Exhibit 99.1
Selected Financial Data
(in thousands, except per share and per unit data, number of properties, and ratio of earnings to fixed charges)
The following tables set forth Selected Financial Data for Regency on a historical basis for the five years ended December 31, 2010. The historical Selected Financial Data has been derived from our previously issued historical consolidated financial statements in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and reflects the effects of the immaterial corrections previously discussed in Item 8.01. The effect on net income (loss) attributable to common stockholders of the Company and net income (loss) attributable to common unit holders of the Operating Partnership was a decrease in income of $3.1 million for the year ended December 31, 2010, an increase in income of $3.7 million, $6.0 million, and $4.1 million for the years ended December 31, 2009, 2008, and 2007, respectively, and a decrease in income of $11.1 million for the year ended December 31, 2006.
Parent Company
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| | | | | | | | | | | | | | | | |
| | | 2010 | | 2009 | | 2008 | | 2007 | | 2006 |
Operating Data: | | | | | | | | | | |
| Revenues | $ | 486,806 | | | 488,073 | | | 494,934 | | | 434,737 | | | 404,602 | |
| Operating expenses | | 316,802 | | | 306,182 | | | 265,753 | | | 243,709 | | | 246,075 | |
| Other expense | | 151,751 | | | 190,729 | | | 109,286 | | | 29,280 | | | 11,174 | |
| Income (loss) before equity in income (loss) of investments in real estate partnerships | | 18,253 | | | (8,838 | ) | | 119,895 | | | 161,748 | | | 147,353 | |
| Equity in income (loss) of investments in real estate partnerships | | (12,884 | ) | | (26,373 | ) | | 5,292 | | | 18,093 | | | 2,580 | |
| Income (loss) from continuing operations | | 5,369 | | | (35,211 | ) | | 125,187 | | | 179,841 | | | 149,933 | |
| Income from discontinued operations | | 7,632 | | | 6,174 | | | 22,297 | | | 34,284 | | | 68,970 | |
| Net income (loss) | | 13,001 | | | (29,037 | ) | | 147,484 | | | 214,125 | | | 218,903 | |
| Net income attributable to noncontrolling interests | | (4,185 | ) | | (3,961 | ) | | (5,333 | ) | | (6,365 | ) | | (11,464 | ) |
| Net income (loss) attributable to controlling interests | | 8,816 | | | (32,998 | ) | | 142,151 | | | 207,760 | | | 207,439 | |
| Preferred stock dividends | | (19,675 | ) | | (19,675 | ) | | (19,675 | ) | | (19,675 | ) | | (19,675 | ) |
| Net income (loss) attributable to common stockholders | | (10,859 | ) | | (52,673 | ) | | 122,476 | | | 188,085 | | | 187,764 | |
| | | | | | | | | | | |
Income (loss) per common share - diluted: | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (0.23 | ) | | (0.78 | ) | | 1.44 | | | 2.22 | | | 1.73 | |
| Net income (loss) attributable to common stockholders | $ | (0.14 | ) | | (0.70 | ) | | 1.76 | | | 2.72 | | �� | 2.75 | |
| | | | | | | | | | | |
Other Information: | | | | | | | | | | |
| Common dividends declared per share | $ | 1.85 | | | 2.11 | | | 2.90 | | | 2.64 | | | 2.38 | |
| Common stock outstanding including exchangeable operating partnership units | | 81,717 | | | 81,670 | | | 70,091 | | | 69,653 | | | 69,375 | |
| Combined Basis gross leasable area (GLA) | | 45,077 | | | 44,972 | | | 49,645 | | | 51,107 | | | 47,187 | |
