EX-99.2 3 ex-99263013.htm EXHIBIT 99.2 Ex-99.2 6.30.13
Exhibit 99.2

Regency Centers Corporation

June 30, 2013

Supplemental Information


Investor Relations
irinfo@RegencyCenters.com
One Independent Drive, Suite 114
Jacksonville, FL 32202
904-598-7000
RegencyCenters.com





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
June 30, 2013

 
 
 
 
 
 
 
 
 
Earnings Press Release
 
 
 
Summary Information:
 
 
 
 
Summary Financial Information
 
 
 
Summary Real Estate Information
 
 
 
Financial Information:
 
 
 
 
Consolidated Balance Sheets
 
 
 
Consolidated Statements of Operations (FFO Format)
 
 
 
FFO and Other Information
 
 
 
Consolidated Statements of Operations (GAAP Basis)
 
 
 
Summary of Consolidated Debt
 
 
Summary of Unsecured Credit Facilities, Unsecured Public Debt and Public Debt Covenants
 
 
 
Summary of Preferred Stock
 
 
 
Investment Activity:
 
 
 
 
Property Transactions
 
 
 
Summary of Development, Redevelopment, and Land Held
 
 
 
Co-investment Partnerships:
 
 
 
 
Unconsolidated Investments
 
 
 
Unconsolidated Balance Sheets
 
 
 
Unconsolidated Statements of Operations
 
 
 
Summary of Unconsolidated Debt
 
 
Real Estate Information:
 
 
 
 
Leasing Statistics
 
 
 
Average Base Rent by State
 
 
 
Portfolio Summary Report by State
 
 
 
Significant Tenant Rents
 
 
Tenant Lease Expirations
 
 
 
Forward-Looking Information:
 
 
 
 
Earnings and Valuation Guidance
 
 
 
Reconciliation of FFO and Core FFO Guidance to Net Income
 
 
 
 
 
 
 
 
 
Glossary of Terms










Regency Centers Reports Second Quarter Results
YTD Same-Property NOI Growth of 5.1%


JACKSONVILLE, Fla. (July 31, 2013) - Regency Centers Corporation (“Regency” or the “Company”) today announced financial and operating results for the three and six months ended June 30, 2013.

Earnings

Regency reported Core Funds From Operations (“Core FFO”) for the second quarter of $61.8 million, or $0.67 per diluted share, compared to $62.4 million, or $0.69 per diluted share, for the same period in 2012. For the six months ended June 30, 2013 Core FFO was $120.1 million, or $1.32 per diluted share, compared to $118.7 million, or $1.32 per diluted share, for the same period in 2012.

Funds From Operations (“FFO”) for the second quarter was $62.1 million, or $0.68 per diluted share. For the same period in 2012, the Company reported FFO of $61.3 million, or $0.68 per diluted share. For the six months ended June 30, 2013 FFO was $120.0 million, or $1.32 per diluted share, compared to $111.2 million, or $1.24 per diluted share, for the same period in 2012.

Regency reported net income attributable to common stockholders (“Net Income”) for the second quarter of $31.9 million, or $0.35 per diluted share, compared to net income of $5.7 million, or $0.06 per diluted share, for the same period in 2012. For the six months ended June 30, 2013 Net Income was $47.4 million, or $0.52 per diluted share, compared to $18.9 million, or $0.21 per diluted share for the same period in 2012.

Operations

For the three months ended June 30, 2013, Regency's results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

Percent leased, same properties only: 94.6%
Percent leased, all properties: 94.3%
Increase in same property net operating income (“NOI”) over the same period last year, excluding termination fees: 5.2%
Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 5.7%
Leasing transactions, including in-process developments (partnerships at 100%): 435 new and renewal lease transactions for a total of 1.6 million square feet





1




For the six months ended June 30, 2013, Regency's results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:

Increase in same property NOI over the same period last year, excluding termination fees: 5.1%
Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 5.6%
Leasing transactions, including in-process developments (partnerships at 100%): 763 new and renewal lease transactions for a total of 2.7 million square feet

Investments

Property Transactions

During the quarter, the Company sold four wholly owned properties at a gross sales price of $85.3 million and a weighted average cap rate of 6.6%. The Company also sold one co-investment property at a gross sales price of $11.2 million and a cap rate of 8.5%. Regency's share of the gross sales price was $4.5 million. In addition, Regency sold three outparcels at a gross sales price of $2.1 million.

During the quarter, Regency purchased one property, on a wholly owned and unencumbered basis, at a gross purchase price of $27.0 million and a cap rate of 6.1%. Subsequent to quarter end, Regency and a co-investment partner purchased one property at a gross purchase price of $13.6 million and a cap rate of 5.9%. Regency's share of the purchase price was $2.7 million. At the time of the acquisition the property was encumbered by a mortgage loan with an outstanding principal balance of $7.2 million. Regency's share of the assumed debt was $1.4 million.

Developments and Redevelopments

At June 30, 2013, the Company had six projects in development with estimated net development costs of $240.8 million. The in-process developments are 65% funded and 91% leased and committed, including retailer-owned square footage.

Subsequent to quarter end, the Company announced the start of its first ground-up development in Miami, Florida. Fontainebleau Square is a 320,339 square foot community shopping center co-anchored by Publix and Target. The center, which is 86% leased and committed, including retailer-owned square footage, has total estimated net development costs of $52.6 million.

During the quarter, the Company started three redevelopment projects. Highlighting the recent redevelopment starts is Greenway Town Center, located in Portland, Oregon, where Regency has executed a lease with Whole Foods Market to replace the existing grocer and has additional plans for a complete renovation of the existing shopping center façade and other common area features. At June 30, 2013, Regency had 14 redevelopment projects in process representing total estimated incremental investment of $45.3 million.

Capital Markets

Common Stock

During the quarter the Company accessed its at-the-market common equity program and issued 666,702 new common shares at a weighted average price of $54.77 per share, generating gross proceeds of $36.5 million.

Dividend

On July 29, 2013, the Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.4625 per share, payable on August 28, 2013 to shareholders of record on August 14, 2013.


2



Guidance

The Company has updated certain components of its 2013 earnings guidance. These changes are summarized below. Please refer to the Company’s second quarter 2013 supplemental information package for the complete list of updates.

 
Full Year 2013 Guidance
 
(in thousands, except per share data)
 
Previous Guidance
Updated Guidance
FFO per diluted share
$2.47 - $2.54
$2.53 - $2.58
Core FFO per diluted share
$2.50 - $2.57
$2.55 - $2.60
Same property % Leased at Period End
94.0% - 95.0%
94.3% - 95.0%
Same property NOI growth w/o term fees
2.5% - 3.2%
3.5% - 4.0%
Dispositions (REG Pro-Rata)
$200,000 - $250,000
$250,000 - $300,000
Acquisitions (REG Pro-Rata)
$0 - $50,000
$30,000 - $50,000
Development and Redevelopment starts
$125,000 - $175,000
$125,000 - $200,000

Non-GAAP Disclosure

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 FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company's financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, 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 an alternative for net income as a measure of liquidity. Core FFO is an additional performance measure used by Regency as the computation of FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from FFO, but is not limited to, transaction profits, income or expense, gains or losses from the early extinguishment of debt and other non-core items. The Company provides a reconciliation of FFO to Core FFO.
















3



Reconciliation of Net Income Attributable to Common Stockholders to FFO and Core FFO -
Actual (in thousands)
For the Periods Ended June 30, 2013 and 2012
 
Three Months Ended
 
Year to Date
 
 
 
 
2013
2012
 
2013
2012
Net Income Attributable to Common Stockholders
$
31,864

5,697

$
47,418

18,878

Adjustments to reconcile to Funds From Operations:
 
 
 
 
 
 
Depreciation and amortization - consolidated real estate
 
26,711

28,210

 
53,854

56,249

Depreciation and amortization - unconsolidated partnerships
 
10,971

10,778

 
21,588

21,878

Consolidated JV partners' share of depreciation
 
(215
)
(182
)
 
(423
)
(362
)
Provision for impairment
 

22,509

 

22,509

Amortization of leasing commissions and intangibles
 
4,820

4,027

 
9,549

8,039

Gain on sale of operating properties, net of tax
 
(12,099
)
(9,778
)
 
(12,099
)
(16,079
)
Noncontrolling interest of exchangeable partnership units
 
70

23

 
109

77

Funds From Operations
 
62,122

61,284

 
119,996

111,189

Dilutive effect of share-based awards
 
(155
)
(182
)
 
(317
)
(376
)
Funds from Operations for calculating Diluted FFO per Share
$
61,967

61,102

$
119,679

110,813

 
 
 
 
 
 
 
Funds From Operations
$
62,122

61,284

$
119,996

111,189

Adjustments to reconcile to Core Funds from Operations:
 
 
 
 
 
 
Transaction profits, net of deal deal costs and tax
 
(305
)
108

 
136

(1,221
)
Provision for impairment to land and outparcels
 

999

 

999

Provision for hedge ineffectiveness
 
(27
)
15

 
(20
)
11

Loss on early debt extinguishment
 

4

 

4

Original preferred stock issuance costs expensed
 


 

7,835

Gain on redemption of preferred units
 


 

(1,875
)
One-time additional preferred dividend payment
 


 

1,750

Core Funds From Operations
 
61,790

62,410

 
120,112

118,692

Dilutive effect of share-based awards
 
(155
)
(182
)
 
(317
)
(376
)
Core Funds From Operations for calculating Diluted Core FFO per Share
$
61,635

62,228

$
119,795

118,316

 
 
 
 
 
 
 
 
 
Weighted Average Shares for Diluted FFO per Share
 
91,664

89,717

 
90,976

89,677


Reported results are preliminary and not final until the filing of the Company's Form 10-Q with the SEC and, therefore, remain subject to adjustment.

Reconciliation of Net Income Attributable to Common Stockholders to FFO and Core FFO - Guidance


 
 
 
 
 
Full Year
Funds From Operations Guidance:
 
2013 Guidance
Net income attributable to common stockholders
$
0.82

0.87

Adjustments to reconcile net income to FFO:
 
 
 
Depreciation expense, amortization and other amounts
 
1.71

1.71

Funds From Operations
$
2.53

2.58

Adjustments to reconcile FFO to Core FFO:
 
 
 
All other non-core amounts
$
0.02

0.02

Core Funds From Operations
$
2.55

2.60




4



Conference Call

In conjunction with Regency's second quarter results, you are invited to listen to its conference call that will be broadcast live over the internet on Thursday, August 1, 2013 at 12:00 p.m. EDT on the Company's website www.RegencyCenters.com. If you are unable to participate during the live webcast, the call will also be archived on the Company's website.

The Company has published forward-looking statements and additional financial information in its second quarter 2013 supplemental information package that may help investors estimate earnings for 2013. A copy of the Company's second quarter 2013 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-Q for the quarter ended June 30, 2013. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (NYSE: REG)

Regency is the preeminent national owner, operator, and developer of high quality grocery-anchored and community shopping centers. At June 30, 2013, the Company owned 343 retail properties, including those held in co-investment partnerships. Including retailer-owned square footage, the portfolio encompassed 45.9 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 211 shopping centers, including those currently in-process, representing an investment at completion of more than $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

###

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.








5


Summary Financial Information
June 30, 2013
(in thousands, except per share information)
 
 
Three Months Ended
 
Year to Date
Financial Results
 
2013
 
2012
 
2013
 
2012
Core Funds From Operations (Core FFO)
$
61,790

 
62,410

$
120,112

 
118,692

Core FFO per share (diluted)
$
0.67

 
0.69

$
1.32

 
1.32

Funds From Operations (FFO)
$
62,122

 
61,284

$
119,996

 
111,189

FFO per share (diluted)
$
0.68

 
0.68

$
1.32

 
1.24

Diluted share and unit count
 
 
 
 
 
 
 
 
Weighted average diluted shares
 
91,664

 
89,717

 
90,976

 
89,677

Dividends paid per share and unit
$
0.4625

 
0.4625

$
0.9250

 
0.9250

Payout ratio of diluted Core FFO per share
 
69.0
%
 
67.0
%
 
70.1
%
 
70.1
%
Coverage ratios
 
 
 
 
 
 
 
 
Interest only
 
3.7

 
3.7

 
3.6

 
3.6

Fixed charge (consolidated)
 
2.9

 
2.9

 
2.8

 
2.8

Fixed charge (including pro-rata share of co-investment partnerships)
 
2.4

 
2.5

 
2.4

 
2.4

 
 
 
 
 
 
 
 
 
 
 
As of
 
As of
 
As of
 
As of
Capital Information
 
6/30/2013
 
12/31/2012
 
12/31/2011
 
12/31/2010
Market price per common share
$
50.81

 
47.12

 
37.62

 
42.24

Market equity value of common and convertible shares
$
4,697,714

 
4,267,736

 
3,389,525

 
3,466,385

Non-convertible preferred stock
$
325,000

 
325,000

 
325,000

 
325,000

Outstanding debt
$
1,892,124

 
1,941,891

 
1,982,440

 
2,094,469

Total market capitalization
$
6,914,838

 
6,534,627

 
5,696,966

 
5,885,854

Total real estate at cost before depreciation
$
4,388,036

 
4,352,839

 
4,488,794

 
4,417,746

Total assets at cost before depreciation
$
4,723,504

 
4,636,207

 
4,778,690

 
4,695,417

Outstanding Classes of Stock and Partnership Units
 
 
 
 
 
 
 
 
Common shares outstanding
 
92,279

 
90,395

 
89,922

 
81,887

Exchangeable units held by noncontrolling interests
 
177

 
177

 
177

 
177

Common shares and equivalents issued and outstanding
 
92,456

 
90,572

 
90,099

 
82,064



6


Summary Real Estate Information
June 30, 2013
(GLA in thousands)
Wholly Owned and 100% of Co-investment Partnerships
 
6/30/2013
 
3/31/2013
 
12/31/2012
 
9/30/2012
 
6/30/2012
Number of shopping centers - All properties
 
343

 
345

 
348

 
347

 
364

Number of shopping centers - Operating properties
 
337

 
341

 
344

 
340

 
354

Number of shopping centers - Same properties
 
325

 
330

 
323

 
326

 
348

Number of projects in development
 
6

 
4

 
4

 
7

 
11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Leasable Area (GLA) - All properties
 
39,843

 
40,003

 
40,293

 
40,113

 
42,382

GLA including retailer-owned stores - All properties
 
45,852

 
46,033

 
46,324

 
46,143

 
49,517

GLA - Operating properties
 
38,750

 
39,141

 
39,431

 
39,015

 
41,094

GLA - Same properties
 
37,598

 
38,092

 
37,313

 
37,620

 
40,093

GLA - Projects in development
 
1,093

 
862

 
862

 
1,098

 
1,288

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wholly Owned and Pro-Rata Share of Co-investment Partnerships
 
 
 
 
GLA - All properties
 
28,261

 
28,406

 
28,406

 
28,179

 
30,171

GLA including retailer-owned stores - All properties
 
34,270

 
33,248

 
33,248

 
33,021

 
36,118

GLA - Operating properties
 
27,168

 
27,544

 
27,544

 
27,081

 
28,883

GLA - Same properties
 
26,158

 
26,638

 
25,802

 
25,927

 
28,122

Spaces > 19,999 sf
 
13,645

 
13,991

 
13,413

 
13,462

 
14,357

Spaces 10,000 - 19,999 sf
 
2,345

 
2,364

 
2,318

 
2,325

 
2,532

Spaces < 10,000 sf
 
10,168

 
10,283

 
10,071

 
10,140

 
11,233

GLA - Projects in development
 
1,093

 
862

 
862

 
1,098

 
1,288

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% leased - All properties
 
94.3
%
 
94.2
%
 
94.4
%
 
93.6
%
 
93.1
%
% leased - Operating properties
 
94.6
%
 
94.4
%
 
94.6
%
 
94.3
%
 
94.0
%
% leased - Same properties (1)
 
94.6
%
 
94.4
%
 
94.6
%
 
94.4
%
 
94.4
%
Spaces > 19,999 sf (1)
 
99.2
%
 
99.4
%
 
99.2
%
 
99.4
%
 
99.4
%
Spaces 10,000 - 19,999 sf (1)
 
93.7
%
 
94.6
%
 
95.5
%
 
95.2
%
 
94.9
%
Spaces < 10,000 sf (1)
 
88.5
%
 
87.6
%
 
88.3
%
 
87.6
%
 
87.7
%
Average % leased - Same properties (1)
 
94.4
%
 
94.4
%
 
94.3
%
 
94.2
%
 
94.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental rate growth for spaces vacant less than 12 months - YTD (2)
 
5.6
%
 
5.4
%
 
5.5
%
 
6.1
%
 
2.4
%
Same property NOI growth - YTD
 
5.0
%
 
4.8
%
 
3.8
%
 
3.9
%
 
3.7
%
Same property NOI growth without termination fees - YTD
 
5.1
%
 
5.1
%
 
4.0
%
 
4.0
%
 
3.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Prior periods adjusted for current same property pool.
 
 
(2) Rent growth is calculated on a same-space, cash basis for new and renewal leases executed.
 
