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Regency Centers Announces Pricing of Common Stock Offering

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced the pricing of an underwritten public offering of 4,350,000 shares of its common stock, which will result in approximately $353 million of gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses. Settlement of the offering is subject to customary closing conditions and is expected to occur on July 15, 2016. The Company also granted the underwriters a 30-day option to purchase up to an additional 652,500 shares of its common stock.

BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers for the offering. Baird, BB&T Capital Markets, BTIG, J.P. Morgan, Mizuho Securities, PNC Capital Markets, LLC, SMBC Nikko, and SunTrust Robinson Humphrey are acting as co-managers for the offering.

The Company intends to use net proceeds from the offering, plus available cash balances, to redeem its outstanding $300 million 5.875% senior unsecured notes due June 15, 2017 (the “Notes”), including a required make-whole premium. The Company also intends to use a portion of the net proceeds to settle in full forward starting swaps (the “Swaps”) with notional amounts of $220 million. Such Swaps were originally intended for a planned new debt issuance in 2017 to refinance the Notes now targeted for redemption. The make-whole premium and Swaps settlement are expected to total approximately $58 million. There will be no impact to Core Funds from Operations (“Core FFO”) as a result of these one-time charges; however, the combined one-time charges will reduce net income attributable to common stockholders (“Net Income”) per share and NAREIT Funds From Operations (“NAREIT FFO”) per share by approximately $0.58 in the third quarter of 2016. The estimated impacts to per share amounts for Net Income, NAREIT FFO and Core FFO do not include the interest savings for the remainder of 2016 as a result of the redemption of the Notes. The Company intends to use the remaining portion of the net proceeds, if any, to fund investment activities and for general corporate purposes.

The offering is being made pursuant to the Company’s effective...