Regency Centers
December 31, 2003
Supplemental Information
Investor Relations
Diane Ortolano
121 W. Forsyth St., Suite 200
Jacksonville, FL 32202
904.598.7727
ABOUT REGENCY
- --------------------------------------------------------------------------------
Regency Centers Corporation is the leading national owner, operator, and
developer focused on grocery-anchored, neighborhood and community retail
centers. Regency's total assets before depreciation are $3.4 billion.
As of December 31, 2003, the Company owns 265 retail properties, including those
held in joint venture partnerships, totaling 30.3 million square feet and
located in high growth markets throughout the United States. Founded in 1963 and
operating as a fully integrated real estate company, Regency is a qualified real
estate investment trust that is self-administered and self-managed.
The quality of Regency's portfolio, anchored by preeminent supermarket chains
such as Kroger, Publix, Safeway and Albertson's, draws nearly 15,000 shopper
visits per week. In addition, 77% of the portfolio is leased to national and
regional retailers. We believe that the quality of our tenant base and the
strength of our tenant relationships are a fundamentally differentiating factor
for Regency. PCI is Regency's relationship-based operating system that focuses
on the national, regional, and local retailers that are the best operators in
their merchandising category. Intimate knowledge of our customers has allowed
for the streamlining and customizing of the leasing process to reduce
negotiation and vacancy down time while increasing the percentage of square feet
leased to better operators. This quality combination of tenants has enabled
occupancy rates to remain above 93% for the past seven years.
Regency's operating and development expertise continues to create value from the
operating portfolio and from new development opportunities. At the end of the
fourth quarter of 2003, Regency had 38 properties under development for an
estimated total investment at completion of $694 million. These in-process
developments are 61% funded and 76% leased.
Regency engages in a self-funding capital structure for its development program
by selling non-strategic operating assets and developments and selling an
interest in operating centers and completed developments to joint venture
partners then using these proceeds to fund our new developments and
acquisitions. This program has enhanced the Company's investment grade-rated
balance sheet.
Regency has centers located in the top markets in the country and has 18 offices
nationwide. The Company is listed on the New York Stock Exchange and is traded
under the symbol REG. There is also a preferred class of shares that trade under
REG PrC.
Please visit our web site at www.RegencyCenters.com for more information.
SUPPLEMENTAL INFORMATION TABLE OF CONTENTS
December 31, 2003
- --------------------------------------------------------------------------------
QUARTER HIGHLIGHTS............................................................1
- ------------------
FINANCIAL INFORMATION:
- ---------------------
Summary Financial Information.................................................2
Consolidated Balance Sheet....................................................3
Consolidated Statement of Operations (FFO format).............................4
Reconciliation of FFO to Net Income...........................................5
Consolidated Statement of Operations (GAAP basis).............................6
Basic and Diluted Per Share Calculation (EPS and FFO).........................7
Summary of Outstanding Debt.................................................8-9
Acquisitions, Dispositions and Sales .....................................10-13
Development Summary.......................................................14-15
Investments in Real Estate Partnerships......................................16
Unconsolidated Real Estate Partnerships Balance Sheet........................17
Unconsolidated Real Estate Partnerships Statements of Operations.............18
Securities Issued Other than Common Stock....................................19
REAL ESTATE INFORMATION:
- -----------------------
Summary Real Estate Information..............................................20
Portfolio Summary Report by Region........................................21-28
Significant Tenant Rents.....................................................29
10 Year Lease Expiration Table...............................................30
FORWARD-LOOKING INFORMATION:
- ---------------------------
Earnings and Valuation Guidance..............................................31
FFO per Share Guidance Reconciliation........................................32
QUARTER HIGHLIGHTS
- --------------------------------------------------------------------------------
Operating Results
For the fourth quarter of 2003, same property NOI growth was 3.1%. Operating
properties were 95.4% leased, with a renewal percentage of 75%. During the
quarter 1.2 million square feet of GLA was renewed or newly leased through 365
leasing transactions. Rent growth remained strong at 9.5% for the quarter.
Financial Results
Net income for the quarter was $53.3 million, or $0.89 per diluted share. Funds
From Operations were $55.9 million, or $0.91 per diluted share.
Development Activity
Regency began development of ten new centers in the fourth quarter:
o Alameda Bridgeside in Alameda, California
o Clayton Valley in Concord, California
o Falcon Ridge in Fontana, California
o Hasley Canyon Village in Valencia, California
o Victoria Gateway Center in Rancho Cucamonga, California
o Phase II of Main Street Center in Frisco, Texas
o Signature Plaza in Plano, Texas
o Spring West in Spring, Texas
o Hollymead in Charlottesville, Virginia
o Signal Hill in Manassas, Virginia
For more information, please see page 14.
Disposition Activity
Regency sold eleven operating properties in the fourth quarter: Four of these
were sold into the Macquarie joint venture. Two of the eleven were joint venture
properties sold to third parties. Five non-strategic developments were also sold
during the quarter. For more information on the dispositions, please see page
12.
1
SUMMARY FINANCIAL INFORMATION
December 31, 2003
- --------------------------------------------------------------------------------
Financial Results
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
------ ------ ------ ------
Net Income for common stockholders $53,289,159 $34,226,399 $126,614,365 $107,666,464
Basic EPS $0.89 $0.58 $2.13 $1.85
Diluted EPS $0.89 $0.58 $2.12 $1.84
Diluted EPS per share growth rate 53.4% 15.2%
Funds from Operations for common stockholders $55,890,749 $51,695,005 $181,826,447 $176,429,856
FFO per share - Basic $0.92 $0.86 $3.01 $2.93
FFO per share - Diluted $0.91 $0.84 $2.97 $2.87
Diluted FFO per share growth rate 8.3% 3.5%
Dividends paid per share and unit $0.520 $0.510 $2.080 $2.040
Payout ratio of Diluted FFO per share 57.1% 60.7% 70.0% 71.1%
Interest Coverage Ratios
Interest only 3.4 3.3 3.1 3.1
Capitalized interest $3,327,768 $2,732,805 $13,105,955 $13,752,848
Fixed Charge (debt svc + preferred dividends) 2.6 2.4 2.2 2.1
Capital Information
----------------------------------- -----------------------------------
Current YTD Change 12/31/02 12/31/01
=================================== ===================================
Closing common stock price per share $39.85 $7.45 $32.40 $27.75
High $40.43 $32.40 $27.75
Low $34.09 $25.22 $20.75
================= ===================================
hareholder Return (assumes no reinvestment
of dividends) 29.4%
Common shares and Equivalents Outstanding 61,226,582 (285,312) 61,511,894 60,644,594
Market equity value of Common and Convertible shares $2,439,879 $446,894 $1,992,985 $1,682,887
Non-Convertible Preferred Units and shares $304,000 ($80,000) $384,000 $384,000
Outstanding debt (000's) $1,452,777 $119,253 $1,333,524 $1,396,721
----------------------------------- -----------------------------------
Total market capitalization (000's) $4,196,656 $486,147 $3,710,509 $3,463,608
Debt to Total Market Capitalization 34.6% 35.9% 40.3%
================= ===================================
Total real estate investments at cost (000's) $3,167,756 $71,773 $3,095,983 $3,156,831
Debt to Total Assets, at Cost before Depreciation 42.9% 40.2% 42.2%
================= ===================================
Outstanding Classes of Stock and Partnership Units:
Common Shares Outstanding 59,907,957 - 59,557,036 57,601,451
Exchangeable O.P Units held by minority interests 1,318,625 - 1,504,458 1,555,636
Series 2 Cumulative Convertible Preferred Stock 0 450,400 1,487,507
----------------- -----------------------------------
Total Common Shares & Equivalents 61,226,582 - 61,511,894 60,644,594
================= ===================================
2
CONSOLIDATED BALANCE SHEET
For the Periods Ended December 31, 2003, 2002 and 2001
- --------------------------------------------------------------------------------
Assets 2003 2002 2001
- ------ ---- ---- ----
Real Estate Investments at cost:
Operating properties $ 2,653,585,255 2,688,756,594 2,515,042,827
Properties in development 369,474,460 276,085,435 408,437,476
------------------ -----------------------------------
3,023,059,715 2,964,842,029 2,923,480,303
Operating properties held for sale 4,200,008 5,658,905 158,121,462
Less: accumulated depreciation 285,664,875 244,595,928 202,325,324
------------------ -----------------------------------
2,741,594,848 2,725,905,006 2,879,276,441
Investments in real estate partnerships 140,496,074 125,482,151 75,229,636
------------------ -----------------------------------
Net real estate investments 2,882,090,922 2,851,387,157 2,954,506,077
Cash and cash equivalents 29,868,622 56,447,329 27,853,264
Notes receivable 70,781,914 56,630,876 32,504,941
Tenant receivables, net of allowances for uncollectible accounts 54,573,165 47,983,160 47,723,145
Deferred costs, less accumulated amortization 36,416,050 37,367,196 34,399,242
Intangible and other assets 24,498,040 19,112,148 12,327,567
------------------ -----------------------------------
$ 3,098,228,713 3,068,927,866 3,109,314,236
================== ===================================
Liabilities and Stockholders' Equity
- ------------------------------------
Notes payable $ 1,257,776,805 1,253,524,045 1,022,720,748
Unsecured line of credit 195,000,000 80,000,000 374,000,000
------------------ -----------------------------------
Total Notes Payable 1,452,776,805 1,333,524,045 1,396,720,748
------------------ -----------------------------------
Tenant security and escrow deposits 9,358,023 8,847,603 8,656,456
Accounts payable and other liabilities 100,395,027 83,977,263 73,434,322
------------------ -----------------------------------
Total liabilities 1,562,529,855 1,426,348,911 1,478,811,526
------------------ -----------------------------------
Preferred units 223,525,891 375,403,652 375,403,652
Exchangeable operating partnership units 26,544,594 30,629,974 32,108,191
Limited partners' interest in consolidated partnerships 4,650,626 14,825,256 3,940,011
------------------ -----------------------------------
Total minority interests 254,721,111 420,858,882 411,451,854
------------------ -----------------------------------
Stockholders' Equity
- --------------------
Cumulative redeemable preferred stock 75,000,000 10,505,591 34,696,112
Common stock, $.01 par 649,561 634,804 609,955
Additional paid in capital, net of Treasury stock 1,282,947,196 1,290,109,653 1,260,233,020
Accumulated other comprehensive income 174,747 0 0
Distributions in excess of net income (77,793,757) (79,529,975) (68,226,276)
Stock loans 0 0 (8,261,955)
------------------ -----------------------------------
Total Stockholders' Equity 1,280,977,747 1,221,720,073 1,219,050,856
------------------ -----------------------------------
$ 3,098,228,713 3,068,927,866 3,109,314,236
================== ===================================
Other Summary Information
- -------------------------
2003 2002
---- ----
Debt to Real Estate Assets, at cost before depreciation 45.9% 43.1%
Unsecured Assets to Total Real Estate Assets (REG 100% owned only) 80.8% 81.9%
Unsecured NOI to Total NOI (REG 100% owned only) 82.0% 85.0%
3
CONSOLIDATED STATEMENTS OF OPERATIONS
(Asset sales not separated as discontinued operations as required by GAAP - See
Form 10Q and Form 10K)
For the Periods Ended December 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
------ ------ ------ ------
Real Estate Revenues:
Minimum rent $71,024,772 $72,825,863 $282,446,570 $290,364,665
Percentage rent 3,096,934 3,916,262 4,597,079 5,443,402
Recoveries from tenants 18,555,128 18,036,042 76,084,334 75,800,250
Other tenant income 1,299,112 1,495,681 5,462,513 6,466,319
----------------------------------- -----------------------------------
93,975,946 96,273,848 368,590,496 378,074,636
----------------------------------- -----------------------------------
Real Estate Operating Expenses:
Operating and maintenance 14,305,013 15,099,973 54,717,660 54,793,489
Real estate taxes 10,013,352 9,484,271 40,433,456 41,144,760
----------------------------------- -----------------------------------
24,318,365 24,584,244 95,151,116 95,938,249
----------------------------------- -----------------------------------
Net Operating Income 69,657,581 71,689,604 273,439,380 282,136,387
----------------------------------- -----------------------------------
Development Gains and Mgmt Fees:
Development gains 11,434,547 11,714,529 26,110,830 19,252,434
Fees and commissions 1,412,552 1,443,794 6,418,937 4,616,916
Gains on sales of outparcels 7,355,870 3,143,020 11,771,094 6,201,173
Provision for income tax (expense) (2,181,204) 391,400 (2,181,204) 391,400
----------------------------------- -----------------------------------
18,021,765 16,692,743 42,119,657 30,461,923
----------------------------------- -----------------------------------
Other Operating Expense (Income):
General and administrative excluding
franchise taxes 7,790,753 7,200,130 24,229,199 22,784,935
Franchise taxes (43,684) 58,543 121,677 (217,521)
Depreciation and amortization 19,683,942 20,221,250 76,571,435 74,379,662
Net interest expense 21,126,642 22,553,818 84,227,761 82,429,884
Gain on sale of operating properties (19,243,813) (4,257,436) (27,001,037) (10,826,677)
Provision for loss on operating properties 0 0 1,968,520 2,524,480
----------------------------------- -----------------------------------
29,313,840 45,776,305 160,117,555 171,074,763
----------------------------------- -----------------------------------
Minority interests (income)
Equity in income of unconsolidated partnerships (2,809,459) (1,577,641) (8,719,418) (5,764,911)
Preferred unit distributions 5,081,250 8,368,752 29,826,131 33,475,008
Exchangeable operating partnership units 1,202,056 874,232 3,044,013 2,796,643
Limited partners' interest in consolidated
partnerships 184,125 131,980 501,261 492,139
----------------------------------- -----------------------------------
Net income 54,707,534 34,808,719 130,789,495 110,524,668
Preferred stock dividends 1,418,375 582,320 4,175,130 2,858,204
----------------------------------- -----------------------------------
Net income for common stockholders $53,289,159 $34,226,399 $126,614,365 $107,666,464
=================================== ===================================
4
RECONCILIATION OF FFO TO NET INCOME
For the Periods Ended December 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
------------------ ------------
2003 2002 2003 2002
Actual Actual Actual Actual
------ ------ ------ ------
Funds From Operations:
- ---------------------
Net income for common stockholders $53,289,159 $34,226,399 $126,614,365 $107,666,464
Add (Less):
Depreciation expense - real property $18,623,923 $18,199,019 72,117,235 67,905,998
Amortization of leasing commissions $2,019,424 $2,070,471 7,051,871 6,029,223
Gain on sale of operating properties ($19,243,813) ($4,257,436) (27,001,037) (10,826,676)
Convertible preferred stock dividends $0 $582,320 0 2,858,204
Minority interest of exchangeable
partnership units $1,202,056 $874,232 3,044,013 2,796,643
----------------------------------- -----------------------------------
Funds from Operations (a) $55,890,749 $51,695,005 $181,826,447 $176,429,856
=================================== ===================================
Additional Disclosure:
- ---------------------
Straight-line rental income $321,724 $1,512,494 $3,189,029 $5,152,766
Provision for loss on sale of operating properties $0 $0 $1,968,520 $2,524,480
Preferred stock and unit issuance costs $0 $0 $3,122,239 $0
Debt premium amortization income $456,201 $380,618 $1,587,205 $1,933,805
Stock based compensation expense $1,450,413 $1,465,813 $5,785,845 $4,560,039
Capital Expenditures (non-revenue enhancing only)
- ------------------------------------------------
Leasing commissions - Non-revenue enhancing $1,965,464 $1,585,489 $7,327,796 $6,360,571
Tenant improvements - Non-revenue enhancing $539,731 $1,302,455 $5,910,192 $6,700,630
Building improvements - Non-revenue enhancing $2,455,283 $4,680,012 $7,610,006 $8,316,247
Capital Expenditures (including revenue-enhancing)
- -----------------------------------------------------
Leasing commissions $3,712,351 $3,958,612 $11,021,273 $12,183,537
Tenant improvements $1,953,205 $1,777,624 $7,930,076 $9,767,020
Building improvements $2,731,442 $4,741,771 $8,128,733 $8,766,583
(a) Regency considers FFO to be an accurate benchmark to its peer group and a
meaningful performance measurement for the company because it excludes various
items in net income that do not relate to or are not indicative of the operating
performance of the ownership, management and development of real estate. FFO is
defined by the National Association of Real Estate Investment Trusts generally
as net earnings (computed in accordance with GAAP), (1) excluding real estate
depreciation and amortization, gains and losses from sales of properties (except
those gains and losses sold by Regency's taxable REIT subsidiary), after
adjustment for unconsolidated partnerships and joint ventures and (2) excluding
items classified by GAAP as extraordinary or unusual, along with significant
non-recurring events. Regency also adjusts for the payment of convertible
preferred stock dividends.
