Regency Centers Corporation (“Regency” or the “Company”)
(Nasdaq:REG) today reported financial and operating results for the
period ended September 30, 2021. For the three months ended
September 30, 2021, Net Income was $0.69 per diluted share,
compared to $0.07 per diluted share for the three months ended
September 30, 2020.
Third Quarter 2021
Highlights
- Reported Nareit
FFO of $1.12 per diluted share for the third quarter
- Updated 2021
Nareit FFO guidance to a range of $3.93 – $3.97 per diluted
share
- Reported that
Same Property Net Operating Income (“NOI”), excluding lease
termination fees, increased 24.4% during the third quarter over the
same period a year ago
- Increased
percent leased by 90 basis points sequentially to 93.8% in the Same
Property portfolio as of September 30, 2021
- Collected 98% of
third quarter pro-rata billed base rent, as of November 1,
2021
- Executed 2.0
million square feet of comparable new and renewal leases during the
third quarter at a blended rent spread of +5.1%
- Completed
property dispositions of $47 million, at Regency’s share of gross
sales price
- Completed the
acquisition of its partner’s 80% interest in the seven-property
USAA Joint Venture (“USAA JV”) portfolio for $178 million
- Achieved
pro-rata net debt-to-operating EBITDAre of 5.0x at September 30,
2021
Subsequent Highlights
- On November 2,
2021, Regency’s Board of Directors (the “Board”) declared a
quarterly cash dividend on the Company’s common stock of $0.625 per
share, an increase of 5% from the prior quarterly dividend
- The Company is
currently under contract to acquire Blakeney Shopping Center in
South Charlotte, North Carolina, for $181 million, with the
transaction expected to close in the fourth quarter
“We are very pleased with another quarter of
solid results and continued improvement in operating trends,
further accelerating our path to recovery. The dividend increase
reflects our confidence in the recovery of NOI and balance sheet
strength to pre-pandemic levels, as well as a return to sustained
growth over the long term,” said Lisa Palmer, President and Chief
Executive Officer. “We remain committed to maximizing cash flow
growth while enhancing portfolio value within our development
pipeline and in our pursuit of additional accretive investment
opportunities.”
Financial Results
Net Income
- For the three
months ended September 30, 2021, Net Income Attributable to Common
Stockholders (“Net Income”) was $117.4 million, or $0.69 per
diluted share, compared to Net Income of $12.7 million, or $0.07
per diluted share, for the same period in 2020.
Nareit FFO
- For the three
months ended September 30, 2021, Nareit Funds From Operations
(“Nareit FFO”) was $192.6 million, or $1.12 per diluted share,
compared to $101.7 million, or $0.60 per diluted share, for the
same period in 2020.
- Favorable
recovery of uncollectible lease income associated with tenants on a
cash basis of accounting positively impacted revenues in the third
quarter by $10.4 million at Regency’s share, or $0.06 per diluted
share, including the collection of 2020 reserves of $8.8 million,
or $0.05 per diluted share. For additional detail on the
composition of uncollectible lease income, please refer to page 33
of the third quarter 2021 supplemental disclosure.
- Straight-line
rental income in the third quarter benefitted from the reversal of
straight-line rent reserves triggered by the conversion of some
cash basis tenants back to accrual accounting, as reflected in
positive uncollectible straight-line rent of $4.3 million, or $0.03
per diluted share. Straight-line rental income is excluded from the
calculation of Core Operating Earnings.
- The Company
recognized promote income in the third quarter of $13.6 million, or
$0.08 per diluted share, triggered by the liquidation of the USAA
JV. Promote income is excluded from the calculation of Core
Operating Earnings as it is a non-comparable item.
Core Operating Earnings
- For the three
months ended September 30, 2021, Core Operating Earnings was $163.9
million, or $0.96 per diluted share, compared to $117.4 million, or
$0.69 per diluted share, for the same period in 2020.
