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What changed in REGENCY CENTERS CORP's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of REGENCY CENTERS CORP's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+620 added−533 removedSource: 10-K (2024-02-16) vs 10-K (2023-02-17)

Top changes in REGENCY CENTERS CORP's 2023 10-K

620 paragraphs added · 533 removed · 441 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

57 edited+9 added−5 removed37 unchanged
Biggest changeThese centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income ("NOI"); • Maintain an industry leading and disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns; • Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; • Implement leading environmental, social, and governance ("ESG") practices through our Corporate Responsibility Program; • Engage and retain an exceptional and diverse team that is guided by our strong values, while fostering an environment of innovation and continuous improvement; and • Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers.
Biggest changeThese centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income ("NOI"); • Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers; • Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns; • Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; • Implement leading environmental, social, and governance ("ESG") practices through our Corporate Responsibility program to support and enhance our business goals and objectives; and • Engage and retain an exceptional and diverse team that is guided by our strong values, while fostering an environment of innovation and continuous improvement.
The principal limitation of these non-GAAP measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP measures.
The principal limitation of these non-GAAP measures is that they may exclude significant expense and income items that are required by GAAP to be recognized in our Consolidated Financial Statements. In addition, they reflect the exercise of management's judgment about which expense and income items are excluded or included in determining these non-GAAP measures.
Once deemed complete, the property is termed a Retail Operating Property. • Fixed Charge Coverage Ratio is defined as Operating EBITDA re divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders. 6 • Nareit EBITDAre is a measure of REIT performance, which the National Association of Real Estate Investment Trusts ("Nareit") defines as net income, computed in accordance with GAAP, excluding (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) gains on sales of real estate, (v) impairments of real estate, and (vi) adjustments to reflect the Company's share of unconsolidated partnerships and joint ventures. • Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
Once deemed complete, the property is termed a Retail Operating Property. • Fixed Charge Coverage Ratio is defined as Operating EBITDA re divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders. • Nareit EBITDAre is a measure of REIT performance, which the National Association of Real Estate Investment Trusts ("Nareit") defines as net income, computed in accordance with GAAP, excluding (i) interest expense, (ii) income tax 6 expense, (iii) depreciation and amortization, (iv) gains on sales of real estate, (v) impairments of real estate, and (vi) adjustments to reflect the Company's share of unconsolidated partnerships and joint ventures. • Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. • Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods.
We also provide disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. • A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods.
Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool. • Redevelopment Completion is a Property in Redevelopment that is deemed complete upon the earlier of: (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable. • Retail Operating Property is any retail property not termed a Property in Development.
Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool. 7 • Redevelopment Completion is a Property in Redevelopment that is deemed complete upon the earlier of: (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable. • Retail Operating Property is any retail property not termed a Property in Development.
All of our filings with the SEC can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all related amendments, excluding exhibits, free of charge upon request.
All of our filings with the SEC can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all 5 related amendments, excluding exhibits, free of charge upon request.
We provide reconciliations of both Net income attributable to common stockholders to Nareit FFO and Nareit FFO to Core Operating Earnings. • Development Completion is a Property in Development that is deemed complete upon the earlier of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations.
We provide reconciliations of both Net Income Attributable to Common Shareholders to Nareit FFO and Nareit FFO to Core Operating Earnings. • Development Completion is a Property in Development that is deemed complete upon the earlier of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations.
Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments, and (iv) other amounts as they occur.
Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt, (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other amounts as they occur.
Our local teams are passionate about investing in and engaging with our communities as they customize and cultivate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We believe philanthropy and charitable giving are important elements of our corporate responsibility commitment.
Our local teams are passionate about investing in and engaging with our communities as they customize and cultivate our centers to create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We believe philanthropy and charitable giving are important elements of our corporate responsibility commitment to the communities in which we operate.
Throughout 2022, Regency supported its employees to serve and invest in community organizations through volunteer and financial support. Charitable contributions were made directly by the Company, as well as by the vast majority of our employees who donated their time and money to local non-profits directly serving their communities.
Throughout 2023, Regency supported its employees to serve and invest in community organizations through volunteer and financial support. Charitable contributions were made directly by the Company, as well as by the vast majority of our employees who donated their time and money to local non-profits directly serving their communities.
We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP measures, makes comparison of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP.
We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP.
Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. • Operating EBITDAre begins with the Nareit EBITDA re and excludes certain non-cash components of earnings derived from above and below market rent amortization and straight-line rents.
Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. • Operating EBITDAre begins with Nareit EBITDAre and excludes certain non-cash components of earnings derived from straight-line rents and above and below market rent amortization.
We provide a reconciliation of Net income attributable to common stockholders to Nareit FFO. • Net Operating Income ("NOI") is the sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income.
We provide a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO. • Net Operating Income ("NOI") is the sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income.
As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our stockholders. Under the Internal Revenue Code (the "Code"), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year.
As a REIT, we are generally not subject to federal income tax on taxable income that we distribute to our shareholders. Under the Internal Revenue Code (the "Code"), REITs are subject to numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year.
Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996. (3) Mr. Mas assumed the responsibilities of Executive Vice President, Chief Financial Officer effective August 2019. Prior to this appointment, Mr.
Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996. (3) Mr. Mas assumed the responsibilities of Executive Vice President, Chief Financial Officer effective August 2019. Prior to this appointment, Mr.
Our values: • We are our people: Our people are our greatest asset, and we believe a talented team from differing backgrounds and experiences makes us better. • We do what is right: We act with unwavering standards of honesty and integrity. • We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support. • We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders. • We strive for excellence: When we are passionate about what we do, it is reflected in our performance. • We are better together: When we listen to each other and our customers, we will succeed together. 1 Our goals are to: • Own and manage a portfolio of high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States of America ("USA" or "United States").
Our values: • We are our people: Our people are our greatest asset, and we believe that a talented team from diverse backgrounds and experiences makes us better. • We do what is right: We act with unwavering standards of honesty and integrity. • We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support. • We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders. • We strive for excellence: When we are passionate about what we do, it is reflected in our performance. • We are better together: When we listen to each other and our customers, we will succeed together. 1 Our goals are to: • Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States.
We provide a reconciliation of Net Income to Nareit EBITDA re to Operating EBITDA re. • Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.
We provide a reconciliation of Net income to Nareit EBITDAre to Operating EBITDAre. • Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.
We continue to refine our understanding of our exposure to climate-related impacts by conducting ongoing property-level analysis. We continue our efforts to understand and address the risks that climate change may pose to our business. Compliance with Governmental Regulations We are subject to various regulatory and tax-related requirements within the jurisdictions in which we operate.
We continue to refine our understanding of our exposure to climate-related impacts by conducting ongoing property-level analysis as well as the risks that climate change may pose to our business. Compliance with Governmental Regulations We are subject to various regulatory and tax-related requirements within the jurisdictions in which we operate.
General Information Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, Inc. ("Broadridge"), Lake Success, NY. We offer a dividend reinvestment plan ("DRIP") that enables our shareholders to reinvest dividends automatically, as well as to make voluntary cash payments toward the purchase of additional shares.
General Information Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, LLC ("Broadridge"), Edgewood, NY. We offer a dividend reinvestment plan ("DRIP") that enables our shareholders to reinvest dividends automatically, as well as to make voluntary cash payments toward the purchase of additional shares.
These requirements often impose liability without regard to whether the owner knew of, or committed the acts or omissions that caused the presence of the hazardous substances.
These environmental laws often impose liability without regard to whether the owner knew of, or committed the acts or omissions that caused the presence of the hazardous substances.
Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share. 7 The presentation of Pro-rata information has limitations which include, but are not limited to, the following: o The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and o Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.
The presentation of Pro-rata information has limitations which include, but are not limited to, the following: o The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and o Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.
Talent Attraction and Retention – Our core values place a strong importance on our people, which we believe makes us an employer of choice. We understand the importance of attracting and retaining the best talent to build long-term value.
Talent Attraction and Retention – Our core values place a strong importance on our people, which we believe make us an employer of choice. We understand the importance of attracting and retaining the best talent to sustain our history of success and build long-term value.
Environmental Laws and Regulations Under various federal, state and local laws, ordinances and regulations, we may be liable for the cost to assess and remediate certain hazardous substances at our shopping centers.
Environmental Laws and Regulations Under various federal, state and local laws, ordinances and regulations (collectively, "environmental laws"), we may be liable for some or all of the cost to assess and remediate certain hazardous substances at our shopping centers.
More information about our corporate responsibility strategy, goals, performance, and reporting, including our annual Corporate Responsibility report, our Task Force on Climate-related Financial Disclosures ("TCFD") report, and our policies and practices related to corporate responsibility, is available on our website at www.regencycenters.com.
More information about our corporate responsibility strategy, goals, performance, and reporting, including our annual Corporate Responsibility Report, and our policies and practices related to corporate responsibility, is available on our website at www.regencycenters.com.
Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material impact on our financial condition. Information About Our Executive Officers Our executive officers are appointed each year by our Board of Directors.
Although we have a number of properties that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not currently expected to have a material impact on our financial condition.
We believe that our competitive advantages are driven by: • the market areas in which we operate, and the locations of our shopping centers within those market areas; • the design of our shopping centers including our strategy of maintaining and renovating these centers to our high standards of quality; • the compelling demographics surrounding our shopping centers; • our relationships with our anchor, shop, and out-parcel tenants; • our management experience and expertise; and • our ability to successfully develop, redevelop, and acquire shopping centers. 2 Corporate Responsibility and Human Capital While executing our mission, we strive to achieve best-in-class corporate responsibility.
We believe that our competitive advantages are driven by: • the market areas in which we operate, and the locations of our shopping centers within those trade areas; • the quality of our shopping centers including our strategy of maintaining and renovating these centers to our high standards; • the compelling demographics surrounding our shopping centers; • our relationships with our anchor, shop, and out-parcel tenants; • our experienced leadership team and cycle-tested expertise; and • our ability to successfully develop, redevelop, and acquire shopping centers. 2 Corporate Responsibility and Human Capital To execute our mission, which is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities, we strive to achieve best-in-class corporate responsibility.
Regency Centers, L.P. is the entity through which Regency Centers Corporation conducts substantially all of its operations and owns substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in top markets within the United States.
Regency Centers, L.P. is a subsidiary through which Regency Centers Corporation conducts substantially all of its operations, and which owns, directly or indirectly, substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with compelling demographics within the United States of America ("USA" or "United States").
Campbell’s appointment aligns with Regency’s ongoing commitment to board refreshment and best-in-class corporate governance. Environmental Stewardship – We believe sustainability is in the best interest of our investors, tenants, employees, and the communities in which we operate, and we strive to integrate sustainable practices throughout our business.
Environmental Stewardship – We believe sustainability is in the best interest of our investors, tenants, employees, and the communities in which we operate, and we strive to integrate sustainable practices throughout our business.
We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017.
We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017. Our business experienced material growth in 2023 due to our acquisition of UBP which is further discussed in "Item 7.
Furthermore, aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual employee survey to identify opportunities to improve and further engage our people. Additionally, we continued to develop our employees and look for new opportunities to ensure we attract and retain our most important assets: our people.
Furthermore, aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual employee survey to identify opportunities to improve and further engage our people.
Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999. (2) Ms. Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013.
Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial Officer since January 2013. Prior to that, Ms.
We believe these strategic priorities are not only the right thing to do to address environmental concerns such as air pollution, climate change, and resource scarcity but also support us in achieving key strategic objectives in our operations and development projects. During 2022, we remained committed to measuring and reducing our GHG emissions.
We believe these strategic priorities are not only the right thing to do to address environmental concerns such as climate change, resource scarcity and pollution (including GHG emissions reduction), but also support our achievement of key strategic financial and business objectives relating to our operations and development and redevelopment projects.
The presence of such substances, or the failure to properly address contamination caused by such substances, may adversely affect our ability to sell or lease the property or borrow using the property as collateral.
The presence of such substances, or the failure to properly address contamination caused by such substances, may adversely affect our ability to sell or lease the property or borrow using the property as collateral, and could result in claims by and liabilities to third parties relating to contamination that emanated from our properties.
Annual Meeting of Shareholders Our 2023 annual meeting of shareholders is currently expected to be held on Wednesday, May 3, 2023, and will be conducted in a virtual-only format to the extent permitted by applicable law.
Our independent registered public accounting firm is KPMG LLP , Jacksonville, Florida , Firm ID 185 . Annual Meeting of Shareholders Our 2024 annual meeting of shareholders is currently expected to be held on Wednesday, May 1, 2024, and will be conducted in a virtual-only format to the extent permitted by applicable law.
We are a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities.
Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities.
Corporate responsibility, including our focus on ESG practices, is a foundational strategy of Regency. We believe that alignment of strategy and sustainable outcomes is critical to the long-term success of our Company, our shareholders, and the environment. Our ESG practices are built on four pillars: • Our People; • Our Communities; • Ethics and Governance; and • Environmental Stewardship.
For this reason, corporate responsibility, including our focus on ESG practices that support and enhance our business, is a foundational strategy of Regency. We believe that alignment of strategy and business sustainability is critical to the long-term success of our Company, our shareholders, the environment, and the communities in which we operate.
Our People – Our people are our most important asset, and we strive to ensure that they are engaged, passionate about their work, connected to their teams, and supported to deliver their best performance. Regency recognizes and values the importance of attracting and retaining talented individuals with different skills, backgrounds, and experiences to encourage diversity of thoughts and ideas.
Our People – Our people are our most important asset, and we strive to ensure that they are engaged, passionate about their work, connected to their teams, and supported to deliver their best performance.
We have committed to reducing our absolute Scope 1 and 2 GHG emissions by 28% by 2030 from a 2019 base year, endorsed by the SBTi, and to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050.
Aligned with the Science Based Targets initiative (SBTi), our target aims to reduce our absolute Scope 1 and 2 GHG emissions by 28% by 2030, measured against a 2019 baseline year, and to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050.
Each of our executive officers has been employed by us for more than five years and, as of December 31, 2022, included the following: Name Age Title Executive Officer in Position Shown Since Martin E. Stein, Jr. 70 Executive Chairman of the Board of Directors 2020 (1) Lisa Palmer 55 President and Chief Executive Officer 2020 (2) Michael J.
Information About Our Executive Officers Our executive officers are appointed by our Board of Directors and each of our executive officers has been employed by us for more than five years. As of the date of this Report, our executive officers are: Name Age Title Executive Officer in Position Shown Since Martin E.
In addition, brick and mortar shopping centers face continued competition from alternative shopping and delivery methods.
This dynamic results in competition for attracting tenants as well as acquiring existing shopping centers and new development sites. In addition, brick and mortar shopping centers face continued competition from alternative shopping and delivery methods.
These practices are guided by three overarching concepts: long-term value creation, our Regency brand and reputation, and the importance of maintaining our culture. Our continued commitment to these concepts guides our business strategy and helps us identify and address key corporate responsibility-related matters.
These practices are guided by three overarching concepts: long-term value creation, our Regency brand and reputation, and the importance of maintaining our culture, which has been a crucial driver of our long-term success.
Diversity, Equity, and Inclusion - We believe that much of our success is rooted in the diversity and inclusion of our teams and our commitment to a diverse and inclusive culture. We value diversity at all levels and focus on extending our DEI initiatives across our workforce.
Diversity, Equity, and Inclusion - We believe that much of our success is rooted in the diversity and inclusion of our teams and our commitment to a diverse and inclusive culture. We continue to foster a culture in which everyone is respected, valued, and has an equal opportunity to contribute and thrive.
Competition We are among the largest owners of shopping centers in the USA based on revenues, number of properties, GLA, and market capitalization.
Competition We are among the largest owners of shopping centers in the USA based on revenues, number of properties, GLA, and market capitalization. There are numerous companies and individuals engaged in our line of business that compete with us in our targeted markets, including grocery store chains that own shopping centers and also anchor some of our shopping centers.
As of December 31, 2022, we had full or partial ownership interests in 404 properties, primarily anchored by market leading grocery stores, encompassing 51.1 million square feet ("SF") of gross leasable area ("GLA"). Our Pro-rata share of this GLA is 43.3 million square feet, including our share of properties owned through unconsolidated investment partnerships.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As of December 31, 2023, we had full or partial ownership interests in 482 properties, primarily anchored by market leading grocery stores, encompassing 56.8 million square feet ("SF") of gross leasable area ("GLA").
We have seven strategic priorities for identifying and implementing sustainable business practices and minimizing our environmental impact: green building, energy efficiency, renewable energy, greenhouse gas emissions ("GHG") reduction, water conservation, waste management, and climate change analysis.
We have identified eight strategic priorities to foster sustainable business practices and minimize both our environmental impact and the long-term risks to Regency’s business: green building, energy efficiency, electric vehicle charging stations, renewable energy, greenhouse gas emissions (“GHG”) reduction, water conservation, waste management, and climate change as it applies to our real estate portfolio.
None of our employees are represented by a collective bargaining unit, and we believe our relationship with our employees is good.
As of December 31, 2023, we had 497 employees, including 5 part-time employees. We presently maintain 24 market offices nationwide, including our corporate headquarters in Jacksonville, Florida. None of our employees are represented by a collective bargaining unit, and we believe our relationship with our employees is good.
We continue to foster a culture in which everyone is respected, valued, and has an equal opportunity to contribute and thrive. Our commitment is unwavering, and we remain focused on building a workforce that represents the many customers we serve and the communities in which we operate. Our most recent U.S.
Our shopping centers are in trade areas throughout the U.S. and our tenants and visitors to our centers represent a cross section of those communities. We remain focused on building a workforce that represents the many tenants and visitors to our centers we serve and the communities in which we operate. Our most recent U.S.
Concurrently, we announced new near-and long-term goals to demonstrate our commitment to environmental sustainability as described in our 2021 Corporate Responsibility Report. Based on our current estimates and asset base, we do not expect these commitments to materially impact our operating results and financial condition.
Regency’s progress towards these targets, together with our strategy and efforts influenced by climate change, are further described in our 2022 Corporate Responsibility Report. Based on our current estimates and asset base, we do not expect the pursuit of these targets to materially impact our operating results and financial condition.
Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013. (4) Mr. Thompson assumed the role of Executive Vice President, Chief Operating Officer, effective August 2019. Mr. Thompson previously served as our Executive Vice President of Operations since 2016 and Managing Director - East since 1993. As previously announced, Mr.
Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital Markets, since 2013, and has been with the Company since 2003. (4) Mr. Alan T. Roth was named East Region President & Chief Operating Officer, effective January 1, 2024. Prior to this appointment, Mr.
In addition, we strive to maintain a safe and healthy workspace, promote employee well-being, and empower our employees by focusing on their personal and professional development through training and education opportunities. As of December 31, 2022, we had 445 employees, including 5 part-time employees. We presently maintain 22 market offices nationwide, including our corporate headquarters in Jacksonville, Florida.
Regency recognizes and values the importance to the Company's success of attracting and retaining talented individuals with different skills, backgrounds, and experiences to encourage diversity of thought and ideas. In addition, we strive to maintain a safe and healthy workspace, promote employee well-being, and empower our employees by focusing on their personal and professional development through training and education opportunities.
To achieve the right mix of skills, experience, backgrounds, tenures, and competencies, including diversity in terms of gender, ethnic background, age, and other attributes, Regency’s board of directors annually reviews its overall board composition. In 2022, Regency announced the appointment of Kristin A. Campbell to our board of directors, effective January 15, 2023. Mrs.
To continue to strive for the best achievable mix of skills, experience, backgrounds, tenures, and competencies, including gender, ethnicity, age, and other attributes, Regency’s Board of Directors annually reviews its overall composition and succession planning process. As an outcome of this process, on September 26, 2022, the Company's Board of Directors elected Kristin A.
Prior to that, he served as Managing Director Northeast Region since 2016. Other positions held since joining the Company in 1997 include Senior Vice President and Senior Market Officer of the Mid-Atlantic and Northeast Portfolio, and Vice President and Regional Officer. Mr.
Roth served as Executive Vice President, National Property Operations and East Region President, since 2023, and Senior Managing Director, East Region since 2020. Prior to that, he served as Managing Director Northeast Region since 2016 and has been with the Company since 1997. (5) Mr. Nicholas A.
Mas 47 Executive Vice President, Chief Financial Officer 2019 (3) James D. Thompson 67 Executive Vice President, Chief Operating Officer 2019 (4) (1) Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020. Prior to this appointment, Mr.
Wibbenmeyer 43 West Region President & Chief Investment Officer 2023 (5) (1) Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020. Prior to this appointment, Mr. Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the Board since 1999. (2) Ms.
For more information, contact Broadridge toll free at (877) 830-4936 or our Shareholder Relations Department at (904) 598-7000. The Company's common stock is listed on the NASDAQ Global Select Market and trades under the stock symbol "REG". Our independent registered public accounting firm is KPMG LLP , Jacksonville, Florida , Firm ID 185 .
For more information, contact Broadridge toll free at (877) 830-4936 or our Shareholder Relations Department at (904) 598-7000.
In 2022, we continued implementing our comprehensive, multi-year diversity, equity, and inclusion ("DEI") strategy focused on promoting and advancing diversity across our organization, enabling our employees to grow and succeed, and supporting social justice initiatives in our operations and broader communities.
In 2023, we continued implementing our comprehensive diversity, equity, and inclusion ("DEI") strategy focused on promoting and advancing diversity across our organization. The goals of this strategy are to attract, recruit, and retain a diverse group of employees to grow, develop, and succeed, as we collectively work to implement our mission and contribute to the long-term success of the organization.
We regularly review our corporate responsibility (which term we use interchangeably with "ESG") strategies, goals, and objectives with our Board of Directors and its committees, which oversee our programs.
Our continued commitment to these concepts helps to guide our business strategy, and identify and focus on key corporate responsibility-related drivers that we expect to contribute to our future success. We regularly review our corporate responsibility strategies, goals, and objectives under these four pillars with our Board of Directors (or the "Board") and its committees, which oversee our programs.
Prior to that, he served as Managing Director of Florida and the Midwest Region, respectively. Other positions held since joining the Company in 2005 include Senior Vice President and Senior Market Officer, Vice President and Market Officer, and Vice President of Investments. Mr.
Prior to that, he served as Managing Director of Florida and the Midwest Region since 2016, and has been with the Company since 2005. Company Website Access and SEC Filings Our website may be accessed at www.regencycenters.com .
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There are numerous companies and individuals engaged in the ownership, development, acquisition, and operation of shopping centers that compete with us in our targeted markets, including grocery store chains that own shopping centers and also anchor some of our shopping centers. This results in competition for attracting tenants as well as acquiring existing shopping centers and new development sites.
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Our Pro-rata share of this GLA is 48.6 million square feet, including our share of properties owned through unconsolidated real estate partnerships. We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics that have strategic attributes supporting growth through economic cycles.
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Earlier in the year, we refined our strategy and elevated our commitment by aligning our goals with the Science Based Targets initiative ("SBTi").
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To achieve this alignment, our corporate responsibility (which term we use interchangeably with “ESG”) practices are built on four pillars: • Our People; • Our Communities; • Ethics and Governance; and • Environmental Stewardship.
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Thompson retired from the Company as of December 31, 2022 and effective January 1, 2023, he was succeeded by the following members of senior management: • Mr. Alan Roth, age 47, now Executive Vice President, National Property Operations and East Region President, was formerly Senior Managing Director, East Region since 2020.
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Campbell to serve as one of the Regency's directors effective January 15, 2023. Ms. Campbell’s skill set, background, experience and competencies align with Regency’s ongoing commitment to board refreshment and best-in-class corporate governance.
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Roth is responsible for operations strategy and processes nationally, as well as overseeing execution of the operations and investment strategies in our Northeast and Southeast regions. • Mr. Nick Wibbenmeyer, age 42, now Executive Vice President, West Region President, was formerly Senior Managing Director, West Region since 2020.
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Throughout 2023, we continued to make progress towards our target to reduce GHG emissions and collaborate closely with our tenants to minimize their operational environmental impact.
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Wibbenmeyer is responsible for investment and development strategy and processes nationally, as well as overseeing execution of the operations and investment strategies in our West and Central regions. 5 Company Website Access and SEC Filings Our website may be accessed at www.regencycenters.com .
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In addition, the Company has established targets to enhance energy efficiency, manage water and waste responsibly and invest in renewable energy sources and electric vehicle charging stations. These targets reflect our proactive stance in addressing environmental challenges and contributing to a more sustainable future.
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Stein, Jr. 71 Executive Chairman of the Board of Directors 2020 (1) Lisa Palmer 56 President and Chief Executive Officer 2020 (2) Michael J. Mas 48 Executive Vice President, Chief Financial Officer 2019 (3) Alan T. Roth 48 East Region President & Chief Operating Officer 2023 (4) Nicholas A.
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Wibbenmeyer was named West Region President & Chief Investment Officer, effective January 1, 2024. Prior to this appointment, Mr. Wibbenmeyer served as Executive Vice President, West Region President since 2023 and Senior Managing Director, West Region since 2020.
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The Company's stock is listed on the NASDAQ Global Select Market, with its common stock traded under the ticker symbol "REG," and 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.
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Our share of invested capital establishes the ownership interests we use to prepare our Pro-rata share.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThe market price of our debt and equity securities may fluctuate significantly in response to many factors, many of which are out of our control, including: • actual or anticipated variations in our operating results; • changes in our funds from operations or earnings estimates; • publication of research reports about us or the real estate industry in general and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs; • the ability of our tenants to pay rent and meet their other obligations to us under current lease terms and our ability to re-lease space as leases expire; • increases in market interest rates that drive investors in, or potential purchasers of, our stock to seek other investments or demand a higher dividend yield; • changes in market valuations of similar companies; • adverse market reaction to any additional debt we incur in the future; • any future issuances of equity securities; • additions or departures of key management personnel; • strategic actions by us or our competitors, such as acquisitions or restructurings; • actions by institutional stockholders; • reports by corporate governance rating companies; • increased investor focus on sustainability-related risks, including climate change; • changes in our dividend payments; • potential tax law changes relating to REITs; • speculation in the press or investment community; and • general market and economic conditions.
Biggest changeThe market price of our debt and equity securities may fluctuate significantly in response to many factors, many of which are out of our control, including: • actual or anticipated variations in our operating results; • changes in our funds from operations or earnings estimates; • publication of research reports about us or the real estate industry in general and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs; • increases in market interest rates that drive investors in, or potential purchasers of, our stock to seek other investments or demand a higher dividend yield; • changes in market valuations of similar companies; • adverse market reaction to any additional debt we incur in the future; • any future issuances of equity securities; • additions or departures of key management personnel; • strategic actions by us or our competitors, such as acquisitions or restructurings; • actions by institutional stockholders; • reports by corporate governance rating companies; • increased investor focus on sustainability-related risks, including climate change; • changes in our dividend payments; • potential tax law changes relating to REITs; • speculation in the press or investment community; and • general market and economic conditions. 19 These factors may cause the market price of our securities to decline, regardless of our financial condition, results of operations, business or prospects.
Insurance costs for properties in these areas have increased, and recent intense weather conditions may cause property insurance premiums to increase significantly in the future. We recognize that the frequency and / or intensity of extreme weather events, and other climatic changes may continue to increase, and as a result, our exposure to these events may increase.
Insurance costs for properties in these areas have increased significantly, and recent intense weather conditions may cause property insurance premiums to increase significantly in the future. We recognize that the frequency and / or intensity of extreme weather events, and other climatic changes may continue to increase, and as a result, our exposure to these events may increase.
Under the Tax Cuts and Jobs Act of 2017 (the "TCJA"), however, domestic shareholders that are individuals, trusts, and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 3, 2017, and before January 1, 2026.
Under the Tax Cuts and Jobs Act of 2017 (the "TCJA"), however, domestic shareholders that are individuals, trusts, and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 3, 2017, and before 20 January 1, 2026.
The acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows: • properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve the investment returns we project; • our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs; • our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently; • we may not recover our costs from an unsuccessful acquisition; • our acquisition activities may distract or strain our management capacity; and • we may not be able to successfully integrate an acquisition into our existing operations platform.
The acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows: • properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve expected investment returns; • our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring corrective action, which may increase our costs; • our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently; • we may not recover our costs from an unsuccessful acquisition; 14 • our acquisition activities may distract or strain our management capacity; and • we may not be able to successfully integrate an acquisition into our existing operations platform.
We are subject to other risks associated with these activities, including the following: • we may be unable to lease developments or redevelopments to full occupancy on a timely basis; • the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or not profitable enough to meet our investment return expectations; • actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not profitable enough to meet our investment return expectations; • delays in the development or construction process may increase our costs; • construction cost increases may reduce investment returns on development and redevelopment opportunities; • we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions; • the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns; • a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our NOI; and • changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing the amount of internal overhead costs that may be capitalized.
We are subject to other risks associated with these activities, including the following: • we may be unable to lease developments or redevelopments to full occupancy on a timely basis; • the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or otherwise not meet our investment return expectations; • actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not meet our investment return expectations; • delays in the development or construction process may increase our costs; • construction cost increases may reduce investment returns on development and redevelopment opportunities; • we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions; • the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and redevelopment projects within targeted timelines and may reduce our investment returns; • a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn may reduce our NOI; and • changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing the amount of internal overhead costs that may be capitalized.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets. We face risks associated with development, redevelopment, and expansion of properties.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets. 13 We face risks associated with development, redevelopment, and expansion of properties.
In the event that a shadow Anchor Space becomes vacant, it could negatively impact our center as consumer traffic would likely be reduced. 11 A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change.
In the event that a shadow Anchor Space becomes vacant, it could negatively impact our center as consumer traffic would likely be reduced. A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change.
Prolonged periods of higher interest rates may negatively impact the valuation of our real estate asset portfolio and could result in the decline of our stock price and market capitalization, which may adversely impact our ability and willingness to raise equity capital on favorable terms through sales of our common shares, including through our At the Market ("ATM") program.
Prolonged periods of higher interest rates may negatively impact the valuation of our real estate asset portfolio and could result in a decline of our stock price and market capitalization, which may adversely impact our ability and willingness to raise equity capital on favorable terms through sales of our common shares, including through our At the Market ("ATM") program.
A foreign person, other than a "qualified shareholder" or a "qualified foreign pension fund," as each is defined for purposes of the Code, disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on any gain recognized on the disposition.
A foreign person, other than a "qualified shareholder" or a "qualified foreign pension fund," as each is defined for purposes of the Code, disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on the gain recognized on the disposition.
If we are required to deleverage our business with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business. Our debt financing may adversely affect our business and financial condition.
If we are required to deleverage our business 17 with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business. Our debt financing may adversely affect our business and financial condition.
In the future, a stockholder's percentage ownership in the Company may be diluted because of equity issuances for acquisitions, capital market transactions or other corporate purposes, including equity awards we will grant to our directors, officers and employees.
Ownership in the Parent Company may be diluted in the future. In the future, a stockholder's percentage ownership in the Company may be diluted because of equity issuances for acquisitions, capital market transactions or other corporate purposes, including equity awards we will grant to our directors, officers and employees.
In addition, there is a risk that the non-retail developer may default on its obligations necessitating that we complete the other components ourselves, including providing necessary financing. 13 We face risks associated with the acquisition of properties.
In addition, there is a risk that the non-retail developer may default on its obligations necessitating that we complete the other components ourselves, including providing necessary financing. We face risks associated with the acquisition of properties.
The success of our business depends, in part, on the leadership and performance of our executive management team and other key personnel, and our ability to attract, retain and motivate talented and diverse employees may significantly impact our future performance.
The success of our business depends, in significant part, on the leadership and performance of our executive management team and other key personnel, and our ability to attract, retain and motivate talented and diverse employees may significantly impact our future performance.
These Local Tenants may be more vulnerable to negative economic conditions and changing customer buying habits and retail trends as they may have more limited resources and access to capital than other tenants.
These Local Tenants may be more vulnerable to negative 12 economic conditions and changing customer buying habits and retail trends as they may have more limited resources and access to capital than other tenants.
Under various federal, state, and local laws, an owner or manager of real property may be liable for the costs to assess and remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry cleaners, gas stations, asbestos usage, and historic land use practices.
Under various federal, state, and local laws, an owner or manager of real property may be liable for some or all the costs to assess and remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry cleaners, gas stations, asbestos usage, and historic land use practices.
Our future results of operations and overall financial performance could be uncertain should a new virus strain of COVID-19, or future pandemics or other health crises occur. Risk Factors Related to Operating Retail-Based Shopping Centers Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.
Our future results of operations and overall financial performance could be uncertain should a new virus strain of COVID-19, or any future pandemic or other health crises occur. Risk Factors Related to Operating Retail-Based Shopping Centers Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses.
For example, climate and other environmental changes may result in volatile or decreased demand for retail space at certain of our properties, reduced rent or, in extreme cases, our inability to operate certain properties at all. Climate change may also have indirect effects on our business by increasing the cost of insurance or making insurance unavailable.
For example, climate and other environmental changes may result in more unpredictable or decreased demand for retail space at certain of our properties, reduced rent or, in extreme cases, our inability to operate certain properties at all. Climate change may also have indirect effects on our business by increasing the cost of insurance or making insurance unavailable.
Risk Factors Related to the Company's Qualification as a REIT If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
Risk Factors Related to Taxes and the Parent the Company's Qualification as a REIT If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates.
Our exposure to increases in interest rates in the short term includes our variable-rate borrowings, which consist of borrowings under our unsecured senior line of credit and variable rate based secured notes payable.
Our exposure to higher interest rates in the short term includes our variable-rate borrowings, which consist of borrowings under our unsecured senior line of credit and variable rate based secured notes payable.
At December 31, 2022, tenants with less than three locations ("Local Tenants") represent approximately 22% of annualized base rent. Local Tenants vary from retail shops and restaurants to service providers.
At December 31, 2023, tenants with less than three locations ("Local Tenants") represent approximately 22% of annualized base rent. Local Tenants vary from retail shops and restaurants to service providers.
Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at ordinary income tax rates.
Dividends paid by REITs generally do not qualify for reduced tax rates. Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at ordinary income tax rates.
The fact that we hold many of our assets through co-investment partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more difficult for the Parent Company to remain qualified as a REIT.
The fact that we hold many of our assets through real estate partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more difficult for the Parent Company to remain qualified as a REIT.
Many of our information technology systems also contain our proprietary information and other confidential information related to our business. We are frequently subject to attempts to compromise our information technology systems.
Many of our information technology systems contain our proprietary information and other confidential information related to our business. We are subject to attempts to compromise our information technology systems.
To the extent that any or a combination of these conditions occur, they are likely to impact the retail industry, our retail tenants, the emergence of new tenants, the demand for retail space, market rents and rent growth, capital expenditures, the percent leased levels of our properties, the value of our properties, our ability to sell, acquire or develop properties, our operating results and our cash available for distributions to stock and unit holders. 10 Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results of operations, and cash flows.
To the extent that any or a combination of these conditions occur, they are likely to impact the retail industry, our retail tenants, the emergence of new tenants, the demand for retail space, market rents and rent growth, capital expenditures, the percent leased levels of our properties, the value of our properties, our ability to sell, acquire or develop properties, our operating results and our cash flows. 11 Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results of operations, and cash flows.
Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facility, term loan, and certain secured borrowings. As of December 31, 2022, less than 1.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt.
Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facility, and certain secured borrowings. As of December 31, 2023, less than 1.0% of our outstanding debt was variable rate debt not hedged to fixed rate debt.
The economic and market conditions potentially affecting the retail industry and our properties specifically include the following: • changes in national, regional and local economic conditions; • changes in population and migration patterns to/from the markets in which we operate; • deterioration in the competitiveness and creditworthiness of our retail tenants; • increased competition from the use of e-commerce by retailers and consumers as well as other concepts that could impact more traditional retail; • labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including continuing disruptions to global supply chains as a result of the COVID-19 pandemic and inflationary pressures; • tenant bankruptcies and subsequent rejections of our leases; • reductions in consumer spending and retail sales, including inflationary impacts on consumer behavior; • reduced tenant demand for retail space; • oversupply of retail space; • reduced consumer demand for certain retail categories; • consolidation within the retail sector; • increased operating costs attendant to owning and operating retail shopping centers; • perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and • other factors which could alter shopping habits or otherwise deter customers from visiting our shopping centers, such as criminal activity, including civil unrest, acts of terrorism, or other types of violent crimes.
The economic and market conditions potentially affecting the retail industry and our properties specifically include the following: • changes in national, regional and local economic conditions; • changes in population and migration patterns to/from the markets in which we operate; • deterioration in the competitiveness and creditworthiness of our retail tenants; • increased competition from the use of e-commerce by retailers and consumers as well as other concepts that could impact more traditional retail; • labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including disruptions to global supply chains as a result of wars involving Russia and Ukraine, Israel and Gaza, the slowing of China's economy, pandemics, and/or inflationary pressures; • tenant bankruptcies and subsequent rejections of our leases; • reductions in consumer spending and retail sales, including inflationary impacts on consumer behavior; • reduced tenant demand for retail space; • oversupply of retail space; • reduced consumer demand for certain retail categories; • consolidation within the retail sector; • increased operating costs attendant to owning and operating retail shopping centers; • perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and • other factors which could alter shopping habits or otherwise deter customers from visiting our shopping centers, such as criminal activity, including civil unrest, acts of terrorism, or other types of violent crimes.
While we work with experts in the field to plan for the potential impacts of climate change on our business, we cannot reliably predict the extent, rate, timing, or impact of climate change.
While we work with experts to plan for the impacts of climate change on our business, we cannot reliably predict the extent, rate, timing, or impact of climate change.
Such security breaches also could result in a violation of applicable U.S. privacy and other laws, and subject us to private consumer, business partner, or securities litigation and governmental investigations and proceedings, any of which could result in our exposure to material civil or criminal liability, and we may not be able to recover these expenses from our service providers, responsible parties, or insurance carriers.
Such security breaches also could result in a violation of applicable U.S. privacy and other laws, and potentially subject us to litigation and governmental investigations and proceedings, any of which could result in our exposure to material civil or criminal liability, and we may not be able to recover these expenses from our service providers, responsible parties, or insurance carriers.
Risk Factors Related to the Current Economic Environment Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. On multiple occasions during 2022, the Board of Governors of the Federal Reserve System ("the U.S.
Risk Factors Related to the Current Economic and Geopolitical Environments Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. On multiple occasions during 2022 and 2023, the Board of Governors of the Federal Reserve System ("the U.S.
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. Our properties in California and Florida represent 26.0% and 21.3%, respectively, of our annualized base rent.