5
CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS)
For the Periods Ended December 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
2003 2002 2003 2002
Actual Actual Actual Actual
Revenues:
Minimum rent $66,111,417 $67,516,490 $275,449,673 $262,720,557
Percentage rent 3,031,577 3,709,915 4,536,446 5,173,575
Recoveries from tenants 18,711,285 18,538,020 79,939,958 75,385,175
Management fees and commissions 1,412,552 1,443,794 6,418,937 4,616,916
Equity in income of investments in
real estate partnerships 5,366,450 1,577,641 11,276,409 5,764,909
----------------------------------- -----------------------------------
Total revenues 94,633,281 92,785,860 377,621,423 353,661,132
----------------------------------- -----------------------------------
Operating Expenses:
Depreciation and amortization 18,540,508 18,469,046 74,741,180 67,845,443
Operating and maintenance 13,377,585 14,102,329 53,207,353 49,554,740
General and administrative 7,790,753 7,171,785 24,229,199 22,756,590
Real estate taxes 9,564,680 9,270,628 39,754,998 37,705,837
Other operating expense 3,981,282 698,093 5,553,453 1,376,647
----------------------------------- -----------------------------------
Total operating expenses 53,254,808 49,711,881 197,486,183 179,239,257
----------------------------------- -----------------------------------
Other Expense (Income):
Interest expense, net of interest income 21,126,642 22,453,117 84,017,406 84,222,269
Gain from sale of operating or development properties (27,117,331) (10,204,234) (48,717,043) (20,904,828)
Provision for loss on operating properties 0 1,070,000 1,249,175 1,070,000
Other expense (income) 0 0 0 (2,383,524)
----------------------------------- -----------------------------------
Total other expense (5,990,689) 13,318,883 36,549,538 62,003,917
----------------------------------- -----------------------------------
Income before minority interests 47,369,162 29,755,096 143,585,702 112,417,958
Minority interest preferred unit distributions (5,081,250) (8,368,752) (29,826,131) (33,475,008)
Minority interest of exchangeable partnership units (907,420) (520,732) (2,570,395) (1,935,342)
Minority interest of limited partners (184,124) (131,979) (501,260) (492,137)
----------------------------------- -----------------------------------
Income from continuing operations 41,196,368 20,733,633 110,687,916 76,515,471
----------------------------------- -----------------------------------
Discontinued Operations:
Operating Income from discontinued operations 3,524,718 2,604,810 3,618,376 15,305,207
Gain from sale of operating or development properties 9,986,448 11,470,276 16,483,203 18,703,990
----------------------------------- -----------------------------------
Income from discontinued operations 13,511,166 14,075,086 20,101,579 34,009,197
----------------------------------- -----------------------------------
Net Income 54,707,534 34,808,719 130,789,495 110,524,668
----------------------------------- -----------------------------------
Preferred stock dividends (1,418,375) (582,320) (4,175,130) (2,858,204)
----------------------------------- -----------------------------------
Net income for common stockholders $53,289,159 $34,226,399 $126,614,365 $107,666,464
=================================== ===================================
6
CALCULATION OF EARNINGS AND FFO PER SHARE
For the Periods Ended December 31, 2003 and 2002
- --------------------------------------------------------------------------------
Three Months Ended Year to Date
2003 2002 2003 2002
Actual Actual Actual Actual
Earnings Per Share
------------------
Net Income for Basic EPS $53,289,159 $34,226,399 $126,614,365 $107,666,464
Increases to Diluted EPS as a result of Dilutive CSE's
Convertible Preferred stock dividends 0 582,320 0 582,320
Minority interests of exchangeable partnership units 1,202,056 874,232 3,044,013 2,796,643
----------------------------------- -----------------------------------
Net Income for Diluted EPS $54,491,215 $35,682,951 $129,658,378 $111,045,427
=================================== ===================================
Net Income from discontinued operations for Basic EPS 13,511,166 14,075,086 20,101,579 34,009,197
Minority Interests of exchangeable O.P. units 294,636 353,500 473,618 861,301
----------------------------------- -----------------------------------
Net Income from discontinued operations for Diluted EPS $13,805,802 $14,428,586 $20,575,197 $34,870,498
=================================== ===================================
Earnings Per Share:
- ------------------
Basic NI for CS before Disc. Ops. $0.67 $0.34 $1.79 $1.27
Diluted NI for CS before Disc. Ops. $0.67 $0.34 $1.78 $1.26
Basic Discontinued Operations $0.22 $0.24 $0.34 $0.58
Diluted Discontinued Operations $0.22 $0.24 $0.34 $0.58
Basic NI for common stockholders $0.89 $0.58 $2.13 $1.85
Diluted NI for common stockholders $0.89 $0.58 $2.12 $1.84
Funds From Operations Per Share
-------------------------------
Funds from Operations for Basic FFO per share $54,688,693 $50,238,453 $178,782,434 $170,775,009
=================================== ===================================
Increases to Diluted FFO as a result of Dilutive CSE's
Convertible Preferred stock dividends 0 582,320 0 2,858,204
Minority interests of exchangeable partnership units 1,202,056 874,232 3,044,013 2,796,643
----------------------------------- -----------------------------------
Funds from Operations for Diluted FFO per share $55,890,749 $51,695,005 $181,826,447 $176,429,856
=================================== ===================================
FFO Per Share:
- -------------
Basic $0.92 $0.86 $3.01 $2.93
Diluted $0.91 $0.84 $2.97 $2.87
Weighted Average Shares Outstanding
-----------------------------------
Weighted Average Shares for Basic
Net Income and FFO Per Share 59,733,074 58,514,253 59,410,511 58,192,961
=================================== ===================================
Dilutive Common Stock Equivalents for EPS:
O.P. Unit equivalents after conversion to common 1,351,616 1,504,902 1,435,862 1,523,000
Series 2 Cumulative Convertible Preferred Stock 0 1,374,530 0 343,633
Compensation based stock options (Treasury Method) 395,936 350,141 395,485 378,545
----------------------------------- -----------------------------------
Weighted Average Shares for Diluted EPS 61,480,626 61,743,826 61,241,858 60,438,139
=================================== ===================================
Dilutive Common Stock Equivalents for FFO:
Series 2 Cumulative Convertible Preferred Stock 0 0 0 1,115,630
----------------------------------- -----------------------------------
Weighted Average Shares for Diluted
Funds from Operations Per Share 61,480,626 61,743,826 61,241,858 61,553,769
=================================== ===================================
7
SUMMARY OF OUTSTANDING DEBT
- --------------------------------------------------------------------------------
Total Debt Outstanding 12/31/03 12/31/02
---------------------- -------- --------
Mortgage Loans Payable:
Fixed rate secured loans $ 217,001,451 229,551,448
Variable rate secured loans 41,628,717 24,998,148
Unsecured debt offering fixed rate 999,146,637 998,974,449
Unsecured line of credit variable rate 195,000,000 80,000,000
---------------- ----------------
Total $ 1,452,776,805 1,333,524,045
================ ================
Scheduled Unsecured Term
Schedule of Maturities by Year: Amortization Line of Credit Maturities Total
------------------------------- ------------ -------------- -- ----------- -- -----
2004 $ 5,344,129 195,000,000 224,340,056 424,684,185
2005 3,954,358 - 172,914,785 176,869,143
2006 3,476,268 - 20,783,032 24,259,300
2007 2,890,827 - 25,690,363 28,581,190
2008 2,696,989 - 19,617,590 22,314,579
2009 2,656,795 - 53,088,657 55,745,452
2010 2,451,847 - 177,126,142 179,577,989
2011 2,406,531 - 250,998,037 253,404,568
2012 2,475,399 - 255,410,940 257,886,339
2013 2,656,836 - - 2,656,836
>10 years 8,470,828 - 12,937,480 21,408,308
Net unamortized debt premiums - - 5,388,916 5,388,916
--------------- -------------- ---------------- ----------------
$ 39,480,807 195,000,000 1,218,295,998 1,452,776,805
=============== ============== ================ ================
Percentage of Total Debt: 12/31/03 12/31/02
------------------------- -------- --------
Fixed 83.71% 92.13%
Variable 16.29% 7.87%
Current Average Interest Rate:
Fixed 7.54% 7.51%
Variable 2.01% 2.60%
Effective Interest Rate * 6.64% 6.93%
* rate as of period end and excluding the impact of amortization of deferred
loan costs and debt premiums
8
SUMMARY OF OUTSTANDING DEBT
Consolidated debt by maturity date
- ------------------------------------------------------------------------------------------------------------------------------------
Lender Secured Property Rate Maturity 12/31/03 12/31/02
Fixed Rate Loans:
Nationwide Life Insurance Company Glenwood Village 8.625% 06/01/03 $ - 1,803,015
G.E. Capital Pike Creek 9.040% 11/21/03 - 11,497,054
Debt Offering Unsecured 7.400% 04/01/04 199,990,900 199,959,700
Community Dev. Comm. City of Vista Vista Village 7.100% 07/01/04 2,000,000 -
Principal Mutual Life Insurance Co. Cochran's Crossing 8.410% 12/01/04 5,720,439 5,816,004
Ellen Kelly Woolaver Hillsboro Pike 7.100% 01/15/05 403,200 604,800
Nationwide Life Insurance Co. Friar's Mission 9.500% 06/10/05 15,143,849 15,510,135
IDS Certificate Co. St. Ann Square 9.500% 07/01/05 4,339,211 4,488,979
Debt Offering Unsecured 7.125% 07/15/05 99,948,145 99,913,573
Teachers Ins & Annuity of America Westchester Plaza 8.010% 09/05/05 5,205,745 5,348,002
Teachers Ins & Annuity of America East Pointe Crossing 8.010% 09/05/05 4,446,115 4,566,501
Allstate Insurance Company of America Memorial Bend 7.920% 10/01/05 6,883,068 7,221,233
DLJ Commercial Mortgage Northlake Village 8.780% 11/01/05 6,519,127 6,648,152
Woodmen of the World Life Ins. Society Market at Round Rock 8.625% 09/01/05 6,693,790 6,865,056
Allstate Life Insurance Company Highlands Square 8.450% 02/01/06 - 3,455,408
Principal Mutual Life Insurance Co. Briarcliff Village 7.040% 02/01/06 12,307,949 12,531,048
Teachers Ins & Annuity of America Statler Square 8.110% 05/01/06 5,001,575 5,111,624
Teachers Ins & Annuity of America Northgate Plaza/Maxtown 7.050% 08/01/06 4,855,598 4,989,474
Teachers Ins & Annuity of America Kernersville Plaza 8.730% 04/01/07 4,788,416 4,890,002
Teachers Ins & Annuity of America Maynard Crossing 8.735% 04/01/07 10,746,828 10,974,680
Principal Mutual Life Ins. Lakeshore 7.240% 12/10/07 3,373,320 3,455,153
Principal Mutual Life Ins. Shoppes at Mason 7.240% 12/10/07 3,550,863 3,637,003
Principal Mutual Life Ins. Lake Pine Plaza 7.240% 12/10/07 5,415,066 5,546,430
Northwestern Mutual Life Insurance Co. Sterling Ridge 6.640% 07/01/08 10,708,498 10,839,265
Allstate Insurance Company of America Alden Bridge 6.750% 08/01/08 10,272,838 10,429,774
Laureate Capital LLC Southgate Village 6.820% 10/01/08 - 5,309,307
Nationwide Life Insurance Co. West Hills Plaza 7.990% 12/10/08 - 5,031,871
Debt Offering Unsecured 7.750% 04/01/09 50,000,000 50,000,000
Allstate Insurance Company of America Ashford Place 8.950% 08/01/09 4,041,679 4,186,394
Northwestern Mutual Life Insurance Co. Panther Creek 7.830% 04/01/10 10,411,756 10,489,641
Debt Offering Unsecured 8.450% 08/29/10 149,819,020 149,791,864
Principal Mutual Life Insurance Co. Cumming 400 7.970% 12/15/10 6,004,419 6,101,134
Debt Offering Unsecured 8.000% 12/15/10 10,000,000 10,000,000
Principal Mutual Life Insurance Co. Powers Ferry Village 7.970% 12/15/10 2,729,281 2,773,243
Debt Offering Unsecured 7.950% 01/22/11 219,788,564 219,759,308
Wachovia Bank Market at Opitz Crossing 7.300% 03/01/11 12,482,633 -
Debt Offering Unsecured 7.250% 12/12/11 19,900,008 19,887,504
Debt Offering Unsecured 6.750% 01/15/12 249,700,000 249,662,500
Prudential Mortgage Capital Co. Tall Oaks Village Center 7.600% 05/01/12 6,316,571 6,373,672
Allstate Life Insurance Company North Hills Town Center 7.370% 01/01/14 7,375,101 7,740,499
United of Omaha Life Insurance Co. Fleming Island 7.400% 03/05/15 2,837,744 2,995,516
