REGENCY CENTERS CORP

10-K & 10-Q Filings

Regency Centers Corporation is a real estate investment trust (REIT) and the general partner of Regency Centers, L.P., which conducts substantially all of its operations. The company owns, develops, and operates income-producing retail real estate primarily located in suburban trade areas with compelling demographics in the United States. Regency's mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. The company's business strategy includes generating same property net operating income (NOI) growth, reinvesting free cash flow and portfolio enhancement disposition proceeds, maintaining a conservative balance sheet, implementing leading ESG practices, and attracting, retaining, and engaging a talented workforce. Regency's portfolio consists of 482 properties, primarily anchored by market leading grocers, encompassing 56.8 million square feet of gross leasable area (GLA). The company's properties are located in desirable metro areas and are maintained to high standards. Regency faces competition from other shopping center owners, grocery store chains, and alternative shopping methods. Regency's website is www.regencycenters.com, and its common stock is listed on the NASDAQ Global Select Market under the ticker symbol "REG." The company's 6.250% Series A Cumulative Redeemable Preferred Stock and 5.875% Series B Cumulative Redeemable Preferred Stock trade under the ticker symbols "REGCP" and "REGCO," respectively. The company's independent registered public accounting firm is Deloitte & Touche LLP. The annual meeting of shareholders is currently expected to be held on May 1, 2024, in a virtual-only format. Regency uses non-GAAP measures to improve the understanding of its operational results.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$1000.83
993.84
978.01
1075.80
1139.53
1228.74
1968.65
2241.95
1133.14
1016.17
1166.16
1224.02
1322.47
317.98
363.85
2.35%14.43%Cost of Revenue (-)
$269.63
265.50
265.65
135.05
139.38
160.95
397.90
295.19
136.24
143.00
142.13
149.79
165.56
38.48
44.31
-3.98%15.15%Gross Profit (+)
$731.20
728.34
712.37
940.74
1000.14
1067.79
1570.76
1946.76
996.90
873.17
1024.03
1074.23
1156.91
279.50
319.54
3.90%14.33%Selling, General & Administrative (-)
$112.23
123.40
122.47
120.48
131.20
130.65
135.25
130.98
74.98
75.00
78.22
79.90
97.81
25.28
26.13
-1.14%3.37%Depreciation & Amortization (-)
$264.26
253.62
261.26
295.58
293.66
324.65
668.40
719.38
374.28
345.90
303.33
319.70
352.28
82.71
97.58
2.42%17.99%Non-recurring Operating Expenses (-)
$15.90
74.80
6.00
1.26
1.70
76.87
54.17
150.66
84.39
Operating Expenses (-)
$652.28
642.52
649.37
706.70
730.20
806.30
1489.53
1481.61
763.23
746.62
713.98
751.71
854.32
196.99
233.94
2.27%18.76%Costs & Expenses (Total) (-)
$668.18
717.32
655.37
707.95
730.20
808.00
1489.53
1558.49
899.46
897.28
856.11
901.50
1019.88
235.47
278.25
3.59%18.17%Operating Income/Loss (+)
$595.85
588.08
614.57
603.86
744.38
1057.25
233.68
118.89
310.05
322.52
302.59
82.51
85.60
-5.49%3.75%Non-operating Income/Expense (+)
$-270.55
-371.48
-223.48
-166.09
-220.47
-296.13
-282.19
-341.64
-187.61
-256.41
-132.98
-44.10
-147.82
-34.42
-29.21
15.12%Interest Expense (-)
$247.29
224.26
217.93
218.98
205.24
181.42
265.26
296.91
151.26
156.68
145.17
146.19
154.25
36.39
42.87
-3.86%17.79%Earnings before Tax (+)
$78.01
7.30
273.75
203.01
188.86
126.31
196.94
418.70
182.30
13.15