 

7


Consolidated Balance Sheets
June 30, 2013 and December 31, 2012
(in thousands)
 
 
2013
 
2012
Assets
 
 
 
 
Real estate investments at cost:
 
 
 
 
  Land, building and improvements
$
3,696,479

 
3,717,845

  Properties in development
 
246,990

 
192,067

 
 
3,943,469

 
3,909,912

  Less: accumulated depreciation
 
823,601

 
782,749

 
 
3,119,868

 
3,127,163

  Operating properties held for sale
 
15,961

 

  Investments in real estate partnerships
 
428,606

 
442,927

      Net real estate investments
 
3,564,435

 
3,570,090

Cash and cash equivalents
 
64,497

 
28,821

Accounts receivable, net of allowance for doubtful accounts
 
21,824

 
26,601

Straight line rent receivables, net of reserves
 
50,258

 
49,990

Notes receivable
 
18,502

 
23,751

Deferred costs, net of accumulated amortization
 
68,141

 
69,506

Acquired lease intangible assets, net of accumulated amortization
 
41,331

 
42,459

Trading securities held in trust, at fair value
 
24,457

 
23,429

Other assets
 
46,458

 
18,811

Total assets
$
3,899,903

 
3,853,458

Liabilities and Equity
 
 
 
 
Liabilities:
 
 
 
 
Notes payable
$
1,767,124

 
1,771,891

Unsecured credit facilities
 
125,000

 
170,000

Total notes payable
 
1,892,124

 
1,941,891

Accounts payable and other liabilities
 
131,181

 
127,185

Acquired lease intangible liabilities, net of accumulated amortization
 
26,337

 
20,325

Tenants' security and escrow deposits
 
14,229

 
18,146

Total liabilities
 
2,063,871

 
2,107,547

Equity:
 


 

Stockholders' Equity:
 
 
 
 
Preferred stock
 
325,000

 
325,000

Common stock, $.01 par
 
923

 
904

Additional paid in capital, net of treasury stock
 
2,400,280

 
2,297,386

Accumulated other comprehensive loss
 
(31,319
)
 
(57,715
)
Distributions in excess of net income
 
(871,266
)
 
(834,810
)
Total stockholders' equity
 
1,823,618

 
1,730,765

Noncontrolling Interests:
 
 
 
 
Exchangeable operating partnership units
 
(1,165
)
 
(1,153
)
Limited partners' interest in consolidated partnerships
 
13,579

 
16,299

Total noncontrolling interests
 
12,414

 
15,146

Total equity
 
1,836,032

 
1,745,911

Total liabilities and equity
$
3,899,903

 
3,853,458

Ratios
 
2013
 
2012
Debt to real estate assets, before depreciation
 
43.1
%
 
44.6
%
Debt to total assets, before depreciation
 
40.1
%
 
41.9
%
Debt to total assets, before depreciation and including pro-rata share of JV's (1)
 
43.6
%
 
45.4
%
Debt + preferred to total assets, before deprec. and incl. pro-rata share of JVs
 
49.3
%
 
51.3
%
Unsecured assets to total real estate assets (consolidated only)
 
77.5
%
 
76.8
%
Unsecured NOI to total NOI (consolidated only)
 
79.2
%
 
78.6
%
(1) debt ratio would be 43.0% if current cash balances were used to reduce outstanding debt
 
 
 
 

8


Consolidated Statements of Operations
For the Periods Ended June 30, 2013 and 2012
(Asset sales not separated as discontinued operations as required by GAAP - See Form 10Q and Form 10K)
(in thousands)
 
 
Three Months Ended
 
Year to Date
 
 
2013
 
2012
 
2013
 
2012
Real Estate Revenues:
 
 
 
 
 
 
 
 
  Minimum rent
$
90,929

 
92,961

$
181,655

 
185,638

  Percentage rent
 
298

 
398

 
1,846

 
1,558

  Recoveries from tenants
 
26,378

 
23,875

 
50,576

 
49,414

  Termination fees
297

 
370

 
610

 
558

  Other income
 
2,782

 
5,980

 
5,345

 
6,979

 
 
120,684

 
123,584

 
240,032

 
244,147

Real Estate Operating Expenses:
 
 
 
 
 
 
 
 
  Operating and maintenance
 
18,277

 
17,826

 
36,191

 
36,504

  Provision for doubtful accounts
 
475

 
761

 
1,030

 
1,214

  Real estate taxes
 
14,027

 
14,164

 
27,943

 
29,560

 
 
32,779

 
32,751

 
65,164

 
67,278

Net Operating Income
 
87,905

 
90,833

 
174,868

 
176,869

Fees and Transaction Income (Expense):
 
 
 
 
 
 
 
 
  Asset management fees
 
1,653

 
1,616

 
3,291

 
3,252

  Property management fees
 
3,605

 
3,604

 
7,222

 
7,146

  Leasing commissions and other fees
 
1,482

 
1,249

 
2,988

 
3,220

  Gain (loss) on sale of outparcels and land
 
1,090

 
(21
)
 
1,090

 
1,814

  Dead deal and acquisition costs
 
(782
)
 
(127
)
 
(1,282
)
 
(212
)
  Income tax benefit (expense)
 

 
169

 

 

 
 
7,048

 
6,490

 
13,309

 
15,220

Other Operating Expense (Income):
 
 
 
 
 
 
 
 
  General and administrative
 
14,995

 
14,424

 
31,891

 
29,069

  Other expenses
 
343

 
223

 
809

 
1,041

  Depreciation and amortization (including FF&E)
 
32,406

 
33,133

 
65,170

 
66,062

  Interest expense, net
 
27,781

 
28,377

 
55,613

 
57,335

  Gain on sale of operating properties
 
(12,038
)
 
(2,926
)
 
(12,038
)
 
(9,227
)
  (Income) loss from deferred compensation plan, net
 
9

 
40

 
17

 
(11
)
  Provision for impairment
 

 
23,508

 

 
23,508

  Hedge ineffectiveness
 

 

 

 
(1
)
 
 
63,496

 
96,779

 
141,462

 
167,776

Equity in Income of Unconsolidated Partnerships:
 
 
 
 
 
 
 
 
  Operating income
 
5,924

 
3,972

 
11,806

 
6,934

  Gain on sale of operating properties
 
61

 
6,852

 
61

 
6,852

  Hedge ineffectiveness
 
27

 
(20
)
 
21

 
(16
)
 
 
6,012

 
10,804

 
11,888

 
13,770

Net Income
 
37,469

 
11,348

 
58,603

 
38,083

Noncontrolling Interests:
 
 
 
 
 
 
 
 
  Preferred units
 

 

 

 
(629
)
  Exchangeable operating partnership units
 
70

 
23

 
109

 
77

  Limited partners' interest in consolidated partnerships
 
270

 
232

 
545

 
424

Net Income (Loss) Attributable to Noncontrolling Interests
 
340

 
255

 
654

 
(128
)
Net Income Attributable to Controlling Interests
 
37,129

 
11,093

 
57,949

 
38,211

  Preferred stock dividends
 
5,265

 
5,396

 
10,531

 
19,333

Net Income Attributable to Common Stockholders
$
31,864

 
5,697

$
47,418

 
18,878

 
 
 
 
 
 
 
 
 
These Consolidated Statements of Operations are not prepared in accordance with GAAP because they do not reflect discontinued operations in accordance with FASB ASC Topic 360. The Company believes that the presentation is useful to readers of this report that wish to understand the Company's operations without reclassifying sales of real estate into discontinued operations. The Consolidated Statements of Operations prepared in accordance with GAAP are included in the following pages.

9


Funds From Operations (FFO) and Other Information
For the Periods Ended June 30, 2013 and 2012
(in thousands, except share information)
 
 
Three Months Ended
 
Year to Date
 
 
2013
 
2012
 
2013
 
2012
Reconciliation of Net Income to FFO
 
 
 
 
 
 
 
 
  Net Income Attributable to Common Stockholders
$
31,864

 
5,697

$
47,418

 
18,878

   Adjustments to reconcile to Funds From Operations:
 
 
 
 
 
 
 
 
    Depreciation and amortization - consolidated
 
26,711

 
28,210

 
53,854

 
56,249

    Depreciation and amortization - unconsolidated
 
10,971

 
10,778

 
21,588

 
21,878

    Consolidated JV partners' share of depreciation
 
(215
)
 
(182
)
 
(423
)
 
(362
)
    Provision for impairment (1)
 

 
22,509

 

 
22,509

    Amortization of leasing commissions and intangibles
 
4,820

 
4,027

 
9,549

 
8,039

    Gain on sale of operating properties, net of tax (1)
 
(12,099
)
 
(9,778
)
 
(12,099
)
 
(16,079
)
    Noncontrolling interest of exchangeable partnership units
 
70

 
23

 
109

 
77

  Funds From Operations
$
62,122

 
61,284

$
119,996

 
111,189

Reconciliation of FFO to Core FFO
 
 
 
 
 
 
 
 
  Funds From Operations
$
62,122

 
61,284

$
119,996

 
111,189

   Adjustments to reconcile to Core Funds From Operations:
 
 
 
 
 
 
 
 
    Transaction profits, net of dead deal costs and tax (1)
 
(305
)
 
108

 
136

 
(1,221
)
    Provision for impairment to land and outparcels (1)
 

 
999

 

 
999

    Provision for hedge ineffectiveness (1)
 
(27
)
 
15

 
(20
)
 
11

    Loss on early debt extinguishment (1)
 

 
4

 

 
4

    Original preferred stock issuance costs expensed
 

 

 

 
7,835

    Gain on redemption of preferred units
 

 

 

 
(1,875
)
    One-time additional preferred dividend payment
 

 

 

 
1,750

  Core Funds From Operations
$
61,790

 
62,410

$
120,112

 
118,692

Reconciliation of Net Income to FFO (per diluted share)
 
 
 
 
 
 
 
 
  Net Income Attributable to Common Stockholders
$
0.35

 
0.06

$
0.52

 
0.21

   Adjustments to reconcile to Funds From Operations:
 
 
 
 
 
 
 
 
    Depreciation and amortization - consolidated
 
0.29

 
0.32

 
0.59

 
0.63

    Depreciation and amortization - unconsolidated
 
0.12

 
0.12

 
0.24

 
0.24

    Consolidated JV partners' share of depreciation
 

 

 

 

    Provision for impairment (1)
 

 
0.25

 

 
0.25

    Amortization of leasing commissions and intangibles
 
0.05

 
0.04

 
0.10

 
0.09

    Gain on sale of operating properties, net of tax (1)
 
(0.13
)
 
(0.11
)
 
(0.13
)
 
(0.18
)
    Noncontrolling interest of exchangeable partnership units
 

 

 

 

  Funds From Operations
$
0.68

 
0.68

$
1.32

 
1.24

Reconciliation of FFO to Core FFO (per diluted share)
 
 
 
 
 
 
 
 
  Funds From Operations
$
0.68

 
0.68

$
1.32

 
1.24

   Adjustments to reconcile to Core Funds From Operations:
 
 
 
 
 
 
 
 
    Transaction profits, net of dead deal costs and tax (1)
 
(0.01
)
 

 

 
(0.02
)
    Provision for impairment to land and outparcels (1)
 

 
0.01

 

 
0.01

    Provision for hedge ineffectiveness (1)
 

 

 

 

    Loss on early debt extinguishment (1)
 

 

 

 

    Original preferred stock issuance costs expensed
 

 

 

 
0.09

    Gain on redemption of preferred units
 

 

 

 
(0.02
)
    One-time additional preferred dividend payment
 

 

 

 
0.02

  Core Funds From Operations
$
0.67

 
0.69

$
1.32

 
1.32

 
 
 
 
 
 
 
 
 
(1) Includes pro-rata share of unconsolidated co-investment partnerships.


10


Additional Disclosures
For the Periods Ended June 30, 2013 and 2012
(in thousands)
 
 
Three Months Ended
 
Year to Date
 
 
2013
 
2012
 
2013
 
2012
Additional Disclosures:
 
 
 
 
 
 
 
 
Straight-line rental income, net of reserve
$
1,200

 
1,715

$
2,612

 
3,365

Above- and below- market rent amortization
 
523

 
219

 
1,035

 
440

Pro-rata share of JV straight-line rental income, net of reserve
 
350

 
394

 
669

 
778

Pro-rata share of JV above- and below- market rent amortization
 
332

 
393

 
664

 
785

Impairment losses (1)
 

 
23,508

 

 
23,508

Non-cash derivative amortization included in interest expense
 
2,375

 
2,374

 
4,749

 
4,744

Capitalized interest
 
1,243

 
875

 
2,305

 
1,246

Stock-based compensation expense
 
3,693

 
2,938

 
7,108

 
5,864

Capitalized direct leasing compensation costs
 
2,482

 
2,934

 
4,617

 
5,684

Capitalized direct development compensation costs
 
1,683

 
2,696

 
2,594

 
5,293

Fees earned from third parties as reported for GAAP
 
6,741

 
6,469

 
13,502

 
13,619

Fees earned from third parties, excluding pro-rata share of JVs
 
5,309

 
5,068

 
10,652

 
10,829

Capital Expenditures (1):
 
 
 
 
 
 
 
 
Leasing commissions
$
3,886

 
4,793

$
6,948

 
8,537

Tenant improvements and other landlord leasing costs
 
5,042

 
6,469

 
10,586

 
12,553

Building improvements
 
2,393

 
3,217

 
4,040

 
5,076

Components of Same Property NOI (1):
 
 
 
 
 
 
 
 
Revenues excluding term fees
$
141,132

 
133,609

$
280,698

 
267,628

Term fees 
 
153

 
174

 
368

 
575

Expenses
 
39,230

 
36,737

 
77,883

 
74,656

Same property NOI
$
102,055

 
97,047

$
203,183

 
193,547

Same property growth excluding term fees
 
5.2
%
 
 
 
5.1
%
 
 
(1) Includes pro-rata share of unconsolidated co-investment partnerships.


11


Consolidated Statements of Operations (GAAP Basis)
For the Periods Ended June 30, 2013 and 2012
(in thousands)
 
 
Three Months Ended
 
Year to Date
 
 
2013
 
2012
 
2013
 
2012
Revenues:
 
 
 
 
 
 
 
 
  Minimum rent
$
89,611

 
90,164

$
178,333

 
179,533

  Percentage rent
 
298

 
398

 
1,846

 
1,558

  Recoveries from tenants and other income
 
29,192

 
29,734

 
55,877

 
55,918

  Management, transaction, and other fees
 
6,741

 
6,469

 
13,502

 
13,619

Total revenues
 
125,842

 
126,765

 
249,558

 
250,628

Operating Expenses:
 
 
 
 
 
 
 
 
  Depreciation and amortization
 
31,930

 
31,737

 
63,871

 
63,109

  Operating and maintenance
 
17,982

 
17,421

 
35,563

 
35,572

  General and administrative
 
14,966

 
14,020

 
32,942

 
30,142

  Real estate taxes
 
14,204

 
13,799

 
27,883

 
28,740

  Other expense
 
1,580

 
1,111

 
3,083

 
2,447

Total operating expenses
 
80,662

 
78,088

 
163,342

 
160,010

Other Expense (Income):
 
 
 
 
 
 
 
 
  Interest expense, net of interest income
 
27,781

 
28,377

 
55,613

 
57,335

  Provision for impairment
 

 
19,008

 

 
19,008

  Net investment (income) loss from deferred compensation plan
 
38

 
444

 
(1,034
)
 
(1,084
)
Total other expense
 
27,819

 
47,829

 
54,579

 
75,259

Income before equity in income of investments in real estate partnerships
 
17,361

 
848

 
31,637

 
15,359

  Equity in income of investments in real estate partnerships
 
6,012

 
10,804

 
11,888

 
13,770

Income from continuing operations before tax
 
23,373

 
11,652

 
43,525

 
29,129

  Income tax benefit of taxable REIT subsidiary
 

 
(840
)
 

 
(608
)
Income from continuing operations
 
23,373

 
12,492

 
43,525

 
29,737

Discontinued Operations, net:
 
 
 
 
 
 
 
 
  Operating income (loss)
 
969

 
(3,427
)
 
1,951

 
(2,073
)
  Gain on sale of properties
 
11,410

 
2,304

 
11,410

 
8,605

Income (loss) from discontinued operations
 
12,379

 
(1,123
)
 
13,361

 
6,532

Income before gain on sale of real estate
 
35,752

 
11,369

 
56,886

 
36,269

  Gain (loss) on sale of real estate
 
1,717

 
(21
)
 
1,717

 
1,814

Net income
 
37,469

 
11,348

 
58,603

 
38,083

Noncontrolling Interests:
 


 


 

 

  Preferred units
 

 

 

 
629

  Exchangeable operating partnership units
 
(70
)
 
(23
)
 
(109
)
 
(77
)
  Limited partners' interests in consolidated partnerships
 
(270
)
 
(232
)
 
(545
)
 
(424
)
Net income attributable to noncontrolling interests
 
(340
)
 
(255
)
 
(654
)
 
128

Net income attributable to controlling interests
 
37,129

 
11,093

 
57,949

 
38,211

  Preferred stock dividends
 
(5,265
)
 
(5,396
)
 
(10,531
)
 
(19,333
)
Net income attributable to common stockholders
$
31,864

 
5,697

$
47,418

 
18,878

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.