Municipal Tax Bonds Payable Friar's Mission 7.600% 09/02/15 1,146,306 1,202,154
Aid Association of Lutherans Woodman Van-Nuys 8.800% 09/15/15 5,063,698 5,299,635
Jefferson Pilot Peartree Village 8.400% 06/01/17 11,797,330 12,027,522
Aid Association of Lutherans Murrayhill Marketplace 8.050% 05/01/19 7,380,510 7,613,250
JP Morgan Chase Bank Cherry Street 5.650% 09/01/23 5,650,012 -
Net unamortized premiums on assumed debt of acquired properties 5,388,916 6,178,818
-----------------------------------
Total Fixed Rate Debt 1,216,148,088 1,228,525,897
-----------------------------------
Variable Rate Loans:
First Star Bank Hampstead Village LIBOR + 1.35% 10/31/04 8,190,517 9,088,701
Suntrust Delk Sprectrum LIBOR + 1.30% 12/01/03 - 9,563,345
AmSouth Trace Crossing LIBOR + 1.50% 11/05/04 8,438,200 6,346,102
Wells Fargo Bank Various properties LIBOR + 1.25% 07/17/05 25,000,000 -
Wells Fargo Bank $600 Million Line
of Credit LIBOR + 0.85% 04/30/04 195,000,000 80,000,000
-----------------------------------
Total Variable Rate Debt 236,628,717 104,998,148
-----------------------------------
Total $ 1,452,776,805 1,333,524,045
===================================
9
2003 SHOPPING CENTER ACQUISITIONS
Regency's 100% Owned Only
- --------------------------------------------------------------------------------
Regency
Date Property City/State GLA Cost Yield Anchor Tenant
---- -------- ---------- --- ---- ----- -------------
Feb-03 Frankfort Crossing Frankfort, IL 107,734 $15,827,037 8.93% Jewel Osco
Jun-03 Market at Opitz Crossing Woodbridge, VA 158,254 $19,700,000 8.93% Safeway
Oct-03 Anthem Marketplace Phoenix, AZ 113,292 $28,900,000 7.96% Safeway
Dec-03 The Shops of Santa Barbara Santa Barbara, CA 35,135 $11,000,000 7.38% Circuit City
------------------------------
Total Acquisitions $75,427,037 8.33%
==============================
10
JOINT VENTURE 2003 SHOPPING CENTER ACQUISITIONS
- --------------------------------------------------------------------------------
Date Property Name Acquired from City/State GLA Cost Yield Anchor Tenant
---- ------------- ------------- ---------- --- ---- ----- -------------
Columbia Regency Acquisitions
- -----------------------------
May-03 Addison Town Center 3rd Party Addison, TX 183,432 $21,147,488 8.97% Kroger, Target
Oct-03 Clinton Park 3rd Party Clinton, MD 209,048 $17,910,896 9.17% Giant
--------------------------------------
392,480 $39,058,384 9.06%
--------------------------------------
Macquarie Countrywide Acquisitions
- ----------------------------------
Jun-03 Hillsboro Market Center Regency Portland, OR 150,356 $19,118,384 8.40% Albertson's
Jun-03 Killian Hill Regency Atlanta, GA 113,216 $13,506,606 8.40% Publix
Jun-03 Lynn Haven Shopping Center Regency Panama City, FL 63,871 $7,912,630 8.40% Publix
Jun-03 Rosewood Shopping Center Regency Columbia, SC 36,887 $5,997,867 8.40% Publix
Jun-03 Southgate Village Regency Birmingham, AL 75,092 $8,791,847 8.40% Publix
Sep-03 El Cerrito Plaza Regency San Francisco, CA 255,952 $69,262,560 7.60% Albertson's
Sep-03 Amerige Heights Town Center Regency Los Angeles, CA 96,679 $27,438,000 7.60% Albertson's
Sep-03 Regency Milford Center Regency Cincinnati, OH 108,903 $6,623,166 7.60% Kroger
Dec-03 Bent Tree Plaza Regency Raleigh, NC 79,503 $9,814,482 8.50% Kroger
Dec-03 Franklin Square Regency Lexington, KY 201,673 $16,916,367 8.50% Kroger
Dec-03 Highlands Square Regency Jacksonville, FL 262,194 $28,937,894 8.50% Publix & WD
Dec-03 Palm Harbor Regency Daytona Bch, FL 172,758 $18,565,906 8.50% Publix
--------------------------------------
1,617,084 $232,885,709 8.08%
--------------------------------------
Total JV Acquisitions 2,009,564 $271,944,093 8.22%
======================================
11
2003 SHOPPING CENTER SALES
Non-Development
- --------------------------------------------------------------------------------
Gross Regency's
Sales Share of
Date Property Name City/State GLA Price Proceeds Yield
---- ------------- ---------- --- ----- -------- -----
Sales of Properties 100% owned by Regency
- -----------------------------------------
Jan-03 Tequesta Shoppes West Palm Beach, FL 109,937 $7,500,000 $7,500,000 7.43%
Mar-03 Redlands Marketplace Grand Junction, CO 14,659 $1,665,000 $1,665,000 10.00%
May-03 Sandy Plains Village Atlanta, GA 175,035 $18,000,000 $18,000,000 8.90%
Jul-03 West Hills Portland, OR 53,579 $8,496,000 $8,496,000 7.95%
Aug-03 Center at Seven Springs New Port Ritchie, FL 162,580 $5,100,000 $5,100,000 11.50%
Aug-03 Terrace Walk Tampa, FL 50,936 $5,075,000 $5,075,000 9.28%
Dec-03 Bonner's Point Roanoke, AL 87,282 $3,000,000 $3,000,000 12.76%
Dec-03 Country Club Montgomery, AL 67,622 $4,800,000 $4,800,000 10.85%
Dec-03 LaGrange Marketplace LaGrange, GA 76,327 $3,150,000 $3,150,000 13.37%
Dec-03 Parkway Station Warner Robbins, GA 94,290 $4,750,000 $4,750,000 9.36%
Dec-03 Country Club Village San Ramon, CA 111,251 $22,200,000 $22,200,000 7.50%
Dec-03 Bent Tree Plaza ** Raleigh, NC 79,503 $9,814,482 $7,360,862 8.50%
Dec-03 Franklin Square ** Lexington, KY 201,673 $16,916,367 $12,687,275 8.50%
Dec-03 Highlands Square ** Jacksonville, FL 262,194 $28,937,894 $21,703,421 8.50%
Dec-03 Palm Harbor ** Daytona Bch, FL 172,758 $18,565,906 $13,924,430 8.50%
------------------------------------------------------------
1,719,626 $157,970,649 $139,411,987 8.77%
------------------------------------------------------------
Sales of Properties owned by Joint Ventures
- -------------------------------------------
Feb-03 Oakley Plaza * Asheville, NC 118,728 $9,400,000 $2,350,000 9.62%
Oct-03 Overton Park Plaza ++ Ft. Worth, TX 350,856 $46,163,000 $9,232,600 8.15%
Dec-03 Lovejoy Station * Atlanta, GA 77,336 $10,700,000 $2,675,000 7.28%
------------------------------------------------------------
546,920 $66,263,000 $14,257,600 8.23%
------------------------------------------------------------
Total Dispositions 2,266,546 $224,233,649 $153,669,587 8.72%
============================================================
Date Property Name Anchor Tenant
---- ------------- -------------
Sales of Properties 100% owned by Regency
- -----------------------------------------
Jan-03 Tequesta Shoppes Publix
Mar-03 Redlands Marketplace Albertsons
May-03 Sandy Plains Village Kroger
Jul-03 West Hills QFC
Aug-03 Center at Seven Springs Winn Dixie (WD)
Aug-03 Terrace Walk Northside Medical
Dec-03 Bonner's Point Winn Dixie
Dec-03 Country Club Winn Dixie
Dec-03 LaGrange Marketplace Winn Dixie
Dec-03 Parkway Station Kroger
Dec-03 Country Club Village Ralphs
Dec-03 Bent Tree Plaza ** Kroger
Dec-03 Franklin Square ** Kroger
Dec-03 Highlands Square ** Publix & WD
Dec-03 Palm Harbor ** Publix
Sales of Properties owned by Joint Ventures
- -------------------------------------------
Feb-03 Oakley Plaza * Bi-Lo
Oct-03 Overton Park Plaza ++ Albertsons
Dec-03 Lovejoy Station * Publix
Total Dispositions
* sold from the MCW joint venture in which Regency has a 25%
minority interest
** sold to the MCW joint venture in which Regency has a 25%
minority interest
++ sold from the Columbia joint venture in which Regency has a 20%
minority interest
12
2003 DEVELOPMENT SALES
- --------------------------------------------------------------------------------
Gross
Sales
Date Property Name City/State GLA Price
---- ------------- ---------- --- -----
Sales to Macquarie Countrywide Joint Venture
- --------------------------------------------
Jun-03 Hillsboro Market Center Portland, OR 150,356 $19,118,384
Jun-03 Killian Hill Atlanta, GA 113,216 $13,506,606
Jun-03 Lynn Haven Shopping Center Panama City, FL 63,871 $7,912,630
Jun-03 Rosewood Shopping Center Columbia, SC 36,887 $5,997,867
Jun-03 Southgate Village Birmingham, AL 75,092 $8,791,847
Sep-03 El Cerrito Plaza San Francisco, CA 255,952 $69,262,560
Sep-03 Amerige Heights Town Center Los Angeles, CA 96,679 $27,438,000
Sep-03 Regency Milford Center Cincinnati, OH 108,903 $6,623,166
--------------------------------------
900,956 $158,651,060
--------------------------------------
Sales to Third Parties
- ----------------------
Mar-03 Sedgefield Village Greensboro, NC 56,630 $4,520,000
May-03 Carefree Marketplace Phoenix, AZ 24,697 $7,425,000
Oct-03 Roscrans & Inglewood Hawthorne, CA 12,000 $6,400,000
Dec-03 Coles Center Houston, TX 42,063 $8,225,000
Dec-03 Pier 1 - 230th & Hawthorne Torrance, CA 13,435 $5,350,000
Dec-03 The Center at Slatten Ranch - East * Antioch, CA 88,947 $19,916,463
Dec-03 The Center at Slatten Ranch - West * Antioch, CA 118,469 $35,322,339
--------------------------------------
356,241 $87,158,802
--------------------------------------
Total Development Sales 1,257,197 $245,809,862
======================================
Regency's
Share of
Date Property Name Proceeds Yield Anchor Tenant
---- ------------- -------- ----- -------------
Sales to Macquarie Countrywide Joint Venture
- --------------------------------------------
Jun-03 Hillsboro Market Center $14,338,788 8.40% Albertson's
Jun-03 Killian Hill $10,129,955 8.40% Publix
Jun-03 Lynn Haven Shopping Center $5,934,473 8.40% Publix
Jun-03 Rosewood Shopping Center $4,498,400 8.40% Publix
Jun-03 Southgate Village $6,593,885 8.40% Publix
Sep-03 El Cerrito Plaza $51,946,920 7.60% Albertson's
Sep-03 Amerige Heights Town Center $20,578,500 7.60% Albertson's
Sep-03 Regency Milford Center $4,967,375 7.60% Kroger
-----------------------------------
$118,988,295 7.88%
-----------------------------------
Sales to Third Parties
- ----------------------
Mar-03 Sedgefield Village $4,520,000 7.48% Food Lion
May-03 Carefree Marketplace $7,425,000 9.01% Fry's
Oct-03 Roscrans & Inglewood $6,400,000 7.30% CVS
Dec-03 Coles Center $8,225,000 8.48% Randall's
Dec-03 Pier 1 - 230th & Hawthorne $5,300,000 6.80% Pier 1
Dec-03 The Center at Slatten Ranch - East * $13,278,306 9.50% Mervyn's
Dec-03 The Center at Slatten Ranch - West * $23,549,403 6.93% Target
-----------------------------------
$68,697,709 7.90%
-----------------------------------
Total Development Sales $187,686,004 7.89%
===================================
* Development joint venture in which Regency owned a 66.67% interest
13
IN-PROCESS DEVELOPMENTS
December 31, 2003
- --------------------------------------------------------------------------------
Est. Net
Anchor Development
Project Name City State Anchor/Tenant Opens Costs
- ------------------------------------------------------------------------------------------------------------------------------------
Phenix Crossing Phenix City AL Publix 07/28/04 6,851,814
Trace Crossing Hoover AL Publix 10/09/02 8,745,879
Valleydale Village Shopping Center Hoover AL Publix 06/25/03 12,667,632
Alameda Bridgeside Shopping Center Alameda CA Nob Hill 05/01/05 20,331,754
Bear Creek Wildomar CA Stater Bros. 10/01/04 14,912,085
Clayton Valley Shopping Center Concord CA Safeway 01/01/05 34,706,941
Falcon Ridge Fontana CA Stater Bros. 11/17/04 31,614,101
Gilroy Gilroy CA Kohl's, Target 05/01/04 47,493,785
Hasley Canyon Village Valencia CA Ralph's 10/01/04 14,166,738
Valencia Crossroads Valencia CA Kohl's 03/07/03 35,618,876
Victoria Gateway Center Rancho Cucamonga CA Circuit City 11/01/04 16,818,698
Vista Village Phase I Vista CA Krikorian Theatres 01/01/04 22,980,986
Vista Village Phase I I Vista CA Staples 01/01/04 11,097,775
Westridge Center Phase I & II Valencia CA Albertson's 09/01/03 20,852,495
Centerplace of Greeley Greeley CO Safeway 08/01/03 19,011,188
Centerplace of Greeley II Greeley CO Kohl's 04/01/04 8,521,342
Hilltop Center Thorton CO King Soopers 11/01/03 6,980,923
New Windsor Windsor CO King Soopers 11/01/03 4,763,186
East Towne Center Clermont FL Publix 10/16/03 8,884,873
John's Creek St. John's County FL Publix 01/21/05 11,399,951
Vineyard Shopping Center Tallahassee FL Publix 11/14/02 6,230,809
Independence Square Independence MI Kroger 07/01/04 10,873,481
McMinnville Market Center McMinnville OR Albertson's 07/01/04 7,301,458
Murray Landing Irmo SC Publix 10/08/03 7,311,513
Pelham Commons Greenville SC Publix 06/25/03 8,974,620
Atascocita Center Atascocita TX Kroger 11/01/03 9,025,209
