Business
Regency Centers Provides an Update on Financing Activity, Property Transactions, and its Investment Pipeline Review
JACKSONVILLE, Fla., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Regency Centers Corporation (”Regency” or the “Company”) (NASDAQ: REG) today provided an update on the
About this update from Regency Centers Corporation
[{"type":"text","content":"JACKSONVILLE, Fla., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Regency Centers Corporation (”Regency” or the “Company”) (NASDAQ: REG) today provided an update on the repayment of its $265 million term loan due 2022, fourth quarter 2020 property transaction activity, and charges associated with certain pre-development projects following its investment pipeline review. Term Loan Repayment On January 15, 2021, the Company repaid its $265 million term loan due January 2022 (the “Term Loan”) using cash available, leaving no unsecured debt maturities until 2024. In connection with the repayment of the Term Loan, the Company also terminated interest rate swap contracts, resulting in a $2.5 million early extinguishment of debt charge recognized in the fourth quarter of 2020. Fourth Quarter 2020 Property Transaction Activity During the fourth quarter of 2020, Regency sold five shopping centers for a combined gross sales price of $77.8 million at the Company’s share. In addition to the previously disclosed sales of Jefferson Square and Whole Foods at Swampscott for $25.3 million, the Company sold three shopping centers for $52.5 million, including: Stonebrook Plaza, a 96,000 square foot grocery-anchored center located in a suburb of Chicago, IL, owned by a joint venture in which Regency’s share is 40%;Old Connecticut Path, an 80,000 square foot grocery-anchored center located in a suburb of Boston, MA, owned by a joint venture in which Regency’s share is 30%; andSouth Bay Village, a 108,000 square foot grocery-anchored center wholly owned by Regency and located in a suburb of Los Angeles, CA. During the fourth quarter of 2020, Regency also sold three land parcels for a combined gross sales price of $8.1 million at the Company’s share. Investment Pipeline Review In May of 2020, in light of the COVID-19 pandemic, Regency announced an in-depth review of its extensive future pipeline of value-add development and redevelopment projects, many of which were in the pre-development stages. This evaluation included potential impacts to scope, investment, tenancy, timing, and return on investment to determine the most appropriate direction of each project. As a result of this process and the decision not to pursue certain projects or components of projects, the Company estimates the write-off of certain previously capitalized pre-development costs will be in...