12


Summary of Consolidated Debt
June 30, 2013 and December 31, 2012
(in thousands)
Total Debt Outstanding:
 
6/30/2013
 
12/31/2012
Mortgage loans payable:
 
 
 
 
  Fixed rate secured loans
$
457,071

 
461,914

  Variable rate secured loans
 
11,909

 
12,041

Unsecured debt offering fixed rate
 
1,298,144

 
1,297,936

Unsecured credit facilities
 
125,000

 
170,000

     Total
$
1,892,124

 
1,941,891

Schedule of Maturities by Year:
 
Scheduled Principal Payments
 
 Mortgage Loan Maturities
 
Unsecured Maturities (1)
 
 Total
 
Weighted Average Fixed Interest Rate
2013
$
3,877

 

 

 
3,877

 
5.0
%
2014
 
7,383

 
26,853

 
150,000

 
184,236

 
5.0
%
2015
 
5,747

 
62,435

 
350,000

 
418,182

 
5.3
%
2016
 
5,487

 
21,661

 
125,000

 
152,148

 
5.9
%
2017
 
4,584

 
84,593

 
400,000

 
489,177

 
5.9
%
2018
 
3,746

 
57,358

 

 
61,104

 
6.2
%
2019
 
2,704

 
106,000

 

 
108,704

 
7.8
%
2020
 
2,676

 
51,580

 
150,000

 
204,256

 
6.2
%
2021
 
2,782

 

 
250,000

 
252,782

 
4.8
%
2022
 
2,742

 
5,848

 

 
8,590

 
7.7
%
2023
 
1,373

 
120

 

 
1,493

 
5.8
%
>10 years
 
3,998

 
87

 

 
4,085

 
6.1
%
Unamortized debt (discount)/premium
 

 
5,346

 
(1,856
)
 
3,490

 
 
 
$
47,099

 
421,881

 
1,423,144

 
1,892,124

 
5.7
%
Percentage of Total Debt:
 
6/30/2013
 
12/31/2012
  Fixed
 
92.7
%
 
90.6
%
  Variable
 
7.3
%
 
9.4
%
Current Average Interest Rates: (2)
 
 
 
 
  Fixed
 
5.6
%
 
5.7
%
  Variable
 
1.7
%
 
1.7
%
  Effective Interest Rate
 
5.3
%
 
5.3
%
Average Years to Maturity:
 
 
 
 
  Fixed
 
4.4

 
4.8

  Variable
 
3.2

 
3.7


(1) Includes unsecured public debt and unsecured credit facilities.
(2) Interest rates are as of the quarter end and exclude the impact of deferred loan cost amortization.

13


Summary of Consolidated Debt
June 30, 2013 and December 31, 2012
(in thousands)
Lender
 
Collateral
 
Rate
 
Maturity
 
6/30/2013
 
12/31/2012
Fixed Rate
 
 
 
 
 
 
 
 
 
 
Mortgage Loans
 
 
 
 
 
 
 
 
 
 
Midland Loan Services
 
Gateway Shopping Center
 
7.110%
 
05/01/13
$

 
16,652

TIAA-CRER
 
Northgate Square
 
5.640%
 
01/10/14
 
5,645

 
5,757

Northwestern Mutual Life Insurance Company
 
Belleview Square
 
6.200%
 
07/01/14
 
6,991

 
7,208

Glenview State Bank
 
Glen Oak Plaza
 
5.750%
 
10/01/14
 
3,352

 
3,555

Aid Association of Lutherans
 
Murryhill Marketplace
 
5.220%
 
01/01/15
 
7,150

 
7,284

United of Omaha Life Insurance Company
 
Fleming Island
 
7.400%
 
02/05/15
 
585

 
747

Escrow Bank, USA
 
Twin City Plaza
 
5.650%
 
04/06/15
 
40,848

 
41,199

Principal Commercial Funding
 
Sandy Springs
 
5.360%
 
06/05/15
 
16,509

 
16,647

Municipal Tax Bonds Payable
 
Friars Mission Center
 
7.600%
 
09/02/15
 
393

 
393

Midland Loan Services
 
Hilltop Village
 
5.570%
 
04/06/16
 
7,500

 

Berkadia Commercial Mortgage
 
Naples Walk
 
6.150%
 
08/11/16
 
15,764

 
15,997

Jefferson Pilot
 
Peartree Village
 
8.400%
 
06/01/17
 
8,314

 
8,575

Allianz Life Insurance Company
 
4S Commons Town Center
 
6.000%
 
06/10/17
 
62,500

 
62,500

Bank of America
 
Grand Ridge Plaza
 
5.836%
 
07/01/17
 
11,564

 
11,646

Metropolitan Life Insurance Company
 
Corkscrew Village
 
6.170%
 
08/01/17
 
8,314

 
8,436

TIAA-CRER
 
Westchase
 
5.520%
 
07/10/18
 
7,666

 
7,799

Guardian Life Insurance Company
 
Amerige Heights Town Center
 
6.130%
 
12/01/18
 
16,900

 
17,000

Guardian Life Insurance Company
 
El Cerrito Plaza
 
6.380%
 
12/01/18
 
39,671

 
39,976

Allianz Life Insurance Company
 
Tassajara Crossing
 
7.750%
 
07/10/19
 
19,800

 
19,800

Allianz Life Insurance Company
 
Plaza Hermosa
 
7.750%
 
07/10/19
 
13,800

 
13,800

Allianz Life Insurance Company
 
Sequoia Station
 
7.750%
 
07/10/19
 
21,100

 
21,100

Allianz Life Insurance Company
 
Mockingbird Common
 
7.750%
 
07/10/19
 
10,300

 
10,300

Allianz Life Insurance Company
 
Sterling Ridge
 
7.750%
 
07/10/19
 
13,900

 
13,900

Allianz Life Insurance Company
 
Frisco Prestonbrook
 
7.750%
 
07/10/19
 
6,800

 
6,800

Allianz Life Insurance Company
 
Wellington Town Square
 
7.750%
 
07/10/19
 
12,800

 
12,800

Allianz Life Insurance Company
 
Berkshire Commons
 
7.750%
 
07/10/19
 
7,500

 
7,500

Allianz Life Insurance Company
 
Willow Festival
 
5.750%
 
01/10/20
 
39,505

 
39,505

Nationwide Bank
 
Kent Place
 
3.300%
 
04/01/20
 
8,250

 

CUNA Mutal Insurance Society
 
Ocala Corners
 
6.450%
 
04/01/20
 
5,300

 
5,386

John Hancock Life Insurance Company
 
Kirkwood Commons
 
7.680%
 
10/01/22
 
11,733

 
11,947

State Farm Life Insurance Company
 
Tech Ridge Center
 
5.830%
 
06/01/23
 
10,904

 
11,301

NYLIM Real Estate Group
 
Oak Shade Town Center
 
6.050%
 
05/10/28
 
10,367

 
10,574

Unamortized (discounts)/premiums on assumed debt of acquired properties
 
 
 
5,346

 
5,830

          Total Fixed Rate Mortgage Loans
 
 
 
 
 
 
 
457,071

 
461,914

 
 
 
 
 
 
 
 
 
 
 

14


Summary of Consolidated Debt
June 30, 2013 and December 31, 2012
(in thousands)
Lender
 
Collateral
 
Rate
 
Maturity
 
6/30/2013
 
12/31/2012
Unsecured Debt (Issue Date)
 
 
 
 
 
 
 
 
 
 
Debt Offering (4/1/04)
 
Unsecured
 
4.950%
 
04/15/14
 
149,972

 
149,953

Debt Offering (7/18/05)
 
Unsecured
 
5.250%
 
08/01/15
 
349,900

 
349,875

Debt Offering (6/5/07)
 
Unsecured
 
5.875%
 
06/15/17
 
399,258

 
399,164

Debt Offering (6/2/10)
 
Unsecured
 
6.000%
 
06/15/20
 
149,273

 
149,220

Debt Offering (10/7/10)
 
Unsecured
 
4.800%
 
04/15/21
 
249,741

 
249,724

          Total Fixed Rate Unsecured Debt
 
 
 
1,298,144

 
1,297,936

Variable Rate
 
 
 
 
 
 
 
 
 
 
Mortgage Loans
 
 
 
 
 
 
 
 
 
 
PNC Bank
 
Seminole Shoppes
 
LIBOR + 1.60% (1)
 
09/01/14
 
9,000

 
9,000

US Bank
 
Kroger New Albany Center
 
LIBOR + 3.80%
 
10/01/14
 
2,909

 
3,041

          Total Variable Rate Mortgage Loans
 
 
 
11,909

 
12,041

Unsecured Debt
 
 
 
 
 
 
 
 
 
 
Wells Fargo Bank
 
$800 Million Line of Credit
 
LIBOR + 1.175%
 
09/04/16
 
25,000

 
70,000

Wells Fargo Bank
 
$100 Million Term Loan
 
LIBOR + 1.45%
 
12/15/16
 
100,000

 
100,000

          Total Variable Rate Unsecured Debt
 
 
 
125,000

 
170,000

               Total
 
 
 
 
 
 
$
1,892,124

 
1,941,891

 
 
 
 
 
 
 
 
 
 
 
(1 ) An interest rate swap is in place to fix the interest rate on this debt at 2.36% for the same notional amount through the same maturity date.


15


Summary of Unsecured Credit Facilities, Unsecured Public Debt and Public Debt Covenants
June 30, 2013
(in thousands)
Outstanding Unsecured Credit Facilities and Unsecured Public Debt:
 
Origination
 
Maturity
 
Rate
 
Balance
$800 Million Line of Credit
 
09/13/12
 
09/04/16
 
LIBOR + 1.175%
$
25,000

$100 Million Term Loan
 
11/17/11
 
12/15/16
 
LIBOR + 1.45%
$
100,000

Unsecured Public Debt:
 
04/01/04
 
04/15/14
 
4.950%
$
150,000

 
 
07/18/05
 
08/01/15
 
5.250%
$
350,000

 
 
06/05/07
 
06/15/17
 
5.875%
$
400,000

 
 
06/02/10
 
06/15/20
 
6.000%
$
150,000

 
 
10/07/10
 
04/15/21
 
4.800%
$
250,000


Unsecured Public Debt Covenants:
 
Required
 
3/31/2013
 
12/31/2012
 
9/30/2012
 
6/30/2012
Fair Market Value Calculation Method Covenants (1)
 
 
 
 
 
 
 
 
 
 
Total Consolidated Debt to Total Consolidated Assets
 
≤ 65%
 
34
%
 
35
%
 
33
%
 
36
%
Secured Consolidated Debt to Total Consolidated Assets
 
≤ 40%
 
9
%
 
9
%
 
8
%
 
8
%
Consolidated Income for Debt Service to Consolidated Debt Service
 
≥ 1.5x
 
3.4

 
3.3

 
3.2

 
3.2

Unencumbered Consolidated Assets to Unsecured Consolidated Debt
 
>150%
 
310
%
 
305
%
 
324
%
 
298
%
Historical Cost Basis Covenants (1)
 
 
 
 
 
 
 
 
 
 
Total Consolidated Debt to Total Undepreciated Assets
 
≤ 60%
 
42
%
 
42
%
 
40
%
 
43
%
Secured Consolidated Debt to Total Undepreciated Assets
 
≤ 40%
 
11
%
 
10
%
 
10
%
 
10
%
Consolidated Income for Debt Service to Consolidated Debt Service
 
≥ 1.5x
 
3.4

 
3.3

 
3.2

 
3.2

Unencumbered Consolidated Assets to Unsecured Consolidated Debt
 
>150%
 
257
%
 
252
%
 
270
%
 
249
%
 
 
 
 
 
 
 
 
 
 
 
Note: 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.
(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.


16


Summary of Preferred Stock
June 30, 2013
(in thousands)
 
 
Dividend Rate
 
Issuance Date
 
Callable Date
 
Par Value
 
Issuance Costs
Series 6
 
6.625
%
 
2/16/2012
 
2/16/2017
$
250,000

$
8,614

Series 7
 
6.000
%
 
8/23/2012
 
8/23/2017
 
75,000

 
2,484

 
 
 
 
 
 
 
$
325,000

$
11,098



17


Property Transactions
June 30, 2013
(in thousands)
Acquisitions:
Date
Property Name
Co-investment Partner (REG %)
City/State
Total GLA
Purchase Price
Regency’s Share of Purchase Price
Regency’s Pro Rata Cap Rate
Anchor Tenant
May-13
Preston Oaks

Dallas, TX
104

$
27,000

$
27,000

6.1
%
H.E.B. Central Market
 
Total Acquisitions
 
 
104

$
27,000

$
27,000

6.1
%
 
 
 
 
 
 
 
 
 
 
Dispositions:
Date
Property Name
Co-investment Partner (REG %)
City/State
Total GLA
Sales Price
Regency’s Share of Sales Price
Regency’s Pro Rata Cap Rate
Anchor Tenant
May-13
Deer Springs Town Center
 
Las Vegas, NV
331

$
50,500

$
50,500

6.8
%
(Target), Home Depot, Toys "R" Us
May-13
Elkridge Corners
GRI (40%)
Elkridge, MD
74

11,200

4,480

8.5
%
Green Valley Markets
Jun-13
Vine at Castaic

Castaic, CA
27

5,500

5,500

8.6
%
--
Jun-13
Anthem Marketplace

Anthem, AZ
113

23,300

23,300

5.9
%
Safeway
Jun-13
Horton's Corner
 
St. Augustine, FL
15

6,000

6,000

6.4
%
Walgreens
 
Total Dispositions
 
 
560

$
96,500

$
89,780

6.7
%
 

18


Summary of Development, Redevelopment and Land Held
June 30, 2013
(in thousands)
Project Name
 State
 CBSA
 Anchor Tenants
 Anchor
Opens
 Est. Net Dev Costs
After Partner Participation
Est. Net Costs to Complete (1)
Stabilized Yield (2)
Company
Owned GLA
Company
Owned
% Leased
Gross
GLA
Gross
% Leased
Projects in Development:
 
 
 
 


 

 

 
East Washington Place (3)
 CA
 Santa Rosa-Petaluma
 Target, Sprout's & Dick's
Jun-13
$
59,312

$
13,196

7.6
%
203

88
%
341

93
%
Juanita Tate Marketplace
 CA
 LOS-Long Beach-Santa Ana, CA
 Northgate Market
Mar-14
17,189

15,273

9.2
%
77

74
%
77

74
%
Shops on Main (4)
 IN
 CHI-Joliet-Naperville,IL-IN-WI
 Gordmans, Ross, HomeGoods & DSW
Apr-14
29,424

11,859

6.1
%
155

76
%
155

76
%
Shops at Erwin Mill
 NC
 Durham-Chapel Hill, NC Metro
 Harris Teeter
Dec-13
14,581

4,032

9.4
%
90

78
%
90

78
%
Southpark at Cinco Ranch
 TX
 Houston-Sugar Land-Baytown
 Kroger &
Academy Sports
Oct-12
31,522

5,605

8.8
%
243

93
%
243

93
%
Grand Ridge Plaza
 WA
 Seattle-Tacoma-Bellevue, WA
 Safeway, Regal Cinemas & Marshalls
Jul-13
88,764

33,900

7.5
%
325

95
%
325

95
%
Total Projects in Development
 
6
 
 
$
240,792

$
83,865

7.8
%
1,093

88
%
1,231

89
%
 
 
 
 
 
 
 
 
 
 
 
 
Redevelopment and Renovations:
 
Incremental Costs (5)
Incremental
Costs to Complete
Incremental
Yield




Various Properties
 
14
 
 
$
45,304

$
36,129

8% - 10%





 
 
 
 
 
 
 
 
 
 
 
 
Land Held for Future Development:
 
Net Development Costs to Date (6)
 
 
 
 
 
 
Various Properties
 
9
 
 
$
27,124

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
 
 
 
New starts for the quarter are in bold.
(1) Construction in progress (CIP) balance and costs to date on Projects in Development are not equal. CIP balance contains costs of land held for development, deposits on contracts and other pre-closing costs.
(2) The NOI stabilized yield on costs above after allocating land basis for outparcel proceeds and additional interest and overhead capitalization is estimated to be 7.5%.
(3) Conversion of previously purchased land with incremental net development costs of $45,678 at an incremental stabilized yield of 9.9%.
(4) Represents Regency's pro rata share. Conversion of previously purchased land with incremental net development costs of $14,808 at an incremental stabilized yield of 12.1%.
(5) Includes Regency's pro-rata share of unconsolidated co-investment partnerships.
(6) Net development costs at completion subject to change as costs based on preliminary development plans only.

