Regency Centers Provides Update Related to COVID-19

JACKSONVILLE, Fla., March 30, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (the “Company”) provided the following updates related to COVID-19.

“First and foremost, thank you to all of the people who are placing their lives at risk by going to work every day to help provide our country with essential goods and services, such as healthcare workers, grocery store employees, delivery personnel and public service workers, just to name a few. You have our deepest gratitude and our thoughts and prayers are with you. As to Regency, our priority is the well-being of our team members, tenants, and the people in the communities that our properties serve. Our dedicated teams are committed to working with our tenants and vendors to ensure that our properties continue to seamlessly provide the essential goods and services that the surrounding neighborhoods need during this time,” said Lisa Palmer, President and Chief Executive Officer. “Although the impacts of this unprecedented crisis are evolving rapidly and are difficult to quantify, Regency is built to withstand challenges and adversity with its strong balance sheet, exceptional people and a high quality portfolio of open air shopping centers that are 80% grocery anchored,” continued Palmer.

2020 Guidance
Due to the uncertainty surrounding the impacts from the COVID-19 pandemic, the Company announced today that it is withdrawing its full year 2020 guidance that was previously issued on February 12, 2020. A supplement to the investor presentation, which provides further information, has been posted on the Company’s website at investors.regencycenters.com/events-and-presentations/presentations. The Company will provide additional updates with its First Quarter 2020 earnings results.

Liquidity
To further strengthen Regency’s already strong balance sheet and liquidity position in this rapidly evolving and uncertain situation, the Company has taken additional steps to increase its liquidity. The Company settled its forward equity offering from September 2019 at $67.99 per share resulting in net proceeds of approximately $125 million. The Company also drew down $500 million from its existing $1.25 billion revolving credit facility. Including the aforementioned credit facility draw, Regency now has a cash balance of approximately $720 million and an additional $545 million available under its revolving credit facility, which together represent total liquidity of approximately $1.27 billion. Regency has no unsecured debt maturities until 2022. The Company’s pro rata share of secured mortgage debt maturities in 2020 and 2021 is $153 million and $174 million, respectively.