Exhibit 99.1
Regency Centers Corporation
Press Release
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| www.RegencyCenters.com | | CONTACT: | | PATRICK JOHNSON (904) 598-7422 |
REGENCY CENTERS UPDATES 2012 EARNINGS GUIDANCE
Jacksonville, Fla. (February 7, 2012)— Regency Centers Corporation (NYSE:REG; “Regency” or “The Company”) announced today updated earnings guidance associated with the redemption and new issuance of preferred securities.
Effective today, Regency priced $250 million of newly issued 6.625% Series 6 Cumulative Redeemable Preferred Shares (“Series 6 Stock”). The Company will use the proceeds for (i) the purchase of all outstanding of 7.45% Series D Cumulative Redeemable Preferred Limited Partnership Units of its operating partnership (“Series D Units”); (ii) the redemption of 7.45% Series 3 Cumulative Redeemable Preferred Shares (“Series 3 Stock”); and (iii) the redemption of 7.25% Series 4 Cumulative Redeemable Preferred Shares (“Series 4 Stock”; collectively, the “Preferred Redemptions”).
Full-year 2012 Recurring Funds From Operations (“FFO”) will increase by $1.6 million, or $0.02 per share, as a result of the preferred dividend savings. Beginning in 2013, the Preferred Redemptions and the issuance of the Series 6 Stock will result in annual preferred dividend savings of approximately $1.8 million.
Full-year 2012 FFO will be lower by approximately $6.1 million, or $0.07 per share, due to the one-time impacts of (i) the expensing of original issuance costs of approximately $7.8 million on the Preferred Redemptions; (ii) the gain recognized by a negotiated discount to par of $1.9 million on the purchase of the Series D Units; and (iii) the one-time additional dividend payments of $1.8 million in the first quarter related to the required notice period of the Series 3 Stock and Series 4 Stock redemptions. These one-time impacts will be offset by the preferred dividend savings of $1.6 million for the remainder of the year.
Please see below updated summaries of guidance and Recurring FFO reconciliations.
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| | | 2012 Earnings Guidance | |
| | | Previous Guidance | | | Updated Guidance | |
FFO/share — 2012 | | $ | 2.30 - $2.46 | | | $ | 2.23 - $2.39 | |
FFO/share — Q1 2012 | | $ | 0.55 - $0.59 | | | $ | 0.47 - $0.51 | |
Recurring FFO/share — 2012 | | $ | 2.36 - $2.50 | | | $ | 2.38 - $2.52 | |
Recurring FFO/share — Q1 2012 | | $ | 0.54 - $0.58 | | | | no change | |
All numbers are per share except weighted average shares
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Funds From Operations Guidance: | | Three Months
Ended March 31,
2012 | | | Full Year 2012 | |
Net income attributable to common stockholders | | ($ | 0.01 | ) | | $ | 0.03 | | | $ | 0.32 | | | $ | 0.48 | |
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Adjustments to reconcile net income to FFO: | | | | | | | | | | | | | | | | |
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Depreciation expense, amortization and other amounts as defined below | | $ | 0.48 | | | | 0.48 | | | $ | 1.91 | | | | 1.91 | |
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Funds From Operations(1) | | $ | 0.47 | | | | 0.51 | | | $ | 2.23 | | | $ | 2.39 | |
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Adjustments to reconcile FFO to Recurring FFO: | | | | | | | | | | | | | | | | |
Original preferred stock issuance costs expensed | | | 0.09 | | | | 0.09 | | | | 0.09 | | | | 0.09 | |
Gain on redemption of preferred units | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) |
One-time additional preferred dividend payment | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | |
All other non-recurring items | | | (0.02 | ) | | | (0.02 | ) | | | 0.06 | | | | 0.04 | |
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Recurring Funds From Operations(1) | | $ | 0.54 | | | | 0.58 | | | $ | 2.38 | | | | 2.52 | |
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Weighted average shares (000’s) | | | 90,314 | | | | | | | | 90,424 | | | | | |
| (1) | See the definition of Funds from Operations and Recurring Funds from Operations included on page 2 of our supplemental report, as filed as Exhibit 99.2 to our Form 8-K dated February 1, 2012. |
Regency Centers Corporation (NYSE: REG)
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At December 31, 2011, the Company owned 364 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 49.5 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 205 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
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Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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