Regency Centers Corporation · NASDAQ:REG
Regency Centers — Merger or Acquisition (May 2023)
15 slides from Regency Centers's merger presentation, May 18, 2023
Slide 1: Regency Centers Merger Presentation
Exhibit 99.2 REGENCY CENTERS 1 MERGER PRESENTATION
Slide 2: Forward-Looking Statements and Other Notes
Forward-Looking Statements and Other Notes Forward-Looking Statements factors that could cause actual results to differ materially from those described in the forward-looking statements, This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Ref
Slide 3: Transaction Overview
Transaction Overview ➢ 100% stock acquisition by Regency Centers Corp. (“Regency”) of Urstadt Biddle Properties Inc. (“Urstadt Biddle” or “UBP”) ➢ 0.347x fixed exchange ratio – UBP Class A common stock and common stockholders to both receive 0.347 shares of Regency common stock per one share of UBP
Slide 4: Transaction Strategic Rationale
Transaction Strategic Rationale Aligned with Regency’s High-Quality, Open-Air Shopping Center Portfolio ▪ Grows the portfolio of high-quality, grocery-anchored shopping centers in premier suburban trade areas that benefit from supply constraints and compelling demographics ▪ UBP’s highly desirable N
Slide 5: Urstadt Biddle Overview
Urstadt Biddle Overview High-quality, grocery-anchored, open-air shopping center portfolio located in premier, supply-constrained suburbs of the New York Tri-State area NY CT NJ Chestnut Ridge Shopping Center (UBP) | Montvale, NJ Orange Meadows (UBP) | Orange, CT Urstadt Biddle At A Glance 1969 77 5
Slide 6: Unequaled Portfolio of High-Quality Shopping Centers
Unequaled Portfolio of High-Quality Shopping Centers Urstadt Biddle portfolio is highly aligned with Regency’s strong demographic profile and high-quality, grocery-anchored strategy Urstadt Pro Regency Biddle Forma (1) Total Portfolio Count 404 77 481 (1) Portfolio GLA (mm) 51.1 5.3 56.4 Average Cen
Slide 7: Portfolio Fits Regency's Core Market Strategy
Portfolio Fits Regency’s Core Market Strategy UBP’s portfolio is poised to benefit from Regency’s national presence and tenant relationships, while providing the combined Company with greater scale in the NY Metro area Pro Forma Portfolio Northeast % of ABR 22% Seattle GLA (in ‘000) 10,000 Portland
Slide 8: Pro Forma Portfolio Maintains Essential Retailer Focus
Pro Forma Portfolio Maintains Essential Retailer Focus Pro forma tenant concentration remains largely unchanged Tenant Categories by Pro Rata ABR Grocery 20% Restaurant - Quick Service/Fast Casual 13% Personal Services 7% Medical 6% Regency Contribution Restaurant - Full Service 6% Urstadt Biddle Co
Slide 9: Strong Pro Forma Top Tenant Exposure
Strong Pro Forma Top Tenant Exposure Regency’s top tenants will remain largely unchanged post transaction, dominated by market-leading grocers and operators with strong credit profiles Pro Forma Top 10 Tenants by ABR 3.0% 2.9% 2.8% 2.6% 2.5% 2.0% 1.8% 1.0% 0.9% 0.9% A1 Moody’s Ba2 Private Baa1 A2 Ba
Slide 10: Best-In-Class Leasing and Management Platform
Best-In-Class Leasing and Management Platform Regency has a long-term track record as a sector leader in leasing and asset management and will utilize its best-in-class operational platform to drive growth within the Urstadt Biddle portfolio Same-Property % Leased (2018 – 2022) ABR per Sq. Ft. (2018
Slide 11: Positive Financial Impact With Opportunities for Upside
Positive Financial Impact With Opportunities for Upside Regency’s best-in-class leasing and operational expertise will allow management to drive additional value and NOI growth within Urstadt Biddle’s portfolio Operational Efficiencies Shop % Leased ▪ Capitalize on Regency’s scale, best-in-class man
Slide 12: Balance Sheet & Liquidity Strength Maintained
Balance Sheet & Liquidity Strength Maintained Regency will maintain a low leverage profile with well-laddered maturities post-transaction (2) (1) Pro Forma Capital Structure Credit Statistics (3) (2) (% of total capitalization) PRO FORMA 1% Enterprise Value $14.3 billion $1.4 billion $15.8 billion 3
Slide 13: Highly Experienced Team with Successful M&A Track Record
Highly Experienced Team with Successful M&A Track Record History of Successful M&A Execution & Integration Lisa Palmer President and CEO ▪ Regency team has a long history of M&A, most recently with Years of Experience the successful merger and subsequent integration of Equity Regency 27 | Industry 2
Slide 14: Key Transaction Highlights
Key Transaction Highlights Aligned with Regency’s High-Quality, Open-Air Shopping Center Portfolio Grows portfolio of high-quality, grocery-anchored shopping centers in premier suburban trade areas Regency’s Best-In-Class Operating Platform Drives Value Creation Sector-leading national leasing and a
Slide 15: Glossary of Terms
Glossary of Terms Adjusted Funds From Operations (AFFO): An additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Operating FFO for (i) capital expenditures necessary to maint