19


Unconsolidated Investments
June 30, 2013
(in thousands)
 
 
 
 
 
 
Regency
Co-investment Parter and Portfolio Summary Abbreviation
Number of Properties
Total GLA
Total Assets
Total Debt
 
Ownership Interest
Share of Debt
Investment 6/30/2013
Equity Pick-up
State of Oregon
 
 
 
 
 
 
 
 
 
(JV-C, JV-C2)
28
3,113

$
528,463

$
279,653

 
20.00%
$
55,931

$
26,797

$
843

(JV-CCV)
1
553

102,476

47,300

 
30.00%
14,190

16,378

351

 
29
3,666

630,939

326,953

 
 
 
 
 
GRI
 
 
 
 
 
 
 
 
 
(JV-GRI)
76
9,713

1,903,879

991,867

 
40.00%
396,747

259,718

6,529

Charter Hall Retail REIT
 
 
 
 
 
 
 
 
 
(JV-M3) (1)



 
24.95%


48

CalSTRS
 
 
 
 
 
 
 
 
 
(JV-RC)
8
778

161,588

85,560

 
25.00%
21,390

15,167

208

Regency Retail Partners
 
 
 
 
 
 
 
 
 
(JV-RRP)
9
1,535

318,109

206,454

 
20.00%
41,291

14,636

186

USAA
 
 
 
 
 
 
 
 
 
(JV-USA)
8
805

120,689

66,909

 
20.01%
13,387

1,754

211

Publix
 
 
 
 
 
 
 
 
 
(JV-O)
6
558

73,444


 
50.00%

36,186

988

H.E.B.
 
 
 
 
 
 
 
 
 
(JV-O) (2)
1
137

25,843

25,817

 
50.00%
12,909

145

166

Individual Investors
 
 
 
 
 
 
 
 
 
(JV-O) (2)
2
146

81,907

55,828

 
50.00%
27,913

9,082

(115
)
BRE Throne Holdings LLC
 
 
 
 
 
 
 
 
 
(BRET) (3)



 
47.80%

48,743

2,473

 
139
17,338

$
3,316,398

$
1,759,388

 
 
$
583,758

$
428,606

$
11,888

 
 
 
 
 
 
 
 
 
 
(1) On March 20, 2013, Regency entered into a liquidation agreement with Macquarie Countrywide (US) No. 2, LLC to redeem its 24.95% interest through dissolution of the Macquarie CountryWide-Regency III, LLC co-investment partnership through a distribution-in-kind.
(2) Includes land held for future development.
 
 
 
 
 
 
 
(3) Represents Regency's preferred equity investment in BRE Throne Holdings LLC ("BRET") acquired in July 2012 in conjunction with a portfolio sale of 15 properties to BRET. As the property holdings in BRET do not change Regency's preferred return, BRET's portfolio information is not included.
Reconciliation of Equity of Regency Centers in Unconsolidated Partnerships to Regency Centers' Investment in Real Estate Partnerships
Equity of Regency Centers in Unconsolidated Partnerships
$
499,119

add: Preferred equity investment in BRE Throne Holdings LLC
 
48,743

less: Impairment
 
(5,880
)
less: Ownership percentage or Restricted Gain Method deferral
 
(35,174
)
less: Net book equity in excess of purchase price
 
(78,202
)
Regency Centers' Investment in Real Estate Partnerships
$
428,606


20


Unconsolidated Balance Sheets - Regency’s Pro-Rata Share
June 30, 2013 and December 31, 2012
(in thousands)
 
 
2013
 
2012
Assets
 
 
 
 
Real estate, at cost
$
1,301,019

 
1,309,774

Less: accumulated depreciation
 
264,747

 
240,940

 
 
1,036,272

 
1,068,834

Properties in development
 
12,454

 
12,463

Net real estate investments
 
1,048,726

 
1,081,297

Cash and cash equivalents
 
11,565

 
10,260

Accounts receivable, net of allowance for uncollectible accounts
 
5,394

 
7,359

Straight line rent receivable, net of reserves
 
12,984

 
12,587

Deferred costs, net
 
15,624

 
14,667

Acquired lease intangible assets, net
 
17,882

 
20,337

Other assets
 
2,532

 
2,763

Regency only assets (1)
 
4,174

 
5,117

Total assets
$
1,118,881

 
1,154,387

Liabilities and Equity
 
 
 
 
Liabilities:
 
 
 
 
Notes payable
$
583,758

 
597,423

Accounts payable and other liabilities
 
20,716

 
22,299

Tenants’ security and escrow deposits
 
3,481

 
2,881

Acquired lease intangible liabilities, net
 
11,807

 
13,279

Total liabilities
 
619,762

 
635,882

Equity:
 
 
 
 
Equity - Regency Centers
 
499,119

 
518,505

Total Liabilities and Equity
$
1,118,881

 
1,154,387

 
 
 
 
 
(1) Capitalized development costs
 
 
 
 

Pro-rata financial information is not and is not intended to be a presentation in accordance with generally accepted accounting principles. However, management believes that providing such information is useful to investors in assessing the impact of its co-investment partnership activities on the operations of the Company which include such items on a single line presentation under the equity method in the Company’s consolidated financial statements.


21


Unconsolidated Statements of Operations – Regency’s Pro-Rata Share
For the periods ended June 30, 2013 and 2012
(in thousands)
 
 
Three Months Ended
 
Year to Date
 
 
2013
 
2012
 
2013
 
2012
Revenues:
 
 
 
 
 
 
 
 
Minimum rent
$
24,645

 
24,532

$
49,555

 
49,061

Percentage rent
 
499

 
377

 
1,141

 
670

Recoveries from tenants
 
7,646

 
6,618

 
14,927

 
13,702

Termination fees
 
89

 
107

 
191

 
329

Other income
 
647

 
1,067

 
882

 
1,296

Total revenues
 
33,526

 
32,701

 
66,696

 
65,058

Operating expense (income):
 
 
 

 

 

Operating and maintenance
 
4,894

 
4,511

 
9,803

 
9,272

Real estate taxes
 
3,977

 
3,966

 
7,997

 
7,960

Provision for doubtful accounts
 
104

 
227

 
288

 
377

Other expense (income)
 
58

 
69

 
78

 
77

Total operating expenses
 
9,033

 
8,773

 
18,166

 
17,686

Net operating income
 
24,493

 
23,928

 
48,530

 
47,372

Other expense (income):
 
 
 
 
 
 
 
 
General and administrative
 
442

 
632

 
910

 
1,286

Depreciation and amortization expense
 
10,936

 
10,793

 
21,570

 
21,908

Interest expense, net
 
8,174

 
8,547

 
16,473

 
17,276

Gain on sale of real estate
 
(61
)
 
(6,852
)
 
(61
)
 
(6,852
)
Loss on extinguishment of debt
 

 
4

 

 
4

(Gain) loss on hedge ineffectiveness
 
(27
)
 
15

 
(21
)
 
11

Preferred return on equity investment
 
(1,243
)
 

 
(2,473
)
 

Other expense (income)
 

 

 
9

 

Total other expense
 
18,221

 
13,139

 
36,407

 
33,633

Net income before Regency only expense (income)
 
6,272

 
10,789

 
12,123

 
13,739

Regency only expense (income):
 
 
 
 
 
 
 
 
Accretion of excess investment
 
223

 
(53
)
 
161

 
(106
)
Depreciation of capitalized costs
 
37

 
38

 
74

 
75

Total Regency only expense (income)
 
260

 
(15
)
 
235

 
(31
)
Net income
$
6,012

 
10,804

$
11,888

 
13,770

Pro-rata financial information is not and is not intended to be a presentation in accordance with generally accepted accounting principles. However, the impact of its co-investment partnership activities on the operations of the Company which include such management believes that providing such information is useful to investors in assessing items on a single line presentation under the equity method in the Company’s consolidated financial statements.


22


Summary of Unconsolidated Debt
June 30, 2013 and December 31, 2012
(in thousands)
Total Debt Outstanding:
 
6/30/2013
 
12/31/2012
Mortgage loans payable:
 
 
 
 
Fixed rate secured loans
$
1,736,899

 
1,783,850

Variable rate secured loans
 
11,329

 
11,138

Unsecured line of credit variable rate
 
11,160

 
21,660

     Total
$
1,759,388

 
1,816,648

Schedule of Maturities by Year:
 
Scheduled Principal Payments
 
Mortgage Loan Maturities
 
Unsecured Maturities
 
Total
 
Regency's Pro Rata Share
 
Weighted Average Fixed Interest Rate
2013
$
10,121

 
3,678

 

 
13,799

 
4,510

 
4.8
%
2014
 
21,289

 
53,015

 
11,160

 
85,464

 
25,154

 
5.0
%
2015
 
21,895

 
130,796

 

 
152,691

 
49,619

 
5.6
%
2016
 
19,139

 
366,757

 

 
385,896

 
126,017

 
5.9
%
2017
 
18,437

 
164,179

 

 
182,616

 
42,543

 
6.2
%
2018
 
19,330

 
87,341

 

 
106,671

 
25,880

 
6.0
%
2019
 
19,203

 
65,939

 

 
85,142

 
22,029

 
7.4
%
2020
 
15,960

 
242,632

 

 
258,592

 
95,629

 
5.7
%
2021
 
10,928

 
151,432

 

 
162,360

 
64,761

 
4.9
%
2022
 
7,863

 
156,202

 

 
164,065

 
65,429

 
4.5
%
>10 Years
 
6,981

 
153,908

 

 
160,889

 
62,344

 
4.8
%
Net unamortized debt premium / (discount)
 

 
1,203

 

 
1,203

 
(157
)
 
 
 
$
171,146

 
1,577,082

 
11,160

 
1,759,388

 
583,758

 
5.6
%
Percentage of Total Debt:
 
6/30/2013
 
12/31/2012
  Fixed
 
98.7
%
 
98.2
%
  Variable
 
1.3
%
 
1.8
%
Current Average Interest Rates: (1)
 
 
 
 
  Fixed
 
5.5
%
 
5.6
%
  Variable
 
3.0
%
 
2.7
%
  Effective Interest Rate
 
5.5
%
 
5.5
%
 
 
 
 
 
(1) Interest rates are as of the quarter-end and exclude the impact of deferred loan cost amortization.
Average Years to Maturity:
 
 
 
 
  Fixed
 
5.8
 
6.1
  Variable
 
2.7
 
2.8


23


Leasing Statistics -Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
June 30, 2013
(Operating Properties Only)
Leasing Statistics - Comparable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rent Growth (spaces vacant < 12 mo)
Total
 
Leasing Transactions
 
GLA
(in 000s)
 
Base Rent/Sq. Ft
 
Rent Growth %
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
 
Leasing Transactions
 
GLA
(in 000s)
 
Rent Growth
2nd Quarter 2013
 
355
 
1,263
$
18.71

 
3.7%
 
5.3
$
2.54

 
313
 
1,170
 
5.7%
1st Quarter 2013
 
278
 
875
 
23.82

 
4.6%
 
4.7
 
1.62

 
254
 
834
 
5.4%
4th Quarter 2012
 
365
 
1,244
 
19.90

 
3.3%
 
5.8
 
1.68

 
323
 
1,137
 
3.4%
3rd Quarter 2012
 
323
 
1,252
 
19.09

 
11.5%
 
7.2
 
0.86

 
289
 
1,182
 
13.7%
Total - 12 months
 
1,321
 
4,634
$
20.08

 
5.9%
 
5.9
$
1.65

 
1,179
 
4,323
 
7.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rent Growth (spaces vacant < 12 mo)
New Leases
 
Leasing Transactions
 
GLA
(in 000s)
 
Base Rent/Sq. Ft
 
Rent Growth %
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
 
Leasing Transactions
 
GLA
(in 000s)
 
Rent Growth
2nd Quarter 2013
 
106
 
273
$
23.56

 
4.1%
 
7.5
$
10.33

 
64
 
180
 
15.4%
1st Quarter 2013
 
68
 
201
 
22.17

 
8.6%
 
6.7
 
5.84

 
44
 
160
 
14.8%
4th Quarter 2012
 
104
 
337
 
20.95

 
4.9%
 
8.9
 
6.11

 
62
 
230
 
6.5%
3rd Quarter 2012
 
72
 
255
 
22.46

 
33.2%
 
16.2
 
3.14

 
38
 
185
 
61.9%
Total - 12 months
 
350
 
1,066
$
22.30

 
12.6%
 
10.3
$
6.27

 
208
 
755
 
24.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rent Growth (spaces vacant < 12 mo)
Renewals
 
Leasing Transactions
 
GLA
(in 000s)
 
Base Rent/Sq. Ft
 
Rent Growth %
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
 
Leasing Transactions
 
GLA
(in 000s)
 
Rent Growth
2nd Quarter 2013
 
249
 
990
$
17.33

 
3.5%
 
4.7
$
0.33

 
249
 
990
 
3.5%
1st Quarter 2013
 
210
 
674
 
24.31

 
3.6%
 
4.1
 
0.38

 
210
 
674
 
3.6%
4th Quarter 2012
 
261
 
907
 
19.56

 
2.8%
 
4.8
 
0.26

 
261
 
907
 
2.8%
3rd Quarter 2012
 
251
 
997
 
18.09

 
5.2%
 
4.6
 
0.18

 
251
 
997
 
5.2%
Total - 12 months
 
971
 
3,568
$
19.41

 
3.8%
 
4.6
$
0.28

 
971
 
3,568
 
3.8%
Leasing Statistics - Comparable and Non-comparable
Total
 
Leasing Transactions
 
GLA
(in 000s)
 
Base Rent/Sq. Ft
 
Weighted Avg. Lease Term
 
Tenant Improvements /Sq. Ft.
2nd Quarter 2013
 
419
 
1,493
$
18.74

 
5.6
$
2.82
1st Quarter 2013
 
320
 
993
 
23.85

 
4.6
 
2.13
4th Quarter 2012
 
432
 
1,452
 
20.13

 
5.9
 
2.03
3rd Quarter 2012
 
379
 
1,504
 
18.11

 
7.0
 
1.01
Total - 12 months
 
1,550
 
5,442
$
19.81

 
5.9
$
1.95
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 growth is on a same space, cash basis, and pro rata

24


Average Base Rent by State - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships
June 30, 2013
(in thousands)
State
 
Number of Properties
 
GLA
 
% of Total GLA
 
% Leased (1)
 
Annualized Base Rent
 
% of Ann. Base Rent
 
Average Base Rent/ Sq. Ft
Alabama
 
2

 
144

 
0.5
%
 
79.7
%
$
1,589

 
0.3
%
$
13.72

Arizona
 
3

 
296

 
1.0
%
 
84.8
%
 
3,504

 
0.7
%
 
14.32

California
 
68

 
6,700

 
23.7
%
 
95.4
%
 
144,305

 
30.7
%
 
22.77

Colorado
 
20

 
1,577

 
5.6
%
 
94.4
%
 
19,789

 
4.2
%
 
13.34

Connecticut
 
1

 
72

 
0.3
%
 
99.8
%
 
1,970

 
0.4
%
 
26.41

Delaware
 
3

 
269

 
1.0
%
 
95.3
%
 
3,770

 
0.8
%
 
14.95

District of Columbia
 
2

 
12

 
%
 
100.0
%
 
763

 
0.2
%
 
61.36

Florida
 
48

 
4,213

 
14.9
%
 
92.2
%
 
55,190

 
11.7
%
 
13.96

Georgia
 
18

 
1,434

 
5.1
%
 
94.1
%
 
23,458

 
5.0
%
 
17.25

Illinois
 
12

 
1,137

 
4.0
%
 
97.0
%
 
16,157

 
3.4
%
 
14.51

Indiana
 
6

 
265

 
0.9
%
 
83.1
%
 
3,171

 
0.7
%
 
14.41

Kentucky
 
1

 
23

 
0.1
%
 
100.0
%
 
465

 
0.1
%
 
17.41

Maryland
 
14

 
629

 
2.2
%
 
95.9
%
 
12,185

 
2.6
%
 
17.86

Massachusetts
 
3

 
393

 
1.4
%
 
94.5
%
 
7,006

 
1.5
%
 
18.53

Michigan
 
2

 
118

 
0.4
%
 
52.2
%
 
462

 
0.1
%
 
18.31

Minnesota
 
5

 
208

 
0.7
%
 
96.7
%
 
2,698

 
0.6
%
 
13.46

Missouri
 
4

 
408

 
1.4
%
 
99.5
%
 
4,159

 
0.9
%
 
10.29

New Jersey
 
2

 
63

 
0.2
%
 
92.7
%
 
979

 
0.2
%
 
16.86

New York
 
1

 
57

 
0.2
%
 
100.0
%
 
1,678

 
0.4
%
 
29.68

North Carolina
 
17

 
1,126

 
4.0
%
 
94.4
%
 
17,362

 
3.7
%
 
16.31

Ohio
 
12

 
1,509

 
5.3
%
 
97.3
%
 
16,993

 
3.6
%
 
11.43

Oregon
 
9

 
778

 
2.8
%
 
92.2
%
 
13,204

 
2.8
%
 
18.60

Pennsylvania
 
11

 
653

 
2.3
%
 
94.8
%
 
13,680

 
2.9
%
 
21.14

South Carolina
 
5

 
159

 
0.6
%
 
99.1
%
 
2,184

 
0.5
%
 
13.93

Tennessee
 
5

 
392

 
1.4
%
 
96.3
%
 
5,556

 
1.2
%
 
14.58

Texas
 
27

 
2,781

 
9.8
%
 
94.7
%
 
45,631

 
9.7
%
 
17.36

Virginia
 
29

 
1,886

 
6.7
%
 
94.9
%
 
34,484

 
7.3
%
 
18.77

Washington
 
11

 
851

 
3.0
%
 
95.3
%
 
17,224

 
3.7
%
 
21.36

Wisconsin
 
2

 
108

 
0.4
%
 
93.2
%
 
771

 
0.2
%
 
7.69

Total All Properties
 
343

 
28,261

 
100.0
%
 
94.3
%
$
470,387

 
100.0
%
$
17.54

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes leases that are executed but not yet rent paying.

