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Regency Centers Reports Third Quarter Results

Operations

For the three months ended September 30, 2012, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:
  • Percent leased at period end, same properties only: 94.3%
  • Percent leased at period end, all properties: 93.6%
  • Increase in same property net operating income (NOI) over the same period last year, excluding termination fees: 4.4%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 13.7%
  • Leasing transactions, including in-process developments: 396 new and renewal lease transactions for a total of 1.3 million square feet

For the nine months ended September 30, 2012, Regency’s results for wholly owned properties plus its pro-rata share of co-investment partnerships were as follows:
  • Percent leased at period end, same properties only: 94.3%
  • Percent leased at period end, all properties: 93.6%
  • Increase in same property net operating income (NOI) over the same period last year, excluding termination fees: 4.0%
  • Same space rental rate growth on a cash basis for spaces vacant less than 12 months: 6.1%
  • Leasing transactions, including in-process developments: 1,343 new and renewal lease transactions for a total of 4.0 million square feet

Investments

Property Transactions

During the quarter, Regency sold three co-investment operating properties at a gross sales price of $61.5 million representing a weighted average cap rate of 8.2%. Regency’s share of the gross sales price was $20.3 million. Also, Regency sold one outparcel at a gross sales price of $725,000. As previously reported, the Company completed the sale of a 15-property portfolio (“Portfolio”) during the quarter to an affiliate of Blackstone Real Estate Partners VII for total consideration of $321.0 million, representing a weighted average cap rate of 8.1%. Regency retained a $47.5 million preferred equity investment in the entity that owns the Portfolio, which will earn an annual preferred return of 10.5%. This preferred investment can be redeemed after 12 months by Regency and after 18 months by either party.

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