REGENCY CENTERS CORP - FORM 8-K/A - EX-99.1 - May 31, 2011

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8-K/A - REGENCY CENTERS CORPreg8-ka053111.htm
 

Exhibit 99.1
 
 
Selected Financial Data
(in thousands, except per share and per unit data, number of properties, and ratio of earnings to fixed charges)
The following tables set forth Selected Financial Data for Regency on a historical basis for the five years ended December 31, 2010. The historical Selected Financial Data has been derived from our previously issued historical consolidated financial statements in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and reflects the effects of the immaterial corrections previously discussed in Item 8.01. The effect on net income (loss) attributable to common stockholders of the Company and net income (loss) attributable to common unit holders of the Operating Partnership was a decrease in income of $3.1 million for the year ended December 31, 2010, an increase in income of $3.7 million, $6.0 million, and $4.1 million for the years ended December 31, 2009, 2008, and 2007, respectively, and a decrease in income of $11.1 million for the year ended December 31, 2006.
 
 
Parent Company
 
 
 
2010
 
2009
 
2008
 
2007
 
2006
Operating Data:
 
 
 
 
 
 
 
 
 
 
 
 Revenues
$
486,806
 
 
488,073
 
 
494,934
 
 
434,737
 
 
404,602
 
 
 Operating expenses
 
316,802
 
 
306,182
 
 
265,753
 
 
243,709
 
 
246,075
 
 
 Other expense
 
151,751
 
 
190,729
 
 
109,286
 
 
29,280
 
 
11,174
 
 
 Income (loss) before equity in income (loss)
    of investments in real estate partnerships
 
18,253
 
 
(8,838
)
 
119,895
 
 
161,748
 
 
147,353
 
 
 Equity in income (loss) of investments in
    real estate partnerships
 
(12,884
)
 
(26,373
)
 
5,292
 
 
18,093
 
 
2,580
 
 
 Income (loss) from continuing operations
 
5,369
 
 
(35,211
)
 
125,187
 
 
179,841
 
 
149,933
 
 
 Income from discontinued operations
 
7,632
 
 
6,174
 
 
22,297
 
 
34,284
 
 
68,970
 
 
 Net income (loss)
 
13,001
 
 
(29,037
)
 
147,484
 
 
214,125
 
 
218,903
 
 
 Net income attributable to noncontrolling
    interests
 
(4,185
)
 
(3,961
)
 
(5,333
)
 
(6,365
)
 
(11,464
)
 
 Net income (loss) attributable to controlling
    interests
 
8,816
 
 
(32,998
)
 
142,151
 
 
207,760
 
 
207,439
 
 
 Preferred stock dividends
 
(19,675
)
 
(19,675
)
 
(19,675
)
 
(19,675
)
 
(19,675
)
 
 Net income (loss) attributable to common
    stockholders
 
(10,859
)
 
(52,673
)
 
122,476
 
 
188,085
 
 
187,764
 
 
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) per common share - diluted:
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations
 $
(0.23
)
 
(0.78
)
 
1.44
 
 
2.22
 
 
1.73
 
 
 Net income (loss) attributable to common
    stockholders
 $
(0.14
)
 
(0.70
)
 
1.76
 
 
2.72
 
 
2.75
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other Information:
 
 
 
 
 
 
 
 
 
 
 
 Common dividends declared per share
 $
1.85
 
 
2.11
 
 
2.90
 
 
2.64
 
 
2.38
 
 
 Common stock outstanding including
    exchangeable operating partnership units
 
81,717
 
 
81,670
 
 
70,091
 
 
69,653
 
 
69,375
 
 
 Combined Basis gross leasable area (GLA)
 
45,077
 
 
44,972
 
 
49,645
 
 
51,107
 
 
47,187
 
 
 Combined Basis number of properties owned
 
396
 
 
400
 
 
440
 
 
451
 
 
405
 
 
 Ratio of earnings to fixed charges
 
1.7
 
 
1.0
 
 
1.6
 
 
2.0
 
 
2.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
 Real estate investments before accumulated
    depreciation
 $
4,417,746
 
 
4,259,990
 
 
4,425,895
 
 
4,367,191
 
 
3,870,629
 
 
 Total assets
 
3,994,539
 
 
3,992,228
 
 
4,158,568
 
 
4,137,069
 
 
3,665,759
 
 
 Total debt
 
2,094,469
 
 
1,886,380
 
 
2,135,571
 
 
2,007,975
 
 
1,575,386
 
 
 Total liabilities
 
2,250,138
 
 
2,061,621
 
 
2,416,824
 
 
2,249,200
 
 
1,791,329
 
 
 Stockholders' equity
 
1,685,176
 
 
1,862,380
 
 
1,676,323
 
 
1,810,401
 
 
1,791,410
 
 
 Noncontrolling interests
 
59,225
 
 
68,227
 
 
65,421
 
 
77,468
 
 
83,020
 
 
 