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. Our properties in California and Florida represent 23.4% and 19.3%, respectively, of our annualized base rent.
Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business and cause us to incur additional costs to remedy such damages.
Any system failure or accident that causes disruption or interruptions to our information systems could result in a material disruption to our operations and business, and cause us to incur material costs to remedy such damages or adverse impacts.
Moreover, while the federal government has not yet enacted comprehensive legislation to address climate change, certain states in which we own and operate shopping centers, including California and New York, have done so.
While the federal government has not yet enacted comprehensive legislation to address climate change that would directly impact us, certain states in which we own and operate shopping centers, including California and New York, have done so.
We manage our exposure to interest rate volatility by using interest rate hedging arrangements. These arrangements involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes.
These arrangements involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes.
Further, the criteria used in these ratings systems may conflict with each other and change frequently, and we cannot guaranty that we will be able to score well in the future. We supplement our participation in ratings systems with published disclosures of our ESG activities, but some investors may desire other disclosures that we do not provide.
Further, the criteria used in these ratings systems may conflict with each other and change frequently, and we cannot guaranty that we will be able to score well in the future. We supplement our participation in ratings systems by disclosing on our website information about our ESG activities, but some investors may desire additional disclosures that we do not provide.
To the extent we or a third party were to experience a material breach of our or such third party's information technology systems that results in the unauthorized access, theft, use, destruction or other compromises of tenants' or employees' data or our confidential information stored in such systems, including through cyber-attacks or other external or internal methods, such a breach may damage our reputation and cause us to lose tenants, employees, and revenues, incur third party claims and cause disruption to our business and plans.
To the extent we or a third party were to experience a material breach of our information technology systems that results in the unauthorized access, theft, use, destruction or other compromises of tenants' or employees' data or our confidential information stored in such systems, including through cyber-attacks such as ransomware, denial of service or other methods, such a breach may damage our reputation and cause us to lose tenants and employees, result in adverse financial impact, incur third party claims and cause disruption to our business and plans.
Despite the implementation of security measures for our disaster recovery and business continuity plans, our systems are vulnerable to damage from multiple sources other than cybersecurity risks, including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure.
In addition, despite the implementation of security measures for our disaster recovery and business continuity plans, our information systems may be vulnerable to damage or other adverse impact from multiple sources other than cybersecurity risks, including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure.
At December 31, 2022, 20.6% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 22.4% and 7.8% of the GLA of our portfolio is located in the states of Florida and Texas, respectively.
At December 31, 2023, 18.7% of the GLA of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 20.1% and 7.1% of the GLA of our portfolio is located in the states of Florida and Texas, respectively.
Therefore, as a result of the geographic concentration of our properties, we face risks, including disruptions to our business and the businesses of our tenants and higher costs, such as uninsured property losses, higher insurance premiums, and potential additional regulatory requirements by government agencies in response to perceived risks.
Therefore, as a result of the geographic concentration of our properties, we face risks, including disruptions to our business and the businesses of our tenants and higher costs, such as uninsured property losses, higher insurance premiums, and potential additional regulatory requirements by government agencies in response to perceived risks. 15 Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.
New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders. 20 Dividends paid by REITs generally do not qualify for reduced tax rates.
New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders.
In addition, it is possible that the availability of insurance coverage in certain areas may decrease in the future, and the cost to procure such insurance may increase due to factors beyond our control. We may reduce the insurance we procure as a result of the foregoing or other factors.
In addition, it is possible that the availability of insurance coverage in certain areas may decrease in the future, and the cost to procure such insurance may increase due to factors beyond our control. As a result, we may reduce the insurance we procure or we may elect or be compelled to self-insure or otherwise assume some of this risk.
Investors have become more focused on understanding how companies address a variety of ESG factors. As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons between companies.
As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons between companies.
Many of our information technology systems (including those we use for administration, accounting, and communications, as well as the systems of our co-investment partners and other third-party business partners and service providers, whether cloud-based or hosted in proprietary servers) contain personal, financial or other information that is entrusted to us by our tenants and employees.
Many of our information technology systems (including the systems of our real estate partners and other third-party business partners and service providers, whether cloud-based or hosted in our servers) contain personal, financial or other information that is entrusted to us by our tenants and employees.
We can provide no assurance that we are aware of all potential environmental liabilities or their ultimate cost to address; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in environmental laws and regulations, or their interpretation, will not result in additional material environmental liabilities to us. 15 Risk Factors Related to Corporate Matters An increased focus on metrics and reporting related to environmental, social and governance ("ESG") factors, may impose additional costs and expose us to new risks.
We can provide no assurance that we are aware of all potential environmental liabilities or their ultimate cost to address; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in environmental laws and regulations, or their interpretation, will not result in additional material environmental liabilities to us.
The provisions of the Florida Business Corporation Act regarding affiliated transactions may also deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate transaction without the approval of our disinterested stockholders. Ownership in the Parent Company may be diluted in the future.
The issuance of preferred stock or special common stock may have the effect of delaying or preventing a change in control. The provisions of the Florida Business Corporation Act regarding affiliated transactions may also deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate transaction without the approval of our disinterested stockholders.
Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
Losing any key personnel may have an adverse effect on us. 16 Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued.
Losing any key personnel may have an adverse effect on us. 16 The unauthorized access, use, theft or destruction of tenant or employee personal, financial, or other data or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.
Risk Factors Related to Information Management and Technology The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liabilities and adverse financial impact.
Some types of losses, such as losses from named windstorms, earthquakes, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage.
We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties. Some types of losses, such as losses from named windstorms, earthquakes, terrorism, or wars may have more limited coverage, or in some cases, can be excluded from insurance coverage.
A decrease in the market price of our common stock may reduce our ability to raise additional equity capital in the public markets. Selling common stock at a decreased market price would have a dilutive impact on existing stockholders. 19 There is no assurance that we will continue to pay dividends at current or historical rates.
Selling common stock at a decreased market price would have a dilutive impact on existing stockholders. There is no assurance that we will continue to pay dividends at current or historical rates.
The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock and 10,000,000 shares of special common stock and to establish the preferences and rights of any shares issued. The issuance of preferred stock or special common stock may have the effect of delaying or preventing a change in control.
The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock (less the shares of preferred stock already issued and outstanding) and 10,000,000 shares of special common stock and to establish the preferences and rights of any shares issued.
Despite the ongoing significant investments in technology and training we make in cybersecurity, we can provide no assurance that we will avoid or prevent such breaches or attacks. Additionally, federal, state and local authorities continue to develop laws to address data privacy protection.
Despite the ongoing significant investments in technology and training we make relating to cybersecurity, we can provide no assurance that we will avoid or prevent such breaches or attacks.
Macro-economic events, pandemics and other health crises may impact our ability to sell properties on our preferred timing and at prices and returns we deem acceptable. As a result, our ability to sell one or more of our properties, including properties held in joint ventures, in response to changes in economic, industry, financial market, or other conditions may be limited.
As a result, our ability to sell one or more of our properties, including properties held in joint ventures, in response to changes in economic, industry, financial market, or other conditions may be limited.
This would reduce our future earnings and cash flows, which may adversely affect our ability to service our debt and meet our other obligations and also may reduce the amount we are able to distribute to our stock and unit holders. 18 Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
This would reduce our future earnings and cash flows, which may adversely affect our ability to service our debt and meet our other obligations and also may reduce the amount we are able to distribute to our stock and unit holders.
Should federal, state, and local governments mandate or recommend lockdowns again in the future due to a pandemic or other similar health crises, tenants could request rent concessions or seek to renegotiate future rents. 9 In the event of future pandemics or similar health crises, consumers could elect to make more of their purchases online instead of in physical stores and businesses could delay executing new or renewals of leases amidst the immediate and uncertain economic impacts.
In the event of future pandemics or similar health crises, consumers could elect to make more of their purchases online instead of in physical stores and businesses could delay executing new or renewals of leases amidst the immediate and uncertain economic impacts.
In addition, failure to effectively hedge against interest rate changes may adversely affect our results of operations. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities.
Any of these factors could adversely affect our business, financial condition, and results of operations. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities.
In the event that we cannot or do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments or other priorities. 14 Risk Factors Related to the Environment Affecting Our Properties Climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs as well as additional taxes and fees.
In the event that we cannot or do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments or other priorities.
As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those hedges through a TRS. Risk Factors Related to the Company's Common Stock Restrictions on the ownership of the Parent Company's capital stock to preserve its REIT status may delay or prevent a change in control.
Risk Factors Related to the Company's Common Stock Restrictions on the ownership of the Parent Company's capital stock to preserve its REIT status may delay or prevent a change in control.
Changes in our investment, redevelopment, and disposition strategies or changes in the market where an asset is located may alter management's intended holding period of an asset or asset group, which may result in an impairment loss and such loss may be material to our financial condition or operating performance. 12 The fair value of real estate assets is subjective and is determined through the use of comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach.
Changes in our investment, redevelopment, and disposition strategies or changes in the market where an asset is located may alter management's intended holding period of an asset or asset group, which may result in an impairment loss and such loss may be material to our financial condition or operating performance.
Federal Reserve to increase interest rates, may negatively impact consumer spending, our tenants' businesses, and/or future demand for space in our shopping centers. Rising interest rates adversely impact our cost of borrowing.
Federal Reserve") raised its benchmark federal funds rate, which has led to numerous increases in interest rates in the credit markets, with further increases possible. Higher interest rates may negatively impact consumer spending, our tenants' businesses, and/or future demand for space in our shopping centers. Additionally, higher interest rates adversely impact our cost of borrowing.
The election of these dissolution provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby losing the operating income and cash flow. 17 Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.
Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings.
Additionally, a successful ransomware attack, denial of service, or other impactful type of cyber-attack may occur. Despite planning, preparation, and preventative measures, such attacks may be successful and our business may be significantly disrupted if unable to quickly recover.
Despite planning, preparation, and preventative measures, such attacks may be successful in the future and our business may be significantly 18 disrupted if unable to quickly recover.
Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited.
Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.
These factors may cause the market price of our securities to decline, regardless of our financial condition, results of operations, business or prospects. It is impossible to ensure that the market price of our securities, including our common stock, will not fall in the future.
It is impossible to ensure that the market price of our securities, including our common stock, will not fall in the future. A decrease in the market price of our common stock may reduce our ability to raise additional equity capital in the public markets.
An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. We carry comprehensive liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties.
In addition, failure to comply with new government climate and other ESG disclosure obligations could subject us to significant fines and penalties. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties.
Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses.
Certain of our partnership operating agreements provide either member the ability to elect buy/sell clauses. The election of these dissolution provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby losing the operating income and cash flow.
In addition, as noted above, the SEC is currently evaluating potential new regulations that could impose additional ESG disclosure and other compliance requirements on us.
In addition, the SEC is currently considering adopting new regulations that would impose additional ESG disclosure and other compliance requirements on us. California has adopted a number of climate disclosure laws which will increase our compliance costs and require us to make additional climate disclosures. Other states are considering legislation similar to California’s new laws.
Removed
Federal Reserve") raised its benchmark federal funds rate, which has led to numerous increases in interest rates in the credit markets. The U.S. Federal Reserve may continue to raise the federal funds rate, which will likely lead to higher interest rates in the credit markets. Additionally, U.S. government policies implemented to address inflation, including actions by the U.S.
Added
Actual events, concerns or speculation about disruption or instability in the banking and financial services industry, such as liquidity constraints or lack of available credit, the failure of individual institutions, or the inability of individual institutions or the banking and financial service industry generally to meet their contractual obligations, could significantly impair our access to capital, delay access to deposits or other financial assets, or cause actual loss of funds subject to cash management arrangements.
Removed
Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.
Added
Similarly, these events, concerns or speculation could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us and our tenants to acquire financing on acceptable terms or at all.
Removed
Monitoring such changes, and taking steps to comply, involves significant costs and effort by management, which may adversely affect our operating results and cash flows.
Added
Additionally, our critical vendors and business partners also could be adversely affected by these risks as described above, which in turn could result in their committing a breach or default under their contractual agreements with us, their insolvency or bankruptcy, or other adverse effects.
Added
Any decline in available funding, lack of credit in the commercial real estate market, or access to cash and liquidity resources, or non-compliance of banking and financial services counterparties with their contractual commitments to us, our tenants or our critical vendors and business partners could, among other risks, have material adverse impacts on our ability to meet our operating expenses and other financial needs, could result in breaches of our financial and/or contractual obligations, and could have material adverse impacts on our business, financial condition and results of operations. 9 Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition.
Added
The success of our business, and the businesses of our tenants, largely depends on consumer spending.
Added
While we currently own no shopping centers or other assets outside of the U.S. nor have meaningful direct international supply chain exposure, geopolitical challenges and their potential impact on the global macroeconomic environment, including the war involving Russia and Ukraine, Middle East conflicts and wars, and the economic and other possible conflicts involving China (including any slowing of its economy), could impact aspects of the U.S. economy and, therefore, consumer spending.
Added
In addition, these geopolitical challenges could impact other areas of the U.S. economy, which could impact our business and the businesses of our tenants through rising inflation and interest rates (and, hence, reduced availability and/or increased costs of borrowing), increased energy prices, labor shortages, supply chain constraints and, potentially, a U.S. economic recession.
Added
It is unclear whether and when these geopolitical challenges and uncertainties will be mitigated or resolved, and what effects they may have on global political and economic conditions over the long term.
Added
However, a substantial delay in or lack of resolution of these challenges could have an adverse impact on the U.S. economy and consumer spending and, therefore, an adverse effect on our results of operations and the financial condition of the Company.
Added
Risks Relating to Regency's Financial Performance Relating to the Urstadt Biddle Merger Regency may not realize the anticipated benefits and synergies from the Urstadt Biddle merger. On August 18, 2023, Regency completed its merger with Urstadt Biddle.
Added
The success of the merger will depend, in part, on Regency’s ability to realize the anticipated benefits from successfully combining its and Urstadt Biddle’s businesses. Regency is devoting substantial management attention and resources to integrating its and Urstadt Biddle’s business practices and operations so that Regency can fully realize the anticipated benefits of the mergers.
Added
Nonetheless, the business and assets acquired may not be successful or continue to grow at the same rate as when operated independently or may require greater resources and investments than originally anticipated. The mergers could also result in the assumption of unknown or contingent liabilities.

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Item 2. Properties

Properties — owned and leased real estate

22 edited+2 added−0 removed5 unchanged
Biggest changeCheese, The Fresh Market, Party City Cochran Commons Charlotte-Concord-Gastonia NC 20% 2007 2003 3,359 66 100.0% 17.43 Harris Teeter, (Walgreens) Willow Oaks Charlotte-Concord-Gastonia NC 2014 2014 — 65 100.0% 17.83 Publix Shops at Erwin Mill Durham-Chapel Hill NC 55% 2012 2012 10,000 91 96.4% 19.27 Harris Teeter Southpoint Crossing Durham-Chapel Hill NC 1998 1998 — 103 98.4% 16.98 Harris Teeter 39 40 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Village Plaza Durham-Chapel Hill NC 20% 2012 2020 12,000 73 96.7% 23.16 Whole Foods Woodcroft Shopping Center Durham-Chapel Hill NC 1996 1984 — 90 100.0% 14.52 Food Lion, ACE Hardware Glenwood Village Raleigh-Cary NC 1997 1983 — 43 100.0% 18.28 Harris Teeter Holly Park Raleigh-Cary NC 2013 1969 — 160 97.7% 20.06 DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta Lake Pine Plaza Raleigh-Cary NC 1998 1997 — 88 100.0% 14.35 Harris Teeter Market at Colonnade Center Raleigh-Cary NC 2009 2009 — 58 100.0% 28.26 Whole Foods Midtown East Raleigh-Cary NC 50% 2017 2017 36,000 159 100.0% 24.28 Wegmans Ridgewood Shopping Center Raleigh-Cary NC 20% 2018 1951 9,278 94 91.2% 21.35 Whole Foods, Walgreens Shoppes of Kildaire Raleigh-Cary NC 40% 2005 1986 20,000 145 97.4% 20.56 Trader Joe's, Aldi, Staples, Barnes & Noble Sutton Square Raleigh-Cary NC 20% 2006 1985 — 101 94.5% 21.09 The Fresh Market Village District Raleigh-Cary NC 30% 2004 2018 75,000 559 94.0% 26.46 Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club Chimney Rock (6) New York-Newark-Jersey City NJ 2016 2016 — 218 99.3% 37.34 Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta District at Metuchen New York-Newark-Jersey City NJ 20% 2018 2017 16,000 67 97.9% 32.18 Whole Foods Plaza Square New York-Newark-Jersey City NJ 40% 2005 1990 — 104 62.0% 19.60 Grocer Glenwood Green (7) Philadelphia-Camden-Wilmington NJ 70% 2022 2022 — 355 83.0% 11.00 ShopRite, Target, Rendina Haddon Commons Philadelphia-Camden-Wilmington NJ 40% 2005 1985 — 54 100.0% 15.18 Acme Markets 101 7th Avenue New York-Newark-Jersey City NY 2017 1930 — 57 0.0% - - 1175 Third Avenue New York-Newark-Jersey City NY 2017 1995 — 25 100.0% 116.62 The Food Emporium 1225-1239 Second Ave New York-Newark-Jersey City NY 2017 1987 — 18 100.0% 137.95 CVS 90 - 30 Metropolitan Avenue New York-Newark-Jersey City NY 2017 2007 — 60 93.9% 35.57 Michaels, Staples, Trader Joe's Broadway Plaza (6) New York-Newark-Jersey City NY 2017 2014 — 147 89.9% 41.06 Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness Clocktower Plaza Shopping Ctr (6) New York-Newark-Jersey City NY 2017 1995 — 79 100.0% 49.89 Stop & Shop East Meadow New York-Newark-Jersey City NY 2021 1980 — 141 93.3% 15.73 Marshalls, Stew Leonard's East Meadow Plaza New York-Newark-Jersey City NY 2022 1971 — 205 0.0% 24.75 Lidl, Dollar Deal Eastport New York-Newark-Jersey City NY 2021 1980 — 48 97.3% 12.98 King Kullen, Rite Aid Hewlett Crossing I & II New York-Newark-Jersey City NY 2018 1954 8,879 52 100.0% 38.48 - Lake Grove Commons New York-Newark-Jersey City NY 40% 2012 2008 50,000 141 100.0% 35.81 Whole Foods, LA Fitness Rivertowns Square New York-Newark-Jersey City NY 2018 2016 — 116 90.9% 23.85 Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas The Gallery at Westbury Plaza New York-Newark-Jersey City NY 2017 2013 — 312 100.0% 51.21 Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footware The Point at Garden City Park (6) New York-Newark-Jersey City NY 2016 2018 — 105 100.0% 30.09 King Kullen, Ace Hardware Valley Stream New York-Newark-Jersey City NY 2021 1950 — 99 90.3% 28.89 King Kullen Wading River New York-Newark-Jersey City NY 2021 2002 — 99 84.1% 23.38 King Kullen, CVS, Ace Hardware 41 Westbury Plaza New York-Newark-Jersey City NY 2017 2004 88,000 390 100.0% 27.04 WalMart, Costco, Marshalls, Total Wine and More, Olive Garden Cherry Grove Cincinnati OH 1998 2012 — 203 99.0% 12.35 Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning 42 43 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Hyde Park Cincinnati OH 1997 1995 — 401 92.3% 17.41 Kroger, Kohl's, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls Red Bank Village Cincinnati OH 2006 2018 — 176 100.0% 7.73 WalMart Regency Commons Cincinnati OH 2004 2004 — 34 79.0% 27.33 - West Chester Plaza Cincinnati OH 1998 1988 — 88 100.0% 10.44 Kroger East Pointe Columbus OH 1998 2014 — 111 100.0% 11.34 Kroger Kroger New Albany Center Columbus OH 1999 1999 — 93 100.0% 13.47 Kroger Northgate Plaza (Maxtown Road) Columbus OH 1998 2017 — 117 100.0% 11.98 Kroger, (Home Depot) Corvallis Market Center Corvallis OR 2006 2006 — 85 100.0% 22.29 Michaels, TJ Maxx, Trader Joe's Northgate Marketplace Medford OR 2011 2011 — 81 84.2% 22.18 Trader Joe's, REI, PETCO Northgate Marketplace Ph II Medford OR 2015 2015 — 177 98.4% 18.16 Dick's Sporting Goods, Homegoods, Marshalls Greenway Town Center Portland-Vancouver-Hillsboro OR 40% 2005 2014 — 93 97.7% 16.19 Dollar Tree, Rite Aid, Whole Foods Murrayhill Marketplace Portland-Vancouver-Hillsboro OR 1999 2016 — 150 84.4% 20.35 Safeway, Planet Fitness Sherwood Crossroads Portland-Vancouver-Hillsboro OR 1999 1999 — 88 100.0% 12.56 Safeway Tanasbourne Market (6) Portland-Vancouver-Hillsboro OR 2006 2006 — 71 100.0% 30.18 Whole Foods Walker Center Portland-Vancouver-Hillsboro OR 1999 1987 — 90 98.4% 23.23 Bed Bath & Beyond Allen Street Shopping Ctr Allentown-Bethlehem-Easton PA 40% 2005 1958 — 46 100.0% 18.74 Grocery Outlet Bargain Market Lower Nazareth Commons Allentown-Bethlehem-Easton PA 2007 2012 — 96 100.0% 26.62 Burlington Coat Factory, PETCO, (Wegmans), (Target) Stefko Boulevard Shopping Center Allentown-Bethlehem-Easton PA 40% 2005 1976 — 134 86.4% 11.31 Valley Farm Market, Dollar Tree Hershey (6) Harrisburg-Carlisle PA 2000 2000 — 6 100.0% 30.00 - Baederwood Shopping Center Philadelphia-Camden-Wilmington PA 80% 2022 1999 24,365 117 97.0% 27.91 Whole Foods, Planet Fitness City Avenue Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1960 — 162 91.8% 20.76 Ross Dress for Less, TJ Maxx, Dollar Tree Gateway Shopping Center Philadelphia-Camden-Wilmington PA 2004 2016 — 224 99.0% 34.25 Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics Mercer Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1988 — 91 93.2% 22.73 Weis Markets Newtown Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 2020 20,000 142 92.5% 19.80 Acme Markets, Michael's Warwick Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1999 — 93 40.4% 27.74 - Indigo Square Charleston-North Charleston SC 2017 2017 — 51 100.0% 29.98 Greenwise (Vac 8/29/20) Merchants Village Charleston-North Charleston SC 40% 1997 1997 9,000 80 96.7% 17.65 Publix Harpeth Village Fieldstone Nashvil-Davdsn-Murfree-Frankln TN 1997 1998 — 70 97.8% 15.95 Publix Northlake Village Nashvil-Davdsn-Murfree-Frankln TN 2000 2013 — 135 99.0% 15.46 Kroger Peartree Village Nashvil-Davdsn-Murfree-Frankln TN 1997 1997 — 110 100.0% 20.33 Kroger, PETCO Hancock Austin-Round Rock-Georgetown TX 1999 1998 — 263 98.1% 19.39 24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors Market at Round Rock Austin-Round Rock-Georgetown TX 1999 1987 — 123 97.3% 19.82 Sprout's Markets, Office Depot, Tuesday Morning North Hills Austin-Round Rock-Georgetown TX 1999 1995 — 164 100.0% 21.88 H.E.B.
Biggest changeCheese, The Fresh Market, Party City Cochran Commons Charlotte-Concord-Gastonia NC 20% 2007 2003 2,975 66 100.0% 17.91 Harris Teeter, (Walgreens) Willow Oaks Charlotte-Concord-Gastonia NC 2014 2014 — 65 97.9% 17.89 Publix Shops at Erwin Mill Durham-Chapel Hill NC 55% 2012 2012 10,000 91 100.0% 20.47 Harris Teeter Southpoint Crossing Durham-Chapel Hill NC 1998 1998 — 103 100.0% 17.42 Harris Teeter Village Plaza Durham-Chapel Hill NC 20% 2012 2020 11,793 73 100.0% 25.22 Whole Foods Woodcroft Shopping Center Durham-Chapel Hill NC 1996 1984 — 90 95.4% 14.52 Food Lion, ACE Hardware Glenwood Village Raleigh-Cary NC 1997 1983 — 43 100.0% 18.71 Harris Teeter Holly Park Raleigh-Cary NC 2013 1969 — 158 99.0% 20.54 DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta Lake Pine Plaza Raleigh-Cary NC 1998 1997 — 88 100.0% 14.55 Harris Teeter Market at Colonnade Center Raleigh-Cary NC 2009 2009 — 58 100.0% 28.83 Whole Foods Midtown East Raleigh-Cary NC 50% 2017 2017 36,000 159 100.0% 24.51 Wegmans Ridgewood Shopping Center Raleigh-Cary NC 20% 2018 1951 9,025 94 89.9% 28.41 Whole Foods, Walgreens Shoppes of Kildaire Raleigh-Cary NC 40% 2005 1986 20,000 145 100.0% 21.28 Trader Joe's, Aldi, Staples, Barnes & Noble Sutton Square Raleigh-Cary NC 20% 2006 1985 — 101 93.8% 21.21 The Fresh Market 35 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Village District Raleigh-Cary NC 30% 2004 2018 75,000 599 98.3% 25.47 Harris Teeter, The Fresh Market, The Oberlin, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club, Ballard Designs Bloomfield Crossing New York-Newark-Jersey City NJ 2023 0 — 59 100.0% 15.17 Superfresh Boonton ACME Shopping Center New York-Newark-Jersey City NJ 2023 1999 10,585 63 97.1% 24.19 Acme Markets Cedar Hill Shopping Center New York-Newark-Jersey City NJ 2023 1971 7,035 43 100.0% 30.72 Walgreens Chestnut Ridge Shopping Center New York-Newark-Jersey City NJ 50% 2023 1965 — 76 94.2% 30.43 Fresh Market, Drop Fitness Chimney Rock New York-Newark-Jersey City NJ 2016 2016 — 218 91.9% 39.18 Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta District at Metuchen New York-Newark-Jersey City NJ 20% 2018 2017 16,000 67 100.0% 32.89 Whole Foods Emerson Plaza New York-Newark-Jersey City NJ 2023 1981 — 93 84.9% 14.14 Shoprite, K-9 Resorts Luxury Pet Hotel Ferry Street Plaza New York-Newark-Jersey City NJ 2023 1995 8,796 108 100.0% 21.49 Seabra Foods, Flaming Grill H Mart Plaza New York-Newark-Jersey City NJ 2023 1967 — 7 100.0% 46.32 - Meadtown Shopping Center New York-Newark-Jersey City NJ 2023 1961 9,364 77 100.0% 25.09 Marshalls, Petco, Walgreens Midland Park Shopping Center New York-Newark-Jersey City NJ 2023 1966 17,722 129 81.5% 25.21 Kings Food Markets, Crunch Fitness Plaza Square New York-Newark-Jersey City NJ 40% 2005 1990 — 104 62.0% 19.91 Grocer Pompton Lakes Towne Square New York-Newark-Jersey City NJ 2023 2000 — 66 92.8% 25.82 Planet Fitness Rite Aid Plaza-Waldwick Plaza New York-Newark-Jersey City NJ 2023 1953 — 20 100.0% 30.42 Rite Aid South Pass Village New York-Newark-Jersey City NJ 2023 1965 20,144 109 97.0% 30.18 Acme Markets Valley Ridge Shopping Center New York-Newark-Jersey City NJ 2023 1962 16,775 103 93.4% 28.44 Whole Foods Van Houten Plaza New York-Newark-Jersey City NJ 2023 1974 — 37 91.4% 11.70 Dollar Tree Waldwick Plaza New York-Newark-Jersey City NJ 2023 1960 — 27 90.3% 28.06 - Washington Commons New York-Newark-Jersey City NJ 100% 2023 1992 8,766 74 99.1% 25.95 Stop & Shop Glenwood Green (7) Philadelphia-Camden-Wilmington NJ 70% 2023 2023 — 353 92.4% 15.25 ShopRite, Target, Rendina Haddon Commons Philadelphia-Camden-Wilmington NJ 40% 2005 1985 — 54 100.0% 15.24 Acme Markets 101 7th Avenue New York-Newark-Jersey City NY 2017 1930 — 57 0.0% - - 111 Kraft Avenue New York-Newark-Jersey City NY 2023 1902 — 9 100.0% 47.40 - 1175 Third Avenue New York-Newark-Jersey City NY 2017 1995 — 25 35.9% 185.00 - 1225-1239 Second Ave New York-Newark-Jersey City NY 2017 1987 — 18 100.0% 137.95 CVS 260-270 Sawmill Road New York-Newark-Jersey City NY 2023 1953 — 3 100.0% 1.69 - 27 Purchase Street New York-Newark-Jersey City NY 2023 0 — 10 82.6% 40.30 - 410 South Broadway New York-Newark-Jersey City NY 2023 1936 — 7 100.0% 1.21 - 48 Purchase Street New York-Newark-Jersey City NY 2023 0 — 6 100.0% 78.05 - 90 - 30 Metropolitan Avenue New York-Newark-Jersey City NY 2017 2007 — 60 100.0% 36.15 Michaels, Staples, Trader Joe's Arcadian Shopping Center New York-Newark-Jersey City NY 2023 1978 13,033 166 97.9% 23.90 Stop & Shop, Westchester Community College, The 19th Hole Biltmore Shopping Center New York-Newark-Jersey City NY 2023 1967 — 17 100.0% 38.93 - Broadway Plaza New York-Newark-Jersey City NY 2017 2014 — 147 88.5% 40.28 Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness Carmel ShopRite Plaza New York-Newark-Jersey City NY 2023 1981 — 145 95.1% 14.06 Shoprite, Carmel Cinema, Gold's Gyn, Rite Aid Chilmark Shopping Center New York-Newark-Jersey City NY 2023 1963 — 47 100.0% 34.28 CVS Clocktower Plaza Shopping Ctr New York-Newark-Jersey City NY 2017 1995 — 79 90.4% 50.88 Stop & Shop DeCicco's Plaza New York-Newark-Jersey City NY 2023 1978 — 70 91.8% 35.70 Decicco & Sons East Meadow New York-Newark-Jersey City NY 2021 1980 — 141 93.3% 16.10 Marshalls, Stew Leonard's, Net Cost Market 36 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) East Meadow Plaza New York-Newark-Jersey City NY 2023 1971 — 195 60.6% 25.61 Lidl, Dollar Deal Eastchester Plaza New York-Newark-Jersey City NY 2023 1963 — 24 100.0% 36.54 CVS Eastport New York-Newark-Jersey City NY 2021 1980 — 48 97.3% 13.57 King Kullen, Rite Aid Gateway Plaza New York-Newark-Jersey City NY 50% 2023 0 14,000 198 100.0% 9.46 Walmart, Bob's Discount Furniture Harrison Shopping Square New York-Newark-Jersey City NY 2023 1958 — 26 100.0% 33.40 The Harrison Market Heritage 202 Center New York-Newark-Jersey City NY 2023 1989 — 19 100.0% 33.99 - Hewlett Crossing I & II New York-Newark-Jersey City NY 2018 1954 — 52 100.0% 39.41 - Lake Grove Commons New York-Newark-Jersey City NY 40% 2012 2008 49,895 141 100.0% 37.08 Whole Foods, LA Fitness Lakeview Shopping Center New York-Newark-Jersey City NY 2023 1981 10,944 165 92.6% 18.20 Acme, Planet Fitness, Montclare Children's School, Rite Aid McLean Plaza New York-Newark-Jersey City NY 100% 2023 1982 5,000 58 86.9% 19.23 Acme Markets Midway Shopping Center New York-Newark-Jersey City NY 12% 2023 1958 22,492 244 99.2% 28.95 Shoprite, JoAnn, Amazing Savings, Daiso, CVS, Planet Fitness, Denny's Kids New City PCSB Bank Pad New York-Newark-Jersey City NY 2023 1973 — 3 100.0% 53.28 - Orangetown Shopping Center New York-Newark-Jersey City NY 100% 2023 1966 6,005 74 95.4% 22.01 CVS Pelham Manor Plaza New York-Newark-Jersey City NY 2023 1960 — 25 87.7% 35.28 Manor Market Purchase Street Shops New York-Newark-Jersey City NY 2023 0 — 6 100.0% 33.82 - Putnam Plaza New York-Newark-Jersey City NY 67% 2023 1971 17,284 189 92.9% 16.16 Tops, NY Sports Club, Dollar World, Rite Aid Riverhead Plaza New York-Newark-Jersey City NY 50% 2023 0 — 13 100.0% 34.20 - Rivertowns Square New York-Newark-Jersey City NY 2018 2016 — 116 92.6% 27.63 Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas Somers Commons New York-Newark-Jersey City NY 2023 2003 — 135 89.3% 17.01 Level Fitness, Tractor Supply, Goodwill Staples Plaza-Yorktown Heights New York-Newark-Jersey City NY 2023 1970 — 125 100.0% 12.09 Level Fitness, Staples, Party City, Extra Space Storage Tanglewood Shopping Center New York-Newark-Jersey City NY 2023 1953 3,163 27 100.0% 40.47 - The Gallery at Westbury Plaza New York-Newark-Jersey City NY 2017 2013 — 312 100.0% 53.17 Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear The Point at Garden City Park New York-Newark-Jersey City NY 2016 2018 — 105 100.0% 30.73 King Kullen, Ace Hardware The Shops at SunVet (fka SunVet) (6)(7) New York-Newark-Jersey City NY 100% 2023 2023 — 173 33.7% 38.55 Whole Foods Towne Centre at Somers New York-Newark-Jersey City NY 2023 1988 — 84 100.0% 31.08 CVS Valley Stream New York-Newark-Jersey City NY 2021 1950 — 99 95.0% 28.68 King Kullen Village Commons New York-Newark-Jersey City NY 2023 1980 — 28 88.6% 38.95 - Wading River New York-Newark-Jersey City NY 2021 2002 — 99 89.8% 24.18 King Kullen, CVS, Ace Hardware Westbury Plaza New York-Newark-Jersey City NY 2017 2004 88,000 390 100.0% 27.26 WalMart, Costco, Marshalls, Total Wine and More, Olive Garden Marine's Taste of Italy Torrington NY 2023 1988 — 3 100.0% 28.73 - Cherry Grove Cincinnati OH 1998 2012 — 203 99.0% 13.05 Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning Hyde Park Cincinnati OH 1997 1995 — 397 98.8% 17.40 Kroger, Kohl's, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls, Five Below Red Bank Village Cincinnati OH 2006 2018 — 176 100.0% 7.89 WalMart Regency Commons Cincinnati OH 2004 2004 — 34 78.8% 27.76 - West Chester Plaza Cincinnati OH 1998 1988 — 88 100.0% 10.56 Kroger East Pointe Columbus OH 1998 2014 — 111 100.0% 11.53 Kroger Kroger New Albany Center Columbus OH 1999 1999 — 93 100.0% 13.90 Kroger Northgate Plaza (Maxtown Road) Columbus OH 1998 2017 — 117 100.0% 12.33 Kroger, (Home Depot) Corvallis Market Center Corvallis OR 2006 2006 — 85 100.0% 22.68 Michaels, TJ Maxx, Trader Joe's Northgate Marketplace Medford OR 2011 2011 — 81 93.2% 24.56 Trader Joe's, REI, PETCO 37 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Northgate Marketplace Ph II Medford OR 2015 2015 — 177 96.4% 18.05 Dick's Sporting Goods, Homegoods, Marshalls Greenway Town Center Portland-Vancouver-Hillsboro OR 40% 2005 2014 — 93 100.0% 16.79 Dollar Tree, Rite Aid, Whole Foods Murrayhill Marketplace Portland-Vancouver-Hillsboro OR 1999 2016 — 150 85.9% 20.98 Safeway, Planet Fitness Sherwood Crossroads Portland-Vancouver-Hillsboro OR 1999 1999 — 88 98.6% 12.69 Safeway Tanasbourne Market Portland-Vancouver-Hillsboro OR 2006 2006 — 71 100.0% 33.03 Whole Foods Walker Center Portland-Vancouver-Hillsboro OR 1999 1987 — 89 96.8% 28.59 REI Allen Street Shopping Ctr Allentown-Bethlehem-Easton PA 40% 2005 1958 — 46 100.0% 19.07 Grocery Outlet Bargain Market Lower Nazareth Commons Allentown-Bethlehem-Easton PA 2007 2012 — 96 100.0% 27.85 Burlington Coat Factory, PETCO, (Wegmans), (Target) Stefko Boulevard Shopping Center Allentown-Bethlehem-Easton PA 40% 2005 1976 — 134 97.9% 10.69 Valley Farm Market, Dollar Tree, Muscle Inc.
We have no ownership or leasehold interest in their space, which is within or adjacent to our property. (6) The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease. (7) Property in development. 48
We have no ownership or leasehold interest in their space, which is within or adjacent to our property. (6) The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease. (7) Property in development. 40
However, inflationary challenges and the potential for an economic recession could result in pressure on base rent growth for new and renewal leases as businesses seek to manage costs. 26 The following table lists information about our consolidated and unconsolidated properties.
However, inflationary challenges and the potential for an economic recession could result in pressure on base rent growth for new and renewal leases as businesses seek to manage costs. 27 The following table lists information about our consolidated and unconsolidated properties.
