Regency Centers(REG) - 2023 Q1 - Quarterly Report

EXPLANATORY NOTE This note clarifies the combined 10-Q for Regency Centers Corporation (REIT) and Regency Centers, L.P. (Operating Partnership), outlining their relationship and reporting efficiencies - Regency Centers Corporation (Parent Company, REIT) serves as the general partner of Regency Centers, L.P. (Operating Partnership), holding approximately 99.6% of its units[4][5] - The combined report enhances investor understanding, eliminates duplicative disclosure, and improves time and cost efficiencies by presenting the business holistically[6][11] - The Parent Company's primary asset is its ownership in the Operating Partnership, which holds all company assets; while assets and liabilities are identical, equity/capital differs due to noncontrolling interests[7][8][10] PART I - FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) This section presents unaudited consolidated financial statements for Regency Centers Corporation and Regency Centers, L.P., including balance sheets, income, comprehensive income, equity/capital, cash flows, and detailed notes Regency Centers Corporation: Consolidated Balance Sheets | Metric | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | Change (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Total Assets | $10,805,680 | $10,860,220 | $(54,540) | | Total Liabilities | $4,666,245 | $4,682,181 | $(15,936) | | Total Equity | $6,139,435 | $6,178,039 | $(38,604) | | Net Real Estate Investments | $9,748,127 | $9,792,581 | $(44,454) | | Notes Payable | $3,711,784 | $3,726,754 | $(14,970) | Regency Centers Corporation: Consolidated Statements of Operations | Metric | 2023 (in thousands) | 2022 (in thousands) | Change (in thousands) | | :-------------------------------------- | :------------------ | :------------------ | :-------------------- | | Total Revenues | $317,977 | $303,433 | $14,544 | | Total Operating Expenses | $196,989 | $182,137 | $14,852 | | Gain on sale of real estate, net of tax | $(250) | $(101,948) | $101,698 | | Net Income | $98,488 | $196,816 | $(98,328) | | Net income attributable to common shareholders | $97,281 | $195,228 | $(97,947) | | Income per common share - basic | $0.57 | $1.14 | $(0.57) | Regency Centers Corporation: Consolidated Statements of Comprehensive Income | Metric | 2023 (in thousands) | 2022 (in thousands) | Change (in thousands) | | :-------------------------------------- | :------------------ | :------------------ | :-------------------- | | Net income | $98,488 | $196,816 | $(98,328) | | Other comprehensive (loss) income | $(4,036) | $9,224 | $(13,260) | | Comprehensive income attributable to the Company | $93,648 | $203,691 | $(110,043) | Regency Centers Corporation: Consolidated Statements of Equity - Net income contributed $97,281 thousand to shareholders' equity for the three months ended March 31, 2023[24] - Other comprehensive loss before reclassification totaled $(2,316) thousand for the three months ended March 31, 2023[24] - Common stock repurchases and retirements amounted to $(20,006) thousand, and cash dividends declared totaled $(111,347) thousand for the three months ended March 31, 2023[24] Regency Centers Corporation: Consolidated Statements of Cash Flows | Metric | 2023 (in thousands) | 2022 (in thousands) | Change (in thousands) | | :---------------------------------------------- | :------------------ | :------------------ | :-------------------- | | Net cash provided by operating activities | $162,099 | $142,892 | $19,207 | | Net cash (used in) provided by investing activities | $(39,050) | $58,354 | $(97,404) | | Net cash used in financing activities | $(123,682) | $(117,543) | $(6,139) | | Net (decrease) increase in cash and cash equivalents and restricted cash | $(633) | $83,703 | $(84,336) | | Cash and cash equivalents and restricted cash at end of the period | $68,143 | $178,730 | $(110,587) | - Proceeds from the sale of real estate and FF&E decreased significantly from $124,924 thousand in 2022 to $3,603 thousand in 2023[27][148] - Common shares repurchased through the share repurchase program increased to $20,006 thousand in 2023 (from $0 in 2022), alongside increased dividend payments[27][154] Regency Centers, L.P.: Consolidated Balance Sheets | Metric | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | Change (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | :-------------------- | | Total Assets | $10,805,680 | $10,860,220 | $(54,540) | | Total Liabilities | $4,666,245 | $4,682,181 | $(15,936) | | Total Capital | $6,139,435 | $6,178,039 | $(38,604) | | Net Real Estate Investments | $9,748,127 | $9,792,581 | $(44,454) | | Notes Payable | $3,711,784 | $3,726,754 | $(14,970) | Regency Centers, L.P.: Consolidated Statements of Operations | Metric | 2023 (in thousands) | 2022 (in thousands) | Change (in thousands) | | :-------------------------------------- | :------------------ | :------------------ | :-------------------- | | Total Revenues | $317,977 | $303,433 | $14,544 | | Total Operating Expenses | $196,989 | $182,137 | $14,852 | | Gain on sale of real estate, net of tax | $(250) | $(101,948) | $101,698 | | Net Income | $98,488 | $196,816 | $(98,328) | | Net income attributable to common unit holders | $97,701 | $196,091 | $(98,390) | | Income per common unit - basic | $0.57 | $1.14 | $(0.57) | Regency Centers, L.P.: Consolidated Statements of Comprehensive Income | Metric | 2023 (in thousands) | 2022 (in thousands) | Change (in thousands) | | :--------------------------------