SECURITIES AND EXCHANGE COMMISSION
UNITED STATES
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 1, 1996
REGENCY REALTY CORPORATION
(Exact name of registrant as specified in its charter)
Florida 1-12298 59-3191743
(State or other jurisdiction Commission (IRS Employer
of incorporation) File Number) Identification No.)
121 West Forsyth Street, Suite 200
Jacksonville, Florida 32202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (904)-356-7000
Not Applicable
Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OF ASSETS
Regency Realty Corporation, through its wholly-owned subsidiaries (together the
"Company") acquired four shopping centers (the "Acquisition Properties") during
the months of May, July, and August, 1996. The combined purchase price of these
acquisitions, as provided below, exceeds 10% of the Company's total assets. The
acquisitions were made pursuant to separate purchase agreements, the sellers of
which are unrelated to the Company. All of the properties currently operate as
neighborhood or community retail shopping centers, and will continue as such.
The purchase price of each shopping center was funded from the Company's
revolving line of credit with Wells Fargo Realty Advisors Funding, Inc.
The factors considered by the Company in determining the price to be paid for
the shopping center included historical and expected cash flow, nature of the
tenancies and terms of the leases in place, occupancy rates, opportunities for
alternative and new tenancies, current operating costs, physical condition and
location, and the anticipated impact on the Company's financial results. The
Company also took into consideration capitalization rates at which it believes
other shopping centers have recently sold. No separate independent appraisals
were obtained for the Acquisition Properties.
The following summarizes the Acquisition Properties:
Property Acquisition Acquisition Occupancy at
Name Costs Date GLA City/State Acquisition
---- ----- ---- --- ---------- -----------
Welleby Plaza $7,251,320 5-31-96 109,949 Sunrise, FL 95.2%
Union Square $7,189,358 7-16-96 97,191 Monroe, NC 94.7%
City View $5,569,614 7-16-96 77,550 Charlotte, NC 98.5%
Palm Harbor $12,967,307 8-1-96 159,369 Palm Coast, FL 100.0%
----------- -------
Total $32,977,599 440,059
=========== =======
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
A. Financial Statements and Pro Forma Financial Information
Audited Financial Statements of the Acquisition Properties are
currently unavailable; however, they will be filed together with the Pro Forma
Financial Statements of the Company as soon as they are available, but in no
event beyond 60 days of the required filing date of this report.
B. Exhibits:
10. Material Contracts
(a) Purchase and Sale Agreement dated April 16, 1996, between RRC
Acquisitions, Inc., a wholly-owned subsidiary of the Company
as purchaser, and Connecticut General Life Insurance Company,
on Behalf of its Separate Account R as seller, relating to the
acquisition of Welleby Plaza.
(b) Purchase and Sale Agreement dated June 19, 1996, between RRC
Acquisitions, Inc., a wholly-owned subsidiary of the Company
as buyer, and Norcom Development, Inc. as seller, relating to
the acquisition of City View Shopping Center and Union Square
Shopping Center.
(c) Purchase and Sale Agreement dated March 29, 1996, between RRC
Acquisitions, Inc., a wholly-owned subsidiary of the Company
as buyer, and Palm Harbour Centers Associates as seller,
relating to the acquisition of Palm Harbour Shopping Village.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
REGENCY REALTY CORPORATION
(registrant)
August 6 , 1996 By: /s/ J. Christian Leavitt
----------------------------
J. Christian Leavitt
Vice President and Treasurer
EXHIBIT INDEX
10. Material Contracts
(a) Purchase and Sale Agreement dated April 16, 1996, between RRC
Acquisitions, Inc., a wholly-owned subsidiary of the Company
as purchaser, and Connecticut General Life Insurance Company,
on Behalf of its Separate Account R as seller, relating to the
acquisition of Welleby Plaza.
(b) Purchase and Sale Agreement dated June 19, 1996, between RRC
Acquisitions, Inc., a wholly-owned subsidiary of the Company
as buyer, and Norcom Development, Inc. as seller, relating to
the acquisition of City View Shopping Center and Union Square
Shopping Center.
(c) Purchase and Sale Agreement dated March 29, 1996, between RRC
Acquisitions, Inc., a wholly-owned subsidiary of the Company
as buyer, and Palm Harbour Centers Associates as seller,
relating to the acquisition of Palm Harbour Shopping Village.