Lucie FL 2017 2006 — 27 100.0% 25.58 - Charlotte Square Punta Gorda FL 2017 1980 — 91 94.1% 11.68 WalMart, Buffet City Ryanwood Square Sebastian-Vero Beach FL 2017 1987 — 115 90.0% 12.28 Publix, Beall's, Harbor Freight Tools South Point Sebastian-Vero Beach FL 2017 2003 — 65 100.0% 15.68 Publix Treasure Coast Plaza Sebastian-Vero Beach FL 2017 1983 1,166 134 98.2% 18.77 Publix, TJ Maxx Carriage Gate Tallahassee FL 1994 2013 — 73 100.0% 24.83 Trader Joe's, TJ Maxx Ocala Corners (6) Tallahassee FL 2000 2000 — 93 88.3% 13.89 Publix Bloomingdale Square Tampa-St Petersburg-Clearwater FL 1998 2021 — 252 98.0% 19.30 Bealls, Dollar Tree, Home Centric, LA Fitness, Publix Northgate Square Tampa-St Petersburg-Clearwater FL 2007 1995 — 76 98.1% 15.95 Publix 36 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Regency Square Tampa-St Petersburg-Clearwater FL 1993 2013 — 352 96.1% 19.79 AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill) Shoppes at Sunlake Centre Tampa-St Petersburg-Clearwater FL 2017 2008 — 117 100.0% 24.78 Publix Suncoast Crossing (6) Tampa-St Petersburg-Clearwater FL 2007 2007 — 118 96.4% 7.01 Kohl's, (Target) The Village at Hunter's Lake Tampa-St Petersburg-Clearwater FL 2018 2018 — 72 100.0% 28.05 Sprouts Town Square Tampa-St Petersburg-Clearwater FL 1997 1999 — 44 100.0% 33.86 PETCO, Barnes & Noble Village Center Tampa-St Petersburg-Clearwater FL 1995 2014 — 187 97.4% 22.38 Publix, PGA Tour Superstore, Walgreens Westchase Tampa-St Petersburg-Clearwater FL 2007 1998 — 79 100.0% 17.57 Publix Ashford Place Atlanta-SandySprings-Alpharett GA 1997 1993 — 53 86.1% 24.58 Harbor Freight Tools Briarcliff La Vista Atlanta-SandySprings-Alpharett GA 1997 1962 — 43 100.0% 22.38 Michael's Briarcliff Village Atlanta-SandySprings-Alpharett GA 1997 1990 — 189 98.3% 17.01 Burlington, Party City, Publix, Shoe Carnival, TJ Maxx Bridgemill Market Atlanta-SandySprings-Alpharett GA 2017 2000 — 89 91.7% 17.77 Publix Brighten Park Atlanta-SandySprings-Alpharett GA 1997 2016 — 137 98.9% 28.37 Lidl, Big Blue Swim School, Kohl's Buckhead Court Atlanta-SandySprings-Alpharett GA 1997 1984 — 49 89.7% 31.78 - Buckhead Landing Atlanta-SandySprings-Alpharett GA 2017 1998 — 152 74.3% 19.52 Binders Art Supplies & Frames, Kroger Buckhead Station Atlanta-SandySprings-Alpharett GA 2017 1996 — 234 100.0% 25.27 Bed Bath & Beyond, Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta Cambridge Square Atlanta-SandySprings-Alpharett GA 1996 1979 — 71 40.0% 26.89 - Chastain Square Atlanta-SandySprings-Alpharett GA 2017 2001 — 92 100.0% 23.53 Publix Cornerstone Square Atlanta-SandySprings-Alpharett GA 1997 1990 — 80 90.7% 18.96 Aldi, Barking Hound Village, CVS, HealthMarkets Insurance Dunwoody Hall Atlanta-SandySprings-Alpharett GA 1997 1986 13,800 86 96.2% 21.03 Publix Dunwoody Village Atlanta-SandySprings-Alpharett GA 1997 1975 — 121 93.5% 21.49 The Fresh Market, Walgreens, Dunwoody Prep Howell Mill Village Atlanta-SandySprings-Alpharett GA 2004 1984 — 92 100.0% 25.11 Publix Paces Ferry Plaza Atlanta-SandySprings-Alpharett GA 1997 2018 — 82 99.9% 40.24 Whole Foods Powers Ferry Square Atlanta-SandySprings-Alpharett GA 1997 2013 — 97 100.0% 35.26 HomeGoods, PETCO Powers Ferry Village Atlanta-SandySprings-Alpharett GA 1997 1994 — 69 100.0% 10.48 Publix, The Juice Box Russell Ridge Atlanta-SandySprings-Alpharett GA 1994 1995 — 101 90.8% 13.30 Kroger Sandy Springs Atlanta-SandySprings-Alpharett GA 2012 2006 — 116 98.1% 25.63 Trader Joe's, Fox's, Peter Glenn Ski & Sports Sope Creek Crossing Atlanta-SandySprings-Alpharett GA 1998 2016 — 99 95.5% 16.72 Publix The Shops at Hampton Oaks Atlanta-SandySprings-Alpharett GA 2017 2009 — 21 89.1% 11.81 (CVS) Williamsburg at Dunwoody Atlanta-SandySprings-Alpharett GA 2017 1983 — 45 82.7% 27.64 - Civic Center Plaza Chicago-Naperville-Elgin IL 40% 2005 1989 22,000 265 96.6% 10.54 Super H Mart, Home Depot, O'Reilly Automotive, King Spa Clybourn Commons Chicago-Naperville-Elgin IL 2014 1999 — 32 95.0% 37.88 PETCO Glen Oak Plaza Chicago-Naperville-Elgin IL 2010 1967 — 63 100.0% 27.29 Trader Joe's, Walgreens, Northshore University Healthsystems Hinsdale Lake Commons (fka Hinsdale) Chicago-Naperville-Elgin IL 1998 2015 — 185 93.0% 16.30 Whole Foods, Goodwill, Charter Fitness, Petco Mellody Farm Chicago-Naperville-Elgin IL 2017 2017 — 259 93.1% 29.15 Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm Naperville Plaza Chicago-Naperville-Elgin IL 20% 2022 1961 23,000 115 96.8% 25.65 Casey's Foods, Trader Joe's, Oswald's Pharmacy Riverside Sq & River's Edge Chicago-Naperville-Elgin IL 40% 2005 1986 — 169 99.3% 17.54 Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness 37 Roscoe Square Chicago-Naperville-Elgin IL 40% 2005 2012 24,500 140 70.0% 28.09 Mariano's Fresh Market, Walgreens Westchester Commons Chicago-Naperville-Elgin IL 2001 2014 — 143 93.1% 18.05 Mariano's Fresh Market, Goodwill Willow Festival (6) Chicago-Naperville-Elgin IL 2010 2007 — 404 96.7% 18.84 Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta 38 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Shops on Main Chicago-Naperville-Elgin IN 94% 2013 2020 — 279 100.0% 16.46 Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls Willow Lake Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 1987 — 86 72.4% 18.98 Indiana Bureau of Motor Vehicles, (Kroger) Willow Lake West Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 2001 10,000 53 100.0% 26.76 Trader Joe's Fellsway Plaza Boston-Cambridge-Newton MA 75% 2013 2016 35,446 158 100.0% 25.90 Stop & Shop, Planet Fitness, BioLife Plasma Services Shaw's at Plymouth Boston-Cambridge-Newton MA 2017 1993 — 60 100.0% 19.34 Shaw's Shops at Saugus Boston-Cambridge-Newton MA 2006 2006 — 87 96.9% 30.54 Trader Joe's, La-Z-Boy, PetSmart Star's at Cambridge Boston-Cambridge-Newton MA 2017 1997 — 66 100.0% 41.18 Star Market Star's at Quincy Boston-Cambridge-Newton MA 2017 1995 — 101 100.0% 23.63 Star Market Star's at West Roxbury Boston-Cambridge-Newton MA 2017 2006 — 76 94.7% 26.66 Shaw's The Abbot Boston-Cambridge-Newton MA 2017 1912 — 64 77.0% 90.15 Center for Effective Alturism Twin City Plaza Boston-Cambridge-Newton MA 2006 2004 — 285 100.0% 22.09 Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs Festival at Woodholme Baltimore-Columbia-Towson MD 40% 2005 1986 18,510 81 94.6% 40.95 Trader Joe's Parkville Shopping Center Baltimore-Columbia-Towson MD 40% 2005 2013 9,960 165 98.2% 17.45 Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville Southside Marketplace Baltimore-Columbia-Towson MD 40% 2005 2011 24,800 125 90.8% 25.45 Giant Village at Lee Airpark (6) Baltimore-Columbia-Towson MD 2005 2014 — 118 89.3% 30.79 Giant, (Sunrise) Burnt Mills Washington-Arlington-Alexandri MD 20% 2013 2004 — 31 86.9% 42.83 Trader Joe's Cloppers Mill Village Washington-Arlington-Alexandri MD 40% 2005 1995 — 137 95.8% 19.47 Shoppers Food Warehouse, Dollar Tree Firstfield Shopping Center Washington-Arlington-Alexandri MD 40% 2005 2014 — 22 100.0% 43.23 - Takoma Park Washington-Arlington-Alexandri MD 40% 2005 1960 — 107 100.0% 15.21 Planet Fitness Watkins Park Plaza Washington-Arlington-Alexandri MD 40% 2005 1985 — 111 100.0% 29.21 LA Fitness, CVS Westbard Square Washington-Arlington-Alexandri MD 2017 2001 — 132 99.0% 38.59 Giant, Bowlmor AMF Woodmoor Shopping Center Washington-Arlington-Alexandri MD 40% 2005 1954 19,000 69 96.2% 35.70 CVS Fenton Marketplace Flint MI 1999 1999 — 97 74.0% 8.71 Family Farm & Home Apple Valley Square Minneapol-St.
Lucie FL 2017 2006 — 27 100.0% 26.33 - Charlotte Square Punta Gorda FL 2017 1980 — 91 94.1% 11.94 WalMart, Buffet City Ryanwood Square Sebastian-Vero Beach FL 2017 1987 — 115 93.3% 12.84 Publix, Beall's, Harbor Freight Tools South Point Sebastian-Vero Beach FL 2017 2003 — 65 100.0% 16.66 Publix Treasure Coast Plaza Sebastian-Vero Beach FL 2017 1983 — 134 100.0% 19.28 Publix, TJ Maxx Carriage Gate Tallahassee FL 1994 2013 — 73 100.0% 25.58 Trader Joe's, TJ Maxx Ocala Corners (6) Tallahassee FL 2000 2000 — 93 93.0% 14.51 Publix Bloomingdale Square Tampa-St Petersburg-Clearwater FL 1998 2021 — 252 96.9% 20.57 Bealls, Dollar Tree, Home Centric, LA Fitness, Publix Northgate Square Tampa-St Petersburg-Clearwater FL 2007 1995 — 75 100.0% 16.74 Publix Regency Square Tampa-St Petersburg-Clearwater FL 1993 2013 — 352 98.4% 20.68 AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill) Shoppes at Sunlake Centre Tampa-St Petersburg-Clearwater FL 2017 2008 — 117 100.0% 25.32 Publix Suncoast Crossing Tampa-St Petersburg-Clearwater FL 2007 2007 — 118 98.8% 7.34 Kohl's, (Target) The Village at Hunter's Lake Tampa-St Petersburg-Clearwater FL 2018 2018 — 72 100.0% 28.47 Sprouts Town Square Tampa-St Petersburg-Clearwater FL 1997 1999 — 44 100.0% 35.55 PETCO, Barnes & Noble Village Center Tampa-St Petersburg-Clearwater FL 1995 2014 — 186 100.0% 22.80 Publix, PGA Tour Superstore, Walgreens Westchase Tampa-St Petersburg-Clearwater FL 2007 1998 — 79 100.0% 17.97 Publix Ashford Place Atlanta-SandySprings-Alpharett GA 1997 1993 — 53 89.3% 26.57 Harbor Freight Tools Briarcliff La Vista Atlanta-SandySprings-Alpharett GA 1997 1962 — 43 100.0% 22.64 Michael's Briarcliff Village Atlanta-SandySprings-Alpharett GA 1997 1990 — 189 100.0% 17.51 Burlington, Party City, Publix, Shoe Carnival, TJ Maxx Bridgemill Market Atlanta-SandySprings-Alpharett GA 2017 2000 — 89 96.3% 19.02 Publix Brighten Park Atlanta-SandySprings-Alpharett GA 1997 2016 — 137 97.1% 28.81 Lidl, Big Blue Swim School, Kohl's Buckhead Court Atlanta-SandySprings-Alpharett GA 1997 1984 — 49 93.8% 32.18 - Buckhead Landing Atlanta-SandySprings-Alpharett GA 2017 1998 — 152 81.7% 32.88 Binders Art Supplies & Frames, Publix Buckhead Station Atlanta-SandySprings-Alpharett GA 2017 1996 — 234 82.9% 26.80 Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta 33 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Cambridge Square Atlanta-SandySprings-Alpharett GA 1996 1979 — 70 97.2% 24.98 Publix Chastain Square Atlanta-SandySprings-Alpharett GA 2017 2001 — 92 100.0% 24.11 Publix Cornerstone Square Atlanta-SandySprings-Alpharett GA 1997 1990 — 80 100.0% 19.24 Aldi, Barking Hound Village, CVS, HealthMarkets Insurance Dunwoody Hall Atlanta-SandySprings-Alpharett GA 1997 1986 13,800 86 100.0% 21.71 Publix Dunwoody Village Atlanta-SandySprings-Alpharett GA 1997 1975 — 121 89.4% 22.27 The Fresh Market, Walgreens, Dunwoody Prep Howell Mill Village Atlanta-SandySprings-Alpharett GA 2004 1984 — 92 97.6% 25.42 Publix Paces Ferry Plaza Atlanta-SandySprings-Alpharett GA 1997 2018 — 82 97.0% 42.09 Whole Foods Powers Ferry Square Atlanta-SandySprings-Alpharett GA 1997 2013 — 97 100.0% 36.45 HomeGoods, PETCO Powers Ferry Village Atlanta-SandySprings-Alpharett GA 1997 1994 — 69 98.3% 10.25 Publix, Barrel Town Russell Ridge Atlanta-SandySprings-Alpharett GA 1994 1995 — 108 91.4% 12.98 Kroger Sandy Springs Atlanta-SandySprings-Alpharett GA 2012 2006 — 113 100.0% 27.21 Trader Joe's, Fox's, Peter Glenn Ski & Sports Sope Creek Crossing Atlanta-SandySprings-Alpharett GA 1998 2016 — 99 95.5% 17.06 Publix The Shops at Hampton Oaks Atlanta-SandySprings-Alpharett GA 2017 2009 — 21 89.8% 12.30 (CVS) Williamsburg at Dunwoody Atlanta-SandySprings-Alpharett GA 2017 1983 — 45 95.6% 25.72 - Civic Center Plaza Chicago-Naperville-Elgin IL 40% 2005 1989 22,000 265 96.6% 10.78 Super H Mart, Home Depot, O'Reilly Automotive, King Spa Clybourn Commons Chicago-Naperville-Elgin IL 2014 1999 — 32 100.0% 37.82 PETCO Glen Oak Plaza Chicago-Naperville-Elgin IL 2010 1967 — 63 96.2% 27.83 Trader Joe's, Walgreens, Northshore University Healthsystems Hinsdale Lake Commons Chicago-Naperville-Elgin IL 1998 2015 — 185 94.3% 16.68 Whole Foods, Goodwill, Charter Fitness, Petco Mellody Farm Chicago-Naperville-Elgin IL 2017 2017 — 259 97.1% 31.25 Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm Naperville Plaza Chicago-Naperville-Elgin IL 20% 2023 1961 23,000 115 100.0% 26.91 Casey's Foods, Trader Joe's, Oswald's Pharmacy Old Town Square Chicago-Naperville-Elgin IL 20% 2023 1998 14,000 87 97.5% 27.10 Jewel-Osco Riverside Sq & River's Edge Chicago-Naperville-Elgin IL 40% 2005 1986 — 169 100.0% 18.66 Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness Roscoe Square Chicago-Naperville-Elgin IL 40% 2005 2012 24,500 140 100.0% 24.78 Mariano's Fresh Market, Walgreens, Altitude Trampoline Park Westchester Commons Chicago-Naperville-Elgin IL 2001 2014 — 143 93.1% 18.28 Mariano's Fresh Market, Goodwill Willow Festival Chicago-Naperville-Elgin IL 2010 2007 — 404 91.7% 19.23 Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta Shops on Main Chicago-Naperville-Elgin IN 94% 2007 2020 — 279 100.0% 16.54 Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls Willow Lake Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 1987 — 86 88.6% 17.44 Indiana Bureau of Motor Vehicles, Snipes USA, (Kroger) Willow Lake West Shopping Center Indianapolis-Carmel-Anderson IN 40% 2005 2001 10,000 53 100.0% 28.23 Trader Joe's Fellsway Plaza Boston-Cambridge-Newton MA 75% 2013 2016 34,873 158 100.0% 27.34 Stop & Shop, Planet Fitness, BioLife Plasma Services Shaw's at Plymouth Boston-Cambridge-Newton MA 2017 1993 — 60 100.0% 19.34 Shaw's Shops at Saugus Boston-Cambridge-Newton MA 2006 2006 — 87 100.0% 31.64 Trader Joe's, La-Z-Boy, PetSmart Star's at Cambridge Boston-Cambridge-Newton MA 2017 1997 — 66 100.0% 41.18 Star Market Star's at Quincy Boston-Cambridge-Newton MA 2017 1995 — 101 100.0% 23.63 Star Market Star's at West Roxbury Boston-Cambridge-Newton MA 2017 2006 — 76 100.0% 27.61 Shaw's The Abbot Boston-Cambridge-Newton MA 2017 1912 — 64 77.1% 94.03 Center for Effective Alturism Twin City Plaza Boston-Cambridge-Newton MA 2006 2004 — 285 100.0% 22.43 Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs The Longmeadow Shops Springfield, MA MA 2023 1962 13,000 99 100.0% 32.16 CVS 34 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Festival at Woodholme Baltimore-Columbia-Towson MD 40% 2005 1986 18,510 81 95.1% 40.40 Trader Joe's Parkville Shopping Center Baltimore-Columbia-Towson MD 40% 2005 2013 23,200 165 96.6% 17.61 Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville Southside Marketplace Baltimore-Columbia-Towson MD 40% 2005 2011 24,800 125 93.5% 24.51 Giant Village at Lee Airpark Baltimore-Columbia-Towson MD 2005 2014 — 118 97.8% 31.38 Giant, (Sunrise) Burnt Mills Washington-Arlington-Alexandri MD 20% 2013 2004 — 31 92.3% 38.58 Trader Joe's Cloppers Mill Village Washington-Arlington-Alexandri MD 40% 2005 1995 — 137 94.7% 19.48 Shoppers Food Warehouse, Dollar Tree Firstfield Shopping Center Washington-Arlington-Alexandri MD 40% 2005 2014 — 22 100.0% 44.25 - Takoma Park Washington-Arlington-Alexandri MD 40% 2005 1960 — 107 97.4% 15.05 Planet Fitness Watkins Park Plaza Washington-Arlington-Alexandri MD 40% 2005 1985 — 111 98.5% 29.47 LA Fitness, CVS Westbard Square Washington-Arlington-Alexandri MD 2017 2001 — 126 82.5% 36.56 Giant, Bowlmor AMF Woodmoor Shopping Center Washington-Arlington-Alexandri MD 40% 2005 1954 19,000 68 96.3% 37.93 CVS Fenton Marketplace Flint MI 1999 1999 — 97 74.0% 9.14 Family Farm & Home Apple Valley Square Minneapol-St.
Louis MO 2007 1996 — 67 100.0% 11.60 Schnucks Kirkwood Commons St.
Louis MO 2007 1996 — 67 100.0% 11.72 Schnucks Kirkwood Commons St.
Market at Springwoods Village Houston-Woodlands-Sugar Land TX 53% 2016 2018 4,250 167 99.1% 17.73 Kroger Panther Creek Houston-Woodlands-Sugar Land TX 2002 1994 — 166 98.8% 24.71 CVS, The Woodlands Childrens Museum, Fitness Project Southpark at Cinco Ranch Houston-Woodlands-Sugar Land TX 2012 2017 — 265 98.9% 14.06 Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods Sterling Ridge Houston-Woodlands-Sugar Land TX 2002 2000 — 129 98.9% 22.16 Kroger, CVS Sweetwater Plaza Houston-Woodlands-Sugar Land TX 20% 2001 2000 20,000 134 95.3% 18.46 Kroger, Walgreens The Village at Riverstone Houston-Woodlands-Sugar Land TX 2016 2016 — 165 96.3% 17.11 Kroger Weslayan Plaza East Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 169 96.1% 21.11 Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle Weslayan Plaza West Houston-Woodlands-Sugar Land TX 40% 2005 1969 32,629 186 92.6% 22.20 Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods Westwood Village Houston-Woodlands-Sugar Land TX 2006 2006 — 187 97.7% 20.47 Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target) Woodway Collection Houston-Woodlands-Sugar Land TX 40% 2005 2012 7,482 97 94.2% 31.73 Whole Foods Carytown Exchange Richmond VA 65% 2018 2022 — 116 86.2% 26.91 Publix, CVS Hanover Village Shopping Center Richmond VA 40% 2005 1971 — 90 100.0% 9.81 Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning Village Shopping Center Richmond VA 40% 2005 1948 24,250 116 88.8% 24.99 Publix, CVS Ashburn Farm Village Center Washington-Arlington-Alexandri VA 40% 2005 1996 — 92 100.0% 17.33 Patel Brothers, The Shop Gym Belmont Chase Washington-Arlington-Alexandri VA 2014 2014 — 91 98.3% 33.98 Cooper's Hawk Winery, Whole Foods Braemar Village Center Washington-Arlington-Alexandri VA 25% 2004 2004 — 104 100.0% 23.68 Safeway Centre Ridge Marketplace Washington-Arlington-Alexandri VA 40% 2005 1996 11,640 107 100.0% 20.82 United States Coast Guard Ex, Planet Fitness Festival at Manchester Lakes Washington-Arlington-Alexandri VA 40% 2005 2021 — 168 88.2% 31.72 Amazon Fresh, Homesense Fox Mill Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2013 22,500 103 94.2% 26.79 Giant Greenbriar Town Center Washington-Arlington-Alexandri VA 40% 2005 1972 76,200 340 98.1% 28.93 Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More Kamp Washington Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1960 — 71 89.3% 31.99 PGA Tour Superstore Kings Park Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2015 21,800 96 100.0% 33.57 Giant, CVS Lorton Station Marketplace Washington-Arlington-Alexandri VA 20% 2006 2005 7,300 136 66.9% 27.18 Amazon Fresh Point 50 Washington-Arlington-Alexandri VA 2007 2021 — 48 100.0% 32.34 Amazon Fresh Saratoga Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1977 22,800 113 97.0% 21.62 Giant Shops at County Center Washington-Arlington-Alexandri VA 2005 2005 — 97 98.3% 18.84 Harris Teeter, Planet Fitness 47 The Crossing Clarendon Washington-Arlington-Alexandri VA 2016 2001 — 420 90.1% 38.84 Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Life Time Fitness Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) The Field at Commonwealth Washington-Arlington-Alexandri VA 2017 2018 — 167 99.0% 22.44 Wegmans Village Center at Dulles Washington-Arlington-Alexandri VA 20% 2002 1991 48,000 304 94.9% 25.48 Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E.
Market at Springwoods Village Houston-Woodlands-Sugar Land TX 53% 2016 2018 3,750 167 98.9% 18.14 Kroger Panther Creek Houston-Woodlands-Sugar Land TX 2002 1994 — 166 100.0% 25.24 CVS, The Woodlands Childrens Museum, Fitness Project 38 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Sienna (7) Houston-Woodlands-Sugar Land TX 75% 2023 2023 — 30 19.2% 37.38 - Southpark at Cinco Ranch Houston-Woodlands-Sugar Land TX 2012 2017 — 265 100.0% 14.72 Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods Sterling Ridge Houston-Woodlands-Sugar Land TX 2002 2000 — 129 98.9% 22.48 Kroger, CVS Sweetwater Plaza Houston-Woodlands-Sugar Land TX 20% 2001 2000 20,000 134 98.1% 19.07 Kroger, Walgreens The Village at Riverstone Houston-Woodlands-Sugar Land TX 2016 2016 — 165 95.1% 17.19 Kroger Weslayan Plaza East Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 169 100.0% 21.90 Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle Weslayan Plaza West Houston-Woodlands-Sugar Land TX 40% 2005 1969 — 186 98.1% 21.79 Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble Westwood Village Houston-Woodlands-Sugar Land TX 2006 2006 — 206 96.8% 21.77 Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target) Woodway Collection Houston-Woodlands-Sugar Land TX 40% 2005 2012 25,900 97 94.2% 32.19 Whole Foods Carytown Exchange Richmond VA 68% 2018 2022 — 116 95.6% 28.13 Publix, CVS Hanover Village Shopping Center Richmond VA 40% 2005 1971 — 90 87.8% 9.68 Aldi, Tractor Supply Company, Harbor Freight Tools Village Shopping Center Richmond VA 40% 2005 1948 24,250 116 84.1% 25.64 Publix, CVS Ashburn Farm Village Center Washington-Arlington-Alexandri VA 40% 2005 1996 — 92 100.0% 17.76 Patel Brothers, The Shop Gym Belmont Chase Washington-Arlington-Alexandri VA 2014 2014 — 91 98.3% 34.38 Cooper's Hawk Winery, Whole Foods Centre Ridge Marketplace Washington-Arlington-Alexandri VA 40% 2005 1996 11,640 107 100.0% 21.37 United States Coast Guard Ex, Planet Fitness Festival at Manchester Lakes Washington-Arlington-Alexandri VA 40% 2005 2021 — 169 100.0% 31.35 Amazon Fresh, Homesense, Hyper Kidz Fox Mill Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2013 22,500 103 97.6% 27.22 Giant Greenbriar Town Center Washington-Arlington-Alexandri VA 40% 2005 1972 76,200 340 99.3% 29.41 Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More Kamp Washington Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1960 — 71 93.8% 33.91 PGA Tour Superstore Kings Park Shopping Center Washington-Arlington-Alexandri VA 40% 2005 2015 21,800 96 100.0% 34.12 Giant, CVS Lorton Station Marketplace Washington-Arlington-Alexandri VA 20% 2006 2005 7,300 136 84.1% 26.68 Amazon Fresh, Planet Fitness Point 50 Washington-Arlington-Alexandri VA 2007 2021 — 48 100.0% 32.94 Amazon Fresh Saratoga Shopping Center Washington-Arlington-Alexandri VA 40% 2005 1977 22,800 113 93.4% 21.77 Giant Shops at County Center Washington-Arlington-Alexandri VA 2005 2005 — 97 98.3% 19.26 Harris Teeter, Planet Fitness The Crossing Clarendon Washington-Arlington-Alexandri VA 2016 2023 — 420 96.9% 38.07 Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, LifeTime, Corobus Sports The Field at Commonwealth Washington-Arlington-Alexandri VA 2017 2018 — 167 100.0% 23.62 Wegmans Village Center at Dulles Washington-Arlington-Alexandri VA 20% 2002 1991 52,000 307 83.3% 30.56 Giant, CVS, Advance Auto Parts, Chuck E.
Newland Center Los Angeles-Long Beach-Anaheim CA 1999 2016 — 152 95.6% 28.13 Albertsons Plaza Hermosa Los Angeles-Long Beach-Anaheim CA 1999 2013 — 95 100.0% 28.44 Von's, CVS Ralphs Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1983 — 60 100.0% 20.56 Ralphs Rona Plaza Los Angeles-Long Beach-Anaheim CA 1999 1989 — 52 88.4% 20.14 Superior Super Warehouse Seal Beach Los Angeles-Long Beach-Anaheim CA 20% 2002 1966 — 97 96.6% 26.73 Pavilions, CVS Talega Village Center Los Angeles-Long Beach-Anaheim CA 2017 2007 — 102 97.7% 23.06 Ralphs Town and Country Center Los Angeles-Long Beach-Anaheim CA 35% 2018 1992 93,628 73 100.0% 57.21 Whole Foods, CVS, Citibank Tustin Legacy Los Angeles-Long Beach-Anaheim CA 2016 2017 — 112 97.9% 34.71 Stater Bros, CVS Twin Oaks Shopping Center Los Angeles-Long Beach-Anaheim CA 40% 2005 2019 19,000 98 100.0% 22.25 Ralphs, Rite Aid Valencia Crossroads Los Angeles-Long Beach-Anaheim CA 2002 2003 — 173 100.0% 28.65 Whole Foods, Kohl's Village at La Floresta Los Angeles-Long Beach-Anaheim CA 2014 2014 — 87 97.8% 37.39 Whole Foods Von's Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1972 5,031 151 100.0% 27.52 Von's, Ross Dress for Less, Planet Fitness Woodman Van Nuys Los Angeles-Long Beach-Anaheim CA 1999 1992 — 108 96.1% 16.32 El Super Silverado Plaza Napa CA 40% 2005 1974 8,667 85 96.4% 21.39 Nob Hill, CVS Gelson's Westlake Market Plaza Oxnard-Thousand Oaks-Ventura CA 2002 2016 — 86 98.8% 32.11 Gelson's Markets, John of Italy Salon & Spa Oakbrook Plaza Oxnard-Thousand Oaks-Ventura CA 1999 2017 — 83 96.3% 22.22 Gelson's Markets, (CVS), (Ace Hardware) Westlake Village Plaza and Center Oxnard-Thousand Oaks-Ventura CA 1999 2015 — 201 98.9% 41.86 Von's, Sprouts, (CVS) 28 French Valley Village Center Rvrside-San Bernardino-Ontario CA 2004 2004 — 99 98.4% 27.58 Stater Bros, CVS Oakshade Town Center Sacramento-Roseville-Folsom CA 2011 1998 4,869 104 99.3% 23.31 Safeway, Office Max, Rite Aid Prairie City Crossing Sacramento-Roseville-Folsom CA 1999 1999 — 90 97.5% 22.39 Safeway Raley's Supermarket Sacramento-Roseville-Folsom CA 20% 2007 1964 — 63 100.0% 14.00 Raley's The Marketplace Sacramento-Roseville-Folsom CA 2017 1990 — 111 100.0% 27.13 Safeway, CVS, Petco 4S Commons Town Center San Diego-Chula Vista-Carlsbad CA 85% 2004 2004 80,812 252 100.0% 33.96 Ace Hardware, Bed Bath & Beyond, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA Balboa Mesa Shopping Center San Diego-Chula Vista-Carlsbad CA 2012 2014 — 207 100.0% 29.07 CVS, Kohl's, Von's El Norte Pkwy Plaza San Diego-Chula Vista-Carlsbad CA 1999 2013 — 91 99.0% 20.13 Von's, Children's Paradise, ACE Hardware Friars Mission Center San Diego-Chula Vista-Carlsbad CA 1999 1989 — 147 100.0% 39.09 Ralphs, CVS 29 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Navajo Shopping Center San Diego-Chula Vista-Carlsbad CA 40% 2005 1964 11,000 102 100.0% 15.68 Albertsons, Rite Aid, O'Reilly Auto Parts Point Loma Plaza San Diego-Chula Vista-Carlsbad CA 40% 2005 1987 22,391 205 99.4% 23.96 Von's, Jo-Ann Fabrics, Marshalls, UFC Gym Rancho San Diego Village San Diego-Chula Vista-Carlsbad CA 40% 2005 1981 — 153 95.1% 24.64 Smart & Final, 24 Hour Fitness, (Longs Drug) Scripps Ranch Marketplace San Diego-Chula Vista-Carlsbad CA 2017 2017 — 132 99.5% 33.05 Vons, CVS The Hub Hillcrest Market San Diego-Chula Vista-Carlsbad CA 2012 2015 — 149 91.0% 42.54 Ralphs, Trader Joe's Twin Peaks San Diego-Chula Vista-Carlsbad CA 1999 1988 — 208 97.9% 22.11 Target, Grocer 200 Potrero San Francisco-Oakland-Berkeley CA 2017 1928 — 31 100.0% 11.34 Gizmo Art Production, INC.
Newland Center Los Angeles-Long Beach-Anaheim CA 1999 2016 — 152 97.7% 29.53 Albertsons Nohl Plaza (6) Los Angeles-Long Beach-Anaheim CA 2023 1966 — 104 92.8% 16.36 Vons Plaza Hermosa Los Angeles-Long Beach-Anaheim CA 1999 2013 — 95 100.0% 28.96 Von's, CVS Ralphs Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1983 — 60 98.5% 20.94 Ralphs Rona Plaza Los Angeles-Long Beach-Anaheim CA 1999 1989 — 52 98.1% 22.12 Superior Super Warehouse Seal Beach Los Angeles-Long Beach-Anaheim CA 20% 2002 1966 — 97 98.5% 27.77 Pavilions, CVS Talega Village Center Los Angeles-Long Beach-Anaheim CA 2017 2007 — 102 92.9% 22.25 Ralphs Tustin Legacy Los Angeles-Long Beach-Anaheim CA 2016 2017 — 112 100.0% 35.66 Stater Bros, CVS Twin Oaks Shopping Center Los Angeles-Long Beach-Anaheim CA 40% 2005 2019 19,000 98 100.0% 26.03 Ralphs, Ace Hardware Valencia Crossroads Los Angeles-Long Beach-Anaheim CA 2002 2003 — 173 100.0% 29.08 Whole Foods, Kohl's Village at La Floresta Los Angeles-Long Beach-Anaheim CA 2014 2014 — 87 98.9% 37.86 Whole Foods Von's Circle Center Los Angeles-Long Beach-Anaheim CA 2017 1972 4,273 151 100.0% 28.32 Von's, Ross Dress for Less, Planet Fitness Woodman Van Nuys Los Angeles-Long Beach-Anaheim CA 1999 1992 — 108 99.2% 17.60 El Super Silverado Plaza Napa CA 40% 2005 1974 15,600 85 95.7% 21.65 Nob Hill, CVS Gelson's Westlake Market Plaza Oxnard-Thousand Oaks-Ventura CA 2002 2016 — 85 98.8% 32.94 Gelson's Markets, John of Italy Salon & Spa Oakbrook Plaza Oxnard-Thousand Oaks-Ventura CA 1999 2017 — 83 97.4% 23.07 Gelson's Markets, (CVS), (Ace Hardware) Westlake Village Plaza and Center Oxnard-Thousand Oaks-Ventura CA 1999 2015 — 201 99.0% 42.54 Von's, Sprouts, (CVS) French Valley Village Center Rvrside-San Bernardino-Ontario CA 2004 2004 — 99 100.0% 28.28 Stater Bros, CVS Oakshade Town Center Sacramento-Roseville-Folsom CA 2011 1998 4,085 104 59.5% 22.19 Safeway Prairie City Crossing Sacramento-Roseville-Folsom CA 1999 1999 — 90 100.0% 22.78 Safeway Raley's Supermarket Sacramento-Roseville-Folsom CA 20% 2007 1964 — 63 100.0% 14.00 Raley's The Marketplace Sacramento-Roseville-Folsom CA 2017 1990 — 111 100.0% 27.60 Safeway, CVS, Petco 4S Commons Town Center San Diego-Chula Vista-Carlsbad CA 85% 2004 2004 79,032 252 100.0% 34.79 Restoration Hardware Outlet, Ace Hardware, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA Balboa Mesa Shopping Center San Diego-Chula Vista-Carlsbad CA 2012 2014 — 207 100.0% 29.43 CVS, Kohl's, Von's El Norte Pkwy Plaza San Diego-Chula Vista-Carlsbad CA 1999 2013 — 91 94.4% 19.91 Von's, Children's Paradise, ACE Hardware Friars Mission Center San Diego-Chula Vista-Carlsbad CA 1999 1989 — 147 97.7% 39.86 Ralphs, CVS 28 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Navajo Shopping Center San Diego-Chula Vista-Carlsbad CA 40% 2005 1964 11,000 102 98.7% 15.47 Albertsons, Rite Aid, O'Reilly Auto Parts Point Loma Plaza San Diego-Chula Vista-Carlsbad CA 40% 2005 1987 38,900 205 98.6% 23.75 Von's, Jo-Ann Fabrics, Marshalls, UFC Gym Rancho San Diego Village San Diego-Chula Vista-Carlsbad CA 40% 2005 1981 — 153 93.9% 25.15 Smart & Final, 24 Hour Fitness, (Longs Drug) Scripps Ranch Marketplace San Diego-Chula Vista-Carlsbad CA 2017 2017 — 132 100.0% 35.29 Vons, CVS The Hub Hillcrest Market San Diego-Chula Vista-Carlsbad CA 2012 2015 — 149 96.9% 43.33 Ralphs, Trader Joe's Twin Peaks San Diego-Chula Vista-Carlsbad CA 1999 1988 — 208 99.4% 24.18 Target, Grocer 200 Potrero San Francisco-Oakland-Berkeley CA 2017 1928 — 31 100.0% 11.92 Gizmo Art Production, INC.