6 
 

 
Operating Partnership
 
 
 
2010
 
2009
 
2008
 
2007
 
2006
 Operating Data:
 
 
 
 
 
 
 
 
 
 
 
 Revenues
 $
486,806
 
 
488,073
 
 
494,934
 
 
434,737
 
 
404,602
 
 
 Operating expenses
 
316,802
 
 
306,182
 
 
265,753
 
 
243,709
 
 
246,075
 
 
 Other expense (income)
 
151,751
 
 
190,729
 
 
109,286
 
 
29,280
 
 
11,174
 
 
 Income (loss) before equity in income (loss)
    of investments in real estate partnerships
 
18,253
 
 
(8,838
)
 
119,895
 
 
161,748
 
 
147,353
 
 
 Equity in income (loss) of investments in
    real estate partnerships
 
(12,884
)
 
(26,373
)
 
5,292
 
 
18,093
 
 
2,580
 
 
 Income (loss) from continuing operations
 
5,369
 
 
(35,211
)
 
125,187
 
 
179,841
 
 
149,933
 
 
 Income from discontinued operations
 
7,632
 
 
6,174
 
 
22,297
 
 
34,284
 
 
68,970
 
 
 Net income (loss)
 
13,001
 
 
(29,037
)
 
147,484
 
 
214,125
 
 
218,903
 
 
 Net income attributable to noncontrolling
     interests
 
(376
)
 
(452
)
 
(701
)
 
(990
)
 
(4,863
)
 
 Net income (loss) attributable to controlling
    interests
 
12,625
 
 
(29,489
)
 
146,783
 
 
213,135
 
 
214,040
 
 
 Preferred unit distributions
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
(23,400
)
 
 Net income (loss) attributable to common
    unit holders
 
(10,775
)
 
(52,889
)
 
123,383
 
 
189,735
 
 
190,640
 
 
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) per common unit - diluted:
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations
 $
(0.23
)
 
(0.78
)
 
1.44
 
 
2.22
 
 
1.73
 
 
 Net income (loss) attributable to common
    unit holders
 $
(0.14
)
 
(0.70
)
 
1.76
 
 
2.72
 
 
2.75
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other Information:
 
 
 
 
 
 
 
 
 
 
 
 Distributions per unit
 $
1.85
 
 
2.11
 
 
2.90
 
 
2.64
 
 
2.38
 
 
 Common units outstanding
 
81,717
 
 
81,670
 
 
70,091
 
 
69,653
 
 
69,375
 
 
 Preferred units outstanding
 
500
 
 
500
 
 
500
 
 
500
 
 
500
 
 
 Combined Basis gross leasable area (GLA)
 
45,077
 
 
44,972
 
 
49,645
 
 
51,107
 
 
47,187
 
 
 Combined Basis number of properties owned
 
396
 
 
400
 
 
440
 
 
451
 
 
405
 
 
 Ratio of earnings to fixed charges
 
1.7
 
 
1.0
 
 
1.6
 
 
2.0
 
 
2.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
 Real estate investments before accumulated
    depreciation
 $
4,417,746
 
 
4,259,990
 
 
4,425,895
 
 
4,367,191
 
 
3,870,629
 
 
 Total assets
 
3,994,539
 
 
3,992,228
 
 
4,158,568
 
 
4,137,069
 
 
3,665,759
 
 
 Total debt
 
2,094,469
 
 
1,886,380
 
 
2,135,571
 
 
2,007,975
 
 
1,575,386
 
 
 Total liabilities
 
2,250,138
 
 
2,061,621
 
 
2,416,824
 
 
2,249,200
 
 
1,791,329
 
 
 Partners' capital
 
1,733,572
 
 
1,918,859
 
 
1,733,764
 
 
1,869,478
 
 
1,856,633
 
 
 Noncontrolling interests
 
10,829
 
 
11,748
 
 
7,980
 
 
18,391
 
 
17,797
 
 
 

7 
 

                                                
Summary of Quarterly Financial Data
(in thousands, except per share and per unit data)
 
The following tables set forth selected Quarterly Financial Data for the Company on a historical basis for each of the quarters for the years ended December 31, 2010 and 2009. The historical Quarterly Financial Data has been derived from the previously issued historical consolidated financial statements in the Combined Annual Report of the Company and its Operating Partnership on Form 10-K for the year ended December 31, 2010 and reflects the effects of the immaterial corrections previously discussed in Item 8.01.
 
