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) March 31, 1997
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)
<PAGE>
Item 5. Other Information
REGENCY REALTY CORPORATION
- -----------------------------------------------------------------------------
Supplemental Financial Information
March 31, 1997
- ------------------------------------------------------------------------------
TABLE OF CONTENTS
1. Summary of Operations................................................1
2. Income Statements....................................................2
3. Funds from Operations and Cash Available for Distribution............3
4. Balance Sheets.......................................................4
5. Security Capital U.S. Realty Strategic Alliance Summary..............5
6. Branch Acquisition Summary...........................................6
7. $50 Million Private Placement Summary................................7
8. Parkway O. P. Units Summary..........................................8
9. Unconsolidated Real Estate Investments...............................9
10. Debt Summary........................................................10
11. Real Estate Status Report........................................11-14
12. Summary of Significant Tenants......................................15
13. Lease Expiration Table..............................................16
14. 1997 Shopping Center Acquisitions and Developments..................17
15. Press Release....................................................18-19
INVESTOR RELATIONS
Brenda Paradise
121 W. Forsyth Street, Suite 200
Jacksonville, FL 32202
(904) 356-7000
<PAGE>
Regency Realty Corporation
Income Statements
For the Periods Ended March 31, 1997 and 1996
<TABLE>
<CAPTION>
Three Months Ended Year to Date
1997 1996 1997 1996
Actual Actual Actual Actual
<S> <C> <C> <C> <C>
Operations and Capitalization:
Funds from Operations (see page 3 for detail) 7,426,359 4,299,376 7,426,359 4,299,376
FFO per share $0.49 $0.44 $0.49 $0.44
FFO per share Growth 10.9% - 10.9% -
Cash available for Distribution (see page 3 for detail) 7,661,481 4,560,268 7,661,481 4,560,268
CAD per share (a) $0.50 $0.47 $0.50 $0.47
EBITDA 11,381,743 6,730,535 11,381,743 6,730,535
Net Income for common stockholders 4,036,772 2,575,729 4,036,772 2,575,729
Net Income per share (a) $0.27 $0.26 $0.27 $0.26
Dividends declared per share $0.420 $0.405 $0.420 $0.405
Dividend payout ratio of FFO 86.1% 92.0% 86.1% 92.0%
Dividend payout ratio of CAD 83.4% 86.7% 83.4% 86.7%
</TABLE>
- -------------------------------------------------------------------------------
Debt to Total Market Capitalization Analysis 3-31-97 12-31-96
-----------------------------
Common shares and CSE's outstanding (a) 18,701,300 13,619,221
Common equity value based on
closing stock price $500,260 $357,505
Outstanding debt 304,900 171,607
-----------------------------
Total Market Capitalization $805,160 $529,112
Debt to Total Market Capitalization 37.9% 32.4%
- -------------------------------------------------------------------------------
Real Estate Portfolio:
Company owned GLA
(excluding current development) 8,278,742 4,075,199
Portfolio Increase over previous 12 months 103.1% na
Total GLA including anchor owned stores 8,674,033 4,430,347
Percent leased (including preleased) 95.6% 95.9%
Net Operating Income 11,802,899 7,183,705
NOI growth 64.3% na
NOI - same properties (b) 7,280,277 7,132,000
NOI growth - same properties 2.1% na
Average base rent per square foot $9.18 $8.57
Company owned retail GLA
(excl current development) 7,980,503 3,776,960
Portfolio Increase over previous 12 months 111.3% na
Total retail GLA 8,375,794 4,132,108
Percent leased (including preleased) 95.6% 95.7%
Percent of total company owned GLA 96.4% 92.7%
Retail Same Property NOI (b) 6,570,430 6,432,840
Retail NOI as a percent of total NOI 94.0% 90.3%
Average base rent per square foot $8.99 $8.13
Company owned office GLA 298,239 298,239
Percent leased (including preleased) 95.7% 95.8%
Office Same Property NOI 709,847 699,160
Average base rent per square foot $14.40 $14.13
- -------------------------------------------------------------------------------
(a) includes the common shares (CSE's) that the Class B common stock and
redeemable partnership units will be convertible into. All per share amounts
reflect the Class B common and OP Units as if they have been converted into
common stock (i.e per share amounts are fully diluted).
(b) Same property NOI excludes properties acquired after 12/31/95.
<PAGE>
Regency Realty Corporation
Income Statements
For the Periods Ended March 31, 1997 and 1996
<TABLE>
<CAPTION>
Three Months Ended Year to Date
1997 1996 1997 1996
Actual Actual Actual Actual
<S> <C> <C> <C> <C>
Real Estate Operating Revenues:
Minimum rent 12,499,572 7,903,455 12,499,572 7,903,455
Percentage rent 470,598 189,880 470,598 189,880
Recoveries and other tenant related income 3,095,004 1,689,933 3,095,004 1,689,933
Equity income of unconsolidated partnerships 26,987 7,453 26,987 7,453
------------- ------------- ------------ ------------
16,092,161 9,790,721 16,092,161 9,790,721
------------- ------------- ------------ ------------
Real Estate Operating Expenses:
Operating and maintenance 2,482,781 1,702,535 2,482,781 1,702,535
Real estate taxes 1,820,089 920,065 1,820,089 920,065
------------- ------------- ------------ ------------
4,302,870 2,622,600 4,302,870 2,622,600
------------- ------------- ------------ ------------
Net Property Revenues 11,789,291 7,168,121 11,789,291 7,168,121
Third Party Revenues:
Leasing, brokerage and development fees 1,307,616 574,086 1,307,616 574,086
Property management fees 333,575 136,931 333,575 136,931
------------- ------------- ------------ ------------
1,641,191 711,017 1,641,191 711,017
------------- ------------- ------------ ------------
Other Expenses (Income):
General and administrative 2,221,006 1,265,320 2,221,006 1,265,320
Depreciation & amortization 3,054,890 1,884,451 3,054,890 1,884,451
Interest expense 3,525,641 2,244,805 3,525,641 2,244,805
Preferred Stock Dividends 0 25,550 0 25,550
Interest (income) (172,267) (116,717) (172,267) (116,717)
------------- ------------- ------------ ------------
8,629,270 5,303,409 8,629,270 5,303,409
------------- ------------- ------------ ------------
Net Income 4,801,212 2,575,729 4,801,212 2,575,729
Minority interests in net income of
consolidated real estate partnerships 764,440 0 764,440 0
------------- ------------- ------------ ------------
Net income for common stockholders 4,036,772 2,575,729 4,036,772 2,575,729
============= ============= ============ ============
Other Information:
NOI to gross rents - - 73% 73%
Tenant Recoveries to Property Expenses - - 72% 59%
EBITDA 11,381,743 6,730,535 11,381,743 6,730,535
- ---------------------------------
Net operating income:
- ---------------------------------
Net Property Revenues $ 11,789,291 7,168,121 11,789,291 7,168,121
Depreciation of unconsolidated real estate 13,608 8,552 13,608 8,552
Straight-lining of rents reversal 0 7,032 0 7,032
------------- ------------- ------------ ------------
Net Operating Income - actual $ 11,802,899 7,183,705 11,802,899 7,183,705
============= ============= ============ ============
NOI Growth 64.3% 64.3%
Net Operating Income - same property comparison 7,280,277 7,132,000 (1) 7,280,277 7,132,000
NOI Growth - same property 2.1% 2.1%
</TABLE>
(1) Same property NOI excludes properties acquired after 12/31/95 as the Company
does not have sufficient operating history of the acquisitions closed during
1996 and 1997 to provide compartive year growth statistics.