Cheese, Marshalls, (Target) Ygnacio Plaza San Francisco-Oakland-Berkeley CA 40% 2005 1968 25,850 110 95.4% 40.57 Sports Basement,TJ Maxx Blossom Valley San Jose-Sunnyvale-Santa Clara CA 1999 1990 22,300 93 93.7% 27.44 Safeway Mariposa Shopping Center San Jose-Sunnyvale-Santa Clara CA 40% 2005 2020 26,950 127 94.0% 21.72 Safeway, CVS, Ross Dress for Less Shoppes at Homestead San Jose-Sunnyvale-Santa Clara CA 1999 1983 — 116 97.8% 25.30 CVS, Crunch Fitness, (Orchard Supply Hardware) Snell & Branham Plaza San Jose-Sunnyvale-Santa Clara CA 40% 2005 1988 11,570 92 98.5% 21.11 Safeway The Pruneyard San Jose-Sunnyvale-Santa Clara CA 2019 2014 2,200 260 97.5% 41.19 Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls West Park Plaza San Jose-Sunnyvale-Santa Clara CA 1999 1996 — 88 98.0% 20.32 Safeway, Rite Aid Golden Hills Plaza San Luis Obispo-Paso Robles CA 2006 2017 — 244 85.6% 6.92 Lowe's, TJ Maxx Five Points Shopping Center Santa Maria-Santa Barbara CA 40% 2005 2014 22,924 145 97.6% 30.78 Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO Corral Hollow Stockton CA 2000 2000 — 167 70.4% 20.69 Safeway, CVS 30 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Alcove On Arapahoe Boulder CO 40% 2005 2019 26,700 159 89.5% 19.51 PETCO, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon Crossroads Commons Boulder CO 20% 2001 1986 34,500 143 93.6% 29.95 Whole Foods, Barnes & Noble Crossroads Commons II Boulder CO 20% 2018 1995 5,500 18 100.0% 41.11 (Whole Foods), (Barnes & Noble) Falcon Marketplace Colorado Springs CO 2005 2005 — 23 100.0% 25.14 (Wal-Mart) Marketplace at Briargate Colorado Springs CO 2006 2006 — 29 100.0% 35.01 (King Soopers) Monument Jackson Creek Colorado Springs CO 1998 1999 — 85 98.4% 12.52 King Soopers Woodmen Plaza Colorado Springs CO 1998 1998 — 116 96.4% 13.67 King Soopers Applewood Shopping Ctr Denver-Aurora-Lakewood CO 40% 2005 2020 — 360 91.9% 16.64 Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta Belleview Square Denver-Aurora-Lakewood CO 2004 2013 — 117 97.3% 20.83 King Soopers Boulevard Center Denver-Aurora-Lakewood CO 1999 1986 — 77 87.6% 31.81 Eye Care Specialists, (Safeway) Buckley Square Denver-Aurora-Lakewood CO 1999 1978 — 116 90.5% 11.23 Ace Hardware, King Soopers Cherrywood Square Shop Ctr Denver-Aurora-Lakewood CO 40% 2005 1978 9,650 97 100.0% 12.78 King Soopers Hilltop Village Denver-Aurora-Lakewood CO 2002 2018 — 101 98.7% 12.64 King Soopers Littleton Square Denver-Aurora-Lakewood CO 1999 2015 — 99 100.0% 11.88 King Soopers Lloyd King Center Denver-Aurora-Lakewood CO 1998 1998 — 83 100.0% 12.40 King Soopers Ralston Square Shopping Center Denver-Aurora-Lakewood CO 40% 2005 1977 — 83 96.7% 15.95 King Soopers Shops at Quail Creek Denver-Aurora-Lakewood CO 2008 2008 — 38 92.5% 25.79 (King Soopers) Stroh Ranch Denver-Aurora-Lakewood CO 1998 1998 — 93 98.3% 13.87 King Soopers Centerplace of Greeley III Greeley CO 2007 2007 — 119 97.7% 11.73 Hobby Lobby, Best Buy, TJ Maxx 22 Crescent Road Bridgeport-Stamford-Norwalk CT 2017 1984 — 4 100.0% 60.00 - 91 Danbury Road Bridgeport-Stamford-Norwalk CT 2017 1965 — 5 100.0% 29.47 - Black Rock Bridgeport-Stamford-Norwalk CT 80% 2014 1996 18,637 98 91.2% 29.66 Old Navy, The Clubhouse Brick Walk (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2007 31,131 122 98.1% 44.79 - Compo Acres Shopping Center Bridgeport-Stamford-Norwalk CT 2017 2011 — 43 95.9% 54.78 Trader Joe's Copps Hill Plaza Bridgeport-Stamford-Norwalk CT 2017 2002 8,962 173 62.4% 26.12 Rite Aid, Stop & Shop, Homegoods Danbury Green Bridgeport-Stamford-Norwalk CT 2017 2006 — 124 100.0% 26.78 Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors Darinor Plaza (6) Bridgeport-Stamford-Norwalk CT 2017 1978 — 153 100.0% 20.24 Kohl's, Old Navy, Party City Fairfield Center (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2000 — 95 88.7% 33.96 Fairfield University Bookstore, Merril Lynch Post Road Plaza Bridgeport-Stamford-Norwalk CT 2017 1978 — 20 100.0% 55.98 Trader Joe's Walmart Norwalk Bridgeport-Stamford-Norwalk CT 2017 2003 — 142 100.0% 0.56 WalMart, HomeGoods Westport Row Bridgeport-Stamford-Norwalk CT 2017 2020 — 91 93.0% 43.32 The Fresh Market, Pottery Barn Brookside Plaza Hartford-E Hartford-Middletown CT 2017 2006 — 227 95.8% 15.56 Bed, Bath & Beyond, Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx Corbin's Corner Hartford-E Hartford-Middletown CT 40% 2005 2015 53,000 186 98.1% 31.71 Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's Southbury Green New Haven-Milford CT 2017 2002 — 156 83.9% 21.79 ShopRite, Homegoods Shops at The Columbia Washington-Arlington-Alexandri DC 2006 2006 — 23 85.8% 42.56 Trader Joe's Spring Valley Shopping Center Washington-Arlington-Alexandri DC 40% 2005 1930 10,797 17 100.0% 100.30 - Pike Creek Philadelphia-Camden-Wilmington DE 1998 2013 — 230 94.5% 16.75 Acme Markets, Edge Fitness, Pike Creek Community Hardware Shoppes of Graylyn Philadelphia-Camden-Wilmington DE 40% 2005 1971 — 64 100.0% 25.44 Rite Aid Corkscrew Village Cape Coral-Fort Myers FL 2007 1997 — 82 96.5% 14.84 Publix Shoppes of Grande Oak Cape Coral-Fort Myers FL 2000 2000 — 79 100.0% 17.92 Publix 31 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Millhopper Shopping Center Gainesville FL 1993 2017 — 85 98.5% 19.40 Publix Newberry Square Gainesville FL 1994 1986 — 181 90.3% 9.47 Publix, Floor & Décor, Dollar Tree Anastasia Plaza Jacksonville FL 1993 1988 — 102 97.4% 15.09 Publix Atlantic Village Jacksonville FL 2017 2014 — 110 96.8% 18.11 LA Fitness, Pet Supplies Plus Brooklyn Station on Riverside Jacksonville FL 2013 2013 — 50 97.2% 28.17 The Fresh Market Courtyard Shopping Center Jacksonville FL 1993 1987 — 137 100.0% 3.68 Target, (Publix) East San Marco Jacksonville FL 2007 2022 — 59 100.0% 28.36 Publix Fleming Island Jacksonville FL 1998 2000 — 132 95.7% 16.92 Publix, PETCO, Planet Fitness, (Target) Hibernia Pavilion Jacksonville FL 2006 2006 — 51 92.0% 16.59 Publix John's Creek Center Jacksonville FL 20% 2003 2004 9,000 76 100.0% 16.67 Publix Julington Village Jacksonville FL 20% 1999 1999 10,000 82 100.0% 17.20 Publix, (CVS) Mandarin Landing Jacksonville FL 2017 1976 — 140 88.5% 19.67 Whole Foods, Aveda Institute, Baptist Health Nocatee Town Center Jacksonville FL 2007 2017 — 114 100.0% 22.98 Publix Oakleaf Commons Jacksonville FL 2006 2006 — 77 100.0% 16.66 Publix Old St Augustine Plaza Jacksonville FL 1996 2020 — 248 100.0% 11.08 Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less Pablo Plaza Jacksonville FL 2017 2020 — 161 100.0% 18.34 Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart Pine Tree Plaza Jacksonville FL 1997 1999 — 63 96.9% 14.58 Publix Seminole Shoppes Jacksonville FL 50% 2009 2018 7,612 87 100.0% 23.96 Publix Shoppes at Bartram Park Jacksonville FL 50% 2005 2017 — 135 99.0% 22.20 Publix, (Kohl's), (Tutor Time) Shops at John's Creek Jacksonville FL 2003 2004 — 15 100.0% 26.42 - South Beach Regional Jacksonville FL 2017 1990 — 308 92.3% 17.15 Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples, Nordstrom Rack Starke (6) Jacksonville FL 2000 2000 — 13 100.0% 27.05 CVS Aventura Shopping Center Miami-Ft Lauderdale-PompanoBch FL 1994 2017 — 97 97.5% 38.19 CVS, Publix Aventura Square (6) Miami-Ft Lauderdale-PompanoBch FL 2017 1991 2,340 144 78.8% 39.74 Bed Bath & Beyond, DSW Warehouse, Jewelry Exchange, Old Navy Banco Popular Building Miami-Ft Lauderdale-PompanoBch FL 2017 1971 — - 0.0% - - Bird 107 Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 40 92.9% 21.98 Walgreens Bird Ludlam Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 192 97.3% 25.60 CVS, Goodwill, Winn-Dixie Boca Village Square Miami-Ft Lauderdale-PompanoBch FL 2017 2014 — 92 100.0% 22.70 CVS, Publix Boynton Lakes Plaza Miami-Ft Lauderdale-PompanoBch FL 1997 2012 — 110 93.8% 16.63 Citi Trends, Pet Supermarket, Publix Boynton Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2015 — 105 95.7% 21.07 CVS, Publix Caligo Crossing Miami-Ft Lauderdale-PompanoBch FL 2007 2007 — 11 100.0% 46.34 (Kohl's) Chasewood Plaza Miami-Ft Lauderdale-PompanoBch FL 1993 2015 — 152 94.9% 27.58 Publix, Pet Smart Concord Shopping Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 309 100.0% 13.35 Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club Coral Reef Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 75 84.6% 31.86 Aldi, Walgreens 32 Country Walk Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2008 16,000 101 96.7% 22.44 Publix, CVS Countryside Shops Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 193 70.4% 25.03 Publix, Ross Dress for Less Fountain Square Miami-Ft Lauderdale-PompanoBch FL 2013 2013 — 177 96.6% 28.90 Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target) Gardens Square Miami-Ft Lauderdale-PompanoBch FL 1997 1991 — 90 98.8% 18.98 Publix Greenwood Shopping Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1994 — 133 94.0% 16.81 Publix, Bealls Hammocks Town Center Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 187 95.2% 18.33 CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena) Pine Island Miami-Ft Lauderdale-PompanoBch FL 2017 1999 — 255 99.5% 15.24 Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club Pine Ridge Square Miami-Ft Lauderdale-PompanoBch FL 2017 2013 — 118 97.7% 19.23 The Fresh Market, Bed Bath & Beyond, Marshalls, Ulta Pinecrest Place (6) Miami-Ft Lauderdale-PompanoBch FL 2017 2017 — 70 96.0% 40.60 Whole Foods, (Target) 33 34 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Point Royale Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 202 100.0% 16.80 Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture Prosperity Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 124 96.3% 23.41 Bed Bath & Beyond, Office Depot, TJ Maxx, CVS Sawgrass Promenade Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 107 90.7% 13.45 Publix, Walgreens, Dollar Tree Sheridan Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2022 — 507 94.9% 19.76 Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington, Marshalls Shoppes @ 104 Miami-Ft Lauderdale-PompanoBch FL 1998 2018 — 112 90.0% 19.88 Winn-Dixie, CVS Shoppes at Lago Mar Miami-Ft Lauderdale-PompanoBch FL 2017 1995 — 83 92.3% 15.90 Publix, YouFit Health Club Shoppes of Jonathan's Landing Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 27 100.0% 27.15 (Publix) Shoppes of Oakbrook Miami-Ft Lauderdale-PompanoBch FL 2017 2003 410 200 68.3% 18.45 Publix, Tuesday Morning, Duffy's Sports Bar, CVS Shoppes of Silver Lakes Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 127 95.9% 20.62 Publix, Goodwill Shoppes of Sunset Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 22 74.2% 25.56 - Shoppes of Sunset II Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 28 85.6% 23.09 - Shops at Skylake Miami-Ft Lauderdale-PompanoBch FL 2017 2006 — 287 97.4% 24.81 Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical Tamarac Town Square Miami-Ft Lauderdale-PompanoBch FL 2017 1987 — 125 88.7% 12.54 Publix, Dollar Tree, Retro Fitness University Commons (6) Miami-Ft Lauderdale-PompanoBch FL 2015 2001 — 180 100.0% 34.79 Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond Waterstone Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2005 — 61 100.0% 17.74 Publix Welleby Plaza Miami-Ft Lauderdale-PompanoBch FL 1996 1982 — 110 96.8% 14.98 Publix, Dollar Tree Wellington Town Square Miami-Ft Lauderdale-PompanoBch FL 1996 2022 — 108 95.0% 24.81 Publix, CVS West Bird Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2021 — 99 97.9% 25.43 Publix West Lake Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2000 — 101 96.6% 22.02 Winn-Dixie, CVS Westport Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2002 1,457 47 91.6% 21.06 Publix Berkshire Commons Naples-Marco Island FL 1994 1992 — 110 100.0% 15.83 Publix, Walgreens Naples Walk Naples-Marco Island FL 2007 1999 — 125 100.0% 18.95 Publix Pavillion Naples-Marco Island FL 2017 2011 — 168 98.7% 23.51 LA Fitness, Paragon Theaters, J.
Cheese, Marshalls, (Target) Ygnacio Plaza San Francisco-Oakland-Berkeley CA 40% 2005 1968 25,850 110 97.6% 40.58 Sports Basement,TJ Maxx Blossom Valley San Jose-Sunnyvale-Santa Clara CA 1999 1990 22,300 93 97.7% 28.61 Safeway Mariposa Shopping Center San Jose-Sunnyvale-Santa Clara CA 40% 2005 2020 26,950 127 94.0% 22.24 Safeway, CVS, Ross Dress for Less Shoppes at Homestead San Jose-Sunnyvale-Santa Clara CA 1999 1983 — 116 96.7% 26.25 CVS, Crunch Fitness, (Orchard Supply Hardware) Snell & Branham Plaza San Jose-Sunnyvale-Santa Clara CA 40% 2005 1988 19,200 92 98.5% 22.25 Safeway The Pruneyard San Jose-Sunnyvale-Santa Clara CA 2019 2014 2,200 260 97.9% 42.54 Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls West Park Plaza San Jose-Sunnyvale-Santa Clara CA 1999 1996 — 88 100.0% 22.07 Safeway, Crunch Fitness Golden Hills Plaza San Luis Obispo-Paso Robles CA 2006 2017 — 244 87.0% 7.13 Lowe's, TJ Maxx Five Points Shopping Center Santa Maria-Santa Barbara CA 40% 2005 2014 — 145 97.6% 31.02 Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO Corral Hollow Stockton CA 2000 2000 — 167 70.4% 20.82 Safeway, CVS Alcove On Arapahoe Boulder CO 40% 2005 2019 26,700 159 91.8% 19.79 Petco, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon Crossroads Commons Boulder CO 20% 2001 1986 34,500 143 93.6% 30.27 Whole Foods, Barnes & Noble 29 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Crossroads Commons II Boulder CO 20% 2018 1995 5,500 18 100.0% 41.45 (Whole Foods), (Barnes & Noble) Falcon Marketplace Colorado Springs CO 2005 2005 — 22 100.0% 26.36 (Wal-Mart) Marketplace at Briargate Colorado Springs CO 2006 2006 — 29 100.0% 36.20 (King Soopers) Monument Jackson Creek Colorado Springs CO 1998 1999 — 85 100.0% 12.99 King Soopers Woodmen Plaza Colorado Springs CO 1998 1998 — 116 97.6% 13.93 King Soopers Applewood Shopping Ctr Denver-Aurora-Lakewood CO 40% 2005 2020 — 360 95.8% 16.51 Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos Belleview Square Denver-Aurora-Lakewood CO 2004 2013 — 117 96.1% 21.81 King Soopers Boulevard Center Denver-Aurora-Lakewood CO 1999 1986 — 77 91.5% 32.51 Eye Care Specialists, (Safeway) Buckley Square Denver-Aurora-Lakewood CO 1999 1978 — 116 93.6% 11.90 Ace Hardware, King Soopers Cherrywood Square Shop Ctr Denver-Aurora-Lakewood CO 40% 2005 1978 9,650 97 100.0% 13.03 King Soopers Hilltop Village Denver-Aurora-Lakewood CO 2002 2018 — 101 100.0% 13.58 King Soopers Littleton Square Denver-Aurora-Lakewood CO 1999 2015 — 99 97.2% 11.50 King Soopers Lloyd King Center Denver-Aurora-Lakewood CO 1998 1998 — 83 100.0% 12.25 King Soopers Ralston Square Shopping Center Denver-Aurora-Lakewood CO 40% 2005 1977 — 83 98.5% 16.44 King Soopers Shops at Quail Creek Denver-Aurora-Lakewood CO 2008 2008 — 38 96.3% 28.22 (King Soopers) Stroh Ranch Denver-Aurora-Lakewood CO 1998 1998 — 93 100.0% 14.43 King Soopers Centerplace of Greeley III Greeley CO 2007 2007 — 119 100.0% 12.31 Hobby Lobby, Best Buy, TJ Maxx 22 Crescent Road Bridgeport-Stamford-Norwalk CT 2017 1984 — 4 100.0% 69.00 - 25 Valley Drive Bridgeport-Stamford-Norwalk CT 2023 1977 — 18 100.0% 46.25 - 321-323 Railroad Ave Bridgeport-Stamford-Norwalk CT 2023 1983 — 21 100.0% 37.48 - 470 Main Street Bridgeport-Stamford-Norwalk CT 2023 1972 — 23 98.5% 29.32 - 530 Old Post Rd Bridgeport-Stamford-Norwalk CT 2023 1979 — 8 75.0% 43.25 - 7 Riversville Bridgeport-Stamford-Norwalk CT 2023 1978 — 11 80.9% 39.61 - 91 Danbury Road Bridgeport-Stamford-Norwalk CT 2017 1965 — 5 77.3% 29.44 - 970 High Ridge Center Bridgeport-Stamford-Norwalk CT 2023 1960 — 27 89.6% 36.15 BevMax Airport Plaza Bridgeport-Stamford-Norwalk CT 2023 1974 — 33 100.0% 31.48 - Bethel Hub Center Bridgeport-Stamford-Norwalk CT 2023 1957 — 31 60.8% 14.91 La Placita Bethel Market Black Rock Bridgeport-Stamford-Norwalk CT 80% 2014 1996 15,342 95 97.7% 29.89 Old Navy, The Clubhouse Brick Walk (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2007 30,919 123 96.2% 46.08 - Compo Acres Shopping Center Bridgeport-Stamford-Norwalk CT 2017 2011 — 43 95.9% 55.85 Trader Joe's Copps Hill Plaza Bridgeport-Stamford-Norwalk CT 2017 2002 7,706 173 88.1% 22.26 Stop & Shop, Homegoods, Marshalls, Rite Aid, Michael's Cos Cob Commons Bridgeport-Stamford-Norwalk CT 2023 1986 13,142 48 93.9% 53.16 CVS Cos Cob Plaza Bridgeport-Stamford-Norwalk CT 2023 1947 3,902 15 93.4% 52.79 - Danbury Green Bridgeport-Stamford-Norwalk CT 2017 2006 — 124 99.0% 27.17 Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors Danbury Square Bridgeport-Stamford-Norwalk CT 2023 1987 — 194 73.2% 13.80 Ocean State Job Lot, Planet Fitness, Elicit Brewing Company Darinor Plaza (6) Bridgeport-Stamford-Norwalk CT 2017 1978 — 153 100.0% 20.45 Kohl's, Old Navy, Party City Fairfield Center (6) Bridgeport-Stamford-Norwalk CT 80% 2014 2000 — 95 87.8% 34.04 Fairfield University Bookstore, Merril Lynch Fairfield Crossroads Bridgeport-Stamford-Norwalk CT 2023 1995 — 62 100.0% 25.28 Marshalls, DSW Goodwives Shopping Center Bridgeport-Stamford-Norwalk CT 2023 1955 23,078 96 90.1% 41.03 Stop & Shop Greens Farms Plaza Bridgeport-Stamford-Norwalk CT 2023 1958 — 40 51.3% 25.81 BevMax Greenwich Commons Bridgeport-Stamford-Norwalk CT 2023 1961 4,866 10 100.0% 89.23 - High Ridge Center Bridgeport-Stamford-Norwalk CT 100% 2023 1968 9,047 91 69.2% 56.28 Trader Joe's Knotts Landing Bridgeport-Stamford-Norwalk CT 2023 1994 — 3 100.0% 76.05 - Main & Bailey Bridgeport-Stamford-Norwalk CT 2023 1950 — 62 96.1% 26.17 - Newfield Green Bridgeport-Stamford-Norwalk CT 2023 1966 19,278 74 95.8% 38.15 Grade A Market, CVS Old Greenwich CVS Bridgeport-Stamford-Norwalk CT 100% 2023 1941 891 8 100.0% 30.17 - 30 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Post Road Plaza Bridgeport-Stamford-Norwalk CT 2017 1978 — 20 100.0% 59.79 Trader Joe's Ridgeway Shopping Center Bridgeport-Stamford-Norwalk CT 2023 1952 43,150 365 91.7% 30.17 Stop & Shop, LA Fitness, Marshalls, Michael's, Staples, Ashley Furniture, Old Navy, ULTA Shelton Square Bridgeport-Stamford-Norwalk CT 2023 1982 — 189 99.1% 19.12 Stop & Shop, Homegoods, Hawley Lane, Edge Fitness Station Centre @ Old Greenwich Bridgeport-Stamford-Norwalk CT 2023 1952 6,770 39 91.4% 35.73 Kings Food Markets The Dock-Dockside Bridgeport-Stamford-Norwalk CT 2023 1974 33,667 278 100.0% 19.81 Stop & Shop, BJ's Whole Sale, Edge Fitness, West Marine, Petco, Dollar Tree, Osaka Hibachi Walmart Norwalk Bridgeport-Stamford-Norwalk CT 2017 2003 — 142 100.0% 0.56 WalMart, HomeGoods Westport Row Bridgeport-Stamford-Norwalk CT 2017 2020 — 95 100.0% 45.10 The Fresh Market, Pottery Barn Brookside Plaza Hartford-E Hartford-Middletown CT 2017 2006 — 227 95.8% 16.41 Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx, LL Bean Corbin's Corner Hartford-E Hartford-Middletown CT 40% 2005 2015 53,000 189 98.1% 32.12 Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's Aldi Square New Haven-Milford CT 2023 2014 — 38 100.0% 16.19 Aldi Orange Meadows New Haven-Milford CT 2023 1990 — 78 100.0% 24.13 Trader Joe's, TJMaxx, Bob's Discount Furniture, Ulta Southbury Green New Haven-Milford CT 2017 2002 — 156 87.5% 22.41 ShopRite, Homegoods New Milford Plaza Torrington CT 2023 1970 — 235 100.0% 9.31 Walmart, Stop & Shop, Club 24, Dollar Tree Sunny Valley Shops Torrington CT 2023 2003 — 72 55.5% 15.62 Staples Veterans Plaza Torrington CT 2023 1966 — 80 100.0% 12.23 Big Y World Class Market, BevMax Shops at The Columbia Washington-Arlington-Alexandri DC 2006 2006 — 23 100.0% 38.34 Trader Joe's Spring Valley Shopping Center Washington-Arlington-Alexandri DC 40% 2005 1930 13,000 17 100.0% 101.60 - Pike Creek Philadelphia-Camden-Wilmington DE 1998 2013 — 229 96.2% 17.39 Acme Markets, Edge Fitness, Pike Creek Community Hardware Shoppes of Graylyn Philadelphia-Camden-Wilmington DE 40% 2005 1971 — 64 94.6% 25.73 Rite Aid Corkscrew Village Cape Coral-Fort Myers FL 2007 1997 — 82 97.8% 15.55 Publix Shoppes of Grande Oak Cape Coral-Fort Myers FL 2000 2000 — 79 98.5% 17.93 Publix Millhopper Shopping Center Gainesville FL 1993 2017 — 80 100.0% 19.82 Publix Newberry Square Gainesville FL 1994 1986 — 181 89.7% 9.63 Publix, Floor & Décor, Dollar Tree Anastasia Plaza Jacksonville FL 1993 1988 — 102 95.0% 15.39 Publix Atlantic Village Jacksonville FL 2017 2014 — 110 100.0% 19.09 LA Fitness, Pet Supplies Plus Brooklyn Station on Riverside Jacksonville FL 2013 2013 — 50 100.0% 28.73 The Fresh Market Courtyard Shopping Center Jacksonville FL 1993 1987 — 137 100.0% 3.68 Target, (Publix) East San Marco Jacksonville FL 2007 2022 — 59 100.0% 28.33 Publix Fleming Island Jacksonville FL 1998 2000 — 132 97.3% 17.69 Publix, PETCO, Planet Fitness, (Target) Hibernia Pavilion Jacksonville FL 2006 2006 — 51 100.0% 16.52 Publix John's Creek Center Jacksonville FL 20% 2003 2004 9,000 82 100.0% 16.67 Publix Julington Village Jacksonville FL 20% 1999 1999 10,000 82 100.0% 17.65 Publix, (CVS) Mandarin Landing Jacksonville FL 2017 1976 — 129 98.3% 23.52 Whole Foods, Aveda Institute, Baptist Health, Cooper's Hawk Nocatee Town Center Jacksonville FL 2007 2017 — 114 100.0% 23.56 Publix Oakleaf Commons Jacksonville FL 2006 2006 — 77 100.0% 16.93 Publix Old St Augustine Plaza Jacksonville FL 1996 2020 — 248 100.0% 11.52 Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less Pablo Plaza Jacksonville FL 2017 2020 — 161 100.0% 18.80 Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart Pine Tree Plaza Jacksonville FL 1997 1999 — 63 96.9% 14.97 Publix 31 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Seminole Shoppes Jacksonville FL 50% 2009 2018 7,272 87 100.0% 24.27 Publix Shoppes at Bartram Park Jacksonville FL 50% 2005 2017 — 135 100.0% 22.67 Publix, (Kohl's), (Tutor Time) Shops at John's Creek Jacksonville FL 2003 2004 — 15 100.0% 27.73 - South Beach Regional Jacksonville FL 2017 1990 — 303 86.7% 17.95 Trader Joe's, Home Depot, Ross Dress for Less, Staples, Nordstrom Rack Starke (6) Jacksonville FL 2000 2000 — 13 100.0% 27.05 CVS Avenida Biscayne (fka Aventura Square) (6) Miami-Ft Lauderdale-PompanoBch FL 2017 1991 — 143 83.5% 52.86 DSW, Jewelry Exchange, Old Navy, The Fresh Market Aventura Shopping Center Miami-Ft Lauderdale-PompanoBch FL 1994 2017 — 97 94.9% 38.14 CVS, Publix Banco Popular Building Miami-Ft Lauderdale-PompanoBch FL 2017 1971 — 5 100.0% 92.31 - Bird 107 Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 40 100.0% 22.51 Walgreens Bird Ludlam Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 192 97.6% 26.34 CVS, Goodwill, Winn-Dixie Boca Village Square Miami-Ft Lauderdale-PompanoBch FL 2017 2014 — 92 100.0% 23.14 CVS, Publix Boynton Lakes Plaza Miami-Ft Lauderdale-PompanoBch FL 1997 2012 — 110 91.9% 16.98 Citi Trends, Pet Supermarket, Publix Boynton Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2015 — 105 100.0% 21.54 CVS, Publix Caligo Crossing Miami-Ft Lauderdale-PompanoBch FL 2007 2007 — 11 100.0% 47.17 (Kohl's) Chasewood Plaza Miami-Ft Lauderdale-PompanoBch FL 1993 2015 — 152 97.1% 28.26 Publix, Pet Smart Concord Shopping Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 309 100.0% 14.90 Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club Coral Reef Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 1990 — 75 98.7% 33.13 Aldi, Walgreens Country Walk Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2008 16,000 101 94.8% 22.71 Publix, CVS Countryside Shops Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 193 72.6% 25.82 Publix, Ross Dress for Less Fountain Square Miami-Ft Lauderdale-PompanoBch FL 2013 2013 — 177 100.0% 29.26 Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target) Gardens Square Miami-Ft Lauderdale-PompanoBch FL 1997 1991 — 90 100.0% 19.66 Publix Greenwood Shopping Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1994 — 133 96.8% 17.36 Publix, Bealls Hammocks Town Center Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 187 92.2% 18.87 CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena) Pine Island Miami-Ft Lauderdale-PompanoBch FL 2017 1999 — 255 99.5% 15.39 Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club, Floor and Décor Pine Ridge Square Miami-Ft Lauderdale-PompanoBch FL 2017 2013 — 118 72.7% 20.51 The Fresh Market, Marshalls, Ulta Pinecrest Place (6) Miami-Ft Lauderdale-PompanoBch FL 2017 2017 — 70 96.3% 42.97 Whole Foods, (Target) Point Royale Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2018 — 202 100.0% 17.02 Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture Prosperity Centre Miami-Ft Lauderdale-PompanoBch FL 2017 1993 — 124 69.6% 26.61 Office Depot, TJ Maxx, CVS Sawgrass Promenade Miami-Ft Lauderdale-PompanoBch FL 2017 1998 — 107 89.9% 15.40 Publix, Walgreens, Dollar Tree Sheridan Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2022 — 507 95.3% 20.47 Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington, Marshalls Shoppes @ 104 Miami-Ft Lauderdale-PompanoBch FL 1998 2018 — 112 95.0% 20.73 Fresco y Mas, CVS Shoppes at Lago Mar Miami-Ft Lauderdale-PompanoBch FL 2017 1995 — 83 91.0% 16.11 Publix, YouFit Health Club Shoppes of Jonathan's Landing Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 27 94.2% 31.19 (Publix) Shoppes of Oakbrook Miami-Ft Lauderdale-PompanoBch FL 2017 2003 — 200 53.8% 22.37 Publix, Duffy's Sports Bar, CVS Shoppes of Silver Lakes Miami-Ft Lauderdale-PompanoBch FL 2017 1997 — 127 97.1% 21.03 Publix, Goodwill Shoppes of Sunset Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 22 71.2% 26.90 - Shoppes of Sunset II Miami-Ft Lauderdale-PompanoBch FL 2017 2009 — 28 89.9% 24.32 - Shops at Skylake Miami-Ft Lauderdale-PompanoBch FL 2017 2006 — 287 98.0% 25.49 Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical Tamarac Town Square Miami-Ft Lauderdale-PompanoBch FL 2017 1987 — 125 84.8% 13.28 Publix, Dollar Tree, Retro Fitness University Commons (6) Miami-Ft Lauderdale-PompanoBch FL 2015 2001 — 180 100.0% 35.02 Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond 32 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Waterstone Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2005 — 61 100.0% 18.36 Publix Welleby Plaza Miami-Ft Lauderdale-PompanoBch FL 1996 1982 — 110 98.9% 15.28 Publix, Dollar Tree Wellington Town Square Miami-Ft Lauderdale-PompanoBch FL 1996 2022 — 108 97.4% 25.62 Publix, CVS West Bird Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2021 — 99 97.9% 26.51 Publix West Lake Shopping Center Miami-Ft Lauderdale-PompanoBch FL 2017 2000 — 101 100.0% 23.33 Fresco y Mas, CVS Westport Plaza Miami-Ft Lauderdale-PompanoBch FL 2017 2002 — 47 100.0% 22.93 Publix Berkshire Commons Naples-Marco Island FL 1994 1992 — 110 100.0% 16.18 Publix, Walgreens Naples Walk Naples-Marco Island FL 2007 1999 — 125 96.6% 19.57 Publix Pavillion Naples-Marco Island FL 2017 2011 — 168 100.0% 24.44 LA Fitness, Paragon Theaters, J.
Bayhill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2019 28,800 122 99.2% 27.69 CVS, Mollie Stone's Market Clayton Valley Shopping Center San Francisco-Oakland-Berkeley CA 2003 2004 — 260 90.2% 23.66 Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less Diablo Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 63 94.9% 41.83 Bevmo!, (Safeway), (CVS) El Cerrito Plaza San Francisco-Oakland-Berkeley CA 2000 2000 — 256 79.5% 29.87 Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, (CVS) Encina Grande San Francisco-Oakland-Berkeley CA 1999 2016 — 107 100.0% 35.81 Whole Foods, Walgreens Persimmon Place San Francisco-Oakland-Berkeley CA 2014 2014 — 153 100.0% 37.31 Whole Foods, Nordstrom Rack, Homegoods Plaza Escuela San Francisco-Oakland-Berkeley CA 2017 2002 — 154 93.5% 44.20 The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble Pleasant Hill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2016 50,000 227 98.3% 24.29 Target, Burlington, Ross Dress for Less, Homegoods Potrero Center San Francisco-Oakland-Berkeley CA 2017 1997 — 227 76.8% 33.03 Safeway, 24 Hour Fitness, Ross Dress for Less, Petco Powell Street Plaza San Francisco-Oakland-Berkeley CA 2001 1987 — 166 97.3% 35.38 Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy San Carlos Marketplace San Francisco-Oakland-Berkeley CA 2017 2007 — 154 100.0% 36.29 TJ Maxx, Best Buy, PetSmart, Bassett Furniture San Leandro Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 50 100.0% 37.66 (Safeway), (CVS) Serramonte Center San Francisco-Oakland-Berkeley CA 2017 2018 — 1,072 89.9% 26.75 Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy, Party City, Ross Dress for Less, Target, TJ Maxx, Uniqlo Tassajara Crossing San Francisco-Oakland-Berkeley CA 1999 1990 — 146 99.3% 26.40 Safeway, CVS, Alamo Hardware Willows Shopping Center (6) San Francisco-Oakland-Berkeley CA 2017 2015 — 247 78.6% 30.85 REI, UFC Gym, Old Navy, Ulta, Five Below Woodside Central San Francisco-Oakland-Berkeley CA 1999 1993 — 81 94.9% 26.40 Chuck E.
Bayhill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2019 28,800 122 97.4% 29.15 CVS, Mollie Stone's Market Clayton Valley Shopping Center San Francisco-Oakland-Berkeley CA 2003 2004 — 260 90.8% 23.67 Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less Diablo Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 63 100.0% 43.59 Bevmo!, (Safeway), (CVS) El Cerrito Plaza San Francisco-Oakland-Berkeley CA 2000 2000 — 256 96.6% 29.49 Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS) Encina Grande San Francisco-Oakland-Berkeley CA 1999 2016 — 106 100.0% 36.12 Whole Foods, Walgreens Persimmon Place San Francisco-Oakland-Berkeley CA 2014 2014 — 153 100.0% 37.86 Whole Foods, Nordstrom Rack, Homegoods Plaza Escuela San Francisco-Oakland-Berkeley CA 2017 2002 — 154 93.5% 44.22 The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble Pleasant Hill Shopping Center San Francisco-Oakland-Berkeley CA 40% 2005 2016 50,000 227 100.0% 24.52 Target, Burlington, Ross Dress for Less, Homegoods Potrero Center San Francisco-Oakland-Berkeley CA 2017 1997 — 227 70.9% 34.12 Safeway, 24 Hour Fitness, Ross Dress for Less, Petco Powell Street Plaza San Francisco-Oakland-Berkeley CA 2001 1987 — 166 97.1% 35.91 Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy San Carlos Marketplace San Francisco-Oakland-Berkeley CA 2017 2007 — 154 87.2% 39.10 TJ Maxx, Best Buy, PetSmart, Bassett Furniture San Leandro Plaza San Francisco-Oakland-Berkeley CA 1999 1982 — 50 100.0% 41.14 (Safeway), (CVS) Serramonte Center San Francisco-Oakland-Berkeley CA 2017 2018 — 1,072 97.6% 27.48 Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy, Party City, Ross Dress for Less, Target, TJ Maxx, Uniqlo, Jagalchi Tassajara Crossing San Francisco-Oakland-Berkeley CA 1999 1990 — 146 96.9% 26.56 Safeway, CVS, Alamo Hardware Willows Shopping Center (6) San Francisco-Oakland-Berkeley CA 2017 2015 — 241 82.7% 30.58 REI, UFC Gym, Old Navy, Ulta, Five Below Woodside Central San Francisco-Oakland-Berkeley CA 1999 1993 — 81 93.4% 26.39 Chuck E.
Paul-Bloomington MN 2006 1998 — 179 100.0% 16.92 Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi) Cedar Commons Minneapol-St. Paul-Bloomington MN 2011 1999 — 66 100.0% 28.33 Whole Foods Colonial Square Minneapol-St. Paul-Bloomington MN 40% 2005 2014 19,700 93 100.0% 26.47 Lund's Rockford Road Plaza Minneapol-St.
Paul-Bloomington MN 2006 1998 — 179 100.0% 17.01 Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi) Cedar Commons Minneapol-St. Paul-Bloomington MN 2011 1999 — 66 100.0% 28.59 Whole Foods Colonial Square Minneapol-St. Paul-Bloomington MN 40% 2005 2014 19,700 93 97.9% 27.54 Lund's Rockford Road Plaza Minneapol-St.
Lee Salon Suites Shoppes of Pebblebrook Plaza Naples-Marco Island FL 50% 2000 2000 — 80 97.0% 16.51 Publix, (Walgreens) Glengary Shoppes North Port-Sarasota-Bradenton FL 2017 1995 — 93 97.0% 20.42 Best Buy, Barnes & Noble Alafaya Village Orlando-Kissimmee-Sanford FL 2017 1986 — 38 93.9% 25.76 - Kirkman Shoppes Orlando-Kissimmee-Sanford FL 2017 2015 — 116 98.5% 25.78 LA Fitness, Walgreens Lake Mary Centre Orlando-Kissimmee-Sanford FL 2017 2015 — 360 93.3% 17.55 The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot Plaza Venezia Orlando-Kissimmee-Sanford FL 20% 2016 2000 36,500 203 100.0% 32.31 Publix, Eddie V's Town and Country Orlando-Kissimmee-Sanford FL 2017 1993 — 78 100.0% 11.47 Ross Dress for Less 35 Unigold Shopping Center Orlando-Kissimmee-Sanford FL 2017 1987 — 115 89.3% 15.61 YouFit Health Club, Ross Dress for Less Willa Springs Orlando-Kissimmee-Sanford FL 2000 2000 16,700 90 98.3% 22.58 Publix Cashmere Corners Port St.
Lee Salon Suites Shoppes of Pebblebrook Plaza Naples-Marco Island FL 50% 2000 2000 — 80 97.0% 16.70 Publix, (Walgreens) Glengary Shoppes North Port-Sarasota-Bradenton FL 2017 1995 — 93 97.0% 20.50 Best Buy, Barnes & Noble Alafaya Village Orlando-Kissimmee-Sanford FL 2017 1986 — 39 100.0% 25.80 - Kirkman Shoppes Orlando-Kissimmee-Sanford FL 2017 2015 — 116 100.0% 26.68 LA Fitness, Walgreens Lake Mary Centre Orlando-Kissimmee-Sanford FL 2017 2015 — 356 94.8% 18.15 The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot Plaza Venezia Orlando-Kissimmee-Sanford FL 20% 2016 2000 36,500 203 98.0% 34.21 Publix, Eddie V's Town and Country Orlando-Kissimmee-Sanford FL 2017 1993 — 78 100.0% 11.75 Ross Dress for Less Unigold Shopping Center Orlando-Kissimmee-Sanford FL 2017 1987 — 115 91.2% 15.99 YouFit Health Club, Ross Dress for Less Willa Springs Orlando-Kissimmee-Sanford FL 2000 2000 16,700 90 100.0% 24.76 Publix Cashmere Corners Port St.
Louis MO 2007 2000 — 210 100.0% 10.35 Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's) Blakeney Town Center (fka Blakeney Shopping Center) Charlotte-Concord-Gastonia NC 2021 2006 — 384 99.7% 26.17 Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target) Carmel Commons Charlotte-Concord-Gastonia NC 1997 2012 — 141 91.3% 24.75 Chuck E.
Louis MO 2007 2000 — 210 100.0% 10.39 Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's) Blakeney Town Center Charlotte-Concord-Gastonia NC 2021 2006 — 384 99.7% 27.08 Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target) Carmel Commons Charlotte-Concord-Gastonia NC 1997 2012 — 141 89.4% 25.09 Chuck E.