| Combined Basis number of properties owned | | 396 | | | 400 | | | 440 | | | 451 | | | 405 | |
| Ratio of earnings to fixed charges | | 1.7 | | | 1.0 | | | 1.6 | | | 2.0 | | | 2.0 | |
| | | | | | | | | | | |
Balance Sheet Data: | | | | | | | | | | |
| Real estate investments before accumulated depreciation | $ | 4,417,746 | | | 4,259,990 | | | 4,425,895 | | | 4,367,191 | | | 3,870,629 | |
| Total assets | | 3,994,539 | | | 3,992,228 | | | 4,158,568 | | | 4,137,069 | | | 3,665,759 | |
| Total debt | | 2,094,469 | | | 1,886,380 | | | 2,135,571 | | | 2,007,975 | | | 1,575,386 | |
| Total liabilities | | 2,250,138 | | | 2,061,621 | | | 2,416,824 | | | 2,249,200 | | | 1,791,329 | |
| Stockholders' equity | | 1,685,176 | | | 1,862,380 | | | 1,676,323 | | | 1,810,401 | | | 1,791,410 | |
| Noncontrolling interests | | 59,225 | | | 68,227 | | | 65,421 | | | 77,468 | | | 83,020 | |
Operating Partnership
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| | | | | | | | | | | | | | | | |
| | | 2010 | | 2009 | | 2008 | | 2007 | | 2006 |
Operating Data: | | | | | | | | | | |
| Revenues | $ | 486,806 | | | 488,073 | | | 494,934 | | | 434,737 | | | 404,602 | |
| Operating expenses | | 316,802 | | | 306,182 | | | 265,753 | | | 243,709 | | | 246,075 | |
| Other expense (income) | | 151,751 | | | 190,729 | | | 109,286 | | | 29,280 | | | 11,174 | |
| Income (loss) before equity in income (loss) of investments in real estate partnerships | | 18,253 | | | (8,838 | ) | | 119,895 | | | 161,748 | | | 147,353 | |
| Equity in income (loss) of investments in real estate partnerships | | (12,884 | ) | | (26,373 | ) | | 5,292 | | | 18,093 | | | 2,580 | |
| Income (loss) from continuing operations | | 5,369 | | | (35,211 | ) | | 125,187 | | | 179,841 | | | 149,933 | |
| Income from discontinued operations | | 7,632 | | | 6,174 | | | 22,297 | | | 34,284 | | | 68,970 | |
| Net income (loss) | | 13,001 | | | (29,037 | ) | | 147,484 | | | 214,125 | | | 218,903 | |
| Net income attributable to noncontrolling interests | | (376 | ) | | (452 | ) | | (701 | ) | | (990 | ) | | (4,863 | ) |
| Net income (loss) attributable to controlling interests | | 12,625 | | | (29,489 | ) | | 146,783 | | | 213,135 | | | 214,040 | |
| Preferred unit distributions | | (23,400 | ) | | (23,400 | ) | | (23,400 | ) | | (23,400 | ) | | (23,400 | ) |
| Net income (loss) attributable to common unit holders | | (10,775 | ) | | (52,889 | ) | | 123,383 | | | 189,735 | | | 190,640 | |
| | | | | | | | | | | |
Income (loss) per common unit - diluted: | | | | | | | | | | |
| Income (loss) from continuing operations | $ | (0.23 | ) | | (0.78 | ) | | 1.44 | | | 2.22 | | | 1.73 | |
| Net income (loss) attributable to common unit holders | $ | (0.14 | ) | | (0.70 | ) | | 1.76 | | | 2.72 | | | 2.75 | |
| | | | | | | | | | | |
Other Information: | | | | | | | | | | |
| Distributions per unit | $ | 1.85 | | | 2.11 | | | 2.90 | | | 2.64 | | | 2.38 | |
| Common units outstanding | | 81,717 | | | 81,670 | | | 70,091 | | | 69,653 | | | 69,375 | |
| Preferred units outstanding | | 500 | | | 500 | | | 500 | | | 500 | | | 500 | |
| Combined Basis gross leasable area (GLA) | | 45,077 | | | 44,972 | | | 49,645 | | | 51,107 | | | 47,187 | |
| Combined Basis number of properties owned | | 396 | | | 400 | | | 440 | | | 451 | | | 405 | |
| Ratio of earnings to fixed charges | | 1.7 | | | 1.0 | | | 1.6 | | | 2.0 | | | 2.0 | |