<PAGE>
Regency Realty Corporation
Income Statements
For the Periods Ended March 31, 1997 and 1996
<TABLE>
<CAPTION>
Three Months Ended Year to Date
------------------ ------------
1997 1996 1997 1996
Actual Actual Actual Actual
<S> <C> <C> <C> <C>
Funds From Operations:
Net Income for common stockholders 4,036,772 2,575,729 4,036,772 2,575,729
Plus:
Depreciation expense - real property 2,677,663 1,669,214 2,677,663 1,669,214
Amortization of leasing commissions 78,219 54,433 78,219 54,433
Minority interest of redeemable O.P. Units 633,705 0 633,705 0
--------- ---------- ---------- ---------
Funds from Operations 7,426,359 4,299,376 7,426,359 4,299,376
========= ========== ========== =========
FFO per share $0.49 $0.44 $0.49 $0.44
FFO per share growth 10.9% 10.9%
<FN>
Note: The Company has adopted a more conservative method of
calculating funds from operations beginning in 1997. The new
calculation no longer adds back stock based compensation which
includes board fees, 401K contributions, and other compensation
paid in common stock. 1996 has been restated to reflect FFO on
the same basis. For purposes of determining cash available for
distribution, however, stock based compensation will be added
back as it remains available for distribution.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended Year to Date
------------------ ------------
1997 1996 1997 1996
Actual Actual Actual Actual
<S> <C> <C> <C> <C>
Cash Available for Distribution:
Funds from Operations 7,426,359 4,299,376 7,426,359 4,299,376
Plus:
Straight-line rent leveling 0 7,032 0 7,032
Board fees and 401K contributions paid in RRC stock 171,271 109,129 171,271 109,129
RRC Long-term Omnibus Plan stock compensation 299,909 290,110 299,909 290,110
----------- ----------- ---------- --------
Total stock based compensation 471,180 406,271 471,180 406,271
----------- ----------- ---------- --------
Less:
Leasing Commissions 52,734 60,655 52,734 60,655
Tenant Improvements 89,564 54,562 89,564 54,562
Building Improvements 93,760 30,162 93,760 30,162
----------- ----------- -------- ---------
Total capital expenditures 236,058 145,379 236,058 145,379
----------- ----------- -------- ---------
Cash Available for Distribution 7,661,481 4,560,268 7,661,481 4,560,268
=========== =========== ========== =========
Analysis of Capital Expenditures Incurred:
Leasing Commissions Capitalized 71,706 96,268 71,706 96,268
less: revenue enhancing amounts (18,972) (35,613) (18,972) (35,613)
Tenant Improvements 94,848 130,012 94,848 130,012
less: revenue enhancing amounts (5,284) (75,450) (5,284) (75,450)
Building Improvements 237,514 30,162 237,514 30,162
less: amts identified at acquisition and reserved (143,754) 0 (143,754) 0
---------- -------- --------- ---------
Capital expenditures used for CAD 236,058 145,379 236,058 145,379
========= ======== ======== =========
</TABLE>
<PAGE>
Regency Realty Corporation
Income Statements (continued)
For the Periods Ended March 31, 1997 and 1996
<TABLE>
<CAPTION>
Three Months Ended Year to Date
------------------ ------------
1997 1996 1997 1996
Actual Actual Actual Actual
<S> <C> <C> <C> <C>
Common Share Data:
Common shares issued and outstanding 12,323,183 6,844,059 12,323,183 6,844,059
Common stock equivalents (CSE) (b) 2,975,468 2,975,468 2,975,468 2,975,468
Convertible OP Units (CSE) (b) 3,402,649 0 3,402,649 0
Common shares and CSE's 18,701,300 9,819,527 18,701,300 9,819,527
Wtd average common shares & CSE's 15,216,986 9,766,149 15,216,986 9,766,149
Debt Service Coverage Ratio (interest & preferred dividends):
Based on FFO 2.7 2.9 2.7 2.9
Based on CAD 2.8 3.0 2.8 3.0
Based on EBITDA 2.7 3.0 2.7 3.0
<FN>
(b) Common stock equivalent (CSE) - the common shares that the Class B common
stock and redeemable partnership units can be converted into are included in all
per share calculations.
</FN>
</TABLE>
<PAGE>
Regency Realty Corporation
Balance Sheets
March 31, 1997 and December 31, 1996
Assets 1997 1996
------ ---- ----
Real estate rental property, at cost 623,163,423 390,672,625
Less: accumulated depreciation 28,913,557 26,213,225
------------ ------------
Real estate rental property, net 594,249,866 364,459,400
Construction in progress 30,877,519 1,695,062
Investments in unconsolidated
real estate partnerships 1,788,919 1,035,107
------------ ------------
Total investments in real estate, net 626,916,304 367,189,569
Cash & cash equivalents 14,629,155 8,293,229
Tenant receivables, net of reserves 2,625,342 5,281,419
Deferred costs, net of amortization 4,094,833 3,961,439
Other assets 1,412,795 1,798,393
------------ ------------
649,678,429 386,524,049
============ ============
Liabilities and Stockholders' Equity
Mortgage and other loans 200,049,115 97,906,288
Acquisition and development line of credit 104,851,185 73,701,185
------------ ------------
Total Notes Payable 304,900,300 171,607,473
------------ ------------
Tenant security and escrow deposits 1,896,959 1,381,673
Accounts payable & other liabilities 12,779,833 6,300,640
------------ ------------
Total Liabilities 319,577,092 179,289,786
------------ ------------
Redeemable Partnership Units 91,716,632 508,486
Non-redeemable minority interests 7,045,074 0
------------ ------------
Total Minority Interests 98,761,706 508,486
------------ ------------
Stockholders' Equity
Common stock, $.01 par 123,232 106,149
Class B Common stock, $.01 par 25,000 25,000
Additional paid-in capital 249,416,189 223,080,831
Distributions in excess of net income (15,720,357) (13,981,770)
Stock loans (2,504,433) (2,504,433)
------------ ------------
Total Stockholders Equity 231,339,631 206,725,777
------------ ------------
649,678,429 386,524,049
============ ============
Market Data
Closing common stock price per share $26.750 $26.250
Stock Price High for the Year $28.000 $26.250
Stock Price Low for the Year $25.000 $15.875
Share Volume for the Year 854,000 6,429,500
Common Shares Outstanding
(excludes CSE's) 12,323,183 10,614,905
Common share equivalents
of Class B common (CSE) 2,975,468 2,975,468
Redeemable O.P Units held
by minority interests (CSE) 3,402,649 28,848
Common Stockholders' Value 500,259,775 357,504,551
Total Market Capitalization (TMC) 805,160,075 529,112,024
Debt to Total Market Capitalization 37.9% 32.4%
<PAGE>
REGENCY REALTY CORPORATION
$132 MILLION STRATEGIC ALLIANCE WITH
SECURITY CAPITAL U.S. REALTY ("US Realty")
- -------------------------------------------------------------------------------
The following summarizes the strategic alliance between the Company and US
Realty, but is not intended to be a complete description of the terms of the
various agreements.