Cheese, HomeGoods, Goodwill, Furniture Max Willston Centre I Washington-Arlington-Alexandri VA 40% 2005 1952 — 105 91.2% 28.34 CVS, Fashion K City Willston Centre II Washington-Arlington-Alexandri VA 40% 2005 2010 24,419 136 100.0% 27.97 Safeway, (Target), (PetSmart) 6401 Roosevelt Seattle-Tacoma-Bellevue WA 2019 1929 — 8 100.0% 25.29 - Aurora Marketplace Seattle-Tacoma-Bellevue WA 40% 2005 1991 13,400 107 100.0% 18.75 Safeway, TJ Maxx Ballard Blocks I Seattle-Tacoma-Bellevue WA 50% 2018 2007 — 132 97.7% 27.68 LA Fitness, Ross Dress for Less, Trader Joe's Ballard Blocks II Seattle-Tacoma-Bellevue WA 50% 2018 2018 — 117 98.4% 34.81 Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine Broadway Market Seattle-Tacoma-Bellevue WA 20% 2014 1988 21,500 140 92.3% 28.93 Gold's Gym, Mosaic Salon Group, Quality Food Centers Cascade Plaza Seattle-Tacoma-Bellevue WA 20% 1999 1999 — 206 97.9% 12.79 Big 5 Sporting Goods, Big Lots, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's Eastgate Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2021 22,000 85 96.5% 31.69 Safeway, Rite Aid Grand Ridge Plaza Seattle-Tacoma-Bellevue WA 2012 2018 — 331 99.6% 25.96 Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta Inglewood Plaza Seattle-Tacoma-Bellevue WA 1999 1985 — 17 100.0% 45.41 - Island Village Seattle-Tacoma-Bellevue WA 2022 2013 — 106 100.0% 16.15 Safeway, Rite Aid Klahanie Shopping Center Seattle-Tacoma-Bellevue WA 2016 1998 — 67 86.2% 37.42 (QFC) Melrose Market Seattle-Tacoma-Bellevue WA 2019 2009 — 21 87.2% 36.32 - Overlake Fashion Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2020 — 87 100.0% 29.55 Marshalls, Bevmo!, Amazon Go Grocery Pine Lake Village Seattle-Tacoma-Bellevue WA 1999 1989 — 103 98.8% 26.49 Quality Food Centers, Rite Aid Roosevelt Square Seattle-Tacoma-Bellevue WA 2017 2017 — 150 96.6% 27.63 Whole Foods, Bartell, Guitar Center, LA Fitness Sammamish-Highlands Seattle-Tacoma-Bellevue WA 1999 2013 — 101 97.2% 37.98 Trader Joe's, Bartell Drugs, (Safeway) Southcenter Seattle-Tacoma-Bellevue WA 1999 1990 — 58 94.9% 33.16 (Target) Regency Centers Total $ 1,883,098 51,145 94.8% $ 23.77 (1) CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
Cheese, HomeGoods, Goodwill, Furniture Max Willston Centre I Washington-Arlington-Alexandri VA 40% 2005 1952 — 105 82.2% 31.65 Fashion K City Willston Centre II Washington-Arlington-Alexandri VA 40% 2005 2010 23,823 136 94.4% 27.81 Safeway, (Target), (PetSmart) 6401 Roosevelt Seattle-Tacoma-Bellevue WA 2019 1929 — 8 100.0% 27.10 - Aurora Marketplace Seattle-Tacoma-Bellevue WA 40% 2005 1991 13,400 107 100.0% 18.92 Safeway, TJ Maxx Ballard Blocks I Seattle-Tacoma-Bellevue WA 50% 2018 2007 — 132 98.4% 28.01 LA Fitness, Ross Dress for Less, Trader Joe's Ballard Blocks II Seattle-Tacoma-Bellevue WA 50% 2018 2018 — 117 98.4% 35.12 Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine 39 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Broadway Market Seattle-Tacoma-Bellevue WA 20% 2014 1988 21,500 140 95.7% 28.83 Gold's Gym, Mosaic Salon Group, Quality Food Centers Cascade Plaza Seattle-Tacoma-Bellevue WA 20% 1999 1999 — 207 97.9% 13.26 Big 5 Sporting Goods, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's Eastgate Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2021 22,000 85 96.5% 32.61 Safeway, Rite Aid Grand Ridge Plaza Seattle-Tacoma-Bellevue WA 2012 2018 — 331 99.2% 26.62 Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta Inglewood Plaza Seattle-Tacoma-Bellevue WA 1999 1985 — 17 95.9% 47.01 - Island Village Seattle-Tacoma-Bellevue WA 2023 2013 — 106 100.0% 16.38 Safeway, Rite Aid Klahanie Shopping Center Seattle-Tacoma-Bellevue WA 2016 1998 — 67 96.7% 38.28 (QFC) Melrose Market Seattle-Tacoma-Bellevue WA 2019 2009 — 21 84.2% 35.14 - Overlake Fashion Plaza Seattle-Tacoma-Bellevue WA 40% 2005 2020 — 87 100.0% 30.25 Marshalls, Bevmo!, Amazon Go Grocery Pine Lake Village Seattle-Tacoma-Bellevue WA 1999 1989 — 103 98.6% 26.79 Quality Food Centers, Rite Aid Roosevelt Square Seattle-Tacoma-Bellevue WA 2017 2017 — 150 81.3% 27.33 Whole Foods, Guitar Center, LA Fitness Sammamish-Highlands Seattle-Tacoma-Bellevue WA 1999 2013 — 101 100.0% 38.84 Trader Joe's, Bartell Drugs, (Safeway) Southcenter Seattle-Tacoma-Bellevue WA 1999 1990 — 59 100.0% 35.51 (Target) Regency Centers Total $ 2,268,157 56,825 95.1% $ 24.44 (1) CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
Paul-Bloomington MN 40% 2005 1991 20,000 204 96.9% 13.82 Kohl's, PetSmart, HomeGoods, TJ Maxx Rockridge Center Minneapol-St. Paul-Bloomington MN 20% 2011 2006 14,500 125 99.4% 14.63 CUB Foods Brentwood Plaza St. Louis MO 2007 2002 — 60 100.0% 11.50 Schnucks Bridgeton St. Louis MO 2007 2005 — 71 97.3% 12.14 Schnucks, (Home Depot) Dardenne Crossing St.
Paul-Bloomington MN 40% 2005 1991 20,000 204 99.4% 14.27 Kohl's, PetSmart, HomeGoods, TJ Maxx, ULTA Rockridge Center Minneapol-St. Paul-Bloomington MN 20% 2011 2006 14,500 125 98.2% 14.71 CUB Foods Brentwood Plaza St. Louis MO 2007 2002 — 60 92.6% 10.38 Schnucks Bridgeton St. Louis MO 2007 2005 — 71 100.0% 12.87 Schnucks, (Home Depot) Dardenne Crossing St.
P roperties The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for consolidated properties (excludes properties owned by unconsolidated co-investment partnerships): December 31, 2022 December 31, 2021 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Florida 88 10,783 27.8 % 95.1 % 89 10,771 28.4 % 93.7 % California 53 8,204 21.1 % 93.9 % 53 8,219 21.7 % 93.2 % Texas 25 3,239 8.3 % 98.0 % 25 3,240 8.5 % 96.0 % Georgia 22 2,120 5.5 % 92.9 % 22 2,127 5.6 % 91.1 % New York 16 1,953 5.0 % 89.0 % 15 1,749 4.6 % 92.9 % Connecticut 14 1,452 3.7 % 91.1 % 14 1,464 3.9 % 94.4 % Colorado 13 1,097 2.8 % 96.6 % 13 1,096 2.9 % 95.8 % North Carolina 10 1,222 3.2 % 98.2 % 10 1,221 3.2 % 96.2 % Washington 10 963 2.5 % 97.3 % 9 857 2.3 % 96.5 % Ohio 8 1,224 3.2 % 96.7 % 8 1,215 3.2 % 98.3 % Massachusetts 8 897 2.3 % 97.6 % 8 898 2.4 % 95.1 % Oregon 7 742 1.9 % 94.6 % 7 741 2.0 % 94.5 % Illinois 6 1,085 2.8 % 94.9 % 6 1,085 2.9 % 94.8 % Virginia 6 939 2.4 % 93.4 % 6 939 2.5 % 90.8 % Pennsylvania 4 443 1.1 % 98.7 % 3 326 0.9 % 97.1 % Missouri 4 408 1.1 % 99.5 % 4 408 1.1 % 100.0 % Tennessee 3 314 0.8 % 99.1 % 3 314 0.8 % 98.3 % New Jersey 2 573 1.5 % 89.2 % 1 219 0.6 % 98.1 % Maryland 2 250 0.6 % 94.4 % 2 320 0.8 % 82.0 % Minnesota 2 246 0.6 % 100.0 % — — 0.0 % 0.0 % Indiana 1 279 0.7 % 100.0 % 1 279 0.7 % 100.0 % Delaware 1 230 0.6 % 94.5 % 1 228 0.6 % 93.2 % Michigan 1 97 0.3 % 74.0 % 1 97 0.3 % 74.0 % South Carolina 1 51 0.1 % 100.0 % 1 51 0.1 % 100.0 % District of Columbia 1 23 0.1 % 85.8 % — — 0.0 % 0.0 % Total 308 38,834 100.0 % 94.8 % 302 37,864 100.0 % 94.0 % The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $23.95 and $23.17 per square foot ("PSF") as of December 31, 2022 and 2021, respectively. 23 The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for unconsolidated properties (properties owned by our unconsolidated co-investment partnerships): December 31, 2022 December 31, 2021 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased California 17 2,320 18.9 % 97.4 % 18 2,644 19.9 % 91.9 % Virginia 15 2,082 16.9 % 93.9 % 15 2,082 15.7 % 93.7 % Maryland 9 849 6.9 % 96.3 % 10 1,069 8.0 % 94.9 % North Carolina 7 1,197 9.7 % 95.5 % 8 1,270 9.5 % 96.1 % Washington 7 874 7.1 % 97.4 % 7 874 6.6 % 98.4 % Colorado 6 858 7.0 % 93.3 % 6 851 6.4 % 90.8 % Pennsylvania 6 669 5.4 % 84.5 % 6 669 5.0 % 84.6 % Florida 6 663 5.4 % 99.4 % 7 811 6.1 % 97.4 % Texas 5 742 6.0 % 94.4 % 5 691 5.2 % 95.5 % Illinois 4 690 5.6 % 91.9 % 3 575 4.3 % 97.4 % Minnesota 3 423 3.4 % 98.3 % 5 668 5.0 % 97.5 % New Jersey 3 224 1.8 % 81.8 % 4 353 2.7 % 92.6 % Indiana 2 139 1.1 % 82.9 % 2 139 1.0 % 75.8 % Connecticut 1 186 1.5 % 98.1 % 1 186 1.4 % 96.4 % New York 1 141 1.2 % 100.0 % 1 141 1.1 % 100.0 % Oregon 1 93 0.8 % 97.7 % 1 93 0.7 % 100.0 % South Carolina 1 80 0.7 % 96.7 % 1 80 0.6 % 100.0 % Delaware 1 64 0.5 % 100.0 % 1 64 0.5 % 89.7 % District of Columbia 1 17 0.1 % 100.0 % 2 40 0.3 % 91.8 % Total 96 12,311 100.0 % 94.8 % 103 13,300 100.0 % 93.9 % The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $23.15 and $22.37 PSF as of December 31, 2022 and 2021, respectively. 24 The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our Pro-rata share of unconsolidated properties, as of December 31, 2022, based upon a percentage of total annualized base rent (GLA and dollars in thousands): Tenant GLA Percent of Company Owned GLA Annualized Base Rent Percent of Annualized Base Rent Number of Leased Stores Publix 2,876 7.0 % $ 31,679 3.2 % 67 Kroger Co. 2,987 7.3 % 30,438 3.1 % 53 Albertsons Companies, Inc. 1,920 4.7 % 29,144 3.0 % 46 Amazon/Whole Foods 1,185 2.9 % 25,756 2.6 % 36 TJX Companies, Inc. 1,457 3.6 % 25,129 2.6 % 63 CVS 663 1.6 % 15,606 1.6 % 56 Ahold Delhaize 473 1.2 % 12,003 1.2 % 13 L.A.
P roperties The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for consolidated properties (excludes properties owned by unconsolidated real estate partnerships): December 31, 2023 December 31, 2022 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Florida 88 10,767 24.6 % 95.1 % 88 10,783 27.8 % 95.1 % California 54 8,300 19.0 % 94.9 % 53 8,204 21.1 % 93.9 % Connecticut 43 3,702 8.5 % 92.5 % 14 1,452 3.7 % 91.1 % New York 42 3,399 7.8 % 88.7 % 16 1,953 5.0 % 89.0 % Texas 26 3,288 7.5 % 97.3 % 25 3,239 8.3 % 98.0 % Georgia 22 2,121 4.8 % 94.2 % 22 2,120 5.5 % 92.9 % New Jersey 17 1,585 3.6 % 93.3 % 2 573 1.5 % 89.2 % Colorado 13 1,097 2.5 % 97.7 % 13 1,097 2.8 % 96.6 % North Carolina 10 1,221 2.8 % 98.1 % 10 1,222 3.2 % 98.2 % Washington 10 962 2.2 % 96.0 % 10 963 2.5 % 97.3 % Massachusetts 9 996 2.3 % 98.5 % 8 897 2.3 % 97.6 % Ohio 8 1,221 2.8 % 98.8 % 8 1,224 3.2 % 96.7 % Oregon 7 741 1.7 % 95.0 % 7 742 1.9 % 94.6 % Illinois 6 1,085 2.5 % 94.1 % 6 1,085 2.8 % 94.9 % Virginia 6 939 2.1 % 97.7 % 6 939 2.4 % 93.4 % Pennsylvania 4 443 1.0 % 99.5 % 4 443 1.1 % 98.7 % Missouri 4 408 0.9 % 98.9 % 4 408 1.1 % 99.5 % Tennessee 3 314 0.7 % 99.5 % 3 314 0.8 % 99.1 % Maryland 2 244 0.6 % 89.9 % 2 250 0.6 % 94.4 % Minnesota 2 246 0.6 % 100.0 % 2 246 0.6 % 100.0 % Indiana 1 279 0.6 % 100.0 % 1 279 0.7 % 100.0 % Delaware 1 229 0.5 % 96.2 % 1 230 0.6 % 94.5 % Michigan 1 97 0.2 % 74.0 % 1 97 0.3 % 74.0 % South Carolina 1 51 0.1 % 100.0 % 1 51 0.1 % 100.0 % District of Columbia 1 23 0.1 % 100.0 % 1 23 0.1 % 85.8 % Total 381 43,758 100.0 % 94.9 % 308 38,834 100.0 % 94.8 % The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $24.67 and $23.95 per square foot ("PSF") as of December 31, 2023 and 2022, respectively. 24 The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties, presented for unconsolidated properties (properties owned by our unconsolidated real estate partnerships): December 31, 2023 December 31, 2022 Location Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased California 17 2,320 17.8 % 98.4 % 17 2,320 18.9 % 97.4 % Virginia 14 1,982 15.2 % 92.7 % 15 2,082 16.9 % 93.9 % Maryland 9 848 6.5 % 96.0 % 9 849 6.9 % 96.3 % North Carolina 7 1,237 9.5 % 97.9 % 7 1,197 9.7 % 95.5 % Washington 7 874 6.7 % 98.0 % 7 874 7.1 % 97.4 % Colorado 6 858 6.6 % 95.5 % 6 858 7.0 % 93.3 % Florida 6 669 5.1 % 99.0 % 6 663 5.4 % 99.4 % Pennsylvania 6 669 5.1 % 96.0 % 6 669 5.4 % 84.5 % New York 5 786 6.0 % 98.0 % 1 141 1.2 % 100.0 % Illinois 5 777 5.9 % 98.6 % 4 690 5.6 % 91.9 % Texas 5 741 5.7 % 97.1 % 5 742 6.0 % 94.4 % New Jersey 4 301 2.3 % 85.4 % 3 224 1.8 % 81.8 % Minnesota 3 423 3.2 % 98.7 % 3 423 3.4 % 98.3 % Indiana 2 139 1.1 % 93.0 % 2 139 1.1 % 82.9 % Connecticut 1 189 1.4 % 98.1 % 1 186 1.5 % 98.1 % Oregon 1 93 0.7 % 100.0 % 1 93 0.8 % 97.7 % South Carolina 1 80 0.6 % 100.0 % 1 80 0.7 % 96.7 % Delaware 1 64 0.5 % 94.6 % 1 64 0.5 % 100.0 % District of Columbia 1 17 0.1 % 100.0 % 1 17 0.1 % 100.0 % Total 101 13,067 100.0 % 96.6 % 96 12,311 100.0 % 94.8 % The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $24.04 and $23.15 PSF as of December 31, 2023 and 2022, respectively. 25 The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our Pro-rata share of unconsolidated properties, as of December 31, 2023, based upon a percentage of total annualized base rent (GLA and dollars in thousands): Tenant GLA Percent of Company Owned GLA Annualized Base Rent Percent of Annualized Base Rent Number of Leased Stores Publix 2,955 6.4 % $ 33,949 3.0 % 68 Albertsons Companies, Inc. 2,192 4.8 % 33,559 3.0 % 53 Kroger Co. 2,933 6.4 % 30,228 2.7 % 52 Amazon/Whole Foods 1,255 2.7 % 29,809 2.6 % 38 TJX Companies, Inc. 1,659 3.6 % 29,715 2.6 % 70 Ahold Delhaize 906 2.0 % 22,583 2.0 % 20 CVS 782 1.7 % 20,628 1.8 % 66 L.A.
For further information, see "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations " of this Report. 27 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Amerige Heights Town Center Los Angeles-Long Beach-Anaheim CA 2000 2000 $ — 97 100.0% $ 32.04 Albertsons, (Target) Brea Marketplace Los Angeles-Long Beach-Anaheim CA 40% 2005 1987 — 352 94.3% 20.81 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target Circle Center West Los Angeles-Long Beach-Anaheim CA 2017 1989 — 64 94.5% 37.59 Marshalls Circle Marina Center Los Angeles-Long Beach-Anaheim CA 2019 1994 24,000 118 94.8% 30.69 Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies Culver Center Los Angeles-Long Beach-Anaheim CA 2017 2000 — 217 92.4% 32.94 Ralphs, Best Buy, LA Fitness, Sit N' Sleep El Camino Shopping Center Los Angeles-Long Beach-Anaheim CA 1999 2017 — 136 100.0% 42.19 Bristol Farms, CVS Granada Village Los Angeles-Long Beach-Anaheim CA 40% 2005 2012 50,000 227 100.0% 27.29 Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx Hasley Canyon Village Los Angeles-Long Beach-Anaheim CA 2003 2003 16,000 66 97.5% 26.85 Ralphs Heritage Plaza Los Angeles-Long Beach-Anaheim CA 1999 2012 — 230 99.9% 42.09 Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods Laguna Niguel Plaza Los Angeles-Long Beach-Anaheim CA 40% 2005 1985 — 42 92.4% 30.90 CVS,(Albertsons) Morningside Plaza Los Angeles-Long Beach-Anaheim CA 1999 1996 — 91 100.0% 25.15 Stater Bros.
Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Amerige Heights Town Center Los Angeles-Long Beach-Anaheim CA 2000 2000 $ — 97 98.0% $ 32.06 Albertsons, (Target) Bloom on Third (fka Town and Country Center) Los Angeles-Long Beach-Anaheim CA 35% 2018 1992 107,893 73 100.0% 57.60 Whole Foods, CVS, Citibank Brea Marketplace Los Angeles-Long Beach-Anaheim CA 40% 2005 1987 — 352 100.0% 21.19 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target, Smart Parke Circle Center West Los Angeles-Long Beach-Anaheim CA 2017 1989 — 63 100.0% 39.20 Marshalls Circle Marina Center Los Angeles-Long Beach-Anaheim CA 2019 1994 24,000 118 84.3% 34.58 Sprouts, Big 5 Sporting Goods, Centinela Feed & Pet Supplies Culver Center Los Angeles-Long Beach-Anaheim CA 2017 2000 — 217 94.2% 33.32 Ralphs, Best Buy, LA Fitness, Sit N' Sleep El Camino Shopping Center Los Angeles-Long Beach-Anaheim CA 1999 2017 — 136 100.0% 43.60 Bristol Farms, CVS Granada Village Los Angeles-Long Beach-Anaheim CA 40% 2005 2012 50,000 226 100.0% 27.98 Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx Hasley Canyon Village Los Angeles-Long Beach-Anaheim CA 2003 2003 16,000 66 100.0% 27.10 Ralphs Heritage Plaza Los Angeles-Long Beach-Anaheim CA 1999 2012 — 230 100.0% 43.43 Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods Laguna Niguel Plaza Los Angeles-Long Beach-Anaheim CA 40% 2005 1985 — 42 100.0% 31.01 CVS,(Albertsons) Morningside Plaza Los Angeles-Long Beach-Anaheim CA 1999 1996 — 91 100.0% 25.58 Stater Bros.
Shops at Mira Vista Austin-Round Rock-Georgetown TX 2014 2002 179 68 100.0% 25.31 Trader Joe's, Champions Westlake Gymnastics & Cheer Tech Ridge Center Austin-Round Rock-Georgetown TX 2011 2020 715 216 99.5% 23.81 H.E.B., Pinstack, Baylor Scott & White Bethany Park Place Dallas-Fort Worth-Arlington TX 1998 1998 10,200 99 98.6% 11.97 Kroger CityLine Market Dallas-Fort Worth-Arlington TX 2014 2014 — 81 100.0% 29.90 Whole Foods 44 CityLine Market Phase II Dallas-Fort Worth-Arlington TX 2015 2015 — 22 100.0% 28.18 CVS Hillcrest Village Dallas-Fort Worth-Arlington TX 1999 1991 — 15 100.0% 49.88 - 45 46 Property Name CBSA (1) State Owner- ship Interest (2) Year Acquired Year Constructed or Last Major Renovation Mortgages or Encumbrances (in 000's) Gross Leasable Area (GLA) (in 000's) Percent Leased (3) Average Base Rent PSF (4) Major Tenant(s) (5) Keller Town Center Dallas-Fort Worth-Arlington TX 1999 2014 — 120 95.8% 17.10 Tom Thumb Lebanon/Legacy Center Dallas-Fort Worth-Arlington TX 2000 2002 — 56 87.2% 29.35 (WalMart) Market at Preston Forest Dallas-Fort Worth-Arlington TX 1999 1990 — 96 100.0% 22.53 Tom Thumb Mockingbird Commons Dallas-Fort Worth-Arlington TX 1999 1987 — 120 95.4% 19.99 Tom Thumb, Ogle School of Hair Design Preston Oaks (6) Dallas-Fort Worth-Arlington TX 2013 2022 — 103 100.0% 40.03 Central Market, Talbots Prestonbrook Dallas-Fort Worth-Arlington TX 1998 1998 — 92 100.0% 15.45 Kroger Shiloh Springs Dallas-Fort Worth-Arlington TX 1998 1998 — 110 89.8% 14.77 Kroger Alden Bridge Houston-Woodlands-Sugar Land TX 2002 1998 26,000 139 96.8% 21.81 Kroger, Walgreens Baybrook East (7) Houston-Woodlands-Sugar Land TX 50% 2020 2021 2,683 156 93.9% 13.17 H.E.B Cochran's Crossing Houston-Woodlands-Sugar Land TX 2002 1994 — 138 100.0% 20.43 Kroger Indian Springs Center Houston-Woodlands-Sugar Land TX 2002 2003 — 137 99.0% 25.46 H.E.B.
Shops at Mira Vista Austin-Round Rock-Georgetown TX 2014 2002 165 68 100.0% 26.25 Trader Joe's, Champions Westlake Gymnastics & Cheer Tech Ridge Center Austin-Round Rock-Georgetown TX 2011 2020 — 216 99.4% 24.23 H.E.B., Pinstack, Baylor Scott & White Bethany Park Place Dallas-Fort Worth-Arlington TX 1998 1998 10,200 99 100.0% 12.23 Kroger CityLine Market Dallas-Fort Worth-Arlington TX 2014 2014 — 81 100.0% 30.41 Whole Foods CityLine Market Phase II Dallas-Fort Worth-Arlington TX 2015 2015 — 22 100.0% 28.58 CVS Hillcrest Village Dallas-Fort Worth-Arlington TX 1999 1991 — 15 100.0% 51.23 - Keller Town Center Dallas-Fort Worth-Arlington TX 1999 2014 — 120 97.4% 17.43 Tom Thumb Lebanon/Legacy Center Dallas-Fort Worth-Arlington TX 2000 2002 — 56 100.0% 30.26 (WalMart) Market at Preston Forest Dallas-Fort Worth-Arlington TX 1999 1990 — 96 97.4% 22.34 Tom Thumb Mockingbird Commons Dallas-Fort Worth-Arlington TX 1999 1987 — 120 95.9% 21.36 Tom Thumb, Ogle School of Hair Design Preston Oaks Dallas-Fort Worth-Arlington TX 2013 2022 — 103 100.0% 40.79 Central Market, Talbots Prestonbrook Dallas-Fort Worth-Arlington TX 1998 1998 — 92 98.9% 15.57 Kroger Shiloh Springs Dallas-Fort Worth-Arlington TX 1998 1998 — 110 93.6% 15.32 Kroger Alden Bridge Houston-Woodlands-Sugar Land TX 2002 1998 26,000 139 98.4% 21.64 Kroger, Walgreens Baybrook East (7) Houston-Woodlands-Sugar Land TX 50% 2020 2021 10,222 156 93.9% 13.16 H.E.B Cochran's Crossing Houston-Woodlands-Sugar Land TX 2002 1994 — 138 100.0% 20.77 Kroger Indian Springs Center Houston-Woodlands-Sugar Land TX 2002 2003 — 137 98.9% 25.71 H.E.B.
Lucie FL 2017 2016 — 80 96.1% 14.83 WalMart The Plaza at St. Lucie West Port St.
Lucie FL 2017 2016 — 86 100.0% 14.82 WalMart The Plaza at St. Lucie West Port St.
During 2023, we have a total of 930 leases expiring, representing 2.8 million square feet of GLA. These expiring leases have an average base rent of $25.88 PSF. The average base rent of new leases signed during 2022 was $32.47 PSF.
During 2024, we have a total of 1,081 leases expiring, representing 3.9 million square feet of GLA. These expiring leases have an average base rent of $23.74 PSF. The average base rent of new leases signed during 2023 was $29.89 PSF.
Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common area maintenance ("CAM") expenses, and reimbursement for utility costs if not directly metered. 25 The following table summarizes Pro-rata lease expirations for the next ten years and thereafter, for our consolidated and unconsolidated properties, assuming no tenants renew their leases (GLA and dollars of In Place Annual Base Rent Expiring Under Leases in thousands): Lease Expiration Year Number of Tenants with Expiring Leases Pro-rata Expiring GLA Percent of Total Company GLA In Place Annual Base Rent Expiring Under Leases Percent of In Place Annual Base Rent Pro-rata Expiring Average Annual Base Rent PSF (1) 171 85 0.2 % $ 1,275 0.1 % $ 15.03 2023 930 2,803 7.0 % 72,559 7.6 % 25.88 2024 1,211 5,571 13.8 % 128,039 13.4 % 22.98 2025 1,193 5,117 12.7 % 123,403 12.9 % 24.12 2026 1,058 4,998 12.4 % 120,059 12.5 % 24.02 2027 1,196 5,725 14.2 % 136,987 14.3 % 23.93 2028 659 3,930 9.7 % 98,400 10.3 % 25.04 2029 341 2,055 5.1 % 44,765 4.7 % 21.79 2030 285 1,895 4.7 % 46,163 4.8 % 24.36 2031 332 1,546 3.8 % 42,393 4.4 % 27.42 2032 454 1,695 4.2 % 46,320 4.8 % 27.32 Thereafter 356 4,908 12.2 % 97,645 10.2 % 19.89 Total 8,186 40,328 100.0 % $ 958,008 100.0 % $ 23.76 (1) Leases currently under month-to-month rent or in process of renewal.
Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common area maintenance ("CAM") expenses, and reimbursement for utility costs if not directly metered. 26 The following table summarizes Pro-rata lease expirations for the next ten years and thereafter, for our consolidated and unconsolidated properties, assuming no tenants renew their leases (GLA and dollars of In Place Annual Base Rent Expiring Under Leases in thousands): Lease Expiration Year Number of Tenants with Expiring Leases Pro-rata Expiring GLA Percent of Total Company GLA In Place Annual Base Rent Expiring Under Leases Percent of In Place Annual Base Rent Pro-rata Expiring Average Annual Base Rent PSF (1) 180 312 0.7 % $ 8,044 0.7 % $ 25.76 2024 1,081 3,902 8.6 % 92,635 8.4 % 23.74 2025 1,358 5,552 12.3 % 136,495 12.4 % 24.58 2026 1,256 5,648 12.5 % 137,458 12.5 % 24.34 2027 1,316 6,280 13.9 % 155,730 14.2 % 24.80 2028 1,272 5,915 13.1 % 154,464 14.1 % 26.11 2029 712 4,305 9.5 % 96,481 8.8 % 22.41 2030 394 2,250 5.0 % 57,467 5.2 % 25.54 2031 394 1,889 4.2 % 50,664 4.6 % 26.83 2032 430 1,865 4.1 % 52,983 4.8 % 28.41 2033 542 1,947 4.3 % 55,662 5.1 % 28.59 Thereafter 389 5,330 11.8 % 100,519 9.2 % 18.86 Total 9,324 45,195 100.0 % $ 1,098,602 100.0 % $ 24.31 (1) Leases currently under month-to-month rent or in process of renewal.
Butt Grocery Company 482 1.2 % 7,376 0.8 % 6 Wells Fargo Bank 130 0.3 % 7,039 0.7 % 46 JAB Holding Company 168 0.4 % 6,904 0.7 % 60 Petco Health and Wellness Company, Inc. 286 0.7 % 6,807 0.7 % 30 Target 654 1.6 % 6,790 0.7 % 6 Bank of America 119 0.3 % 6,778 0.7 % 40 Kohl's 526 1.3 % 6,247 0.6 % 7 Best Buy 259 0.6 % 6,027 0.6 % 8 Walgreens Boots Alliance 230 0.6 % 5,684 0.6 % 21 Bed Bath & Beyond Inc. 325 0.8 % 5,538 0.6 % 11 Ulta 172 0.4 % 5,161 0.5 % 19 AT&T, Inc. 109 0.3 % 4,929 0.5 % 56 Dick's Sporting Goods, Inc. 274 0.7 % 4,832 0.5 % 4 Life Time 111 0.3 % 4,700 0.5 % 1 Xponential Fitness 118 0.3 % 4,631 0.5 % 72 Top Tenants 17,649 43.3 % $ 320,591 32.8 % 949 Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years.
Butt Grocery Company 482 1.0 % 7,376 0.7 % 6 Walgreens Boots Alliance 266 0.6 % 6,858 0.6 % 24 JAB Holding Company 164 0.4 % 6,826 0.6 % 59 Target 654 1.4 % 6,790 0.6 % 6 Kohl's 526 1.1 % 6,247 0.6 % 7 Xponential Fitness 137 0.3 % 5,402 0.5 % 81 Walmart 819 1.8 % 5,362 0.5 % 8 Ulta 184 0.4 % 5,288 0.5 % 21 Best Buy 229 0.5 % 5,277 0.5 % 7 Staples 217 0.5 % 5,109 0.5 % 12 Top Tenants 19,232 41.9 % $ 353,206 31.6 % 971 Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years.
Fitness Sports Club 474 1.2 % 9,989 1.0 % 13 Trader Joe's 282 0.7 % 9,595 1.0 % 28 JPMorgan Chase Bank 139 0.3 % 9,050 0.9 % 45 Ross Dress For Less 534 1.3 % 8,775 0.9 % 24 Nordstrom 308 0.8 % 8,398 0.9 % 9 Gap, Inc. 250 0.6 % 7,810 0.8 % 21 Starbucks 138 0.3 % 7,776 0.8 % 88 H.E.
Fitness Sports Club 516 1.1 % 11,137 1.0 % 14 Trader Joe's 311 0.7 % 11,023 1.0 % 30 JPMorgan Chase Bank 176 0.4 % 10,667 0.9 % 56 Ross Dress For Less 534 1.2 % 9,259 0.8 % 24 Gap, Inc 279 0.6 % 8,933 0.8 % 24 Bank of America 154 0.3 % 8,657 0.8 % 44 Starbucks 147 0.3 % 8,617 0.8 % 94 Nordstrom 308 0.7 % 8,573 0.8 % 9 Wells Fargo Bank 135 0.3 % 7,800 0.7 % 47 Petco Health and Wellness Company 312 0.7 % 7,534 0.7 % 31 H.E.
Added
For further information, see "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations " of this Report.
Added
Gym Hershey Harrisburg-Carlisle PA 2000 2000 — 6 100.0% 30.00 - Baederwood Shopping Center Philadelphia-Camden-Wilmington PA 80% 2023 1999 24,365 117 100.0% 28.11 Whole Foods, Planet Fitness City Avenue Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1960 — 162 89.4% 21.77 Ross Dress for Less, TJ Maxx, Dollar Tree Gateway Shopping Center Philadelphia-Camden-Wilmington PA 2004 2016 — 224 99.0% 35.87 Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics Mercer Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1988 — 91 100.0% 23.28 Weis Markets Newtown Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 2020 20,000 142 97.2% 19.49 Acme Markets, Michael's Warwick Square Shopping Center Philadelphia-Camden-Wilmington PA 40% 2005 1999 — 93 96.7% 17.49 Grocery Outlet Bargain Market, Planet Fitness Indigo Square Charleston-North Charleston SC 2017 2017 — 51 100.0% 30.99 Greenwise (Vac 8/29/20) Merchants Village Charleston-North Charleston SC 40% 1997 1997 9,000 80 100.0% 18.63 Publix Harpeth Village Fieldstone Nashvil-Davdsn-Murfree-Frankln TN 1997 1998 — 70 100.0% 17.31 Publix Northlake Village Nashvil-Davdsn-Murfree-Frankln TN 2000 2013 — 135 98.9% 15.83 Kroger Peartree Village Nashvil-Davdsn-Murfree-Frankln TN 1997 1997 — 110 100.0% 20.43 Kroger, PETCO Hancock Austin-Round Rock-Georgetown TX 1999 1998 — 263 98.1% 20.04 24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors Market at Round Rock Austin-Round Rock-Georgetown TX 1999 1987 — 123 86.5% 21.19 Sprout's Markets, Office Depot North Hills Austin-Round Rock-Georgetown TX 1999 1995 — 164 98.8% 22.11 H.E.B.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed2 unchanged
Biggest changeHowever, no assurances can be given as to the outcome of any threatened or pending legal proceedings.
Biggest changeHowever, no assurances can be given as to the outcome of any threatened or pending legal proceedings. See Note 16 - Commitments and Contingencies in the Notes for discussion regarding material legal proceeds and contingencies.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+2 added−4 removed3 unchanged
Biggest changeOn February 8, 2023, our Board authorized a new common share repurchase program under which we may purchase, from time to time, up to a maximum of $250 million of our outstanding common stock through open market purchases, and/or in privately negotiated transactions.
Biggest change(2) Our Board has authorized a two-year common stock repurchase program under which we may purchase, from time to time, up to a maximum of $250 million of our outstanding common stock through open market purchases, and/or in privately negotiated transactions. The timing and price of stock repurchases will be dependent upon market conditions and other factors.
Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such stockholders. Under the revolving credit agreement of our Line, in the event of any monetary default, we may not make distributions to stockholders except to the extent necessary to maintain our REIT status.
Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such shareholders. Under the revolving credit agreement of our Line, in the event of any monetary default, we may not make distributions to shareholders except to the extent necessary to maintain our REIT status.
The following table represents information with respect to purchases by Regency of its common stock by months during the three month period ended December 31, 2022: Period Total number of shares purchased (1) Total number of shares purchased as part of publicly announced plans or programs (2) Average price paid per share Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (2) October 1, 2022, through October 31, 2022 169 — $ 54.36 $ 174,607,162 November 1, 2022, through November 30, 2022 — — $ — $ 174,607,162 December 1, 2022, through December 31, 2022 — — $ — $ 174,607,162 (1) Represents shares repurchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan.
The following table represents information with respect to purchases by Regency of its common stock by months during the three month period ended December 31, 2023: Period Total number of shares purchased (1) Total number of shares purchased as part of publicly announced plans or programs (2) Average price paid per share Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (2) October 1, 2023, through October 31, 2023 — — $ — $ 230,000,011 November 1, 2023, through November 30, 2023 — — $ — $ 230,000,011 December 1, 2023, through December 31, 2023 — — $ — $ 230,000,011 (1) Represents shares repurchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan.
Item 5. Market for the Registrant's Common Equity, Related St ockholder Matters, and Issuer Purchases of Equity Securities Our common stock is listed on the NASDAQ Global Select Market under the symbol "REG." As of February 06, 2023, there were 87,993 holders of our common stock. We intend to pay regular quarterly distributions to Regency Centers Corporation's common stockholders.
Item 5. Market for the Registrant's Common Equity, Related St ockholder Matters, and Issuer Purchases of Equity Securities Our common stock is listed on the NASDAQ Global Select Market under the symbol "REG." As of February 05, 2024, there were 112,794 holders of our common stock. We intend to pay regular quarterly distributions to Regency Centers Corporation's common shareholders.
The following performance graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any other previous or future filings by us under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 Regency Centers Corporation $ 100.00 87.98 98.03 74.59 127.84 110.51 S&P 500 100.00 95.62 125.72 148.85 191.58 156.89 FTSE NAREIT Equity REITs 100.00 95.38 120.17 110.56 158.36 119.78 FTSE NAREIT Equity Shopping Centers 100.00 85.45 106.84 77.31 127.60 111.60
The following performance graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any other previous or future filings by us under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 Regency Centers Corporation $ 100.00 111.42 84.78 145.30 125.60 140.38 S&P 500 100.00 131.49 155.68 200.37 164.08 207.21 FTSE NAREIT Equity REITs 100.00 126.00 115.92 166.04 125.58 142.83 FTSE NAREIT Equity Shopping Centers 100.00 125.03 90.47 149.32 130.60 146.32
The performance graph furnished below shows Regency's cumulative total stockholder return relative to the S&P 500 Index, the FTSE Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Centers index since December 31, 2017.
