$REG
REGENCY CENTERS CORP

2014 Q3 Form 10-Q Financial Statement

#000091060614000029 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $133.6M $134.9M $122.3M
YoY Change 11.04% 10.3% -0.9%
Cost Of Revenue $33.00M $34.40M $31.20M
YoY Change 9.63% 10.26% 2.63%
Gross Profit $100.6M $100.5M $91.10M
YoY Change 11.53% 10.32% -2.25%
Gross Profit Margin 75.3% 74.5% 74.48%
Selling, General & Admin $14.50M $15.20M $15.00M
YoY Change -3.33% 1.33% 7.14%
% of Gross Profit 14.41% 15.12% 16.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.50M $36.00M $32.40M
YoY Change 9.28% 11.11% -2.41%
% of Gross Profit 36.28% 35.82% 35.57%
Operating Expenses $52.90M $53.00M $47.70M
YoY Change 8.62% 11.11% 3.25%
Operating Profit $47.70M $47.50M $43.40M
YoY Change 14.94% 9.45% -7.66%
Interest Expense -$21.80M -$18.00M -$21.80M
YoY Change 74.4% -17.43% 21.11%
% of Operating Profit -45.7% -37.89% -50.23%
Other Income/Expense, Net
YoY Change
Pretax Income $25.90M $29.50M $21.60M
YoY Change 12.61% 36.57% 116.0%
Income Tax $1.180M $0.00
% Of Pretax Income 4.56% 0.0%
Net Earnings $25.70M $29.10M $35.40M
YoY Change -36.07% -17.8% 280.65%
Net Earnings / Revenue 19.24% 21.57% 28.94%
Basic Earnings Per Share $0.52 $0.28 $0.35
Diluted Earnings Per Share $0.52 $0.28 $0.35
COMMON SHARES
Basic Shares Outstanding 92.36M shares 92.34M shares 91.60M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.0M $37.00M $59.00M
YoY Change 60.32% -37.29% 156.52%
Cash & Equivalents $101.0M $37.00M $59.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $12.00M $16.00M
Prepaid Expenses
Receivables $26.00M $34.00M $22.00M
Other Receivables $55.00M $53.00M $50.00M
Total Short-Term Assets $194.0M $124.0M $147.0M
YoY Change 31.08% -15.65% 31.25%
LONG-TERM ASSETS
Property, Plant & Equipment $3.391B $3.363B $3.120B
YoY Change 8.51% 7.79% -5.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $356.0M $368.0M $453.0M
YoY Change -19.09% -18.76% 1.34%
Other Assets $82.00M $83.00M $73.00M
YoY Change 9.33% 13.7% -6.41%
Total Long-Term Assets $3.934B $3.920B $3.753B
YoY Change 4.93% 4.45% -4.11%
TOTAL ASSETS
Total Short-Term Assets $194.0M $124.0M $147.0M
Total Long-Term Assets $3.934B $3.920B $3.753B
Total Assets $4.128B $4.044B $3.900B
YoY Change 5.93% 3.69% -3.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $174.0M $141.0M $131.0M
YoY Change 18.37% 7.63% 16.96%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $199.0M $165.0M $145.0M
YoY Change 17.75% 13.79% 9.02%
LONG-TERM LIABILITIES
Long-Term Debt $2.023B $2.031B $1.892B
YoY Change 8.53% 7.35% -8.29%
Other Long-Term Liabilities $32.00M $30.00M $26.00M
YoY Change 28.0% 15.38% 116.67%
Total Long-Term Liabilities $2.055B $2.061B $1.918B
YoY Change 8.79% 7.46% -7.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $199.0M $165.0M $145.0M
Total Long-Term Liabilities $2.055B $2.061B $1.918B
Total Liabilities $2.283B $2.258B $2.076B
YoY Change 10.18% 8.77% -6.61%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.845B $1.786B $1.824B
YoY Change
Total Liabilities & Shareholders Equity $4.128B $4.044B $3.900B
YoY Change 5.93% 3.69% -3.13%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $25.70M $29.10M $35.40M
YoY Change -36.07% -17.8% 280.65%
Depreciation, Depletion And Amortization $36.50M $36.00M $32.40M
YoY Change 9.28% 11.11% -2.41%
Cash From Operating Activities $98.20M $67.30M $68.00M
YoY Change 7.56% -1.03% -0.15%
INVESTING ACTIVITIES
Capital Expenditures -$87.10M -$50.10M -$82.50M
YoY Change 7.53% -39.27% -5.39%
Acquisitions
YoY Change
Other Investing Activities $63.40M $4.600M $90.90M
YoY Change -12.31% -94.94% 175.45%
Cash From Investing Activities -$23.70M -$45.50M $8.400M
YoY Change 172.41% -641.67% -115.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M $47.38M
YoY Change 3088.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.60M -20.20M -39.70M
YoY Change -86.58% -49.12% 120.56%
NET CHANGE
Cash From Operating Activities 98.20M 67.30M 68.00M
Cash From Investing Activities -23.70M -45.50M 8.400M
Cash From Financing Activities -10.60M -20.20M -39.70M
Net Change In Cash 63.90M 1.600M 36.70M
YoY Change 1675.0% -95.64% -1017.5%
FREE CASH FLOW
Cash From Operating Activities $98.20M $67.30M $68.00M
Capital Expenditures -$87.10M -$50.10M -$82.50M
Free Cash Flow $185.3M $117.4M $150.5M
YoY Change 7.54% -21.99% -3.09%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
-24669000 USD
CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
21664000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-9000000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.925
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.94
CY2013Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
26100000 USD
CY2014Q2 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
27100000 USD
CY2014Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2275000 USD
CY2013Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2366000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-4732000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-4749000 USD
CY2013Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
0 USD
CY2014Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
0 USD
us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
0 USD
us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
-3000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
948000 USD
CY2013Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
557000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1410000 USD
CY2014Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
714000 USD
CY2014Q2 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
15062000 USD
CY2013Q2 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
