's | $ | 7.55 |
|
Granada Village | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 226 | 91 | 100.0% | | — | 24 | Sprout's Markets | $ | 23.51 |
|
Hasley Canyon Village | USAA | 20% | CA | Los Angeles-Long Beach-Santa Ana | 66 | 13 | 100.0% | | — | 52 | Ralphs | $ | 25.25 |
|
Heritage Plaza | | | CA | Los Angeles-Long Beach-Santa Ana | 230 | 230 | 100.0% | | — | 44 | Ralphs | $ | 36.45 |
|
Indio Towne Center | | | CA | Riverside-San Bernardino-Ontario | 182 | 182 | 95.2% | | 236 | 94 | (Home Depot), (WinCo), Toys R Us | $ | 19.13 |
|
Jefferson Square | | | CA | Riverside-San Bernardino-Ontario | 38 | 38 | 45.6% | | — | — | - | $ | 16.13 |
|
Laguna Niguel Plaza | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 42 | 17 | 100.0% | | 39 | 39 | (Albertsons) | $ | 27.93 |
|
Marina Shores | C | 20% | CA | Los Angeles-Long Beach-Santa Ana | 68 | 14 | 100.0% | | — | 26 | Whole Foods | $ | 34.91 |
|
Mariposa Shopping Center | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 127 | 51 | 100.0% | | — | 43 | Safeway | $ | 19.58 |
|
Morningside Plaza | | | CA | Los Angeles-Long Beach-Santa Ana | 91 | 91 | 98.4% | | — | 43 | Stater Bros. | $ | 22.89 |
|
|
| | |
| | 41 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Navajo Shopping Center | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 102 | 41 | 98.0% | | — | 44 | Albertsons | $ | 14.07 |
|
Newland Center | | | CA | Los Angeles-Long Beach-Santa Ana | 152 | 152 | 100.0% | | — | 58 | Albertsons | $ | 25.58 |
|
Oak Shade Town Center | | | CA | Sacramento--Arden-Arcade--Roseville | 104 | 104 | 100.0% | | — | 40 | Safeway | $ | 21.32 |
|
Oakbrook Plaza | | | CA | Oxnard-Thousand Oaks-Ventura | 83 | 83 | 92.6% | | — | 44 | Gelson's Markets | $ | 19.86 |
|
Parnassus Heights Medical | RLP | 50% | CA | San Francisco-Oakland-Fremont | 146 | 73 | 99.6% | | — | — | Central Parking System | $ | 37.94 |
|
Persimmon Place | | | CA | San Francisco-Oakland-Fremont | 153 | 153 | 100.0% | | — | 40 | Whole Foods, Nordstrom Rack | $ | 34.55 |
|
Plaza Escuela | | | CA | San Francisco-Oakland-Fremont | 155 | 155 | 88.9% | | — | — | - | $ | 45.46 |
|
Plaza Hermosa | | | CA | Los Angeles-Long Beach-Santa Ana | 95 | 95 | 100.0% | | — | 37 | Von's Food & Drug | $ | 25.94 |
|
Pleasant Hill Shopping Center | GRI | 40% | CA | San Francisco-Oakland-Fremont | 232 | 93 | 80.8% | | — | — | Target, Toys "R" Us | $ | 23.74 |
|
Pleasanton Plaza | | | | CA | San Francisco-Oakland-Fremont | 163 | 163 | 82.6% | | — | — | JCPenney | $ | 12.82 |
|
Point Loma Plaza | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 205 | 82 | 97.2% | | — | 50 | Von's Food & Drug | $ | 22.31 |
|
Potrero Center | | | | CA | San Francisco-Oakland-Fremont | 227 | 227 | 84.2% | | — | 60 | Safeway | $ | 33.29 |
|
Powell Street Plaza | | | CA | San Francisco-Oakland-Fremont | 166 | 166 | 92.4% | | — | 10 | Trader Joe's | $ | 33.46 |
|
Raley's Supermarket | C | 20% | CA | Sacramento--Arden-Arcade--Roseville | 63 | 13 | 100.0% | | — | 63 | Raley's | $ | 12.50 |
|
Ralphs Circle Center | | | CA | Los Angeles-Long Beach-Santa Ana | 60 | 60 | 100.0% | | — | 35 | Ralphs | $ | 18.38 |
|
Rancho San Diego Village | GRI | 40% | CA | San Diego-Carlsbad-San Marcos | 153 | 61 | 93.7% | | — | 40 | Smart & Final | $ | 21.94 |
|
Rona Plaza | | | CA | Los Angeles-Long Beach-Santa Ana | 52 | 52 | 95.9% | | — | 37 | Superior Super Warehouse | $ | 20.00 |
|
San Carlos Marketplace | | | CA | San Francisco-Oakland-Fremont | 154 | 154 | 100.0% | | — | — | TJ Maxx, Best Buy | $ | 33.83 |
|
Scripps Ranch Marketplace | | | CA | San Diego-Carlsbad-San Marcos | 132 | 132 | 97.9% | | — | 57 | Vons | $ | 27.17 |
|
San Leandro Plaza | | | | CA | San Francisco-Oakland-Fremont | 50 | 50 | 95.3% | | 38 | 38 | (Safeway) | $ | 35.09 |
|
Seal Beach | | C | 20% | CA | Los Angeles-Long Beach-Santa Ana | 97 | 19 | 97.8% | | — | 48 | Von's Food & Drug | $ | 25.76 |
|
Sequoia Station | | | CA | San Francisco-Oakland-Fremont | 103 | 103 | 100.0% | | 62 | 62 | (Safeway) | $ | 40.17 |
|
Serramonte Shopping Center | | | CA | San Francisco-Oakland-Fremont | 1,076 | 1,076 | 95.3% | | — | — | Macy's, Target, Dick's Sporting Goods, JCPenney, Dave & Buster's, Nordstrom Rack | $ | 24.39 |
|
Shoppes at Homestead (fka Loehmanns Plaza California) | | | CA | San Jose-Sunnyvale-Santa Clara | 113 | 113 | 100.0% | | 53 | 53 | (Safeway) | $ | 22.50 |
|
Silverado Plaza | GRI | 40% | CA | Napa | 85 | 34 | 97.4% | | — | 32 | Nob Hill | $ | 16.99 |
|
Snell & Branham Plaza | GRI | 40% | CA | San Jose-Sunnyvale-Santa Clara | 92 | 37 | 100.0% | | — | 53 | Safeway | $ | 18.58 |
|
South Bay Village | | | CA | Los Angeles-Long Beach-Santa Ana | 108 | 108 | 100.0% | | — | 30 | Wal-Mart, Orchard Supply Hardware | $ | 20.15 |
|
Talega Village Center | | | CA | Los Angeles-Long Beach-Santa Ana | 102 | 102 | 100.0% | | — | 46 | Ralphs | $ | 21.28 |
|
Tassajara Crossing | | | CA | San Francisco-Oakland-Fremont | 146 | 146 | 93.0% | | — | 56 | Safeway | $ | 23.30 |
|
The Hub Hillcrest Market (fka Uptown District) | | | CA | San Diego-Carlsbad-San Marcos | 149 | 149 | 98.0% | | — | 52 | Ralphs, Trader Joe's | $ | 38.52 |
|
The Marketplace Shopping Ctr | | | CA | Sacramento--Arden-Arcade--Roseville | 111 | 111 | 95.2% | | — | 35 | Safeway | $ | 24.47 |
|
Tustin Legacy | | | | CA | Los Angeles-Long Beach-Santa Ana | 112 | 112 | 97.2% | | — | 44 | Stater Bros. | $ | 30.93 |
|
Twin Oaks Shopping Center | | GRI | 40% | CA | Los Angeles-Long Beach-Santa Ana | 98 | 39 | 95.6% | | — | 41 | Ralphs | $ | 17.65 |
|
Twin Peaks | | | | CA | San Diego-Carlsbad-San Marcos | 208 | 208 | 99.4% | | — | — | Target | $ | 20.25 |
|
|
| | |
| | 42 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Valencia Crossroads | | | | CA | Los Angeles-Long Beach-Santa Ana | 173 | 173 | 100.0% | | — | 35 | Whole Foods, Kohl's | $ | 26.30 |
|
Village at La Floresta | | | | CA | Los Angeles-Long Beach-Santa Ana | 87 | 87 | 100.0% | | — | 37 | Whole Foods | $ | 33.09 |
|
Von's Circle Center | | | | CA | Los Angeles-Long Beach-Santa Ana | 151 | 151 | 100.0% | | — | 45 | Von's, Ross Dress for Less | $ | 19.49 |
|
West Park Plaza | | | | CA | San Jose-Sunnyvale-Santa Clara | 88 | 88 | 97.8% | | — | 25 | Safeway | $ | 18.39 |
|
Westlake Village Plaza and Center | | | | CA | Oxnard-Thousand Oaks-Ventura | 197 | 197 | 96.6% | | — | 72 | Von's Food & Drug and Sprouts | $ | 37.49 |
|
Willows Shopping Center | | | | CA | San Francisco-Oakland-Fremont | 249 | 249 | 99.0% | | — | — | - | $ | 28.18 |
|
Woodman Van Nuys | | | | CA | Los Angeles-Long Beach-Santa Ana | 108 | 108 | 100.0% | | — | 78 | El Super | $ | 15.69 |
|
Woodside Central | | | | CA | San Francisco-Oakland-Fremont | 81 | 81 | 96.8% | | 113 | — | (Target) | $ | 24.25 |
|
Ygnacio Plaza | | GRI | 40% | CA | San Francisco-Oakland-Fremont | 110 | 44 | 98.5% | | — | — | Sports Basement | $ | 36.89 |
|
| | | | CA | | 11,340 | 9,577 | 96.6% | 96.6% | 1,153 | 2,770 | | $ | 26.62 |
|
Applewood Shopping Center | GRI | 40% | CO | Denver-Aurora | 355 | 142 | 93.6% | | — | 71 | King Soopers, Wal-Mart | $ | 12.18 |
|
Arapahoe Village | GRI | 40% | CO | Boulder | 159 | 64 | 96.7% | | — | 44 | Safeway | $ | 18.30 |
|
Belleview Square | | | CO | Denver-Aurora | 117 | 117 | 100.0% | | — | 65 | King Soopers | $ | 19.57 |
|
Boulevard Center | | | CO | Denver-Aurora | 79 | 79 | 89.7% | | 53 | 53 | (Safeway) | $ | 28.73 |