Portfolio Performance
Same Property NOI
- Third quarter
2021 pro-rata Same Property Net Operating Income (“NOI”), excluding
termination fees, increased by 24.4% compared to the same period in
2020.
Leased Occupancy
- As of September
30, 2021, Regency’s wholly-owned portfolio plus its pro-rata share
of co-investment partnerships, was 93.5% leased.
- As of September
30, 2021, Regency’s Same Property portfolio was 93.8% leased, an
increase of 90 basis points sequentially, including a benefit of 40
basis points due to the sale of the vacant former Sears building at
Hancock Center during the third quarter.
- Same Property
anchor percent leased, which includes spaces greater than or equal
to 10,000 square feet, was 96.5%, an increase of 110 basis points
sequentially, including a benefit of 70 basis points due to the
aforementioned sale of the vacant former Sears.
- Same Property
shop percent leased, which includes spaces less than 10,000 square
feet, was 89.3%, an increase of 60 basis points sequentially.
Leasing Activity
- For the three
months ended September 30, 2021, Regency executed approximately 2.0
million square feet of comparable new and renewal leases at blended
rent spreads of +5.1%.
- For the trailing
twelve months, the Company executed approximately 7.0 million
square feet of comparable new and renewal leases at blended rents
spreads of +2.3%.
COVID-19 Update
- As of November
1, 2021, the Company collected 98% of third quarter pro-rata base
rent.
- Additional
information regarding COVID-19 impacts can be found in the
“Business Update” presentation, posted on the Company’s website at
investors.regencycenters.com, as well as on pages 33 and 34 of the
third quarter 2021 supplemental disclosure.
Portfolio Enhancement and Capital
Allocation
Developments and Redevelopments
- As of September
30, 2021, Regency’s in-process development and redevelopment
projects had estimated net project costs of $327 million and
estimated remaining costs to complete of $144 million, each at the
Company’s share.
- During the third
quarter, Regency completed the redevelopment project at
Bloomingdale Square, a Publix-anchored shopping center in Tampa,
Florida, with total pro-rata costs of $21.3 million.
Property Transactions
- As previously
disclosed, on August 1, 2021, Regency completed the acquisition of
its partner’s 80% interest in the seven-property USAA JV portfolio
for $178 million, including the $84 million assumption of the
partner’s share of mortgage debt outstanding. The USAA JV structure
was liquidated following the completion of the acquisition.
- During the third
quarter, the Company closed on the sales of the non-income
producing former Sears building at Hancock Center in Austin, Texas,
and Parnassus Heights Medical Center in San Francisco, California,
at a total sales price of $47 million, at Regency’s share.
- The Company is
currently under contract to acquire Blakeney Shopping Center in
South Charlotte, North Carolina, for $181 million, with the
transaction expected to close in the fourth quarter.
Balance Sheet
- As previously
disclosed, in the second quarter of 2021, Regency entered into
forward sale agreements in connection with its ATM program to sell
an aggregate of 2.3 million shares of common stock at an average
gross price of $64.59 per share.
- During the third
quarter, the Company settled 1.3 million shares under the forward
sale agreements, and received net proceeds of approximately $83
million.
- As of September
30, 2021, the Company had full capacity available under its $1.2
billion revolving credit facility.
- As of September
30, 2021, Regency’s pro-rata net debt-to-operating EBITDAre ratio
was 5.0x.
Dividend
- On November 2,
2021, Regency’s Board declared a quarterly cash dividend on the
Company’s common stock of $0.625 per share, representing a
sequential increase of 5%. The dividend is payable on January 5,
2022, to shareholders of record as of December 16, 2021.
2021 Guidance
Regency Centers provided updated 2021 guidance concurrently with
the third quarter 2021 earnings release, as summarized in the table
below.