Our stock repurchase program will expire February 7, 2025, unless modified, extended or earlier terminated by the Board. 41 The performance graph furnished below shows Regency's cumulative total shareholder return relative to the S&P 500 Index, the FTSE Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Centers index since December 31, 2018.
Removed
There were no unregistered sales of equity securities during the quarter ended December 31, 2022.
Added
During the quarter ended December 31, 2023, the Operating Partnership issued 181,885 exchangeable operating partnership units to partially fund the acquisition of an operating property. Such units were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. No underwriting discounts or commissions were paid with respect to such issuances.
Removed
(2) On February 3, 2021, our Board authorized a common share repurchase program (Authorized Repurchase Program) under which we could purchase, from time to time, up to a maximum of $250 million of shares of its outstanding common stock through open market purchases, and/or in privately negotiated transactions. Any shares purchased, if not retired, would be treated as treasury shares.
Added
Any stock repurchased, if not retired, will be treated as treasury stock.
Removed
During the year ended December 31, 2022, 1.3 million shares were repurchased and retired under this program, and $174.6 million remained available for repurchase. This previously authorized program expired on February 3, 2023.
Removed
The timing and price of share repurchases, if any, will be dependent upon market 49 conditions and other factors. Any shares repurchased, if not retired, will be treated as treasury shares. This new authorization will expire February 7, 2025, unless modified or earlier terminated by the Board.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

71 edited+29 added−23 removed21 unchanged
Biggest changeSummary of Cash Flow Activity The following table summarizes net cash flows related to operating, investing, and financing activities of the Company: (in thousands) 2022 2021 Change Net cash provided by operating activities $ 655,815 659,388 (3,573 ) Net cash used in investing activities (206,108 ) (286,352 ) 80,244 Net cash used in financing activities (475,958 ) (656,459 ) 180,501 Net (decrease) increase in cash, cash equivalents, and restricted cash (26,251 ) (283,423 ) 257,172 Total cash, cash equivalents, and restricted cash $ 68,776 95,027 (26,251 ) Net cash provided by operating activities: Net cash provided by operating activities changed by $3.6 million due to: • $10.5 million decrease in operating cash flow distributions from Investments in real estate partnerships attributable to the reduced portfolio within partnerships and the higher distributions in 2021 from collecting past due rents, partially offset by, • $4.4 million net increase in cash from operations; and • $2.5 million increase driven by cash used in 2021 to settle interest rate swaps on our term loan which was repaid in January 2021 Net cash used in investing activities: Net cash used in investing activities changed by $80.2 million as follows: (in thousands) 2022 2021 Change Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $3,061 and $2,991 in 2022 and 2021, respectively $ (169,639 ) (392,051 ) 222,412 Real estate development and capital improvements (195,418 ) (177,631 ) (17,787 ) Proceeds from sale of real estate 143,133 206,193 (63,060 ) Collection (issuance) of notes receivable, net 1,823 (20 ) 1,843 Investments in real estate partnerships (36,266 ) (23,476 ) (12,790 ) Return of capital from investments in real estate partnerships 48,473 99,945 (51,472 ) Dividends on investment securities 1,113 813 300 Acquisition of investment securities (21,112 ) (23,971 ) 2,859 Proceeds from sale of investment securities 21,785 23,846 (2,061 ) Net cash used in investing activities $ (206,108 ) (286,352 ) 80,244 Significant changes in investing activities include: • We paid $169.6 million to purchase seven operating properties during 2022, including four properties in which we previously held a 25% interest through an unconsolidated Investment in real estate partnership.
Biggest changeNet cash used in investing activities: Net cash used in investing activities changed by $135.9 million as follows: (in thousands) 2023 2022 Change Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $0, $3,061 and $2,991 in 2023, 2022 and 2021, respectively $ (45,386 ) (169,639 ) 124,253 Acquisition of UBP, net of cash acquired of $14,143 (82,389 ) — (82,389 ) Real estate development and capital improvements (232,855 ) (195,418 ) (37,437 ) Proceeds from sale of real estate 11,167 143,133 (131,966 ) Issuance of notes receivable (4,000 ) — (4,000 ) Collection of notes receivable 4,000 1,823 2,177 Investments in real estate partnerships (13,119 ) (36,266 ) 23,147 Return of capital from investments in real estate partnerships 11,308 48,473 (37,165 ) Dividends on investment securities 1,283 1,113 170 Acquisition of investment securities (7,990 ) (21,112 ) 13,122 Proceeds from sale of investment securities 16,003 21,785 (5,782 ) Net cash used in investing activities $ (341,978 ) (206,108 ) (135,870 ) Significant changes in investing activities include: • We paid $45.4 million in 2023 to purchase two operating properties.
We have access to and draw on multiple financing sources to fund our operations and our long-term capital needs, including the requirements of our in process and planned developments, redevelopments, and other capital expenditures, and the repayment of debt.
We have access to and draw on multiple financing sources to fund our operations and our long-term capital needs, including the requirements of our in process and planned developments, redevelopments, other capital expenditures, and the repayment of debt.
We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor opens for business.
We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor tenant opens for business.
We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental contamination; that our estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us.
We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental contamination; that our estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us. 57
Valuation of Real Estate Investments In accordance with GAAP, we evaluate our real estate for impairment whenever there are events or changes in circumstances, including property operating performance, general market conditions or changes in expected hold periods, that indicate that the carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable.
Impairment of Real Estate Investments In accordance with GAAP, we evaluate our real estate for impairment whenever there are events or changes in circumstances, including property operating performance, general market conditions or changes in expected hold periods, that indicate that the carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable.
We believe that the few tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations. Generally, we endeavor to require tenants to remove dry cleaning plants from our shopping centers or convert them to more environmentally friendly systems, in accordance with the terms of our leases.
We believe that the relatively few tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations. Generally, we endeavor to require tenants to remove dry cleaning plants from our shopping centers or convert them to more environmentally friendly systems, in accordance with the terms of our leases.
(2) Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties. (3) Includes revenues and expenses attributable to non-same properties, sold properties, development properties, and corporate activities.
(2) Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties. (3) Includes revenues and expenses attributable to non-same property, sold property, development properties, and corporate activities.
We intend to continuously improve our portfolio of shopping centers through redevelopment which may include adjacent land acquisition, existing building expansion, facade renovation, new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan. The timing and duration of these projects could also result in volatility in NOI.
We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansion, facade renovation, new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan. The timing and duration of these projects could also result in volatility in NOI.
These lease obligations are discussed in note 7; • Our share of mortgage loans within our Investments in real estate partnerships, as discussed in note 4; • Letters of credit of $9.4 million issued to cover our captive insurance program and performance obligations on certain development projects, the latter of which will be satisfied upon completion of the development projects; • Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 14; and • We will also incur obligations related to construction or development contracts on projects in process; however, future amounts under these construction contracts are not due until future satisfactory performance under the contracts.
These lease obligations are discussed in note 7; • Our share of mortgage loans within our Investments in real estate partnerships, as discussed in note 4; • Letters of credit of $8.5 million issued to cover our captive insurance program and performance obligations on certain development projects, the latter of which will be satisfied upon completion of the development projects; • Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 14; and • We will also incur obligations related to construction or development contracts on projects in process; however, future amounts under these construction contracts are not due until future satisfactory performance under the contracts.
Dissolution will follow final distributions, which are expected in 2023. (2) On April 1, 2022, we acquired our partner's 75% share in four properties held in the RegCal partnership for a total purchase price of $88.5 million; therefore, results following the date of acquisition are included in consolidated results.
Dissolution will follow final distributions, which are expected in 2024. (2) On April 1, 2022, we acquired our partner's 75% share in four properties held in the RegCal partnership for a total purchase price of $88.5 million; therefore, results following the date of acquisition are included in consolidated results.
We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs.
We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs.
We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to shareholders.
We do not consider non-GAAP measures as an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders.
Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months. • At December 31, 2022, our total property portfolio was 94.8% leased while our same property portfolio was 95.1% leased, compared to 94.1% and 94.3%, respectively, at December 31, 2021.
Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months. • At December 31, 2023, our total property portfolio was 95.1% leased while our same property portfolio was 95.7% leased, compared to 94.8% and 95.1%, respectively, at December 31, 2022.
We carry an environmental insurance policy for certain third-party liabilities and remediation costs on shopping centers that currently have no known environmental contamination. We have also secured environmental insurance policies, where appropriate, on a relatively small number of specific properties with known contamination, in order to mitigate our environmental risk.
We carry an environmental insurance policy for certain third-party liabilities and, in certain circumstances, remediation costs on shopping centers for currently unknown contamination. We have also secured environmental insurance policies, where appropriate, on a relatively small number of specific properties with known contamination, in order to mitigate our environmental risk.
We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of doing so. As of December 31, 2022, we had accrued liabilities of $12.1 million for our Pro-rata share of environmental remediation, including our Investments in real estate partnerships.
We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of doing so. As of December 31, 2023, we had accrued liabilities of $19.4 million for our Pro-rata share of environmental remediation, including our Investments in real estate partnerships.
We expect to meet these needs by using a combination of the following: cash flow from operations after funding our dividend, borrowings from our Line, proceeds from the sale of real estate, mortgage loan and unsecured bank financing, distributions received from our co-investment partnerships, and when the capital markets are favorable, proceeds from the sale of equity securities or the issuance of new unsecured debt.
We expect to meet these needs by using a combination of the following: cash flow from operations after funding our common stock and preferred stock dividends, borrowings from our Line, proceeds from the sale of real estate, mortgage loan and unsecured bank financing, distributions received from our real estate partnerships, and when the capital markets are favorable, proceeds from the sale of equity securities or the issuance of new unsecured debt.
New and renewal rent spreads, as compared to prior rents on these same spaces leased, were positive at 7.4% for the 12 months ended December 31, 2022, as compared to 5.5% for the 12 months ended December 31, 2021.
New and renewal rent spreads, as compared to prior rents on these same spaces leased, were positive at 10.0% for the 12 months ended December 31, 2023, as compared to 7.4% for the 12 months ended December 31, 2022.
We seek to mitigate these potential impacts through maintaining a high quality portfolio, tenant diversification, replacing weaker tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and maintaining our presence in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.
We seek to mitigate these potential impacts through maintaining a high quality portfolio, diversifying our tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.
Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers: December 31, 2022 Anchor Number of Stores Percentage of Company- owned GLA (1) Percentage of Annual Base Rent (1) Publix 67 7.0 % 3.2 % Kroger Co. 53 7.3 % 3.1 % Albertsons Companies, Inc. 46 4.7 % 3.0 % Amazon/Whole Foods 36 2.9 % 2.6 % TJX Companies, Inc. 63 3.6 % 2.6 % (1) Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers: December 31, 2023 Anchor Number of Stores Percentage of Company- owned GLA (1) Percentage of Annual Base Rent (1) Publix 68 6.4 % 3.0 % Albertsons Companies, Inc. 53 4.8 % 3.0 % Kroger Co. 52 6.4 % 2.7 % Amazon/Whole Foods 38 2.7 % 2.6 % TJX Companies, Inc. 70 3.6 % 2.6 % (1) Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.
Recent Accounting Pronouncements See note 1 to Consolidated Financial Statements. 65 Environmental Matters We are subject to numerous environmental laws and regulations as they apply to our shopping centers, pertaining primarily to chemicals historically used by certain current and former dry cleaning and gas station tenants and the existence of asbestos in older shopping centers.
Recent Accounting Pronouncements See note 1 to Consolidated Financial Statements. Environmental Matters We are subject to numerous environmental laws and regulations, which primarily pertain to chemicals historically used by certain current and former dry cleaning and gas station tenants and the existence of asbestos in older shopping centers.
If we refinance maturing debt, our cash requirements will decrease. We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2022, 89.5% of our wholly-owned real estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured debt markets and to maintain availability on the Line.
If we refinance maturing debt, our cash requirements will decrease. We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2023, 87.1% of our wholly-owned real estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured debt markets and to maintain borrowing capacity on the Line.
All remaining debt is held by our Operating Partnership or by our co-investment partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company.
All remaining debt is held by our Operating Partnership, its subsidiaries, or by our real estate partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company.
These accounting estimates are based upon, but not limited to, our judgments about historical and expected future results, current market conditions, and interpretation of industry accounting standards.
These accounting estimates, judgments and assumptions are based upon, but not limited to historical experience, current trends, expected future results, current market conditions, and interpretation of industry accounting standards.
We continually evaluate alternative financing options, and we believe we can obtain new financing on reasonable terms, although likely at higher interest rates than that of our debt currently outstanding.
We continually evaluate alternative financing options, and we believe we can obtain new financing on reasonable terms, although likely at higher interest rates than that of our debt currently outstanding, due to the current interest rate environment.
Our trailing 12 month fixed charge coverage ratio, including our Pro-rata share of our partnerships, was 4.6x and 4.5x for the periods ended December 31, 2022 and 2021, respectively, and our Pro-rata net debt-to-operating EBITDA re ratio on a trailing 12 month basis was 5.0x and 5.1x, respectively, for the same periods.
Our trailing 12 month fixed charge coverage ratio, including our Pro-rata share of our partnerships, was 4.7x and 4.6x for the periods ended December 31, 2023 and 2022, respectively, and our Pro-rata net debt and Preferred Stock-to-operating EBITDA re adjusted ratio on a trailing 12 month basis was 5.4x and 5.0x, respectively, for the same periods.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy During the year ended December 31, 2022, we had Net income attributable to common stockholders of $482.9 million, which includes gains on sale of real estate of $109.0 million, as compared to $361.4 million during the year ended December 31, 2021.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy During the year ended December 31, 2023, we had Net income attributable to common shareholders of $359.5 million as compared to $482.9 million during the year ended December 31, 2022, which included gains on sale of real estate of $109.0 million.
We continued our development and redevelopment of high quality shopping centers: • Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $300.9 million compared to $307.3 million at December 31, 2021. • Development and redevelopment projects completed during 2022 represented $122.0 million of estimated net project costs, with an average stabilized yield of 7%.
We continued our development and redevelopment of high quality shopping centers: • Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $468.1 million compared to $300.9 million at December 31, 2022. • Development and redevelopment projects completed during 2023 represented $87.4 million of estimated net project costs, with an average stabilized yield of 8.7%.
(4) Estimated Net Development Costs for Baybrook East 1A is limited to our ownership interest in the value of land and site improvements to deliver a parcel to a grocer, under a ground lease agreement, to construct their building and improvements. This property is included in our Investments in real estate partnerships.
(4) Estimated Net Development Costs for Baybrook East - Phase 1B is limited to our ownership interest in the value of land and site improvements to deliver a parcel to a grocer, under a ground lease agreement, to construct their building and improvements.
After funding our common stock dividend payment in January 2023, we estimate that we will require capital during the next 12 months of approximately $351.4 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our co-investment partnerships, and repaying maturing debt.
After funding our common and preferred stock dividend payments in January 2024, we estimate that we will require capital during the next 12 months of approximately $677.8 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate partnerships, and repaying maturing debt.
Critical Accounting Estimates Knowledge about our accounting policies is necessary for a complete understanding of our Consolidated Financial Statements. The preparation of our Consolidated Financial Statements requires that we make certain estimates that impact the balance of assets and liabilities as of a financial statement date and the reported amount of income and expenses during a financial reporting period.
The preparation of our Consolidated Financial Statements requires that we make certain estimates, judgments, and assumptions that impact the balance of assets and liabilities as of the financial statement date and the reported amount of income and expenses during the financial reporting period.
The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations. Although base rent is derived from long-term lease contracts, tenants that file bankruptcy generally have the legal right to reject any or all of their leases and close related stores.
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores.
During 2022, we recognized gains on sale of $109.0 million from five land parcels and two operating properties. During 2021, we recognized gains on sale of $91.1 million from five land parcels and six operating properties.
During 2023, we recognized gains on sale of $0.7 million from three land parcels. During 2022, we recognized gains on sale of $109.0 million from two operating property and five land parcels.
In order to compensate for these limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided, including as set forth below.
In order to compensate for these limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided, including as set forth below. Non-GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects.
We have historically generated sufficient cash flow from operations to fund our dividend distributions. During the years ended December 31, 2022 and 2021, we generated cash flow from operations of $655.8 million and $659.4 million, respectively, and paid $430.1 million and $404.9 million in dividends to our common stock and unit holders, respectively.
During the years ended December 31, 2023 and 2022, we generated cash flow from operations of $719.6 million and $655.8 million, respectively, and paid $458.8 million in dividends to our common and preferred stock and unit holders, and $430.1 million in dividends to our common stock and unit holders, respectively.
Pro-rata Percent Leased The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio: December 31, 2022 December 31, 2021 Percent Leased – All properties 94.8 % 94.1 % Anchor Space (spaces ≥ 10,000 SF) 96.8 % 97.0 % Shop Space (spaces 91.5 % 89.2 % Our percent leased increased primarily due to favorable leasing activity in our Shop Space category during 2022. 51 Pro-rata Leasing Activity The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our co-investment partnerships (totals as a weighted-average PSF): Year Ended December 31, 2022 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 24 632 $ 15.09 $ 24.36 $ 5.32 Renewal 108 3,252 16.36 1.07 0.23 Total Anchor Space Leases 132 3,884 $ 16.16 $ 4.86 $ 1.06 Shop Space Leases New 562 1,058 $ 37.55 $ 36.17 $ 11.48 Renewal 1,287 2,395 35.94 1.66 0.77 Total Shop Space Leases 1,849 3,453 $ 36.44 $ 12.23 $ 4.05 Total Leases 1,981 7,337 $ 25.70 $ 8.33 $ 2.47 Year Ended December 31, 2021 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 25 667 $ 20.10 $ 44.50 $ 6.18 Renewal 124 2,941 15.34 0.56 0.21 Total Anchor Space Leases 149 3,608 $ 16.22 $ 8.68 $ 1.31 Shop Space Leases New 573 1,022 $ 34.38 $ 28.77 $ 10.87 Renewal 1,257 2,324 34.31 1.62 0.79 Total Shop Space Leases 1,830 3,346 $ 34.33 $ 9.92 $ 3.87 Total Leases 1,979 6,954 $ 24.93 $ 9.28 $ 2.54 The weighted-average base rent PSF on signed Shop Space leases during 2022 was $36.44 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $34.76 PSF.
Pro-rata Leasing Activity The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted-average PSF): Year Ended December 31, 2023 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 41 859 $ 20.37 $ 45.96 $ 5.38 Renewal 110 2,916 18.06 0.39 0.10 Total Anchor Space Leases 151 3,775 $ 18.58 $ 10.77 $ 1.30 Shop Space Leases New 583 1,179 $ 38.25 $ 41.71 $ 13.28 Renewal 1,105 1,952 37.55 1.73 0.73 Total Shop Space Leases 1,688 3,131 $ 37.82 $ 16.79 $ 5.45 Total Leases 1,839 6,906 $ 27.30 $ 13.50 $ 3.19 44 Year Ended December 31, 2022 Leasing Transactions SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Space Leases New 24 632 $ 15.09 $ 24.36 $ 5.32 Renewal 108 3,252 16.36 1.07 0.23 Total Anchor Space Leases 132 3,884 $ 16.16 $ 4.86 $ 1.06 Shop Space Leases New 562 1,058 $ 37.55 $ 36.17 $ 11.48 Renewal 1,287 2,395 35.94 1.66 0.77 Total Shop Space Leases 1,849 3,453 $ 36.44 $ 12.23 $ 4.05 Total Leases 1,981 7,337 $ 25.70 $ 8.33 $ 2.47 The weighted-average base rent PSF on signed Shop Space leases during 2023 was $37.82 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $34.73 PSF.
Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
See the tables below for more details about our redevelopment projects. • Development costs increased $8.4 million based on the timing and magnitude of our development projects currently in process. See the tables below for more details about our development projects. 62 • Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended.
See the tables below for more details about our redevelopment projects. • Development costs are higher in 2023 due to the progress towards completion of our development projects in process. See the tables below for more details about our development projects. • Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended.
Equity in income of investments in real estate partnerships changed as follows: (in thousands) Regency's Ownership 2022 2021 Change GRI - Regency, LLC ("GRIR") 40.00% $ 35,819 34,655 1,164 Equity One JV Portfolio LLC ("NYC") (1) 30.00% 9,173 315 8,858 Columbia Regency Retail Partners, LLC ("Columbia I") 20.00% 1,817 1,976 (159 ) Columbia Regency Partners II, LLC ("Columbia II") 20.00% 1,735 10,987 (9,252 ) Columbia Village District, LLC 30.00% 1,669 1,522 147 RegCal, LLC ("RegCal") (2) 25.00% 4,499 2,058 2,441 US Regency Retail I, LLC ("USAA") (3) 20.01% — 631 (631 ) Other investments in real estate partnerships 35.00% - 50.00% 5,112 (5,058 ) 10,170 Total equity in income of investments in real estate partnerships $ 59,824 47,086 12,738 (1) On May 25, 2022, the NYC partnership sold its remaining two properties and distributed sales proceeds to is members.
Total equity in income of investments in real estate partnerships changed as follows: (in thousands) Regency's Ownership 2023 2022 Change GRI - Regency, LLC ("GRIR") 40.00% $ 35,901 35,819 82 Equity One JV Portfolio LLC ("NYC") (1) 30.00% 84 9,173 (9,089 ) Columbia Regency Retail Partners, LLC ("Columbia I") 20.00% 1,630 1,817 (187 ) Columbia Regency Partners II, LLC ("Columbia II") 20.00% 1,743 1,735 8 Columbia Village District, LLC 30.00% 2,199 1,669 530 RegCal, LLC ("RegCal") (2) 25.00% 2,912 4,499 (1,587 ) Other investments in real estate partnerships 11.80% - 66.67% 6,072 5,112 960 Total equity in income of investments in real estate partnerships $ 50,541 59,824 (9,283 ) (1) On May 25, 2022, the NYC partnership sold its remaining two properties and distributed sales proceeds to its members.
During 2022, we deployed capital of $195.4 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following: (in thousands) 2022 2021 Change Capital expenditures: Land acquisitions $ 12,484 11,820 664 Building and tenant improvements 75,420 53,752 21,668 Redevelopment costs 68,730 78,056 (9,326 ) Development costs 27,861 19,426 8,435 Capitalized interest 4,133 4,085 48 Capitalized direct compensation 6,790 10,492 (3,702 ) Real estate development and capital improvements $ 195,418 177,631 17,787 • We paid $12.5 million to acquire one land parcel for development and one land parcel formerly under ground lease at one of our existing centers in 2022, and paid $11.8 million in 2021 to purchase land formerly under ground leases at two of our existing centers. • Building and tenant improvements increased $21.7 million during the year ended December 31, 2022, primarily related to the timing of capital projects. • Redevelopment costs decreased $9.3 million during 2022 due to the timing and magnitude of projects in process.
During 2023, we deployed capital of $232.9 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following: (in thousands) 2023 2022 Change Capital expenditures: Land acquisitions $ 2,580 12,484 (9,904 ) Building and tenant improvements 92,609 75,420 17,189 Redevelopment costs 88,426 68,730 19,696 Development costs 34,981 27,861 7,120 Capitalized interest 5,505 4,133 1,372 Capitalized direct compensation 8,754 6,790 1,964 Real estate development and capital improvements $ 232,855 195,418 37,437 • We paid $2.6 million to acquire one land parcel for development in 2023, and paid $12.5 million to acquire one land parcel for development and one land parcel formerly under ground lease at one of our existing centers in 2022. • Building and tenant improvements increased $17.2 million during 2023, primarily related to the timing of capital projects. • Redevelopment costs are $19.7 million higher in 2023 due to the timing and magnitude of projects currently in process.
Same Property Roll-forward: Our same property pool includes the following property count, Pro-rata GLA, and changes therein: 2022 2021 (GLA in thousands) Property Count GLA Property Count GLA Beginning same property count 393 41,294 393 40,228 Acquired properties owned for entirety of comparable periods (1) — 327 2 924 Developments that reached completion by beginning of earliest comparable period presented 1 72 6 683 Disposed properties (5 ) (195 ) (8 ) (420 ) SF adjustments (2) — (115 ) — (121 ) Ending same property count 389 41,383 393 41,294 (1) Includes an adjustment to GLA arising from the acquisition of our partners' share of properties previously held in the RegCal and USAA partnerships, of which our previous ownership share was already included in our same property pool.
Same Property Roll-forward: Our same property pool includes the following property count, Pro-rata GLA, and changes therein: 2023 2022 (GLA in thousands) Property Count GLA Property Count GLA Beginning same property count 389 41,383 393 41,294 Acquired properties owned for entirety of comparable periods 5 771 — 327 Developments that reached completion by beginning of earliest comparable period presented — — 1 72 Disposed properties (1 ) (27 ) (5 ) (195 ) SF adjustments (1) — 8 — (115 ) Change in intended property use 1 — — — Ending same property count 394 42,135 389 41,383 (1) SF adjustments arising from re-measurements or redevelopments.
We paid $392.1 million for the acquisition of 12 operating properties during 2021, including seven properties in which we previously held a 20% interest through an unconsolidated Investment in real estate partnership. 61 • We invested $17.8 million more in 2022 than 2021 in real estate development, redevelopment, and capital improvements, as further detailed in the tables below. • We sold two operating properties, four land parcels, and one development project interest in 2022 for proceeds of $143.1 million compared to seven operating properties and five land parcels in 2021 for proceeds of $206.2 million. • We collected $1.8 million in notes receivable during 2022. • We invested $36.3 million in our real estate partnerships during 2022, including: o $6.1 million to fund our share of acquiring one operating property within an existing co-investment partnership, o $20.2 million to fund our share of secured debt maturities, and o $10.0 million to fund our share of development and redevelopment activities.
In 2022, we paid $169.6 million to purchase seven operating properties, including four properties in which we previously held a 25% interest through an unconsolidated Investment in real estate partnership. • We invested $82.4 million, net of $14.1 million in cash acquired for the acquisition of UBP, including $39.3 million for UBP debt repaid at closing, and $57.2 million in direct transaction and other costs. • We invested $37.4 million more in 2023 than 2022 in real estate development, redevelopment, and capital improvements, as further detailed in the tables below. • We sold five land parcels, and one development project interest in 2023 for proceeds of $11.2 million compared to two operating properties, four land parcels, and one development project interest in 2022 for proceeds of $143.1 million. • We issued and collected $4.0 million in notes receivable during 2023, and collected $1.8 million during 2022. • We invested $13.1 million in our real estate partnerships during 2023, including: o $2.8 million to fund our share of acquiring one operating property within an existing real estate partnership, and o $10.3 million to fund our share of development and redevelopment activities • During the same period in 2022, we invested $36.3 million in our real estate partnerships, including: o $6.1 million to fund our share of acquiring one operating property within an existing real estate partnership o $20.2 million to fund our share of secured debt maturities, and o $10.0 million to fund our share of development and redevelopment activities. 53 • Return of capital from our unconsolidated investments in real estate partnerships includes sales or financing proceeds: o During 2023, we received $11.3 million, including $3.6 million from our share of debt refinancing activities and $7.7 million from our share of proceeds from real estate sales. o During 2022, we received $48.5 million, including $11.6 million from our share of debt refinancing activities and $36.9 million from our share of proceeds from real estate sales. • Acquisition of securities and proceeds from sale of securities pertain to investment activities held in our captive insurance company and our deferred compensation plan.
Leasing Activity and Significant Tenants We believe our high-quality, grocery anchored shopping centers located in suburban trade areas with compelling demographics create attractive spaces for retail and service providers to operate their businesses.
The consolidated results of operations of UBP are included in the consolidated financial statements from the closing date, August 18, 2023 through December 31, 2023. Leasing Activity and Significant Tenants We believe our high-quality, neighborhood and community shopping centers located in suburban trade areas with compelling demographics create attractive spaces for retail and service providers to operate their businesses.
The following represents the remaining components that comprise Net income attributable to common stockholders and unit holders: (in thousands) 2022 2021 Change Net income $ 488,035 366,288 121,747 Income attributable to noncontrolling interests (5,170 ) (4,877 ) (293 ) Net income attributable to common stockholders $ 482,865 361,411 121,454 Net income attributable to exchangeable operating partnership units 2,105 1,615 490 Net income attributable to common unit holders $ 484,970 363,026 121,944 Comparison of the years ended December 31, 2021 and 2020: For a comparison of our results from operations for the years ended December 31, 2021 and 2020, see "Part II, Item 7.
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders: (in thousands) 2023 2022 Change Net income $ 370,867 488,035 (117,168 ) Income attributable to noncontrolling interests (6,310 ) (5,170 ) (1,140 ) Net income attributable to the Company 364,557 482,865 (118,308 ) Preferred stock dividends (5,057 ) — (5,057 ) Net income attributable to common shareholders $ 359,500 482,865 (123,365 ) Net income attributable to exchangeable operating partnership units 2,008 2,105 (97 ) Net income attributable to common unit holders $ 361,508 484,970 (123,462 ) Comparison of the years ended December 31, 2022 and 2021: For a comparison of our results from operations for the years ended December 31, 2022 and 2021, see "Part II, Item 7.
Additionally, increases in operating expenses passed through to our tenants, without a corresponding increase in our tenants' profitability, may limit our ability to grow base rent as tenants look to manage their total occupancy costs. 53 Comparison of the years ended December 31, 2022 and 2021: Revenues changed as summarized in the following table: (in thousands) 2022 2021 Change Lease income Base rent $ 821,755 765,941 55,814 Recoveries from tenants 280,658 258,596 22,062 Percentage rent 9,635 6,601 3,034 Uncollectible lease income 13,841 23,481 (9,640 ) Other lease income 14,748 16,021 (1,273 ) Straight-line rent 24,272 18,189 6,083 Above / below market rent amortization 22,543 24,539 (1,996 ) Total lease income $ 1,187,452 1,113,368 74,084 Other property income 10,719 12,456 (1,737 ) Management, transaction, and other fees 25,851 40,337 (14,486 ) Total revenues $ 1,224,022 1,166,161 57,861 Lease income increased $74.1 million, driven by the following contractually billable components of rent to the tenants per the lease agreements: • $55.8 million increase from billable Base rent, as follows: o $19.4 million increase from acquisitions of operating properties; o $1.5 million increase from rent commencing at development properties; and o $42.3 million net increase from same properties, including a $13.8 million increase related to our acquisition and resulting consolidation of the 11 properties previously held in unconsolidated partnerships during 2021 and a portion of 2022, and a $28.5 million net increase in the remaining same properties due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases, as well as redevelopment projects completing and operating; partially offset by o $7.3 million decrease from the sale of operating properties. • $22.1 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance and real estate tax expenses that we incur to operate our shopping centers.
Comparison of the years ended December 31, 2023 and 2022: Revenues changed as summarized in the following table: (in thousands) 2023 2022 Change Lease income Base rent $ 897,451 821,755 75,696 Recoveries from tenants 311,775 280,658 31,117 Percentage rent 12,963 9,635 3,328 Uncollectible lease income (549 ) 13,841 (14,390 ) Other lease income 20,685 14,748 5,937 Straight-line rent 10,788 24,272 (13,484 ) Above/below market rent and tenant rent inducement amortization, net 30,826 22,543 8,283 Total lease income $ 1,283,939 1,187,452 96,487 Other property income 11,573 10,719 854 Management, transaction, and other fees 26,954 25,851 1,103 Total revenues $ 1,322,466 1,224,022 98,444 Total lease income increased $96.5 million primarily driven by the following contractually billable components of rent to the tenants per the lease agreements: • $75.7 million increase from billable Base rent: o $36.5 million increase from acquisition of UBP; o $2.8 million increase from rent commencing at development properties; o $4.5 million increase from acquisitions of other operating properties in 2023 and 2022; and o $32.1 million net increase from same properties, including: ▪ $19.1 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; ▪ $2.1 million increase related to our acquisition and resulting consolidation of four properties previously held in an unconsolidated real estate partnership during 2022; and ▪ $10.8 million increase due to redevelopment projects completing and operating. • $31.1 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers.
During the year ended December 31, 2022: • Our Pro-rata same property NOI, excluding termination fees, grew 2.9%, primarily attributable to continued improvement in collections of lease income from cash basis tenants, combined with improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases. • We executed 1,981 new and renewal leasing transactions representing 7.3 million Pro-rata SF with positive trailing 12 month rent spreads of 7.4% during 2022, compared to 1,979 leasing transactions representing 7.0 million Pro-rata SF with positive trailing 12 month rent spreads of 5.5% in 2021.
As part of the transaction, we acquired over 70 properties, growing our portfolio of high-quality, neighborhood and community shopping centers in premier suburban trade areas that benefit from compelling demographics. • Our Pro-rata same property NOI, excluding termination fees, grew 1.7%, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new and renewal leases. • We executed 1,839 new and renewal leasing transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% during 2023, compared to 1,981 leasing transactions representing 7.3 million Pro-rata SF with positive rent spreads of 7.4% in 2022.
Management's Discussion and Analysis of Financial Condition and Results of Operations " of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022.
Management's Discussion and Analysis of Financial Condition and Results of Operations " of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 17, 2023. 48 Supplemental Earnings Information We use certain non-GAAP measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results.
In addition to our $66.5 million of unrestricted cash, we have the following additional sources of capital available: (in thousands) December 31, 2022 ATM equity program (see note 12 to our Consolidated Financial Statements) Original offering amount $ 500,000 Available capacity $ 350,363 Line of Credit (see note 9 to our Consolidated Financial Statements) Total commitment amount $ 1,250,000 Available capacity (1) $ 1,240,619 Maturity (2) March 23, 2025 (1) Net of letters of credit.
Based upon our available cash balance, sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs for the next year, although, in the longer term, we can provide no assurances. 51 In addition to our $85.0 million of unrestricted cash, we have the following additional sources of capital available: (in thousands) December 31, 2023 ATM program (see note 12 to our Consolidated Financial Statements) Original offering amount $ 500,000 Available capacity $ 500,000 Line of Credit (see note 9 to our Consolidated Financial Statements) Total commitment amount (2) $ 1,250,000 Available capacity (1) $ 1,090,285 Maturity (2) March 23, 2025 (1) Net of letters of credit issued against our Line.
Further, we may experience higher costs for tenant buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited. 52 Significant Tenants and Concentrations of Risk We seek to reduce our operating and leasing risks through geographic diversification of our properties, as seen in "Item 2. Properties " of this Report.
Significant Tenants and Concentrations of Risk We seek to reduce our operating and leasing risks through geographic diversification of our properties, as seen in "Item 2. Properties " of this Report. We seek to avoid dependence on any single property, market, or tenant.
During 2021, we paid $4.3 million in distributions to limited partners. • We paid $25.2 million more in dividends primarily as a result of an increase in our dividend rate per share. • We had the following debt related activity during 2022: o We paid $18.0 million for secured debt payments, including: ▪ $6.0 million to repay one mortgage, and ▪ $12.0 million in principal mortgage payments. • We had the following debt related activity during 2021: o We paid $265 million to repay our outstanding term loan, and o We paid $53.3 million for secured debt payments, including: ▪ $42.0 million to repay four mortgages; and ▪ $11.3 million in principal mortgage payments. o We paid $7.5 million of loan costs in connection with the renewal of our Line. 64 Contractual Obligations We have contractual obligations at December 31, 2022, which are discussed in our notes to Consolidated Financial Statements and include: • Mortgage loans, unsecured notes, and unsecured credit facilities as discussed in note 9, and related interest rate swaps as discussed in note 10; • We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center.
Contractual Obligations We have contractual obligations at December 31, 2023, which are discussed in our notes to Consolidated Financial Statements and include: • Mortgage loans, unsecured notes, and unsecured credit facilities as discussed in note 9, and related interest rate swaps as discussed in note 10; • We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center.
The following table summarizes our redevelopment projects in-process and completed: (in thousands) December 31, 2022 Property Name Market Ownership Start Date Estimated Stabilization Year (1) Estimated Incremental Project Costs (2) (3) GLA (3) % of Costs Incurred Redevelopments In-Process The Crossing Clarendon Metro, DC 100% Q4-18 2024 $ 56,002 129 71 % The Abbot Boston, MA 100% Q2-19 2024 59,033 64 87 % Westbard Square Phase I Bethesda, MD 100% Q2-21 2025 37,269 123 47 % Buckhead Landing Atlanta, GA 100% Q2-22 2025 27,709 152 10 % Town & Country Center Los Angeles, CA 35% Q4-22 2027 24,525 51 3 % Various Properties Various 20%-100% Various Various 40,403 1,502 46 % Total Redevelopments In-Process $ 244,941 2,021 52 % Redevelopments Completed Sheridan Plaza Hollywood, FL 100% Q3-19 2023 $ 11,915 507 Preston Oaks Dallas, TX 100% Q4-20 2023 19,658 103 Serramonte Center-Phases 1 & 2 San Francisco, CA 100% Q4-20 2022 33,229 1,072 Various Properties Various 100% Various Various 8,916 243 Total Redevelopments Completed $ 73,718 1,925 (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
This property is included in our Investments in real estate partnerships. 54 The following table summarizes our redevelopment projects in-process and completed: (in thousands) December 31, 2023 Property Name Market Ownership Start Date Estimated Stabilization Year (1) Estimated Incremental Project Costs (2) (3) GLA (3) % of Costs Incurred Redevelopments In-Process The Abbot Boston, MA 100% Q2-19 2025 $ 58,973 64 95 % Westbard Square Phase I Bethesda, MD 100% Q2-21 2025 37,000 126 74 % Buckhead Landing Atlanta, GA 100% Q2-22 2025 30,859 152 37 % Bloom on Third (fka Town and Country Center) Los Angeles, CA 35% Q4-22 2027 24,525 51 24 % Mandarin Landing Jacksonville, FL 100% Q2-23 2025 16,422 140 22 % Serramonte Center - Phase 3 San Francisco, CA 100% Q2-23 2025 36,989 1,072 13 % Circle Marina Center Los Angeles, CA 100% Q3-23 2025 14,986 118 10 % Avenida Biscayne Miami, FL 100% Q4-23 2026 22,743 29 12 % Cambridge Square Atlanta, GA 100% Q4-23 2026 15,002 73 3 % Various Redevelopments Various 20% - 100% Various Various 57,762 1,368 40 % Total Redevelopments In-Process $ 315,261 3,193 43 % Redevelopments Completed The Crossing Clarendon Metro DC 100% Q4-18 2024 $ 55,679 129 Various Properties Various 20% - 100% Various Various 32,345 1,648 Total Redevelopments Completed $ 88,024 1,777 (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
In the event that a tenant with a significant number of leases in our shopping centers files bankruptcy and cancels its leases, we could experience a significant reduction in our revenues. Tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.5% of our annual base rent on a Pro-rata basis.