3396000 USD
CY2014Q2 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
1691000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
2406000 USD
CY2013Q2 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
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us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
13127000 USD
CY2014Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
5700000 USD
CY2013Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
19300000 USD
CY2014Q2 us-gaap Notes Payable
NotesPayable
1946063000 USD
CY2013Q4 us-gaap Notes Payable
NotesPayable
1779697000 USD
CY2013Q4 us-gaap Notes Receivable Net
NotesReceivableNet
11960000 USD
CY2014Q2 us-gaap Notes Receivable Net
NotesReceivableNet
11917000 USD
us-gaap Operations Commenced Date1
OperationsCommencedDate1
1993-12-31
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
18332000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-11153000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-24953000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
21704000 USD
CY2013Q2 us-gaap Payments For Commissions
PaymentsForCommissions
709000 USD
us-gaap Payments For Commissions
PaymentsForCommissions
1496000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
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us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;"></font></div><div style="line-height:120%;padding-top:12px;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform to current period presentation. In addition, the Company has corrected the Consolidated Statements of Cash Flows related to the timing of payments for development activity that were not correctly classified as investing activity. The correction was a reclassification between cash flows from operating activities and cash flows from investing activities for the six months ended June 30, 2013. The correction resulted in an increase in cash flows from operating activities of </font><font style="font-family:inherit;font-size:10pt;">$5.3 million</font><font style="font-family:inherit;font-size:10pt;"> during the six months ended June 30, 2013, with a corresponding increase in cash used in investing activity during the same period, which the Company has concluded was not significant. </font></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
99774000 USD
CY2013Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
47377000 USD
us-gaap Proceeds From Sale Of Real Estate
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CY2013Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
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us-gaap Proceeds From Sale Of Real Estate
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CY2014Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
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us-gaap Quantifying Misstatement In Current Year Financial Statements Amount
QuantifyingMisstatementInCurrentYearFinancialStatementsAmount
5300000 USD
us-gaap Share Based Compensation
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4534000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2262000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3135000 USD
CY2013Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1869000 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2014Q2 us-gaap Unsecured Debt
UnsecuredDebt
85000000 USD
CY2013Q4 us-gaap Unsecured Debt
UnsecuredDebt
75000000 USD
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
159804 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
177164 shares
CY2014Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
159338 shares
CY2013Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
177164000 shares
reg Accumulated Other Comprehensive Income Loss Amounts Reclassified
AccumulatedOtherComprehensiveIncomeLossAmountsReclassified
4749000 USD
reg Accumulated Other Comprehensive Income Loss Amounts Reclassified
AccumulatedOtherComprehensiveIncomeLossAmountsReclassified
4732000 USD
CY2014Q2 reg Acquired Finite Lived Intangible Liability Amount
AcquiredFiniteLivedIntangibleLiabilityAmount
5938000 USD
CY2013Q4 reg Acquired Finite Lived Intangible Liability Amount
AcquiredFiniteLivedIntangibleLiabilityAmount
7597000 USD
CY2014Q2 reg Business Combination Recognized Identifiable Assets Acquiredand Liabilities Assumed Debt Assumed Netof Premiums
BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedDebtAssumedNetofPremiums
78049000 USD
CY2013Q4 reg Business Combination Recognized Identifiable Assets Acquiredand Liabilities Assumed Debt Assumed Netof Premiums
BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedDebtAssumedNetofPremiums
0 USD
CY2014Q2 reg Equity Issuances Amount Available For Issuance
EquityIssuancesAmountAvailableForIssuance
200000000.0 USD
CY2014Q2 reg Letters Of Credit Maximum Borrowing Capacity Under Line
LettersOfCreditMaximumBorrowingCapacityUnderLine
80000000 USD
CY2014Q3 reg Offerto Acquire Stock
OffertoAcquireStock
22.00
CY2014Q2 reg Total Longterm Debtand Lineof Credits
TotalLongtermDebtandLineofCredits
2031063000 USD
CY2013Q4 reg Total Longterm Debtand Lineof Credits
TotalLongtermDebtandLineofCredits
1854697000 USD
CY2013Q2 reg Weighted Average Price Per Share
WeightedAveragePricePerShare
54.22
reg Weighted Average Price Per Share
WeightedAveragePricePerShare
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000910606
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
92357891 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
REGENCY CENTERS CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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