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|
|
Full Year
2021 Guidance |
|
All figures pro-rata
and in thousands, except per share data |
|
|
|
Current |
|
Previous |
|
Net Income Attributable to Common Stockholders per diluted
share |
|
$2.15 - $2.19 |
|
$1.95 - $2.03 |
|
Nareit Funds
From Operations (“Nareit FFO”) per diluted share |
|
$3.93 - $3.97 |
|
$3.74 -
$3.82 |
|
Core Operating Earnings per diluted share (1) |
|
$3.64 - $3.68 |
|
$3.50 - $3.58 |
|
Same Property Net Operating Income (“SPNOI”) Growth (ex.
termination fees) |
|
+15.5% to +16.5% |
|
+13.5% to +15.5% |
|
Included Impact of 2020 Reserve Collection on SP NOI Range |
|
+650bps |
|
+650bps |
|
Certain Non-Cash Items (2) |
|
+/- $36,000 |
|
+/- $28,500 |
|
Net G&A
Expense |
|
$75,000 -
$76,000 |
|
$77,000 -
$79,000 |
|
Net Interest Expense |
|
$165,500 - $166,500 |
|
$165,500 - $166,500 |
|
Recurring
Third Party Fees & Commissions |
|
$24,500 -
$25,500 |
|
$24,500 -
$25,500 |
|
Transaction Income (JV Promote) |
|
$13,589 |
|
+/- $13,000 |
|
Development
and Redevelopment Spend |
|
+/- $150,000 |
|
+/-
$150,000 |
|
Acquisitions |
|
+/- $359,000 |
|
+/- $178,000 |
|
Cap rate (weighted average) |
|
+/- 5.1% |
|
+/- 5.5% |
|
Dispositions |
|
$193,000 - $279,000 |
|
+/- $200,000 |
|
Cap rate (weighted average) (3) |
|
5.0% - 5.5% |
|
5.5% - 6.0% |
|
|
|
|
|
|
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(1) Core Operating Earnings excludes certain non-cash items,
including straight-line rents, above/below market rent
amortization, and amortization of mark-to-market debt, as well
as transaction related income/expenses and debt extinguishment
charges. |
(2) Includes above and below market rent amortization,
straight-line rents, and amortization of mark-to-market debt
adjustments. |
|
(3) Weighted average cap rates exclude non-income producing assets
(dispositions of $47 million). |
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Please refer to the Company’s “Business Update” presentation for
additional detail on guidance disclosure, including a
reconciliation of Nareit FFO per diluted share from 2020 to 2021,
as well as a reconciliation of Same Property NOI from the previous
range to the current range. Additional guidance details may also be
found in the third quarter 2021 Supplemental Package. All materials
are posted on the website at investors.regencycenters.com.
Conference Call Information
To discuss Regency’s third quarter results and
provide further business updates, management will host a conference
call on Friday, November 5, 2021, at 11:00 a.m. ET. Dial-in and
webcast information is listed below.
