==============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 9)
Regency Realty Corporation
--------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
------------------------------------------------------------
(Title of Class of Securities)
758939 10 2
------------------------------------------------
(CUSIP Number)
Ariel Amir
Security Capital U.S. Realty
25b, boulevard Royal
Luxembourg L-2449
(011-352) 4637561
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 28, 1999
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(Date of Event Which Requires Filing of This
Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box: [ ].
(Continued on following pages)
(Page 1 of 21 Pages)
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<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 2 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital U.S. Realty
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
BK, OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 34,273,236
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 34,273,236
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
34,273,236
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
59.4%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 758939 10 2 Page 3 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Holdings S.A.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
BK, OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 34,273,236
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 34,273,236
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
34,273,236
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
59.4%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 758939 10 2 Page 4 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Shopping Center I Sarl
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 2,037,600
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 2,037,600
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,037,600
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 5 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Shopping Center II Sarl
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 2,037,600
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 2,037,600
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,037,600
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 6 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Shopping Center III Sarl
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 2,037,600
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 2,037,600
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,037,600
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 7 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Shopping Center IV Sarl
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 2,037,600
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 2,037,600
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,037,600
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 8 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Shopping Center V Sarl
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 2,037,600
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 2,037,600
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,037,600
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 758939 10 2 Page 9 of 21
--------------------------
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Security Capital Shopping Center VI Sarl
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
[ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
- --------------------------------------------------------------------------------
Number of 7. SOLE VOTING POWER
Shares 2,033,828
-------------------------------------------------------------------
Beneficially 8. SHARED VOTING POWER
Owned By 0
-------------------------------------------------------------------
Each 9. SOLE DISPOSITIVE POWER
Reporting 2,033,828
-------------------------------------------------------------------
Person With 10. SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,033,828
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.5%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 10 of 21
--------------------------
This Amendment No. 9 (this "Amendment") is being filed by Security
Capital U.S. Realty, a corporation organized and existing under the laws of
Luxembourg ("Security Capital U.S. Realty"), Security Capital Holdings S.A, a
corporation organized and existing under the laws of Luxembourg and a wholly
owned subsidiary of Security Capital U.S. Realty ("Holdings", and together with
Security Capital U.S. Realty, "SC-USREALTY), Security Capital Shopping Center I
Sarl, Security Capital Shopping Center II Sarl, Security Capital Shopping Center
III Sarl, Security Capital Shopping Center IV Sarl, Security Capital Shopping
Center V Sarl, and Security Capital Shopping Center VI Sarl, each a corporation
organized and existing under the laws of Luxembourg and a wholly owned
subsidiary of Holdings (the "Security Capital Shopping Center Subsidiaries", and
together with SC-USREALTY, the "Reporting Persons"), and amends the Schedule 13D
originally filed on June 21, 1996 (as previously amended, the "Schedule 13D").
Capitalized terms used herein without definition shall have the meanings
ascribed thereto in the Schedule 13D. Except as provided below, there are no
changes to report from the responses previously provided.
ITEM 2 Identity and Background
Each of the Security Capital Shopping Center Subsidiaries is a
Luxembourg corporation and a wholly owned subsidiary of Holdings that was formed
in connection with an internal reorganization of SC-USREALTY in December 1998.
The principal office of each of the Security Capital Shopping Center
Subsidiaries is located at 25b, boulevard Royal, Luxembourg L-2449.
Each Security Capital Shopping Center Subsidiary is governed by three
Managers. The name, business address, present principal occupation or employment
and the name, principal business and address of any corporation or other
organization in which such employment is conducted and citizenship of each
manager of the Security Capital Shopping Center Subsidiaries are set forth on
Exhibit 9.3 hereto.
During the last five years, none of the Security Capital Shopping
Center Subsidiaries and, to the best knowledge of the Reporting Persons, any of
its Managers has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or has been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction as a result of which
such Security Capital Shopping Center Subsidiary or person was or is subject to
a judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect such laws.
ITEM 3 Source and amount of funds and other consideration
See Item 4 below.
