Regency Centers Provides Update Related to COVID-19
March 30 2020 - 8:00AM
Regency Centers Corporation (the “Company”) provided the following
updates related to COVID-19.
“First and foremost, thank you to all of the
people who are placing their lives at risk by going to work every
day to help provide our country with essential goods and services,
such as healthcare workers, grocery store employees, delivery
personnel and public service workers, just to name a few. You have
our deepest gratitude and our thoughts and prayers are with you. As
to Regency, our priority is the well-being of our team members,
tenants, and the people in the communities that our properties
serve. Our dedicated teams are committed to working with our
tenants and vendors to ensure that our properties continue to
seamlessly provide the essential goods and services that the
surrounding neighborhoods need during this time,” said Lisa Palmer,
President and Chief Executive Officer. “Although the impacts of
this unprecedented crisis are evolving rapidly and are difficult to
quantify, Regency is built to withstand challenges and adversity
with its strong balance sheet, exceptional people and a high
quality portfolio of open air shopping centers that are 80% grocery
anchored,” continued Palmer.
2020 GuidanceDue to the
uncertainty surrounding the impacts from the COVID-19 pandemic, the
Company announced today that it is withdrawing its full year 2020
guidance that was previously issued on February 12, 2020. A
supplement to the investor presentation, which provides further
information, has been posted on the Company’s website at
investors.regencycenters.com/events-and-presentations/presentations.
The Company will provide additional updates with its First Quarter
2020 earnings results.
LiquidityTo further strengthen
Regency’s already strong balance sheet and liquidity position in
this rapidly evolving and uncertain situation, the Company has
taken additional steps to increase its liquidity. The Company
settled its forward equity offering from September 2019 at $67.99
per share resulting in net proceeds of approximately $125 million.
The Company also drew down $500 million from its existing $1.25
billion revolving credit facility. Including the aforementioned
credit facility draw, Regency now has a cash balance of
approximately $720 million and an additional $545 million available
under its revolving credit facility, which together represent total
liquidity of approximately $1.27 billion. Regency has no unsecured
debt maturities until 2022. The Company’s pro rata share of secured
mortgage debt maturities in 2020 and 2021 is $153 million and $174
million, respectively.
InvestmentsThe Company has
approximately $350 million of development and redevelopment
projects currently in process and in various stages of
construction. Approximately $225 million remains to be spent to
complete these in-process projects. Due to impacts of COVID-19,
construction has been suspended at some projects due to municipal
orders, or has slowed substantially due to health concerns and
labor limitations. Regency is assessing the impact of these project
delays and will provide additional updates with its First Quarter
2020 earnings results. The Company is also closely assessing all
pipeline development and redevelopment projects as well as
non-essential capital expenditures.
Annual Shareholder MeetingDue
to the emerging public health impact of COVID-19 and to protect the
safety of participants, the in-person Annual Meeting of
Shareholders (the “Annual Meeting”) being held on Wednesday, April
29, 2020 at 9:00 a.m. EDT, has been changed to a virtual format
only. The virtual meeting will utilize online tools that ensure
shareholders have the same rights and opportunities to participate
as they would at an in-person meeting. A live stream webcast,
including closed captioning, can be accessed on the following
website: virtualshareholdermeeting.com/REG2020. Online access to
the webcast will open 15 minutes prior to the designated start
time. A replay of the webcast will be available on the Company’s
website at investors.regencycenters.com until October 29, 2020.
As described in the proxy materials for the
Annual Meeting, a shareholder is entitled to vote in the Annual
Meeting if the shareholder was a shareholder as of the close of
business on March 9, 2020, the record date, or holds a legal proxy
for the meeting provided by the shareholder’s bank, broker, or
nominee. To vote in the virtual meeting, a shareholder must enter
the control number found on the shareholder’s proxy card, voting
instruction form or notice the shareholder previously received.
Shareholders may submit questions in advance when they register for
the meeting and at the conclusion of the virtual meeting through
the webcast.
About Regency Centers Corporation
(NASDAQ: REG)
Regency Centers is the preeminent national
owner, operator, and developer of shopping centers located in
affluent and densely populated trade areas. Operating as a fully
integrated real estate company, Regency Centers is a qualified real
estate investment trust (REIT) that is self-administered,
self-managed, and an S&P 500 Index member. For more
information, please visit regencycenters.com.
Forward-looking statements involve risks and
uncertainties. Actual future performance, outcomes and results may
differ materially from those expressed in forward-looking
statements. Such risks and uncertainties include, but are not
limited to the impact of the recent coronavirus (COVID-19) outbreak
on us, our tenants, consumer behaviors and the national economy in
general, changes in national and local economic conditions,
financial difficulties of tenants, competitive market conditions,
including timing and pricing of acquisitions and sales of
properties and building pads ("out-parcels"), changes in leasing
activity and market rents, timing of development starts, meeting
development schedules, natural disasters in geographic areas in
which we operate, cost of environmental remediation, our inability
to exercise voting control over the co-investment partnerships
through which we own many of our properties, and technology
disruptions. Please refer to the documents filed by Regency Centers
Corporation with the SEC, specifically the most recent report on
Form 10-K, which identifies important risk factors which could
cause actual results to differ from those contained in the
forward-looking statements.
Laura
Clark904-598-7831LauraClark@RegencyCenters.com
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