Item 6. Selected Financial Data

The following table sets forth Selected Financial Data for the Company on a historical basis for the five years ended December 31, 2017 (in thousands, except per share and unit data, number of properties, and ratio of earnings to fixed charges). This historical Selected Financial Data has been derived from the audited consolidated financial statements. This information should be read in conjunction with the consolidated financial statements of Regency Centers Corporation and Regency Centers, L.P. (including the related notes thereto) and Management's Discussion and Analysis of the Financial Condition and Results of Operations, each included elsewhere in this Form 10-K.

Parent Company

(in thousands, except per share and unit data, number of properties, and ratio of earnings to fixed charges)



	2017			(1)	2016			2015			2014		2013
Operating data:
Revenues	$	984,326			614,371			569,763			537,898		489,007
Operating expenses	744,763			(2)	403,152		(2)	365,098			353,348		324,687
Total other expense (income)	141,093				148,066		(3)	110,236			83,046		111,741
Income from operations before equity in income of investments in real estate partnerships and income taxes	98,470				63,153			94,429			101,504		52,579
Equity in income of investments in real estate partnerships	43,341				56,518			22,508			31,270		31,718
Deferred income tax (benefit) of taxable REIT subsidiary	(9,737		)		—			—			(996	)	—
Income from continuing operations	151,548				119,671			116,937			133,770		84,297
Income (loss) from discontinued operations (4)	—				—			—			—		65,285
Gain on sale of real estate, net of tax	27,432				47,321			35,606			55,077		1,703
Net income	178,980				166,992			152,543			188,847		151,285
Income attributable to noncontrolling interests	(2,903		)		(2,070	)		(2,487	)		(1,457	)	(1,481	)
Net income attributable to the Company	176,077				164,922			150,056			187,390		149,804
Preferred stock dividends and issuance costs	(16,128		)		(21,062	)		(21,062	)		(21,062	)	(21,062	)
Net income attributable to common stockholders	$	159,949			143,860			128,994			166,328		128,742

NAREIT FFO (5)	494,843				277,301			276,515			269,149		240,621
Core FFO (5)	592,137				333,957			288,872			261,506		241,619
Income per common share - diluted (note 13)
Continuing operations	$	1.00			1.42			1.36			1.80		0.69
Discontinued operations (4)	—				—			—			—		0.71
Net income attributable to common stockholders	$	1.00			1.42			1.36			1.80		1.40
Other information:
Net cash provided by operating activities	$	471,146			297,360		(7)	285,543		(7)	277,742		250,731
Net cash (used in) investing activities	(1,007,980		)		(409,671	)		(139,346	)		(210,290	)	(9,817	)
Net cash provided by (used in) financing activities	568,948				88,711		(7)	(223,117	)	(7)	(34,360	)	(182,579	)
Dividends paid to common stockholders and unit holders	323,285				201,336			181,691			172,900		168,095
Common dividends declared per share	2.10				2.00			1.94			1.88		1.85
Common stock outstanding including exchangeable operating partnership units	171,715				104,651			97,367			94,262		92,499
Ratio of earnings to fixed charges (6)	2.2				2.6			2.5			2.6		1.8
Ratio of earnings to combined fixed charges and preference dividends (6)	2.1				2.1			2.1			2.2		1.5

Balance sheet data:
Real estate investments before accumulated depreciation	$	11,279,125			5,230,198			4,852,106			4,743,053		4,385,380
Total assets	11,145,717				4,488,906			4,182,881			4,197,170		3,913,516
Total debt	3,594,977				1,642,420			1,864,285			2,021,357		1,854,697
Total liabilities	4,412,663				1,864,404			2,100,261			2,260,688		2,052,382
Total stockholders’ equity	6,692,052				2,591,301			2,054,109			1,906,592		1,843,354
Total noncontrolling interests	41,002				33,201			28,511			29,890		17,780

(1) 2017 reflects the results of our merger with Equity One on March 1, 2017.
(2) During the years ended December 31, 2017 and 2016, the Company recognized $80.7 million and $6.5 million, respectively, of merger and integration related costs within Operating expenses associated with the Equity One merger, which was effective on March 1, 2017.



(3) During the year ended December 31, 2016, the Company recognized a $40.6 million charge to settle $220 million of forward starting interest rate swaps related to new debt previously expected to be issued in 2017. As a result of its July 2016 equity offering and the early redemption of the $300 million notes in August 2016, the Company believed that the issuance of new fixed rate debt within the remaining period of the forward starting swaps was probable to no longer occur. Accordingly, the Company ceased hedge accounting and reclassified the $40.6 million paid to settle the forward starting swaps from Accumulated other comprehensive loss to earnings.
(4) On January 1, 2014, the Company prospectively adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. No property disposals since adoption of this ASU qualify as discontinued operations, therefore prior period amounts were not reclassified for property sales since adoption.
(5) See Item 1, Defined Terms, for the definition of NAREIT FFO and Core FFO and Item 7, Supplemental Earnings Information, for a reconciliation to the nearest GAAP measure.
(6) See Exhibit 12.1 for additional information regarding the computations of ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preference dividends.
(7) In January 2017, the Company adopted ASU 2016-09, Improvements to Share-Based Payment Accounting, resulting in the reclassification of previously reported employee tax withholdings from Net cash provided by operating activities to Net cash provided by (used in) financing activities. See note 1 for further discussion.