In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues.
We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates.
We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates. Valuation of Real Estate Investments Acquired from Urstadt Biddle Properties, Inc. We generally account for an acquisition of a single real estate property or portfolio of real estate properties as an asset acquisition.
Recoveries from tenants increased, on a net basis, from the following: o $8.5 million increase from acquisitions of operating properties and rent commencing at development properties; and o $15.8 million net increase from same properties due to higher operating costs in the current year and greater recovery of those expenses from tenants; partially offset by o $2.2 million decrease from the sale of operating properties. • $3.0 million increase in Percentage rent primarily due to improved tenant sales. • $9.6 million decrease from changes in Uncollectible lease income. o During 2022, Uncollectible lease income was a net positive $13.8 million driven by $18.7 million in collections of prior year reserves on cash basis tenants partially offset by $4.9 million in reserve recognition on current year billings. o During 2021, Uncollectible lease income was a net positive $23.5 million driven by $42.0 million in collections of prior year reserves on cash basis tenants partially offset by $18.5 million in reserve recognition on current year billings. • $1.3 million decrease in Other lease income primarily due to a decrease in lease termination fees. 54 • $6.1 million increase in Straight-line rent. o During 2022, Straight-line rent was $24.3 million, driven by $11.8 million of new straight-line rents and $14.8 million of reinstated straight-line rents from returning tenants to accrual basis of accounting, partially offset by $2.3 million of uncollectible straight-line rents on cash basis tenants. o During 2021, Straight-line rent was $18.2 million, driven by $13.0 million of new straight-line rents and $11.4 million of reinstated straight-line rents from returning tenants to accrual basis of accounting, partially offset by $6.2 million of uncollectible straight-line rents on cash basis tenants. • $2.0 million decrease in Above and below market rent primarily from same properties driven by the timing of lease activity on acquired in-place tenant leases.
Recoveries from tenants increased, on a net basis, mainly from the following: o $12.7 million increase from acquisition of UBP; o $1.3 million increase from rents commencing at development properties and the acquisition of other operating properties in 2022 and 2023; and o $16.9 million net increase from same properties primarily due to higher operating costs in the current year. • $3.3 million increase in Percentage rent due to increases in tenant sales. • $14.4 million decrease primarily driven by the 2022 collections of previously reserve amounts, which have continued to occur in 2023, but to a lesser degree. • $5.9 million increase in Other lease income primarily due to an $3.8 million increase in lease termination fees and $2.1 million related to the acquisition of UBP. • $13.5 million decrease in Straight-line rent due to higher 2022 levels of reinstating straight-line rents from former cash basis tenants upon returning to accrual basis. • $8.3 million increase in Above and below market rent primarily driven by accelerated write offs for early tenant move-outs.
Also includes adjustments for earnings at the four and seven properties we acquired from our former unconsolidated RegCal and USAA partnerships in 2022 and 2021, respectively, in order to calculate growth on a comparable basis for the periods presented. 59 Liquidity and Capital Resources General We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility.
Liquidity and Capital Resources General We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility.
(3) Estimated Net Development Costs and GLA are reported based on Regency’s ownership interest in the real estate partnership at completion. 63 Net cash used in financing activities: Net cash flows used in financing activities changed during 2022, as follows: (in thousands) 2022 2021 Change Cash flows from financing activities: Net proceeds from common stock issuances $ 61,284 82,510 (21,226 ) Repurchase of common shares in conjunction with equity award plans (6,447 ) (4,083 ) (2,364 ) Common shares repurchased through share repurchase program (75,419 ) — (75,419 ) Distributions to limited partners in consolidated partnerships, net (7,245 ) (4,345 ) (2,900 ) Dividend payments and operating partnership distributions (430,143 ) (404,900 ) (25,243 ) Repayments of unsecured credit facilities, net — (265,000 ) 265,000 Debt repayment, including early redemption costs (17,964 ) (53,269 ) 35,305 Payment of loan costs (88 ) (7,468 ) 7,380 Proceeds from sale of treasury stock, net 64 96 (32 ) Net cash used in financing activities $ (475,958 ) (656,459 ) 180,501 Significant financing activities during the years ended December 31, 2022 and 2021 included the following: • We received proceeds of $61.3 million, net of issue costs, in April 2022 upon settling forward equity sales under our ATM program.
Net cash used in financing activities: Net cash flows used in financing activities changed during 2023, as follows: (in thousands) 2023 2022 Change Cash flows from financing activities: Net proceeds from common stock issuances $ (33 ) 61,284 (61,317 ) Repurchase of common shares in conjunction with equity award plans (7,662 ) (6,447 ) (1,215 ) Common shares repurchased through share repurchase program (20,006 ) (75,419 ) 55,413 Proceeds from sale of treasury stock, net 103 64 39 Contributions from (Distributions to) limited partners in consolidated partnerships, net 2,425 (7,245 ) 9,670 Dividend payments and operating partnership distributions (458,846 ) (430,143 ) (28,703 ) Redemption of exchangeable operating partnership units (9,163 ) — (9,163 ) Proceeds from unsecured credit facilities, net 152,000 — 152,000 Proceeds from debt issuance 59,500 — 59,500 Debt repayment, including early redemption costs (72,827 ) (17,964 ) (54,863 ) Payment of loan costs (526 ) (88 ) (438 ) Net cash used in financing activities $ (355,035 ) (475,958 ) 120,923 Significant financing activities during the years ended December 31, 2023 and 2022 included the following: • We received proceeds of $61.3 million, net of issue costs, in April 2022 upon settling forward equity sales under our ATM program. • We repurchased for cash a portion of the common stock granted to employees for stock-based compensation to satisfy employee tax withholding requirements, which totaled $7.7 million and $6.4 million during the years ended December 31, 2023 and 2022, respectively. 55 • We paid $20.0 million to repurchase 349,519 shares of our common stock through our Repurchase Program during 2023, and $75.4 million during the same period in 2022 to repurchase 1,294,201 shares of our common stock through our Repurchase Program. • We received $2.4 million net from limited partners, including $10.2 million of contributions for their share of debt repayments and development funding, partially offset by $7.8 million in operating distributions during 2023.
The following table summarizes our development projects in-process and completed: (in thousands, except cost PSF) December 31, 2022 Property Name Market Ownership Start Date Estimated Stabilization Year (1) Estimated / Actual Net Development Costs (2) (3) GLA (3) Cost PSF of GLA (2) (3) % of Costs Incurred Developments In-Process Glenwood Green Old Bridge, NJ 70% Q1-22 2025 $ 45,530 248 $ 184 45 % Eastfield at Baybrook - Phase 1B Houston, TX 50% Q2-22 2025 10,384 25 415 37 % Total Developments In-Process $ 55,914 273 $ 205 44 % Developments Completed Carrytown Exchange - Phase I & II Richmond, VA 64% Q4-18 2024 $ 29,268 74 $ 396 East San Marco Jacksonville, FL 100% Q4-20 2023 18,970 59 322 Total Developments Completed $ 48,238 133 $ 363 (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
The following table summarizes our development projects in-process and completed: (in thousands, except cost PSF) December 31, 2023 Property Name Market Ownership Start Date Estimated Stabilization Year (1) Estimated / Actual Net Development Costs (2) (3) GLA (3) Cost PSF of GLA (2) (3) % of Costs Incurred Developments In-Process Glenwood Green Metro NYC 70% Q1-22 2025 46,172 247 187 81 % Baybrook East - Phase 1B (4) Houston, TX 50% Q2-22 2025 10,384 78 133 77 % Sienna - Phase 1 Houston, TX 75% Q2-23 2027 9,409 23 409 26 % The Shops at SunVet Long Island, NY 100% Q2-23 2027 86,872 167 520 36 % Total Developments In-Process $ 152,837 515 $ 297 51 % (1) Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
Real estate taxes increased $7.7 million, on a net basis, as follows: • $680,000 increase from developments where capitalization ceased and spaces became available for occupancy; • $4.7 million increase from acquisitions of operating properties; and • $4.4 million increase at same properties, including a $2.4 million increase related to our acquisition and resulting consolidation of the eleven properties previously held in unconsolidated partnerships during 2021 and a portion of 2022; partially offset by • $2.1 million decrease from the sale of operating properties. 55 General and administrative costs increased $1.7 million, on a net basis, as follows: • $8.2 million net increase in compensation costs primarily driven by performance based incentive compensation and annual base salary increases; • $3.7 million net increase in other corporate overhead costs primarily driven by travel and entertainment returning to customary levels post-pandemic; and • $449,000 increase due to lower development overhead capitalization based on the status and progress of our development and redevelopment projects; partially offset by • $10.7 million net decrease due to changes in the value of participant obligations within the deferred compensation plan, attributable to changes in market values of those investments, reflected within Net investment income.
General and administrative costs increased $17.9 million, on a net basis, mainly due to the following: • $10.9 million net increase due to changes in the value of participant obligations within the deferred compensation plan, attributable to changes in market values of those investments, reflected within Net investment income; • $1.1 million net increase driven by higher professional fees, business promotion and travel related costs; • $8.3 million net increase in compensation costs primarily driven by salary increases, fewer vacant positions and performance-based incentive compensation; partially offset by • $2.5 million decrease due to higher development overhead capitalization based on the timing and progress of our development and redevelopment projects.
Net investment income decreased $12.4 million, to a Net investment loss of $6.9 million, primarily driven by unrealized losses during 2022 of investments held in the non-qualified deferred compensation plan and our captive insurance company. There is an offsetting $10.7 million benefit in General and administrative costs related to participant obligations within the deferred compensation plans.
Net investment income increased $12.6 million primarily driven by $11.0 million gains on investments held in the non-qualified deferred compensation plan which have an offsetting expense in General and administrative costs noted above and $1.6 million gains on investments held in our captive insurance company.
We have no unsecured debt maturities in 2023, $250 million of unsecured debt maturing in 2024, and what we believe is a manageable level of secured mortgage maturities during the next 12 months, including those mortgages within our real estate partnerships.
We have $250 million of unsecured debt maturing in June 2024, which we intend to pay off by utilizing the proceeds available from the 2024 Notes. In addition, we have $148.3 million of secured mortgage maturities during the next 12 months, including mortgages within our real estate partnerships, which we intend to refinance or pay-off as they mature.
(2) SF adjustments arising from re-measurements or redevelopments. 58 Nareit FFO and Core Operating Earnings: Our reconciliation of net income attributable to common stock and unit holders to Nareit FFO and to Core Operating Earnings is as follows: (in thousands, except share information) 2022 2021 Reconciliation of Net income to Nareit FFO Net income attributable to common stockholders $ 482,865 361,411 Adjustments to reconcile to Nareit FFO: (1) Depreciation and amortization (excluding FF&E) 344,629 330,364 Provision for impairment of real estate — 95,815 Gain on sale of real estate (121,835 ) (100,499 ) Exchangeable operating partnership units 2,105 1,615 Nareit FFO attributable to common stock and unit holders $ 707,764 688,706 Reconciliation of Nareit FFO to Core Operating Earnings Nareit Funds From Operations $ 707,764 688,706 Adjustments to reconcile to Core Operating Earnings: (1) Not Comparable Items Early extinguishment of debt 176 — Promote income — (13,589 ) Certain Non Cash Items Straight-line rent (11,327 ) (13,534 ) Uncollectible straight-line rent (14,155 ) (5,965 ) Above/below market rent amortization, net (21,434 ) (23,889 ) Debt premium/discount amortization (184 ) (565 ) Core Operating Earnings $ 660,840 631,164 (1) Includes Regency's Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests.
Nareit FFO and Core Operating Earnings: Our reconciliation of net income attributable to common stock and unit holders to Nareit FFO and to Core Operating Earnings is as follows: (in thousands, except share information) 2023 2022 Reconciliation of Net income to Nareit FFO Net income attributable to common shareholders $ 359,500 482,865 Adjustments to reconcile to Nareit FFO: (1) Depreciation and amortization (excluding FF&E) 378,400 344,629 Gain on sale of real estate (3,822 ) (121,835 ) Exchangeable operating partnership units 2,008 2,105 Nareit FFO attributable to common stock and unit holders $ 736,086 707,764 Reconciliation of Nareit FFO to Core Operating Earnings Nareit Funds From Operations $ 736,086 707,764 Adjustments to reconcile to Core Operating Earnings: (1) Not Comparable Items Merger transition costs 4,620 — Early extinguishment of debt (99 ) 176 Certain Non Cash Items Straight-line rent (11,060 ) (11,327 ) Uncollectible straight-line rent (1,174 ) (14,155 ) Above/below market rent amortization, net (29,869 ) (21,434 ) Debt premium/discount amortization 2,352 (184 ) Core Operating Earnings $ 700,856 660,840 (1) Includes Regency's Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests. 50 Reconciliation of Same Property NOI to Nearest GAAP Measure: Our reconciliation of Net income attributable to common shareholders to Same Property NOI, on a Pro-rata basis, is as follows: (in thousands) 2023 2022 Net income attributable to common shareholders $ 359,500 482,865 Less: Management, transaction, and other fees 26,954 25,851 Other (1) 46,084 51,090 Plus: Depreciation and amortization 352,282 319,697 General and administrative 97,806 79,903 Other operating expense 9,459 6,166 Other expense 147,824 44,102 Equity in income of investments in real estate excluded from NOI (2) 46,088 35,824 Net income attributable to noncontrolling interests 6,310 5,170 Preferred stock dividends 5,057 — Pro-rata NOI 951,288 896,786 Less non-same property NOI (3) (41,692 ) (5,141 ) Pro-rata same property NOI $ 909,596 891,645 (1) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
Changes in our operating expenses are summarized in the following table: (in thousands) 2022 2021 Change Depreciation and amortization $ 319,697 303,331 16,366 Property operating expense 196,148 184,553 11,595 Real estate taxes 149,795 142,129 7,666 General and administrative 79,903 78,218 1,685 Other operating expenses 6,166 5,751 415 Total operating expenses $ 751,709 713,982 37,727 Depreciation and amortization costs increased $16.4 million, on a net basis, as follows: • $830,000 increase from development properties where tenant spaces became available for occupancy, partially offset by decreases in corporate asset depreciation; • $13.7 million increase from acquisitions of operating properties; and • $4.1 million increase from same properties, primarily related to redevelopment projects; partially offset by • $2.3 million decrease from the sale of operating properties.
Management, transaction, and other fees increased $1.1 million primarily due to increased debt placement, property management and development fees from our real estate partnerships. 46 Changes in our operating expenses are summarized in the following table: (in thousands) 2023 2022 Change Depreciation and amortization $ 352,282 319,697 32,585 Property operating expense 229,209 196,148 33,061 Real estate taxes 165,560 149,795 15,765 General and administrative 97,806 79,903 17,903 Other operating expenses 9,459 6,166 3,293 Total operating expenses $ 854,316 751,709 102,607 Depreciation and amortization costs increased $32.6 million, as follows: • $24.0 million increase from acquisition of UBP; • $5.1 million increase from same properties, primarily driven by redevelopment projects; • $3.0 million increase from acquisitions of operating properties; and • $0.5 million increase from development properties becoming available for occupancy.
Further, continued challenges from permitting delays, labor shortages, and supply chain disruptions may extend the time to completion of these projects. 60 If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase.
In response, we have implemented mitigation strategies such as entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts. If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase.
The following table presents the components of Other expense (income): (in thousands) 2022 2021 Change Interest expense, net Interest on notes payable $ 148,803 147,439 1,364 Interest on unsecured credit facilities 2,058 2,119 (61 ) Capitalized interest (4,166 ) (4,202 ) 36 Hedge expense 438 438 — Interest income (947 ) (624 ) (323 ) Interest expense, net 146,186 145,170 1,016 Provision for impairment of real estate — 84,389 (84,389 ) Gain on sale of real estate, net of tax (109,005 ) (91,119 ) (17,886 ) Net investment (income) loss 6,921 (5,463 ) 12,384 Total other expense (income) $ 44,102 132,977 (88,875 ) The $1.0 million net increase in interest expense was primarily driven by an increase in mortgage interest expense from assumed loans on recently acquired properties.
The following table presents the components of Other expense: (in thousands) 2023 2022 Change Interest expense, net Interest on notes payable $ 154,647 148,803 5,844 Interest on unsecured credit facilities 6,824 2,058 4,766 Capitalized interest (5,695 ) (4,166 ) (1,529 ) Hedge expense 438 438 — Interest income (1,965 ) (947 ) (1,018 ) Interest expense, net 154,249 146,186 8,063 Gain on sale of real estate, net of tax (661 ) (109,005 ) 108,344 Early extinguishment of debt (99 ) — (99 ) Net investment (income) loss (5,665 ) 6,921 (12,586 ) Total other expense (income) $ 147,824 44,102 103,722 47 Interest expense, net increased $8.1 million primarily due to the following: • $5.8 million net increase related to loans assumed with the UBP acquisition; • $4.8 million increase driven by higher average balances on our unsecured credit facility; partially offset by • $2.5 million decrease from higher capitalization of interest due to timing of development spend and higher interest income earned on cash balances.
(3) On August 1, 2021, we acquired our partner's 80% interest in the seven properties held in the USAA partnership; therefore, results following the date of acquisition are included in consolidated results. 56 The $12.7 million increase in our Equity in income of investments in real estate partnerships was largely attributable to the following changes: • $1.2 million increase within GRIR, primarily due to an increase in base rent across the portfolio from higher occupancy and rent growth; • $8.9 million increase within NYC, primarily due to gains on the sale of two operating properties during 2022, as well as an increase from the loss on sale of an operating property during 2021; • $9.3 million decrease within Columbia II, primarily due to gains on sale of one operating property during 2021; • $2.4 million increase within RegCal, primarily due to gain on sale of one operating property during 2022; and • $10.2 million increase within Other investments in real estate partnerships, primarily from the impairment of a single property partnership that sold during 2021.
The $9.3 million decrease, on a net basis, in our equity in income of investments in real estate partnerships is largely attributable to the following changes: • $9.1 million decrease within NYC, primarily due to gains on the sale of two operating properties during 2022; • $1.6 million decrease within RegCal, primarily due to gain on sale of one operating property during 2022 in comparison to the one sold in 2023; partially offset by • $1.0 million increase within Other investments in real estate partnerships, related to increases in lease income at a single property partnership under redevelopment and income generated by new partnerships assumed through the UBP acquisition.
All repurchased shares were retired on the respective settlement dates. • We have no unsecured debt maturities until 2024 and just over $110 million of secured mortgage maturities in 2023, including mortgages within our real estate partnerships. • At December 31, 2022, our Pro-rata net debt-to-operating EBITDA re ratio on a trailing 12 month basis was 5.0x compared to 5.1x at December 31, 2021.
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities: • At December 31, 2023, our Pro-rata net debt-to-operating EBITDA re ratio on a trailing 12 month basis was 5.4x compared to 5.0x at December 31, 2022. • On January 8, 2024, Regency priced a public offering of $400 million of senior unsecured debt due in 2034, with a coupon of 5.250% .
These capital requirements are being impacted by current levels of high inflation resulting in increased costs of construction materials, labor, and services from third party contractors and suppliers. In response, we have implemented mitigation strategies such as entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts.
These capital requirements are being impacted by inflation resulting in increased costs of construction materials, labor, and services from third party contractors and suppliers. Further, continued challenges from permitting delays and labor shortages may extend the time to completion of these projects.
(2) The Company has the option to extend the maturity for two additional six-month periods. The declaration of dividends is determined quarterly by our Board of Directors. On February 8, 2023, our Board of Directors declared a common stock dividend of $0.65 per share, payable on April 5, 2023, to shareholders of record as of March 15, 2023.
(2) In January 2024, the Company amended its Line, to, among other items, increase the borrowing capacity to $1.5 billion and to extend the maturity date to March, 2028 with the option to extend the maturity for two additional six-month periods. The declaration of dividends is determined quarterly by our Board of Directors.
Our Line and unsecured debt require that we remain in compliance with various covenants, which are described in note 9 to the Consolidated Financial Statements. We are in compliance with these covenants at December 31, 2022, and expect to remain in compliance. Please also refer to the Risk Factors discussed in Item 1A of Part I herein.
In light of the merger with UBP on August 18, 2023, the adjusted debt metric calculations include legacy Regency results for the trailing 12 months and the annualized contribution from UBP post merger. Our Line and unsecured debt require that we remain in compliance with various covenants, which are described in note 9 to the Consolidated Financial Statements.
(2) Includes leasing costs and is net of tenant reimbursements.
(2) Includes leasing costs and is net of tenant reimbursements. (3) Estimated Net Development Costs and GLA are reported based on Regency’s ownership interest in the real estate partnership at completion.
During 2021, we received proceeds of $82.5 million, net of issue costs, upon settling forward equity sales under our ATM program. • We repurchased for cash a portion of the common stock granted to employees for stock based compensation to satisfy employee tax withholding requirements, which totaled $6.4 million and $4.1 million during the years ended December 31, 2022 and 2021, respectively. • We paid $75.4 million to repurchase 1,294,201 common shares through our Authorized Repurchase Program during 2022. • We paid $7.2 million, net to limited partners, including $15.0 million in distributions to limited partners for both operating cash flows as well as a partner buyout, partially offset by $7.8 million of contributions from limited partners in new consolidated Investments in real estate partnerships during 2022.
During 2022, we paid $7.2 million, net to limited partners, including $15.0 million in distributions for both operating cash flows as well as a partner buyout, partially offset by $7.8 million of contributions from limited partners in new consolidated Investments in real estate partnerships. • We paid $28.7 million more in dividends as a result of an increase in our dividend rate per share and the number of shares of our common stock outstanding, as well as preferred dividends commencing in 2023 as a result of the UBP acquisition. • We paid $9.2 million in 2023 for the redemption of exchangeable operating partnership units. • We received net proceeds of $152.0 million from our unsecured credit facilities to fund direct transaction costs related to the UBP acquisition. • We had the following debt related activity during 2023: o We received $59.5 million in proceeds from a mortgage refinancing, o We paid $72.8 million for debt repayments, including: ▪ $11.2 million in principal mortgage payments, and ▪ $61.6 million for a combination of repaying or refinancing six mortgage loans at maturity. • We had the following debt related activity during 2022: o We paid $18.0 million for secured debt payments, including: ▪ $6.8 million to repay one mortgage, and ▪ $11.2 million in principal mortgage payments.
Property operating expense increased $11.6 million, on a net basis, as follows: • $804,000 increase from development properties where tenant spaces became available for occupancy; • $5.3 million increase from acquisitions of operating properties; and • $9.4 million net increase from same properties, including $3.1 million increase related to our acquisition and resulting consolidation of the eleven properties previously held in unconsolidated partnerships during 2021 and a portion of 2022, with the remaining increase primarily attributable to higher insurance premiums, increases in costs associated with general property maintenance and tenant utilities as our centers return to customary operating levels, and additional management fees; partially offset by • $3.9 million decrease from the sale of operating properties.
Property operating expense increased $33.1 million, on a net basis, as follows: • $8.1 million increase from acquisition of UBP; • $1.3 million increase from development properties; • $3.2 million increase from higher claims expense in our captive insurance company; • $2.2 million related to acquisitions of other operating properties; and • $18.3 million increase from same properties primarily attributable to an increase in recoverable common area and tenant related costs.
Removed
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities: • During April 2022, we settled and issued 984,618 common shares under forward sale agreements at a weighted-average price of $65.78, before any underwriting discount and offering expenses.
Added
During the year ended December 31, 2023: • We completed the acquisition of UBP in an all-stock transaction.
Removed
Net proceeds received at settlement were approximately $61.3 million and were used to fund acquisitions. • During June 2022, we executed multiple trades to purchase 1,294,201 common shares under the Authorized Repurchase Program for a total of $75.4 million at a weighted average price of $58.25 per share.
Added
The Company intends to use the net proceeds of the offering to reduce the outstanding balance on its line of credit and for general corporate purposes, including, but not limited to, the future repayment of outstanding debt.
Removed
The success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly impacted by many current economic challenges, which increase their cost of doing business, including, but not limited to, inflation, labor shortages, supply chain constraints, increasing energy prices and interest rates.
Added
Prior to using any of the net proceeds, we may invest the net proceeds in certificates of deposit, interest-bearing short-term investment grade securities or money-market accounts. • We have $250 million of unsecured debt maturing in June 2024, which we intend to pay off by utilizing the proceeds available from the January 2024 offering noted above. • We have $148.3 million of secured mortgage maturities during the next 12 months, including mortgages within our real estate partnership, which we intend to refinance or pay-off as they mature. • At December 31, 2023, we had $1.1 billion available on the Line.
Removed
Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United States. These economic conditions could adversely impact our volume of leasing activity, leasing spreads, and financial results generally, as well as adversely affect the business and financial results of our tenants.
Added
In January 2024, we amended the Line agreement, to, among other items, increase the borrowing capacity to $1.5 billion and to extend the maturity date to March 23, 2028 with the option to extend the maturity for two additional six-month periods. 43 UBP Acquisition On August 18, 2023, we completed the acquisition of UBP, which was structured as multiple mergers.
Removed
The aggregate impacts of these current economic challenges may also negatively affect the overall market for retail space, resulting in decreased demand for space in our centers. This, in turn, could result in downward pressure on rents that we are able to charge to new or renewing tenants, such that future spreads could be adversely impacted.

… 43 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

219 edited+104 added−57 removed137 unchanged
Biggest changeAlso, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 17, 2023 73 RE GENCY CENTERS CORPORATION Consolidated Balance Sheets December 31, 2022 and 2021 (in thousands, except share data) 2022 2021 Assets Net real estate investments: Real estate assets, at cost (note 1) $ 11,858,064 11,495,581 Less: accumulated depreciation 2,415,860 2,174,963 Real estate assets, net 9,442,204 9,320,618 Investments in real estate partnerships (note 4) 350,377 372,591 Net real estate investments 9,792,581 9,693,209 Properties held for sale — 25,574 Cash, cash equivalents, and restricted cash, including $ 2,310 and $ 1,930 of restricted cash at December 31, 2022 and 2021, respectively (note 1) 68,776 95,027 Tenant and other receivables (note 1) 188,863 153,091 Deferred leasing costs, less accumulated amortization of $ 117,137 and $ 117,878 at December 31, 2022 and 2021, respectively 68,945 65,741 Acquired lease intangible assets, less accumulated amortization of $ 338,053 and $ 312,186 at December 31, 2022 and 2021, respectively (note 6) 197,745 212,707 Right of use assets, net 275,513 280,783 Other assets (note 5) 267,797 266,431 Total assets $ 10,860,220 10,792,563 Liabilities and Equity Liabilities: Notes payable (note 9) $ 3,726,754 3,718,944 Accounts payable and other liabilities 317,259 322,271 Acquired lease intangible liabilities, less accumulated amortization of $ 193,315 and $ 172,293 at December 31, 2022 and 2021, respectively (note 6) 354,204 363,276 Lease liabilities 213,722 215,788 Tenants’ security, escrow deposits and prepaid rent 70,242 62,352 Total liabilities 4,682,181 4,682,631 Commitments and contingencies (note 16) — — Equity: Stockholders’ equity (note 12): Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 171,124,593 and 171,213,008 shares issued at December 31, 2022 and 2021, respectively 1,711 1,712 Treasury stock at cost, 465,415 and 427,901 shares held at December 31, 2022 and 2021, respectively ( 24,461 ) ( 22,758 ) Additional paid-in capital 7,877,152 7,883,458 Accumulated other comprehensive income (loss) 7,560 ( 10,227 ) Distributions in excess of net income ( 1,764,977 ) ( 1,814,814 ) Total stockholders’ equity 6,096,985 6,037,371 Noncontrolling interests (note 12): Exchangeable operating partnership units, aggregate redemption value of $ 46,340 and $ 56,844 at December 31, 2022 and 2021, respectively 34,489 35,447 Limited partners’ interests in consolidated partnerships (note 1) 46,565 37,114 Total noncontrolling interests 81,054 72,561 Total equity 6,178,039 6,109,932 Total liabilities and equity $ 10,860,220 10,792,563 See accompanying notes to Consolidated Financial Statements. 74 RE GENCY CENTERS CORPORATION Consolidated Statements of Operations For the years ended December 31, 2022, 2021, and 2020 (in thousands, except per share data) 2022 2021 2020 Revenues: Lease income $ 1,187,452 1,113,368 980,166 Other property income 10,719 12,456 9,508 Management, transaction, and other fees 25,851 40,337 26,501 Total revenues 1,224,022 1,166,161 1,016,175 Operating expenses: Depreciation and amortization 319,697 303,331 345,900 Property operating expense 196,148 184,553 170,073 Real estate taxes 149,795 142,129 143,004 General and administrative 79,903 78,218 75,001 Other operating expenses 6,166 5,751 12,642 Total operating expenses 751,709 713,982 746,620 Other expense (income): Interest expense, net 146,186 145,170 156,678 Goodwill impairment — — 132,128 Provision for impairment of real estate — 84,389 18,536 Gain on sale of real estate, net of tax ( 109,005 ) ( 91,119 ) ( 67,465 ) Early extinguishment of debt — — 21,837 Net investment loss (income) 6,921 ( 5,463 ) ( 5,307 ) Total other expense (income) 44,102 132,977 256,407 Income from operations before equity in income of investments in real estate partnerships 428,211 319,202 13,148 Equity in income of investments in real estate partnerships (note 4) 59,824 47,086 34,169 Net income 488,035 366,288 47,317 Noncontrolling interests: Exchangeable operating partnership units ( 2,105 ) ( 1,615 ) ( 203 ) Limited partners’ interests in consolidated partnerships ( 3,065 ) ( 3,262 ) ( 2,225 ) Income attributable to noncontrolling interests ( 5,170 ) ( 4,877 ) ( 2,428 ) Net income attributable to common stockholders $ 482,865 361,411 44,889 Income per common share - basic (note 15) $ 2.82 2.12 0.27 Income per common share - diluted (note 15) $ 2.81 2.12 0.26 See accompanying notes to Consolidated Financial Statements. 75 REG ENCY CENTERS CORPORATION Consolidated Statements of Comprehensive Income For the years ended December 31, 2022, 2021, and 2020 (in thousands) 2022 2021 2020 Net income $ 488,035 366,288 47,317 Other comprehensive income (loss): Effective portion of change in fair value of derivative instruments: Effective portion of change in fair value of derivative instruments 20,061 5,391 ( 19,187 ) Reclassification adjustment of derivative instruments included in net income 833 4,141 11,262 Unrealized (loss) gain on available-for-sale securities ( 1,309 ) ( 405 ) 320 Other comprehensive income (loss) 19,585 9,127 ( 7,605 ) Comprehensive income 507,620 375,415 39,712 Less: comprehensive income attributable to noncontrolling interests: Net income attributable to noncontrolling interests 5,170 4,877 2,428 Other comprehensive income (loss) attributable to noncontrolling interests 1,798 729 ( 977 ) Comprehensive income attributable to noncontrolling interests 6,968 5,606 1,451 Comprehensive income attributable to the Company $ 500,652 369,809 38,261 See accompanying notes to Consolidated Financial Statements. 76 REG ENCY CENTERS CORPORATION Consolidated Statements of Equity For the years ended December 31, 2022, 2021, and 2020 (in thousands, except per share data) 77 Stockholders' Equity Noncontrolling Interests Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Stockholders’ Equity Exchangeable Operating Partnership Units Limited Partners’ Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2019 $ 1,676 ( 23,199 ) 7,654,930 ( 11,997 ) ( 1,408,062 ) 6,213,348 36,100 40,513 76,613 6,289,961 Net income — — — — 44,889 44,889 203 2,225 2,428 47,317 Other comprehensive (loss) income: Other comprehensive loss before reclassifications — — — ( 17,589 ) — ( 17,589 ) ( 79 ) ( 1,199 ) ( 1,278 ) ( 18,867 ) Amounts reclassified from accumulated other comprehensive income — — — 10,961 — 10,961 50 251 301 11,262 Deferred compensation plan, net — ( 1,237 ) 1,237 — — — — — — — Restricted stock issued, net of amortization 2 — 14,246 — — 14,248 — — — 14,248 Common stock repurchased for taxes withheld for stock based compensation, net — — ( 5,059 ) — — ( 5,059 ) — — — ( 5,059 ) Common stock issued under dividend reinvestment plan — — 1,139 — — 1,139 — — — 1,139 Common stock issued, net of issuance costs 19 — 125,589 — — 125,608 — — — 125,608 Contributions from partners — — — — — — — 606 606 606 Issuance of exchangeable operating partnership units — — — — — — 1,275 — 1,275 1,275 Distributions to partners — — — — — — — ( 4,888 ) ( 4,888 ) ( 4,888 ) Cash dividends declared: Common stock/unit ($ 2.380 per share) — — — — ( 402,633 ) ( 402,633 ) ( 1,822 ) — ( 1,822 ) ( 404,455 ) Balance at December 31, 2020 $ 1,697 ( 24,436 ) 7,792,082 ( 18,625 ) ( 1,765,806 ) 5,984,912 35,727 37,508 73,235 6,058,147 Net income — — — — 361,411 361,411 1,615 3,262 4,877 366,288 Other comprehensive income: Other comprehensive income before reclassifications — — — 4,603 — 4,603 23 360 383 4,986 Amounts reclassified from accumulated other comprehensive income — — — 3,795 — 3,795 17 329 346 4,141 Deferred compensation plan, net — 1,678 ( 1,603 ) — — 75 — — — 75 Restricted stock issued, net of amortization 2 — 12,650 — — 12,652 — — — 12,652 Common stock repurchased for taxes withheld for stock based compensation, net — — ( 3,553 ) — — ( 3,553 ) — — — ( 3,553 ) Common stock issued under dividend reinvestment plan — — 1,286 — — 1,286 — — — 1,286 Common stock issued for partnership units exchanged — — 99 — — 99 ( 99 ) — ( 99 ) — Common stock issued, net of issuance costs 13 — 82,497 — — 82,510 — — — 82,510 Distributions to partners — — — — — — — ( 4,345 ) ( 4,345 ) ( 4,345 ) Cash dividends declared: Common stock/unit ($ 2.410 per share) — — — — ( 410,419 ) ( 410,419 ) ( 1,836 ) — ( 1,836 ) ( 412,255 ) Balance at December 31, 2021 $ 1,712 ( 22,758 ) 7,883,458 ( 10,227 ) ( 1,814,814 ) 6,037,371 35,447 37,114 72,561 6,109,932 78 Stockholders' Equity Noncontrolling Interests Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Stockholders’ Equity Exchangeable Operating Partnership Units Limited Partners’ Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2021 $ 1,712 ( 22,758 ) 7,883,458 ( 10,227 ) ( 1,814,814 ) 6,037,371 35,447 37,114 72,561 6,109,932 Net income — — — — 482,865 482,865 2,105 3,065 5,170 488,035 Other comprehensive income Other comprehensive income before reclassifications — — — 17,008 — 17,008 80 1,664 1,744 18,752 Amounts reclassified from accumulated other comprehensive income — — — 779 — 779 5 49 54 833 Deferred compensation plan, net — ( 1,703 ) 1,702 — — ( 1 ) — — — ( 1 ) Restricted stock issued, net of amortization 2 — 16,665 — — 16,667 — — — 16,667 Common stock repurchased for taxes withheld for stock based compensation, net — — ( 5,858 ) — — ( 5,858 ) — — — ( 5,858 ) Common stock repurchased and retired ( 13 ) — ( 75,406 ) — — ( 75,419 ) — — — ( 75,419 ) Common stock issued under dividend reinvestment plan — — 524 — — 524 — — — 524 Common stock issued for partnership units exchanged — — 1,275 — — 1,275 ( 1,275 ) — ( 1,275 ) — Common stock issued, net of issuance costs 10 — 61,274 — — 61,284 — — — 61,284 Reallocation of noncontrolling interest, net of transaction costs — — ( 6,482 ) — — ( 6,482 ) — 6,266 6,266 ( 216 ) Contributions from partners — — — — — — — 13,223 13,223 13,223 Distributions to partners — — — — — — — ( 14,816 ) ( 14,816 ) ( 14,816 ) Cash dividends declared: Common stock/unit ($ 2.525 per share) — — — — ( 433,028 ) ( 433,028 ) ( 1,873 ) — ( 1,873 ) ( 434,901 ) Balance at December 31, 2022 $ 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 See accompanying notes to Consolidated Financial Statements. 79 REG ENCY CENTERS CORPORATION Consolidated Statements of Cash Flows For the years ended December 31, 2022, 2021, and 2020 (in thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 488,035 366,288 47,317 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 319,697 303,331 345,900 Amortization of deferred loan costs and debt premiums 5,799 6,003 9,023 (Accretion) and amortization of above and below market lease intangibles, net ( 20,995 ) ( 22,936 ) ( 40,540 ) Stock-based compensation, net of capitalization 16,521 12,515 13,581 Equity in income of investments in real estate partnerships ( 59,824 ) ( 47,086 ) ( 34,169 ) Gain on sale of real estate, net of tax ( 109,005 ) ( 91,119 ) ( 67,465 ) Provision for impairment of real estate — 84,389 18,536 Goodwill impairment — — 132,128 Early extinguishment of debt — — 21,837 Distribution of earnings from investments in real estate partnerships 61,416 71,934 47,703 Settlement of derivative instrument — ( 2,472 ) — Deferred compensation (revenue) expense ( 6,128 ) 4,572 4,668 Realized and unrealized loss (gain) on investments 7,040 ( 5,348 ) ( 5,519 ) Changes in assets and liabilities: Tenant and other receivables ( 35,274 ) ( 24,869 ) 16,944 Deferred leasing costs ( 10,801 ) ( 6,966 ) ( 6,973 ) Other assets 1,292 ( 1,226 ) ( 1,200 ) Accounts payable and other liabilities ( 9,088 ) 6,677 997 Tenants’ security, escrow deposits and prepaid rent 7,130 5,701 ( 3,650 ) Net cash provided by operating activities 655,815 659,388 499,118 Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $ 3,061 and $ 2,991 in 2022 and 2021, respectively ( 169,639 ) ( 392,051 ) ( 16,767 ) Real estate development and capital improvements ( 195,418 ) ( 177,631 ) ( 180,804 ) Proceeds from sale of real estate 143,133 206,193 189,444 Proceeds from property insurance casualty claims — — 7,957 Collection (issuance) of notes receivable, net 1,823 ( 20 ) ( 1,340 ) Investments in real estate partnerships ( 36,266 ) ( 23,476 ) ( 51,440 ) Return of capital from investments in real estate partnerships 48,473 99,945 32,125 Dividends on investment securities 1,113 813 353 Acquisition of investment securities ( 21,112 ) ( 23,971 ) ( 25,155 ) Proceeds from sale of investment securities 21,785 23,846 19,986 Net cash used in investing activities ( 206,108 ) ( 286,352 ) ( 25,641 ) 80 2022 2021 2020 Cash flows from financing activities: Net proceeds from common stock issuance 61,284 82,510 125,608 Repurchase of common shares in conjunction with equity award plans ( 6,447 ) ( 4,083 ) ( 5,512 ) Proceeds from sale of treasury stock 64 96 269 Common shares repurchased through share repurchase program ( 75,419 ) — — Distributions to limited partners in consolidated partnerships, net ( 7,245 ) ( 4,345 ) ( 2,770 ) Distributions to exchangeable operating partnership unit holders ( 1,867 ) ( 1,815 ) ( 1,366 ) Dividends paid to common stockholders ( 428,276 ) ( 403,085 ) ( 300,537 ) Repayment of fixed rate unsecured notes — — ( 300,000 ) Proceeds from issuance of fixed rate unsecured notes, net — — 598,830 Proceeds from unsecured credit facilities 95,000 — 610,000 Repayments of proceeds from unsecured credit facilities, net ( 95,000 ) ( 265,000 ) ( 830,000 ) Repayment of notes payable ( 6,745 ) ( 42,014 ) ( 67,189 ) Scheduled principal payments ( 11,219 ) ( 11,255 ) ( 11,104 ) Payment of loan costs ( 88 ) ( 7,468 ) ( 5,063 ) Early redemption costs — — ( 21,755 ) Net cash used in financing activities ( 475,958 ) ( 656,459 ) ( 210,589 ) Net (decrease) increase in cash, cash equivalents, and restricted cash ( 26,251 ) ( 283,423 ) 262,888 Cash, cash equivalents, and restricted cash at beginning of the year 95,027 378,450 115,562 Cash, cash equivalents, and restricted cash at end of the year $ 68,776 95,027 378,450 Supplemental disclosure of cash flow information: Cash paid for interest (net of capitalized interest of $ 4,166 , $ 4,202 , and $ 4,355 in 2022, 2021, and 2020, respectively) $ 141,359 140,084 151,338 Cash paid for income taxes, net of refunds $ 570 378 1,870 Supplemental disclosure of non-cash transactions: Common stock and exchangeable operating partnership dividends declared but not paid $ 111,709 107,480 101,412 Exchangeable operating partnership units issued for acquisition of real estate $ — — 1,275 Previously held equity investments in real estate assets acquired $ 17,179 ( 4,609 ) 5,986 Mortgage loans assumed by Company with the acquisition of real estate $ 22,779 111,104 16,359 Mortgage loan assumed by purchaser with the sale of real estate $ — — 8,250 Common stock issued by Parent Company for partnership units exchanged $ 1,275 99 — Real estate received in lieu of promote interest $ — 13,589 — Change in fair value of securities $ 1,658 513 315 Change in accrued capital expenditures $ 4,888 10,188 12,166 Common stock issued for dividend reinvestment plan $ 524 1,286 1,139 Stock-based compensation capitalized $ 735 666 1,119 Contributions from (distributions to) limited partners in consolidated partnerships, net $ 5,436 — ( 1,512 ) Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership $ 6,266 — — Common stock issued for dividend reinvestment in trust $ 1,126 1,084 819 Contribution of stock awards into trust $ 2,250 1,416 1,524 Distribution of stock held in trust $ 786 3,647 1,052 See accompanying notes to Consolidated Financial Statements. 81 RE GENCY CENTERS, L.P.