|
Buckley Square | | | CO | Denver-Aurora | 116 | 116 | 98.6% | | — | 62 | King Soopers | $ | 11.16 |
|
Centerplace of Greeley III Phase I | | | CO | Greeley | 119 | 119 | 100.0% | | — | — | Hobby Lobby | $ | 11.99 |
|
Cherrywood Square | GRI | 40% | CO | Denver-Aurora | 97 | 39 | 100.0% | | — | 72 | King Soopers | $ | 10.85 |
|
Crossroads Commons | C | 20% | CO | Boulder | 143 | 29 | 98.7% | | — | 66 | Whole Foods | $ | 27.15 |
|
Falcon Marketplace | | | CO | Colorado Springs | 22 | 22 | 93.8% | | 184 | 50 | (Wal-Mart) | $ | 22.48 |
|
Hilltop Village | | | CO | Denver-Aurora | 100 | 100 | 97.4% | | — | 66 | King Soopers | $ | 10.55 |
|
Kent Place | | M | 50% | CO | Denver-Aurora | 48 | 48 | 100.0% | | — | 30 | King Soopers | $ | 20.64 |
|
Littleton Square | | | CO | Denver-Aurora | 99 | 99 | 95.4% | | — | 78 | King Soopers | $ | 10.21 |
|
Lloyd King Center | | | CO | Denver-Aurora | 83 | 83 | 98.3% | | — | 61 | King Soopers | $ | 12.03 |
|
Marketplace at Briargate | | | CO | Colorado Springs | 29 | 29 | 100.0% | | 66 | 66 | (King Soopers) | $ | 31.36 |
|
Monument Jackson Creek | | | CO | Colorado Springs | 85 | 85 | 100.0% | | — | 70 | King Soopers | $ | 11.92 |
|
Ralston Square Shopping Center | GRI | 40% | CO | Denver-Aurora | 83 | 33 | 97.5% | | — | 55 | King Soopers | $ | 11.40 |
|
Shops at Quail Creek | | | CO | Denver-Aurora | 38 | 38 | 85.3% | | 100 | 100 | (King Soopers) | $ | 29.04 |
|
Stroh Ranch | | | | CO | Denver-Aurora | 93 | 93 | 98.5% | | — | 70 | King Soopers | $ | 12.92 |
|
Woodmen Plaza | | | CO | Colorado Springs | 116 | 116 | 95.3% | | — | 70 | King Soopers | $ | 13.30 |
|
| | | | CO | | 1,982 | 1,452 | 96.9% | 96.9% | 403 | 1,149 | | $ | 15.14 |
|
22 Crescent Road | | | | CT | Bridgeport-Stamford-Norwalk | 8 | 8 | 50.0% | | — | — | - | $ | 60.00 |
|
91 Danbury Road | | | | CT | Bridgeport-Stamford-Norwalk | 5 | 5 | 100.0% | | — | — | - | $ | 26.32 |
|
Black Rock | M | 80% | CT | Bridgeport-Stamford-Norwalk | 98 | 98 | 97.8% | | — | — | - | $ | 31.37 |
|
Brick Walk | M | 80% | CT | Bridgeport-Stamford-Norwalk | 123 | 123 | 95.5% | | — | — | - | $ | 45.88 |
|
Brookside Plaza | | | CT | Hartford-West Hartford-East Hartford | 217 | 217 | 95.1% | | — | 60 | ShopRite | $ | 14.87 |
|
|
| | |
| | 43 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Compo Acres Shopping Center | | | CT | Bridgeport-Stamford-Norwalk | 43 | 43 | 86.2% | | — | 12 | Trader Joe's | $ | 48.28 |
|
Copps Hill Plaza | | | CT | Bridgeport-Stamford-Norwalk | 185 | 185 | 100.0% | | — | 59 | Stop & Shop, Kohl's | $ | 14.17 |
|
Corbin's Corner | GRI | 40% | CT | Hartford-West Hartford-East Hartford | 186 | 74 | 100.0% | | — | 10 | Trader Joe's, Toys "R" Us, Best Buy, The Tile Shop | $ | 27.84 |
|
Danbury Green | | | CT | Bridgeport-Stamford-Norwalk | 124 | 124 | 100.0% | | — | 12 | Trader Joe's | $ | 23.53 |
|
Darinor Plaza | | | CT | Bridgeport-Stamford-Norwalk | 153 | 153 | 100.0% | | — | — | Kohl's | $ | 18.80 |
|
Fairfield Center | M | 80% | CT | Bridgeport-Stamford-Norwalk | 94 | 94 | 97.1% | | — | — | - | $ | 34.96 |
|
Post Road Plaza | | | CT | Bridgeport-Stamford-Norwalk | 20 | 20 | 100.0% | | — | 11 | Trader Joe's | $ | 52.35 |
|
Southbury Green | | | CT | Bridgeport-Stamford-Norwalk | 156 | 156 | 96.4% | | — | 49 | ShopRite | $ | 22.51 |
|
The Village Center | | | CT | Bridgeport-Stamford-Norwalk | 90 | 90 | 90.8% | | — | 22 | The Fresh Market | $ | 40.19 |
|
Walmart Norwalk | | | CT | Bridgeport-Stamford-Norwalk | 142 | 142 | 100.0% | | — | 112 | Wal-Mart | $ | 0.56 |
|
| | | | CT | | 1,644 | 1,533 | 97.1% | 97.3% | — | 346 | | $ | 23.45 |
|
Shops at The Columbia | RC | 25% | DC | Washington-Arlington-Alexandria | 23 | 6 | 85.8% | | — | 12 | Trader Joe's | $ | 40.91 |
|
Spring Valley Shopping Center | GRI | 40% | DC | Washington-Arlington-Alexandria | 17 | 7 | 100.0% | | — | — | - | $ | 101.56 |
|
| | | | DC | | 40 | 12 | 93.5% | 93.5% | — | 12 | | $ | 76.04 |
|
Pike Creek | | | | DE | Philadelphia-Camden-Wilmington | 232 | 232 | 95.6% | | — | 49 | Acme Markets, K-Mart | $ | 14.67 |
|
Shoppes of Graylyn | GRI | 40% | DE | Philadelphia-Camden-Wilmington | 64 | 26 | 90.1% | | — | — | - | $ | 23.54 |
|
| | | | DE | | 296 | 257 | 95.1% | 95.1% | — | 49 |
| $ | 15.51 |
|
Alafaya Commons | | | FL | Orlando | 131 | 131 | 91.3% | | — | — | Academy Sports | $ | 14.86 |
|
Alafaya Village | | | FL | Orlando | 38 | 38 | 90.3% | | 58 | 58 | (Lucky's) | $ | 21.62 |
|
Anastasia Plaza | | | FL | Jacksonville | 102 | 102 | 97.1% | | — | 49 | Publix | $ | 13.40 |
|
Atlantic Village | | | FL | Jacksonville | 105 | 105 | 97.0% | | — | — | LA Fitness | $ | 16.03 |
|
Aventura Shopping Center | | | FL | Miami-Fort Lauderdale-Miami Beach | 95 | 95 | 98.9% | | — | 36 | Publix | $ | 34.15 |
|
Aventura Square | | | FL | Miami-Fort Lauderdale-Miami Beach | 144 | 144 | 100.0% | | — | — | Bed, Bath & Beyond | $ | 30.16 |
|
Banco Popular Building | | | FL | Miami-Fort Lauderdale-Miami Beach | 33 | 33 | 64.0% | | — | — | - | $ | 11.02 |
|
Berkshire Commons | | | FL | Naples-Marco Island | 110 | 110 | 96.7% | | — | 66 | Publix | $ | 14.07 |
|
Bird 107 Plaza | | | FL | Miami-Fort Lauderdale-Miami Beach | 40 | 40 | 97.5% | | — | — | - | $ | 19.91 |
|
Bird Ludlum | | | FL | Miami-Fort Lauderdale-Miami Beach | 192 | 192 | 97.1% | | — | 44 | Winn-Dixie | $ | 22.86 |
|
Bloomingdale Square | | | FL | Tampa-St. Petersburg-Clearwater | 268 | 268 | 61.8% | | — | 40 | Publix, Bealls | $ | 13.65 |
|
Bluffs Square Shoppes | | | FL | Miami-Fort Lauderdale-Miami Beach | 124 | 124 | 93.8% | | — | 40 | Publix | $ | 14.07 |
|
Boca Village Square | | | FL | Miami-Fort Lauderdale-Miami Beach | 92 | 92 | 100.0% | | — | 36 | Publix Greenwise | $ | 21.87 |
|
Boynton Lakes Plaza | | | FL | Miami-Fort Lauderdale-Miami Beach | 110 | 110 | 94.9% | | — | 46 | Publix | $ | 16.29 |
|
Boynton Plaza | | | | FL | Miami-Fort Lauderdale-Miami Beach | 105 | 105 | 97.2% | | — | 54 | Publix | $ | 21.40 |
|
Brooklyn Station on Riverside (fka Shoppes on Riverside) | | | FL | Jacksonville | 50 | 50 | 96.7% | | — | 20 | The Fresh Market | $ | 25.94 |
|
Caligo Crossing | | | FL | Miami-Fort Lauderdale-Miami Beach | 11 | 11 | 47.0% | | 98 | — | (Kohl's) | $ | 50.75 |
|
|
| | |
| | 44 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Carriage Gate | | | FL | Tallahassee | 73 | 73 | 89.1% | | — | 13 | Trader Joe's | $ | 22.40 |
|
Cashmere Corners | | | FL | Port St. Lucie | 86 | 86 | 85.9% | | — | 44 | Wal-Mart | $ | 13.31 |
|
Charlotte Square | | | FL | Punta Gorda | 91 | 91 | 73.7% | | — | 44 | Wal-Mart | $ | 10.26 |
|
Chasewood Plaza | | | FL | Miami-Fort Lauderdale-Miami Beach | 151 | 151 | 99.4% | | — | 54 | Publix | $ | 25.19 |
|
Concord Plaza Shopping Center | | | FL | Miami-Fort Lauderdale-Miami Beach | 309 | 309 | 99.0% | | — | 78 | Winn-Dixie, Home Depot | $ | 12.49 |
|
Coral Reef Shopping Center | | | FL | Miami-Fort Lauderdale-Miami Beach | 75 | 75 | 100.0% | | — | 25 | Aldi | $ | 30.68 |
|
Corkscrew Village | | | FL | Cape Coral-Fort Myers | 82 | 82 | 97.0% | | — | 51 | Publix | $ | 13.77 |
|
Country Walk Plaza | NYC | 30% | FL | Miami-Fort Lauderdale-Miami Beach | 101 | 30 | 93.6% | | — | 40 | Publix | $ | 19.56 |
|
Countryside Shops | | | FL | Miami-Fort Lauderdale-Miami Beach | 193 | 193 | 91.2% | | — | 46 | Publix, Stein Mart | $ | 17.63 |