319.20
428.21
320.33
86.57
100.70
12.49%16.32%Tax Expense (-)
$
13.22
Income/Loss (Continuing Operations) (+)
$97.30
1.01
168.59
267.54
233.87
239.34
303.10
504.65
243.26
47.32
366.29
488.04
370.87
98.49
112.66
11.80%14.39%Income/Loss (Discontinued Operations) (+)
$14.28
47.09
130.57
Profit/Loss (+)
$111.58
52.42
302.57
377.69
305.09
166.99
357.96
504.65
243.26
47.32
366.29
488.04
370.87
98.49
112.66
10.53%14.39%Net Income/Loss (NCI) (-)
$5.01
1.21
2.69
2.59
4.73
3.88
5.42
5.87
3.83
2.43
4.88
5.17
6.31
1.21
2.88
1.94%138.94%Net Income/Loss (+)
$106.57
51.21
299.88
375.10
300.35
330.10
352.54
498.78
239.43
44.89
361.41
482.87
364.56
97.28
109.77
10.79%12.84%Preferred & Other Distributions (-)
$19.68
32.53
21.06
21.06
21.06
21.06
16.13
5.06
3.41
-10.70%Net Income/Loss (Common) (+)
$31.70
-6.66
256.86
375.10
300.35
143.86
159.95
249.13
239.43
44.89
361.41
482.87
359.50
97.28
106.36
22.43%9.33%EPS (Basic)
$0.35
-0.08
1.40
1.80
1.37
1.43
1.00
1.47
1.43
0.27
2.12
2.82
2.04
0.57
0.58
15.82%1.75%EPS (Diluted)
$0.35
-0.08
1.40
1.80
1.36
1.42
1.00
1.46
1.43
0.26
2.12
2.81
2.04
0.57
0.58
15.82%1.75%Weighted Avg Shares (Basic)
89.92
90.40
92.33
94.13
97.61
104.70
170.79
167.51
167.72
169.83
171.37
171.31
184.58
170.98
184.78
6.18%8.07%Cash
$22.80
44.70
161.37
227.55
73.71
26.51
90.74
85.06
115.56
378.45
95.03
68.78
91.35
68.14
230.10
12.26%237.67%Receivables
$37.73
26.60
26.32
31.00
159.08
169.34
143.63
153.09
188.86
206.16
181.58
229.41
15.20%26.34%Securities & Long-term Investments
$7394.35
6254.33
6363.32
6952.36
7004.23
7618.22
19878.71
18655.44
9329.13
9107.75
9320.62
9792.58
11142.32
9748.13
11088.03
3.48%13.75%Property, Plant & Equipment (Net)
$
292.79
287.83
280.78
625.89
707.31
620.09
706.29
13.90%Goodwill & Intangibles
$54.11
42.46
44.80
52.37
105.38
118.83
478.83
387.07
242.82
188.80
212.71
197.75
283.38
188.64
266.83
14.80%41.45%Other Assets
$465.15
1338.83
1231.22
1131.07
1039.75
1214.25
1843.16
2761.76
982.61
830.44
730.34
336.74
356.83
345.49
130.25
-2.18%-62.30%Assets (Total)
$7974.14
7706.92
7827.03
8394.34
8382.15
8977.81
22291.43
21889.33
11132.25
10936.90
10792.56
10860.22
12426.91
10805.68
12650.90
3.77%17.08%Accounts Payable
$203.72
254.37
294.09
362.39
329.03
277.87
468.54
449.61
213.71
302.36
322.27
317.26
358.61
289.30
344.64
4.83%19.13%Securities (Liabilities)
$0.07
Debt (Non-current)
$3884.88
3883.78
3709.39
4042.71
3744.96
3284.84
3594.98
3715.21
4142.46
4143.47
3718.94
3726.75
4153.95
3741.78
4417.18
0.56%18.05%Other Liabilities
$146.16
76.94
101.28
116.27
142.92
2790.60
4761.80
4824.16
486.13
432.92
641.42
638.17
722.42
635.16
711.06
14.24%11.95%Liabilities (Total)
$4234.83
4215.09
4104.76
4521.38
4216.91
6353.31
8825.33
8988.99
4842.29
4878.76
4682.63
4682.18
5234.98
4666.24
5472.88
1.78%17.29%Treasury Stock
$
19.66
17.06
18.31
19.83
23.20
24.44
22.76
24.46
25.49
25.70
26.32
2.42%AOCI
$-142.86
-115.43
-34.81
-115.50
-117.39
-36.69
-12.58
-1.85
-12.00
-18.63
-10.23
7.56
-1.31
3.93
4.46
13.70%Shareholder's Equity
$3739.31
3491.82
3722.27
3872.96
4165.24
2624.50
13466.11
12900.34
6289.96
6058.15
6109.93
6178.04
7191.94
6139.44
7178.02
5.60%16.92%Liabilities & Equity
$7974.14
7706.92
7827.03
8394.34
8382.15
8977.81
22291.43
21889.33
11132.25
10936.90
10792.56
10860.22
12426.91
10805.68
12650.90
3.77%17.08%Net Income/Loss
$111.58
52.42
453.86
377.69
305.09
166.99
357.96
504.65
243.26
47.32
366.29
488.04
370.87
98.49
112.66