Investment: Under the original agreement dated June 11, 1996, the Company will
sell an aggregate of 7,499,400 shares of Common Stock to US Realty at a price of
$17.625 per share for an aggregate purchase price of up to $132,176,925. Through
March 31, 1997, the Company has sold 5,126,978 shares to US Realty for a total
purchase price of $90,362,987. Not later than June 1, 1997 ("Subsequent
Closing"), the Company may sell up to 2,372,422 shares for a total of
$41,813,938. US Realty will have the right, exercisable on a one-time basis in
June 1997, to purchase from the Company additional shares of Common Stock to the
extent that the shares to be acquired at the Subsequent Closing have not yet
been purchased. US Realty currently owns 41.6% of the Company's outstanding
common stock.
Participation Rights: Security Capital has participation rights entitling it to
purchase additional equity in the Company, at the same price as that offered to
other purchasers, each time that the Company sells additional shares of capital
stock or options or other rights to acquire capital stock, in order to preserve
Security Capital's pro rata ownership of the Company. In connection with the
Units and shares of Common Stock issued in exchange for Branch's assets on March
7, 1997 and the proposed issuance of additional Units in related transactions,
Security Capital had the right to acquire up to 3,771,622 shares of Common Stock
at a price of $22-1/8 per share. However, pursuant to Amendment No. 1 to its
Stockholders Agreement with the Company, Security Capital has elected (i) to
waive such rights with respect to all but 1,750,000 shares (or such lesser
number, not less than 850,000 shares, as will not result in the Company ceasing
to be a domestically controlled real estate investment trust), (ii) to initially
defer its rights with respect to the 1,750,000 shares to no later than August
31, 1997, and (iii) to defer its rights with respect to any such shares, not to
exceed 1,050,000 shares, that remain unpurchased on August 31, 1997 to no later
than the first Earn-Out Closing, in order to permit Unit holders who are
Non-U.S. Persons (as defined in the Company's Articles of Incorporation) to
redeem their Units for Common Stock. Security Capital's participation rights (i)
remain in effect, at $22-1/8 per share, with respect to Units and shares issued
at the Earn-Out Closings, and (ii) also remain in effect, at a price equal to
the then market price of the Common Stock, with respect to shares issued upon
the redemption of Units for Common Stock provided that Security Capital did not
exercise its participation rights at the time of issuance of such Units.
<PAGE>
REGENCY REALTY CORPORATION
ACQUISITION OF BRANCH PROPERTIES
- ------------------------------------------------------------------------------
Acquisition General: On March 7, 1997, Regency Realty (the "Company") acquired,
through a Regency Retail Partnership, L.P. (the "Partnership") of which a
subsidiary of the Company is the sole general partner, substantially all the
assets of Branch Properties, L.P. ("Branch"), a privately held real estate firm
based in Atlanta, Georgia. The assets acquired from Branch include 26 shopping
centers totaling approximately 2,496,921 SF of gross leasable area including
473,682 SF currently under development or redevelopment. The properties are
located in Georgia, Florida, Tennessee, South Carolina, and North Carolina. The
Partnership acquired (i) a 100% fee simple interest in 19 of these operating
properties and (ii) partnership interests (ranging from 30% to 97%) in 4
partnerships with outside investors that own the remaining seven properties.
Major anchor tenants in these properties, 17 of which are grocery-anchored,
include Publix, Kroger and Harris Teeter. In addition, the Company through an
affiliate, acquired Branch's third party development business, including
build-to-suit projects, and third party management and leasing contracts for
approximately 3.6 million square feet of shopping centers owned by third party
investors.
Partnership Units Issued: The Partnership issued 3,373,801 units of limited
partnership interest (the "Units") and the Company issued 155,797 shares of
Common Stock in exchange for the assets acquired from Branch. Additional
earn-out Units and shares may be issued, as further described below, subject to
the satisfaction of certain performance conditions. The Units will be redeemable
on a one-for-one basis in exchange for shares of Common Stock, subject to
approval of the transaction by the Company's shareholders at the Company's 1997
annual meeting to be held in June. The Units will be considered to be common
stock equivalents and be included in the calculation of earnings and funds from
operations per share.
Earn-Out Units: Additional Units and shares of Common Stock may be issued on the
fifteenth day after the first, second and third anniversaries of the closing
(each an "Earn-Out Closing"), based on the performance of certain of the
Partnership's properties (the "Property Earn-Out"), and additional shares of
Common Stock may be issued at the first and second Earn-Out Closings based on
revenues from the Third Party Business (the "Third Party Earn-Out" estimated to
be approximately $750,000). The formula for the Property Earn-Out provides for
calculating any increases in deemed value ("Increased Value") on a
property-by-property basis, based on any increases in net operating income for
certain properties in the Partnership's portfolio as of February 15 of the year
of calculation. The Increased Value will be divided by the Unit Price to
determine the number of additional Units and shares to be issued at the Earn-Out
Closings. The Property Earn-Out is limited to $15,974,188 at the first Earn-Out
Closing and $22,568,851 at all Earn-Out Closings (including the first Earn-Out
Closing).
<PAGE>
REGENCY REALTY CORPORATION
$50 MILLION PRIVATE PLACEMENT
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
Security Issued: 2,500,000 shares of Class B Common Stock at $20 per
share.
Issuance Date: December 20, 1995
Dividend Rights: Dividends are payable when and if declared by the
Board of Directors pari passu with any dividend on
the common stock of the corporation. Dividends are
calculated on a calendar quarterly basis from the
issuance date. Dividends do not accrue in arrears.
Voting Rights: None except those issues specifically involving Class
B holders.
Liquidation Preference: None. Pari passu with the holders of record of
common stock.
Conversion Rights: Convertible into 2,975,468 shares of common stock.
Holder shall have the right to begin converting on
the third anniversary of the issuance date subject to
certain limitations. Holder is limited to owning no
more than 4.9% of the Company's outstanding common
stock, or acquiring from conversion more than 495,911
shares (1/6 of the total) during any consecutive
three month period. Such limitations may be exceeded
if the holder exercises piggyback registration rights
in connection with a public offering, or the holder
arranges a sale in compliance with securities law
which will not be effected on a securities exchange,
quotation system, or over-the-counter market.
Financial Reporting: The Class B Common Stock is considered to be
a common stock equivalent, and therefore all reported
per share amounts in the Company's financial statements
reflect the Class B Common Shares as if they had been
converted to common stock.
<PAGE>
REGENCY REALTY CORPORATION
PARKWAY OPERATING PARTNERSHIP UNITS
===============================================================================
===============================================================================
Security Issued: 28,848 Partnership Operating Units or $525,000
RRC Operating Partnership of Georgia, L.P.
Purpose: The OP Units were issued for the sole purpose
of acquiring Parkway Station, a Kroger anchored
shopping center located in Warner Robins, Georgia.
Issuance Date: February 28, 1996 and July 1, 1996
Preferred Return: None. Distribution per OP Unit is equal to the
cash dividend per common shares declared by
Regency on the same date as holders of record
of common stock.
Conversion Rights: Each OP Unit is convertible into 1 share of
common stock after the first anniversary of the
issuance date.