|
Courtyard Shopping Center | | | FL | Jacksonville | 137 | 137 | 100.0% | | 63 | 63 | (Publix), Target | $ | 3.50 |
|
Crossroads Square | | | FL | Miami-Fort Lauderdale-Miami Beach | 82 | 82 | 98.6% | | 178 | — | (Lowe's) | $ | 19.92 |
|
Fleming Island | | | FL | Jacksonville | 132 | 132 | 100.0% | | 130 | 48 | Publix, (Target) | $ | 15.53 |
|
Fountain Square | | | FL | Miami-Fort Lauderdale-Miami Beach | 177 | 177 | 97.2% | | 140 | 46 | Publix, (Target) | $ | 25.80 |
|
Ft. Caroline | | | FL | Jacksonville | 77 | 77 | 100.0% | | — | 46 | Winn-Dixie | $ | 7.40 |
|
Garden Square | | | FL | Miami-Fort Lauderdale-Miami Beach | 90 | 90 | 98.8% | | — | 42 | Publix | $ | 17.54 |
|
Glengary Shoppes | | | FL | North Port-Sarasota-Bradenton | 93 | 93 | 100.0% | | — | — | Best Buy | $ | 21.06 |
|
Grande Oak | | | FL | Cape Coral-Fort Myers | 79 | 79 | 100.0% | | — | 54 | Publix | $ | 15.84 |
|
Greenwood Shopping Centre | | | FL | Miami-Fort Lauderdale-Miami Beach | 133 | 133 | 94.8% | | — | 50 | Publix | $ | 14.48 |
|
Hammocks Town Center | | | FL | Miami-Fort Lauderdale-Miami Beach | 184 | 184 | 99.6% | | 86 | 40 | Publix, Metro-Dade Public Library, (Kendall Ice Arena) | $ | 16.51 |
|
Hibernia Pavilion | | | FL | Jacksonville | 51 | 51 | 89.6% | | — | 39 | Publix | $ | 15.90 |
|
Homestead McDonald's | | | FL | Miami-Fort Lauderdale-Miami Beach | 4 | 4 | 100.0% | | — | — | - | $ | 27.74 |
|
John's Creek Center | C | 20% | FL | Jacksonville | 75 | 15 | 100.0% | | — | 45 | Publix | $ | 15.00 |
|
Julington Village | C | 20% | FL | Jacksonville | 82 | 16 | 96.6% | | — | 51 | Publix | $ | 15.50 |
|
Kirkman Shoppes | | | FL | Orlando | 115 | 115 | 96.7% | | — | — | LA Fitness | $ | 22.87 |
|
Lake Mary Centre | | | FL | Orlando | 360 | 360 | 93.9% | | — | 25 | Academy Sports, Hobby Lobby, LA Fitness | $ | 15.41 |
|
Lantana Outparcels | | | FL | Miami-Fort Lauderdale-Miami Beach | 17 | 17 | 100.0% | | — | — | - | $ | 18.01 |
|
Magnolia Shoppes | | | | FL | Miami-Fort Lauderdale-Miami Beach | 114 | 114 | 100.0% | | — | — | Regal Cinemas | $ | 17.28 |
|
Mandarin Landing | | | FL | Jacksonville | 140 | 140 | 92.3% | | — | 50 | Whole Foods | $ | 17.88 |
|
Marketplace Shopping Center | | | FL | Tampa-St. Petersburg-Clearwater | 90 | 90 | 90.6% | | — | — | LA Fitness | $ | 19.68 |
|
Millhopper Shopping Center | | | FL | Gainesville | 83 | 83 | 100.0% | | — | 46 | Publix | $ | 17.17 |
|
Naples Walk Shopping Center | | | FL | Naples-Marco Island | 125 | 125 | 93.9% | | — | 51 | Publix | $ | 16.34 |
|
Newberry Square | | | FL | Gainesville | 181 | 181 | 90.9% | | — | 40 | Publix, K-Mart | $ | 7.67 |
|
Nocatee Town Center | | | FL | Jacksonville | 107 | 107 | 100.0% | | — | 54 | Publix | $ | 18.94 |
|
Northgate Square | | | | FL | Tampa-St. Petersburg-Clearwater | 75 | 75 | 100.0% | | — | 48 | Publix | $ | 14.61 |
|
Oakleaf Commons | | | | FL | Jacksonville | 74 | 74 | 96.2% | | — | 46 | Publix | $ | 15.70 |
|
|
| | |
| | 45 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Ocala Corners | | | | FL | Tallahassee | 87 | 87 | 98.6% | | — | 61 | Publix | $ | 14.46 |
|
Old Kings Commons | | | | FL | Palm Coast | 85 | 85 | | | — | — | - | $ | 10.38 |
|
Old St Augustine Plaza | | | | FL | Jacksonville | 256 | 256 | 100.0% | | — | 52 | Publix, Burlington Coat Factory, Hobby Lobby | $ | 9.87 |
|
Pablo Plaza | | | | FL | Jacksonville | 153 | 153 | 85.0% | | — | — | - | $ | 13.77 |
|
Pavillion | | | | FL | Naples-Marco Island | 168 | 168 | 96.2% | | — | — | LA Fitness | $ | 20.71 |
|
Pebblebrook Plaza | | O | 50% | FL | Naples-Marco Island | 77 | 38 | 100.0% | | — | 61 | Publix | $ | 14.99 |
|
Pine Island | | | | FL | Miami-Fort Lauderdale-Miami Beach | 255 | 255 | 98.3% | | — | 40 | Publix, Burlington Coat Factory | $ | 14.29 |
|
Pine Ridge Square | | | | FL | Miami-Fort Lauderdale-Miami Beach | 118 | 118 | 96.6% | | — | 17 | The Fresh Market | $ | 17.62 |
|
Pine Tree Plaza | | | | FL | Jacksonville | 63 | 63 | 92.9% | | — | 38 | Publix | $ | 14.14 |
|
Pinecrest Place | | | | FL | Miami-Fort Lauderdale-Miami Beach | 70 | 70 | 74.6% | | 173 | 46 | Whole Foods, (Target) | $ | 36.01 |
|
Plaza Venezia | | C | 20% | FL | Orlando | 203 | 41 | 96.3% | | — | 51 | Publix | $ | 25.95 |
|
Point Royale Shopping Center | | | | FL | Miami-Fort Lauderdale-Miami Beach | 202 | 202 | 97.0% | | — | 45 | Winn-Dixie, Burlington Coat Factory | $ | 15.16 |
|
Prosperity Centre | | | | FL | Miami-Fort Lauderdale-Miami Beach | 124 | 124 | 100.0% | | — | — | Bed, Bath & Beyond | $ | 21.36 |
|
Regency Square | | | | FL | Tampa-St. Petersburg-Clearwater | 352 | 352 | 95.1% | | 66 | — | AMC Theater, Michaels, (Best Buy), (Macdill) | $ | 17.04 |
|
Ryanwood Square | | | | FL | Sebastian-Vero Beach | 115 | 115 | 88.8% | | — | 40 | Publix | $ | 11.11 |
|
Salerno Village | | | | FL | Port St. Lucie | 5 | 5 | 100.0% | | — | — | - | $ | 16.53 |
|
Sawgrass Promenade | | | | FL | Miami-Fort Lauderdale-Miami Beach | 107 | 107 | 93.2% | | — | 36 | Publix | $ | 12.49 |
|
Seminole Shoppes | | O | 50% | FL | Jacksonville | 87 | 44 | 90.5% | | — | 54 | Publix | $ | 22.29 |
|
Sheridan Plaza | | | | FL | Miami-Fort Lauderdale-Miami Beach | 506 | 506 | 98.7% | | — | 66 | Publix, Kohl's, LA Fitness | $ | 18.23 |
|
Shoppes @ 104 | | | | FL | Miami-Fort Lauderdale-Miami Beach | 108 | 108 | 100.0% | | — | 46 | Winn-Dixie | $ | 17.58 |
|
Shoppes at Bartram Park | | O | 50% | FL | Jacksonville | 130 | 65 | 98.8% | | 97 | 45 | Publix, (Kohl's) | $ | 19.65 |
|
Shoppes at Lago Mar | | | | FL | Miami-Fort Lauderdale-Miami Beach | 83 | 83 | 98.7% | | — | 42 | Publix | $ | 15.35 |
|
Shoppes at Sunlake Centre | | | | FL | Tampa-St. Petersburg-Clearwater | 98 | 98 | 98.6% | | — | 46 | Publix | $ | 20.56 |
|
Shoppes of Jonathan's Landing | | | | FL | Miami-Fort Lauderdale-Miami Beach | 27 | 27 | 100.0% | | 54 | 54 | (Publix) | $ | 24.19 |
|
Shoppes of Oakbrook | | | | FL | Miami-Fort Lauderdale-Miami Beach | 200 | 200 | 99.4% | | — | 44 | Publix, Stein Mart | $ | 16.53 |
|
Shoppes of Silver Lakes | | | | FL | Miami-Fort Lauderdale-Miami Beach | 127 | 127 | 96.6% | | — | 48 | Publix | $ | 18.54 |
|
Shoppes of Sunset | | | | FL | Miami-Fort Lauderdale-Miami Beach | 22 | 22 | 74.4% | | — | — | - | $ | 25.09 |
|
Shoppes of Sunset II | | | | FL | Miami-Fort Lauderdale-Miami Beach | 28 | 28 | 65.5% | | — | — | - | $ | 22.71 |
|
Shops at John's Creek | | | | FL | Jacksonville | 15 | 15 | 100.0% | | — | — | - | $ | 21.17 |
|
Shops at Skylake | | | | FL | Miami-Fort Lauderdale-Miami Beach | 287 | 287 | 92.2% | | — | 51 | Publix, LA Fitness | $ | 23.04 |
|
South Beach Regional | | | | FL | Jacksonville | 308 | 308 | 98.2% | | — | 13 | Trader Joe's, Home Depot, Steain Mart | $ | 14.72 |
|
South Point | | | | FL | Sebastian-Vero Beach | 65 | 65 | 95.7% | | — | 45 | Publix | $ | 16.46 |
|
Starke | | | | FL | Other | 13 | 13 | 100.0% | | — | — | - | $ | 25.56 |
|
Summerlin Square | | | | FL | Tampa-St. Petersburg-Clearwater | 11 | 11 | 50.2% | | — | — | - | $ | 21.73 |
|
Suncoast Crossing | | | | FL | Tampa-St. Petersburg-Clearwater | 118 | 118 | 94.4% | | 143 | — | Kohl's, (Target) | $ | 6.42 |
|
|
| | |
| | 46 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Tamarac Town Square | | | | FL | Miami-Fort Lauderdale-Miami Beach | 125 | 125 | 75.8% | | — | 38 | Publix | $ | 12.75 |