Kleinwood Center Spring TX HEB 10/01/03 22,947,721
Legacy Center Frisco TX Albertson's 06/01/03 9,404,096
Main Street Center Phase I & II Frisco TX Albertson's 09/01/03 6,405,330
Rockwall Rockwall TX Tom Thumb 07/01/04 9,914,951
Signature Plaza Plano TX Kroger 02/01/05 3,627,960
Spring West Spring TX HEB 04/01/05 17,134,379
Hollymead Charlottesville VA Harris Teeter 04/05/05 26,561,999
Signal Hill Manassas VA Shoppers Food Warehouse 12/01/04 17,601,970
Padden Parkway (Phase I and II) Vancouver WA Albertson's 05/01/03 12,870,877
- ------------------------------------------------------------------------------------------------------------------------------------
Total Consolidated 534,607,395
====================================================================================================================================
Hermosa-PCH & 2nd Hermosa CA Sav-On 08/01/04 5,472,264
Regency Village Orlando FL Publix 06/27/02 13,115,816
Indian Springs The Woodlands TX HEB 05/01/04 17,993,628
- ------------------------------------------------------------------------------------------------------------------------------------
Total Unconsolidated 36,581,708
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Total In-Process Developments 571,189,103
====================================================================================================================================
Est. NOI
Yield on Company
Est. Gross Costs Net. Dev. Company Owned %
Project Name Est. Gross Costs to Complete(1) Costs (2) GLA Leased Gross GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Phenix Crossing 8,709,154 4,554,862 10.13% 56,563 78% 56,563 78%
Trace Crossing 10,916,086 124,391 9.64% 74,130 86% 74,130 86%
Valleydale Village Shopping Center 14,881,792 968,110 9.46% 118,466 63% 118,466 63%
Alameda Bridgeside Shopping Center 22,233,394 15,045,552 10.28% 103,510 57% 103,510 57%
Bear Creek 16,387,362 12,337,031 10.36% 81,219 64% 81,219 64%
Clayton Valley Shopping Center 34,706,941 8,322,351 8.34% 236,683 83% 236,683 83%
Falcon Ridge 31,614,101 30,392,929 11.05% 245,857 21% 369,592 48%
Gilroy 66,302,621 26,577,643 10.53% 334,409 90% 479,375 93%
Hasley Canyon Village 14,511,511 10,474,350 10.57% 69,800 81% 69,800 81%
Valencia Crossroads 35,943,419 3,830,573 10.50% 180,517 100% 180,517 100%
Victoria Gateway Center 18,305,698 17,651,860 11.19% 97,862 35% 104,362 39%
Vista Village Phase I 23,419,906 3,203,960 11.45% 130,262 83% 130,262 83%
Vista Village Phase I I 11,554,075 4,488,625 9.73% 34,000 92% 65,388 96%
Westridge Center Phase I & II 21,378,895 6,898,103 10.59% 97,286 96% 97,286 96%
Centerplace of Greeley 27,702,002 2,268,084 10.36% 148,610 76% 273,610 87%
Centerplace of Greeley II 10,197,793 4,450,205 10.45% 98,124 90% 98,124 90%
Hilltop Center 14,056,457 970,845 11.68% 100,048 85% 100,048 85%
New Windsor 11,378,800 1,016,262 13.53% 95,877 76% 95,877 76%
East Towne Center 10,577,052 1,916,241 10.18% 69,841 78% 69,841 78%
John's Creek 14,969,551 10,290,365 11.46% 90,041 50% 90,041 50%
Vineyard Shopping Center 9,215,180 290,854 10.55% 62,821 84% 62,821 84%
Independence Square 14,378,954 8,551,879 9.71% 88,995 72% 88,995 72%
McMinnville Market Center 7,824,448 5,213,085 11.02% 74,400 83% 74,400 83%
Murray Landing 10,120,345 293,220 9.78% 64,441 91% 64,441 91%
Pelham Commons 9,885,696 306,305 10.12% 76,541 91% 76,541 91%
Atascocita Center 14,038,465 7,755,608 13.38% 94,180 77% 94,180 77%
Kleinwood Center 27,027,845 2,611,648 10.30% 152,906 73% 152,906 73%
Legacy Center 16,195,009 942,452 11.11% 56,669 65% 119,473 83%
Main Street Center Phase I & II 10,780,191 1,660,541 11.68% 42,821 70% 105,143 88%
Rockwall 14,125,212 7,589,178 10.63% 65,644 0% 122,661 46%
Signature Plaza 8,244,680 5,274,164 14.42% 28,795 0% 90,757 68%
Spring West 21,085,641 14,615,226 10.22% 128,796 73% 128,796 73%
Hollymead 26,561,999 25,714,289 10.18% 155,207 39% 297,707 68%
Signal Hill 17,716,970 12,695,783 10.52% 108,481 66% 108,481 66%
Padden Parkway (Phase I and II) 13,780,677 1,974,929 10.12% 88,569 76% 88,569 76%
- ------------------------------------------------------------------------------------------------------------------------------------
Total Consolidated 640,727,922 261,271,503 10.42% 3,752,371 71% 4,570,565 76%
====================================================================================================================================
Hermosa-PCH & 2nd 5,472,264 1,898,157 11.06% 13,212 100% 13,212 100%
Regency Village 23,447,269 787,816 10.36% 83,170 87% 83,170 87%
Indian Springs 24,215,444 9,114,640 11.54% 135,756 64% 135,756 64%
- ------------------------------------------------------------------------------------------------------------------------------------
Total Unconsolidated 53,134,977 11,800,613 10.73% 232,138 74% 232,138 74%
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Total In-Process Developments 693,862,899 273,072,116 10.45% 3,984,509 71% 4,802,703 76%
====================================================================================================================================
Notes:
(1) Construction in progress (CIP) balance and costs to date on in process
developments are not equal. CIP balance contains costs of land held for
development, deposits on contracts and other pre-closing costs.
(2) The NOI Yield on total costs after allocating land basis for outparcel
proceeds is estimated to be 9.7%.
14
IN-PROCESS DEVELOPMENTS FUNDING & STABILIZATION SCHEDULE
December 31, 2003
- --------------------------------------------------------------------------------
In-Process Developments Projected Funding (1)
($ Thousands)
Q1 2004E Q2 2004E Q3 2004E Q4 2004E 2005+E
Properties in development $70,000 - $80,000 $55,000 - $65,000 $50,000 - $60,000 $40,000 - $50,000 $18,000 -$58,000
(1) Funding for in-process consolidated and unconsolidated developments, excludes projected funding of future developments.
Estimated Property Stabilization
($ Thousands)
Q1 2004E Q2 2004E Q3 2004E Q4 2004E 2005+E
Properties in development (2)
Gross Dev. Costs: $10,000 - $12,000 $105,000 - $135,000 $80,000 - $100,000 $70,000 - $110,000 $350,000 - $400,000
Net Dev. Costs: $7,000 - $9,000 $80,000 - $100,000 $80,000 - $100,000 $60,000 - $100,000 $300,000 - $320,000
(2) 40%- 80% of properties in development are expected to be sold within 6 months of stabilization at a 10-20% profit margin
and between 7-12% after out parcel allocation and income taxes.
15
INVESTMENTS IN REAL ESTATE PARTNERSHIPS
December 31, 2003
- --------------------------------------------------------------------------------
Number of Total Total
Legal Entity Property Name Properties GLA Assets
- ------------ ------------- ---------- --- ------
RRG-RMC Tracy, LLC Corral Hollow 1 167,118 $ 24,758,732
OTR/Regency Texas Realty Holdings, L.P. Village Center & Creekside 2 219,108 20,664,155
Tinwood, LLC Regency Village 1 83,170 19,281,173
Columbia Regency Retail Partners, LLC Various 13 2,134,209 294,993,149
Macquarie CountryWide-Regency, LLC Various 26 2,937,858 412,438,340
Jog Road, LLC Shoppes of San Marco 1 91,537 17,404,862
Regency Woodlands/Kuykendahl Retail, Ltd. Indian Springs 1 135,756 18,606,367
Hermosa Venture 2002, LLC Hermosa Beach 1 13,212 4,043,622
---------------------------------------------------
46 5,781,968 $ 812,190,400
===================================================
Regency
--------------------------------------------------------
Total Ownership Share Investment Equity
Legal Entity Debt Lender Interest of Debt 12/31/03 Pick-up
- ------------ ---- ------ -------- ------- -------- -------
RRG-RMC Tracy, LLC $ - - 50.00% $ - $ 23,529,097 $ 2,170,274
OTR/Regency Texas Realty Holdings, L.P. - - 30.00% - 16,089,973 422,030
Tinwood, LLC - - 50.00% - 10,397,034 263,084
Columbia Regency Retail Partners, LLC 91,710,000 Various 20.00% 18,342,000 40,266,920 4,735,381
Macquarie CountryWide-Regency, LLC 210,896,595 Various 25.00% 46,224,149 39,070,737 2,802,192
Jog Road, LLC 11,000,000 Wachovia 50.00% 5,500,000 3,013,975 58,580
Regency Woodlands/Kuykendahl Retail, Ltd. 8,631,734 Wells Fargo 50.00% 4,315,867 5,374,477 736,758
Hermosa Venture 2002, LLC - - 27.00% - 2,753,860 88,110
---------------- -------------------------------------------
$ 322,238,329 $ 74,382,016 $ 140,496,074 $11,276,409
================ ===========================================
16
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Balance Sheet
December 31, 2003 and 2002
(in thousands)
- --------------------------------------------------------------------------------
2003 2002
---- ----
Assets
- ------
Real estate, at cost
Land $ 291,665 207,002
Buildings and improvements 432,157 329,022
------------ -------------
723,822 536,024
Less: accumulated depreciation 23,076 11,228
------------ -------------
700,746 524,796
Properties in development 26,784 28,322
------------ -------------
Net real estate investments 727,530 553,118
Cash and cash equivalents 19,716 6,914
Tenant receivables, net of allowance
for uncollectible accounts 13,806 3,960
Deferred costs, less accumulated amortization 4,821 4,680
Other assets 46,317 167
------------ -------------
$ 812,190 568,839
============ =============
Liabilities and Equity
- ----------------------
Liabilities:
Notes payable $ 322,238 167,071
Accounts payable and other liabilities 12,012 8,900
Tenants' security and escrow deposits 2,090 1,486
------------ -------------
Total liabilities 336,340 177,457
------------ -------------
Equity:
Equity - Regency Centers 140,496 125,482
Equity - Third parties 335,354 265,900
------------ -------------
Total equity 475,850 391,382
------------ -------------
$ 812,190 568,839
============ =============
DEBT: (in thousands)
Average Interest Rate Average Maturity 2003 2002
--------------------- ---------------- ---- ----
Fixed 5.38% 12/31/09 $ 228,077 102,019
Variable LIBOR + 1.26% 03/23/04 $ 94,161 65,052
17
UNCONSOLIDATED REAL ESTATE PARTNERSHIPS
Statements of Operations
December 31, 2003 and 2002
(in thousands)
- --------------------------------------------------------------------------------
For the three months ended Year to date
---------------------------------- ---------------------------------
2003 2002 2003 2002
---- ---- ---- ----
Revenues:
Property revenues $ 23,900 13,727 76,157 42,073
------------- ------------ ----------- -----------
Operating expenses:
Operating and maintenance 3,368 2,230 11,114 6,012
Real estate taxes 2,771 1,443 8,931 5,584
------------- ------------ ----------- -----------
Total operating expenses 6,139 3,673 20,045 11,596
------------- ------------ ----------- -----------
Net operating income 17,761 10,054 56,112 30,477
------------- ------------ ----------- -----------
Other expense (income):
General and administrative 731 379 2,514 1,221
Service operations (1,699) (702) (1,681) (3,096)
Depreciation and amortization expense 5,475 2,764 17,043 7,208
Interest expense, net 3,327 1,736 10,685 5,126
(Gain) loss on sale of operating properties (11,374) 2 12,052) (748)
------------- ------------ ----------- -----------
Total other expense (income) (3,540) 4,179 16,509 9,711
------------- ------------ ----------- -----------
Net income $ 21,301 5,875 39,603 20,766
============= ============ =========== ===========
Regency's Pro Rata Share of:
Net Operating Income $ 5,145 2,644 15,369 7,559
============= ============ =========== ===========
18
SECURITIES ISSUED OTHER THAN COMMON STOCK
- --------------------------------------------------------------------------------
Security Issued: SERIES 3 CUMULATIVE REDEEMABLE PREFERRED STOCK
-Regency Centers Corporation
o Issuance Date April 3, 2003
o Conversion Nonconvertible
o Dividend 7.45% annual dividend
o Redeemable On or after April 3, 2008
Security Issued: PERPETUAL PREFERRED
UNITS - Regency Centers, L.P.
o Issuance Dates Jun-98, Sep-99, May-00, Sep-00
o Original Amount Issued $384 Million
o Redemption $155 Million
o Average Rate 8.88%
o Current Balance $229 Million
Security Issued: EXCHANGEABLE OPERATING PARTNERSHIP UNITS
-Regency Centers, L.P.