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 11 of 21
--------------------------
ITEM 4 Purpose of Transaction
Effective as of 11:59 p.m. (Eastern time) on February 28, 1998, PRT was
merged (the "Merger") with and into Regency. Pursuant to the Merger, (i) each
outstanding share of PRT Common Stock was converted into the right to receive
0.48 of a share of Regency Common Stock; (ii) each Series A Cumulative
Convertible Redeemable Preferred Share of Beneficial Interest of PRT was
converted into the right to receive 0.48 of a share of Series 1 Cumulative
Convertible Redeemable Preferred Stock, par value $.01 per share, of Regency;
and (iii) each Series B Cumulative Convertible Redeemable Preferred Share of
Beneficial Interest of PRT was converted into the right to receive 0.48 of a
share of Series 2 Cumulative Convertible Redeemable Preferred Stock, par value
$.01 per share, of Regency. As a result, the Reporting Persons acquired
22,533,020 shares of Regency Common Stock (the "Acquired Regency Shares") in
exchange for its 46,985,459 shares of PRT Common Stock.
Regency, SC-USREALTY and the others specified in the definition of
"Buyer" under the Regency Registration Rights Agreement (as defined herein) also
entered into Amendment No. 2 (the "Registration Rights Amendment") dated as of
February 28, 1999 to the Registration Rights Agreement dated as of August 28,
1997 (the "Regency Registration Rights Agreement"). Pursuant to the Registration
Rights Amendment, the parties agreed (i) to terminate certain registration
rights agreements between Holdings and PRT, pursuant to which Buyer had certain
registration rights in respect of the Acquired Regency Shares and (ii) to grant
Buyer the registration rights set forth in the Regency Registration Rights
Agreement in respect of the Acquired Regency Shares. The Registration Rights
Amendment also provides that upon consummation of the Merger, Buyer will be
entitled to a minimum of twelve Shelf Registrations (as defined in the Regency
Registration Rights Agreement) plus an additional Shelf Registration for every
$75,000,000 of Regency Common Stock acquired from Regency after the date of the
Merger. A copy of the Registration Rights Amendment is attached hereto as
Exhibit 9.1 and is specifically incorporated herein by reference, and the
description herein of the Registration Rights Amendment is qualified in its
entirety by reference to the Registration Rights Amendment.
SC-USREALTY and Regency also entered into a waiver dated as of February
28, 1999 (the "Waiver"), pursuant to which SC-USREALTY agreed that the
acquisition by LaSalle Advisors Limited or its affiliates (collectively,
"LaSalle") of beneficial ownership of a specified number of shares of Regency
Common Stock in connection with the Merger would not terminate the Standstill
Period under the Stockholders Agreement; provided that the acquisition of
beneficial ownership of any shares of capital stock of Regency that are entitled
to vote generally in the election of Regency's directors ("Voting Securities")
by LaSalle after the date of the Merger will terminate the Standstill Period if
after giving effect to such acquisition LaSalle and its Affiliates beneficially
own more than 9.8% of the voting power of the outstanding shares of Voting
Securities, subject to certain exceptions set forth in the Waiver. A copy of the
Waiver is attached hereto as Exhibit 9.2 and is specifically incorporated herein
by reference, and the description herein of the Waiver is qualified in its
entirety by reference to the Waiver.
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 12 of 21
--------------------------
Item 5 Interest in Securities of the Issuer
(a) Security Capital Shopping Center I Sarl, Security Capital Shopping
Center II Sarl, Security Capital Shopping Center III Sarl, Security
Capital Shopping Center IV Sarl and Security Capital Shopping Center
V Sarl each beneficially own 2,037,600 shares of Regency Common
Stock. Security Capital Shopping Center VI Sarl beneficially owns
2,033,828 shares of Regency Common Stock. All of the shares of
Regency Common Stock beneficially owned by the Security Capital
Shopping Center Subsidiaries remain beneficially owned by
SC-USREALTY.
(b) Each Reporting Person has the power to vote or direct the vote and
dispose or direct the disposition of the Shares beneficially owned
by such Reporting Persons as indicated in pages 2 through 9 above.
(c) See response to Item 4.
Item 6 Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer
See response to Item 4.
