The following table sets forth Selected Financial Data for the Company on a historical basis for the five years ended December 31, 2019 (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
2019
2018
2017 (1)
2016
2015
Operating data:
Revenues
$
1,133,138
1,120,975
984,326
614,371
569,763
Operating expenses
763,226
740,806
744,763
403,152
365,098
Total other expense (income)
187,610
170,818
113,661
100,745
74,630
Income from operations before equity in income of investments in real estate partnerships and income taxes
182,302
209,351
125,902
110,474
130,035
Equity in income of investments in real estate partnerships
60,956
42,974
43,341
56,518
22,508
Deferred income tax benefit of taxable REIT subsidiary
—
—
(9,737
)
—
—
Net income
243,258
252,325
178,980
166,992
152,543
Income attributable to noncontrolling interests
(3,828
)
(3,198
)
(2,903
)
(2,070
)
(2,487
)
Net income attributable to the Company
239,430
249,127
176,077
164,922
150,056
Preferred stock dividends and issuance costs
—
—
(16,128
)
(21,062
)
(21,062
)
Net income attributable to common stockholders
$
239,430
249,127
159,949
143,860
128,994
Income per common share - diluted
$
1.43
1.46
1.00
1.42
1.36
NAREIT FFO (2)
654,362
652,857
494,843
277,301
276,515
Other information:
Net cash provided by operating activities
$
621,271
610,327
469,784
297,177
285,543
Net cash used in investing activities
(282,693
)
(106,024
)
(1,007,230
)
(408,632
)
(139,346
)
Net cash (used in) provided by financing activities
(268,206
)
(508,494
)
568,948
88,711
(223,117
)
Cash dividends paid to common stockholders and unit holders
391,649
376,755
323,285
201,336
181,691
Common dividends declared per share
2.34
2.22
2.10
2.00
1.94
Common stock outstanding including exchangeable operating partnership units
168,318
168,254
171,715
104,651
97,367
Balance sheet data:
Real estate investments before accumulated depreciation (3)
$
11,564,816
11,326,163
11,279,125
5,230,198
4,852,106
Total assets
11,132,253
10,944,663
11,145,717
4,488,906
4,182,881
Total debt
3,919,544
3,715,212
3,594,977
1,642,420
1,864,285
Total liabilities
4,842,292
4,494,495
4,412,663
1,864,404
2,100,261
Total stockholders’ equity
6,213,348
6,397,970
6,692,052
2,591,301
2,054,109
Total noncontrolling interests
76,613
52,198
41,002
33,201
28,511
(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)
Includes our Investments in real estate partnerships.
Operating Partnership
2019
2018
2017 (1)
2016
2015
Operating data:
Revenues
$
1,133,138
1,120,975
984,326
614,371
569,763
Operating expenses
763,226
740,806
744,763
403,152
365,098
Total other expense (income)
187,610
170,818
113,661
100,745
74,630
Income from operations before equity in income of investments in real estate partnerships and income taxes
182,302
209,351
125,902
110,474
130,035
Equity in income of investments in real estate partnerships
60,956
42,974
43,341
56,518
22,508
Deferred income tax (benefit) of taxable REIT subsidiary
—
—
(9,737
)
—
—
Net income
243,258
252,325
178,980
166,992
152,543
Income attributable to noncontrolling interests
(3,194
)
(2,673
)
(2,515
)
(1,813
)
(2,247
)
Net income attributable to the Partnership
240,064
249,652
176,465
165,179
150,296
Preferred unit distributions and issuance costs
—
—
(16,128
)
(21,062
)
(21,062
)
Net income attributable to common unit holders
$
240,064
249,652
160,337
144,117
129,234
Income per common unit - diluted:
$
1.43
1.46
1.00
1.42
1.36
NAREIT FFO (2)
654,362
652,857
494,843
277,301
276,515
Other information:
Net cash provided by operating activities
$
621,271
610,327
469,784
297,177
285,543
Net cash used in investing activities
(282,693
)
(106,024
)
(1,007,230
)
(408,632
)
(139,346
)
Net cash (used in) provided by financing activities
(268,206
)
(508,494
)
568,948
88,711
(223,117
)
Distributions paid on common and limited partnership units
391,649
376,755
323,285
201,336
181,691
Balance sheet data:
Real estate investments before accumulated depreciation (3)
$
11,564,816
11,326,163
11,279,125
5,230,198
4,852,106
Total assets
11,132,253
10,944,663
11,145,717
4,488,906
4,182,881
Total debt
3,919,544
3,715,212
3,594,977
1,642,420
1,864,285
Total liabilities
4,842,292
4,494,495
4,412,663
1,864,404
2,100,261
Total partners’ capital
6,249,448
6,408,636
6,702,959
2,589,334
2,052,134
Total noncontrolling interests
40,513
41,532
30,095
35,168
30,486
(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)
Includes our Investments in real estate partnerships.
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