|
The Grove | | NYC | 30% | FL | Orlando | 152 | 46 | 100.0% | | — | 52 | Publix, LA Fitness | $ | 20.58 |
|
The Plaza at St. Lucie West | | | | FL | Port St. Lucie | 27 | 27 | 100.0% | | — | — | - | $ | 22.37 |
|
Town and Country | | | | FL | Orlando | 75 | 75 | 100.0% | | — | — | Ross Dress for Less | $ | 9.49 |
|
Town Square | | | | FL | Tampa-St. Petersburg-Clearwater | 44 | 44 | 100.0% | | — | — | - | $ | 30.36 |
|
Treasure Coast Plaza | | | | FL | Sebastian-Vero Beach | 134 | 134 | 94.7% | | — | 59 | Publix | $ | 14.88 |
|
Unigold Shopping Center | | | | FL | Orlando | 114 | 114 | 70.7% | | — | 31 | Lucky's | $ | 15.12 |
|
University Commons | | | | FL | Miami-Fort Lauderdale-Miami Beach | 180 | 180 | 100.0% | | — | 51 | Whole Foods, Nordstrom Rack | $ | 31.36 |
|
Veranda Shoppes | | NYC | 30% | FL | Miami-Fort Lauderdale-Miami Beach | 45 | 13 | 100.0% | | — | 29 | Publix | $ | 27.82 |
|
Village Center | | | | FL | Tampa-St. Petersburg-Clearwater | 187 | 187 | 94.4% | | — | 36 | Publix | $ | 19.85 |
|
Waterstone Plaza | | | | FL | Miami-Fort Lauderdale-Miami Beach | 61 | 61 | 100.0% | | — | 46 | Publix | $ | 16.19 |
|
Welleby Plaza | | | | FL | Miami-Fort Lauderdale-Miami Beach | 110 | 110 | 97.5% | | — | 47 | Publix | $ | 13.45 |
|
Wellington Town Square | | | | FL | Miami-Fort Lauderdale-Miami Beach | 104 | 104 | 100.0% | | — | 45 | Publix | $ | 22.82 |
|
West Bird Plaza | | | | FL | Miami-Fort Lauderdale-Miami Beach | 100 | 100 | 100.0% | | — | 38 | Publix | $ | 17.32 |
|
West Lake Shopping Center | | | | FL | Miami-Fort Lauderdale-Miami Beach | 101 | 101 | 94.8% | | — | 46 | Winn-Dixie | $ | 18.37 |
|
Westchase | | | | FL | Tampa-St. Petersburg-Clearwater | 79 | 79 | 100.0% | | — | 51 | Publix | $ | 16.37 |
|
Westport Plaza | | | | FL | Miami-Fort Lauderdale-Miami Beach | 47 | 47 | 100.0% | | — | 28 | Publix | $ | 20.08 |
|
Willa Springs | | USAA | 20% | FL | Orlando | 90 | 18 | 100.0% | | — | 44 | Publix | $ | 20.38 |
|
Young Circle Shopping Center | | | | FL | Miami-Fort Lauderdale-Miami Beach | 65 | 65 | 95.5% | | — | 23 | Publix | $ | 15.58 |
|
| | | | FL | | 12,295 | 11,581 | 94.8% | 95.0% | 1,285 | 3,472 |
| $ | 17.42 |
|
Ashford Place | | | | GA | Atlanta-Sandy Springs-Marietta | 53 | 53 | 100.0% | | — | — | - | $ | 21.26 |
|
Briarcliff La Vista | | | | GA | Atlanta-Sandy Springs-Marietta | 43 | 43 | 100.0% | | — | — | - | $ | 20.31 |
|
Briarcliff Village | | | GA | Atlanta-Sandy Springs-Marietta | 190 | 190 | 98.4% | | — | 43 | Publix | $ | 16.15 |
|
Bridgemill Market | | | GA | Atlanta-Sandy Springs-Marietta | 89 | 89 | 93.0% | | — | 38 | Publix | $ | 16.50 |
|
Brighten Park (fka Loehmanns Plaza Georgia) | | | GA | Atlanta-Sandy Springs-Marietta | 137 | 137 | 97.1% | | — | 25 | The Fresh Market | $ | 25.59 |
|
Buckhead Court | | | GA | Atlanta-Sandy Springs-Marietta | 49 | 49 | 87.3% | | — | — | - | $ | 25.44 |
|
Buckhead Station | | | GA | Atlanta-Sandy Springs-Marietta | 234 | 234 | 100.0% | | — | — | Nordstrom Rack, TJ Maxx, Bed, Bath & Beyond | $ | 23.99 |
|
Cambridge Square | | | GA | Atlanta-Sandy Springs-Marietta | 71 | 71 | 100.0% | | — | 41 | Kroger | $ | 15.29 |
|
Chastain Square | | | GA | Atlanta-Sandy Springs-Marietta | 92 | 92 | 100.0% | | — | 37 | Publix | $ | 21.39 |
|
Cornerstone Square | | | GA | Atlanta-Sandy Springs-Marietta | 80 | 80 | 100.0% | | — | 18 | Aldi | $ | 17.06 |
|
Sope Creek Crossing (fka Delk Spectrum) | | | GA | Atlanta-Sandy Springs-Marietta | 99 | 99 | 91.9% | | — | 45 | Publix | $ | 15.87 |
|
Dunwoody Hall | USAA | 20% | GA | Atlanta-Sandy Springs-Marietta | 86 | 17 | 97.5% | | — | 44 | Publix | $ | 20.46 |
|
Dunwoody Village | | | GA | Atlanta-Sandy Springs-Marietta | 121 | 121 | 95.2% | | — | 18 | The Fresh Market | $ | 18.93 |
|
Howell Mill Village | | | GA | Atlanta-Sandy Springs-Marietta | 92 | 92 | 95.2% | | — | 31 | Publix | $ | 22.60 |
|
|
| | |
| | 47 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Paces Ferry Plaza | | | GA | Atlanta-Sandy Springs-Marietta | 82 | 82 | 96.6% | | — | 30 | 365 by Whole Foods | $ | 32.94 |
|
Piedmont Peachtree Crossing | | | GA | Atlanta-Sandy Springs-Marietta | 152 | 152 | 84.3% | | — | 56 | Kroger | $ | 21.26 |
|
Powers Ferry Square | | | GA | Atlanta-Sandy Springs-Marietta | 101 | 101 | 100.0% | | — | — | - | $ | 31.26 |
|
Powers Ferry Village | | | GA | Atlanta-Sandy Springs-Marietta | 79 | 79 | 100.0% | | — | 48 | Publix | $ | 14.17 |
|
Russell Ridge | | | GA | Atlanta-Sandy Springs-Marietta | 101 | 101 | 98.6% | | — | 63 | Kroger | $ | 13.41 |
|
Sandy Springs | | | GA | Atlanta-Sandy Springs-Marietta | 116 | 116 | 89.1% | | — | 12 | Trader Joe's | $ | 22.20 |
|
The Shops at Hampton Oaks | | | GA | Atlanta-Sandy Springs-Marietta | 21 | 21 | 53.4% | | — | — | - | $ | 11.28 |
|
Williamsburg at Dunwoody | | | GA | Atlanta-Sandy Springs-Marietta | 45 | 45 | 79.1% | | — | — | - | $ | 24.83 |
|
| | | GA | | 2,133 | 2,065 | 95.3% | 95.3% | — | 550 |
| $ | 20.90 |
|
Civic Center Plaza | GRI | 40% | IL | Chicago-Naperville-Joliet | 265 | 106 | 97.7% | | — | 87 | Super H Mart, Home Depot | $ | 11.21 |
|
Clybourn Commons | | | IL | Chicago-Naperville-Joliet | 32 | 32 | 89.9% | | — | — | - | $ | 37.07 |
|
Glen Oak Plaza | | | | IL | Chicago-Naperville-Joliet | 63 | 63 | 92.8% | | — | 12 | Trader Joe's | $ | 23.73 |
|
Hinsdale | | | IL | Chicago-Naperville-Joliet | 179 | 179 | 94.4% | | — | 57 | Whole Foods | $ | 15.45 |
|
Mellody Farm | | | IL | Chicago-Naperville-Joliet | 252 | 252 | 62.6% | | — | 45 | Whole Foods | $ | 23.25 |
|
Riverside Sq & River's Edge | GRI | 40% | IL | Chicago-Naperville-Joliet | 169 | 68 | 92.9% | | — | 74 | Mariano's Fresh Market | $ | 16.14 |
|
Roscoe Square | | GRI | 40% | IL | Chicago-Naperville-Joliet | 140 | 56 | 100.0% | | — | 51 | Mariano's Fresh Market | $ | 20.92 |
|
Stonebrook Plaza Shopping Center | GRI | 40% | IL | Chicago-Naperville-Joliet | 96 | 38 | 87.7% | | — | 63 | Jewel-Osco | $ | 12.17 |
|
Westchester Commons (fka Westbrook Commons) | | | IL | Chicago-Naperville-Joliet | 139 | 139 | 94.7% | | — | 51 | Mariano's Fresh Market | $ | 17.87 |
|
Willow Festival | | | IL | Chicago-Naperville-Joliet | 404 | 404 | 98.5% | | — | 60 | Whole Foods, Lowe's | $ | 17.75 |
|
| | | IL | | 1,740 | 1,337 | 89.7% | 96.0% | — | 501 | | $ | 18.26 |
|
Shops on Main | M | 93% | IN | Chicago-Naperville-Joliet | 254 | 254 | 97.7% | | — | 40 | Whole Foods | $ | 15.60 |
|
Willow Lake Shopping Center | GRI | 40% | IN | Indianapolis | 86 | 34 | 100.0% | | 64 | 64 | (Kroger) | $ | 17.45 |
|
Willow Lake West Shopping Center | | GRI | 40% | IN | Indianapolis | 53 | 21 | 97.6% | | — | 12 | Trader Joe's | $ | 25.40 |
|
| | | IN | | 393 | 310 | 97.9% | 97.9% | 64 | 116 | | $ | 16.48 |
|
Ambassador Row | | | LA | Lafayette | 195 | 195 | 93.5% | | — | — | - | $ | 12.03 |
|
Ambassador Row Courtyards | | | LA | Lafayette | 150 | 150 | 84.0% | | — | — | - | $ | 9.19 |
|
Bluebonnet Village | | | | LA | Baton Rouge | 102 | 102 | 95.6% | | — | 33 | Rouses Market | $ | 13.47 |
|
Elmwood Oaks Shopping Center | | | | LA | New Orleans-Metarie | 136 | 136 | 100.0% | | — | — | Academy Sports | $ | 10.21 |
|
Siegen Village | | | | LA | Baton Rouge | 170 | 170 | 98.4% | | — | — | - | $ | 11.05 |
|
| | | | LA | | 753 | 753 | 94.2% | 94.2% | | 33 |
| $ | 11.14 |
|