o Issuance Date Variable
o Units Outstanding 1,318,625 OP Units
o Conversion Convertible into Common Stock 1:1
o Dividend Equal to current Common Dividend
19
SUMMARY RETAIL PROPERTY INFORMATION
For the Periods Ended December 31, 2003 and 2002
- --------------------------------------------------------------------------------
Retail Real Estate Portfolio Current YTD Change 12/31/02
- -------------------------------------------- ----------------------------------------------------------
Company owned GLA (including joint ventures) 30,347,744 865,118 29,482,626
GLA under Development, Redevelopment, or Renovation 3,984,509 858,026 3,126,483
Company owned GLA Growth 2.9% - 1.4%
Total GLA including anchor owned stores 32,456,685 1,056,262 31,400,423
- ----------------------------------------------------------------------------------------------------------------------------------
Retail Properties Operating or Under Development 265 3 262
Retail Properties in Development included above 36 2 34
Grocery anchored shopping centers 228 3 225
- ----------------------------------------------------------------------------------------------------------------------------------
Percent leased - All Properties including Development 92.2% NA 91.5%
Percent leased - Operating Properties excluding development 95.4% 0.6% 94.8%
- ----------------------------------------------------------------------------------------------------------------------------------
Net Operating Income $273,439,380 - $282,136,389
Base rent growth on leasing and transactions (YTD) 9.5% - 10.8%
NOI - same property growth (YTD) 2.7% - 3.0%
20
PORTFOLIO SUMMARY REPORT BY REGION
December 31, 2003
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Mid- Atlantic Region
--------------------
Pike Creek Shopping Center DE Wilmington Mid-Atlantic 1981 1998
White Oak - Dover DE DE Dover Mid-Atlantic 2000 2000
- ------------------------------------------------------------------------------------------------------------------
DE
==================================================================================================================
Clinton Park JV-C MD Washington DC Mid-Atlantic 0 2003
Echelon Village Plaza NJ Philadelphia Mid-Atlantic 2000 2000
Hershey - Goodyear PA None Mid-Atlantic 2000 2000
Ashburn Farm Market Center VA Washington DC Mid-Atlantic 2000 2000
Brookville Plaza JV-M VA Lynchburg Mid-Atlantic 1991 1998
Cheshire Station VA Washington DC Mid-Atlantic 2000 2000
Hollymead Town Center VA Charlottesville Mid-Atlantic 2004 2003
The Market at Opitz Crossing VA Washington DC Mid-Atlantic 2003 2003
Signal Hill VA Washington DC Mid-Atlantic 2004 2003
Somerset JV-O VA Washington DC Mid-Atlantic 2002 2002
Statler Square Shopping Ctr VA None Mid-Atlantic 1996 1998
Tall Oaks Village Center VA Washington DC Mid-Atlantic 1998 2002
Village Center at Dulles JV-C VA Washington DC Mid-Atlantic 1991 2002
- ------------------------------------------------------------------------------------------------------------------
VA
- ------------------------------------------------------------------------------------------------------------------
Regional Totals Mid-Atlantic
==================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Center IL Chicago Midwest 0 2003
Hinsdale Lake Commons IL Chicago Midwest 1986 1998
Westbrook Commons IL Chicago Midwest 1984 2001
- ------------------------------------------------------------------------------------------------------------------
IL
==================================================================================================================
Franklin Square Shopping Center JV-M KY Lexington Midwest 1988 1998
Shoppes at Ft. Wright KY Cincinnati Midwest 2003 2003
Silverlake Shopping Center JV-M KY Cincinnati Midwest 1988 1998
- ------------------------------------------------------------------------------------------------------------------
KY
==================================================================================================================
Fenton Village Marketplace MI Flint Midwest 1999 1999
Independence Square MI Detroit Midwest 2004 2003
Lakeshore Village Shopping Ctr MI Detroit Midwest 1996 1998
Waterford Towne Center MI Detroit Midwest 1998 1998
- ------------------------------------------------------------------------------------------------------------------
MI
==================================================================================================================
St. Ann Square MO St. Louis Midwest 1986 1998
Beckett Commons Shopping Ctr OH Cincinnati Midwest 1995 1998
Cherry Grove Plaza OH Cincinnati Midwest 1997 1998
Cherry Street Center OH Toledo Midwest 2000 2000
East Pointe Crossing Shopping Ctr OH Columbus Midwest 1993 1998
Hyde Park Plaza OH Cincinnati Midwest 1995 1997
Kingsdale Shopping Center OH Columbus Midwest 1999 1997
Kroger New Albany Center JV-O OH Columbus Midwest 1999 1999
Maxtown Road (Northgate) OH Columbus Midwest 1996 1998
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Mid- Atlantic Region
--------------------
Pike Creek Shopping Center 229,510 229,510 99.00% 99.5% 49,069 Acme
White Oak - Dover DE 10,908 10,908 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
240,418 240,418 99.0% 99.5% 49,069 1
====================================================================================================================================
Clinton Park - 188,243 NA 90.2% 43,000 Giant
Echelon Village Plaza 88,993 88,993 79.71% 89.4% 48,776 Genuardi's
Hershey - Goodyear 6,000 6,000 100.00% 100.0% - --
Ashburn Farm Market Center 92,019 91,905 100.00% 100.0% 48,999 Giant
Brookville Plaza 63,664 63,665 98.12% 98.1% 52,864 Kroger
Cheshire Station 97,249 97,156 97.84% 100.0% 55,163 Safeway
Hollymead Town Center - 155,207 NA 39.0% 60,607 Harris Teeter
The Market at Opitz Crossing - 149,810 NA 99.3% 51,922 Safeway
Signal Hill - 108,481 NA 66.5% 67,470 Shoppers Food Warehouse
Somerset 108,400 104,553 61.81% 100.0% 67,470 Shoppers Food Warehouse
Statler Square Shopping Ctr 133,660 133,660 100.00% 97.9% 65,003 Kroger
Tall Oaks Village Center 69,331 69,331 100.00% 100.0% 38,763 Giant
Village Center at Dulles 308,473 298,601 93.08% 99.2% 48,424 Shoppers Food Warehouse
- ------------------------------------------------------------------------------------------------------------------------------------
872,796 1,272,369 92.4% 89.1% 556,685 10
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 1,208,207 1,796,023 92.8% 90.7% 697,530 13
====================================================================================================================================
Midwest Region
--------------
Frankfort Crossing Shopping Center - 107,734 NA 98.2% 64,937 Jewel
Hinsdale Lake Commons 178,975 178,975 97.32% 99.0% 69,540 Dominick's
Westbrook Commons 121,502 121,502 94.36% 92.8% 51,304 Dominicks
- ------------------------------------------------------------------------------------------------------------------------------------
300,477 408,211 96.1% 97.0% 185,781 3
====================================================================================================================================
Franklin Square Shopping Center 205,307 203,317 95.63% 97.9% 50,499 Kroger
Shoppes at Ft. Wright - 20,360 NA 93.1% - --
Silverlake Shopping Center 99,352 99,352 98.49% 98.5% 60,000 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
304,659 323,029 96.6% 97.8% 110,499 2
====================================================================================================================================
Fenton Village Marketplace 97,224 97,224 98.56% 98.6% 53,739 Farmer Jack
Independence Square - 88,995 NA 72.5% 60,137 Kroger
Lakeshore Village Shopping Ctr 85,940 85,940 87.33% 85.0% 49,465 Kroger
Waterford Towne Center 96,101 96,101 91.26% 91.3% 60,202 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
279,265 368,260 92.6% 87.2% 223,543 4
====================================================================================================================================
St. Ann Square 82,498 82,498 92.94% 91.5% 43,483 National
Beckett Commons Shopping Ctr 121,497 121,498 100.00% 100.0% 70,815 Kroger
Cherry Grove Plaza 195,497 195,497 91.00% 89.3% 66,336 Kroger
Cherry Street Center 54,660 54,660 100.00% 100.0% 54,660 Farmer Jack
East Pointe Crossing Shopping Ctr 86,524 86,524 100.00% 98.4% 59,120 Kroger
Hyde Park Plaza 397,893 397,893 94.45% 95.2% 169,267 Kroger/Thriftway
Kingsdale Shopping Center 270,470 270,470 65.40% 58.9% 56,006 Big Bear
Kroger New Albany Center 91,722 91,722 98.47% 100.0% 63,805 Kroger
Maxtown Road (Northgate) 85,100 85,100 100.00% 100.0% 62,000 Kroger
21
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Park Place Center OH Columbus Midwest 1988 1998
Regency Milford Center JV-MD OH Cincinnati Midwest 2001 2001
Shoppes at Mason OH Cincinnati Midwest 1997 1998
Westchester Plaza OH Cincinnati Midwest 1988 1998
Windmiller Square OH Columbus Midwest 1997 1998
Worthington Park Centre OH Columbus Midwest 1991 1998
- ---------------------------------------------------------------------------------------------------------------------------
OH
- ---------------------------------------------------------------------------------------------------------------------------
Regional Totals Midwest
===========================================================================================================================
Pacific Region
--------------
Alameda Bridgeside Shopping Center CA Orange County Pacific 2004 2003
Amerige Heights Town Center JV-MD CA Los Angeles Pacific 2000 2000
Bear Creek Village Center CA Riverside-San Bernardino Pacific 2004 2003
Blossom Valley Shopping Ctr CA San Jose Pacific 1990 1999
Campus Marketplace JV-M CA San Diego Pacific 2000 2000
Clayton Valley Shopping Center CA Oakland Pacific 2004 2003
Corral Hollow JV-O CA Stockton Pacific 2000 2000
Costa Verde CA San Diego Pacific 1988 1999
Country Club Village - Calif CA Oakland Pacific 1994 1999
Diablo Plaza CA Oakland Pacific 1982 1999
El Camino Shopping Center CA Los Angeles Pacific 1995 1999
El Cerrito Plaza JV-MD CA San Francisco Pacific 2000 2000
El Norte Parkway Plaza CA San Diego Pacific 1984 1999
Encina Grande CA Oakland Pacific 1965 1999
Falcon Ridge CA Riverside-San Bernardino Pacific 2004 2003
Friars-Mission Center CA San Diego Pacific 1989 1999
Garden Village Shopping Center JV-M CA Los Angeles Pacific 2000 2000
Gelson's Westlake CA Ventura Pacific 2002 2002
Gilroy CA San Jose Pacific 2003 2002
Hasley Canyon Village CA Los Angeles Pacific 2003 2003
Heritage Plaza CA Orange County Pacific 1981 1999
Hermosa Beach JV-O CA Los Angeles Pacific 2003 2003
Loehmann's Plaza Calif CA San Jose Pacific 1983 1999
Valencia Crossroads CA Los Angeles Pacific 2003 2002
Morningside Plaza CA Orange County Pacific 1996 1999
Newland Center CA Orange County Pacific 1985 1999
Oakbrook Plaza CA Ventura Pacific 1982 1999
Park Plaza Shopping Center JV-C CA Los Angeles Pacific 1991 2001
Plaza Hermosa CA Los Angeles Pacific 1984 1999
Powell Street Plaza CA Oakland Pacific 1987 2001
Folsom Prairie City Crossing CA Sacramento Pacific 1999 1999
Rona Plaza CA Orange County Pacific 1989 1999
Rosecrans & Inglewood CA Los Angeles Pacific 2002 2002
San Leandro Plaza CA Oakland Pacific 1982 1999
Santa Ana Downtown Plaza CA Orange County Pacific 1987 1999
Seal Beach JV-C CA Orange County Pacific 1966 2002
Sequoia Station CA San Francisco Pacific 1996 1999
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Park Place Center 106,833 106,833 98.82% 96.3% 56,859 Big Bear
Regency Milford Center 108,903 108,903 88.01% 88.4% 65,000 Kroger
Shoppes at Mason 80,800 80,800 97.52% 97.5% 56,800 Kroger
Westchester Plaza 88,181 88,181 98.41% 100.0% 66,523 Kroger
Windmiller Square 120,509 120,362 97.93% 97.9% 76,555 Kroger
Worthington Park Centre 93,095 93,095 91.21% 94.2% 52,337 Kroger
- ------------------------------------------------------------------------------------------------------------------------------------
1,901,684 1,901,538 91.4% 90.6% 976,083 14
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 2,868,583 3,083,536 92.6% 91.8% 1,539,389 24
====================================================================================================================================
Pacific Region
--------------
Alameda Bridgeside Shopping Center - 103,510 NA 56.7% 58,660 Nob Hill
Amerige Heights Town Center 96,679 96,679 98.52% 100.0% 57,560 Albertson's
Bear Creek Village Center - 81,219 NA 65.6% 44,093 Stater Brother
Blossom Valley Shopping Ctr 93,314 93,315 100.00% 94.4% 34,208 Safeway
Campus Marketplace 144,288 144,288 94.39% 100.0% 58,527 Ralph's
Clayton Valley Shopping Center - 236,683 NA 83.2% 47,541 Safeway
Corral Hollow 168,238 167,118 100.00% 100.0% 65,715 Safeway
Costa Verde 178,621 178,622 100.00% 100.0% 40,000 Albertson's
Country Club Village - Calif 111,251 - 100.00% 0.0% - --
Diablo Plaza 63,214 63,214 100.00% 100.0% 53,000 Safeway
El Camino Shopping Center 135,883 135,883 100.00% 100.0% 35,650 Von's Food & Drug
El Cerrito Plaza 254,840 255,953 92.42% 96.3% 77,888 Albertson's/Trader Joe's
El Norte Parkway Plaza 87,990 87,990 96.41% 82.5% 42,315 Von's Food & Drug
Encina Grande 102,499 102,499 100.00% 93.8% 22,500 Safeway
Falcon Ridge - 245,857 NA 21.3% 43,718 Stater Brothers
Friars-Mission Center 146,898 146,897 100.00% 100.0% 55,303 Ralph's
Garden Village Shopping Center 112,957 112,852 97.12% 100.0% 57,050 Albertson's
Gelson's Westlake 82,315 84,468 90.14% 84.7% 37,500 Gelsons
Gilroy 123,709 334,409 0.00% 89.6% - --
Hasley Canyon Village - 69,800 NA 81.0% 52,340 Ralph's
Heritage Plaza 231,102 231,602 96.89% 98.9% 44,376 Ralph's
Hermosa Beach - 13,212 NA 100.0% - --
Loehmann's Plaza Calif 113,310 113,310 100.00% 100.0% 53,000 Safeway
Valencia Crossroads 179,227 180,517 69.22% 100.0% 35,000 Whole Foods
Morningside Plaza 91,600 91,600 100.00% 100.0% 42,630 Stater Brother
Newland Center 166,492 149,174 99.08% 100.0% 58,000 Albertson's
Oakbrook Plaza 83,279 83,279 100.00% 98.2% 43,842 Albertson's
Park Plaza Shopping Center 193,529 193,529 96.00% 91.8% 28,210 Von's Food & Drug
Plaza Hermosa 94,940 94,940 100.00% 100.0% 36,800 Von's Food & Drug
