Item 6. Selected Financial Data

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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, 2018 (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



	2018			2017 (1)		2016		2015		2014
Operating data:
Revenues	$	1,120,975		984,326		614,371		569,763		537,898
Operating expenses	740,806			744,763		403,152		365,098		353,348
Total other expense (income)	170,818			113,661		100,745		74,630		27,969
Income from operations before equity in income of investments in real estate partnerships and income taxes	209,351			125,902		110,474		130,035		156,581
Equity in income of investments in real estate partnerships	42,974			43,341		56,518		22,508		31,270
Deferred income tax benefit of taxable REIT subsidiary	—			(9,737	)	—		—		(996	)
Net income	252,325			178,980		166,992		152,543		188,847
Income attributable to noncontrolling interests	(3,198		)	(2,903	)	(2,070	)	(2,487	)	(1,457	)
Net income attributable to the Company	249,127			176,077		164,922		150,056		187,390
Preferred stock dividends and issuance costs	—			(16,128	)	(21,062	)	(21,062	)	(21,062	)
Net income attributable to common stockholders	$	249,127		159,949		143,860		128,994		166,328
Income per common share - diluted	$	1.46		1.00		1.42		1.36		1.80
NAREIT FFO (2)	652,857			494,843		277,301		276,515		269,149
Other information:
Net cash provided by operating activities (3)	$	610,327		469,784		297,177		285,543		277,742
Net cash used in investing activities (3)	(106,024		)	(1,007,230	)	(408,632	)	(139,346	)	(210,290	)
Net cash (used in) provided by financing activities (3)	(508,494		)	568,948		88,711		(223,117	)	(34,360	)
Dividends paid to common stockholders and unit holders	376,755			323,285		201,336		181,691		172,900
Common dividends declared per share	2.22			2.10		2.00		1.94		1.88
Common stock outstanding including exchangeable operating partnership units	168,254			171,715		104,651		97,367		94,262
Balance sheet data:
Real estate investments before accumulated depreciation	$	11,326,163		11,279,125		5,230,198		4,852,106		4,743,053
Total assets	10,944,663			11,145,717		4,488,906		4,182,881		4,197,170
Total debt	3,715,212			3,594,977		1,642,420		1,864,285		2,021,357
Total liabilities	4,494,495			4,412,663		1,864,404		2,100,261		2,260,688
Total stockholders’ equity	6,397,970			6,692,052		2,591,301		2,054,109		1,906,592
Total noncontrolling interests	52,198			41,002		33,201		28,511		29,890

(1) 2017 reflects the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio, but also includes merger and integration related costs within Operating expenses.
(2) See Item 1, Defined Terms, for the definition of NAREIT FFO and Item 7, Supplemental Earnings Information, for a reconciliation to the nearest GAAP measure.
(3) On January 1, 2018, the Company retrospectively adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which changed the classification and presentation of changes in the total of cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows. Amounts presented for the years ended December 31, 2017 and 2016 were restated to conform presentation.

Operating Partnership



	2018			2017 (1)		2016		2015		2014
Operating data:
Revenues	$	1,120,975		984,326		614,371		569,763		537,898
Operating expenses	740,806			744,763		403,152		365,098		353,348
Total other expense (income)	170,818			113,661		100,745		74,630		27,969
Income from operations before equity in income of investments in real estate partnerships and income taxes	209,351			125,902		110,474		130,035		156,581
Equity in income of investments in real estate partnerships	42,974			43,341		56,518		22,508		31,270
Deferred income tax (benefit) of taxable REIT subsidiary	—			(9,737	)	—		—		(996	)
Net income	252,325			178,980		166,992		152,543		188,847
Income attributable to noncontrolling interests	(2,673		)	(2,515	)	(1,813	)	(2,247	)	(1,138	)
Net income attributable to the Partnership	249,652			176,465		165,179		150,296		187,709
Preferred unit distributions and issuance costs	—			(16,128	)	(21,062	)	(21,062	)	(21,062	)
Net income attributable to common unit holders	$	249,652		160,337		144,117		129,234		166,647
Income per common unit - diluted:	$	1.46		1.00		1.42		1.36		1.80
NAREIT FFO (2)	652,857			494,843		277,301		276,515		269,149
Other information:
Net cash provided by operating activities (3)	$	610,327		469,784		297,177		285,543		277,742
Net cash used in investing activities (3)	(106,024		)	(1,007,230	)	(408,632	)	(139,346	)	(210,290	)
Net cash (used in) provided by financing activities (3)	(508,494		)	568,948		88,711		(223,117	)	(34,360	)
Distributions paid on common units	376,755			323,285		201,336		181,691		172,900
Balance sheet data:
Real estate investments before accumulated depreciation	$	11,326,163		11,279,125		5,230,198		4,852,106		4,743,053
Total assets	10,944,663			11,145,717		4,488,906		4,182,881		4,197,170
Total debt	3,715,212			3,594,977		1,642,420		1,864,285		2,021,357
Total liabilities	4,494,495			4,412,663		1,864,404		2,100,261		2,260,688
Total partners’ capital	6,408,636			6,702,959		2,589,334		2,052,134		1,904,678
Total noncontrolling interests	41,532			30,095		35,168		30,486		31,804

(1) 2017 reflects the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio, but also includes merger and integration related costs within Operating expenses.
(2) See Item 1, Defined Terms, for the definition of NAREIT FFO and Item 7, Supplemental Earnings Information, for a reconciliation to the nearest GAAP measure.
(3) On January 1, 2018, the Company retrospectively adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which changed the classification and presentation of changes in the total of cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows. Amounts presented for the years ended December 31, 2017 and 2016 were restated to conform presentation.

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