25


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Shoppes at Fairhope Village
 
 
AL
Mobile
85
85
84.5%
 
54
Publix
$
14.90

Valleydale Village Shop Center
JVO
50%
AL
Birmingham-Hoover
118
59
72.7%
 
44
Publix
$
11.81

 
 
 
 
AL
 
203
144
79.7%
79.7%
99
 
 
Palm Valley Marketplace
JVC
20%
AZ
Phoenix-Mesa-Scottsdale
108
22
93.0%
 
55
Safeway
$
13.35

Pima Crossing
 
 
AZ
Phoenix-Mesa-Scottsdale
238
238
90.6%
 
Golf & Tennis Pro Shop, Inc.
$
14.17

Shops at Arizona
 
 
AZ
Phoenix-Mesa-Scottsdale
36
36
41.0%
 
$
18.00

 
 
 
 
AZ
 
382
296
84.8%
84.8%
55

 
4S Commons Town Center
 
 
CA
San Diego-Carlsbad-San Marcos
240
240
92.8%
 
68
Ralphs, Jimbo's...Naturally!
$
29.47

Amerige Heights Town Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
89
89
98.4%
 
143
58
Albertsons, (Target)
$
26.73

Auburn Village
JVGRI
40%
CA
Sacramento--Arden-Arcade--Roseville
134
54
86.2%
 
46
Bel Air Market
$
17.29

Balboa Mesa Shopping Center
 
 
CA
San Diego-Carlsbad-San Marcos
189
189
96.5%
 
42
Von's Food & Drug, Kohl's
$
19.09

Bayhill Shopping Center
JVGRI
40%
CA
San Francisco-Oakland-Fremont
122
49
98.4%
 
32
Mollie Stone's Market
$
21.71

Blossom Valley
JVUSAA
20%
CA
San Jose-Sunnyvale-Santa Clara
93
19
100.0%
 
34
Safeway
$
24.45

Brea Marketplace
JVGRI
40%
CA
Los Angeles-Long Beach-Santa Ana
352
141
98.1%
 
25
Sprout's Markets, Target
$
16.64

Clayton Valley Shopping Center
 
 
CA
San Francisco-Oakland-Fremont
260
260
92.6%
 
14
Fresh & Easy, Orchard Supply Hardware
$
19.41

Corral Hollow
JVRC
25%
CA
Stockton
167
42
98.3%
 
66
Safeway, Orchard Supply & Hardware
$
16.38

Costa Verde Center
 
 
CA
San Diego-Carlsbad-San Marcos
179
179
93.9%
 
40
Bristol Farms
$
34.10

Diablo Plaza
 
 
 
CA
San Francisco-Oakland-Fremont
63
63
94.3%
 
53
53
(Safeway)
$
35.32

East Washington Place
 
 
CA
Santa Rosa-Petaluma
203
203
87.7%
 
138
25
(Target), Dick's Sporting Goods, TJ Maxx
$
23.34

El Camino Shopping Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
136
136
100.0%
 
36
Von's Food & Drug
$
24.15

El Cerrito Plaza
 
 
CA
San Francisco-Oakland-Fremont
256
256
98.9%
 
67
78
(Lucky's), Trader Joe's
$
26.61

El Norte Pkwy Plaza
 
 
CA
San Diego-Carlsbad-San Marcos
91
91
91.9%
 
42
Von's Food & Drug
$
16.06

Encina Grande
 
 
CA
San Francisco-Oakland-Fremont
102
102
92.3%
 
23
Safeway
$
30.01


26


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Falcon Ridge Town Center Phase I
JVRRP
20%
CA
Riverside-San Bernardino-Ontario
233
47
88.0%
 
124
44
Stater Bros., (Target)
$
18.21

Falcon Ridge Town Center Phase II
JVRRP
20%
CA
Riverside-San Bernardino-Ontario
67
13
100.0%
 
24 Hour Fitness
$
28.13

Five Points Shopping Center
JVGRI
40%
CA
Santa Barbara-Santa Maria-Goleta
145
58
97.2%
 
35
Albertsons
$
25.13

Folsom Prairie City Crossing
 
 
CA
Sacramento--Arden-Arcade--Roseville
90
90
92.4%
 
55
Safeway
$
19.04

French Valley Village Center
 
 
CA
Riverside-San Bernardino-Ontario
99
99
94.1%
 
44
Stater Bros.
$
23.99

Friars Mission Center
 
 
CA
San Diego-Carlsbad-San Marcos
147
147
100.0%
 
55
Ralphs
$
30.98

Gateway 101
 
 
 
CA
San Francisco-Oakland-Fremont
92
92
100.0%
 
212
(Home Depot), (Best Buy), Sports Authority, Nordstrom Rack
$
31.14

Gelson's Westlake Market Plaza
 
 
CA
Oxnard-Thousand Oaks-Ventura
85
85
95.5%
 
38
Gelson's Markets
$
17.57

Golden Hills Promenade
 
 
CA
San Luis Obispo-Paso Robles
242
242
98.1%
 
Lowe's
$
6.54

Granada Village
JVGRI
40%
CA
Los Angeles-Long Beach-Santa Ana
226
90
97.4%
 
24
Sprout's Markets
$
20.74

Hasley Canyon Village
JVUSAA
20%
CA
Los Angeles-Long Beach-Santa Ana
66
13
100.0%
 
52
Ralphs
$
23.13

Heritage Plaza
 
 
CA
Los Angeles-Long Beach-Santa Ana
230
230
99.3%
 
44
Ralphs
$
30.29

Indio Towne Center
 
 
CA
Riverside-San Bernardino-Ontario
180
180
84.8%
 
236
94
(Home Depot), (WinCo), Toys R Us
$
16.77

Jefferson Square
 
 
CA
Riverside-San Bernardino-Ontario
38
38
81.4%
 
14
Fresh & Easy
$
17.42

Juanita Tate Marketplace
 
 
CA
Los Angeles-Long Beach-Santa Ana
77
77
74.0%
 
43
Northgate Market
$
18.23

Laguna Niguel Plaza
JVGRI
40%
CA
Los Angeles-Long Beach-Santa Ana
42
17
96.7%
 
39
39
(Albertsons)
$
24.65

Loehmanns Plaza California
 
 
CA
San Jose-Sunnyvale-Santa Clara
113
113
100.0%
 
53
53
(Safeway)
$
18.08

Marina Shores
JVC2
20%
CA
Los Angeles-Long Beach-Santa Ana
68
14
100.0%
 
26
Whole Foods
$
32.54

Mariposa Shopping Center
JVGRI
40%
CA
San Jose-Sunnyvale-Santa Clara
127
51
100.0%
 
43
Safeway
$
18.66

Morningside Plaza
 
 
CA
Los Angeles-Long Beach-Santa Ana
91
91
97.4%
 
43
Stater Bros.
$
20.76

Navajo Shopping Center
JVGRI
40%
CA
San Diego-Carlsbad-San Marcos
102
41
93.9%
 
44
Albertsons
$
12.80


27


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Newland Center
 
 
CA
Los Angeles-Long Beach-Santa Ana
149
149
97.2%
 
58
Albertsons
$
20.35

Oakbrook Plaza
 
 
CA
Oxnard-Thousand Oaks-Ventura
83
83
99.3%
 
44
Albertsons
$
16.34

Oak Shade Town Center
 
 
CA
Sacramento--Arden-Arcade--Roseville
104
104
97.7%
 
40
Safeway
$
18.33

Plaza Hermosa
 
 
CA
Los Angeles-Long Beach-Santa Ana
95
95
88.2%
 
37
Von's Food & Drug
$
22.79

Pleasant Hill Shopping Center
JVGRI
40%
CA
San Francisco-Oakland-Fremont
228
91
100.0%
 
Target, Toys "R" Us
$
23.53

Point Loma Plaza
JVGRI
40%
CA
San Diego-Carlsbad-San Marcos
212
85
91.0%
 
50
Von's Food & Drug
$
19.15

Powell Street Plaza
 
 
CA
San Francisco-Oakland-Fremont
166
166
100.0%
 
10
Trader Joe's
$
29.96

Raley's Supermarket
JVC2
20%
CA
Sacramento--Arden-Arcade--Roseville
63
13
100.0%
 
63
Raley's
$
5.41

Rancho San Diego Village
JVGRI
40%
CA
San Diego-Carlsbad-San Marcos
153
61
87.6%
 
40
Von's Food & Drug
$
19.85

Rona Plaza
 
 
 
CA
Los Angeles-Long Beach-Santa Ana
52
52
100.0%
 
37
Superior Super Warehouse
$
18.87

San Leandro Plaza
 
 
CA
San Francisco-Oakland-Fremont
50
50
100.0%
 
38
38
(Safeway)
$
31.71

Seal Beach
 
JVC
20%
CA
Los Angeles-Long Beach-Santa Ana
97
19
98.5%
 
48
Von's Food & Drug
$
23.25

Sequoia Station
 
 
CA
San Francisco-Oakland-Fremont
103
103
100.0%
 
62
62
(Safeway)
$
34.82

Silverado Plaza
JVGRI
40%
CA
Napa
85
34
100.0%
 
32
Nob Hill
$
15.85

Snell & Branham Plaza
JVGRI
40%
CA
San Jose-Sunnyvale-Santa Clara
92
37
98.6%
 
53
Safeway
$
16.91

South Bay Village
 
 
CA
Los Angeles-Long Beach-Santa Ana
108
108
100.0%
 
Orchard Supply Hardware
$
20.21

Strawflower Village
 
 
CA
San Francisco-Oakland-Fremont
79
79
97.0%
 
34
Safeway
$
18.66

Tassajara Crossing
 
 
CA
San Francisco-Oakland-Fremont
146
146
97.2%
 
56
Safeway
$
21.50

Twin Oaks Shopping Center
JVGRI
40%
CA
Los Angeles-Long Beach-Santa Ana
98
39
100.0%
 
41
Ralphs
$
16.40

Twin Peaks
 
 
 
CA
San Diego-Carlsbad-San Marcos
198
198
99.1%
 
45
Albertsons, Target
$
18.15

Uptown District
 
 
CA
San Diego-Carlsbad-San Marcos
149
149
92.8%
 
52
Ralphs, Trader Joe's
$
32.68

Valencia Crossroads
 
 
CA
Los Angeles-Long Beach-Santa Ana
173
173
98.8%
 
35
Whole Foods, Kohl's
$
23.40


28


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Ventura Village
 
 
CA
Oxnard-Thousand Oaks-Ventura
76
76
91.3%
 
43
Von's Food & Drug
$
19.41

Vista Village Phase I
JVRRP
20%
CA
San Diego-Carlsbad-San Marcos
129
26
96.7%
 
165
Krikorian Theaters, (Lowe's)
$
25.44

Vista Village Phase II
JVRRP
20%
CA
San Diego-Carlsbad-San Marcos
55
11
45.5%
 
25
Frazier Farms
$
17.28

Vista Village IV
 
 
CA
San Diego-Carlsbad-San Marcos
11
11
45.5%
 
$
40.76

West Park Plaza
 
 
CA
San Jose-Sunnyvale-Santa Clara
88
88
98.4%
 
25
Safeway
$
16.88

Westlake Village Plaza and Center
 
 
CA
Oxnard-Thousand Oaks-Ventura
191
191
87.6%
 
72
Von's Food & Drug and Sprouts
$
30.12

Westridge Village
 
 
CA
Los Angeles-Long Beach-Santa Ana
92
92
96.6%
 
51
Albertsons
$
26.19

Woodman Van Nuys
 
 
CA
Los Angeles-Long Beach-Santa Ana
108
108
100.0%
 
78
El Super
$
14.17

Woodside Central
 
 
CA
San Francisco-Oakland-Fremont
81
81
100.0%
 
113
(Target)
$
21.30

Ygnacio Plaza
JVGRI
40%
CA
San Francisco-Oakland-Fremont
110
44
100.0%
 
17
Fresh & Easy
$
34.62

 
 
 
CA
 
8,858
6,700
95.4%
95.9%
1,443
2,654
 
 
Applewood Shopping Center
JVGRI
40%
CO
Denver-Aurora
381
152
95.2%
 
71
King Soopers, Wal-Mart
$
10.06

Arapahoe Village
JVGRI
40%
CO
Boulder
159
64
80.5%
 
44
Safeway
$
16.78

Belleview Square
 
 
CO
Denver-Aurora
117
117
100.0%
 
65
King Soopers
$
16.67

Boulevard Center
 
 
CO
Denver-Aurora
79
79
98.1%
 
53
53
(Safeway)
$
25.01

Buckley Square
 
 
CO
Denver-Aurora
116
116
98.9%
 
62
King Soopers
$
9.37

Centerplace of Greeley III Phase I
 
 
CO
Greeley
119
119
93.6%
 
Sports Authority
$
13.60

Cherrywood Square
JVGRI
40%
CO
Denver-Aurora
97
39
98.4%
 
72
King Soopers
$
9.19

Crossroads Commons
JVC
20%
CO
Boulder
143
29
98.7%
 
66
Whole Foods
$
25.11

Falcon Marketplace
 
 
CO
Colorado Springs
22
22
78.7%
 
184
50
(Wal-Mart Supercenter)
$
20.45

Hilltop Village
 
 
CO
Denver-Aurora
100
100
93.8%
 
66
King Soopers
$
8.75

Kent Place
 
 
 
CO
Denver-Aurora
48
48
100.0%
 
30
King Soopers
$
19.09

Littleton Square
 
 
CO
Denver-Aurora
94
94
79.5%
 
50
King Soopers
$
12.38

Lloyd King Center
 
 
CO
Denver-Aurora
83
83
96.9%
 
61
King Soopers
$
11.35

Marketplace at Briargate
 
 
CO
Colorado Springs
29
29
96.3%
 
66
66
(King Soopers)
$
26.37

Monument Jackson Creek
 
 
CO
Colorado Springs
85
85
98.4%
 
70
King Soopers
$
10.73

Ralston Square Shopping Center
JVGRI
40%
CO
Denver-Aurora
83
33
93.7%
 
55
King Soopers
$
9.43

Shops at Quail Creek
 
 
CO
Denver-Aurora
38
38
100.0%
 
100
100
(King Soopers)
$
24.18

South Lowry Square
 
 
CO
Denver-Aurora
120
120
93.9%
 
63
Safeway
$
7.41


29


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Stroh Ranch
 
 
 
CO
Denver-Aurora
93
93
96.8%
 
70
King Soopers
$
11.89

Woodmen Plaza
 
 
CO
Colorado Springs
116
116
92.4%
 
70
King Soopers
$
12.27

 
 
 
CO
 
2,123
1,577
94.4%
94.4%
403
1,183
 
 
Corbin's Corner
JVGRI
40%
CT
Hartford-West Hartford-East Hartford
180
72
99.8%
 
10
Trader Joe's
$
26.41

 
 
 
CT
 
180
72
99.8%
99.8%
10
 
 
Shops at The Columbia
JVRC
25%
DC
Washington-Arlington-Alexandria
23
6
100.0%
 
12
Trader Joe's
$
36.53

Spring Valley Shopping Center
JVGRI
40%
DC
Washington-Arlington-Alexandria
17
7
100.0%
 
$
82.39

 
 
 
 
DC
 
40
12
100.0%
100.0%
12

 
Pike Creek
 
 
DE
Philadelphia-Camden-Wilmington
232
232
94.6%
 
49
Acme Markets, K-Mart
$
13.29

Shoppes of Graylyn
JVGRI
40%
DE
Philadelphia-Camden-Wilmington
67
27
100.0%
 
$
21.39

White Oak - Dover, DE
 
 
DE
Dover
11
11
100.0%
 
$
32.73

 
 
 
DE
 
309
269
95.3%
95.3%
49

 
Anastasia Plaza
 
 
FL
Jacksonville
102
102
95.1%
 
49
Publix
$
11.66

Aventura Shopping Center
 
 
FL
Miami-Fort Lauderdale-Miami Beach
103
103
73.7%
 
36
Publix
$
18.86

Berkshire Commons
 
 
FL
Naples-Marco Island
110
110
97.8%
 
66
Publix
$
13.42

Bloomingdale Square
 
 
FL
Tampa-St. Petersburg-Clearwater
268
268
98.9%
 
40
Publix, Wal-Mart, Bealls
$
9.14

Boynton Lakes Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
112
112
89.6%
 
46
Publix
$
14.58

Caligo Crossing
 
 
FL
Miami-Fort Lauderdale-Miami Beach
11
11
87.9%
 
98
(Kohl's)
$
43.91

Canopy Oak Center
JVO
50%
FL
Ocala
90
45
88.7%
 
54
Publix
$
18.80

Carriage Gate
 
 
FL
Tallahassee
77
77
80.3%
 
13
$
18.81

Chasewood Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
157
157
87.5%
 
54
Publix
$
22.12

Corkscrew Village
 
 
FL
Cape Coral-Fort Myers
82
82
95.6%
 
51
Publix
$
12.54

Courtyard Shopping Center
 
 
FL
Jacksonville
137
137
100.0%
 
63
63
(Publix), Target
$
3.33

East Towne Center
 
 
FL
Orlando
70
70
90.0%
 
45
Publix
$
13.34


30


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Five Points Plaza
JVRC
25%
FL
Miami-Fort Lauderdale-Miami Beach
45
11
100.0%
 