<PAGE>
Regency Realty Corporation
Unconsolidated Real Estate Investments
March 31, 1997
<TABLE>
<CAPTION>
RRC
Total Principal Total Total Ownership RRC Investment Balance
Property Name Location GLA Tenants Assets Debt (1) Interest 03-31-97 12-31-96
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Village Commons Tallahassee, FL 233,580 Wal-Mart $8,373,976 $5,130,156 10.00% $318,592 $314,433
Stein Mart
Ocean East (2) Stuart, FL 113,363 Stuart Fine 5,092,029 2,150,435 25.00% 725,197 720,674
Foods
Walgreen's (3)
Roswell Village Atlanta, GA 147,555 Publix 8,869,678 5,757,778 30.00% 745,130 -
Eckerd Drugs
----------- ----------- ----------- ---------- ----------
494,498 $22,335,683 $13,038,369 $1,788,919 $1,035,107
=========== =========== =========== ========== ==========
<FN>
(1) See summary of outstanding debt for specific information regarding debt terms
(2) Property acquired in 1996 and in process of redevelopment - see Acquisitions and Development Summary
(3) Walgreen's to be replaced by Martin Memorial as part of the redevelopment plan
</FN>
</TABLE>
<PAGE>
Regency Realty Corporation
Summary of Outstanding Debt
<TABLE>
<CAPTION>
Lender Rate Maturity 03-31-97 12-31-96
<S> <C> <C> <C> <C>
Fixed Rate Loans:
Metropolitan Life - Parkway Station 8.280% 08-01-97 3,767,489 3,801,821
State Mutual - Dunwoody Village 9.750% 01-01-98 5,933,936 0
State Mutual - Ensley Square 9.750% 01-01-98 1,489,212 0
Wachovia Bank of Georgia - Dunwoody Hall 6.681% 11-01-98 3,500,000 0
Wachovia Bank of Georgia - Town Square 7.580% 11-01-98 1,250,000 0
Wachovia Bank of Georgia - Trowbridge Crossing 7.580% 11-01-98 1,650,000 0
American United Life - Berkshire Commons 9.800% 02-01-99 7,974,525 8,000,421
Wachovia Bank of Georgia - Regency Court 7.125% 06-01-00 5,100,000 0
Securitized Loan - Banker's Trust 6.720% 11-05-00 51,000,000 51,000,000
Principal Mutual Life Insurance Co. - Briarcliff LaVista 7.570% 12-01-00 1,680,492 0
Principal Mutual Life Insurance Co. - Cromwell Square 7.570% 12-01-00 4,550,889 0
Wachovia Bank of Georgia - Carriage Gate 7.600% 06-28-01 2,416,822 2,429,176
Wachovia Bank of Georgia - Newberry Square 7.600% 06-28-01 6,767,101 6,801,694
Fortis Benefits Insurance - Aventura 9.500% 03-01-02 8,796,847 8,823,403
Wachovia Bank of Georgia - The Marketplace 7.600% 04-01-02 2,320,757 2,331,091
Wachovia Bank of Georgia - Peachland Promenade 7.600% 06-01-02 4,349,357 4,370,784
Wachovia Bank of Georgia - Russell Ridge 8.010% 08-17-02 6,501,430 6,532,665
Nationwide Life Insurance Company - Glenwood Village 8.625% 06-01-03 2,353,715 0
Prudential Insurance Company of America - Braelin Village 7.840% 09-01-05 12,582,132 0
Allstate Insurance Company of America - Memorial Bend 7.920% 10-01-05 8,723,334 0
Principal Mutual Life Insurance Co. - Briarcliff Village 7.040% 02-01-06 13,549,951 0
Allstate Insurance Company of America - Ashford Place 8.950% 08-01-09 4,808,814 0
Principal Mutual Life Insurance Co. - Cumming 400 7.970% 12-01-10 6,534,857 0
Principal Mutual Life Insurance Co. - Powers Ferry Village 7.970% 12-01-10 2,970,390 0
AH (Michigan) Life Insurance Co. - Mt. Zion CVS 7.900% 01-01-12 1,153,214 0
----------- ----------
171,725,264 94,091,055
----------- ----------
Variable Rate Loans:
Sun Bank of North Florida - Paragon Building 5yr T + 2.00% 03-01-97 0 2,296,902
Mellon Bank - Wade Green CVS Libor + 2.00% 06-01-97 1,246,501 0
Mellon Bank - Crabapple CVS Libor + 2.00% 08-01-97 1,466,194 0
Mellon Bank - Cooper Lake CVS Libor + 2.00% 11-01-97 604,351 0
Mellon Bank - Jiles Road CVS Libor + 2.00% 11-01-97 449,690 0
Wachovia Bank - Construction loans Prime + 1/4 03-28-98 852,618 1,518,331
AmSouth - Marketplace Center Libor + 1.50% 08-01-98 2,587,472 0
Wachovia Bank of Georgia - Town Square 7.094% 11-01-98 275,500 0
Wachovia Bank of Georgia - Buckhead Court 7.094% 11-01-98 3,210,930 0
Wachovia Bank of Georgia - Loehmann's Plaza 6.930% 11-01-98 10,000,000 0
Wachovia Bank of Georgia - Paces Ferry Plaza 7.094% 11-01-98 5,065,000 0
Wachovia Bank of Georgia - Sandy Springs Village 7.094% 11-01-98 1,592,011 0
Wachovia Bank of Georgia - Trowbridge Crossing 7.094% 12-01-98 150,000 0
Wells Fargo Realty Advisors Funding, Incorporated Libor + 1.625% 05-23-00 104,851,185 73,701,185
Wachovia Bank of Georgia - Regency Court 7.094% 06-01-00 632,000 0
AmSouth Bank of Alabama - Fieldstone Libor + 1.50% 12-01-01 191,584 0
----------- -----------
133,175,036 77,516,418
----------- -----------
304,900,300 171,607,473
=========== ===========
</TABLE>
Percentage of Total Debt:
Fixed 56.32% 54.83%
Variable 43.68% 45.17%
Weighted Average Interest Rate:
Fixed 7.70% 7.58%
Variable 7.41% 7.47%
--------- ---------
Total 7.59% 7.54%
========= =========
<PAGE>
Regency Realty Corporation
Summary of Outstanding Debt (continued)
Scheduled Term
Schedule of Maturities by Year: Amortization Maturities Total
------------ ---------- -----
1997 1,465,323 4,841,480 6,306,803
1998 1,584,322 71,660,016 73,244,338
1999 1,580,414 58,133,542 59,713,955
2000 1,692,363 48,505,810 50,198,173
2001 1,608,144 20,707,937 22,316,081
2002 1,252,183 16,746,165 17,998,348
2003 1,020,672 4,206,042 5,226,714
2004 1,046,884 0 1,046,884
2005 987,453 2,628,495 3,615,948
2006 389,850 6,963,070 7,352,920
>10 years 1,533,096 56,347,039 57,880,135
---------- ----------- -----------
14,160,704 290,739,596 304,900,300
========== =========== ===========
<TABLE>
<CAPTION>
RRC RRC's Share
Ownership Rate Maturity 03-31-97 12-31-96
<S> <C> <C> <C> <C> <C>
Unconsolidated Partnership Loans:
Wachovia Bank of Georgia - Village Commons 10% 7.99% 10-09-01 513,016 516,508
Wachovia Bank of Georgia - Ocean East 25% Libor + 1.85% 11-25-03 537,609 414,596
State Mutual - Roswell Village 30% 9.750% 01-01-98 1,727,333 -
</TABLE>
(1) The revolving line is interest only for two years, and if then terminated,
becomes a 2 year term loan n maturing in May, 2000 with principal due in seven
equal quarterly installments. The borrower may request a one year extension of
the interest only revolving period annually, in May of each year beginning in
May 1997.