Operating Partnership

(in thousands, except per share and unit data, number of properties, and ratio of earnings to fixed charges)



	2017			(1)	2016			2015			2014		2013
Operating data:
Revenues	$	984,326			614,371			569,763			537,898		489,007
Operating expenses	744,763			(2)	403,152		(2)	365,098			353,348		324,687
Total other expense (income)	141,093				148,066		(3)	110,236			83,046		111,741
Income from operations before equity in income of investments in real estate partnerships and income taxes	98,470				63,153			94,429			101,504		52,579
Equity in income of investments in real estate partnerships	43,341				56,518			22,508			31,270		31,718
Deferred income tax (benefit) of taxable REIT subsidiary	(9,737		)		—			—			(996	)	—
Income from continuing operations	151,548				119,671			116,937			133,770		84,297
Income (loss) from discontinued operations (4)	—				—			—			—		65,285
Gain on sale of real estate, net of tax	27,432				47,321			35,606			55,077		1,703
Net income	178,980				166,992			152,543			188,847		151,285
Income attributable to noncontrolling interests	(2,515		)		(1,813	)		(2,247	)		(1,138	)	(1,205	)
Net income attributable to the Partnership	176,465				165,179			150,296			187,709		150,080
Preferred unit distributions and issuance costs	(16,128		)		(21,062	)		(21,062	)		(21,062	)	(21,062	)
Net income attributable to common unit holders	$	160,337			144,117			129,234			166,647		129,018

NAREIT FFO (5)	494,843				277,301			276,515			269,149		240,621
Core FFO (5)	592,137				333,957			288,872			261,506		241,619
Income per common unit - diluted (note 13):
Continuing operations	$	1.00			1.42			1.36			1.80		0.69
Discontinued operations (4)	—				—			—			—		0.71
Net income attributable to common unit holders	$	1.00			1.42			1.36			1.80		1.40

Other information:
Net cash provided by operating activities	$	471,146			297,360		(7)	285,543		(7)	277,742		250,731
Net cash (used in) investing activities	(1,007,980		)		(409,671	)		(139,346	)		(210,290	)	(9,817	)
Net cash provided by (used in) financing activities	568,948				88,711		(7)	(223,117	)	(7)	(34,360	)	(182,579	)
Distributions paid on common units	323,285				201,336			181,691			172,900		168,095
Ratio of earnings to fixed charges (6)	2.2				2.6			2.5			2.6		1.8
Ratio of combined fixed charges and preference dividends to earnings (6)	2.1				2.1			2.1			2.2		1.5

Balance sheet data:
Real estate investments before accumulated depreciation	$	11,279,125			5,230,198			4,852,106			4,743,053		4,385,380
Total assets	11,145,717				4,488,906			4,182,881			4,197,170		3,913,516
Total debt	3,594,977				1,642,420			1,864,285			2,021,357		1,854,697
Total liabilities	4,412,663				1,864,404			2,100,261			2,260,688		2,052,382
Total partners’ capital	6,702,959				2,589,334			2,052,134			1,904,678		1,841,928
Total noncontrolling interests	30,095				35,168			30,486			31,804		19,206

(1) 2017 reflects the results of our merger with Equity One on March 1, 2017.
(2) During the years ended December 31, 2017 and 2016, the Operating Partnership recognized $80.7 million and $6.5 million, respectively, of merger and integration related costs within Operating expenses associated with the Equity One merger, which was effective on March 1, 2017.
(3) During the year ended December 31, 2016, the Operating Partnership recognized a $40.6 million charge to settle $220 million of forward starting interest rate swaps related to new debt previously expected to be issued in 2017. As a result of its July 2016 equity offering and the early redemption of the $300 million notes in August 2016, the Operating Partnership believed that the issuance of new fixed rate debt within the remaining period of the forward starting swaps was probable to no longer occur. Accordingly, the Operating Partnership ceased hedge accounting and reclassified the $40.6 million paid to settle the forward starting swaps from Accumulated other comprehensive loss to earnings.
(4) On January 1, 2014, the Operating Partnership prospectively adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. No property disposals since adoption of this ASU qualify as discontinued operations, therefore prior period amounts were not reclassified for property sales since adoption.
(5) See Item 1, Defined Terms, for the definition of NAREIT FFO and Core FFO and Item 7, Supplemental Earnings Information, for a reconciliation to the nearest GAAP measure.



(6) See Exhibit 12.1 for additional information regarding the computations of ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preference dividends.
(7) In January 2017, the Company adopted ASU 2016-09, Improvements to Share-Based Payment Accounting, which resulted in the reclassification of previously reported employee tax withholdings from Net cash provided by operating activities to Net cash provided by (used in) financing activities. See note 1 for further discussion.

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