|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: BELDEN INC, 8-K/A, 1999-09-02 |
Next: U S DIAGNOSTIC INC, 8-K, 1999-09-02 |
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) September 2, 1999
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
Pro Forma Consolidated Financial Statements
The following unaudited pro forma consolidated financial statements are based
upon the unaudited historical consolidated financial statements of Regency
Realty Corporation ("Regency") as of June 30, 1999, which have been included in
Regency's filing on Form 10-Q as of and for the six months ended June 30, 1999.
The accompanying pro forma balance sheet has no adjustments since Regency has
not had any significant acquisitions of real estate or other transactions
subsequent to June 30, 1999 which would require pro forma adjustment.
On February 28, 1999, Regency completed a merger with Pacific Retail Trust
("Pacific"), a Dallas based private real estate investment trust. The unaudited
pro forma consolidated statements of operations have been presented to reflect
Regency's operations as if it had completed its merger with Pacific as of
January 1, 1998.
The unaudited pro forma consolidated statement of operations for the year ended
December 31, 1998, has been filed previously in a Form 8-K/A of Regency dated
February 28, 1999, which should be read in conjunction with this filing.
These unaudited pro forma consolidated financial statements should be read in
conjunction with Regency's Form 10-Q as of and for the six months ended June 30,
1999. The unaudited pro forma consolidated financial statements are not
necessarily indicative of what the actual financial position or results of
operations of Regency would have been as of and for the six months ended June
30, 1999 and for the year ended December 31, 1998, assuming the transactions had
been completed as set forth above, nor does it purport to represent the
financial position or results of operations of Regency in future periods.
<PAGE>
Regency Realty Corporation
Pro Forma Consolidated Balance Sheet
June 30, 1999
(Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Regency
Historical Adjustments Pro Forma
<S> <C> <C> <C>
Assets
Real estate investments, at cost $2,358,778 - 2,358,778
Construction in progress 139,319 - 139,319
Less: accumulated depreciation 79,823 - 79,823
--------- -------- ---------
2,418,274 - 2,418,274
Investments in real estate partnerships 43,737 - 43,737
--------- -------- ---------
Net real estate investments 2,462,011 - 2,462,011
--------- -------- ---------
Cash and cash equivalents 14,782 - 14,782
Tenant receivables, net of allowance for
uncollectible accounts 29,656 - 29,656
Deferred costs, less accumulated amortization 11,003 - 11,003
Other assets 6,355 - 6,355
---------- -------- ---------
$2,523,807 - 2,523,807
========== ======== =========
Liabilities and Stockholders' Equity
Notes payable $ 787,274 - 787,274
Acquisition and development line of credit 243,879 - 243,879
--------- -------- ---------
Total debt 1,031,153 - 1,031,153
Accounts payable and other liabilities 45,323 - 45,323
Tenant's security and escrow deposits 6,899 - 6,899
--------- -------- ---------
Total liabilities 1,083,375 - 1,083,375
--------- -------- ---------
Series A preferred units 78,800 - 78,800
Exchangeable operating partnership units 46,468 - 46,468
Limited partners' interest in consolidated
partnerships 11,051 - 11,051
--------- -------- ---------
Total minority interest 136,319 - 136,319
--------- -------- ---------
Preferred stock 35,047 - 35,047
Common stock and additional paid in capital 1,291,246 - 1,291,246
Distributions in excess of net income (22,180) - (22,180)
--------- -------- ---------
Total stockholders' equity 1,304,113 - 1,304,113
--------- -------- ---------
$2,523,807 - 2,523,807
========== ======== =========
</TABLE>
<PAGE>
Regency Realty Corporation
Pro Forma Consolidated Statement of Operations
For the Six Months Ended June 30, 1999
(Unaudited)
(In thousands, except per share data)
<TABLE>
<CAPTION>
Regency Pacific
Historical Historical (a) Adjustments Pro Forma
<S> <C> <C> <C> <C>
Revenues:
Minimum rent $ 97,622 17,950 - 115,572
Percentage rent 877 406 - 1,283
Recoveries from tenants 24,324 4,428 - 28,752
Management, leasing and brokerage fees 6,014 4 - 6,018
Equity in income of investments
in real estate partnersh 2,136 - - 2,136
----------- -------------- -------------- ----------
130,973 22,788 - 153,761
----------- -------------- -------------- ----------
Operating expenses:
Depreciation and amortization 21,781 4,546 167(b) 26,494
Operating and maintenance 16,801 2,735 - 19,536
General and administrative 8,781 4,699 - 13,480
Real estate taxes 12,192 2,495 - 14,687
Other expenses 525 - - 525
----------- -------------- -------------- ----------
60,080 14,475 167 74,722
----------- -------------- -------------- ----------
Interest expense (income):
Interest expense 27,992 3,709 - 31,701
Interest income (1,121) (44) - (1,165)
----------- -------------- -------------- ----------
Net interest expense 26,871 3,665 - 30,536
----------- -------------- -------------- ----------
Income before minority interests
and sale of real estate investments 44,022 4,648 (167) 48,503
Gain on sale of real estate investments - 2,588 - 2,588
----------- -------------- -------------- ----------
Income before minority interests 44,022 7,236 (167) 51,091
Minority interests (5,336) (261) - (5,597)
----------- -------------- -------------- ----------
Net income 38,686 6,975 (167) 45,494
Preferred stock dividends (900) (337) - (1,237)
----------- -------------- -------------- ----------
Net income for common stockholders 37,786 6,638 (167) 44,257
=========== ============== ============== ==========
Net income per share:
Basic $ 0.76 $ 0.74 (c)
=========== ==========
Diluted $ 0.76 $ 0.74 (c)
=========== ==========
</TABLE>
See accompanying notes to pro forma consolidated statement of operations.