<PAGE>
Regency Realty
Real Estate Status Report
March-97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Owned Total Company Owned GLA Percent Leased
Interest Operating GLA New Dvlpmnt Actual
Property Name State City 12/31/96 97 Acq Current Not in GLA 12/31/96 Current
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bonner's Point AL Roanoke 87,280 0 87,280 0 100.0% 98.6%
Country Club AL Montgomery 67,622 0 67,622 0 100.0% 100.0%
The Marketplace AL Alexander City 162,723 0 162,723 0 100.0% 100.0%
Village In Trussville AL Birmingham 69,300 0 69,300 0 97.8% 97.8%
West County Marketplace AL Birmingham 129,155 0 129,155 0 100.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
Anastasia Shopping Plaza FL St. Augustine 102,342 0 102,342 0 95.5% 98.2%
Aventura FL Miami 102,876 0 102,876 0 81.1% 81.1%
Berkshire Commons FL Naples 106,434 0 106,434 0 98.8% 98.8%
Bolton Plaza FL Jacksonville 172,938 0 172,938 0 98.4% 97.9%
Carriage Gate FL Tallahassee 76,833 0 76,833 0 93.2% 90.6%
- -------------------------------------------------------------------------------------------------------------------------------
Chasewood Plaza FL Jupiter 141,034 0 141,034 0 95.0% 93.2%
Chasewood Storage FL Jupiter 42,810 0 42,810 0 99.9% 99.9%
Courtyard FL Jacksonville 67,794 0 67,794 0 95.5% 95.5%
Ensley Square FL Pensacola 50.01% 0 62,361 62,361 0 0.0% 97.1%
Mariner's Village FL Orlando 0 117,665 117,665 0 0.0% 95.8%
- -------------------------------------------------------------------------------------------------------------------------------
Market Place - St. PetersburgFL St. Petersburg 90,296 0 90,296 0 98.1% 98.1%
Martin Downs Shoppes FL Stuart 48,932 0 48,932 0 67.4% 68.9%
Martin Downs Town Center FL Stuart 64,546 0 64,546 0 100.0% 100.0%
Martin Downs Village Center FL Stuart 121,998 0 121,998 0 93.4% 92.9%
Millhopper FL Gainesville 84,444 0 84,444 0 99.4% 99.4%
- -------------------------------------------------------------------------------------------------------------------------------
Newberry Square FL Gainesville 181,006 0 181,006 0 98.0% 96.8%
North Miami Shopping Center FL Miami 42,500 0 42,500 0 100.0% 100.0%
Ocean Breeze FL Stuart 111,551 0 111,551 0 94.6% 95.3%
Ocean East Mall FL Stuart 25.00% 112,543 0 112,543 0 86.8% 86.8%
Old St. Augustine Plaza FL Jacksonville 170,220 0 170,220 0 97.5% 97.5%
- -------------------------------------------------------------------------------------------------------------------------------
Palm Harbor FL Palm Coast 168,448 0 168,448 0 99.6% 99.6%
Palm Trails FL Deerfield Bch 0 0 0 76,067 0.0% 0.0%
Peachland Promenade FL Port Charlotte 82,082 0 82,082 0 96.9% 96.9%
Regency Court FL Jacksonville 0 218,665 218,665 0 0.0% 96.7%
Regency Square at Brandon FL Tampa 341,751 0 341,751 0 93.8% 93.5%
- -------------------------------------------------------------------------------------------------------------------------------
Seven Springs FL Tampa 162,580 0 162,580 0 97.0% 96.1%
South Monroe Commons FL Tallahassee 0 0 0 80,214 0.0% 0.0%
Tequesta Shoppes FL Tequesta 109,766 0 109,766 0 97.0% 97.0%
Terrace Walk FL Tampa 50,926 0 50,926 0 88.0% 85.3%
Town Square FL Tampa 0 42,969 42,969 0 0.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
University Collections FL Tampa 106,627 0 106,627 0 97.6% 100.0%
University Market Place FL Ft. Lauderdale 124,101 0 124,101 0 93.1% 94.2%
Village Center FL Tampa 181,096 0 181,096 0 97.4% 99.7%
Village Commons FL Tallahassee 10.00% 105,827 0 105,827 0 91.3% 91.3%
Welleby FL F. Lauderdale 109,949 0 109,949 0 92.3% 92.3%
- -------------------------------------------------------------------------------------------------------------------------------
Wellington Market Place FL W. Palm Beach 178,555 0 178,555 0 94.4% 93.7%
Wellington Town Square FL W. Palm Beach 105,150 0 105,150 0 94.4% 95.6%
Fairway Executive Center FLO Ft. Lauderdale 33,135 0 33,135 0 83.8% 83.8%
Paragon Cable Building FLO Tampa 40,298 0 40,298 0 100.0% 100.0%
Quadrant Phase I FLO Jacksonville 93,827 0 93,827 0 95.0% 95.5%
- -------------------------------------------------------------------------------------------------------------------------------
Quadrant Phase II FLO Jacksonville 94,675 0 94,675 0 97.9% 96.4%
Westland One FLO Jacksonville 36,304 0 36,304 0 89.9% 100.0%
Ashford Place GA Atlanta 0 53,345 53,345 0 0.0% 96.5%
Braelin Village GA Atlanta 55.00% 0 225,922 225,922 0 0.0% 97.1%
Briarcliff LaVista GA Atlanta 0 39,201 39,201 0 0.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Regency Realty
Real Estate Status Report (continued)
March-97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Owned Total Company Owned GLA Percent Leased
Interest Operating GLA New Dvlpmnt Actual
Property Name State City 12/31/96 97 Acq Current Not in GLA 12/31/96 Current
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Briarcliff Village GA Atlanta 0 192,660 192,660 0 0.0% 100.0%
Buckhead Court GA Atlanta 0 55,227 55,227 0 0.0% 100.0%
Cambridge Square GA Atlanta 68,725 0 68,725 0 91.4% 85.9%
Cromwell Square GA Atlanta 0 81,826 81,826 0 0.0% 100.0%
Cumming 400 GA Atlanta 0 126,899 126,899 0 0.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
Dunwoody Hall GA Atlanta 0 79,974 79,974 0 0.0% 95.7%
Dunwoody Village GA Atlanta 50.01% 0 114,657 114,657 0 0.0% 98.3%
LaGrange Marketplace GA LaGrange 76,327 0 76,327 0 93.7% 98.4%
Loehmann's Plaza GA Atlanta 0 137,635 137,635 0 0.0% 86.9%
Memorial Bend GA Atlanta 0 177,270 177,270 0 0.0% 97.6%
- -------------------------------------------------------------------------------------------------------------------------------
Orchard Square GA Atlanta 85,940 0 85,940 0 91.2% 91.2%
Paces Ferry Plaza GA Atlanta 0 61,693 61,693 0 0.0% 88.7%
Parkway Station GA Warner Robins 94,290 0 94,290 0 94.3% 94.3%
Powers Ferry Square GA Atlanta 0 97,809 97,809 0 0.0% 100.0%
Powers Ferry Village GA Atlanta 0 78,895 78,895 0 0.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Regency Realty
Real Estate Status Report
March-97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Owned Total Company Owned GLA Percent Leased
Interest Operating GLA New Dvlpmnt Actual
Property Name State City 12/31/96 97 Acq Current Not in GLA 12/31/96 Current
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Roswell Village GA Atlanta 30.00% 0 147,555 147,555 0 0.0% 93.2%
Russell Ridge GA Atlanta 98,556 0 98,556 0 100.0% 100.0%
Sandy Plains Village GA Atlanta 168,513 0 168,513 0 80.6% 80.6%
Sandy Springs GA Atlanta 0 76,625 76,625 0 0.0% 86.7%
Trowbridge Crossing GA Atlanta 55.00% 0 62,761 62,761 0 0.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
Columbia Marketplace MS Columbia 136,002 0 136,002 0 100.0% 98.8%