| | | | | | | | | | | |
Balance Sheet Data: | | | | | | | | | | |
| Real estate investments before accumulated depreciation | $ | 4,417,746 | | | 4,259,990 | | | 4,425,895 | | | 4,367,191 | | | 3,870,629 | |
| Total assets | | 3,994,539 | | | 3,992,228 | | | 4,158,568 | | | 4,137,069 | | | 3,665,759 | |
| Total debt | | 2,094,469 | | | 1,886,380 | | | 2,135,571 | | | 2,007,975 | | | 1,575,386 | |
| Total liabilities | | 2,250,138 | | | 2,061,621 | | | 2,416,824 | | | 2,249,200 | | | 1,791,329 | |
| Partners' capital | | 1,733,572 | | | 1,918,859 | | | 1,733,764 | | | 1,869,478 | | | 1,856,633 | |
| Noncontrolling interests | | 10,829 | | | 11,748 | | | 7,980 | | | 18,391 | | | 17,797 | |
Summary of Quarterly Financial Data
(in thousands, except per share and per unit data)
The following tables set forth selected Quarterly Financial Data for the Company on a historical basis for each of the quarters for the years ended December 31, 2010 and 2009. The historical Quarterly Financial Data has been derived from the previously issued historical consolidated financial statements in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and reflects the effects of the immaterial corrections previously discussed in Item 8.01.
Parent Company and Operating Partnership
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| | | | | | | | | | | | | | | |
| | | For the three months ended |
| | | March 31, 2010 | | March 31, 2009 |
| | | Reported | Adjustment | As corrected | | Reported | Adjustment | As corrected |
Operating Data: | | | | | | | | |
| Revenues as originally reported | $ | 124,368 | | — | | 124,368 | | | 120,159 | | — | | 120,159 | |
| Reclassified to discontinued operations | | (290 | ) | — | | (290 | ) | | (744 | ) | — | | (744 | ) |
| Adjusted revenues | $ | 124,078 | | — | | 124,078 | | | 119,415 | | — | | 119,415 | |
| | | | | | | | | |
| Net income (loss) attributable to | | | | | | | | |
| common stockholders | $ | 12,368 | | (969 | ) | 11,399 | | | 19,563 | | 7,427 | | 26,990 | |
| Net income of limited partners | | 94 | | — | | 94 | | | 164 | | — | | 164 | |
| Net income (loss) attributable to | | | | | | | | |
| common unit holders | $ | 12,462 | | (969 | ) | 11,493 | | | 19,727 | | 7,427 | | 27,154 | |
| | | | | | | | | |
| Net income (loss) attributable to | | | | | | | | |
| common stock and unit holders per | | | | | | | | |
| share and unit: | | | | | | | | |
| Basic | $ | 0.15 | | (0.01 | ) | 0.14 | | | 0.28 | | 0.10 | | 0.38 | |
| Diluted | $ | 0.15 | | (0.01 | ) | 0.14 | | | 0.28 | | 0.10 | | 0.38 | |
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| | | | | | | | | | | | | | | |
| | | For the three months ended |
| | | June 30, 2010 | | June 30, 2009 |
| | | Reported | Adjustment | As corrected | | Reported | Adjustment | As corrected |
Operating Data: | | | | | | | | |
| Revenues as originally reported | $ | 121,600 | | — | | 121,600 | | | 116,461 | | — | | 116,461 | |
| Reclassified to discontinued operations | | (348 | ) | — | | (348 | ) | | (1,466 | ) | — | | (1,466 | ) |
| Adjusted revenues | $ | 121,252 | | — | | 121,252 | | | 114,995 | | — | | 114,995 | |
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| Net income (loss) attributable to | | | | | | | | |
| common stockholders | $ | 6,753 | | 996 | | 7,749 | | | (17,180 | ) | (3,343 | ) | (20,523 | ) |
