The following table sets forth Selected Financial Data for the Company on a historical basis for the five years ended December 31, 2020 (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
2020 (1)
2019
2018
2017 (2)
2016
Operating data:
Revenues
$
1,016,175
1,133,138
1,120,975
984,326
614,371
Operating expenses
746,620
763,226
740,806
744,763
403,152
Total other expense (income)
256,407
187,610
170,818
113,661
100,745
Income from operations before equity in income of investments in real estate partnerships and income taxes
13,148
182,302
209,351
125,902
110,474
Equity in income of investments in real estate partnerships
34,169
60,956
42,974
43,341
56,518
Deferred income tax benefit of taxable REIT subsidiary
—
—
—
(9,737
)
—
Net income
47,317
243,258
252,325
178,980
166,992
Income attributable to noncontrolling interests
(2,428
)
(3,828
)
(3,198
)
(2,903
)
(2,070
)
Net income attributable to the Company
44,889
239,430
249,127
176,077
164,922
Preferred stock dividends and issuance costs
—
—
—
(16,128
)
(21,062
)
Net income attributable to common stockholders
$
44,889
239,430
249,127
159,949
143,860
Income per common share - diluted
$
0.26
1.43
1.46
1.00
1.42
Nareit FFO (3)
501,984
654,362
652,857
494,843
277,301
Other information:
Net cash provided by operating activities
$
499,118
621,271
610,327
469,784
297,177
Net cash used in investing activities
(25,641
)
(282,693
)
(106,024
)
(1,007,230
)
(408,632
)
Net cash (used in) provided by financing activities
(210,589
)
(268,206
)
(508,494
)
568,948
88,711
Cash dividends paid to common stockholders and unit holders
301,903
391,649
376,755
323,285
201,336
Common dividends declared per share
2.34
2.34
2.22
2.10
2.00
Common stock outstanding including exchangeable operating partnership units
170,445
168,318
168,254
171,715
104,651
Balance sheet data:
Real estate investments before accumulated depreciation (4)
$
11,569,013
11,564,816
11,326,163
11,279,125
5,230,198
Total assets
10,936,904
11,132,253
10,944,663
11,145,717
4,488,906
Total debt
3,923,084
3,919,544
3,715,212
3,594,977
1,642,420
Total liabilities
4,878,757
4,842,292
4,494,495
4,412,663
1,864,404
Total stockholders’ equity
5,984,912
6,213,348
6,397,970
6,692,052
2,591,301
Total noncontrolling interests
73,235
76,613
52,198
41,002
33,201
(1)
2020 Operating data includes the impact of the pandemic, including $117.0 million of higher uncollectible Lease income, which reduced Revenues and Net cash provided by operating activities, and a $132.1 million Goodwill impairment charge included in Other expense (income), as discussed further in Results from Operations.
(2)
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.
(3)
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. Effective January 1, 2019, we prospectively adopted the Nareit FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to our main business. Prior period amounts were not restated to conform to the current year presentation.
(4)
Includes our Investments in real estate partnerships.
Operating Partnership
2020 (1)
2019
2018
2017 (2)
2016
Operating data:
Revenues
$
1,016,175
1,133,138
1,120,975
984,326
614,371
Operating expenses
746,620
763,226
740,806
744,763
403,152
Total other expense (income)
256,407
187,610
170,818
113,661
100,745
Income from operations before equity in income of investments in real estate partnerships and income taxes
13,148
182,302
209,351
125,902
110,474
Equity in income of investments in real estate partnerships
34,169
60,956
42,974
43,341
56,518
Deferred income tax (benefit) of taxable REIT subsidiary
—
—
—
(9,737
)
—
Net income
47,317
243,258
252,325
178,980
166,992
Income attributable to noncontrolling interests
(2,225
)
(3,194
)
(2,673
)
(2,515
)
(1,813
)
Net income attributable to the Partnership
45,092
240,064
249,652
176,465
165,179
Preferred unit distributions and issuance costs
—
—
—
(16,128
)
(21,062
)
Net income attributable to common unit holders
$
45,092
240,064
249,652
160,337
144,117
Income per common unit - diluted:
$
0.26
1.43
1.46
1.00
1.42
Nareit FFO (3)
501,984
654,362
652,857
494,843
277,301
Other information:
Net cash provided by operating activities
$
499,118
621,271
610,327
469,784
297,177
Net cash used in investing activities
(25,641
)
(282,693
)
(106,024
)
(1,007,230
)
(408,632
)
Net cash (used in) provided by financing activities
(210,589
)
(268,206
)
(508,494
)
568,948
88,711
Distributions paid on common and limited partnership units
301,903
391,649
376,755
323,285
201,336
Balance sheet data:
Real estate investments before accumulated depreciation (4)
$
11,569,013
11,564,816
11,326,163
11,279,125
5,230,198
Total assets
10,936,904
11,132,253
10,944,663
11,145,717
4,488,906
Total debt
3,923,084
3,919,544
3,715,212
3,594,977
1,642,420
Total liabilities
4,878,757
4,842,292
4,494,495
4,412,663
1,864,404
Total partners’ capital
6,020,639
6,249,448
6,408,636
6,702,959
2,589,334
Total noncontrolling interests
37,508
40,513
41,532
30,095
35,168
(1)
2020 Operating data includes the impact of the pandemic, including $117.0 million of higher uncollectible Lease income, which reduced Revenues and Net cash provided by operating activities, and a $132.1 million Goodwill impairment charge included in Other expense (income), as discussed further in Results from Operations.
(2)
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.
(3)
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. Effective January 1, 2019, we prospectively adopted the Nareit FFO White Paper – 2018 Restatement (“2018 FFO White Paper”), and elected the option of excluding gains on sale and impairments of land, which are considered incidental to our main business. Prior period amounts were not restated to conform to the current year presentation.
(4)
Includes our Investments in real estate partnerships.
filings.tools