Lucedale Marketplace MS Lucedale 49,059 0 49,059 0 100.0% 100.0%
Carmel Commons NC Charlotte 0 132,647 132,647 0 0.0% 97.1%
City View NC Charlotte 77,550 0 77,550 0 98.5% 98.5%
Glenwood Village NC Raleigh 0 42,864 42,864 0 0.0% 100.0%
- -------------------------------------------------------------------------------------------------------------------------------
Oakley Plaza NC Ashveville 0 118,727 118,727 0 0.0% 100.0%
Union Square NC Monroe 97,191 0 97,191 0 98.8% 98.8%
Woodcroft NC Durham 85,353 0 85,353 0 98.6% 98.6%
Lady's Island SC Charleston 0 0 0 37,888 0.0% 0.0%
Merchants Village SC Charleston 0 79,743 79,743 0 0.0% 78.6%
- -------------------------------------------------------------------------------------------------------------------------------
Harpeth Village TN Nashville 92.98% 0 0 0 69,110 0.0% 0.0%
Marketplace (Murph) TN Nashville 66.67% 0 23,500 23,500 0 0.0% 100.0%
Peartree Village TN Nashville 0 109,867 109,867 0 0.0% 98.2%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Percent Leased
Operating GLA New Dvlpmnt Actual
State # of Properties 12/31/96 97 Acq Current Not in GLA 12/31/96 Current
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Totals by Property Type:
Retail Shopping Centers - 77 5,221,541 2,758,962 7,980,503 263,279 95.3% 95.6%
Retail % to total 95% 96%
Suburban Office Buildings - 4 298,239 0 298,239 0 94.7% 95.7%
Office % to total 5% 4%
----------------------------------------------------------------------------------------------------
Total - 81 5,519,780 2,758,962 8,278,742 263,279 95.2% 95.6%
Grocery Centers Only - 61 4,259,526 1,895,210 6,154,736 263,279 95.8% 96.1%
Grocery % to Retail 82% 77%
- -------------------------------------------------------------------------------------------------------------------------------
Totals by State:
Florida Retail FL 36 3,667,955 441,660 4,109,615 156,281 94.9% 95.1%
FL % to total 66% 50%
Georgia Retail GA 23 592,351 1,809,954 2,402,305 0 90.5% 95.0%
GA % to total 11% 29%
North Carolina Retail NC 6 260,094 294,238 554,332 0 98.6% 98.6%
NC % to total 5% 7%
South Carolina Retail SC 2 0 79,743 79,743 37,888 0.0% 78.6%
SC % to total 0% 1%
----------------------------------------------------------------------------------------------------
Tennessee Retail TN 3 0 133,367 133,367 69,110 0.0% 98.5%
TN % to total 0% 2%
Alabama Retail AL 5 516,080 0 516,080 0 99.7% 99.5%
AL % to total 9% 6%
Mississippi Retail MS 2 185,061 0 185,061 0 100.0% 99.1%
MS % to total 3% 2%
Florida Suburban Office FLO 4 298,239 0 298,239 0 94.7% 95.7%
Office % to total 5% 4%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Regency Realty
Real Estate Status Report
March-97
<TABLE>
<CAPTION>
Grocery Tenant Tenant
Property Name Anchor Grocery Owned Owned
State GLA Anchor All Other Principal Tenants GLA (a) Name
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bonner's Point AL 34,700 Winn-Dixie Wal-Mart 0
Country Club AL 35,922 Winn-Dixie Harco Drugs 0
The Marketplace AL 47,668 Winn-Dixie Wal-Mart (c), Beall's, Cato 0
Village In Trussville AL 38,380 Bruno's Big B Drugs, Movie Gallery 0
West County Marketplace AL 42,848 Food World Wal-Mart, Eckerd Drugs 42,848 Food World
- -----------------------------------------------------------------------------------------------------------------------------------
Anastasia Shopping Plaza FL 48,555 Publix 0
Aventura FL 35,908 Publix Eckerd Drugs, Safra Bank, Chase Federal 0
Berkshire Commons FL 65,537 Publix Walgreen's 0
Bolton Plaza FL 0 Wal-Mart, Blockbuster, Cato 0
Carriage Gate FL 0 TJX, Discovery Zone 0
- -----------------------------------------------------------------------------------------------------------------------------------
Chasewood Plaza FL 39,795 Publix Walgreen's, Barnett Bank, Ben Franklin 0
Chasewood Storage FL 0 0
Courtyard FL 66,446 Albertsons Luria's 66,446 Albertsons
Ensley Square FL 47,786 Delchamps 0
Mariner's Village FL 45,500 Winn-Dixie Walgreens, Blockbuster 0
- -----------------------------------------------------------------------------------------------------------------------------------
Market Place - St. Petersburg FL 36,464 Publix Eckerd Drugs 0
Martin Downs Shoppes FL 0 1st Bank of Indiantown 0
Martin Downs Town Center FL 56,146 Publix 0
Martin Downs Village Center FL 0 Coastal Care, Walgreen's, Barnett Bank 0
Millhopper FL 37,244 Publix Eckerd Drugs, Clothworld 0
- ------------------------------------------------------------------------------------------------------------------------------------
Newberry Square FL 39,795 Publix Kmart, Jo-Ann Fabrics, Cato, Dockside 0
North Miami Shopping Center FL 32,000 Publix Eckerd Drugs 0
Ocean Breeze FL 36,464 Publix Walgreen's, Barnett Bank, Coastal Care 0
Ocean East Mall FL 38,100 Stuart Food Coastal Care 0
Old St. Augustine Plaza FL 42,112 Publix Eckerd Drugs, Waccamaw 0
- -----------------------------------------------------------------------------------------------------------------------------------
Palm Harbor FL 45,254 Publix Eckerd, Bealls, Blockbuster 0
Palm Trails FL 59,562 Winn-Dixie 0
Peachland Promenade FL 48,890 Publix Ace Hardware 0
Regency Court FL 0 CompUSA, Office Depot, Sports Authority 0
Regency Square at Brandon FL 0 Mrshlls, JoAnn, AMC, Stpls, Mchls, TJX, 0
Luria, S&K
- -----------------------------------------------------------------------------------------------------------------------------------
Seven Springs FL 35,000 Winn-Dixie Kmart 0
South Monroe Commons FL 48,466 Winn-Dixie Eckerd, Blockbuster 0
Tequesta Shoppes FL 39,795 Publix Walgreen's 0
Terrace Walk FL 0 Luria's (c) 0
Town Square FL 14,074 Kash'N Karry Rite Aid 0
- ------------------------------------------------------------------------------------------------------------------------------------
University Collections FL 40,143 Kash'N Karry Eckerd Drug, Jo Ann, Dockside,
Fuddruckers, Chilis 40,143 Kash N'Karry
University Market Place FL 63,139 Albertsons Petsmart, Linens Supermarket, Squiggles
& Giggles 63,139 Albertsons
Village Center FL 36,434 Publix Walgreens, Stein Mart, Cato, Dockside 0
Village Commons FL 0 Wal-Mart (a) , Steinmart, Shoe Station
Ben Franklin 127,753 Wal-Mart
Welleby FL 46,779 Publix Walgreens 0
- ------------------------------------------------------------------------------------------------------------------------------------
Wellington Market Place FL 46,475 Winn-Dixie Walgreens, United Artists 0
Wellington Town Square FL 36,464 Publix Eckerd Drug 0
Fairway Executive Center FLO 0 Tarmac of Florida (b) 0
Paragon Cable Building FLO 0 Paragon Cable (b) 0
Quadrant Phase I FLO 0 RS&H, AT&T, Caterpillar (b) 0
- -----------------------------------------------------------------------------------------------------------------------------------