Biggest changeAlso, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 16, 2024 65 RE GENCY CENTERS CORPORATION Consolidated Balance Sheets December 31, 2023 and 2022 (in thousands, except share data) 2023 2022 Assets Net real estate investments: Real estate assets, at cost (note 1) $ 13,454,391 11,858,064 Less: accumulated depreciation 2,691,386 2,415,860 Real estate assets, net 10,763,005 9,442,204 Investments in sales-type lease, net 8,705 — Investments in real estate partnerships (note 4) 370,605 350,377 Net real estate investments 11,142,315 9,792,581 Properties held for sale 18,878 — Cash, cash equivalents, and restricted cash, including $ 6,383 and $ 2,310 of restricted cash at December 31, 2023 and 2022, respectively (note 1) 91,354 68,776 Tenant and other receivables (note 1) 206,162 188,863 Deferred leasing costs, less accumulated amortization of $ 124,107 and $ 117,137 at December 31, 2023 and 2022, respectively 73,398 68,945 Acquired lease intangible assets, less accumulated amortization of $ 364,413 and $ 338,053 at December 31, 2023 and 2022, respectively (note 6) 283,375 197,745 Right of use assets, net 328,002 275,513 Other assets (note 5) 283,429 267,797 Total assets $ 12,426,913 10,860,220 Liabilities and Equity Liabilities: Notes payable, net (note 9) $ 4,001,949 3,726,754 Unsecured credit facility (note 9) 152,000 — Accounts payable and other liabilities 358,612 317,259 Acquired lease intangible liabilities, less accumulated amortization of $ 211,067 and $ 193,315 at December 31, 2023 and 2022, respectively (note 6) 398,302 354,204 Lease liabilities 246,063 213,722 Tenants’ security, escrow deposits and prepaid rent 78,052 70,242 Total liabilities 5,234,978 4,682,181 Equity: Shareholders’ equity (note 12): Preferred stock $ 0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued, in the aggregate, in Series A and Series B at December 31, 2023 with liquidation preferences of $ 25 per share and no shares authorized or issued at December 31, 2022 225,000 — Common stock $ 0.01 par value per share, 220,000,000 shares authorized; 184,581,070 and 171,124,593 shares issued at December 31, 2023 and 2022, respectively 1,846 1,711 Treasury stock at cost, 448,140 and 465,415 shares held at December 31, 2023 and 2022, respectively ( 25,488 ) ( 24,461 ) Additional paid-in-capital 8,704,240 7,877,152 Accumulated other comprehensive (loss) income ( 1,308 ) 7,560 Distributions in excess of net income ( 1,871,603 ) ( 1,764,977 ) Total shareholders’ equity 7,032,687 6,096,985 Noncontrolling interests (note 12): Exchangeable operating partnership units, aggregate redemption value of $ 74,199 and $ 46,340 at December 31, 2023 and 2022, respectively 42,195 34,489 Limited partners’ interests in consolidated partnerships (note 1) 117,053 46,565 Total noncontrolling interests 159,248 81,054 Total equity 7,191,935 6,178,039 Total liabilities and equity $ 12,426,913 10,860,220 See accompanying notes to consolidated financial statements. 66 RE GENCY CENTERS CORPORATION Consolidated Statements of Operations For the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data) 2023 2022 2021 Revenues: Lease income $ 1,283,939 1,187,452 1,113,368 Other property income 11,573 10,719 12,456 Management, transaction, and other fees 26,954 25,851 40,337 Total revenues 1,322,466 1,224,022 1,166,161 Operating expenses: Depreciation and amortization 352,282 319,697 303,331 Property operating expense 229,209 196,148 184,553 Real estate taxes 165,560 149,795 142,129 General and administrative 97,806 79,903 78,218 Other operating expenses 9,459 6,166 5,751 Total operating expenses 854,316 751,709 713,982 Other expense (income): Interest expense, net 154,249 146,186 145,170 Provision for impairment of real estate — — 84,389 Gain on sale of real estate, net of tax ( 661 ) ( 109,005 ) ( 91,119 ) Early extinguishment of debt ( 99 ) — — Net investment (income) loss ( 5,665 ) 6,921 ( 5,463 ) Total other expense 147,824 44,102 132,977 Income from operations before equity in income of investments in real estate partnerships 320,326 428,211 319,202 Equity in income of investments in real estate partnerships (note 4) 50,541 59,824 47,086 Net income 370,867 488,035 366,288 Noncontrolling interests: Exchangeable operating partnership units ( 2,008 ) ( 2,105 ) ( 1,615 ) Limited partners’ interests in consolidated partnerships ( 4,302 ) ( 3,065 ) ( 3,262 ) Income attributable to noncontrolling interests ( 6,310 ) ( 5,170 ) ( 4,877 ) Net income attributable to the Company 364,557 482,865 361,411 Preferred stock dividends ( 5,057 ) — — Net income attributable to common shareholders $ 359,500 482,865 361,411 Income per common share - basic (note 15) $ 2.04 2.82 2.12 Income per common share - diluted (note 15) $ 2.04 2.81 2.12 See accompanying notes to consolidated financial statements. 67 REG ENCY CENTERS CORPORATION Consolidated Statements of Comprehensive Income For the years ended December 31, 2023, 2022, and 2021 (in thousands) 2023 2022 2021 Net income $ 370,867 488,035 366,288 Other comprehensive income: Effective portion of change in fair value of derivative instruments: Effective portion of change in fair value of derivative instruments ( 2,448 ) 20,061 5,391 Reclassification adjustment of derivative instruments included in net income ( 7,536 ) 833 4,141 Unrealized gain (loss) on available-for-sale debt securities 337 ( 1,309 ) ( 405 ) Other comprehensive (loss) income ( 9,647 ) 19,585 9,127 Comprehensive income 361,220 507,620 375,415 Less: comprehensive income attributable to noncontrolling interests: Net income attributable to noncontrolling interests 6,310 5,170 4,877 Other comprehensive (loss) income attributable to noncontrolling interests ( 779 ) 1,798 729 Comprehensive income attributable to noncontrolling interests 5,531 6,968 5,606 Comprehensive income attributable to the Company $ 355,689 500,652 369,809 See accompanying notes to consolidated financial statements. 68 REG ENCY CENTERS CORPORATION Consolidated Statements of Equity For the years ended December 31, 2023, 2022, and 2021 (in thousands, except per share data) Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders’ Equity Exchangeable Operating Partnership Units Limited Partners’ Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2020 $ — 1,697 ( 24,436 ) 7,792,082 ( 18,625 ) ( 1,765,806 ) 5,984,912 35,727 37,508 73,235 6,058,147 Net income — — — — — 361,411 361,411 1,615 3,262 4,877 366,288 Other comprehensive income Other comprehensive income before reclassification — — — — 4,603 — 4,603 23 360 383 4,986 Amounts reclassified from accumulated other comprehensive income — — — — 3,795 — 3,795 17 329 346 4,141 Deferred compensation plan, net — — 1,678 ( 1,603 ) — — 75 — — — 75 Restricted stock issued, net of amortization — 2 — 12,650 — — 12,652 — — — 12,652 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 3,553 ) — — ( 3,553 ) — — — ( 3,553 ) Common stock issued under dividend reinvestment plan — — — 1,286 — — 1,286 — — — 1,286 Common stock issued for partnership units exchanged — — — 99 — — 99 ( 99 ) — ( 99 ) — Common stock issued, net of issuance costs — 13 — 82,497 — — 82,510 — — — 82,510 Distributions to partners — — — — — — — — ( 4,345 ) ( 4,345 ) ( 4,345 ) Cash dividends declared: Common stock/unit ($ 2.410 per share) — — — — — ( 410,419 ) ( 410,419 ) ( 1,836 ) — ( 1,836 ) ( 412,255 ) Balance at December 31, 2021 $ — 1,712 ( 22,758 ) 7,883,458 ( 10,227 ) ( 1,814,814 ) 6,037,371 35,447 37,114 72,561 6,109,932 Net income — — — — — 482,865 482,865 2,105 3,065 5,170 488,035 Other comprehensive income Other comprehensive income before reclassification — — — — 17,008 — 17,008 80 1,664 1,744 18,752 Amounts reclassified from accumulated other comprehensive income — — — — 779 — 779 5 49 54 833 Deferred compensation plan, net — — ( 1,703 ) 1,702 — — ( 1 ) — — — ( 1 ) Restricted stock issued, net of amortization — 2 — 16,665 — — 16,667 — — — 16,667 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 5,858 ) — — ( 5,858 ) — — — ( 5,858 ) Common stock repurchased and retired — ( 13 ) — ( 75,406 ) — — ( 75,419 ) — — — ( 75,419 ) Common stock issued under dividend reinvestment plan — — — 524 — — 524 — — — 524 Common stock issued for partnership units exchanged — — — 1,275 — — 1,275 ( 1,275 ) — ( 1,275 ) — Common stock issued, net of issuance costs — 10 — 61,274 — — 61,284 — — — 61,284 Reallocation of noncontrolling interests, net of transaction costs — — — ( 6,482 ) — — ( 6,482 ) — 6,266 6,266 ( 216 ) Contributions from partners — — — — — — — — 13,223 13,223 13,223 Distributions to partners — — — — — — — — ( 14,816 ) ( 14,816 ) ( 14,816 ) Cash dividends declared: — — — Common stock/unit ($ 2.525 per share) — — — — — ( 433,028 ) ( 433,028 ) ( 1,873 ) — ( 1,873 ) ( 434,901 ) Balance at December 31, 2022 $ — $ 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 69 Shareholders' Equity Noncontrolling Interests Preferred Stock Common Stock Treasury Stock Additional Paid In Capital Accumulated Other Comprehensive Loss Distributions in Excess of Net Income Total Shareholders’ Equity Exchangeable Operating Partnership Units Limited Partners’ Interest in Consolidated Partnerships Total Noncontrolling Interests Total Equity Balance at December 31, 2022 $ — 1,711 ( 24,461 ) 7,877,152 7,560 ( 1,764,977 ) 6,096,985 34,489 46,565 81,054 6,178,039 Net income — — — — — 364,557 364,557 2,008 4,302 6,310 370,867 Other comprehensive loss Other comprehensive income before reclassification — — — — ( 2,063 ) — ( 2,063 ) ( 9 ) ( 39 ) ( 48 ) ( 2,111 ) Amounts reclassified from accumulated other comprehensive loss — — — — ( 6,805 ) — ( 6,805 ) ( 39 ) ( 692 ) ( 731 ) ( 7,536 ) Adjustment for noncontrolling interests in the Operating Partnership — — — 13,518 — — 13,518 ( 13,518 ) — ( 13,518 ) — Deferred compensation plan, net — — ( 1,027 ) 1,027 — — — — — — — Restricted stock issued, net of amortization — 2 — 20,439 — — 20,441 — — — 20,441 Common stock repurchased for taxes withheld for stock-based compensation, net — — — ( 7,074 ) — — ( 7,074 ) — — — ( 7,074 ) Common stock repurchased and retired — ( 3 ) — ( 20,003 ) — — ( 20,006 ) — — — ( 20,006 ) Repurchase of exchangeable operating partnership units — — — — — — — ( 9,163 ) — ( 9,163 ) ( 9,163 ) Common stock issued under dividend reinvestment plan — — — 622 — — 622 — — — 622 Common stock issued for partnership units exchanged — — — 198 — — 198 ( 198 ) — ( 198 ) — Common stock issued, net of issuance costs — 136 — 818,361 — — 818,497 — — — 818,497 Issuance of exchangeable operating partnership units — — — — — — — 31,253 — 31,253 31,253 Issuance of preferred stock 225,000 — — — — — 225,000 — — — 225,000 Contributions from partners — — — — — — — — 74,730 74,730 74,730 Distributions to partners — — — — — — — — ( 7,813 ) ( 7,813 ) ( 7,813 ) Cash dividends declared: Preferred stock/unit — — — — — ( 5,057 ) ( 5,057 ) — — — ( 5,057 ) Common stock/unit ($ 2.620 per share) — — — — — ( 466,126 ) ( 466,126 ) ( 2,628 ) — ( 2,628 ) ( 468,754 ) Balance at December 31, 2023 $ 225,000 1,846 ( 25,488 ) 8,704,240 ( 1,308 ) ( 1,871,603 ) 7,032,687 42,195 117,053 159,248 7,191,935 See accompanying notes to consolidated financial statements. 70 REG ENCY CENTERS CORPORATION Consolidated Statements of Cash Flows For the years ended December 31, 2023, 2022, and 2021 (in thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 370,867 488,035 366,288 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 352,282 319,697 303,331 Amortization of deferred loan costs and debt premiums 8,252 5,799 6,003 Accretion of above and below market lease intangibles, net ( 29,130 ) ( 20,995 ) ( 22,936 ) Stock-based compensation, net of capitalization 20,075 16,521 12,515 Equity in income of investments in real estate partnerships ( 50,541 ) ( 59,824 ) ( 47,086 ) Gain on sale of real estate, net of tax ( 661 ) ( 109,005 ) ( 91,119 ) Provision for impairment of real estate, net of tax — — 84,389 Early extinguishment of debt ( 99 ) — — Distribution of earnings from investments in real estate partnerships 66,531 61,416 71,934 Settlement of derivative instruments — — ( 2,472 ) Deferred compensation expense (income) 4,782 ( 6,128 ) 4,572 Realized and unrealized (gain) loss on investments ( 5,571 ) 7,040 ( 5,348 ) Changes in assets and liabilities: Tenant and other receivables ( 13,904 ) ( 35,274 ) ( 24,869 ) Deferred leasing costs ( 11,156 ) ( 10,801 ) ( 6,966 ) Other assets 3,028 1,292 ( 1,226 ) Accounts payable and other liabilities 5,152 ( 9,088 ) 6,677 Tenants’ security, escrow deposits and prepaid rent ( 316 ) 7,130 5,701 Net cash provided by operating activities 719,591 655,815 659,388 Cash flows from investing activities: Acquisition of operating real estate, net of cash acquired of $ 0 , $ 3,061 and $ 2,991 in 2023, 2022 and 2021, respectively ( 45,386 ) ( 169,639 ) ( 392,051 ) Acquisition of UBP, net of cash acquired of $ 14,143 ( 82,389 ) — — Real estate development and capital improvements ( 232,855 ) ( 195,418 ) ( 177,631 ) Proceeds from sale of real estate 11,167 143,133 206,193 Issuance of notes receivable ( 4,000 ) — ( 20 ) Collection of notes receivable 4,000 1,823 — Investments in real estate partnerships ( 13,119 ) ( 36,266 ) ( 23,476 ) Return of capital from investments in real estate partnerships 11,308 48,473 99,945 Dividends on investment securities 1,283 1,113 813 Acquisition of investment securities ( 7,990 ) ( 21,112 ) ( 23,971 ) Proceeds from sale of investment securities 16,003 21,785 23,846 Net cash used in investing activities ( 341,978 ) ( 206,108 ) ( 286,352 ) Cash flows from financing activities: Net proceeds from common stock issuance ( 33 ) 61,284 82,510 Repurchase of common shares in conjunction with equity award plans ( 7,662 ) ( 6,447 ) ( 4,083 ) Common shares repurchased through share repurchase program ( 20,006 ) ( 75,419 ) — Proceeds from sale of treasury stock 103 64 96 Contributions from limited partners in consolidated partnerships 10,238 — — Distributions to limited partners in consolidated partnerships ( 7,813 ) ( 7,245 ) ( 4,345 ) Distributions to exchangeable operating partnership unit holders ( 2,368 ) ( 1,867 ) ( 1,815 ) Redemption of exchangeable operating partnership units ( 9,163 ) — — Dividends paid to common shareholders ( 453,065 ) ( 428,276 ) ( 403,085 ) Dividends paid to preferred shareholders ( 3,413 ) — — Proceeds from unsecured credit facilities 557,000 95,000 — Repayment of unsecured credit facilities ( 405,000 ) ( 95,000 ) ( 265,000 ) Proceeds from notes payable 59,500 — — Repayment of notes payable ( 61,592 ) ( 6,745 ) ( 42,014 ) Scheduled principal payments ( 11,235 ) ( 11,219 ) ( 11,255 ) Payment of loan costs ( 526 ) ( 88 ) ( 7,468 ) Net cash used in financing activities ( 355,035 ) ( 475,958 ) ( 656,459 ) Net change in cash, cash equivalents, and restricted cash 22,578 ( 26,251 ) ( 283,423 ) Cash, cash equivalents, and restricted cash at beginning of the year 68,776 95,027 378,450 Cash, cash equivalents, and restricted cash at end of the year $ 91,354 68,776 95,027 71 2023 2022 2021 Supplemental disclosure of cash flow information: Cash paid for interest (net of capitalized interest of $ 5,695 , $ 4,166 , and $ 4,202 in 2023, 2022, and 2021, respectively) $ 147,176 141,359 140,084 Cash paid for income taxes, net of refunds $ 933 570 378 Supplemental disclosure of non-cash transactions: Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid $ 126,683 111,709 107,480 Previously held equity investments in real estate assets acquired $ — 17,179 ( 4,609 ) Mortgage loans assumed by Company with the acquisition of real estate $ 98 22,779 111,104 Right of use assets obtained in exchange for new operating lease liabilities $ 36,577 — — Sale of leased asset in exchange for net investment in sales-type lease $ 8,510 — — UBP Acquisition: Notes payable assumed in acquisition, at fair value $ 284,706 — — Noncontrolling interest assumed in acquisition, at fair value $ 64,492 — — Common stock exchanged for UBP shares $ 818,530 — — Preferred stock exchanged for UBP shares $ 225,000 — — Common stock issued for partnership units exchanged $ 199 1,275 99 Exchangeable operating partnership units issued for acquisition of real estate $ 31,253 — — Real estate received in lieu of promote interest $ — — 13,589 Change in accrued capital expenditures $ 8,877 4,888 10,188 Common stock issued under dividend reinvestment plan $ 622 524 1,286 Stock-based compensation capitalized $ 954 735 666 Contributions to investments in real estate partnerships $ 920 — — Contributions from limited partners in consolidated partnerships, net $ — 5,436 — Reallocation of equity upon acquisition of a limited partner's interest in a consolidated partnership $ — 6,266 — Adjustment for noncontrolling interests in the operating partnership $ — — — Common stock issued for dividend reinvestment in trust $ 1,193 1,126 1,084 Contribution of stock awards into trust $ 2,080 2,250 1,416 Distribution of stock held in trust $ 2,245 786 3,647 Change in fair value of securities $ 338 1,658 513 See accompanying notes to consolidated financial statements. 72 RE GENCY CENTERS, L.P.
Our interest rate swaps are structured solely for the purpose of interest rate protection. We continuously monitor the capital markets and evaluate our ability to issue new debt, to repay maturing debt, or fund our commitments.
Our interest rate swaps are structured solely for the purpose of interest rate protection. We continuously monitor the capital markets and evaluate our ability to issue new debt, to repay maturing debt, or to fund our commitments.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable.
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below-market renewal options, if applicable.
Acquisitions Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date.
Acquisitions Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, land improvements, buildings, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date.
(2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive. 16.
(2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive.
Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates.
Specifically, the Company enters into derivative instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates.
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss) ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be leased to a new tenant.
If a tenant does not exercise its option or otherwise negotiate to renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be re-leased to a new tenant.
In addition to the acquisitions listed above, the Company acquired, for $ 9.0 million, the remaining 50 % ownership interest from its partner in Kroger New Albany Center, an existing consolidated property.
In addition to the acquisitions listed above, the Company acquired, for $ 9.0 million, the remaining 50 % ownership interest from its partner in Kroger New Albany Center, an existing consolidated property. 3.
(2) These properties were part of the four-property portfolio purchased from an existing unconsolidated real estate partnership, RegCal, LLC, in which the company held a 25 % ownership interest.
(2) These properties were part of the four property portfolio purchased from an existing unconsolidated real partnership, RegCal, LLC, in which the Company held a 25 % ownership interest.
Investments in Real Estate Partnerships The Company invests in real estate partnerships, which consist of the following: December 31, 2022 (in thousands) Regency's Ownership Number of Properties Total Investment Total Assets of the Partnership The Company's Share of Net Income of the Partnership Net Income of the Partnership GRI - Regency, LLC (GRIR) 40.00 % 66 $ 155,302 1,501,876 35,819 83,989 New York Common Retirement Fund (NYC) (1) 30.00 % — 674 2,468 9,173 35,673 Columbia Regency Retail Partners, LLC (Columbia I) 20.00 % 7 7,423 138,493 1,817 9,392 Columbia Regency Partners II, LLC (Columbia II) 20.00 % 13 41,757 405,927 1,735 8,674 Columbia Village District, LLC 30.00 % 1 5,836 96,002 1,669 5,597 RegCal, LLC (RegCal) (2) 25.00 % 1 5,789 24,326 4,499 18,258 Individual Investors Ballard Bocks 49.90 % 2 62,624 126,482 1,300 2,925 Town & Country Center 35.00 % 1 40,409 206,931 819 2,404 Others 50.00 % 5 30,563 105,500 2,993 6,254 Total investments in real estate partnerships 96 $ 350,377 2,608,005 59,824 173,166 (1) On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members.
December 31, 2022 (in thousands) Regency's Ownership Number of Properties Total Investment Total Assets of the Partnership The Company's Share of Net Income of the Partnership Net Income of the Partnership GRI - Regency, LLC (GRIR) 40.00 % 66 $ 155,302 1,501,876 35,819 83,989 New York Common Retirement Fund (NYC) (1) 30.00 % — 674 2,468 9,173 35,673 Columbia Regency Retail Partners, LLC (Columbia I) 20.00 % 7 7,423 138,493 1,817 9,392 Columbia Regency Partners II, LLC (Columbia II) 20.00 % 13 41,757 405,927 1,735 8,674 Columbia Village District, LLC 30.00 % 1 5,836 96,002 1,669 5,597 RegCal, LLC (RegCal) (2) 25.00 % 1 5,789 24,326 4,499 18,258 Individual Investors Ballard Bocks 49.90 % 2 62,624 126,482 1,300 2,925 Town & Country Center 35.00 % 1 40,409 206,931 819 2,404 Others 50.00 % 5 30,563 105,500 2,993 6,254 Total investments in real estate partnerships 96 $ 350,377 2,608,005 59,824 173,166 (1) On May 25, 2022, the NYC partnership sold the remaining two properties and distributed sales proceeds to the members.
Notes to Consolidated Financial Statements December 31, 2022 Real Estate Sales The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer.
Notes to Consolidated Financial Statements December 31, 2023 Real Estate Sales The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , whereby the Company derecognizes real estate and recognizes a gain or loss on sales when a contract exists and control of the property has transferred to the buyer.
This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2022 . Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service.
This deferred compensation, together with Company matching contributions equal to 100 % of employee deferrals up to a maximum of $ 5,000 of their eligible compensation, is fully vested and funded as of December 31, 2023 . Additionally, an annual profit sharing contribution may be made, which are fully vested after three years in service.
The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2018 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.
The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2020 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter.
(i) Lease Obligations The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties.
(h) Lease Obligations The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties.
For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease. (j) Earnings per Share and Unit Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period.
For ground leases, the Company generally assumes it will exercise options through the latest option date of that shopping center's anchor tenant lease. (i) Earnings per Share and Unit Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period.
(2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive. 120 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
(2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share exclude 1.0 million shares issuable under the forward ATM equity offering outstanding during 2021 as they would be anti-dilutive. 113 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis.
The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis.
Notes to Consolidated Financial Statements December 31, 2022 1. Su mmary of Significant Accounting Policies (a) Organization and Principles of Consolidation General Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership").
Notes to Consolidated Financial Statements December 31, 2023 1. Su mmary of Significant Accounting Policies (a) Organization and Principles of Consolidation General Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership").
This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities. The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected option renewal periods.
This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the operating lease liabilities. The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including management's estimate of expected optional renewal periods.
Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represents the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred.
Income for these amounts is recognized on a straight-line basis. Variable lease income includes the following two main items in the lease contracts: (i) Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of recoverable costs incurred.
The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing.
The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is generally due upon tenant opening or the commencement of rent payments.
Notes to Consolidated Financial Statements December 31, 2022 The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.
Notes to Consolidated Financial Statements December 31, 2023 The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships.
As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company. (l) Segment Reporting The Company's business is investing in retail shopping centers through direct ownership or partnership interests.
As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company. (k) Segment Reporting The Company's business is investing in retail shopping centers through direct ownership or partnership interests.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2022 (in thousands) Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years.
Schedule III - Consolidated Real Estate and Accumulated Depreciation December 31, 2023 (in thousands) Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs. 100 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs. 92 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2023 expressed an unqualified opinion on those consolidated financial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 16, 2024 expressed an unqualified opinion on those consolidated financial statements.
The table below presents the principal cash flow payments associated with our outstanding debt by year, weighted average interest rates on debt outstanding at each year-end, and fair value of total debt as of December 31, 2022.
The table below presents the principal cash flow payments associated with our outstanding debt by year, weighted average interest rates on debt outstanding at each year-end, and fair value of total debt as of December 31, 2023.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2023 expressed an unqualified opinion on those consolidated financial statements.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 16, 2024 expressed an unqualified opinion on those consolidated financial statements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 17, 2023 70 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 16, 2024 62 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements).
Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2022, and are subject to change on a monthly basis.
Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2023, and are subject to change on a monthly basis.
The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. (m) Business Concentration Grocer anchor tenants represent approximately 20 % of Pro-rata annual base rent.
The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. (l) Business Concentration Grocer anchor tenants represent approximately 20.0 % of Pro-rata annual base rent.
Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or other assets (i.e. registered shares of the Parent).
Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent).
Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets. Other Property Income Other property income includes parking fee and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. 93 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated Balance Sheets. Other Property Income Other property income includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met. 85 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
(2) Reflects weighted average interest rates of debt outstanding at the end of each year presented. For variable rate debt, the rate as of December 31, 2022, was used to determine the average interest rate for all future periods. Item 8. Consolidated Financial Statements and Supplementary Data Regency Centers Corporation and Regency Centers, L.P.
(2) Reflects weighted average interest rates of debt outstanding at the end of each year presented. For variable rate debt, the rate as of December 31, 2023, was used to determine the average interest rate for all future periods. 58 Item 8. Consolidated Financial Statements and Supplementary Data Regency Centers Corporation and Regency Centers, L.P.
Leases Lessor Accounting All of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance ("Recoverable Costs").
Leases Lessor Accounting Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for CAM, real estate taxes, and insurance ("Recoverable Costs").
Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award. 118 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award. 111 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
(2) During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 devidend period, and the balance allocated to 2022. (3) Of the total capital gain distribution during 2021, 42 % is excluded under Reg. 1.1061-4(b)(7).
(3) During 2021, the Company declared four quarterly dividends, the last of which was paid on January 5, 2022, with a portion allocated to the 2021 dividend period, and the balance allocated to 2022. (4) Of the total capital gain distribution during 2021, 42 % is excluded under Reg. 1.1061-4(b)(7).
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2023 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 16, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2023 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 16, 2024 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting.
This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter of the life of the subsequent lease or the life of the improvement.
This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement.
At December 31, 2022 , the Line had a borrowing capacity of $ 1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit.
At December 31, 2023 , the Line had a borrowing capacity of $ 1.25 billion, which is reduced by the balance of outstanding borrowings and commitments from issued letters of credit.
Several of the Company's partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events.
Several of the Company's partnership agreements provide for incentive payments, generally referred to as "promotes" or "earnouts," to Regency for appreciation in property values in Regency's capacity as managing member. The terms of these promotes are based on appreciation in real estate value over designated time intervals or upon designated events.
The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings. All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value.
The Company's derivative instruments are used to manage fluctuations in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings. All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value.
Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects.
Letters of Credit The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $ 50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects.
Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs expended.
Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted average borrowing rate to that portion of the actual development or redevelopment costs incurred.
A shortening of the expected hold period could indicate a potential impairment. 68 The following are the primary procedures we performed to address this critical audit matter.
A shortening of the expected hold period could indicate a potential impairment. 60 The following are the primary procedures we performed to address this critical audit matter.
A shortening of the expected hold period could indicate a potential impairment. 71 The following are the primary procedures we performed to address this critical audit matter.
A shortening of the expected hold period could indicate a potential impairment. 63 The following are the primary procedures we performed to address this critical audit matter.
The Company has 19 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2101 , and in most cases, provide for renewal options.
The Company has 21 properties within its consolidated real estate portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in these properties. These ground leases expire through the year 2121 , and in most cases, provide for renewal options.
The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.
The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's shareholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.
Held for Sale The Company classifies land, an operating property, or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Held for Sale The Company classifies real estate assets as held-for-sale upon satisfaction of all the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2022, does not have any derivatives that are not designated as hedges.
The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2023, does not have any derivatives that are not designated as hedges.
The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as of December 31, 2022.
The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as of December 31, 2023.
Management fee income In addition to earning our Pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees as discussed in Note 1, as follows: Year ended December 31, (in thousands) 2022 2021 2020 Asset management, property management, leasing, and investment and financing services $ 25,851 40,301 (1) 26,618 (1) In connection with the USAA partnership, we received and recognized a one-time promote fee of $ 13.6 million during the year ended December 31, 2021 , in consideration for exceeding return thresholds resulting from our performance as managing member. 5.
Management fee income In addition to earning our Pro-rata share of net income or loss in each of these real estate partnerships, we receive fees as discussed in Note 1, as follows: Year ended December 31, (in thousands) 2023 2022 2021 Asset management, property management, leasing, and investment and financing services $ 26,954 25,851 40,301 (1) (1) In connection with the USAA partnership, we received and recognized a one-time promote fee of $ 13.6 million during the year ended December 31, 2021, in consideration for exceeding return thresholds resulting from our performance as managing member. 5.
As of December 31, 2022, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt. 112 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2022 Unsecured Credit Facilities The Company has an unsecured line of credit commitment (the "Line") with a syndicate of banks.
As of December 31, 2023, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt. 104 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2023 Unsecured Credit Facilities The Company has an unsecured line of credit commitment (the "Line") with a syndicate of banks.
Changes in participant account balances related to the Regency common stock fund are recorded directly within stockholders' equity. 15.
Changes in participant account balances related to the Regency common stock fund are recorded directly within shareholders' equity. 15.
(2) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for loss recorded, and demolition of part of the property for redevelopment. See accompanying report of independent registered public accounting firm. 143 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
(2) The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, provision for losses recorded, and demolition of part of the property for redevelopment. See accompanying report of independent registered public accounting firm. 124 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the Company’s board of directors • inquired about the Company’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Company. /s/ KPMG LLP We have served as the Company's auditor since 1993.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the Company’s board of directors • inquired about the Company’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Company.
Jacksonville, Florida February 17, 2023 72 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers, L.P. and subsidiaries' (the Partnership) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Jacksonville, Florida February 16, 2024 64 Report of Independent Registered Public Accounting Firm To the Board of Directors of Regency Centers Corporation and the Partners of Regency Centers, L.P.: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers, L.P. and subsidiaries' (the Partnership) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest.
In the event that a real estate partner was unable to fund its share of the capital requirements of the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call which would be secured by the partner's membership interest.
As of December 31, 2022 and 2021, the Company had nonrefundable deposits and other pre-development costs of approximately $ 6.9 million and $ 10.8 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed.
As of December 31, 2023 and 2022, the Company had nonrefundable deposits and other pre-development costs of approximately $ 7.7 million and $ 6.9 million , respectively. If the Company determines that the development or redevelopment of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed.
Notes to Consolidated Financial Statements December 31, 2022 The Company accounts for income taxes related to its TRS's under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements.
The Company accounts for income taxes related to its TRS's under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2022 2021 Location in Consolidated Balance Sheets Assets: Securities $ 36,163 44,464 Other assets Liabilities: Deferred compensation obligation $ 36,085 44,388 Accounts payable and other liabilities Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment loss (income) in the accompanying Consolidated Statements of Operations.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock: Year ended December 31, (in thousands) 2023 2022 Location in Consolidated Balance Sheets Assets: Securities $ 31,852 36,163 Other assets Liabilities: Deferred compensation obligation $ 31,770 36,085 Accounts payable and other liabilities Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment (income) loss in the accompanying Consolidated Statements of Operations.
As of December 31, 2022, there were 4.1 million sh ares available for grant under the Plan. Restricted Stock Awards The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company.
As of December 31, 2023, there were 4.1 million shares available for grant under the Plan. Restricted Stock Awards The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected hold period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the general partner’s board of directors • inquired about the Partnership’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Partnership. /s/ KPMG LLP We have served as the Partnership's auditor since 1998.
To evaluate relevant events or changes in circumstances indicating a potential shortening of the expected holding period, we: • inquired of management and obtained written representations regarding potential property disposal plans, if any • read minutes of the meetings of the general partner’s board of directors • inquired about the Partnership’s plans with those in the organization who are responsible for, and have authority over, potential disposition activities • compared management’s assessment of properties with potential shortened expected hold periods to information obtained from those in the organization responsible for disposition activity • inspected listings from external sources of real estate properties for sale by the Partnership.
During the years ended December 31, 2022, 2021, and 2020, the Company capitalized interest of $ 4.2 million , $ 4.2 million , and $ 4.4 million , respectively, on our development and redevelopment projects. We have a staff of employees directly supporting our development and redevelopment program.
During the years ended December 31, 2023, 2022, and 2021, the Company capitalized interest of $ 5.7 million , $ 4.2 million , and $ 4.2 million , respectively, on our development and redevelopment projects. We have a staff of employees directly supporting our development and redevelopment program.
The Company discontinues interest and real estate tax capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell.
The Company discontinues interest and real estate tax capitalization when a project is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on a project beyond 12 months after substantial comple tion of the building.
The following table summarizes the tax status of dividends paid on our common shares: Year ended December 31, (in thousands) 2022 2021 2020 Dividend per share $ 2.53 (1) 2.53 (2) 2.19 Ordinary income 100 % 92 % 100 % Capital gain (3) — % 8 % — % Additional tax status information: Qualified dividend income — % 1 % — % Section 199A dividend 100 % 91 % 100 % Section 897 ordinary dividends — % 2 % — % Section 897 capital gains — % 4 % — % (1) During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a portion allocated to the 2022 dividend period, and the balance allocated to 2023.
The following table summarizes the tax status of dividends paid on our common stock: Year ended December 31, 2023 2022 2021 Dividend per share $ 2.56 (1) 2.53 (2) 2.53 (3) Ordinary income 100 % 100 % 92 % Capital gain (4) — % — % 8 % Additional tax status information: Qualified dividend income — % — % 1 % Section 199A dividend 100 % 100 % 91 % Section 897 ordinary dividends — % — % 2 % Section 897 capital gains — % — % 4 % (1) During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a portion allocated to the 2023 dividend period, and the balance allocated to 2024.

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