| Net income (loss) of limited partners | | 27 | | — | | 27 | | | (92 | ) | — | | (92 | ) |
| Net income (loss) attributable to | | | | | | | | |
| common unit holders | $ | 6,780 | | 996 | | 7,776 | | | (17,272 | ) | (3,343 | ) | (20,615 | ) |
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| Net income (loss) attributable to | | | | | | | | |
| common stock and unit holders per | | | | | | | | |
| share and unit: | | | | | | | | |
| Basic | $ | 0.08 | | 0.01 | | 0.09 | | | (0.23 | ) | (0.04 | ) | (0.27 | ) |
| Diluted | $ | 0.08 | | 0.01 | | 0.09 | | | (0.23 | ) | (0.04 | ) | (0.27 | ) |
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| | | | | | | | | | | | | | | |
| | | For the three months ended |
| | | September 30, 2010 | | September 30, 2009 |
| | | Reported | Adjustment | As corrected | | Reported | Adjustment | As corrected |
Operating Data: | | | | | | | | |
| Revenues as originally reported | $ | 121,410 | | — | | 121,410 | | | 133,742 | | — | | 133,742 | |
| Reclassified to discontinued operations | | 165 | | — | | 165 | | | (1,421 | ) | — | | (1,421 | ) |
| Adjusted revenues | $ | 121,575 | | — | | 121,575 | | | 132,321 | | — | | 132,321 | |
| | | | | | | | | |
| Net income (loss) attributable to | | | | | | | | |
| common stockholders | $ | 9,885 | | (1,992 | ) | 7,893 | | | (84,092 | ) | (1,162 | ) | (85,254 | ) |
| Net income (loss) of limited partners | | 34 | | — | | 34 | | | (462 | ) | — | | (462 | ) |
| Net income (loss) attributable to | | | | | | | | |
| common unit holders | $ | 9,919 | | (1,992 | ) | 7,927 | | | (84,554 | ) | (1,162 | ) | (85,716 | ) |
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| Net income (loss) attributable to | | | | | | | | |
| common stock and unit holders per | | | | | | | | |
| share and unit: | | | | | | | | |
| Basic | $ | 0.12 | | (0.03 | ) | 0.09 | | | (1.05 | ) | (0.02 | ) | (1.07 | ) |
| Diluted | $ | 0.12 | | (0.03 | ) | 0.09 | | | (1.05 | ) | (0.02 | ) | (1.07 | ) |
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| | | | | | | | | | | | | | | |
| | | For the three months ended |
| | | December 31, 2010 | | December 31, 2009 |
| | | Reported | Adjustment | As corrected | | Reported | Adjustment | As corrected |
Operating Data: | | | | | | | | |
| Revenues as originally reported | $ | 119,901 | | — | | 119,901 | | | 121,625 | | — | | 121,625 | |
| Reclassified to discontinued operations | | — | | — | | — | | | (283 | ) | — | | (283 | ) |
| Adjusted revenues | $ | 119,901 | | — | | 119,901 | | | 121,342 | | — | | 121,342 | |
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| Net income (loss) attributable to | | | | | | | | |
| common stockholders | $ | (36,667 | ) | (1,232 | ) | (37,899 | ) | | 25,330 | | 784 | | 26,114 | |
| Net income (loss) of limited partners | | (71 | ) | — | | (71 | ) | | 174 | | — | | 174 | |
| Net income (loss) attributable to | | | | | | | | |
| common unit holders | $ | (36,738 | ) | (1,232 | ) | (37,970 | ) | | 25,504 | | 784 | | 26,288 | |
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| Net income (loss) attributable to | | | | | | | | |
| common stock and unit holders per | | | | | | | | |
| share and unit: | | | | | | | | |
| Basic | $ | (0.45 | ) | (0.02 | ) | (0.47 | ) | | 0.31 | | 0.01 | | 0.32 | |
| Diluted | $ | (0.44 | ) | (0.02 | ) | (0.46 | ) | | 0.31 | | 0.01 | | 0.32 | |