Fellsway Plaza | | M | 75% | MA | Boston-Cambridge-Quincy | 155 | 155 | 100.0% | | — | 61 | Stop & Shop | $ | 23.73 |
|
Northborough Crossing | | NYC | 30% | MA | Boston-Cambridge-Quincy | 646 | 194 | 95.2% | | — | 139 | Wegmans, BJ's Wholesale Club, Kohl's, Toys 'R Us, Dick's Sporting Goods | $ | 14.06 |
|
Old Connecticut Path | | NYC | 30% | MA | Boston-Cambridge-Quincy | 80 | 24 | 100.0% | | — | 66 | Stop & Shop | $ | 21.30 |
|
|
| | |
| | 48 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Shaw's at Plymouth | | | MA | Boston-Cambridge-Quincy | 60 | 60 | 100.0% | | — | 60 | Shaw's | $ | 17.58 |
|
Shops at Saugus | | | MA | Boston-Cambridge-Quincy | 87 | 87 | 96.0% | | — | 11 | Trader Joe's | $ | 28.71 |
|
Star's at Cambridge | | | MA | Boston-Cambridge-Quincy | 66 | 66 | 100.0% | | — | 66 | Star Market | $ | 37.44 |
|
Star's at Quincy | | | MA | Boston-Cambridge-Quincy | 101 | 101 | 100.0% | | — | 101 | Star Market | $ | 21.48 |
|
Star's at West Roxbury | | | MA | Boston-Cambridge-Quincy | 76 | 76 | 100.0% | | — | 55 | Star Market | $ | 24.69 |
|
The Collection at Harvard Square | | | MA | Boston-Cambridge-Quincy | 41 | 41 | 89.0% | | — | — | - | $ | 58.16 |
|
Twin City Plaza | | | MA | Boston-Cambridge-Quincy | 285 | 285 | 100.0% | | — | 63 | Shaw's, Marshall's | $ | 18.54 |
|
Whole Foods at Swampscott | | | MA | Boston-Cambridge-Quincy | 36 | 36 | 100.0% | | — | 36 | Whole Foods | $ | 24.95 |
|
| | | MA | | 1,633 | 1,124 | 98.5% | 98.5% | — | 657 |
| $ | 22.66 |
|
Burnt Mills | C | 20% | MD | Washington-Arlington-Alexandria | 31 | 6 | 100.0% | | — | 9 | Trader Joe's | $ | 38.69 |
|
Cloppers Mill Village | GRI | 40% | MD | Washington-Arlington-Alexandria | 137 | 55 | 99.0% | | — | 70 | Shoppers Food Warehouse | $ | 17.98 |
|
Festival at Woodholme | | GRI | 40% | MD | Baltimore-Towson | 81 | 32 | 95.9% | | — | 10 | Trader Joe's | $ | 38.85 |
|
Firstfield Shopping Center | | GRI | 40% | MD | Washington-Arlington-Alexandria | 22 | 9 | 100.0% | | — | — | - | $ | 39.22 |
|
King Farm Village Center | | RC | 25% | MD | Washington-Arlington-Alexandria | 118 | 30 | 91.5% | | — | 54 | Safeway | $ | 25.68 |
|
Parkville Shopping Center | GRI | 40% | MD | Baltimore-Towson | 165 | 66 | 92.8% | | — | 41 | Giant Food | $ | 16.41 |
|
Southside Marketplace | GRI | 40% | MD | Baltimore-Towson | 125 | 50 | 96.7% | | — | 44 | Shoppers Food Warehouse | $ | 20.48 |
|
Takoma Park | GRI | 40% | MD | Washington-Arlington-Alexandria | 104 | 42 | 99.2% | | — | 64 | Shoppers Food Warehouse | $ | 13.28 |
|
Valley Centre | GRI | 40% | MD | Baltimore-Towson | 220 | 88 | 94.3% | | — | 18 | Aldi, TJ Maxx | $ | 16.10 |
|
Village at Lee Airpark | | | MD | Baltimore-Towson | 117 | 117 | 97.9% | | 75 | 63 | Giant Food, (Sunrise) | $ | 27.90 |
|
Watkins Park Plaza | | GRI | 40% | MD | Washington-Arlington-Alexandria | 111 | 45 | 96.3% | | — | — | LA Fitness | $ | 25.98 |
|
Westwood - Manor Care | | | | MD | Washington-Arlington-Alexandria | 41 | 41 | —% | | — | — | - | $ | — |
|
Westwood Shopping Center | | | | MD | Washington-Arlington-Alexandria | 213 | 213 | 97.1% | | — | 55 | Giant Food | $ | 32.27 |
|
Woodmoor Shopping Center | | GRI | 40% | MD | Washington-Arlington-Alexandria | 69 | 28 | 97.5% | | — | — | - | $ | 30.67 |
|
| | | MD | | 1,556 | 821 | 91.7% | 96.5% | 75 | 428 |
| $ | 25.46 |
|
Fenton Marketplace | | | MI | Flint | 97 | 97 | 98.6% | | — | — | Family Farm & Home | $ | 8.12 |
|
| | | MI | | 97 | 97 | 98.6% | 98.6% | — | — |
| $ | 8.12 |
|
Apple Valley Square | RC | 25% | MN | Minneapolis-St. Paul-Bloomington | 185 | 46 | 99.0% | | 87 | 62 | Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory) | $ | 12.68 |
|
Calhoun Commons | | RC | 25% | MN | Minneapolis-St. Paul-Bloomington | 66 | 17 | 100.0% | | — | 50 | Whole Foods | $ | 24.44 |
|
Colonial Square | GRI | 40% | MN | Minneapolis-St. Paul-Bloomington | 93 | 37 | 98.6% | | — | 44 | Lund's | $ | 23.05 |
|
Rockford Road Plaza | | GRI | 40% | MN | Minneapolis-St. Paul-Bloomington | 204 | 82 | 100.0% | | — | — | Kohl's | $ | 12.71 |
|
Rockridge Center | C | 20% | MN | Minneapolis-St. Paul-Bloomington | 125 | 25 | 93.5% | | — | 89 | Cub Foods | $ | 12.95 |
|
| | | | MN | | 674 | 207 | 98.7% | 98.7% | 87 | 245 | | $ | 15.54 |
|
Brentwood Plaza | | | | MO | St. Louis | 60 | 60 | 100.0% | | — | 52 | Schnucks | $ | 10.57 |
|
Bridgeton | | | MO | St. Louis | 71 | 71 | 100.0% | | 130 | 63 | Schnucks, (Home Depot) | $ | 12.09 |
|
|
| | |
| | 49 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Dardenne Crossing | | | MO | St. Louis | 67 | 67 | 98.1% | | — | 63 | Schnucks | $ | 10.66 |
|
Kirkwood Commons | | | | MO | St. Louis | 210 | 210 | 100.0% | | 258 | — | Wal-Mart, (Target), (Lowe's) | $ | 10.13 |
|
| | | MO | | 408 | 408 | 99.7% | 99.7% | 388 | 179 | | $ | 10.62 |
|
Cameron Village | C | 30% | NC | Raleigh-Cary | 558 | 167 | 92.7% | | — | 87 | Harris Teeter, The Fresh Market | $ | 22.42 |
|
Carmel Commons | | | NC | Charlotte-Gastonia-Concord | 133 | 133 | 100.0% | | — | 14 | The Fresh Market | $ | 20.48 |
|
Cochran Commons | C | 20% | NC | Charlotte-Gastonia-Concord | 66 | 13 | 95.6% | | — | 42 | Harris Teeter | $ | 15.97 |
|
Colonnade Center | | | | NC | Raleigh-Cary | 58 | 58 | 100.0% | | — | 40 | Whole Foods | $ | 27.32 |
|
Glenwood Village | | | NC | Raleigh-Cary | 43 | 43 | 100.0% | | — | 28 | Harris Teeter | $ | 16.20 |
|
Harris Crossing | | | NC | Raleigh-Cary | 65 | 65 | 92.5% | | — | 53 | Harris Teeter | $ | 8.18 |
|
Holly Park | M | 99% | NC | Raleigh-Cary | 160 | 160 | 91.5% | | — | 12 | Trader Joe's | $ | 15.50 |
|
Lake Pine Plaza | | | NC | Raleigh-Cary | 88 | 88 | 100.0% | | — | 58 | Kroger | $ | 12.60 |
|
Midtown East | O | 50% | NC | Raleigh-Cary | 174 | 87 | 72.0% | | — | 120 | Wegmans | $ | 15.54 |
|
Phillips Place | O | 50% | NC | Charlotte-Gastonia-Concord | 133 | 67 | 93.5% | | — | — | Dean & Deluca | $ | 33.35 |
|
Providence Commons | | RC | 25% | NC | Charlotte-Gastonia-Concord | 74 | 19 | 100.0% | | — | 50 | Harris Teeter | $ | 18.37 |
|
Shops at Erwin Mill (fka Erwin Square) | M | 55% | NC | Durham-Chapel Hill | 87 | 87 | 100.0% | | — | 53 | Harris Teeter | $ | 17.61 |
|
Shoppes of Kildaire | GRI | 40% | NC | Raleigh-Cary | 145 | 58 | 100.0% | | — | 19 | Trader Joe's | $ | 18.42 |
|
Southpoint Crossing | | | | NC | Durham-Chapel Hill | 103 | 103 | 100.0% | | — | 59 | Kroger | $ | 16.06 |
|
Sutton Square | C | 20% | NC | Raleigh-Cary | 101 | 20 | 96.2% | | — | 24 | The Fresh Market | $ | 17.69 |
|
Village Plaza | C | 20% | NC | Durham-Chapel Hill | 75 | 15 | 90.4% | | — | 42 | Whole Foods | $ | 17.74 |
|
Willow Oaks | | | NC | Charlotte-Gastonia-Concord | 69 | 69 | 94.9% | | — | 49 | Publix | $ | 16.96 |
|
Woodcroft Shopping Center | | | NC | Durham-Chapel Hill | 90 | 90 | 94.6% | | — | 41 | Food Lion | $ | 12.83 |
|
| | | NC | | 2,221 | 1,341 | 94.7% | 96.3% | — | 791 | | $ | 18.09 |
|
Chimney Rock | | | | NJ | New York-Northern New Jersey-Long Island | 218 | 218 | 86.7% | | — | 50 | Whole Foods, Nordstrom Rack | $ | 34.42 |
|
Haddon Commons | | GRI | 40% | NJ | Philadelphia-Camden-Wilmington | 54 | 22 | 100.0% | | — | 34 | Acme Markets | $ | 13.73 |
|
Plaza Square | GRI | 40% | NJ | New York-Northern New Jersey-Long Island | 104 | 42 | 100.0% | | — | 60 | Shop Rite | $ | 22.86 |
|
Riverfront Plaza | | NYC | 30% | NJ | New York-Northern New Jersey-Long Island | 129 | 39 | 95.9% | | — | 70 | ShopRite | $ | 25.32 |