Item 7 Material to be Filed as Exhibits
Exhibit 9.1 Amendment No. 2 to Registration Rights Agreement dated as
of February 28, 1999 between Regency, SC-USREALTY and the others
specified in the definition of "Buyer" under the Regency
Registration Rights Agreement
Exhibit 9.2 Waiver dated as of February 28, 1999 between SC-USREALTY and
Regency
Exhibit 9.3 Information with respect to the Managers of the Security Capital
Shopping Center Subsidiaries
Exhibit 9.4 Joint Filing Agreement with Respect to Schedule 13D
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 13 of 21
--------------------------
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Dated as of: March 5, 1999
SECURITY CAPITAL U.S. REALTY
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice-President
<PAGE>
--------------------------
CUSIP No. 758939 10 2 Page 14 of 21
--------------------------
INDEX OF EXHIBITS
Exhibit 9.1 Amendment No. 2 to Registration Rights Agreement dated as
of February 28, 1999 between Regency, SC-USREALTY and the others
specified in the definition of "Buyer" under the Regency
Registration Rights Agreement
Exhibit 9.2 Waiver dated as of February 28, 1999 between SC-USREALTY and
Regency
Exhibit 9.3 Information with respect to the Managers of the Security Capital
Shopping Center Subsidiaries
Exhibit 9.4 Joint Filing Agreement with Respect to Schedule 13D
Page 15 of 21
Exhibit 9.1
AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT
THIS AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT (the
"Amendment") dated as of February 28, 1999, is made by and among Regency Realty
Corporation, a Florida corporation (the "Company"), Security Capital U.S.
Realty, a Luxembourg corporation ("US-REALTY"), Security Capital Holdings S.A.,
a Luxembourg corporation ("Holdings" and together with US-REALTY, "Security
Capital") and the others specified in the definition of "Buyer" under the
Company Registration Rights Agreement (as hereinafter defined). Any capitalized
term used but not defined herein shall have the meaning ascribed thereto in the
Company Registration Rights Agreement.
WHEREAS, the parties hereto entered into a Registration Rights
Agreement, dated as of July 10, 1996, as amended by Amendment No. 1 dated as of
August 28, 1997 (as amended, the "Company Registration Rights Agreement"),
pursuant to which Buyer has certain registration rights in respect of the
Registrable Securities;
WHEREAS, the Company and Pacific Retail Trust, a Maryland real
estate investment trust ("Pacific Retail"), entered into an Agreement and Plan
of Merger dated as of September 23, 1998 (the "Merger Agreement"), pursuant to
which Pacific Retail will merge with and into Regency (the "Merger")
simultaneously with the effectiveness of this Amendment;
WHEREAS, Holdings and Pacific Retail entered into a Registration
Rights Agreement dated as of October 20, 1995 and Transfer and Registration
Rights Agreements dated as of August 30, 1996, May 14, 1997 and December, 1997
(the "Pacific Retail Registration Rights Agreements");
WHEREAS, Buyer has certain registration rights pursuant to the
Pacific Retail Registration Rights Agreements in respect of the 22,553,019
shares of Company Common Stock to be received by Buyer in the Merger in exchange
for its shares of Pacific Retail common stock, par value $.01 per share
("Pacific Retail Common Stock");
WHEREAS, the parties hereto desire to terminate the Pacific Retail
Registration Rights Agreements and amend the Company Registration Rights
Agreement so that the registration rights of Buyer under the Company
Registration Rights Agreement, as amended hereby, apply to any and all shares of
Company Common Stock received by Buyer in the Merger;
NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained in this amendment and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:
1. Definition of Registrable Securities. The first sentence of
subpart (m) of Section 1 of the Company Registration Rights Agreement is hereby
deleted in its entirety and replaced with the following:
"(m) "Registrable Securities" shall mean (i) any and all shares of
Company Common Stock acquired by Buyer pursuant to the Stock
Purchase Agreement, (ii)
<PAGE>
Page 16 of 21
any and all securities acquired by Buyer pursuant to Section 4.2 of
the Stockholders Agreement or Section 1 of Amendment No.1 to
Stockholders Agreement dated as of February 10, 1997 by and among
the Company, Holdings and USREALTY, as amended, (iii) any and all
shares of Company Common Stock received by Buyer in the Merger in
exchange for shares of Pacific Retail Common Stock, and (iv) any
securities issued or issuable with respect to any Company Common
Stock or other securities referred to in clause (i), (ii) or (iii)
by way of conversion, exchange, stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise."