10.53%14.39%Depreciation & Amortization
$290.30
279.11
288.61
310.42
309.82
336.42
641.13
673.67
385.45
354.92
309.33
325.50
360.53
84.20
100.35
1.82%19.18%Increase/Decrease in Working Capital
$60.69
4.99
-38.81
113.07
65.52
52.42
38.61
50.23
8.03
-6.12
20.68
46.74
17.20
22.05
39.76
-9.98%80.32%Share-based Compensation
$9.82
9.81
24.38
19.32
22.16
21.30
49.03
27.27
14.34
13.58
12.52
16.52
20.07
4.81
6.29
6.14%30.85%Adjustments to Reconcile Net Income
$324.85
462.01
47.61
177.79
250.76
411.76
589.00
716.00
377.68
451.80
293.10
167.78
348.72
63.61
55.10
0.59%-13.38%Net Cash (Operating)
$435.27
514.43
501.46
555.48
551.27
578.75
942.29
1220.65
621.27
499.12
659.39
655.82
719.59
162.10
167.76
4.28%3.49%Capital Expenditure
$305.40
641.23
642.14
700.71
493.87
1135.64
2242.54
622.96
422.46
197.67
569.68
195.42
315.24
44.57
60.85
0.26%36.53%Net Cash (Investing)
$-155.45
7.25
-19.63
-420.58
-278.69
-819.34
-2015.96
-212.05
-282.69
-25.64
-286.35
-206.11
-341.98
-39.05
-142.34
-264.50%Increase/Decrease in Debt
$-696.72
-127.42
-173.22
145.45
-367.38
-420.43
2372.37
226.50
183.45
0.54
-318.27
-17.96
138.67
14.36
-132.78
-1024.78%Increase/Decrease in Equity
$422.83
25.45
98.66
95.72
199.34
548.92
-499.43
-18.70
-39.79
120.81
75.14
-14.16
-20.46
-20.14
-13.08
35.08%Interest Expenses
$257.30
231.76
214.62
218.85
203.05
165.90
219.91
273.29
136.14
151.34
140.08
141.36
147.18
44.11
47.98
-4.55%8.78%Dividends Paid
$728.15
374.71
378.31
387.92
405.51
444.80
656.63
753.51
391.65
301.90
404.90
430.14
458.85
111.57
127.66
-3.78%14.43%Net Cash (Financing)
$-291.14
-499.78
-365.16
-68.72
-426.42
193.39
1137.90
-1016.99
-268.21
-210.59
-656.46
-475.96
-355.04
-123.68
113.33
191.63%Cash Taxes Paid
$
2.17
1.01
-0.27
10.91
1.23
1.87
0.38
0.57
0.93
0.11
6.07
5319.64%Increase/Decrease in Cash
$-11.32
21.89
116.67
66.18
-153.84
-47.20
64.23
-8.38
70.37
262.89
-283.42
-26.25
22.58
-0.63
138.75
22018.96%Cash (Beginning)
$34.12
22.80
67.05
161.37
227.55
73.71
26.51
45.19
115.56
378.45
95.03
68.78
68.78
91.35
6.01%32.83%Cash (Ending)
$22.80
44.70
242.05
227.55
73.71
26.51
90.74
115.56
378.45
95.03
68.78
91.35
68.14
230.10
12.26%237.67%NOPAT
$595.85
588.08
614.57
603.86
744.38
1057.25
233.68
118.89
310.05
322.52
302.59
82.51
85.60
-5.49%3.75%Gross Margin %
73.06%
73.29%
72.84%
87.45%
87.77%
86.90%
79.79%
86.83%
87.98%
85.93%
87.81%
87.76%
87.48%
87.90%
87.82%
Operating Margin %
59.54%
54.66%
53.93%
49.14%
37.81%
47.16%
20.62%
11.70%
26.59%
26.35%
22.88%
25.95%
23.53%
NOPAT Margin %
59.54%
54.66%
53.93%
49.14%
37.81%
47.16%
20.62%
11.70%
26.59%
26.35%
22.88%
25.95%
23.53%
Net Margin %
10.65%
5.15%
30.66%
34.87%
26.36%
26.86%
17.91%
22.25%
21.13%
4.42%
30.99%
39.45%
27.57%
30.59%
30.17%
ROA
7.47%
7.01%
7.33%
6.73%
3.34%
4.83%
2.10%
1.09%
2.87%
2.97%
2.43%
0.76%
0.68%
ROE
15.93%
15.18%
14.75%
23.01%
5.53%
8.20%
3.72%
1.96%
5.07%
5.22%
4.21%
1.34%
1.19%
Equity Multiplier
2.13
2.21
2.10
2.17
2.01
3.42
1.66
1.70
1.77
1.81
1.77
1.76
1.73
1.76
1.76
Debt/Equity Ratio
1.04
1.11
1.00
1.04
0.90
1.25
0.27
0.29
0.66
0.68
0.61
0.60
0.58
0.61
0.62
Dividend Payout Ratio %
122.20%
65.96%
65.98%
73.66%
88.21%
71.27%
167.60%
253.93%
130.59%
133.37%
151.64%
135.21%
149.13%
Total Payout
$1259.34
708.44
667.50
365.60
776.60
482.21
-996.40
819.00
384.13
331.89
788.12
603.63
487.81
161.46
321.50
-7.60%99.12%Payout Ratio %
211.35%
62.17%
126.36%
79.85%
-133.86%
77.46%
164.38%
279.15%
254.19%
187.16%
161.21%
195.68%
375.57%