28
Publix
$
17.47

Fleming Island
 
 
FL
Jacksonville
137
137
79.6%
 
130
48
Publix, (Target)
$
14.96

Garden Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
90
90
92.2%
 
42
Publix
$
15.07

Grande Oak
 
 
 
FL
Cape Coral-Fort Myers
79
79
94.9%
 
54
Publix
$
13.81

Hibernia Pavilion
 
 
FL
Jacksonville
51
51
97.4%
 
39
Publix
$
17.13

Hibernia Plaza
 
 
FL
Jacksonville
8
8
16.7%
 
$
9.00

Island Crossing
JVC2
20%
FL
Port St. Lucie-Fort Pierce
58
12
97.6%
 
48
Publix
$
10.08

John's Creek Center
JVC2
20%
FL
Jacksonville
75
15
82.3%
 
45
Publix
$
13.34

Julington Village
JVC
20%
FL
Jacksonville
82
16
100.0%
 
51
Publix
$
14.25

Kings Crossing Sun City
 
 
FL
Tampa-St. Petersburg-Clearwater
75
75
97.1%
 
51
Publix
$
12.19

Lynnhaven
 
JVO
50%
FL
Panama City-Lynn Haven
64
32
100.0%
 
44
Publix
$
12.37

Marketplace Shopping Center
 
 
FL
Tampa-St. Petersburg-Clearwater
90
90
78.4%
 
LA Fitness
$
17.94

Millhopper Shopping Center
 
 
FL
Gainesville
80
80
86.6%
 
46
Publix
$
16.17

Naples Walk Shopping Center
 
 
FL
Naples-Marco Island
125
125
82.5%
 
51
Publix
$
14.51

Newberry Square
 
 
FL
Gainesville
181
181
90.6%
 
40
Publix, K-Mart
$
7.78

Nocatee Town Center
 
 
FL
Jacksonville
70
70
100.0%
 
54
Publix
$
13.96

Northgate Square
 
 
FL
Tampa-St. Petersburg-Clearwater
75
75
100.0%
 
48
Publix
$
13.18

Oakleaf Commons
 
 
FL
Jacksonville
74
74
86.7%
 
46
Publix
$
13.37

Ocala Corners
 
 
FL
Tallahassee
87
87
100.0%
 
61
Publix
$
14.02

Old St Augustine Plaza
 
 
FL
Jacksonville
232
232
93.5%
 
52
Publix, Burlington Coat Factory, Hobby Lobby
$
7.79

Pebblebrook Plaza
JVO
50%
FL
Naples-Marco Island
77
38
100.0%
 
61
Publix
$
13.86

Pine Tree Plaza
 
 
FL
Jacksonville
63
63
97.8%
 
38
Publix
$
12.85

Plantation Plaza
JVC2
20%
FL
Jacksonville
78
16
88.0%
 
45
Publix
$
15.06

Regency Square
 
 
FL
Tampa-St. Petersburg-Clearwater
350
350
96.3%
 
66
AMC Theater, Michaels, (Best Buy), (Macdill)
$
14.88

Seminole Shoppes
 
 
FL
Jacksonville
73
73
98.1%
 
54
Publix
$
20.65

Shoppes @ 104
 
 
FL
Miami-Fort Lauderdale-Miami Beach
108
108
96.7%
 
46
Winn-Dixie
$
15.88


31


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Shoppes at Bartram Park
JVO
50%
FL
Jacksonville
126
63
95.7%
 
97
45
Publix, (Kohl's)
$
16.93

Shops at John's Creek
 
 
FL
Jacksonville
15
15
91.6%
 
$
16.73

Starke
 
 
 
FL
None
13
13
100.0%
 
$
24.65

Suncoast Crossing
 
 
FL
Tampa-St. Petersburg-Clearwater
118
118
90.8%
 
143
Kohl's, (Target)
$
5.77

Town Square
 
 
FL
Tampa-St. Petersburg-Clearwater
44
44
100.0%
 
$
27.13

Village Center
 
 
FL
Tampa-St. Petersburg-Clearwater
181
181
84.8%
 
36
Publix
$
20.20

Welleby Plaza
 
 
FL
Miami-Fort Lauderdale-Miami Beach
110
110
91.7%
 
47
Publix
$
11.27

Wellington Town Square
 
 
FL
Miami-Fort Lauderdale-Miami Beach
107
107
95.5%
 
45
Publix
$
19.91

Westchase
 
 
 
FL
Tampa-St. Petersburg-Clearwater
79
79
95.2%
 
51
Publix
$
14.00

Willa Springs
 
JVUSAA
20%
FL
Orlando
90
18
95.0%
 
44
Publix
$
17.23

 
 
 
FL
 
4,731
4,213
92.2%
92.2%
597
1,878
 
 
Ashford Place
 
 
GA
Atlanta-Sandy Springs-Marietta
53
53
98.1%
 
$
18.43

Briarcliff La Vista
 
 
GA
Atlanta-Sandy Springs-Marietta
39
39
100.0%
 
$
18.53

Briarcliff Village
 
 
GA
Atlanta-Sandy Springs-Marietta
190
190
93.5%
 
43
Publix
$
14.73

Buckhead Court
 
 
GA
Atlanta-Sandy Springs-Marietta
48
48
100.0%
 
$
15.76

Cambridge Square
 
 
GA
Atlanta-Sandy Springs-Marietta
71
71
100.0%
 
41
Kroger
$
13.72

Cornerstone Square
 
 
GA
Atlanta-Sandy Springs-Marietta
80
80
95.7%
 
18
Aldi
$
14.66

Delk Spectrum
 
 
GA
Atlanta-Sandy Springs-Marietta
101
101
78.7%
 
45
Publix
$
13.56

Dunwoody Hall
JVUSAA
20%
GA
Atlanta-Sandy Springs-Marietta
86
17
100.0%
 
44
Publix
$
17.39

Dunwoody Village
 
 
GA
Atlanta-Sandy Springs-Marietta
121
121
93.9%
 
18
Fresh Market
$
17.54

Howell Mill Village
 
 
GA
Atlanta-Sandy Springs-Marietta
92
92
93.3%
 
31
Publix
$
17.58

King Plaza
 
JVC2
20%
GA
Atlanta-Sandy Springs-Marietta
81
16
88.6%
 
51
Publix
$
11.89


32


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Loehmanns Plaza Georgia
 
 
GA
Atlanta-Sandy Springs-Marietta
137
137
91.6%
 
$
19.30

Lost Mountain Crossing
JVC2
20%
GA
Atlanta-Sandy Springs-Marietta
73
15
93.0%
 
48
Publix
$
12.14

Paces Ferry Plaza
 
 
GA
Atlanta-Sandy Springs-Marietta
62
62
89.5%
 
$
30.79

Powers Ferry Square
 
 
GA
Atlanta-Sandy Springs-Marietta
98
98
100.0%
 
$
25.98

Powers Ferry Village
 
 
GA
Atlanta-Sandy Springs-Marietta
79
79
100.0%
 
48
Publix
$
11.90

Russell Ridge
 
 
GA
Atlanta-Sandy Springs-Marietta
99
99
91.4%
 
63
Kroger
$
12.10

Sandy Springs
 
 
GA
Atlanta-Sandy Springs-Marietta
116
116
96.6%
 
12
$
19.38

 
 
 
GA
 
1,626
1,434
94.1%
94.1%
464

 
Civic Center Plaza
JVGRI
40%
IL
Chicago-Naperville-Joliet
265
106
98.9%
 
87
Super H Mart, Home Depot
$
10.80

Geneva Crossing
 
JVC
20%
IL
Chicago-Naperville-Joliet
123
25
98.8%
 
72
Dominick's
$
14.08

Glen Oak Plaza
 
 
IL
Chicago-Naperville-Joliet
63
63
100.0%
 
12
Trader Joe's
$
21.83

Hinsdale
 
 
 
IL
Chicago-Naperville-Joliet
179
179
95.1%
 
70
 Dominick's
$
12.99

McHenry Commons Shopping Center
JVGRI
40%
IL
Chicago-Naperville-Joliet
99
40
92.6%
 
Hobby Lobby
$
7.29

Riverside Sq & River's Edge
JVGRI
40%
IL
Chicago-Naperville-Joliet
169
68
96.5%
 
74
Dominick's
$
14.92

Roscoe Square
JVGRI
40%
IL
Chicago-Naperville-Joliet
140
56
94.9%
 
51
Mariano's
$
18.63

Shorewood Crossing
JVC
20%
IL
Chicago-Naperville-Joliet
88
18
93.4%
 
66
Dominick's
$
14.25

Shorewood Crossing II
JVC2
20%
IL
Chicago-Naperville-Joliet
86
17
100.0%
 
$
13.57

Stonebrook Plaza Shopping Center
JVGRI
40%
IL
Chicago-Naperville-Joliet
96
38
94.3%
 
63
Dominick's
$
11.55

Westbrook Commons
 
 
IL
Chicago-Naperville-Joliet
124
124
91.3%
 
51
Dominick's
$
10.97

Willow Festival
 
 
IL
Chicago-Naperville-Joliet
404
404
99.5%
 
60
Whole Foods, Lowe's
$
16.42

 
 
 
IL
 
1,837
1,137
97.0%
97.0%
607

 
Airport Crossing
 
 
IN
Chicago-Naperville-Joliet
12
12
88.6%
 
90
(Kohl's)
$
17.38


33


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Augusta Center
 
 
IN
Chicago-Naperville-Joliet
15
15
90.1%
 
214
(Menards)
$
22.07

Greenwood Springs
 
 
IN
Indianapolis
28
28
100.0%
 
266
50
(Gander Mountain), (Wal-Mart Supercenter)
$
15.06

Shops on Main
 
 
IN
Chicago-Naperville-Joliet
155
155
75.9%
 
Gordmans
$
11.05

Willow Lake Shopping Center
JVGRI
40%
IN
Indianapolis
86
34
92.4%
 
64
64
(Kroger)
$
16.38

Willow Lake West Shopping Center
JVGRI
40%
IN
Indianapolis
53
21
91.2%
 
12
Trader Joe's
$
23.36

 
 
 
IN
 
348
265
83.1%
93.4%
634
126
 
 
Walton Towne Center
 
 
KY
Cincinnati-Middletown
23
23
100.0%
 
116
116
(Kroger)
$
17.41

 
 
 
KY
 
23
23
100.0%
100.0%
116
116
 
 
Shops at Saugus
 
 
MA
Boston-Cambridge-Quincy
87
87
94.4%
 
11
Trader Joe's
$
27.16

Speedway Plaza
JVC2
20%
MA
Worcester
179
36
93.7%
 
60
Stop & Shop, Burlington Coat Factory
$
9.87

Twin City Plaza
 
 
MA
Boston-Cambridge-Quincy
270
270
94.6%
 
63
Shaw's, Marshall's
$
16.81

 
 
 
 
MA
 
536
393
94.5%
94.5%
133
 
 
Bowie Plaza
 
JVGRI
40%
MD
Washington-Arlington-Alexandria
103
41
96.1%
 
$
18.14

Clinton Park
 
JVC
20%
MD
Washington-Arlington-Alexandria
206
41
95.6%
 
49
43
Giant Food, Sears, (Toys "R" Us)
$
9.78

Cloppers Mill Village
JVGRI
40%
MD
Washington-Arlington-Alexandria
137
55
86.6%
 
70
Shoppers Food Warehouse
$
17.53

Festival at Woodholme
JVGRI
40%
MD
Baltimore-Towson
81
32
95.3%
 
10
Trader Joe's
$
36.02

Firstfield Shopping Center
JVGRI
40%
MD
Washington-Arlington-Alexandria
22
9
75.4%
 
$
38.83

Goshen Plaza
JVGRI
40%
MD
Washington-Arlington-Alexandria
43
17
81.3%
 
$
20.09

King Farm Village Center
JVRC
25%
MD
Washington-Arlington-Alexandria
118
30
92.0%
 
54
Safeway
$
24.57

Parkville Shopping Center
JVGRI
40%
MD
Baltimore-Towson
162
65
98.6%
 
41
Giant Food
$
14.56

Southside Marketplace
JVGRI
40%
MD
Baltimore-Towson
125
50
96.1%
 
44
Shoppers Food Warehouse
$
16.78

Takoma Park
 
JVGRI
40%
MD
Washington-Arlington-Alexandria
104
42
100.0%
 
64
Shoppers Food Warehouse
$
11.66

Valley Centre
JVGRI
40%
MD
Baltimore-Towson
220
88
100.0%
 
$
15.00

Village at Lee Airpark
 
 
MD
Baltimore-Towson
88
88
100.0%
 
75
63
Giant Food, (Sunrise)
$
16.43

Watkins Park Plaza
JVGRI
40%
MD
Washington-Arlington-Alexandria
111
44
96.0%
 
Safeway
$
22.94


34


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Woodmoor Shopping Center
JVGRI
40%
MD
Washington-Arlington-Alexandria
69
28
96.9%
 
$
25.82

 
 
 
MD
 
1,589
629
95.9%
95.9%
124
389

 
Fenton Marketplace
 
 
MI
Flint
97
97
41.9%
 
$
18.56

State Street Crossing
 
 
MI
Ann Arbor
21
21
100.0%
 
147
(Wal-Mart)
$
18.26

 
 
 
MI
 
118
118
52.2%
52.2%
147

 
Brentwood Plaza
 
 
MO
St. Louis
60
60
100.0%
 
52
Schnucks
$
9.84

Bridgeton
 
 
 
MO
St. Louis
71
71
97.3%
 
130
63
Schnucks, (Home Depot)
$
11.81

Dardenne Crossing
 
 
MO
St. Louis
67
67
100.0%
 
63
Schnucks
$
10.86

Kirkwood Commons
 
 
MO
St. Louis
210
210
100.0%
 
258
Wal-Mart, (Target), (Lowe's)
$
9.73

 
 
 
MO
 
408
408
99.5%
99.5%
388
179
 
 
Apple Valley Square
JVRC
25%
MN
Minneapolis-St. Paul-Bloomington
185
46
95.2%
 
87
62
Rainbow Foods, Jo-Ann Fabrics, (Burlington Coat Factory)
$
11.43

Calhoun Commons
JVRC
25%
MN
Minneapolis-St. Paul-Bloomington
66
17
100.0%
 
50
Whole Foods
$
22.10

Colonial Square
JVGRI
40%
MN
Minneapolis-St. Paul-Bloomington
93
37
100.0%
 
44
Lund's
$
17.91

Rockford Road Plaza
JVGRI
40%
MN
Minneapolis-St. Paul-Bloomington
207
83
95.2%
 
66
Rainbow Foods
$
11.13

Rockridge Center
JVC2
20%
MN
Minneapolis-St. Paul-Bloomington
125
25
97.7%
 
89
Cub Foods
$
11.99

 
 
 
MN
 
677
208
96.7%
96.7%
87
311
 
 
Cameron Village
JVCCV
30%
NC
Raleigh-Cary
553
166
98.5%
 
87
Harris Teeter, Fresh Market
$
18.04

Carmel Commons
 
 
NC
Charlotte-Gastonia-Concord
133
133
94.1%
 
14
Fresh Market
$
17.66

Cochran Commons
JVC2
20%
NC
Charlotte-Gastonia-Concord
66
13
97.4%
 
42
Harris Teeter
$
15.22

Colonnade Center
 
 
NC
Raleigh-Cary
58
58
100.0%
 
40
Whole Foods
$
26.18

Erwin Square
 
 
NC
Durham
90
90
77.9%
 
53
Harris Teeter
$
12.99

Glenwood Village
 
 
NC
Raleigh-Cary
43
43
96.8%
 
28
Harris Teeter
$
13.97

Harris Crossing
 
 
NC
Raleigh-Cary
65
65
92.9%
 
53
Harris Teeter
$
8.62

Lake Pine Plaza
 
 
NC
Raleigh-Cary
88
88
95.2%
 
58
Kroger
$
11.60

Maynard Crossing
JVUSAA
20%
NC
Raleigh-Cary
123
25
89.3%
 
56
Kroger
$
14.32

Phillips Place
 
JVO
50%
NC
Charlotte-Gastonia-Concord
133
67
99.3%
 
$
29.53

Providence Commons
JVRC
25%
NC
Charlotte-Gastonia-Concord
77
19
100.0%
 
50
Harris Teeter
$
16.81

Middle Creek Commons
 
 
NC
Raleigh-Cary
74
74
96.7%
 
49
Lowes Foods
$
14.84


35


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Shoppes of Kildaire
JVGRI
40%
NC
Raleigh-Cary
145
58
98.2%
 