Quadrant Phase II FLO 0 TSS, GTE, Xerox, AmSouth (b) 0
Westland One FLO 0 Logistics Services (b) 0
Ashford Place GA 0 Barnes Noble, Gradys, Chili's,
Macaroni Grill 0
Braelin Village GA 63,986 Kroger K-Mart, Blockbuster 0
Briarcliff LaVista GA 0 Drug Emporium 0
</TABLE>
<PAGE>
Regency Realty
Real Estate Status Report (continued)
March-97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Grocery Tenant Tenant
Property Name Anchor Grocery Owned Owned
State GLA Anchor All Other Principal Tenants GLA (a) Name
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Briarcliff Village GA 0 Uptons, TJ Max, Office Depot,Clothworld
Ace Hardware 0
Buckhead Court GA 0 Outback Steakhouse, Sizzler 0
Cambridge Square GA 32,000 Winn-Dixie Big B Drugs 0
Cromwell Square GA 0 Haverty's Furniture, Big B, Hancock
Fabrics 0
Cumming 400 GA 56,146 Publix Big Lots 0
- -----------------------------------------------------------------------------------------------------------------------------------
Dunwoody Hall GA 34,632 A&P Eckerds 0
Dunwoody Village GA 26,950 Bruno's 0
LaGrange Marketplace GA 46,733 Winn-Dixie Eckerd Drugs 0
Loehmann's Plaza GA 0 Loehmann's, Eckerd, PruCare, Grady's 0
Memorial Bend GA 56,146 Publix TJ Maxx, Linen Supermarket, Blockbuster 0
- -----------------------------------------------------------------------------------------------------------------------------------
Orchard Square GA 36,990 A&P Big B Drugs 0
Paces Ferry Plaza GA 0 Houstons, Blue Ridge Grill 0
Parkway Station GA 42,130 Kroger 0
Powers Ferry Square GA 7,216 Harry's Drugs for Less 0
Powers Ferry Village GA 47,955 Publix Big B 0
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Regency Realty
Real Estate Status Report
March-97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Grocery Tenant Tenant
Property Name Anchor Grocery Owned Owned
State GLA Anchor All Other Principal Tenants GLA (a) Name
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Roswell Village GA 37,888 Publix Eckerd, Blockbuster, Ace Hardware 0
Russell Ridge GA 63,296 Kroger Blockbuster 0
Sandy Plains Village GA 60,009 Kroger Revco, Blockbuster, Ace Hardware 0
Sandy Springs GA 61,035 Kroger Blockbuster 0
Trowbridge Crossing GA 37,888 Publix Land lease after Drug Emporium Demolished 0
- ------------------------------------------- ---------------------------------------------------------------------------------
Columbia Marketplace MS 41,895 Winn-Dixie Wal-Mart, Cato 0
Lucedale Marketplace MS 35,059 Delchamps Wal-Mart (a) 54,962 Wal-Mart
Carmel Commons NC 14,300 Fresh Market Piece Goods, Eckerd, Blockbuster 0
City View NC 44,000 Winn-Dixie Revco, Public Library 0
Glenwood Village NC 27,764 Harris Teeter 0
- ------------------------------------------- ---------------------------------------------------------------------------------
Oakley Plaza NC 42,317 Bi-Lo Baby Superstore, Revco, Western Auto 0
Union Square NC 33,000 Harris Teeter Revco, Consolidated Theatres, Blockbuster 0
Woodcroft NC 26,752 Food Lion Kerr Drugs 0
Lady's Island SC 37,888 Publix 0
Merchants Village SC 37,888 Publix 0
- ------------------------------------------- ---------------------------------------------------------------------------------
Harpeth Village TN 54,510 Bruno's 0
Marketplace (Murph) TN 0 Office Max 0
Peartree Village TN 65,538 Harris Teeter Office Max, Eckerd, Hollywood Video 0
- ------------------------------------------- ---------------------------------------------------------------------------------
Totals by Property Type:
Retail Shopping Centers - - - " 395,291 -
Retail % to total
Suburban Office Buildings - - - " 0 -
Office % to total
------------- ---------------------------------------------------------------------------------
Total - - - " 395,291 -
Grocery Centers Only - 2,599,756 61 " 267,538 -
Grocery % to Retail -
- ------------------------------------------- ---------------------------------------------------------------------------------
Totals by State:
Florida Retail FL 1,228,327 28 " 297,481 -
FL % to total 47%
Georgia Retail GA 711,000 16 " 0 -
GA % to total 27%
North Carolina Retail NC 188,133 6 " 0 -
NC % to total 7%
South Carolina Retail SC 75,776 2 " 0 -
SC % to total 3%
------------- ---------------------------------------------------------------------------------
Tennessee Retail TN 120,048 2 " 0 -
TN % to total 5%
Alabama Retail AL 199,518 5 " 42,848 -
AL % to total 8%
Mississippi Retail MS 76,954 2 " 54,962 -
MS % to total 3%
Florida Suburban Office FLO - - " - -
Office % to total
- ------------------------------------------- ---------------------------------------------------------------------------------
</TABLE>
<PAGE>
Regency Realty Corporation
Summary of Principal Tenant Rents > 1% of Annualized Total Rent
Including Properties Under Development
31-Mar-97
% to Company # of
Tenant SF Total Rent Total Rent Stores
------ -- ---------- ---------- ------
Publix 1,035,435 8,053,865 9.76% 24
Winn Dixie 517,921 3,649,519 4.42% 12
Kroger 290,456 2,623,016 3.18% 5
Wal-Mart 393,487 1,920,758 2.33% 5
Walgreens 119,640 1,677,928 2.03% 9
Harris Teeter 126,302 1,491,415 1.81% 3
Eckerd 167,852 1,612,417 1.95% 17
K-Mart 254,785 1,428,785 1.73% 3
Blockbuster 87,163 1,247,399 1.51% 13
AMC Theater 72,616 1,095,617 1.33% 1
Brunos 119,840 1,039,013 1.26% 3
Total rent includes base rent, estimated percentage rent, and recoveries for
CAM, real estate taxes, and insurance.
<PAGE>
Regency Realty Corporation
Tenant Lease Expirations
The following table sets forth, for all leases in place as of March 31, 1997, a
schedule of the lease expirations for the next ten years, assuming that no
tenants exercise renewal options:
Percent of Future
Total Minimum
Lease Company Rent Under Percent of
Expiration Expiring Square Expiring Total
Year GLA Footage Leases Rent (2)
---- --- ------- ------ --------
(1) 79,016 1.0% $700,247 0.9%
1997 606,908 7.3% 6,854,043 9.3%
1998 917,672 11.1% 9,715,540 13.1%
1999 799,903 9.7% 9,141,576 12.4%
2000 513,608 6.2% 6,398,356 8.6%
2001 582,264 7.0% 6,902,955 9.3%
2002 538,640 6.5% 4,504,427 6.1%
2003 284,330 3.4% 2,310,131 3.1%
2004 188,045 2.3% 1,786,843 2.4%
2005 243,014 2.9% 2,287,977 3.1%
2006 412,136 5.0% 3,720,969 5.0%
----------------------------------------------------------
10 Yr Total 5,165,536 62.4% 54,323,064 73.4%
----------------------------------------------------------
- --------------
(1) leases currently under month to month lease or in process of renewal (2)
Total rent includes current minimum rent and future contractual rent steps for
all properties, but excludes additional rent such as percentage rent, common
area maintenance, real estate taxes, and insurance reimbursements.