|
| | | | NJ | | 505 | 320 | 90.4% | 98.5% | — | 215 | | $ | 30.04 |
|
101 7th Avenue | | | | NY | New York-Northern New Jersey-Long Island | 57 | 57 | 100.0% | | — | — | Barney's New York | $ | 79.13 |
|
1175 Third Avenue | | | | NY | New York-Northern New Jersey-Long Island | 25 | 25 | 100.0% | | — | 25 | The Food Emporium | $ | 106.86 |
|
1225-1239 Second Ave | | | NY | New York-Northern New Jersey-Long Island | 18 | 18 | 100.0% | | — | — | - | $ | 114.72 |
|
90 - 30 Metropolitan Avenue | | | | NY | New York-Northern New Jersey-Long Island | 60 | 60 | 100.0% | | — | 11 | Trader Joe's | $ | 31.41 |
|
|
| | |
| | 50 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Broadway Plaza | | | | NY | New York-Northern New Jersey-Long Island | 147 | 147 | 97.2% | | — | 18 | Aldi | $ | 38.70 |
|
Clocktower Plaza Shopping Ctr | | | | NY | New York-Northern New Jersey-Long Island | 79 | 79 | 93.6% | | — | 63 | Stop & Shop | $ | 48.23 |
|
Gallery At Westbury Plaza | | | | NY | New York-Northern New Jersey-Long Island | 312 | 312 | 99.5% | | — | 13 | Trader Joe's, Nordstrom Rack | $ | 47.00 |
|
The Point at Garden City Park (fka Garden City Park) | | | | NY | New York-Northern New Jersey-Long Island | 105 | 105 | 98.8% | | — | 52 | King Kullen | $ | 21.21 |
|
Lake Grove Commons | | GRI | 40% | NY | New York-Northern New Jersey-Long Island | 141 | 57 | 100.0% | | — | 48 | Whole Foods, LA Fitness | $ | 32.78 |
|
Westbury Plaza | | | | NY | New York-Northern New Jersey-Long Island | 394 | 394 | 100.0% | | — | 110 | Wal-Mart, Costco, Marshalls, Total Wine and More | $ | 24.33 |
|
| | | | NY | | 1,339 | 1,255 | 99.0% | 99.0% | — | 339 | | $ | 39.07 |
|
Cherry Grove | | | | OH | Cincinnati-Middletown | 196 | 196 | 100.0% | | — | 66 | Kroger | $ | 12.20 |
|
East Pointe | | | | OH | Columbus | 107 | 107 | 100.0% | | — | 59 | Kroger | $ | 10.37 |
|
Hyde Park | | | OH | Cincinnati-Middletown | 397 | 397 | 99.4% | | — | 169 | Kroger, Remke Markets | $ | 15.96 |
|
Kroger New Albany Center | | M | 50% | OH | Columbus | 93 | 93 | 100.0% | | — | 65 | Kroger | $ | 12.56 |
|
Maxtown Road (Northgate) | | | | OH | Columbus | 105 | 105 | 100.0% | | 90 | 62 | Kroger, (Home Depot) | $ | 9.82 |
|
Red Bank Village | | | | OH | Cincinnati-Middletown | 176 | 176 | 98.2% | | — | — | Wal-Mart | $ | 7.20 |
|
Regency Commons | | | | OH | Cincinnati-Middletown | 34 | 34 | 100.0% | | — | — | - | $ | 24.39 |
|
Westchester Plaza | | | OH | Cincinnati-Middletown | 88 | 88 | 100.0% | | — | 67 | Kroger | $ | 9.91 |
|
| | | OH | | 1,196 | 1,196 | 99.5% | 99.5% | 90 | 489 | | $ | 12.52 |
|
Corvallis Market Center | | | OR | Corvallis | 85 | 85 | 100.0% | | — | 12 | Trader Joe's | $ | 20.15 |
|
Greenway Town Center | GRI | 40% | OR | Portland-Vancouver-Beaverton | 93 | 37 | 98.4% | | — | 38 | Whole Foods | $ | 14.70 |
|
Murrayhill Marketplace | | | OR | Portland-Vancouver-Beaverton | 150 | 150 | 84.8% | | — | 41 | Safeway | $ | 18.25 |
|
Northgate Marketplace | | | | OR | Medford | 81 | 81 | 100.0% | | — | 13 | Trader Joe's | $ | 22.84 |
|
Northgate Marketplace Ph II | | | OR | Medford | 177 | 177 | 91.9% | | — | — | Dick's Sporting Goods | $ | 14.96 |
|
Sherwood Crossroads | | | OR | Portland-Vancouver-Beaverton | 88 | 88 | 98.4% | | — | 55 | Safeway | $ | 11.16 |
|
Tanasbourne Market | | | OR | Portland-Vancouver-Beaverton | 71 | 71 | 100.0% | | — | 57 | Whole Foods | $ | 27.56 |
|
Walker Center | | | OR | Portland-Vancouver-Beaverton | 90 | 90 | 100.0% | | — | — | Bed, Bath & Beyond | $ | 20.78 |
|
| | | OR | | 835 | 779 | 95.0% | 95.9% | — | 215 | | $ | 18.44 |
|
Allen Street Shopping Center | GRI | 40% | PA | Allentown-Bethlehem-Easton | 46 | 18 | 100.0% | | — | 22 | Ahart's Market | $ | 14.67 |
|
City Avenue Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 162 | 65 | 93.9% | | — | — | Ross Dress for Less | $ | 20.42 |
|
Gateway Shopping Center | | | PA | Philadelphia-Camden-Wilmington | 221 | 221 | 91.8% | | — | 11 | Trader Joe's | $ | 30.17 |
|
Hershey | | | | PA | Harrisburg-Carlisle | 6 | 6 | 100.0% | | — | — | - | $ | 28.00 |
|
Lower Nazareth Commons | | | PA | Allentown-Bethlehem-Easton | 90 | 90 | 96.0% | | 244 | 111 | (Wegmans), (Target) | $ | 26.06 |
|
Mercer Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 91 | 37 | 100.0% | | — | 51 | Weis Markets | $ | 24.04 |
|
|
| | |
| | 51 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Newtown Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 143 | 57 | 94.5% | | — | 56 | Acme Markets | $ | 17.88 |
|
Stefko Boulevard Shopping Center | | GRI | 40% | PA | Allentown-Bethlehem-Easton | 134 | 54 | 94.0% | | — | 73 | Valley Farm Market | $ | 7.94 |
|
Warwick Square Shopping Center | GRI | 40% | PA | Philadelphia-Camden-Wilmington | 90 | 36 | 97.1% | | — | 51 | Giant Food | $ | 21.06 |
|
| | | PA | | 983 | 584 | 94.3% | 94.3% | 244 | 375 |
| $ | 23.76 |
|
Indigo Square | | | SC | Charleston-North Charleston | 51 | 51 | 71.2% | | — | 22 | - | $ | 27.41 |
|
Merchants Village | GRI | 40% | SC | Charleston-North Charleston | 80 | 32 | 100.0% | | — | 38 | Publix | $ | 16.26 |
|
| | | SC | | 131 | 83 | 82.3% | 100.0% | — | 59 |
| $ | 22.20 |
|
Harpeth Village Fieldstone | | | | TN | Nashville-Davidson--Murfreesboro | 70 | 70 | 100.0% | | — | 55 | Publix | $ | 15.39 |
|
Northlake Village | | | TN | Nashville-Davidson--Murfreesboro | 138 | 138 | 94.5% | | — | 75 | Kroger | $ | 13.54 |
|
Peartree Village | | | | TN | Nashville-Davidson--Murfreesboro | 110 | 110 | 100.0% | | — | 61 | Harris Teeter | $ | 19.60 |
|
| | | TN | | 317 | 317 | 97.6% | 97.6% | — | 191 | | $ | 16.07 |
|
Alden Bridge | USAA | 20% | TX | Houston-Baytown-Sugar Land | 139 | 28 | 100.0% | | — | 68 | Kroger | $ | 20.02 |
|
Bethany Park Place | USAA | 20% | TX | Dallas-Fort Worth-Arlington | 99 | 20 | 100.0% | | — | 83 | Kroger | $ | 11.73 |
|
CityLine Market | | | | TX | Dallas-Fort Worth-Arlington | 81 | 81 | 100.0% | | — | 40 | Whole Foods | $ | 26.94 |
|
CityLine Market Phase II | | | | TX | Dallas-Fort Worth-Arlington | 22 | 22 | 100.0% | | — | — | - | $ | 26.26 |
|
Cochran's Crossing | | | TX | Houston-Baytown-Sugar Land | 138 | 138 | 94.1% | | — | 63 | Kroger | $ | 17.73 |
|
Hancock | | | TX | Austin-Round Rock | 410 | 410 | 98.8% | | — | 90 | H.E.B., Sears | $ | 15.54 |
|
Hickory Creek Plaza | | | TX | Dallas-Fort Worth-Arlington | 28 | 28 | 100.0% | | 81 | 81 | (Kroger) | $ | 28.66 |
|
Hillcrest Village | | | TX | Dallas-Fort Worth-Arlington | 15 | 15 | 100.0% | | — | — | - | $ | 46.12 |
|
Indian Springs Center | | | | TX | Houston-Baytown-Sugar Land | 137 | 137 | 100.0% | | — | 79 | H.E.B. | $ | 24.05 |
|
Keller Town Center | | | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 96.9% | | — | 64 | Tom Thumb | $ | 15.54 |
|
Lebanon/Legacy Center | | | TX | Dallas-Fort Worth-Arlington | 56 | 56 | 93.7% | | 63 | 63 | (Wal-Mart) | $ | 24.61 |
|
Market at Preston Forest | | | TX | Dallas-Fort Worth-Arlington | 96 | 96 | 100.0% | | — | 64 | Tom Thumb | $ | 20.68 |
|
Market at Round Rock | | | TX | Austin-Round Rock | 123 | 123 | 99.5% | | — | 30 | Sprout's Markets | $ | 18.19 |
|
Market at Springwoods Village | M | 53% | TX | Houston-Baytown-Sugar Land | 167 | 167 | 89.4% | | — | 100 | Kroger | $ | 13.91 |
|
Mockingbird Common | | | TX | Dallas-Fort Worth-Arlington | 120 | 120 | 100.0% | | — | 49 | Tom Thumb | $ | 17.56 |