2. Number of Shelf Registrations. The first sentence of subpart (d)
of Section 2 of the Company Registration Rights Agreement is hereby deleted in
its entirety and replaced with the following:
"The Company shall be obligated to effect, under this Section 2, a
minimum of 12 Shelf Registrations, plus an additional Shelf
Registration for each $75,000,000 of shares of Company Common Stock
acquired by Buyer from the Company subsequent to the Merger."
3. Termination of Pacific Retail Registration Rights Agreements. The
parties hereto agree that upon effectiveness of this Amendment the Pacific
Retail Registration Rights Agreements shall be
terminated and of no effect whatsoever.
4. No Effect on Consistent Terms. All terms of the Company
Registration Rights Agreement not inconsistent with this Amendment shall remain
in place and in full force and effect, and shall continue to apply to the
Company Registration Rights Agreement and to this Amendment. From and after the
date hereof, each reference to the Company Registration Rights Agreement in any
other instrument or document shall be deemed a reference to the Company
Registration Rights Agreement as amended hereby, unless the context otherwise
required.
5. Headings. The headings contained in this Amendment are
inserted for convenience of reference only and shall not affect the meaning or
interpretation of the Amendment.
6. Counterparts. This Amendment may be executed in one or
more counterparts, all of which shall be considered one and the same agreement,
and shall become effective when one or more counterparts have been signed by
each party hereto and delivered to the other party.
<PAGE>
Page 17 of 21
IN WITNESS WHEREOF, this Amendment has been signed by or on behalf
of each of the parties hereto as of this 28th day of February, 1999.
SECURITY CAPITAL HOLDINGS S.A.
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice President
SECURITY CAPITAL U.S. REALTY
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice President
REGENCY REALTY CORPORATION
By: /s/ Bruce M. Johnson
Name: Bruce M. Johnson
Title: Managing Director and
Executive Vice President
Page 18 of 21
Exhibit 9.2
WAIVER
THIS WAIVER (the "Waiver") dated as of February 28, 1999, is made by
and among Security Capital U.S. Realty, a Luxembourg corporation, Security
Capital Holdings S.A., a Luxembourg corporation (together with Security Capital
U.S. Realty, "Investor") and Regency Realty Corporation, a Florida corporation
("Regency"). Any capitalized term used but not defined herein shall have the
meaning ascribed thereto in the Stockholders Agreement (as hereinafter defined).
WHEREAS, the parties hereto and The Regency Group, Inc. entered into
a Stockholders Agreement, dated as of July 10, 1996 (the "Stockholders
Agreement"), pursuant to which, among other things, Investor has agreed to
certain restrictions during the Standstill Period;
WHEREAS, LaSalle Advisors Limited ("LaSalle") and its Affiliates
directly and indirectly Beneficially Own capital stock of Regency and Pacific
Retail Trust, a Maryland real estate investment trust ("Pacific Retail"), in
each case as set forth in Exhibit A hereto;
WHEREAS, Regency and Pacific Retail have entered into an Agreement
and Plan of Merger dated as of September 23, 1998 (the "Merger Agreement"),
pursuant to which Pacific Retail will merge with and into Regency (the
"Merger");
WHEREAS, upon completion of the Merger the shares of capital stock
of Pacific Retail will be converted into capital stock of Regency in accordance
with the Merger Agreement, and LaSalle and its Affiliates will Beneficially Own
7,157,948 shares (the "LaSalle Shares") of Regency common stock, par value $.01
per share ("Regency Common Stock"), assuming conversion of all shares of capital
stock convertible into Regency Common Stock, as set forth in Exhibit A hereto;
WHEREAS, Investor has agreed that the acquisition of Beneficial
Ownership of shares of Regency Common Stock by LaSalle and its Affiliates in the
Merger will not result in termination of the Standstill Period, subject to and
in accordance with the terms and conditions of this Waiver;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Ownership by LaSalle and its Affiliates of greater than 9.8% of
the Voting Securities.
(a) Regency represents and warrants that (x) neither
LaSalle nor its Affiliates Beneficially Own any Voting Securities or any
securities convertible into Voting Securities other than the LaSalle Shares, and
(y) upon completion of the Merger, the LaSalle Shares will represent 11.7% of
the voting power of the outstanding shares of Voting Securities, assuming
conversion of the Class B Common Stock, par value $.01 per share, of Regency.
