Term Loan Repayment
On
Fourth Quarter 2020 Property Transaction Activity
During the fourth quarter of 2020, Regency sold five shopping centers for a combined gross sales price of
Stonebrook Plaza , a 96,000 square foot grocery-anchored center located in a suburb ofChicago, 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%; and South Bay Village , a 108,000 square foot grocery-anchored center wholly owned by Regency and located in a suburb ofLos Angeles, CA.
During the fourth quarter of 2020, Regency also sold three land parcels for a combined gross sales price of
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 a range of
“An extensive and thoughtful review of our investment pipeline has helped us make the most appropriate decisions with regard to each of our projects through the lens of the current environment, as we pivot toward a post-COVID world,” said
About
Forward Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, redevelopments or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results or events may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. When considering an investment in our securities, you should carefully read and consider the risks attendant to such investment, as described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the
904 598 7616
ChristyMcElroy@regencycenters.com
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