|
North Hills | | | TX | Austin-Round Rock | 144 | 144 | 100.0% | | — | 60 | H.E.B. | $ | 23.02 |
|
Panther Creek | | | TX | Houston-Baytown-Sugar Land | 166 | 166 | 100.0% | | — | 66 | Randall's Food | $ | 22.74 |
|
Prestonbrook | | | | TX | Dallas-Fort Worth-Arlington | 92 | 92 | 100.0% | | — | 64 | Kroger | $ | 14.18 |
|
Preston Oaks | | | TX | Dallas-Fort Worth-Arlington | 104 | 104 | 99.5% | | — | 30 | H.E.B. Central Market | $ | 31.45 |
|
Shiloh Springs | | USAA | 20% | TX | Dallas-Fort Worth-Arlington | 110 | 22 | 86.0% | | — | 61 | Kroger | $ | 13.84 |
|
Shops at Mira Vista | | | | TX | Austin-Round Rock | 68 | 68 | 100.0% | | — | 15 | Trader Joe's | $ | 22.07 |
|
Southpark at Cinco Ranch | | | TX | Houston-Baytown-Sugar Land | 265 | 265 | 100.0% | | — | 101 | Kroger, Academy Sports | $ | 13.46 |
|
Sterling Ridge | | | TX | Houston-Baytown-Sugar Land | 129 | 129 | 98.5% | | — | 63 | Kroger | $ | 20.52 |
|
Sweetwater Plaza | C | 20% | TX | Houston-Baytown-Sugar Land | 134 | 27 | 98.9% | | — | 65 | Kroger | $ | 17.36 |
|
|
| | |
| | 52 |
|
| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Tech Ridge Center | | | TX | Austin-Round Rock | 185 | 185 | 96.0% | | — | 84 | H.E.B. | $ | 23.45 |
|
The Village at Riverstone | | | TX | Houston-Baytown-Sugar Land | 165 | 165 | 83.1% | | — | 100 | Kroger | $ | 13.04 |
|
Weslayan Plaza East | GRI | 40% | TX | Houston-Baytown-Sugar Land | 169 | 68 | 100.0% | | — | — | Berings | $ | 20.45 |
|
Weslayan Plaza West | GRI | 40% | TX | Houston-Baytown-Sugar Land | 186 | 74 | 97.5% | | — | 52 | Randall's Food | $ | 19.69 |
|
Westwood Village | | | TX | Houston-Baytown-Sugar Land | 187 | 187 | 98.3% | | 127 | — | (Target) | $ | 19.33 |
|
Woodway Collection | GRI | 40% | TX | Houston-Baytown-Sugar Land | 97 | 39 | 97.0% | | — | 45 | Whole Foods | $ | 28.41 |
|
| | | TX | | 3,951 | 3,295 | 97.4% | 98.6% | 271 | 1,682 | | $ | 19.28 |
|
Ashburn Farm Market Center | | | VA | Washington-Arlington-Alexandria | 92 | 92 | 100.0% | | — | 49 | Giant Food | $ | 26.18 |
|
Ashburn Farm Village Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 89 | 36 | 97.3% | | — | 57 | Shoppers Food Warehouse | $ | 14.18 |
|
Belmont Chase | | | | VA | Washington-Arlington-Alexandria | 91 | 91 | 100.0% | | — | 40 | Whole Foods | $ | 30.55 |
|
Braemar Shopping Center | RC | 25% | VA | Washington-Arlington-Alexandria | 96 | 24 | 97.9% | | — | 58 | Safeway | $ | 21.84 |
|
Centre Ridge Marketplace | GRI | 40% | VA | Washington-Arlington-Alexandria | 104 | 42 | 96.1% | | — | 55 | Shoppers Food Warehouse | $ | 11.98 |
|
Culpeper Colonnade | | | VA | Culpeper | 171 | 171 | 100.0% | | 127 | 70 | Martin's, Dick's Sporting Goods, (Target) | $ | 17.43 |
|
Fairfax Shopping Center | | | VA | Washington-Arlington-Alexandria | 68 | 68 | 58.2% | | — | — | - | $ | 5.78 |
|
Festival at Manchester Lakes | GRI | 40% | VA | Washington-Arlington-Alexandria | 169 | 67 | 93.9% | | — | 65 | Shoppers Food Warehouse | $ | 27.49 |
|
Fox Mill Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 103 | 41 | 100.0% | | — | 50 | Giant Food | $ | 25.01 |
|
Gayton Crossing | GRI | 40% | VA | Richmond | 158 | 63 | 87.1% | | 55 | 38 | (Kroger) | $ | 15.73 |
|
Greenbriar Town Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 340 | 136 | 96.9% | | — | 62 | Giant Food | $ | 26.17 |
|
Hanover Village Shopping Center | GRI | 40% | VA | Richmond | 90 | 36 | 98.4% | | — | 18 | Aldi | $ | 9.04 |
|
Hollymead Town Center | C | 20% | VA | Charlottesville | 154 | 31 | 94.7% | | 143 | 61 | Harris Teeter, (Target) | $ | 22.83 |
|
Kamp Washington Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 72 | 29 | 88.7% | | — | 20 | Earth Fare | $ | 37.17 |
|
Kings Park Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 93 | 37 | 100.0% | | — | 28 | Giant Food | $ | 28.63 |
|
Lorton Station Marketplace | C | 20% | VA | Washington-Arlington-Alexandria | 132 | 26 | 90.5% | | — | 63 | Shoppers Food Warehouse | $ | 23.44 |
|
Market Common Clarendon | | | VA | Washington-Arlington-Alexandria | 393 | 393 | 68.5% | | — | 34 | Whole Foods, Crate & Barrel | $ | 32.94 |
|
Saratoga Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 113 | 45 | 100.0% | | — | 56 | Giant Food | $ | 20.43 |
|
Shops at County Center | | | VA | Washington-Arlington-Alexandria | 97 | 97 | 89.6% | | — | 52 | Harris Teeter | $ | 19.66 |
|
Shops at Stonewall | | | VA | Washington-Arlington-Alexandria | 321 | 321 | 100.0% | | — | 140 | Wegmans, Dick's Sporting Goods | $ | 17.58 |
|
The Field at Commonwealth | | | VA | Washington-Arlington-Alexandria | 187 | 187 | 82.4% | | — | 140 | Wegmans | $ | 14.43 |
|
Town Center at Sterling Shopping Center | GRI | 40% | VA | Washington-Arlington-Alexandria | 187 | 75 | 91.0% | | — | 47 | Giant Food | $ | 20.77 |
|
Village Center at Dulles | C | 20% | VA | Washington-Arlington-Alexandria | 301 | 60 | 91.0% | | — | 48 | Shoppers Food Warehouse, Gold's Gym | $ | 26.54 |
|
Village Shopping Center | GRI | 40% | VA | Richmond | 111 | 44 | 93.8% | | — | 45 | Martin's | $ | 23.74 |
|
Willston Centre I | GRI | 40% | VA | Washington-Arlington-Alexandria | 105 | 42 | 98.8% | | — | — | - | $ | 26.12 |
|
Willston Centre II | GRI | 40% | VA | Washington-Arlington-Alexandria | 136 | 54 | 90.8% | | 141 | 59 | Safeway, (Target) | $ | 25.35 |
|
| | | VA | | 3,974 | 2,310 | 89.5% | 90.1% | 465 | 1,355 |
| $ | 22.26 |
|
Aurora Marketplace | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 107 | 43 | 100.0% | | — | 49 | Safeway | $ | 16.25 |
|
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| | | | | | | | | | | | | | | |
Portfolio Summary Report By State |
December 31, 2017 |
(GLA in thousands) |
| | | | | | JVs at 100% | REG's pro-rata share | REG's pro-rata share | REG's pro-rata share | | | | |
Property Name | JV | REG % | State | CBSA | GLA | GLA | % Leased | % Leased - Retail Operating Properties | Retailer-
Owned
GLA | Grocery Anchor GLA | Major Tenants(1) | Avg. Base Rent PSF |
Broadway Market | C | 20% | WA | Seattle-Tacoma-Bellevue | 140 | 28 | 98.6% | | — | 64 | Quality Food Centers | $ | 24.57 |
|
Cascade Plaza | | C | 20% | WA | Seattle-Tacoma-Bellevue | 215 | 43 | 92.6% | | — | 49 | Safeway | $ | 11.95 |
|
Eastgate Plaza | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 79 | 31 | 95.3% | | — | 29 | Albertsons | $ | 25.62 |
|
Grand Ridge | | | WA | Seattle-Tacoma-Bellevue | 331 | 331 | 99.3% | | — | 45 | Safeway, Regal Cinemas | $ | 23.35 |
|
Inglewood Plaza | | | WA | Seattle-Tacoma-Bellevue | 17 | 17 | 100.0% | | — | — | - | $ | 38.49 |
|
Klahanie Shopping Center | | | WA | Seattle-Tacoma-Bellevue | 67 | 67 | 98.4% | | 40 | 40 | (QFC) | $ | 31.71 |
|
Overlake Fashion Plaza | | GRI | 40% | WA | Seattle-Tacoma-Bellevue | 81 | 32 | 100.0% | | 230 | — | (Sears) | $ | 25.11 |
|
Pine Lake Village | | | | WA | Seattle-Tacoma-Bellevue | 103 | 103 | 98.4% | | — | 41 | Quality Food Centers | $ | 23.75 |
|
Roosevelt Square | | | WA | Seattle-Tacoma-Bellevue | 148 | 148 | 100.0% | | — | 50 | Whole Foods | $ | 22.76 |
|
Sammamish-Highlands | | | WA | Seattle-Tacoma-Bellevue | 101 | 101 | 100.0% | | 55 | 67 | (Safeway) | $ | 32.99 |
|
Southcenter | | | WA | Seattle-Tacoma-Bellevue | 58 | 58 | 100.0% | | 112 | — | (Target) | $ | 29.14 |
|
| | | WA | | 1,446 | 1,003 | 99.0% | 99.0% | 437 | 433 | | $ | 24.84 |