<PAGE>
Regency Realty Corporation
1997 Shopping Center Acquisitions and Developments
I. 1997 Acquisitions
(excludes operating properties acquired as part of the Branch Transaction)
<TABLE>
<CAPTION>
Occupancy
Date Year at Completed NOI
Acquired Property Name City/State GLA Built Acquisition Cost Yield Anchor Tenants
-------- ------------- ---------- --- ----- ----------- ---- ----- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03-14-97 Oakley Plaza Asheville, N.C. 118,727 1988 100.0% $8,201,000 10.4% BI-LO, Baby Superstore
Western Auto, Revco
03-25-97 Mariners Village Orlando, FL 117,665 1986 95.8% $7,607,350 10.3% Winn Dixie, Walgreens
Blockbuster Video
03-28-97 Carmel Commons Charlotte, N.C. 132,647 1979 97.1% $11,801,150 9.8% Piece Goods,
The Fresh Market
Eckerds, Blockbuster
Video
--------- ----------- -----
369,039 $27,609,500 10.1%
========= =========== =====
</TABLE>
II. 1997 New Developments or Redevelopments ("R")
<TABLE>
<CAPTION>
Estimated Estimated Estimated
Date GLA at Completion Current Completed Stabilized Anchor Tenants
Acquired Property Name City/State Completion Date Prelease Cost Yield At Completion
-------- ------------- ---------- ---------- ---- -------- ---- ----- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01-16-97 Palm Trails Deerfield Beach, FL 76,067 Feb-98 78.3% $6,681,272 10.6% Winn-Dixie
1-17-97 Weems Road Tallahassee, FL 48,400 Mar-98 100.0% $4,360,686 9.3% Winn-Dixie
(stand alone)
03-07-97 Merchant's Village (R) Charleston, SC 79,743 Feb-98 78.6% $7,299,290 10.3% Publix
03-07-97 Harpeth Village Nashville, TN 69,110 Jan-98 78.9% $8,699,101 9.7% Bruno's
03-07-97 Lady's Island Charleston, SC 37,888 Feb-98 100.0% $3,360,726 11.2% Publix
(stand alone)
------- ----------- -----
311,208 $30,401,075 10.2%
======= =========== =====
</TABLE>
III. Developments or Redevelopments ("R") Continuing from 1996
<TABLE>
<CAPTION>
Estimated Estimated Estimated
Date GLA at Completion Current Completed Stabilized Anchor Tenants
Acquired Property Name City/State Completion Date Prelease Cost Yield At Completion
-------- ------------- ---------- ---------- ---- -------- ---- ----- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01-31-96 Ocean East Mall (R) Stuart, FL 112,543 Oct-1997 86.8% $8,842,600 12.1% Stuart Fine Foods,
Coastal Care
03-21-96 South Monroe Commons Tallahassee, FL 80,214 Jan-1998 82.0% $7,065,074 10.5% Winn-Dixie
Eckerds
------- ---------- -----
192,757 $15,907,674 11.4%
======= =========== =====
</TABLE>
<PAGE>
Regency Realty Corporation
Press Release
- ------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE CONTACT: Bruce Johnson or
Brenda Paradise(904)356-7000
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REGENCY REALTY REPORTS
FUNDS FROM OPERATIONS PER SHARE OF $.49 FOR THE QUARTER ENDED MARCH 31, 1997
AND DECLARES DIVIDEND OF $.42 PER SHARE
Jacksonville, FL, April 29, 1997 - (NYSE:REG) The Board of Directors of Regency
Realty Corporation ("REGENCY"), yesterday declared its regular quarterly cash
dividend of $.42 per share, payable on May 28, 1997, to shareholders of record
on May 14, 1997.
REGENCY announced its 1st quarter 1997 financial results and reported for the
quarters ended March 31, 1997 and 1996, FFO was $7,426,359 or $.49 cents per
share vs. $4,299,376 or $.44 cents per share, respectively, an increase of
10.9%. Net income for common stockholders for the quarter ended March 31, 1997
and 1996 was $4,036,772 or $.27 per share vs. $2,575,729 or $.26 cents per
share, respectively.
During the 1st quarter, REGENCY completed the acquisition of Branch Properties,
which provided REGENCY with a dominant presence in Atlanta. To date, REGENCY has
closed on the acquisition of five grocery anchored shopping centers containing
712,040 SF for a total investment of $48.4 million and has $46.3 million in
seven shopping centers under development. REGENCY's real estate portfolio of 8.9
million SF is currently 95.6% leased.
Martin E. Stein, Jr., President and CEO, stated, "we are extremely pleased with
our first quarter results which highlight REGENCY's substantial progress
building the preeminent operating company in the growing neighborhood shopping
center business in the Southeast."
REGENCY is dedicated to being the leading owner, operator, and developer of
grocery anchored neighborhood shopping centers in targeted infill markets in the
Southeast. The Company headquartered in Jacksonville, Florida, currently owns
and manages approximately 8.9 million square feet in 83 properties. Operating as
a fully integrated real estate company, Regency Realty Corporation is a
qualified real estate investment trust which is self administered and self
managed.
Supplemental Financial Report
A copy of the Company's 1997 supplemental financial report and Form 10-Q for the
quarter ended March 31, 1997 are available to all interested parties upon
written request to Brenda Paradise, Investor Relations, Regency Realty
Corporation, 121 West Forsyth Street, Suite 200, Jacksonville, Florida, 32202.
Previously issued press releases are also available through PR Newswire's fax
service at 800-758-5804 ext. 738469 or on the Internet at
http://www.prnewswire.com.
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Regency Realty Corporation
Summary Consolidated Statements of Operations
For the Periods Ended March 31, 1997 and 1996
(in thousands, except per share data - unaudited)
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Three Months Ended
1997 1996
Real estate operation revenues $ 17,733 10,502
Real estate operation expenses 9,579 5,772
Net interest expense 3,353 2,154
Net income 4,801 2,576
Minority interests in net income of
consolidated real estate partnerships 764 -
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Net income for common stockholders 4,037 2,576
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Property net operating income 11,803 7,184
Funds from operations (FFO) 7,426 4,299
Weighted average shares outstanding 15,217 9,766
Net income per common share $ .27 $ .26
FFO per share $ .49 $ .44
Summary Consolidated Balance Sheet
March 31, 1997 and December 31, 1996
(in thousands)
Assets: 1997 1996
Investments in real estate, at cost net of
accumulated depreciation $ 626,916 $ 367,190
Cash and cash equivalents 14,629 8,293
Tenant receivables, net 2,625 5,281
Deferred costs and other assets 5,508 5,760
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Total Assets $ 649,678 $ 386,524
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Liabilities and Stockholders' Equity:
Mortgage loans and acquisition line of credit $ 304,900 $ 171,607
Accounts payable and other liabilities 14,676 7,683
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Total Liabilities 319,576 179,290
Redeemable Partnership Units 91,717 508
Minority Interest 7,045 -
Stockholders' Equity 231,340 206,726
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Total Liabilities and Stockholders' Equity $ 649,678 $ 386,524
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SIGNATURE
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, thereunto duly authorized.
June 18, 1997 REGENCY REALTY CORPORATION
By: /s/ J. Christian Leavitt
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Treasurer and Secretary