Third Quarter 2021
Earnings Conference Call |
Date: |
Friday, November 5, 2021 |
Time: |
11:00 a.m. ET |
Dial#: |
877-407-0789 or
201-689-8562 |
Webcast: |
investors.regencycenters.com |
Replay
Webcast Archive: Investor Relations page under
Events & Webcasts
Reconciliation of Net Income
Attributable to Common Stockholders to Nareit FFO and Core
Operating Earnings - Actual (in
thousands)
For the Periods Ended September 30, 2021 and
2020 |
Three Months Ended |
|
Year to Date |
|
|
2021 |
|
2020 |
|
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
Reconciliation of Net Income to Nareit FFO: |
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Common Stockholders |
$ |
117,406 |
|
12,688 |
|
|
$ |
293,552 |
|
6,402 |
|
Adjustments to reconcile to Nareit Funds From Operations (1): |
|
|
|
|
|
Depreciation and amortization (excluding FF&E) |
|
81,928 |
|
92,188 |
|
|
|
247,599 |
|
281,576 |
|
Goodwill impairment |
|
- |
|
- |
|
|
|
- |
|
132,128 |
|
Gain on sale of real estate |
|
(6,737 |
) |
(3,235 |
) |
|
|
(38,584 |
) |
(48,651 |
) |
Provision for impairment of real estate |
|
(505 |
) |
- |
|
|
|
10,586 |
|
1,014 |
|
Exchangeable operating partnership units |
|
519 |
|
57 |
|
|
|
1,315 |
|
29 |
|
|
|
|
|
|
|
Nareit Funds From Operations |
$ |
192,611 |
|
101,698 |
|
|
$ |
514,468 |
|
372,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Nareit FFO to Core Operating
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
Nareit Funds From Operations |
$ |
192,611 |
|
101,698 |
|
|
$ |
514,468 |
|
372,498 |
|
Adjustments to reconcile to Core Operating Earnings (1): |
|
|
|
|
|
Not Comparable Items |
|
|
|
|
|
Early extinguishment of debt |
|
- |
|
19,358 |
|
|
|
- |
|
19,358 |
|
Promote income |
|
(13,589 |
) |
- |
|
|
|
(13,589 |
) |
- |
|
Certain Non Cash Items |
|
|
|
|
|
Straight line rent |
|
(4,004 |
) |
(4,098 |
) |
|
|
(10,294 |
) |
(11,828 |
) |
Uncollectible straight line rent |
|
(4,376 |
) |
8,316 |
|
|
|
159 |
|
31,574 |
|
Above/below market rent amortization, net |
|
(6,390 |
) |
(7,546 |
) |
|
|
(18,098 |
) |
(30,433 |
) |
Debt premium/discount amortization |
|
(368 |
) |
(303 |
) |
|
|
(460 |
) |
(1,115 |
) |
|
|
|
|
|
|
Core Operating Earnings |
$ |
163,884 |
|
117,425 |
|
|
$ |
472,186 |
|
380,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares For Diluted Earnings per Share |
|
170,589 |
|
169,970 |
|
|
|
170,314 |
|
169,356 |
|
|
|
|
|
|
|
Weighted Average Shares For Diluted FFO and Core Operating Earnings
per Share |
|
171,349 |
|
170,735 |
|
|
|
171,076 |
|
170,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes Regency's consolidated entities and its pro-rata share
of unconsolidated co-investment partnerships, net of pro-rata share
attributable to noncontrolling interests. |
|
Same property NOI is a key non-GAAP measure used by management
in evaluating the operating performance of Regency’s properties.
The Company provides a reconciliation of Net Income Attributable to
Common Stockholders to pro-rata same property NOI.
Reconciliation of Net Income
Attributable to Common Stockholders to Pro-Rata Same Property NOI -
Actual (in thousands)
For the Periods Ended September 30, 2021 and
2020 |
Three Months Ended |
|
Year to Date |
|
|
2021 |
|
2020 |
|
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
Net income attributable to common stockholders |
$ |
117,406 |
|
12,688 |
|
|
$ |
293,552 |
|
6,402 |
|
Less: |
|
|
|
|
|
Management, transaction, and other fees |
|
(19,671 |
) |
(6,142 |
) |
|
|
(33,419 |
) |
(19,084 |
) |
Other(1) |
|
(15,125 |
) |
(4,982 |
) |
|
|
(31,184 |
) |
(17,368 |
) |
Plus: |
|
|
|
|
|
Depreciation and amortization |
|
75,459 |
|
84,808 |
|
|
|
226,935 |
|
259,161 |
|
General and administrative |
|
17,789 |
|
19,582 |
|
|
|
58,263 |
|
54,489 |
|
Other operating expense |
|
812 |
|
1,208 |
|
|
|
2,687 |
|
5,025 |
|
Other expense |
|
29,463 |
|
54,869 |
|
|
|
67,383 |
|
220,933 |
|
Equity in income of investments in real estate excluded from NOI
(2) |
|
11,023 |
|
14,527 |
|
|
|
49,267 |
|
46,888 |
|
Net income attributable to noncontrolling interests |
|
1,442 |
|
622 |
|
|
|
3,753 |
|
1,699 |
|
NOI |
|
218,598 |
|
177,180 |
|
|
|
637,237 |
|
558,145 |
|
|
|
|
|
|
|
Less non-same property NOI (3) |
|
(1,142 |
) |
(2,691 |
) |
|
|
81 |