<PAGE>
Regency Realty Corporation and Pacific Retail Trust Merger
Pro Forma Consolidated Statement of Operations
(Unaudited)
(In thousands, except per share data)
<TABLE>
<CAPTION>
For the Year Ended December 31, 1998
Regency Pacific Retail Combined
Pro Forma Pro Forma Adjustments Company
<S> <C> <C> <C> <C>
Revenues:
Minimum rent $ 114,103 104,417 - 218,520
Percentage rent 3,187 1,540 - 4,727
Recoveries from tenants 26,308 27,475 - 53,783
Management, leasing and brokerage fees 11,863 53 - 11,916
Equity in income of investments
in real estate partnerships 946 - - 946
------------ ------------- ---------- ----------
156,407 133,485 - 289,892
------------ ------------- ---------- ----------
Operating expenses:
Depreciation and amortization 27,478 25,293 1,000 (b) 53,771
Operating and maintenance 19,671 17,710 - 37,381
General and administrative 15,717 10,250 - 25,967
Real estate taxes 13,781 14,684 - 28,465
------------ ------------- ---------- ----------
76,647 67,937 1,000 145,584
------------ ------------- ---------- ----------
Interest expense (income):
Interest expense 34,069 22,657 - 56,726
Interest income (1,957) (852) - (2,809)
------------ ------------- ---------- ----------
Net interest expense 32,112 21,805 - 53,917
------------ ------------- ---------- ----------
Income before minority interest
and sale of real estate investments 47,648 43,743 (1,000) 90,391
Gain on sale of real estate investments 1,390 837 - 2,227
------------ ------------- ---------- ----------
Income before minority interests 49,038 44,580 (1,000) 92,618
Minority interests (8,502) (772) 45 (9,229)
------------ ------------- ---------- ----------
Net income 40,536 43,808 (955) 83,389
Preferred stock dividends - (2,352) - (2,352)
------------ ------------- ---------- ----------
Net income for common stockholders $ 40,536 41,456 (955) 81,037
============ ============= ========== ==========
Net income per share:
Basic $ 1.40 $ 0.65 $ 1.35 (c)
============ ============= ==========
Diluted $ 1.36 $ 0.64 $ 1.34 (c)
============ ============= ==========
</TABLE>
See accompanying notes to pro forma consolidated statement of operations.
<PAGE>
Regency Realty Corporation
Notes to Pro Forma Consolidated Statement of Operations
For the Six Month Period Ended June 30, 1999
and the Year ended December 31, 1998
(Unaudited)
(In thousands, except share and per share data)
(a) Represents the historical results of operations of Pacific for the period
from January 1, 1999 to February 28, 1999, the effective date of the
merger.
(b) To increase depreciation expense as a result of the adjustment of real
estate investments to fair value for the Pacific merger:
06/30/99 12/31/98
Adjustment to record real estate
investments at fair market value 50,019 50,019
Allocation to land (11,004) (11,004)
----------- ------------
Allocation to building 39,015 39,015
=========== ============
Estimated useful life in years 39 39
----------- ------------
Depreciation adjustment 167 1,000
=========== ============
<PAGE>
(c) The following summarizes the calculation of basic and diluted earnings per
share for the six month period ended June 30, 1999 and the year ended
December 31, 1998.
06/30/99 12/31/98
Basic Earnings Per Share (EPS) Calculation:
Weighted average common shares outstanding
Regency 47,824 25,150
Adjust Pacific shares issued for full quarter 10,078 30,748
----------- ------------
Total Basic Shares 57,902 55,898
=========== ============
Net income for common stockholders $ 44,257 81,037
Less: dividends paid on Class B common stock (1,410) (5,378)
----------- ------------
Net income for Basic EPS $ 42,847 75,659
=========== ============
Basic EPS $ 0.74 1.35
=========== ============
<TABLE>
<CAPTION>
06/30/99 12/31/98
<S> <C> <C>
Diluted Earnings Per Share (EPS) Calculation:
Weighted average common shares outstanding for Basic EPS 57,902 55,898
Exchangeable operating partnership units 1,924 1,223
Adjust Pacific exchangeable units issued for full quarter 258 785
Incremental shares to be issued under common
stock options using the Treasury method 3 96
Contingent shares for the acquisition of real estate - 511
---------- ------------
Total Diluted Shares 60,087 58,513
========== ============
Net income for Basic EPS $ 42,847 75,659
Add: minority interest of exchangeable partnership units 1,338 2,729
---------- ------------
Net income for Diluted EPS $ 44,185 78,388
========== ============
Diluted EPS $ 0.74 1.34
========== ============
</TABLE>
Preferred shares are not considered in the earnings per share calculation since
their effect in anti-dilutive.
<PAGE>
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)
September 2, 1999 By:/s/J. Christian Leavitt
--------------------------
J. Christian Leavitt
Senior Vice President, Finance
|
|