Powell Street Plaza 165,920 165,928 100.00% 98.1% 10,122 Trader Joe's
Folsom Prairie City Crossing 82,503 93,134 100.00% 91.3% 55,255 Safeway
Rona Plaza 51,754 51,754 100.00% 100.0% 37,194 Food 4 Less
Rosecrans & Inglewood 12,000 12,000 100.00% 100.0% - --
San Leandro Plaza 50,432 50,432 100.00% 100.0% 38,250 Safeway
Santa Ana Downtown Plaza 100,305 100,305 100.00% 98.8% 37,972 Food 4 Less
Seal Beach 85,910 74,215 100.00% 98.9% 25,000 Safeway
Sequoia Station 103,148 103,148 100.00% 100.0% 62,050 Safeway
22
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Slatten Ranch JV-O CA Oakland Pacific 2002 2002
Strawflower Village CA San Francisco Pacific 1985 1999
Tassajara Crossing CA Oakland Pacific 1990 1999
The Shops of Santa Barbara CA Santa Barbara Pacific 2004 2003
Torrance Strouds CA Los Angeles Pacific 2002 2002
Twin Peaks Plaza CA San Diego Pacific 1988 1999
Ventura Village Shopping Ctr CA Ventura Pacific 1984 1999
Victoria Gateway Center CA Riverside-San Bernardino Pacific 2004 2003
Vista Village Phase I & II CA San Diego Pacific 2003 2002
West Park Plaza CA San Jose Pacific 1996 1999
Westlake Plaza and Center CA Ventura Pacific 1975 1999
Westridge Center CA Los Angeles Pacific 2003 2001
Woodman - Van Nuys CA Los Angeles Pacific 1992 1999
Woodside Central Plaza CA San Francisco Pacific 1993 1999
- ---------------------------------------------------------------------------------------------------------------------
CA
=====================================================================================================================
Cherry Park Market Center OR Portland Pacific 1997 1999
Hillsboro Market Center JV-M OR Portland Pacific 2000 2000
McMinnville Market Center OR Portland Pacific 2003 2003
Murrayhill Marketplace OR Portland Pacific 1988 1999
Sherwood Crossroads OR Portland Pacific 1999 1999
Sherwood Market Center OR Portland Pacific 1995 1999
Sunnyside 205 OR Portland Pacific 1988 1999
Walker Center OR Portland Pacific 1987 1999
West Hills Plaza OR Portland Pacific 1998 1999
- ---------------------------------------------------------------------------------------------------------------------
OR
=====================================================================================================================
Cascade Plaza JV-C WA Seattle Pacific 1999 1999
Inglewood Plaza WA Seattle Pacific 1985 1999
James Center JV-M WA Tacoma Pacific 1999 1999
Padden Parkway WA Portland Pacific 2003 2002
Pine Lake Village WA Seattle Pacific 1989 1999
Sammamish Highland WA Seattle Pacific 1992 1999
South Point Plaza WA Seattle Pacific 1997 1999
Southcenter Plaza WA Seattle Pacific 1990 1999
Thomas Lake Center WA Seattle Pacific 1998 1999
- ---------------------------------------------------------------------------------------------------------------------
WA
- ---------------------------------------------------------------------------------------------------------------------
Regional Totals Pacific
=====================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Slatten Ranch 220,162 - 33.59% 0.0% - --
Strawflower Village 78,827 78,827 100.00% 100.0% 3,753 Safeway
Tassajara Crossing 146,188 146,188 100.00% 100.0% 6,496 Safeway
The Shops of Santa Barbara - 35,135 NA 81.8% - --
Torrance Strouds 13,860 13,435 100.00% 100.0% - --
Twin Peaks Plaza 198,139 198,139 99.68% 97.9% 44,686 Albertson's
Ventura Village Shopping Ctr 76,070 76,070 100.00% 100.0% 2,500 Von's Food & Drug
Victoria Gateway Center - 97,862 NA 34.6% - --
Vista Village Phase I & II 129,520 164,262 69.17% 84.7% - --
West Park Plaza 88,103 88,103 100.00% 100.0% 24,712 Safeway
Westlake Plaza and Center 190,525 190,525 97.49% 97.0% 41,300 Von's Food & Drug
Westridge Center 87,284 97,286 88.66% 95.9% 50,782 Albertson's
Woodman - Van Nuys 107,614 107,614 100.00% 100.0% 7,648 Gigante
Woodside Central Plaza 80,591 80,591 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
5,125,030 5,917,372 91.4% 90.8% 1,863,146 41
====================================================================================================================================
Cherry Park Market Center 113,518 113,518 88.57% 91.7% 55,164 Safeway
Hillsboro Market Center 150,356 150,356 95.06% 92.5% 57,370 Albertson's
McMinnville Market Center - 74,400 NA 83.5% 53,641 Albertson's
Murrayhill Marketplace 149,214 149,215 90.17% 86.6% 41,132 Safeway
Sherwood Crossroads 88,489 84,266 87.00% 95.7% 55,227 Safeway
Sherwood Market Center 124,256 124,257 98.01% 98.3% 49,793 Albertson's
Sunnyside 205 53,094 53,094 96.33% 98.1% - --
Walker Center 89,609 89,609 100.00% 94.0% - --
West Hills Plaza 53,579 - 98.13% 0.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
822,115 838,715 93.7% 92.2% 312,327 6
====================================================================================================================================
Cascade Plaza 217,657 217,657 99.50% 99.2% 49,440 Safeway
Inglewood Plaza 17,253 17,253 100.00% 100.0% - --
James Center 140,240 140,240 95.46% 95.5% 68,273 Fred Myer
Padden Parkway 54,473 88,569 96.27% 75.9% 52,443 Albertson's
Pine Lake Village 102,953 102,953 100.00% 100.0% 40,982 Quality Foods
Sammamish Highland 101,289 101,289 100.00% 97.2% 55,000 Safeway
South Point Plaza 190,355 190,355 100.00% 97.5% 55,443 Cost Cutters
Southcenter Plaza 58,282 58,282 95.20% 100.0% - --
Thomas Lake Center 103,872 103,872 100.00% 100.0% 50,065 Albertson's
- ------------------------------------------------------------------------------------------------------------------------------------
986,374 1,020,470 98.8% 96.4% 371,646 7
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 6,933,519 7,776,557 92.7% 91.7% 2,547,119 54
====================================================================================================================================
23
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Southeast Region
----------------
Bonner's Point AL None Southeast 1985 1993
Country Club Ala AL Montgomery Southeast 1991 1993
Southgate Village Shopping Center JV-M AL Birmingham Southeast 1988 2001
The Marketplace - Alexander City AL None Southeast 1987 1993
Phenix Crossing AL None Southeast 2004 2003
Trace Crossing Shopping Center AL Birmingham Southeast 2002 2001
Valleydale Village Shopping Center AL Birmingham Southeast 2003 2002
Village in Trussville, The AL Birmingham Southeast 1987 1993
- -----------------------------------------------------------------------------------------------------------------------
AL
=======================================================================================================================
Anastasia Plaza JV-M FL Jacksonville Southeast 1988 1993
Aventura FL Miami Southeast 1974 1994
Beneva Village Shops FL Sarasota Southeast 1987 1998
Berkshire Commons FL Naples Southeast 1992 1994
Bloomingdale Square FL Tampa Southeast 1987 1998
Bolton Plaza FL Jacksonville Southeast 1988 1994
Boynton Lakes Plaza FL West Palm Beach Southeast 1993 1997
Carriage Gate FL Tallahassee Southeast 1978 1994
Center of Seven Springs FL Tampa Southeast 1986 1994
Chasewood Plaza FL West Palm Beach Southeast 1986 1993
Chasewood Storage FL West Palm Beach Southeast 1986 1993
Courtyard, The FL Jacksonville Southeast 1987 1993
East Port Plaza FL Fort Pierce Southeast 1991 1997
East Towne Shopping Center FL Orlando Southeast 2003 2002
Fleming Island Shopping Ctr FL Jacksonville Southeast 2000 1998
Garden Square Shopping Ctr FL Miami Southeast 1991 1997
Grande Oaks FL Ft Myers-Cape Coral Southeast 2000 2000
Highlands Square Shopping Ctr JV-M FL Jacksonville Southeast 1999 1998
John's Creek Shopping Center FL Jacksonville Southeast 2004 2003
Julington Village JV-C FL Jacksonville Southeast 1999 1999
Kings Crossing - Sun City JV-M FL Tampa Southeast 1999 1999
Lynn Haven JV-M FL Panama City Southeast 2001 2001
Mainstreet Square Shopping Ctr FL Orlando Southeast 1988 1997
Mariner's Village Shopping Ctr FL Orlando Southeast 1986 1997
Market Place - St. Petersburg FL Tampa Southeast 1983 1995
Martin Downs Village Center FL Fort Pierce Southeast 1985 1993
Martin Downs Village Shoppes FL Fort Pierce Southeast 1998 1993
Millhopper Shopping Center FL Gainesville Southeast 1974 1993
Newberry Square FL Gainesville Southeast 1986 1994
Ocala Corners JV-M FL Tallahassee Southeast 2000 2000
Ocean Breeze Plaza FL Fort Pierce Southeast 1985 1993
Old St. Augustine Plaza FL Jacksonville Southeast 1990 1996
Palm Harbour Shopping Ctr JV-M FL Daytona Beach Southeast 1991 1996
Palm Trails Plaza FL Fort Lauderdale Southeast 1998 1997
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Bonner's Point 87,282 - 98.63% 0.0% - --
Country Club Ala 67,622 - 92.90% 0.0% - --
Southgate Village Shopping Center 75,392 75,092 97.28% 100.0% 46,733 Publix
The Marketplace - Alexander City 162,723 162,723 96.38% 95.7% 47,668 Winn-Dixie
Phenix Crossing - 56,563 NA 77.8% 38,997 Publix
Trace Crossing Shopping Center 74,130 74,130 87.17% 85.6% 51,420 Publix
Valleydale Village Shopping Center 118,466 118,466 77.75% 66.5% 44,271 Publix
Village in Trussville, The 59,281 56,356 79.88% 84.0% 38,380 Bruno's
- ------------------------------------------------------------------------------------------------------------------------------------
644,896 543,330 90.4% 85.5% 267,469 6
====================================================================================================================================
Anastasia Plaza 102,342 102,342 97.65% 91.3% 48,555 Publix
Aventura 102,876 102,876 94.95% 89.5% 35,908 Publix
Beneva Village Shops 141,532 141,532 97.99% 94.9% 42,112 Publix
Berkshire Commons 106,354 106,354 97.60% 98.6% 65,537 Publix
Bloomingdale Square 267,935 267,935 99.62% 99.6% 39,795 Publix
Bolton Plaza 172,938 172,938 96.53% 94.3% - --
Boynton Lakes Plaza 130,924 130,924 98.39% 100.0% 56,000 Winn-Dixie
Carriage Gate 76,833 76,833 87.56% 95.6% - --
Center of Seven Springs 162,580 - 37.84% 0.0% - --
Chasewood Plaza 141,178 155,603 91.56% 96.6% 54,420 Publix
Chasewood Storage 42,810 - 100.00% 0.0% - --
Courtyard, The 137,256 137,256 100.00% 100.0% 62,771 Albertson's
East Port Plaza 235,842 235,842 55.34% 56.3% 42,112 Publix
East Towne Shopping Center 69,841 69,841 64.20% 78.2% 44,840 Publix
Fleming Island Shopping Ctr 136,662 136,662 95.89% 98.3% 47,955 Publix
Garden Square Shopping Ctr 90,258 90,258 98.59% 97.5% 42,112 Publix
Grande Oaks 78,784 78,784 93.15% 100.0% 54,379 Publix
Highlands Square Shopping Ctr 272,554 262,194 88.77% 98.8% 84,314 Publix/Winn-Dixie
John's Creek Shopping Center - 90,041 NA 49.8% 44,840 Publix
Julington Village 81,821 81,821 100.00% 100.0% 51,420 Publix
Kings Crossing - Sun City 75,020 75,020 96.80% 100.0% 51,420 Publix
Lynn Haven 63,871 63,871 93.42% 100.0% 44,271 Publix
Mainstreet Square Shopping Ctr 107,134 107,134 90.52% 87.7% 56,000 Winn-Dixie
Mariner's Village Shopping Ctr 117,690 33,440 78.96% 96.4% 45,500 Winn-Dixie
Market Place - St. Petersburg 90,296 90,296 97.64% 98.8% 36,464 Publix
Martin Downs Village Center 121,946 121,946 96.72% 100.0% - --
Martin Downs Village Shoppes 49,773 49,773 92.31% 86.3% - --
Millhopper Shopping Center 84,065 84,065 100.00% 98.5% 37,244 Publix
Newberry Square 180,524 180,524 99.42% 96.5% 39,795 Publix
Ocala Corners 86,772 86,772 100.00% 100.0% 61,171 Publix
Ocean Breeze Plaza 108,209 108,209 84.66% 83.6% 36,464 Publix
Old St. Augustine Plaza 175,459 175,459 95.13% 99.4% 51,832 Publix
Palm Harbour Shopping Ctr 172,758 172,758 99.24% 99.7% 45,254 Publix
Palm Trails Plaza 76,067 76,067 97.57% 100.0% 59,562 Winn-Dixie
24
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Peachland Promenade FL Punta Gorda Southeast 1991 1995
Pebblebrooke Plaza JV-M FL Naples Southeast 2000 2000
Pine Tree Plaza FL Jacksonville Southeast 1999 1997
Regency Court FL Jacksonville Southeast 1992 1997
Regency Square at Brandon FL Tampa Southeast 1986 1993
Regency Village JV-O FL Orlando Southeast 2002 2000
Shoppes at 104 JV-M FL Miami Southeast 1990 1998
Shops of San Marco JV-O FL West Palm Beach Southeast 2002 2002
Starke (US 301 & SR 100) FL Jacksonville Southeast 2000 2000
Tequesta Shoppes FL West Palm Beach Southeast 1986 1996
Terrace Walk FL Tampa Southeast 1990 1993
Town Center at Martin Downs FL Fort Pierce Southeast 1996 1996
Town Square FL Tampa Southeast 1999 1997
University Collection FL Tampa Southeast 1984 1996
University Marketplace FL Miami Southeast 1990 1993
Village Center 6 -Tampa FL Tampa Southeast 1993 1995
Vineyard Shopping Center FL Tallahassee Southeast 2002 2001
Welleby Plaza FL Fort Lauderdale Southeast 1982 1996
Wellington Town Square FL West Palm Beach Southeast 1982 1996
Willa Springs FL Orlando Southeast 2000 2000
- ----------------------------------------------------------------------------------------------------------------------
FL
======================================================================================================================
Ashford Place GA Atlanta Southeast 1993 1997
Briarcliff LaVista Shopping Ctr GA Atlanta Southeast 1962 1997
Briarcliff Village GA Atlanta Southeast 1990 1997
Buckhead Court GA Atlanta Southeast 1984 1997
Cambridge Square Shopping Ctr GA Atlanta Southeast 1979 1996
Cromwell Square GA Atlanta Southeast 1990 1997
Cumming 400 GA Atlanta Southeast 1994 1997
Delk Spectrum GA Atlanta Southeast 1991 1998
Dunwoody Hall GA Atlanta Southeast 1986 1997
Dunwoody Village GA Atlanta Southeast 1975 1997
Killian Hill Market JV-M GA Atlanta Southeast 2000 2000
LaGrange Marketplace GA Augusta-Aiken Southeast 1989 1993
Loehmann's Plaza Georgia GA Atlanta Southeast 1986 1997
Lovejoy Station JV-M GA Atlanta Southeast 1995 1997
Memorial Bend GA Atlanta Southeast 1995 1997
Orchard Square JV-M GA Atlanta Southeast 1987 1995
Paces Ferry Plaza GA Atlanta Southeast 1987 1997
Parkway Station GA Macon Southeast 1983 1996
Powers Ferry Square GA Atlanta Southeast 1987 1997
Powers Ferry Village GA Atlanta Southeast 1994 1997
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Peachland Promenade 82,082 82,082 96.93% 94.1% 48,890 Publix
Pebblebrooke Plaza 76,767 76,767 100.00% 100.0% 61,166 Publix
Pine Tree Plaza 60,787 60,787 100.00% 100.0% 37,866 Publix
Regency Court 218,648 218,649 79.45% 99.4% - --