|
(9,091 |
) |
|
|
|
|
|
|
Same Property NOI |
$ |
217,456 |
|
174,489 |
|
|
$ |
637,318 |
|
549,054 |
|
|
|
|
|
|
|
Same Property NOI without Termination Fees |
$ |
215,424 |
|
173,136 |
|
|
$ |
632,910 |
|
543,564 |
|
|
|
|
|
|
|
Same Property NOI without Termination Fees or
Redevelopments |
$ |
192,300 |
|
156,003 |
|
|
$ |
567,206 |
|
487,976 |
|
|
|
|
|
|
|
(1) Includes straight-line rental income and expense, net of
reserves, above and below market rent amortization, other fees, and
noncontrolling interests. |
(2) Includes non-NOI expenses incurred at our unconsolidated real
estate partnerships, such as, but not limited to,
straight-line rental income, above and below market rent
amortization, depreciation and amortization, interest expense, and
real estate gains and impairments. |
(3) Includes revenues and expenses attributable to Non-Same
Property, Projects in Development, corporate activities, and
noncontrolling interests. |
|
|
|
|
|
|
Reported results are preliminary and not final until the filing
of the Company’s Form 10-Q with the SEC and, therefore, remain
subject to adjustment.
The Company has published forward-looking
statements and additional financial information in its third
quarter 2021 supplemental information package that may help
investors estimate earnings for 2021. A copy of the Company’s third
quarter 2021 supplemental information will be available on the
Company's website at investors.regencycenters.com or by written
request to: Investor Relations, Regency Centers Corporation, One
Independent Drive, Suite 114, Jacksonville, Florida, 32202. The
supplemental information package contains more detailed financial
and property results including financial statements, an outstanding
debt summary, acquisition and development activity, investments in
partnerships, information pertaining to securities issued other
than common stock, property details, a significant tenant rent
report and a lease expiration table in addition to earnings and
valuation guidance assumptions. The information provided in the
supplemental package is unaudited and includes non-GAAP measures,
and there can be no assurance that the information will not vary
from the final information in the Company’s Form 10-Q for the
period-ended September 30, 2021. Regency may, but assumes no
obligation to, update information in the supplemental package from
time to time.
About Regency Centers Corporation
(Nasdaq:REG)
Regency Centers is the preeminent national
owner, operator, and developer of shopping centers located in
suburban trade areas with compelling demographics. Our portfolio
includes thriving properties merchandised with highly productive
grocers, restaurants, service providers, and best-in-class
retailers that connect to their neighborhoods, communities, and
customers. Operating as a fully integrated real estate company,
Regency Centers is a qualified real estate investment trust (REIT)
that is self-administered, self-managed, and an S&P 500 Index
member. For more information, please visit RegencyCenters.com.
Forward-Looking Statements
Certain statements in this document regarding
anticipated financial, business, legal or other outcomes including
business and market conditions, outlook and other similar
statements relating to Regency’s future events, developments, or
financial or operational performance or results such as our 2021
Guidance, are “forward-looking statements” made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and other federal securities laws. These
forward-looking statements are identified by the use of words such
as “may,” “will,” “should,” “expect,” “estimate,” “believe,”
“intend,” “forecast,” “anticipate,” “guidance,” and other similar
language. However, the absence of these or similar words or
expressions does not mean a statement is not forward-looking. While
we believe these forward-looking statements are reasonable when
made, forward-looking statements are not guarantees of future
performance or events and undue reliance should not be placed on
these statements. Although we believe the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
we can give no assurance these expectations will be attained, and
it is possible actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties.