(b) Notwithstanding clause (ii) of Section 5.1(a) of the
Stockholders Agreement, the Standstill Period shall not terminate as a result of
LaSalle acquiring Beneficial
<PAGE>
Page 19 of 21
Ownership of any of the LaSalle Shares on or prior to the date hereof; provided,
however, that the acquisition by LaSalle or any of its Affiliates of Beneficial
Ownership of any Voting Securities at any time after the date hereof shall
terminate the Standstill Period if after giving effect to such acquisition
LaSalle and its Affiliates Beneficially Own more than 9.8% of the voting power
of the outstanding shares of Voting Securities (any such shares in excess of
such 9.8%, the "Excess Shares"), unless (x) the Excess Shares are at or
immediately following their acquisition deprived of all voting rights pursuant
to limitations on ownership of shares contained in the Company Charter, as in
effect at the relevant time, or in any other legal, valid and enforceable
agreement, plan or other right in effect at such time, or (y) provided the
Excess Shares represent no more than 5.2% of the voting power of the outstanding
Voting Securities, Regency, no later than the earlier of (aa) sixty days after
the date of such acquisition, and (bb) the record date for the first meeting of
shareholders after such record date, has caused LaSalle and its Affiliates to
cease, or LaSalle and its Affiliates otherwise cease having Beneficial Ownership
of the Excess Shares.
IN WITNESS WHEREOF, this Waiver has been signed by or on behalf of
each of the parties hereto as of this 28th day of February, 1999.
SECURITY CAPITAL HOLDINGS S.A.
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice President
SECURITY CAPITAL U.S. REALTY
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice President
Accepted and Agreed by:
REGENCY REALTY CORPORATION
By: /s/ Bruce M. Johnson
Name: Bruce M. Johnson
Title: Managing Director and Executive Vice President
Page 20 of 21
Exhibit 9.3
MANAGERS OF THE SECURITY CAPITAL
SHOPPING CENTER SUBSIDIARIES
The identity and background of the managers for all of the Security
Capital Shopping Center Subsidiaries are as follows:
1. Jeffrey Cozad: Jeffrey Cozad is a Manager of each of the
Security Capital Shopping Center Subsidiaries. Mr. Cozad's present
principal occupation is as Managing Director of Security Capital
U.S. Realty, whose business address is 25b, boulevard Royal,
Luxembourg L-2449. Mr. Cozad is a United States citizen.
2. Christopher House: Christopher House is a Manger of each of the
Security Capital Shopping Center Subsidiaries. Mr. House's present
principal occupation is as Vice President of Holdings, whose business
address is 25b, boulevard Royal, Luxembourg L-2449. Mr.
House is a United States citizen.
3. Peter James: Peter James is a Manager of each of the Security Capital
Shopping Center Subsidiaries. Mr. James' present principal occupation
is as Senior Vice-President of SC Group Incorporated, whose business
address is 399 Park Avenue, New York, NY 10022. Mr.
James is a British citizen.
Page 21 of 21
Exhibit 9.4
Joint Filing Agreement with Respect to Schedule 13D
In accordance with Rule 13d-1(k) of Regulation 13D-G under the
Securities Exchange Act of 1934, the undersigned hereby agree that any statement
on Schedule 13D to be filed with the Securities and Exchange Commission by any
of the undersigned, including any amendment thereto, with respect to the Common
Stock, par value $.01 per share, of Regency Realty Corporation, a Florida
corporation, may be filed by Security Capital U.S. Realty, a Luxembourg
corporation, on behalf of each of the undersigned.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed as of the 5th day of March, 1999.
SECURITY CAPITAL U.S. REALTY
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice-President
SECURITY CAPITAL HOLDINGS S.A.
By: /s/ Ariel Amir
Name: Ariel Amir
Title: Vice-President
SECURITY CAPITAL SHOPPING CENTER I SARL
SECURITY CAPITAL SHOPPING CENTER II SARL
SECURITY CAPITAL SHOPPING CENTER III SARL
SECURITY CAPITAL SHOPPING CENTER IV SARL
SECURITY CAPITAL SHOPPING CENTER V SARL
SECURITY CAPITAL SHOPPING CENTER VI SARL
SECURITY CAPITAL SHOPPING CENTER VII SARL
By: /s/ Christopher W. House
Name: Christopher W. House
Title: Manager
By: /s/ Jeffrey A. Cozad
Name: Jeffrey A. Cozad
Title: Manager
