Regency Centers Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Regency Centers Corp. has filed its 2023 10-K report, detailing its financial performance and corporate structure.</b>

AI Summary

REGENCY CENTERS CORP (REGCP) filed a Annual Report (10-K) with the SEC on February 16, 2024. Regency Centers Corp. filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K report, indicating a comprehensive overview of the company's financial performance and condition. The company's principal executive offices are located at One Independent Drive, Suite 114, Jacksonville, FL 32202. Regency Centers Corp. was formerly known as Regency Realty Corp. until August 13, 1993. The filing includes references to various properties and partnerships, such as Falcon, Apple Valley, and Talega Village Center.

Why It Matters

For investors and stakeholders tracking REGENCY CENTERS CORP, this filing contains several important signals. This 10-K filing provides investors with a detailed look into Regency Centers Corp.'s financial health, operational strategies, and risk factors for the fiscal year 2023. Understanding the information within this report is crucial for assessing the company's stability, growth prospects, and potential challenges in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — REGENCY CENTERS CORP shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to market fluctuations, interest rate changes, and economic downturns, as indicated by the numerous property and partnership references in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Regency Centers Corp.'s performance and outlook in the current real estate market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)
• 1993-08-13 — Date of Name Change (From Regency Realty Corp to Regency Centers Corp)
• 6798 — Standard Industrial Classification (Real Estate Investment Trusts)

Key Players & Entities

• REGENCY CENTERS CORP (company) — Filer name
• REGENCY REALTY CORP (company) — Former company name
• REGENCY CENTERS LP (company) — Related entity
• Jacksonville, FL (location) — Business and mailing address
• 0000910606 (company) — Central Index Key
• 0001066247 (company) — Central Index Key for Regency Centers LP
• 2023-12-31 (date) — Fiscal year end
• 2024-02-16 (date) — Filing date

FAQ

Risk Factors

• Market Conditions [medium — market]: The company's operations are subject to general economic conditions and real estate market cycles.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the cost of borrowing and the valuation of real estate assets.
• Tenant Concentration [low — operational]: Reliance on a few key tenants could pose a risk if those tenants experience financial difficulties.
• REIT Regulations [low — regulatory]: Failure to comply with REIT qualification requirements could result in adverse tax consequences.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value REG The Nasdaq Stock Mark
• $200 million — f the Operating Partnership. Except for $200 million of unsecured private placement debt, th

Filing Documents

• reg-20231231.htm (10-K) — 15156KB
• reg-ex4_d.htm (EX-4.(D)) — 111KB
• reg-ex19.htm (EX-19) — 81KB
• reg-ex21.htm (EX-21) — 979KB
• reg-ex22.htm (EX-22) — 15KB
• reg-ex23_1.htm (EX-23.1) — 5KB
• reg-ex31_1.htm (EX-31.1) — 13KB
• reg-ex31_2.htm (EX-31.2) — 13KB
• reg-ex31_3.htm (EX-31.3) — 13KB
• reg-ex31_4.htm (EX-31.4) — 13KB
• reg-ex32_1.htm (EX-32.1) — 5KB
• reg-ex32_2.htm (EX-32.2) — 5KB
• reg-ex32_3.htm (EX-32.3) — 5KB
• reg-ex32_4.htm (EX-32.4) — 5KB
• reg-ex97.htm (EX-97) — 26KB
• img38278871_0.jpg (GRAPHIC) — 52KB
• img38278871_1.jpg (GRAPHIC) — 37KB
• img216918706_0.jpg (GRAPHIC) — 6KB
• 0000950170-24-016260.txt (&nbsp;) — 47172KB
• reg-20231231.xsd (EX-101.SCH) — 3599KB
• reg-20231231_htm.xml (XML) — 10322KB

Risk Factors

Risk Factors 9 1B. Unresolved Staff Comments 22 1C. Cybersecurity 22 2.

Properties

Properties 24 3.

Legal Proceedings

Legal Proceedings 41 4. Mine Safety Disclosures 41 PART II 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 41 6. Reserved 42 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 8. Consolidated Financial Statements and Supplementary Data 59 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126 9A.

Controls and Procedures

Controls and Procedures 126 9B. Other Information 127 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 128 PART III 10. Directors, Executive Officers, and Corporate Governance 128 11.

Executive Compensation

Executive Compensation 128 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 13. Certain Relationships and Related Transactions, and Director Independence 128 14. Principal Accountant Fees and Services 129 PART IV 15. Exhibits and Financial Statement Schedules 130 16. Form 10-K Summary 136

Forward-Looking Statements

Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "could," "should," "would," "expect," "estimate," "believe," "intend," "forecast," "project," "plan," "anticipate," "guidance," and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, risk factors described in "Item 1A. Risk Factors " of this Report. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and our other filings with and submissions to the Securities and Exchange Commission ("SEC"), including those made in connection with the Company's acquisition of Urstadt Biddle Properties Inc. ("UBP" or "Urstadt Biddle"). If any of t

B usiness

Item 1. B usiness Regency Centers Corporation is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993. Our corporate headquarters are located at One Independent Drive, Suite 114, Jacksonville, Florida. Regency Centers, L.P. is a subsidiary through which Regency Centers Corporation conducts substantially all of its operations, and which owns, directly or indirectly, substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with compelling demographics within the United States of America ("USA" or "United States"). We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017. Our business experienced material growth in 2023 due to our acquisition of UBP which is further discussed in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." As of December 31, 2023, we had full or partial ownership interests in 482 properties, primarily anchored by market leading grocery stores, encompassing 56.8 million square feet ("SF") of gross leasable area ("GLA"). Our Pro-rata share of this GLA is 48.6 million square feet, including our share of properties owned through unconsolidated real estate partnerships. We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics that have strategic attributes supporting growth through economic cycles. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in

View Full Filing

View this 10-K filing on SEC EDGAR