Our operations are subject to a number of risks
and uncertainties including, but not limited to, those risk factors
described in our SEC filings. When considering an investment in our
securities, you should carefully read and consider these risks,
together with all other information in our Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and our other filings and
submissions to the SEC. If any of the events described in the risk
factors actually occur, our business, financial condition or
operating results, as well as the market price of our securities,
could be materially adversely affected. Forward-looking statements
are only as of the date they are made, and Regency undertakes no
duty to update its forward-looking statements except as required by
law. These risks and events include, without limitation:
Risk Factors
Risk Factors Related to the COVID-19
Pandemic
Pandemics or other health crises, such as the
COVID-19 pandemic, may adversely affect our tenants’ financial
condition, the profitability of our properties, and our access to
the capital markets and could have a material adverse effect on our
business, results of operations, cash flows and financial
condition.
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. 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 and cash flows. Changing economic and
retail market conditions in geographic areas where our properties
are concentrated may reduce our revenues and cash flow. Our success
depends on the continued presence and success of our “anchor”
tenants. A significant percentage of our revenues are derived from
smaller “shop space” tenants and our net income may be adversely
impacted if our smaller shop tenants are not successful. We may be
unable to collect balances due from tenants in bankruptcy. Many of
our costs and expenses associated with operating our properties may
remain constant or increase, even if our lease income decreases.
Compliance with the Americans with the Disabilities Act and fire,
safety and other regulations may have a negative effect on us.
Risk Factors Related to Real Estate
Investments
Our real estate assets may decline in value and
be subject to impairment losses which may reduce our net income. We
face risks associated with development, redevelopment and expansion
of properties.
We face risks associated with the development of
mixed-use commercial properties. We face risks associated with the
acquisition of properties. We may be unable to sell properties when
desired because of market conditions. Changes in tax laws could
impact our acquisition or disposition of real estate.
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.
Geographic concentration of our properties makes our business more
vulnerable to natural disasters, severe weather conditions and
climate change. Costs of environmental remediation may impact our
financial performance and reduce our cash flow.
Risk Factors Related to Corporate Matters
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. Failure to attract and
retain key personnel may adversely affect our business and
operations. 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 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. The termination of our partnerships may adversely affect
our cash flow, operating results, and our ability to make
distributions to stock and unit holders.
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. We depend on external sources of capital,
which may not be available in the future on favorable terms or at
all. Our debt financing may adversely affect our business and
financial condition. Covenants in our debt agreements may restrict
our operating activities and adversely affect our financial
condition. Increases in interest rates would cause our borrowing
costs to rise and negatively impact our results of operations.
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. The
interest rates on our Unsecured Credit facilities as well as on our
variable rate mortgages and interest rate swaps might change based
on changes to the method in which LIBOR or its replacement rate is
determined.
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.
There is no assurance that we will continue to
pay dividends at historical rates.
Risk Factors Relating to the Company’s
Qualification as a REIT
If the Company fails to qualify as a REIT for
federal income tax purposes, it would be subject to federal income
tax at regular corporate rates. Dividends paid by REITs generally
do not qualify for reduced tax rates. Certain foreign stockholders
may be subject to U.S. federal income tax on gain recognized on a
disposition of our common stock if we do not qualify as a
“domestically controlled” REIT.
Legislative or other actions affecting REITs may
have a negative effect on us. Complying with REIT requirements may
limit our ability to hedge effectively and may cause us to incur
tax liabilities.
Risks Related to the Company’s Common Stock
Restrictions on the ownership of the Company’s
capital stock to preserve its REIT status may delay or prevent a
change in control. The issuance of the Company's capital stock may
delay or prevent a change in control. Ownership in the Company may
be diluted in the future.
Christy McElroy904 598
7616ChristyMcElroy@regencycenters.com
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