|
| | | | | | | | | | | |
| |
Regency Centers Total | | | | | | 53,881 | 44,015 | 95.5% | 96.2% | 4,963 | 16,651 |
| $ | 21.11 |
|
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(1) Major Tenants are the grocery anchor and any tenant over 35,000 square feet. Retailers in parenthesis are a shadow anchor and not a part of the owned property. | | |
|
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Note: In-process developments are bolded and italicized. |
| | | | | | | | | | | | |
C: | Co-investment Partnership with Oregon | | | | | |
| |
GRI: | Co-investment Partnership with GRI | | | | | | | |
M: | Co-investment Partnership with Minority Partner | | | | | | | |
NYC: | Co-investment Partnership with NYSCRF | | | | | | | |
O: | Other, single property co-investment Partnerships | | | | | | | |
RC: | Co-investment Partnership with CalSTRS | | | | | | | |
RLP: | Co-investment Partnership with Rider | | | | | | | |
USAA: | Co-investment Partnership with USAA | | | | | | | |
|
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Earnings and Valuation Guidance
December 31, 2017
(in thousands, except per share data)
|
| | | | |
| 2017A | 2018E |
| | |
Net Income / Share | | $1.47 - $1.56 |
NAREIT FFO / Share* | | $3.73 - $3.82 |
Operating FFO / Share | | $3.48 - $3.54 |
| | |
Same Property | | |
Same property NOI as adjusted growth without termination fees (pro-rata) | 3.6% | 2.25% - 3.25% |
Same property percent leased at period end (pro-rata) | 96.3% | 95.0% - 96.0% |
| | |
New Investments | | |
Development and Redevelopment starts (pro-rata) | $231,494 | $200,000 - $300,000 |
Estimated yield (weighted average) | 7.5% | +/- 7.5% |
Acquisitions (pro-rata) | $149,848 | +/- $150,000 |
Cap rate (weighted average) | 4.4% | +/- 4.75% |
| | |
Disposition Activity | | |
Dispositions (pro-rata) | $120,290 | +/- $150,000 |
Cap rate (weighted average) | 7.8% | +/- 7.25% |
| | |
Other | | |
Net interest expense (pro-rata) | $157,589 | $168,500 - $169,500 |
Net G&A expense (pro-rata) | $63,859 | $65,000 - $68,000 |
Recurring third party fees & commissions | $25,017 | $25,000 - $26,000 |
Certain non-cash items(1) (pro-rata) | | $46,000 - $49,000 |
| | |
| | |
*NAREIT FFO provides for comparability across the REIT sector. For purposes of consensus estimates, please report NAREIT FFO. |
| | |
| | |
Net Asset Valuation Guidance: | | 4Q17A |
Estimated market value of undeveloped land(2) | | |
Land held for sale or future development | | $ | 91,463 |
|
Outparcels at retail operating properties | | 19,629 |
|
Total | | $ | 111,092 |
|
| | |
| | |
NOI from Projects in Development (current quarter)(3) | | $ | 923 |
|
Base Rent from leases signed but not yet rent-paying (current quarter) | | |
Retail Operating Properties including redevelopments | | $ | 2,851 |
|
Development Completions(3) | | 42 |
|
Total | | $ | 2,893 |
|
| | |
| | |
(1) Includes above and below market rent amortization, straight-line rents and amortization of mark-to-market debt adjustments |
(2) Not included in Properties in Development on Balance Sheet | | |
(3) From disclosure on page 26 | | |
|
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|
| | | | |
| | |
Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. |
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Reconciliation of Net Income to NAREIT FFO and Core FFO Guidance
December 31, 2017
(per diluted share)
|
| | | | | | |
NAREIT FFO and Operating FFO Guidance: | | Full Year 2018 |
Net income attributable to common stockholders | | $ | 1.47 |
| 1.56 |
|
Adjustments to reconcile net income to NAREIT FFO: | | | |
Depreciation and amortization | | 2.26 |
| 2.26 |
|
NAREIT Funds From Operations | | $ | 3.73 |
| 3.82 |
|
| | | |
Adjustments to reconcile NAREIT FFO to Operating FFO: | | | |
Other non-comparable costs | | 0.02 |
| 0.00 |
|
Straight line rent, net | | (0.09 | ) | (0.10 | ) |
Market rent amortization, net | | (0.16 | ) | (0.16 | ) |
Debt mark-to-market | | (0.02 | ) | (0.02 | ) |
Operating Funds From Operations | | $ | 3.48 |
| 3.54 |
|
|
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| | 57 |
Glossary of Terms
December 31, 2017
Adjusted EBITDA: Earnings before interest, taxes, depreciation and amortization, real estate gains and losses, development and acquisition pursuit costs, straight line rental income, and above and below market rent amortization.
Core Funds From Operations (Core FFO): An additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; and (iv) other amounts as they occur. The Company provides a reconciliation of NAREIT FFO to Core FFO.
Development Completion: A project in development 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) the project features at least two years of anchor operations, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property.
Fixed Charge Coverage Ratio: Adjusted EBITDA divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders.
NAREIT Funds From Operations (NAREIT FFO): 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. Regency computes 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 the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO.
Net Operating Income (NOI): Base rent, percentage rent, and recoveries from tenants and other income, less operating and maintenance, real estate taxes, ground rent, and provision for doubtful accounts from the properties owned by the Company. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
Non-Same Property: A property acquired, sold, or a Development Completion during either calendar year period being compared. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.
Operating Funds From Operations (Operating FFO): An additional performance measure used by Regency as the computation of NAREIT FFO includes certain non-comparable items that affect the Company's period-over-period performance. Operating FFO excludes from NAREIT FFO: (i) transaction related income or expenses; (ii) impairments on land; (iii) gains or losses from the early extinguishment of debt; (iv) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (v) other amounts as they occur.
Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses.
Property In Development: Land or Retail Operating Properties in various stages of development and redevelopment including active pre-development activities.
Same Property: Retail Operating Properties that were owned and operated for the entirety of both calendar year periods being compared. This term excludes all Projects In Development and Non-Same Properties.
Same Property NOI as adjusted: For purposes of evaluating Same Property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our Same Property NOI on a pro forma basis as if the merger had occurred January 1, 2016. This perspective allows us to evaluate Same Property NOI growth over a comparable period. Same Property NOI as adjusted is not necessarily indicative of what the actual Same Property NOI and growth would have been if the merger had occurred as of the earliest period presented, nor does it purport to represent the Same Property NOI and growth for future periods. See page 2 for details of the pro forma adjustments for the non-ownerships periods of Equity One. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI as adjusted.
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