Regency Square at Brandon 349,848 349,848 98.18% 95.5% - --
Regency Village 83,170 83,170 87.49% 87.5% 54,379 Publix
Shoppes at 104 108,190 108,192 98.62% 98.7% 46,368 Winn-Dixie
Shops of San Marco 91,538 91,537 58.63% 100.0% 44,271 Publix
Starke (US 301 & SR 100) 12,738 12,738 100.00% 100.0% - --
Tequesta Shoppes 109,937 - 88.83% 0.0% - --
Terrace Walk 50,936 - 90.23% 0.0% - --
Town Center at Martin Downs 64,546 64,546 100.00% 100.0% 56,146 Publix
Town Square 44,679 44,679 99.32% 97.5% - --
University Collection 106,899 106,899 96.21% 95.3% 40,143 Kash N Karry
University Marketplace 129,121 129,121 85.75% 93.3% 63,139 Albertson's
Village Center 6 -Tampa 181,110 181,110 98.43% 98.5% 36,434 Publix
Vineyard Shopping Center 62,821 62,821 81.61% 83.8% 44,271 Publix
Welleby Plaza 109,949 109,949 95.44% 98.9% 46,779 Publix
Wellington Town Square 105,150 105,150 98.94% 94.2% 36,464 Publix
Willa Springs 83,730 89,930 100.00% 100.0% 44,271 Publix
- ------------------------------------------------------------------------------------------------------------------------------------
6,193,550 5,943,345 90.9% 94.3% 2,042,634 42
====================================================================================================================================
Ashford Place 53,450 53,450 98.57% 98.6% - --
Briarcliff LaVista Shopping Ctr 39,203 39,203 89.57% 100.0% - --
Briarcliff Village 187,156 187,156 99.77% 98.5% 43,454 Publix
Buckhead Court 55,229 55,235 90.47% 81.2% - --
Cambridge Square Shopping Ctr 77,629 71,475 92.36% 99.0% 40,852 Kroger
Cromwell Square 70,282 70,282 95.09% 100.0% - --
Cumming 400 126,900 126,900 97.01% 95.9% 56,146 Publix
Delk Spectrum 100,880 100,539 100.00% 100.0% 45,044 Publix
Dunwoody Hall 89,511 89,351 98.37% 100.0% 44,271 Publix
Dunwoody Village 120,597 120,597 88.66% 92.0% 18,400 Fresh Market
Killian Hill Market 113,227 113,216 78.35% 97.5% 54,340 Publix
LaGrange Marketplace 76,327 - 90.30% 0.0% - --
Loehmann's Plaza Georgia 137,601 137,601 92.18% 95.4% - --
Lovejoy Station 77,336 - 100.00% 0.0% - --
Memorial Bend 177,283 177,283 93.41% 95.5% 56,146 Publix
Orchard Square 93,222 93,222 96.14% 94.9% 44,271 Publix
Paces Ferry Plaza 61,696 61,696 100.00% 100.0% - --
Parkway Station 94,290 - 83.04% 0.0% - --
Powers Ferry Square 97,704 97,705 89.49% 91.6% - --
Powers Ferry Village 78,995 78,996 99.87% 99.9% 47,955 Publix
25
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Rivermont Station GA Atlanta Southeast 1996 1997
Roswell Village JV-C GA Atlanta Southeast 1997 1997
Russell Ridge GA Atlanta Southeast 1995 1994
Sandy Plains Village I & II GA Atlanta Southeast 1992 1996
- -----------------------------------------------------------------------------------------------------------------------
GA
=======================================================================================================================
Bent Tree Plaza JV-M NC Raleigh Southeast 1994 1998
Carmel Commons NC Charlotte Southeast 1979 1997
Garner Towne Square NC Raleigh Southeast 1998 1998
Glenwood Village NC Raleigh Southeast 1983 1997
Kernersville Marketplace SC NC Greensboro Southeast 1997 1998
Lake Pine Plaza NC Raleigh Southeast 1997 1998
Maynard Crossing Shopping Ctr NC Raleigh Southeast 1997 1998
Oakley Plaza JV-M NC Asheville Southeast 1988 1997
Sedgefield Village NC Greensboro Southeast 2000 2000
Southpoint Crossing NC Raleigh Southeast 1998 1998
Union Square Shopping Center NC Charlotte Southeast 1989 1996
Woodcroft Shopping Center NC Raleigh Southeast 1984 1996
- -----------------------------------------------------------------------------------------------------------------------
NC
=======================================================================================================================
Merchants Village JV-M SC Charleston Southeast 1997 1997
Murray Landing SC Columbia Southeast 2003 2002
Pelham Commons SC Greenville Southeast 2003 2002
Queensborough Shopping Ctr JV-O SC Charleston Southeast 1993 1998
Rosewood Shopping Center JV-M SC Columbia Southeast 2001 2001
- -----------------------------------------------------------------------------------------------------------------------
SC
=======================================================================================================================
Dickson (Hwy 46 & 70) TN None Southeast 1998 1998
Harpeth Village TN Nashville Southeast 1998 1997
Nashboro Village TN Nashville Southeast 1998 1998
Northlake Village TN Nashville Southeast 1988 2000
Peartree Village TN Nashville Southeast 1997 1997
West End Avenue TN Nashville Southeast 1998 1998
- -----------------------------------------------------------------------------------------------------------------------
TN
- -----------------------------------------------------------------------------------------------------------------------
Regional Totals Southeast
=======================================================================================================================
Southwest Region
----------------
Anthem Marketplace AZ Phoenix Southwest 2000 2003
Anthem, The Shops AZ Phoenix Southwest 2000 2003
Carefree Marketplace AZ Phoenix Southwest 2000 2000
Palm Valley Marketplace JV-C AZ Phoenix Southwest 1999 2001
Paseo Village AZ Phoenix Southwest 1998 1999
Pima Crossing AZ Phoenix Southwest 1996 1999
Stonebridge Center AZ Phoenix Southwest 2000 2000
The Provinces Shopping Ctr AZ Phoenix Southwest 2000 2000
- -----------------------------------------------------------------------------------------------------------------------
AZ
=======================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Rivermont Station 90,267 90,267 100.00% 100.0% 58,261 Kroger
Roswell Village 145,334 145,334 79.80% 83.7% 37,888 Publix
Russell Ridge 98,558 98,558 100.00% 100.0% 63,296 Kroger
Sandy Plains Village I & II 175,035 91.92% 0.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
2,437,712 2,008,066 93.2% 95.8% 610,324 13
====================================================================================================================================
Bent Tree Plaza 79,503 79,503 100.00% 100.0% 54,153 Kroger
Carmel Commons 132,651 132,651 98.04% 93.2% 14,300 Fresh Market
Garner Towne Square 221,576 221,776 100.00% 100.0% 57,590 Kroger
Glenwood Village 42,864 42,864 86.24% 89.7% 27,764 Harris Teeter
Kernersville Marketplace SC 72,590 72,590 97.93% 100.0% 57,590 Harris Teeter
Lake Pine Plaza 87,691 87,691 100.00% 100.0% 57,590 Kroger
Maynard Crossing Shopping Ctr 122,814 122,832 97.84% 100.0% 55,973 Kroger
Oakley Plaza 118,728 - 98.48% 0.0% - --
Sedgefield Village 56,630 - 76.87% 0.0% - --
Southpoint Crossing 103,128 103,128 100.00% 100.0% 59,160 Kroger
Union Square Shopping Center 97,191 97,191 100.00% 100.0% 33,000 Harris Teeter
Woodcroft Shopping Center 89,835 89,835 98.40% 100.0% 40,832 Food Lion
- ------------------------------------------------------------------------------------------------------------------------------------
1,225,201 1,050,061 97.6% 98.7% 457,952 10
====================================================================================================================================
Merchants Village 79,724 79,724 100.00% 100.0% 37,888 Publix
Murray Landing 64,041 64,441 76.58% 91.3% 44,840 Publix
Pelham Commons 76,271 76,541 58.04% 90.6% 44,271 Publix
Queensborough Shopping Ctr 82,333 82,333 100.00% 100.0% 65,796 Publix
Rosewood Shopping Center 36,887 36,887 95.12% 95.1% 27,887 Publix
- ------------------------------------------------------------------------------------------------------------------------------------
339,256 339,926 85.6% 95.7% 220,682 5
====================================================================================================================================
Dickson (Hwy 46 & 70) 10,908 10,908 100.00% 100.0% - --
Harpeth Village 70,091 70,091 100.00% 100.0% 55,377 Publix
Nashboro Village 86,811 86,811 96.77% 95.2% 61,224 Kroger
Northlake Village 151,629 151,629 88.07% 92.5% 64,537 Kroger
Peartree Village 114,795 114,795 100.00% 100.0% 65,538 Harris Teeter
West End Avenue 10,000 10,000 100.00% 100.0% - --
- ------------------------------------------------------------------------------------------------------------------------------------
444,234 444,234 95.3% 96.5% 246,676 4
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 11,284,849 10,328,962 92.1% 94.7% 3,845,737 80
====================================================================================================================================
Southwest Region
----------------
Anthem Marketplace - 113,292 NA 100.0% 55,256 Safeway
Anthem, The Shops - 35,710 NA 86.9% - --
Carefree Marketplace 24,697 - 89.31% 0.0% - --
Palm Valley Marketplace 107,630 107,629 98.14% 96.3% 55,403 Safeway
Paseo Village 92,399 92,399 97.45% 67.2% - --
Pima Crossing 236,539 239,438 99.46% 100.0% - --
Stonebridge Center 30,235 30,236 78.41% 75.9% 55,250 Safeway
The Provinces Shopping Ctr 34,201 34,202 80.78% 72.8% 55,256 Safeway
- ------------------------------------------------------------------------------------------------------------------------------------
525,701 652,906 95.9% 91.5% 221,165 4
====================================================================================================================================
26
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
Boulevard Center CO Denver Southwest 1986 1999
Buckley Square CO Denver Southwest 1978 1999
Centerplace of Greeley CO Greeley Southwest 2003 2002
Cheyenne Meadows Center JV-M CO Colorado Springs Southwest 1998 1998
Crossroads Commons JV-C CO Boulder Southwest 1986 2001
Hilltop Village CO Denver Southwest 2003 2002
Monument Jackson Creek Crossing CO Colorado Springs Southwest 1999 1998
Leetsdale Marketplace CO Denver Southwest 1993 1999
Littleton Square CO Denver Southwest 1997 1999
Lloyd King Center CO Denver Southwest 1998 1998
New Windsor Marketplace CO Greeley Southwest 2003 2002
Redlands Marketplace CO Grand Junction Southwest 1999 1999
Stroh Ranch Center CO Denver Southwest 1998 1998
Willow Creek Center JV-C CO Denver Southwest 1985 2001
Woodmen Plaza CO Colorado Springs Southwest 1998 1998
- -----------------------------------------------------------------------------------------------------------------------
CO
=======================================================================================================================
Addison Town Center JV-C TX Dallas Southwest 1993 2003
Alden Bridge TX Houston Southwest 1998 2002
Arapaho Village TX Dallas Southwest 1997 1999
Atascocita Center TX Houston Southwest 2003 2002
Bethany Park Place Shopping Ctr TX Dallas Southwest 1998 1998
Casa Linda Plaza TX Dallas Southwest 1997 1999
Champion Forest Shopping Ctr TX Houston Southwest 1983 1999
Cochran's Crossing TX Houston Southwest 1994 2002
Coles Center TX Houston Southwest 2001 2001
Cooper Street Plaza TX Fort Worth Southwest 1992 1999
Creekside Plaza JV-O TX Fort Worth Southwest 1998 1998
Fort Bend Market TX Houston Southwest 2000 2000
Hancock Center TX Austin Southwest 1998 1999
Hebron Parkway Plaza JV-M TX Dallas Southwest 1999 1999
Hillcrest Village TX Dallas Southwest 1991 1999
Indian Springs Center JV-O TX Houston Southwest 2003 2002
Keller Town Center TX Fort Worth Southwest 1999 1999
Kleinwood Center TX Houston Southwest 2003 2002
Lebanon/Legacy Center TX Dallas Southwest 2002 2000
MacArthur Park - Phase 2 JV-C TX Dallas Southwest 1999 1999
Main Street Center TX Dallas Southwest 2002 2002
Market at Preston Forest, The TX Dallas Southwest 1990 1999
Market at Round Rock, The TX Austin Southwest 1987 1999
Matlock Center TX Dallas Southwest 2000 2000
Mills Pointe TX Dallas Southwest 1986 1999
Mockingbird Commons TX Dallas Southwest 1987 1999
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
Boulevard Center 88,511 88,511 96.27% 92.0% 52,700 Safeway
Buckley Square 111,146 111,146 94.50% 100.0% 62,400 King Soopers
Centerplace of Greeley 148,110 246,734 39.22% 81.7% 58,374 Safeway
Cheyenne Meadows Center 89,893 89,893 94.08% 100.0% 69,913 King Soopers
Crossroads Commons 144,288 144,288 100.00% 100.0% 40,846 Whole Foods
Hilltop Village 99,836 100,048 67.26% 84.9% 66,000 King Soopers
Monument Jackson Creek Crossing 85,263 85,263 100.00% 100.0% 69,913 King Soopers
Leetsdale Marketplace 119,916 119,916 100.00% 100.0% 62,600 Safeway
Littleton Square 94,257 94,257 97.69% 100.0% 49,751 King Soopers
Lloyd King Center 83,326 83,326 98.37% 100.0% 61,040 King Soopers
New Windsor Marketplace 94,950 95,877 69.04% 76.1% 66,507 King Soopers
Redlands Marketplace 14,659 - 80.70% 0.0% - --
Stroh Ranch Center 93,436 93,436 98.50% 100.0% 69,719 King Soopers
Willow Creek Center 166,421 166,421 98.86% 97.9% 53,294 Safeway
Woodmen Plaza 104,558 104,558 100.00% 100.0% 69,716 King Soopers
- ---------------------------------------------------------------------------------------------------------------------------------
1,538,570 1,623,674 88.5% 94.2% 852,773 14
=================================================================================================================================
Addison Town Center - 183,983 N A 79.2% 50,540 Kroger
Alden Bridge 138,952 138,952 100.00% 96.5% 67,768 Kroger
Arapaho Village 103,033 103,033 97.96% 82.8% 43,256 Tom Thumb
Atascocita Center 94,180 94,180 66.55% 77.5% 62,680 Kroger
Bethany Park Place Shopping Ctr 74,067 74,066 100.00% 100.0% 58,374 Kroger
Casa Linda Plaza 324,639 324,639 83.68% 85.1% 59,561 Albertson's
Champion Forest Shopping Ctr 115,247 115,247 94.21% 88.6% 56,457 Randall's Food
Cochran's Crossing 138,192 138,192 100.00% 100.0% 63,449 Kroger
Coles Center 42,063 - 88.08% 0.0% - --
Cooper Street Plaza 133,196 133,196 100.00% 100.0% - --
Creekside Plaza 96,816 101,016 100.00% 98.6% 60,932 Kroger
Fort Bend Market 30,158 30,164 72.15% 76.4% 67,106 Kroger
Hancock Center 410,438 410,438 91.20% 96.8% 90,217 H.E.B.
Hebron Parkway Plaza 46,800 46,800 94.95% 88.0% 59,460 Albertson's
Hillcrest Village 14,530 14,530 100.00% 100.0% - --
Indian Springs Center 135,977 135,756 57.46% 63.8% 79,000 H.E.B.
Keller Town Center 114,937 114,937 95.09% 96.7% 63,631 Tom Thumb
Kleinwood Center 152,959 152,906 57.63% 72.5% 78,348 H.E.B.