19
Trader Joe's
$
16.29

Southpoint Crossing
 
 
NC
Durham
103
103
87.8%
 
59
Kroger
$
14.97

Sutton Square
JVC2
20%
NC
Raleigh-Cary
101
20
98.7%
 
24
Fresh Market
$
16.21

Village Plaza
 
JVC2
20%
NC
Durham-Chapel Hill
78
16
95.3%
 
42
Whole Foods
$
16.03

Woodcroft Shopping Center
 
 
NC
Durham
90
90
97.2%
 
41
Food Lion
$
11.85

 
 
 
NC
 
2,019
1,126
94.4%
95.8%
715
 
 
Plaza Square
 
JVGRI
40%
NJ
New York-Northern New Jersey-Long Island
104
42
95.3%
 
60
Shop Rite
$
21.75

Haddon Commons
JVGRI
40%
NJ
Philadelphia-Camden-Wilmington
53
21
87.7%
 
34
Acme Markets
$
6.35

 
 
 
 
NJ
 
157
63
92.7%
92.7%
94
 
 
Lake Grove Commons
JVGRI
40%
NY
New York-Northern New Jersey-Long Island
141
57
100.0%
 
 
48
Whole Foods, LA Fitness
$
29.68

 
 
 
 
NY
 
141
57
100.0%
100.0%
48
 
 
Beckett Commons
 
 
OH
Cincinnati-Middletown
121
121
100.0%
 
71
Kroger
$
11.03

Cherry Grove
 
 
OH
Cincinnati-Middletown
196
196
97.9%
 
66
Kroger
$
10.54

East Pointe
 
 
OH
Columbus
87
87
96.8%
 
59
Kroger
$
10.37

Hyde Park
 
 
OH
Cincinnati-Middletown
397
397
96.8%
 
169
Kroger, Biggs
$
14.24

Indian Springs Market Center
JVRRP
20%
OH
Cincinnati-Middletown
141
28
100.0%
 
203
Kohl's, (Wal-Mart Supercenter)
$
5.34

Kroger New Albany Center
 
 
OH
Columbus
93
93
100.0%
 
65
Kroger
$
12.84

Maxtown Road (Northgate)
 
 
OH
Columbus
85
85
100.0%
 
90
62
Kroger, (Home Depot)
$
11.00

Red Bank Village
 
 
OH
Cincinnati-Middletown
164
164
98.8%
 
Wal-Mart
$
6.25

Regency Commons
 
 
OH
Cincinnati-Middletown
31
31
94.5%
 
$
21.89

Sycamore Crossing & Sycamore Plaza
JVRRP
20%
OH
Cincinnati-Middletown
391
78
86.6%
 
26
Fresh Market, Macy's Furniture Gallery, Toys 'R Us, Dick's Sporting Goods
$
17.32

Westchester Plaza
 
 
OH
Cincinnati-Middletown
88
88
93.8%
 
67
Kroger
$
9.46

Windmiller Plaza Phase I
 
 
OH
Columbus
140
140
98.5%
 
101
Kroger
$
8.90

 
 
 
 
OH
 
1,934
1,509
97.3%
97.3%
293
686

 
Corvallis Market Center
 
 
OR
Corvallis
85
85
100.0%
 
12
Trader Joe's
$
19.17

Greenway Town Center
JVGRI
40%
OR
Portland-Vancouver-Beaverton
93
37
94.8%
 
38
Lamb's Thriftway
$
14.53


36


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Murrayhill Marketplace
 
 
OR
Portland-Vancouver-Beaverton
149
149
81.7%
 
41
Safeway
$
16.11

Northgate Marketplace
 
 
OR
Medford
81
81
98.8%
 
13
Trader Joe's
$
20.90

Sherwood Crossroads
 
 
OR
Portland-Vancouver-Beaverton
88
88
92.6%
 
55
Safeway
$
10.34

Sherwood Market Center
 
 
OR
Portland-Vancouver-Beaverton
124
124
93.5%
 
50
Albertsons
$
17.71

Sunnyside 205
 
 
OR
Portland-Vancouver-Beaverton
54
54
80.4%
 
$
25.43

Tanasbourne Market
 
 
OR
Portland-Vancouver-Beaverton
71
71
100.0%
 
57
Whole Foods
$
27.34

Walker Center
 
 
OR
Portland-Vancouver-Beaverton
90
90
94.0%
 
Bed Bath and Beyond
$
19.07

 
 
 
 
OR
 
834
778
92.2%
92.2%
265
 
 
Allen Street Shopping Center
JVGRI
40%
PA
Allentown-Bethlehem-Easton
46
18
100.0%
 
22
Ahart's Market
$
13.81

City Avenue Shopping Center
JVGRI
40%
PA
Philadelphia-Camden-Wilmington
159
64
78.6%
 
$
18.54

Gateway Shopping Center
 
 
PA
Philadelphia-Camden-Wilmington
214
214
96.1%
 
11
Trader Joe's
$
25.65

Hershey
 
 
PA
Harrisburg-Carlisle
6
6
100.0%
 
$
30.41

Kulpsville Village Center
 
 
PA
Philadelphia-Camden-Wilmington
15
15
100.0%
 
$
30.36

Lower Nazareth Commons
 
 
PA
Allentown-Bethlehem-Easton
90
90
98.2%
 
244
111
(Wegmans), (Target), Sports Authority
$
25.25

Mercer Square Shopping Center
JVGRI
40%
PA
Philadelphia-Camden-Wilmington
91
37
96.7%
 
51
Wies Markets
$
20.83

Newtown Square Shopping Center
JVGRI
40%
PA
Philadelphia-Camden-Wilmington
141
56
98.3%
 
56
Acme Markets
$
15.24

Silver Spring Square
JVRRP
20%
PA
Harrisburg-Carlisle
314
63
100.0%
 
139
126
Wegmans, (Target)
$
17.66

Stefko Boulevard Shopping Center
JVGRI
40%
PA
Allentown-Bethlehem-Easton
134
54
88.3%
 
73
Valley Farm Market
$
7.33

Warwick Square Shopping Center
JVGRI
40%
PA
Philadelphia-Camden-Wilmington
90
36
95.1%
 
51
Giant Food
$
18.95

 
 
 
 
PA
 
1,301
653
94.8%
94.8%
384
501
 
 
Buckwalter Village
 
 
SC
Hilton Head Island-Beaufort
60
60
100.0%
 
46
Publix
$
14.49

Merchants Village
JVGRI
40%
SC
Charleston-North Charleston
80
32
98.5%
 
38
Publix
$
14.43

Orangeburg
 
 
 
SC
Charleston-North Charleston
15
15
100.0%
 
$
23.01


37


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Queensborough Shopping Center
 
JVO
50%
SC
Charleston-North Charleston
82
41
98.2%
 
66
Publix
$
9.90

Surfside Beach Commons
JVC2
20%
SC
Myrtle Beach-Conway-North Myrtle Beach
60
12
97.8%
 
47
Bi-Lo
$
11.84

 
 
 
SC
 
296
159
99.1%
99.1%
196
 
 
Dickson Tn
 
 
 
TN
Nashville-Davidson--Murfreesboro
11
11
100.0%
 
$
20.35

Harpeth Village Fieldstone
 
 
TN
Nashville-Davidson--Murfreesboro
70
70
100.0%
 
55
Publix
$
14.07

Lebanon Center
 
 
TN
Nashville-Davidson--Murfreesboro
64
64
94.0%
 
46
Publix
$
12.27

Northlake Village
 
 
TN
Nashville-Davidson--Murfreesboro
138
138
92.2%
 
75
Kroger
$
12.50

Peartree Village
 
 
TN
Nashville-Davidson--Murfreesboro
110
110
100.0%
 
61
Harris Teeter
$
18.09

 
 
 
TN
 
392
392
96.3%
96.3%
236
 
 
Alden Bridge
 
JVUSAA
20%
TX
Houston-Baytown-Sugar Land
139
28
97.7%
 
68
Kroger
$
18.41

Bethany Park Place
JVUSAA
20%
TX
Dallas-Fort Worth-Arlington
99
20
98.0%
 
83
Kroger
$
11.25

Cochran's Crossing
 
 
TX
Houston-Baytown-Sugar Land
138
138
98.8%
 
63
Kroger
$
16.73

Hancock
 
 
TX
Austin-Round Rock
410
410
98.2%
 
90
H.E.B., Sears
$
14.06

Hickory Creek Plaza
 
 
TX
Dallas-Fort Worth-Arlington
28
28
93.6%
 
81
81
(Kroger)
$
23.94

Hillcrest Village
 
 
TX
Dallas-Fort Worth-Arlington
15
15
100.0%
 
$
44.40

Indian Springs Center
JVO
50%
TX
Houston-Baytown-Sugar Land
137
68
100.0%
 
79
H.E.B.
$
19.95

Keller Town Center
 
 
TX
Dallas-Fort Worth-Arlington
120
120
88.6%
 
64
Tom Thumb
$
14.44

Lebanon/Legacy Center
 
 
TX
Dallas-Fort Worth-Arlington
56
56
96.2%
 
63
63
(Wal-Mart)
$
22.57

Market at Preston Forest
 
 
TX
Dallas-Fort Worth-Arlington
96
96
100.0%
 
64
Tom Thumb
$
19.40

Market at Round Rock
 
 
TX
Austin-Round Rock
123
123
88.3%
 
30
Sprout's Markets
$
17.35

Mockingbird Common
 
 
TX
Dallas-Fort Worth-Arlington
120
120
91.4%
 
49
Tom Thumb
$
16.92

North Hills
 
 
 
TX
Austin-Round Rock
144
144
98.4%
 
60
H.E.B.
$
20.91

Panther Creek
 
 
TX
Houston-Baytown-Sugar Land
166
166
99.5%
 
66
Randall's Food
$
17.36


38


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Prestonbrook
 
 
 
TX
Dallas-Fort Worth-Arlington
92
92
98.5%
 
64
Kroger
$
13.48

Preston Oaks
 
 
 
TX
Dallas-Fort Worth-Arlington
104
104
—%
 
30
H.E.B. Central Market
$
28.32

Rockwall Town Center
 
 
TX
Dallas-Fort Worth-Arlington
46
46
91.3%
 
74
74
(Kroger)
$
24.37

Shiloh Springs
JVUSAA
20%
TX
Dallas-Fort Worth-Arlington
110
22
92.8%
 
61
Kroger
$
14.12

Signature Plaza
 
 
TX
Dallas-Fort Worth-Arlington
32
32
72.3%
 
62
62
(Kroger)
$
21.43

Southpark at Cinco Ranch
 
 
TX
Houston-Baytown-Sugar Land
243
243
93.4%
 
101
Kroger, Academy
$
9.89

Sterling Ridge
 
 
TX
Houston-Baytown-Sugar Land
129
129
100.0%
 
63
Kroger
$
18.96

Sweetwater Plaza
JVC
20%
TX
Houston-Baytown-Sugar Land
134
27
94.5%
 
65
Kroger
$
16.08

Tech Ridge Center
 
 
TX
Austin-Round Rock
187
187
93.3%
 
84
H.E.B.
$
20.11

Weslayan Plaza East
JVGRI
40%
TX
Houston-Baytown-Sugar Land
170
68
100.0%
 
$
15.88

Weslayan Plaza West
JVGRI
40%
TX
Houston-Baytown-Sugar Land
186
74
98.4%
 
52
Randall's Food
$
17.12

Westwood Village
 
 
TX
Houston-Baytown-Sugar Land
184
184
95.9%
 
127
(Target)
$
17.51

Woodway Collection
JVGRI
40%
TX
Houston-Baytown-Sugar Land
104
42
45.5%
 
57
$
26.58

 
 
 
TX
 
3,511
2,781
94.7%
94.8%
407
1,574
 
 
Ashburn Farm Market Center
 
 
VA
Washington-Arlington-Alexandria
92
92
100.0%
 
49
Giant Food
$
22.77

Ashburn Farm Village Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
89
36
100.0%
 
57
Shoppers Food Warehouse
$
15.39

Braemar Shopping Center
JVRC
25%
VA
Washington-Arlington-Alexandria
96
24
96.9%
 
58
Safeway
$
19.16

Centre Ridge Marketplace
JVGRI
40%
VA
Washington-Arlington-Alexandria
104
42
98.8%
 
55
Shoppers Food Warehouse
$
17.32

Cheshire Station
 
 
VA
Washington-Arlington-Alexandria
97
97
98.8%
 
55
Safeway
$
17.41

Culpeper Colonnade
 
 
VA
Culpeper
132
132
94.0%
 
127
70
Martin's, (Target)
$
15.10

Fairfax Shopping Center
 
 
VA
Washington-Arlington-Alexandria
76
76
89.2%
 
$
13.45

Festival at Manchester Lakes
JVGRI
40%
VA
Washington-Arlington-Alexandria
165
66
99.3%
 
65
Shoppers Food Warehouse
$
23.76


39


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Fortuna Center Plaza
JVRRP
20%
VA
Washington-Arlington-Alexandria
105
21
100.0%
 
124
67
Shoppers Food Warehouse, (Target)
$
15.25

Fox Mill Shopping Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
103
41
100.0%
 
50
Giant Food
$
21.38

Gayton Crossing
JVGRI
40%
VA
Richmond
157
63
87.4%
 
55
38
Martin's, (Kroger)
$
13.76

Greenbriar Town Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
340
136
96.7%
 
62
Giant Food
$
23.06

Hanover Village Shopping Center
JVGRI
40%
VA
Richmond
88
35
83.8%
 
$
8.15

Hollymead Town Center
JVC2
20%
VA
Charlottesville
154
31
95.0%
 
143
61
Harris Teeter, (Target)
$
21.93

Kamp Washington Shopping Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
72
29
96.2%
 
$
33.29

Kings Park Shopping Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
74
30
95.6%
 
28
Giant Food
$
24.91

Lorton Station Marketplace
JVC2
20%
VA
Washington-Arlington-Alexandria
132
26
100.0%
 
63
Shoppers Food Warehouse
$
20.44

Lorton Town Center
JVC2
20%
VA
Washington-Arlington-Alexandria
52
10
91.6%
 
$
23.64

Market at Opitz Crossing
 
 
VA
Washington-Arlington-Alexandria
150
150
76.6%
 
52
Safeway
$
13.54

Saratoga Shopping Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
113
45
100.0%
 
56
Giant Food
$
17.81

Shops at County Center
 
 
VA
Washington-Arlington-Alexandria
97
97
93.8%
 
52
Harris Teeter
$
20.19

Shops at Stonewall
 
 
VA
Washington-Arlington-Alexandria
308
308
100.0%
 
140
Wegmans, Dick's Sporting Goods
$
15.58

Signal Hill
 
JVC2
20%
VA
Washington-Arlington-Alexandria
95
19
100.0%
 
67
Shoppers Food Warehouse
$
20.56

Town Center at Sterling Shopping Center
JVGRI
40%
VA
Washington-Arlington-Alexandria
187
75
98.2%
 
47
Giant Food
$
18.13

Tysons CVS
 
JVO
50%
VA
Washington-Arlington-Alexandria
13
6
100.0%
 
$
95.35

Village Center at Dulles
JVC
20%
VA
Washington-Arlington-Alexandria
298
60
92.1%
 
48
Shoppers Food Warehouse, Gold's Gym
$
24.30

Village Shopping Center
JVGRI
40%
VA
Richmond
111
44
96.7%
 
45
Martin's
$
20.78

Willston Centre I
JVGRI
40%
VA
Washington-Arlington-Alexandria
105
42
87.9%
 
$
25.18

Willston Centre II
JVGRI
40%
VA
Washington-Arlington-Alexandria
136
54
98.6%
 
141
59
Safeway, (Target)
$
21.78

 
 
 
 
VA
 
3,740
1,886
94.9%
94.9%
589
1,344
 
 
Aurora Marketplace
JVGRI
40%
WA
Seattle-Tacoma-Bellevue
107
43
96.3%
 
49
Safeway
$
15.29


40


Portfolio Summary Report By State
June 30, 2013
(in thousands)
 
 
 
 
 
 
JVs at 100%
REG's pro-rata share
REG's pro-rata share
REG's pro-rata share
 
 
 
 
Property Name
 
JV
REG's Ownership %
State
CBSA
GLA
GLA
% Leased
% Leased - Operating Properties
Retailer-
Owned
GLA
Grocery Anchor GLA
Major Tenants (1)
Average Base Rent/ Sq. Ft
Cascade Plaza
JVC
20%
WA
Seattle-Tacoma-Bellevue
211
42
86.6%
 
49
Safeway
$
11.45

Eastgate Plaza
JVGRI
40%
WA
Seattle-Tacoma-Bellevue
78
31
95.8%
 
29
Albertsons
$
23.00

Grand Ridge
 
 
 