 
Parent Company and Operating Partnership
 
 
 
For the three months ended
 
 
 
March 31, 2010
 
March 31, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
124,368
 
—
 
124,368
 
 
120,159
 
—
 
120,159
 
 
Reclassified to discontinued operations
 
(290
)
—
 
(290
)
 
(744
)
—
 
(744
)
 
Adjusted revenues
$
124,078
 
—
 
124,078
 
 
119,415
 
—
 
119,415
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
12,368
 
(969
)
11,399
 
 
19,563
 
7,427
 
26,990
 
 
Net income of limited partners
 
94
 
—
 
94
 
 
164
 
—
 
164
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
12,462
 
(969
)
11,493
 
 
19,727
 
7,427
 
27,154
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
0.15
 
(0.01
)
0.14
 
 
0.28
 
0.10
 
0.38
 
 
Diluted
$
0.15
 
(0.01
)
0.14
 
 
0.28
 
0.10
 
0.38
 
 
 
 
 
For the three months ended
 
 
 
June 30, 2010
 
June 30, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
121,600
 
—
 
121,600
 
 
116,461
 
—
 
116,461
 
 
Reclassified to discontinued operations
 
(348
)
—
 
(348
)
 
(1,466
)
—
 
(1,466
)
 
Adjusted revenues
$
121,252
 
—
 
121,252
 
 
114,995
 
—
 
114,995
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
6,753
 
996
 
7,749
 
 
(17,180
)
(3,343
)
(20,523
)
 
Net income (loss) of limited partners
 
27
 
—
 
27
 
 
(92
)
—
 
(92
)
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
6,780
 
996
 
7,776
 
 
(17,272
)
(3,343
)
(20,615
)
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
0.08
 
0.01
 
0.09
 
 
(0.23
)
(0.04
)
(0.27
)
 
Diluted
$
0.08
 
0.01
 
0.09
 
 
(0.23
)
(0.04
)
(0.27
)
 

8 
 

 
 
 
For the three months ended
 
 
 
September 30, 2010
 
September 30, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
121,410
 
—
 
121,410
 
 
133,742
 
—
 
133,742
 
 
Reclassified to discontinued operations
 
165
 
—
 
165
 
 
(1,421
)
—
 
(1,421
)
 
Adjusted revenues
$
121,575
 
—
 
121,575
 
 
132,321
 
—
 
132,321
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
9,885
 
(1,992
)
7,893
 
 
(84,092
)
(1,162
)
(85,254
)
 
Net income (loss) of limited partners
 
34
 
—
 
34
 
 
(462
)
—
 
(462
)
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
9,919
 
(1,992
)
7,927
 
 
(84,554
)
(1,162
)
(85,716
)
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
0.12
 
(0.03
)
0.09
 
 
(1.05
)
(0.02
)
(1.07
)
 
Diluted
$
0.12
 
(0.03
)
0.09
 
 
(1.05
)
(0.02
)
(1.07
)
 
 
 
 
For the three months ended
 
 
 
December 31, 2010
 
December 31, 2009
 
 
 
Reported
Adjustment
As corrected
 
Reported
Adjustment
As corrected
Operating Data:
 
 
 
 
 
 
 
 
 
Revenues as originally reported
$
119,901
 
—
 
119,901
 
 
121,625
 
—
 
121,625
 
 
Reclassified to discontinued operations
 
—
 
—
 
—
 
 
(283
)
—
 
(283
)
 
Adjusted revenues
$
119,901
 
—
 
119,901
 
 
121,342
 
—
 
121,342
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stockholders
$
(36,667
)
(1,232
)
(37,899
)
 
25,330
 
784
 
26,114
 
 
Net income (loss) of limited partners
 
(71
)
—
 
(71
)
 
174
 
—
 
174
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common unit holders
$
(36,738
)
(1,232
)
(37,970
)
 
25,504
 
784
 
26,288
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to
 
 
 
 
 
 
 
 
 
common stock and unit holders per
 
 
 
 
 
 
 
 
 
share and unit:
 
 
 
 
 
 
 
 
 
Basic
$
(0.45
)
(0.02
)
(0.47
)
 
0.31
 
0.01
 
0.32
 
 
Diluted
$
(0.44
)
(0.02
)
(0.46
)
 
0.31
 
0.01
 
0.32
 
 

9 

REGENCY CENTERS CORP Reports