Lebanon/Legacy Center 56,802 56,669 31.39% 64.7% 62,804 Albertson's
MacArthur Park - Phase 2 198,443 198,443 100.00% 100.0% 63,373 Kroger
Main Street Center 32,680 42,821 18.21% 70.1% 62,322 Albertson's
Market at Preston Forest, The 90,171 90,171 100.00% 100.0% 50,365 Tom Thumb
Market at Round Rock, The 123,347 123,046 98.29% 95.8% 63,800 Albertson's
Matlock Center 40,139 40,068 34.51% 91.8% 42,000 Wal-Mart
Mills Pointe 126,186 126,186 92.13% 85.3% 52,688 Tom Thumb
Mockingbird Commons 121,564 120,321 86.31% 91.1% 48,525 Tom Thumb
27
- ------------------------------------------------------------------------------------------------------------------
Yr Const
or Last Year
Property Name JV State MSA Region Rnvtn Acquired
- ------------------------------------------------------------------------------------------------------------------
North Hills Town Center TX Austin Southwest 1995 1999
Northview Plaza TX Dallas Southwest 1991 1999
Overton Park Plaza JV-C TX Fort Worth Southwest 1991 2001
Panther Creek TX Houston Southwest 1994 2002
Preston Park Village TX Dallas Southwest 1985 1999
Prestonbrook Crossing TX Dallas Southwest 1998 1998
Prestonwood Park TX Dallas Southwest 1999 1999
Rockwall TX Dallas Southwest 2004 2002
Shiloh Springs TX Dallas Southwest 1998 1998
Signature Plaza TX Dallas Southwest 2004 2003
Southlake - Village Center JV-O TX Fort Worth Southwest 1998 1998
Southpark TX Tyler Southwest 1997 1999
Spring West Center TX Houston Southwest 2004 2003
Sterling Ridge TX Houston Southwest 2000 2002
Sweetwater Plaza JV-C TX Houston Southwest 2000 2001
Trophy Club TX Fort Worth Southwest 1999 1999
Valley Ranch Centre TX Dallas Southwest 1997 1999
- -----------------------------------------------------------------------------------------------------------------------
TX
- -----------------------------------------------------------------------------------------------------------------------
Regional Totals Southwest
=======================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------
Regency Centers Total
=======================================================================================================================
Company Owned GLA % Leased
- ------------------------------------------------------------------------------------------------------------------------------------
Grocery
Property Name Dec-02 Dec '03 Dec-02 Dec '03 Anchor GLA Grocery Anchor
- ------------------------------------------------------------------------------------------------------------------------------------
North Hills Town Center 144,019 144,019 98.89% 100.0% 60,465 H.E.B.
Northview Plaza 116,016 116,016 91.10% 90.3% 58,890 Kroger
Overton Park Plaza 350,856 99.10% 0.0% - --
Panther Creek 164,080 165,660 95.10% 93.4% 65,800 Randall's Food
Preston Park Village 273,396 273,396 78.55% 78.2% 52,688 Tom Thumb
Prestonbrook Crossing 91,274 91,274 96.86% 100.0% 63,373 Kroger
Prestonwood Park 101,024 101,024 85.86% 88.4% 62,322 Albertson's
Rockwall 65,644 65,644 0.00% 0.0% 57,017 Tom Thumb
Shiloh Springs 110,040 110,040 100.00% 93.6% 60,932 Kroger
Signature Plaza - 28,795 NA 0.0% 61,962 Kroger
Southlake - Village Center 118,092 118,092 96.95% 96.4% 60,932 Kroger
Southpark 146,758 147,088 94.44% 98.0% 54,980 Albertson's
Spring West Center - 128,796 NA 72.9% 109,121 H.E.B.
Sterling Ridge 128,643 128,643 100.00% 100.0% 63,373 Kroger
Sweetwater Plaza 134,045 134,045 92.67% 100.0% 65,241 Kroger
Trophy Club 106,607 106,607 83.80% 85.3% 63,654 Tom Thumb
Valley Ranch Centre 117,187 117,187 88.97% 86.7% 55,750 Tom Thumb
- ------------------------------------------------------------------------------------------------------------------------------------
5,123,197 5,086,086 88.1% 88.1% 2,423,156 39
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Totals 7,187,468 7,362,666 88.8% 89.8% 3,497,094 57
====================================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Regency Centers Total 29,482,626 30,347,744 91.5% 92.2% 12,126,869 228
====================================================================================================================================
JV-C: Joint Venture with Columbia (Oregon Public Employees Retirement Fund)
JV-M: Joint Venture with Macquarie Country-Wide U.S.
JV-MD: Joint Venture with Macquarie Direct Property U.S.
JV-O: Other, single property joint venture
28
SUMMARY OF TENANT RENTS EXCEEDING .5% OF TOTAL RENTS
December 31, 2003
- --------------------------------------------------------------------------------
% of Pro-Rata # if
Pro-Rata Annualized Leased
% to Company Annualized Base Company Total # of Stores in
Tenant Tenant GLA* Owned GLA* Rent Base Rent* Leased Stores JV
====================================================================================================================================
Kroger 3,537,464 11.7% 25,237,925 8.19% 59 15
Publix 2,453,698 8.1% 15,750,025 5.11% 53 17
Safeway 1,859,823 6.1% 14,890,904 4.83% 38 6
Albertsons 907,579 3.0% 7,234,838 2.35% 17 3
Blockbuster 377,768 1.2% 6,464,705 2.10% 67 9
H.E.B. Grocery 417,151 1.4% 4,497,612 1.46% 5 1
Kohl's Department Store 266,621 0.9% 3,079,752 1.00% 3 0
Harris Teeter 244,499 0.8% 2,914,612 0.95% 5 0
Winn Dixie 427,138 1.4% 2,830,716 0.92% 8 2
Walgreens 239,776 0.8% 2,710,122 0.88% 17 2
Washington Mutual Bank 121,072 0.4% 2,518,022 0.82% 32 6
Shoppers Food Warehouse / Supervalu 183,364 0.6% 2,252,476 0.73% 3 1
Hallmark 177,996 0.6% 2,207,533 0.72% 41 8
Starbucks 81,337 0.3% 1,802,265 0.58% 53 14
Long's Drugs 235,620 0.8% 1,774,785 0.58% 10 3
Hollywood Video 101,018 0.3% 1,771,981 0.57% 16 3
Circuit City 116,860 0.4% 1,764,956 0.57% 4 0
Eckerd (JC Penney) 179,758 0.6% 1,743,619 0.57% 19 4
The UPS Store 112,496 0.4% 1,724,476 0.56% 79 21
Subway 85,764 0.3% 1,684,041 0.55% 69 13
Target 240,086 0.8% 1,589,996 0.52% 2 0
Petco 131,791 0.4% 1,570,386 0.51% 10 3
# of Tenant- Total # of Stores (including
GLA owned & occupied by the anchor not included above: Owned Stores Tenant-Owned)
- ----------------------------------------------------- ----------------------------------------------------
Albertsons 439,518 7 24
Safeway 481,523 9 47
Kroger 124,642 2 61
Target 890,494 7 9
Wal-Mart 42,000 1 4
--------------
1,978,177
==============
* GLA includes 100% of the GLA in unconsolidated joint ventures.
Annualized Company Base Rent includes only Regency's pro-rata share of
rent from unconsolidated joint ventures.
29
TENANT LEASE EXPIRATIONS
- --------------------------------------------------------------------------------
The following table sets forth, for all leases in place as of December
31, 2003 a schedule of the lease expirations of operating properties for
the next ten years, assuming that no tenants exercise renewal options:
Percent of Pro-Rata In-Place Percent of
Total Minimum Rent Total In-Place Minimum Rent
Lease Company Under Expiring Minimum Under Expiring Leases--
Expiration Year Expiring GLA GLA Leases* Rent** at 100%
================================================================================================ ==================================
(1) 322,042 1.2% 3,880,966 1.3% 4 ,408,426
2004 1,625,183 6.2% 24,355,651 8.4% 27,588,822
2005 2,263,752 8.6% 31,345,630 10.8% 35,651,445
2006 2,783,551 10.5% 36,727,598 12.6% 41,361,041
2007 2,893,652 11.0% 36,032,344 12.4% 42,486,275
2008 2,763,394 10.5% 34,672,055 11.9% 39,711,024
2009 1,207,559 4.6% 12,965,696 4.4% 14,388,664
2010 1,006,797 3.8% 10,187,595 3.5% 12,346,577
2011 1,071,215 4.1% 11,204,815 3.8% 13,739,461
2012 1,207,362 4.6% 12,608,744 4.3% 17,121,003
2013 782,478 3.0% 9,911,026 3.4% 12,193,239
============================================================================ ==================================
10 Year Total 17,926,985 67.9% 223,892,120 76.8% 260,995,977
Thereafter 8,489,670 32.1% 67,616,745 23.2% 84,074,264
---------------------------------------------------------------------------- ----------------------------------
26,416,655 100.0% 291,508,865 100.0% 345,070,241
(1) Leases currently under month to month lease or in process of renewal
* GLA includes 100% of the GLA in unconsolidated joint ventures.
Annualized Company minumum rent includes only Regency's pro-rata share of rent
from unconsolidated joint ventures.
Total rent includes minimum rent for all properties, but excludes additional
rent such as percentage rent, common area maintenance, real estate taxes, and
insurance reimbursements.
30
EARNINGS and VALUATION GUIDANCE
December 31, 2003
- --------------------------------------------------------------------------------
($000s except per share numbers) Annual
---------------------------------------------------
2002A 2003A 2004E
----------------------------------------------------
FFO / Share before impairment and preferred
redemption charges (for actuals please see
related press release) $3.17 - $3.27
Impairment charges
Preferred unit redemption charges $0.07
FFO / Share (for actuals please see related
press release) $3.10 - $3.20
Operating Portfolio
Occupancy 94.8% 95.4% 95.0%
Same store growth 3.0% 2.7% 2.0% - 2.5%
Rental growth 10.8% 9.5% 4% - 6%
Recovery rate 79.0% 80.0% 78% -82%
Percentage rent $5,443 $4,597 $3,500 - $4,500
Investment Activity
Acquisitions - 100% REG owned $106,704 $75,427 $0
Acquisition cap rate 8.5% 8.3% n/a
JV Acquisitions (gross $) $246,773 $271,945 $150,000
JV Acquisition cap rate 9.0% 8.2% 8% - 8.5%
REG % Ownership 23% 24% 23%
Dispositions - op. properties (100% REG owned) $258,023 $157,971 $100,000
Dispositions cap rate 9.5% 8.8% 9.0%
Development starts $335,505 $300,300 $300,000
Development stabilizations - net $250,000 -
development costs $287,049 $194,220 $275,000
NOI yield on net dev. Costs 10.4% 10.4% 10% - 10.5%
Development stabilizations - total $265,000 -
costs after out parcel allocation $310,206 $212,800 $275,000
NOI yield on total costs after 9.6% 9.5% 9.5% - 10%
out parcel allocation
Out parcel sales gains $6,202 $11,771 $9,500 - $13,500
Third party fees and commissions $4,617 $6,419 $7,500 - $8,500
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation 40.3% 42.9% <43%
Unsecured/secured debt offerings $250,000 $150,000
-- interest rate 6.75% 5.60%
Capitalized interest/gross interest 13.8% 13.4% 15% - 20%
Capitalized interest $13,754 $13,106
Net Asset Valuation Guidance 4Q03
Expansion land and out parcels available
-- estimated market value $30,130
NOI from CIP properties $2,935
Straight-line rent receivable $21,283
Quarterly
----------------------------------------------------------------------------
1Q03A 2Q03A 3Q03A 4Q03A 1Q04E
----------------------------------------------------------------------------
FFO / Share before impairment and preferred
redemption charges (for actuals please see
related press release) $0.62 - $0.67
Impairment charges
Preferred unit redemption charges
FFO / Share (for actuals please see related
press release) $0.62 - $0.67
Operating Portfolio
Occupancy 94.9% 95.3% 95.3% 95.4%
Same store growth 1.6% 3.2% 3.0% 3.1%
Rental growth 9.7% 9.0% 11.2% 8.3%
Recovery rate 80.7% 77.6% 85.4% 76.3%
Percentage rent $310 $453 $737 $3,097
Investment Activity
Acquisitions - 100% REG owned $15,827 $19,700 $0 $39,900
Acquisition cap rate 8.7% 8.9% n/a 7.9%
JV Acquisitions (gross $) $0 $76,475 $103,324 $92,146
JV Acquisition cap rate n/a 8.6% 7.6% 8.6%
REG % Ownership n/a 24% 25% 24%
Dispositions - op. properties (100% REG owned) $9,165 $18,000 $18,671 $112,135
Dispositions cap rate 7.9% 8.9% 9.3% 8.7%
Development starts $13,300 $20,300 $71,700 $195,000
Development stabilizations - net
development costs $75,600 $11,900 $40,100 $66,620
NOI yield on net dev. Costs 10.2% 9.4% 9.9% 11.2%
Development stabilizations - total
costs after out parcel allocation $8500 $12,400 $42,600 $72,000
NOI yield on total costs after 9.0% 9.0% 9.4% 10.4%
out parcel allocation
Out parcel sales gains $2,483 $779 $1,153 $7,356
Third party fees and commissions $1,561 $1,884 $1,561 $1,413
Financing Assumptions
Projected development funding (in process
properties only)
Debt / total assets before depreciation 43.1% 44.8% 43.7% 42.9%
Unsecured/secured debt offerings
-- interest rate
Capitalized interest/gross interest 11.6% 14.0% 14.5% 13.5%
Capitalized interest $2,785 $3,408 $3,586 $3,328
Net Asset Valuation Guidance
Expansion land and out parcels available
-- estimated market value
NOI from CIP properties
Straight-line rent receivable
In addition to historical information, the information in this Supplemental
Information Package contains forward-looking statements under the federal
securities law. These statements are based on current expectations, estimates
and projections about the industry and the markets in which Regency operates,
management's beliefs and assumptions. Forward-looking statements are not
guarantees of future performance and involve certain known and unknown risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied by such statements. Such risks and uncertainties include,
but are not limited to, changes in national and local economic conditions,
financial difficulties of tenants, competitive market conditions including
pricing of acquisitions and sales of properties and out parcels, changes in
expected leasing activity and market rents, timing of acquisitions, development
starts and sales of properties and out parcels, weather, obtaining government
approvals and meeting development schedules. During the quarter, Regency's
corporate representatives may reiterate these forward-looking statements during
private meetings with investors, investment analysts, the media and others. At
the same time, Regency will keep this information publicly available on its web
site www.RegencyCenters.com.
31
RECONCILIATION OF FFO GUIDANCE TO NET INCOME
- --------------------------------------------------------------------------------
All numbers are per share except weighted average shares
Three Months Ended Full Year 2004
------------------ --------------
March 31, 2004
--------------
Funds From Operations Guidance:
- ------------------------------
Net income for common stockholders $0.36 $0.41 $2.18 $2.28
Add (Less):
Depreciation expense and Amortization $0.26 $0.26 $1.04 $1.04
Loss (gain) on sale of operating properties $0.00 $0.00 ($0.13) ($0.13)
------------------------- ----------------------------
Funds from Operations $0.62 $0.67 $3.10 $3.20
========================= ============================
Weighted Average Shares (000's) 62,056 62,118
Regency reports Funds From Operations (FFO) as a supplemental earnings measure.
The Company considers FFO to be an accurate benchmark to its peer group and a
meaningful performance measurement for the Company because it excludes various
items in net income that do not relate to or are not indicative of the operating
performance of the ownership, management and development of real estate. FFO is
defined by the National Association of Real Estate Investment Trusts generally
as net earnings (computed in accordance with GAAP), excluding real estate
depreciation and amortization, gains and losses from sales of properties (except
those gains and losses sold by the Company's taxable REIT subsidiary), after
adjustment from unconsolidated partnerships and joint ventures and excluding
items classified by GAAP as extraordinary or unusual, along with significant
non-recurring events. Regency also adjusts for the payment of convertible
preferred stock dividends.
32