WA
Seattle-Tacoma-Bellevue
325
325
95.2%
 
45
Safeway, Regal Cinemas
$
21.73

Inglewood Plaza
 
 
WA
Seattle-Tacoma-Bellevue
17
17
100.0%
 
$
32.52

Orchards Market Center I
JVRRP
20%
WA
Portland-Vancouver-Beaverton
101
20
100.0%
 
Wholesale Sports
$
13.35

Orchards Market Center II
 
 
WA
Portland-Vancouver-Beaverton
77
77
93.7%
 
LA Fitness
$
18.08

Overlake Fashion Plaza
JVGRI
40%
WA
Seattle-Tacoma-Bellevue
81
32
94.5%
 
230
(Sears)
$
24.19

Pine Lake Village
 
 
WA
Seattle-Tacoma-Bellevue
103
103
99.1%
 
41
Quality Foods
$
20.88

Sammamish-Highlands
 
 
WA
Seattle-Tacoma-Bellevue
101
101
99.5%
 
55
55
(Safeway)
$
25.08

Southcenter
 
 
 
WA
Seattle-Tacoma-Bellevue
58
58
86.2%
 
112
(Target)
$
26.77

 
 
 
 
WA
 
1,260
851
95.3%
95.3%
397
268

 
Racine Centre Shopping Center
JVGRI
40%
WI
Racine
136
54
93.5%
 
51
Piggly Wiggly
$
7.49

Whitnall Square Shopping Center
JVGRI
40%
WI
Milwaukee-Waukesha-West Allis
133
53
92.8%
 
69
Pick 'N' Save
$
7.89

 
 
 
 
WI
 
269
108
93.2%
93.2%
120
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regency Centers Total
 
 
 
 
39,843
28,261
94.3%
94.6%
6,009
14,312
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


41


Portfolio Summary Report by State
March 31, 2013
(in thousands)
 
 
 
 
 
 
(1) Major Tenants are the grocer anchor and any tenant over 35,000 square feet. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 JVC:
 Co-investment Partnership with Oregon
 JVC2:
 Co-investment Partnership with Oregon
 JVCCV:
 Co-investment Partnership with Oregon
 JVGRI:
 Co-investment Partnership with GRI
 JVO:
 Other, single property Co-investment Partnerships
 
 
 
 
 
 
 
 
 
 JVRC:
 Co-investment Partnership with CalSTRS
 JVRRP:
 Regency Retail Partners (closed-end fund)
 JVUSAA:
 Co-investment Partnership with USAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Properties managed by Regency, but not owned
Powers Ferry Kroger
 
 
 
GA
Atlanta-Sandy Springs-Marietta
46

 
 
 
 
 
 
 
Woodstock Crossing
 
 
 
GA
Atlanta-Sandy Springs-Marietta
66

 
 
 
 
 
 
 
Centennial Crossroads Plaza
 
 
 
NV
Las Vegas-Paradise
99

 
 
 
 
 
 
 
Total square footage managed by Regency, but not owned
 
 
 
211

 
 
 
 
 
 
 


42


Significant Tenant Rents - Wholly Owned and Regency’s Pro-Rata Share of Co-investment Partnerships
June 30, 2013
(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
 
1,939

 
6.9
%
 
$
19,800

 
4.4
%
 
51

 
16

Kroger
 
2,138

 
7.6
%
 
19,775

 
4.4
%
 
41

 
12

Safeway
 
1,502

 
5.3
%
 
14,083

 
3.1
%
 
44

 
20

TJX Companies
 
689

 
2.4
%
 
8,689

 
1.9
%
 
30

 
10

CVS
 
516

 
1.8
%
 
8,586

 
1.9
%
 
47

 
22

Albertsons
 
496

 
1.8
%
 
6,432

 
1.4
%
 
13

 
5

PETCO
 
287

 
1.0
%
 
6,018

 
1.3
%
 
38

 
17

Whole Foods
 
252

 
0.9
%
 
5,615

 
1.2
%
 
9

 
5

Ahold
 
361

 
1.3
%
 
5,134

 
1.1
%
 
13

 
10

Walgreens
 
135

 
0.5
%
 
4,921

 
1.1
%
 
12

 
4

H.E.B.
 
305

 
1.1
%
 
4,773

 
1.1
%
 
5

 
1

Ross Dress For Less
 
268

 
0.9
%
 
4,282

 
0.9
%
 
16

 
10

JPMorgan Chase Bank
 
71

 
0.3
%
 
4,099

 
0.9
%
 
29

 
6

Trader Joe's
 
138

 
0.5
%
 
3,705

 
0.8
%
 
15

 
5

Starbucks
 
94

 
0.3
%
 
3,586

 
0.8
%
 
79

 
32

Wells Fargo Bank
 
76

 
0.3
%
 
3,465

 
0.8
%
 
37

 
21

Harris Teeter
 
301

 
1.1
%
 
3,446

 
0.8
%
 
9

 
4

Sears Holdings
 
412

 
1.5
%
 
3,315

 
0.7
%
 
7

 
1

Bank of America
 
70

 
0.2
%
 
3,209

 
0.7
%
 
25

 
12

Rite Aid
 
203

 
0.7
%
 
3,146

 
0.7
%
 
23

 
14

SUPERVALU
 
279

 
1.0
%
 
3,127

 
0.7
%
 
12

 
11

Sports Authority
 
141

 
0.5
%
 
3,063

 
0.7
%
 
4

 
1

Wal-Mart
 
466

 
1.6
%
 
3,026

 
0.7
%
 
5

 
1

Subway
 
95

 
0.3
%
 
2,908

 
0.6
%
 
107

 
49

Target
 
350

 
1.2
%
 
2,884

 
0.6
%
 
4

 
2

Top 25 Tenants
 
11,584

 
41.0
%
 
$
151,087

 
33.4
%
 
675

 
291

Fuel Pad base rent (below) is included in the respective grocer's annualized base rent above.
Grocer fuel pads on ground leases
 
 Annualized Base Rent
Safeway Total
$
204

Kroger Total
$
45

GLA owned and occupied by the anchor not included above:
 
 
 
# of Retailer-Owned Stores
 
# of Stores including Tenant-Owned
Target
 
1,256

 
13

 
17

Wal-Mart
 
638

 
5

 
10

Kroger
 
525

 
7

 
48

Safeway
 
314

 
6

 
50

Sears Holdings
 
92

 
1

 
8

Albertsons
 
82

 
2

 
15

Publix
 
63

 
1

 
52

 
 
2,971

 
 
 
 


43


Tenant Lease Expirations
June 30, 2013
(in thousands)
All Tenants
 
 
 
 
 
 
 
 
 
 
Regency's Pro-Rata Share
Lease Expiration Year
 
Pro-Rata Expiring GLA
 
Percent of Pro-Rata
Expiring GLA
 
Pro-Rata
In-Place Minimum Rent Under Expiring Leases
 
Percent of Expiring Pro-Rata Minimum Rent (2)
 
Pro-rata Expiring A.B.R
(1)
 
221

 
0.9
%
$
5,048

 
1.1
%
$
22.79

2013
 
689

 
2.7
%
 
13,960

 
3.1
%
 
20.25

2014
 
2,700

 
10.4
%
 
50,847

 
11.2
%
 
18.84

2015
 
2,386

 
9.2
%
 
49,592

 
11.0
%
 
20.78

2016
 
2,812

 
10.8
%
 
50,032

 
11.1
%
 
17.79

2017
 
3,384

 
13.1
%
 
65,989

 
14.6
%
 
19.50

2018
 
2,386

 
9.2
%
 
42,614

 
9.4
%
 
17.86

2019
 
1,426

 
5.5
%
 
22,892

 
5.1
%
 
16.05

2020
 
1,357

 
5.2
%
 
20,798

 
4.6
%
 
15.32

2021
 
1,223

 
4.7
%
 
19,600

 
4.3
%
 
16.02

2022
 
1,726

 
6.7
%
 
26,621

 
5.9
%
 
15.42

10 Year Total
 
20,310

 
78.3
%
 
367,994

 
81.3
%
 
18.12

Thereafter
 
5,618

 
21.7
%
 
84,613

 
18.7
%
 
15.06

 
 
25,928

 
100.0
%
$
452,607

 
100.0
%
$
17.46

 
 
 
 
 
 
 
 
 
 
 
Anchor Tenants (3)
 
 
 
 
 
 
 
 
 
 
Regency's Pro-Rata Share
Lease Expiration Year
 
Pro-Rata Expiring GLA
 
Percent of Pro-Rata
Expiring GLA
 
Pro-Rata
In-Place Minimum Rent Under Expiring Leases
 
Percent of Expiring Pro-Rata Minimum Rent (2)
 
Pro-rata Expiring A.B.R
(1)
 

 
%
$

 
%
$

2013
 
97

 
0.7
%
 
281

 
0.2
%
 
2.91

2014
 
973

 
6.9
%
 
8,784

 
5.6
%
 
9.02

2015
 
684

 
4.8
%
 
6,723

 
4.3
%
 
9.83

2016
 
1,163

 
8.2
%
 
9,488

 
6.1
%
 
8.16

2017
 
1,457

 
10.3
%
 
16,657

 
10.6
%
 
11.44

2018
 
1,214

 
8.6
%
 
12,528

 
8.0
%
 
10.32

2019
 
991

 
7.0
%
 
12,697

 
8.1
%
 
12.81

2020
 
987

 
7.0
%
 
11,704

 
7.5
%
 
11.86

2021
 
758

 
5.4
%
 
7,323

 
4.7
%
 
9.66

2022
 
1,111

 
7.9
%
 
12,129

 
7.7
%
 
10.91

10 Year Total
 
9,435

 
66.8
%
 
98,315

 
62.8
%
 
10.42

Thereafter
 
4,679

 
33.2
%
 
58,286

 
37.2
%
 
12.46

 
 
14,114

 
100.0
%
$
156,601

 
100.0
%
$
11.10

 
 
 
 
 
 
 
 
 
 
 
Reflects in place leases as of June 30, 2013, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.
(1) Leases currently under month to month lease or in process of renewal.
(2) Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.
(3) Anchor tenants represent any tenant at least 20,000 square feet.


44


Tenant Lease Expirations
June 30, 2013
(in thousands)
Inline Tenants
 
 
 
 
 
 
 
 
 
 
Regency's Pro-Rata Share
Lease Expiration Year
 
Pro-Rata Expiring GLA
 
Percent of Pro-Rata
Expiring GLA
 
Pro-Rata In-Place Minimum Rent Under Expiring Leases
 
Percent of Expiring Pro-Rata Minimum Rent (2)
 
Pro-rata Expiring A.B.R
(1)
 
221

 
1.9
%
$
5,048

 
1.7
%
$
22.79

2013
 
593

 
5.0
%
 
13,679

 
4.6
%
 
23.07

2014
 
1,726

 
14.6
%
 
42,063

 
14.2
%
 
24.37

2015
 
1,702

 
14.4
%
 
42,869

 
14.5
%
 
25.19

2016
 
1,649

 
14.0
%
 
40,544

 
13.7
%
 
24.59

2017
 
1,927

 
16.3
%
 
49,332

 
16.7
%
 
25.60

2018
 
1,172

 
9.9
%
 
30,086

 
10.2
%
 
25.67

2019
 
435

 
3.7
%
 
10,196

 
3.4
%
 
23.45

2020
 
371

 
3.1
%
 
9,094

 
3.1
%
 
24.54

2021
 
465

 
3.9
%
 
12,276

 
4.1
%
 
26.39

2022
 
615

 
5.2
%
 
14,492

 
4.9
%
 
23.57

10 Year Total
 
10,876

 
92.1
%
 
269,679

 
91.1
%
 
24.80

Thereafter
 
939

 
7.9
%
 
26,327

 
8.9
%
 
28.04

 
 
11,815

 
100.0
%
$
296,006

 
100.0
%
$
25.05

 
 
 
 
 
 
 
 
 
 
 
Reflects in place leases as of June 30, 2013, but does not account for contractual rent steps and assumes that no tenants exercise renewal options.
(1) Leases currently under month to month lease or in process of renewal.
(2) Total Minimum Rent includes base rent for all properties, but excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.

45


Earnings and Valuation Guidance
June 30, 2013
($000s except per share numbers)
 
2011A
 
2012A
 
2013E
 
1Q13A
 
2Q13A
 
3Q13E
FFO / Share (for actuals please see related press release)
 
 
 
 
 
$2.53 - $2.58
 
 
 

 
$.61 - $.63
Core FFO / Share
 
 
 
 
 
$2.55 - $2.60
 
 
 

 
$.61 - $.63
Same Property -- Wholly owned and Regency's pro-rata share of co-investment partnerships:
 
 
 
 
  Same property percent leased at period end
 
93.8%
 
94.5%
 
94.3% - 95.0%
 
94.3%
 
94.6%
 
 
  Same property NOI growth without termination fees
 
0.1%
 
4.0%
 
3.5% - 4.0%
 
5.1%
 
5.2%
 
 
  Same property recovery rate
 
76.4%
 
77.4%
 
77% - 79%
 
77.6%
 
79.2%
 
 
Percentage Rent -- Consolidated Only
 
$2,996
 
$3,327
 
$2,600 - $3,400
 
$1,548
 
$298
 
 
Investment Activity
 
 
 
 
 
 
 
 
 
 
 
 
  Acquisitions - (REG Pro-Rata)
 
$110,643
 
$244,285
 
$30,000 - $50,000
 
$—
 
$27,000
 
 
  Cap rate (average)
 
6.0%
 
5.3%
 
5.5% - 5.9%
 
—%
 
6.1%
 
 
  Dispositions - (REG Pro-Rata)
 
$91,205
 
$404,852
 
$250,000 - $300,000
 
$—
 
$89,780
 
 
  Cap rate (average)
 
7.8%
 
7.8%
 
7.0% - 8.0%
 
—%
 
6.7%
 
 
  Liquidation of Preferred Investment in JV
 
$—
 
$—
 
$47,500
 
$—
 
$—
 
 
  Yield
 
—%
 
—%
 
10.5%
 
—%
 
—%
 
 
  Development and Redevelopment starts (1)
 
$95,904
 
$149,446
 
$125,000 - $200,000
 
$14,348
 
$62,819
 
 
Third party fees and commissions
 
$28,980
 
$26,511
 
$23,500 - $25,000
 
$6,761
 
$6,741
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Asset Valuation Guidance:
 
 
 
 
 
 
 
 
 
 
 
 
Estimated market value of expansion land and outparcels available
 
 
 
 
 
 
 
 
 
$79,466
 
 
NOI from Projects in Development (current quarter)
 
 
 
 
 
 
 
 
 
$730
 
 
NOI from leases signed but not yet rent-paying in operating properties, including Development Completions (current quarter)
 
$2,846
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Redevelopment starts are not included in 2011A and 2012A results.
 
 
 
 
 
 
 
 
 
 
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.

46


Reconciliation of FFO and Core FFO Guidance to Net Income
June 30, 2013
(per diluted share)
Funds From Operations Guidance:
 
Three Months Ended September 30, 2013
 
Full Year 2013
Net income attributable to common stockholders
$
0.14

0.16

$
0.82

0.87

Adjustments to reconcile net income to FFO:
 
 
 
 
 
 
Depreciation expense, amortization and other amounts
 
0.47

0.47

 
1.71

1.71

Funds From Operations
$
0.61

0.63

$
2.53

2.58

Adjustments to reconcile FFO to Core FFO:
 
 
 
 
 
 
All other non-core amounts
$


$
0.02

0.02

Core Funds From Operations
$
0.61

0.63

$
2.55

2.60



47


Glossary of Terms
June 30, 2013

Core Funds From Operations (Core FFO): An additional performance measure used by Regency as the computation of FFO includes certain non-cash and non-comparable items that affect the Company's period-over-period performance. Core FFO excludes from FFO, but is not limited to, transaction profits, income or expense, gains or losses from the early extinguishment of debt and other non-core items. The Company provides a reconciliation of FFO to Core FFO.
Development Completion: A Project In Development is deemed complete at the point in time when either (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) two years have passed since the open date for the last tenant leasing space equal to or greater than 20,000 square feet, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed an Operating Property.
Development Property Gains and Losses: Gains and losses incurred when properties that were acquired and subsequently developed (including partially operating properties specifically acquired for redevelopment) are sold before the end of the first calendar year following Development Completion.
Fixed Charge Coverage Ratio: Earnings before interest, taxes, investment transaction profits net of deal costs, depreciation and amortization (“Core EBITDA”) divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders.
Funds From Operations (FFO): 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 FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it can provide a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company's financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, 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 an alternative for cash flow as a measure of liquidity.
Net Operating Income (NOI): Total property revenues (minimum rent, percentage rents, and recoveries from tenants and other income) less direct property operating expenses (operating and maintenance and real estate taxes) from the properties owned by the Company, and excludes corporate-level income (including management, transaction, and other fees), for the entirety of the periods presented.
Non-Same Property: A property acquired during either period being compared or a Development Completion that is less than 90% funded or features less than two years of anchor operations. In no event can a Development Completion be termed a Non-Same Property for more than two years.
Operating Property: Any property not termed a Project In Development.

Project In Development: A property owned and intended to be developed, including partially operating properties acquired specifically for redevelopment and excluding land held for future development.

Same Property: Information provided on a same property basis is provided for comparable operating properties that were owned and operated for the entirety of both periods being compared. This term excludes all Projects In Development and Non-Same Properties.



48