REGENCY CENTERS CORP
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
REG$74.84-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0000950170-24-089720
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0000950170-24-120019
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 298 previous paragraphs and 326 current paragraphs.
160 unchanged; 92 reworded; 65 added; 34 removed; 12 previous and 9 current paragraphs rearranged.
Tables are not compared: 28 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (65)
Current report
During the nine months ended September 30, 2024:
Current report
On August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035, with a coupon of 5.1%. We used the net proceeds from this offering to reduce the outstanding balance on the Line.
Current report
Total lease income increased by $28.1 million primarily due to the following:
Current report
$12.9 million increase from the acquisition of UBP;
Current report
$5.5 million increase from the acquisition of UBP; and
Current report
$3.5 million increase from same properties mainly driven by redevelopment projects and early tenant move-outs; and
Current report
There were no significant changes in Property operating expense.
Current report
Real estate taxes increased by $5.6 million, mainly due to:
Current report
$2.1 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio.
Current report
General and administrative costs increased by $4.2 million, mainly due to the following:
Current report
$2.5 million increase in compensation costs primarily driven by salary increases and performance-based incentive compensation;
Current report
$1.7 million increase due to changes in the value of participant obligations within the deferred compensation plan, attributable to changes in market values of those investments recognized in Net investment income.
Current report
There were no significant changes in Other operating expenses.
Current report
$7.4 million increase in Interest on notes payable is primarily due to:
Current report
$5.2 million increase due to a higher average outstanding balance coupled with incrementally higher weighted average contractual interest rates;
Current report
$2.1 million increase in Interest on unsecured credit facilities is primarily due to higher average outstanding balance coupled with incrementally higher weighted average contractual interest rates; partially offset by
Current report
There were no significant changes in Income attributable to noncontrolling interests.
Current report
Comparison of the nine months ended September 30, 2024 and 2023:
Current report
Total lease income increased by $115.8 million primarily due to the following:
Current report
$62.5 million increase from the acquisition of UBP;
Current report
$5.0 million increase from acquisitions of operating properties;
Current report
$1.2 million increase from rent commencements at development properties; partially offset by o
Current report
$2.9 million from dispositions of operating properties.
Current report
$23.4 million increase from the acquisition of UBP;
Current report
$1.7 million increase in Percentage rent due to increases in tenant sales.
Current report
$2.6 million decrease mainly due to lease termination fee income recognized in the comparative period.
Current report
$3.3 million increase from the acquisition of UBP;
Current report
$3.4 million due to timing and degree of contractual rent steps within same properties and development properties.
Current report
$3.7 million decrease in Above and below market rent and tenant rent inducement amortization, net primarily due to:
Current report
Other property income increased by $3.0 million primarily due to business interruption insurance proceeds received in 2024.
Current report
$39.0 million increase from the acquisition of UBP;
Current report
$4.6 million increase from acquisitions of operating properties and development properties becoming available for occupancy; and
Current report
$2.7 million increase from same properties mainly driven by timing of costs being placed in service within our redevelopment projects and early tenant move-outs.
Current report
Property operating expense increased by $18.6 million, mainly due to the following:
Current report
$17.9 million increase from the acquisition of UBP;
Current report
$0.5 million decrease from the sale of operating properties.
Current report
Real estate taxes increased by $18.4 million, mainly due to the following:
Current report
$14.8 million increase from acquisition of UBP;
Current report
$3.2 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio; and
Current report
$0.4 million increase primarily from acquisitions of operating properties.
Showing the first 40 of 65 passages. Open the source sections for the rest.
Removed paragraphs (34)
Previous report
Risks and Uncertainties
Previous report
Refer to Item 1, Note 1 to Unaudited Consolidated Financial Statements.
Previous report
During the six months ended June 30, 2024:
Previous report
Total lease income increased $43.4 million primarily driven by the following contractually billable components of rent to the tenants per the lease agreements:
Previous report
$24.8 million increase from the acquisition of UBP;
Previous report
$1.8 million increase from acquisitions of other operating properties; and
Previous report
$8.2 million increase from the acquisition of UBP; and
Previous report
$1.0 million increase in lease termination fee income.
Previous report
There were no significant changes in Other property income and Management, transaction, and other fees.
Previous report
$14.6 million increase from the acquisition of UBP;
Previous report
$1.3 million increase from acquisitions of operating properties; and
Previous report
Property operating expense increased $5.1 million, mainly due to the acquisition of UBP.
Previous report
Real estate taxes increased $7.0 million, mainly due to the acquisition of UBP.
Previous report
$5.3 million increase related to increased outstanding balance of Notes Payable mainly due to the issued public debt in January 2024;
Previous report
$3.6 million increase in interest income due to the short term investments of excess cash into commercial deposits and U.S. treasury mutual funds.
Previous report
Income attributable to noncontrolling interests increased $0.9 million, mainly due to the acquisition of UBP.
Previous report
Comparison of the six months ended June 30, 2024 and 2023:
Previous report
Total lease income increased $87.7 million primarily driven by the following contractually billable components of rent to the tenants per the lease agreements:
Previous report
$18.0 million increase from the acquisition of UBP; mainly
Previous report
$3.7 million increase driven by acquisition of UBP; partially offset by $2.1 million decrease in lease termination fee income.
Previous report
$2.4 million increase related to development properties that commenced operations; partially offset by $0.7 million decrease in same properties.
Previous report
$30.5 million increase from the acquisition of UBP; and
Previous report
Property operating expense increased $17.3 million, mainly due to the following:
Previous report
$13.0 million increase from the acquisition of UBP;
Previous report
Real estate taxes increased $12.8 million, mainly due to the acquisition of UBP.
Previous report
$1.1 million increase driven by fee income received in 2023 for the cancelation of a land contract related to a development pursuit.
Previous report
$9.9 million increase related to increased outstanding balance of Notes Payable mainly due to the issued public debt in January 2024;
Previous report
Income attributable to noncontrolling interests increased $2.5 million, mainly due to the acquisition of UBP.
Previous report
Termination fees decreased $2.8 million during the six months ended June 30, 2024 driven by terminations that were recognized in 2023.
Previous report
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
Previous report
Declared a common stock dividend of $0.67 per share, payable on October 3, 2024, to shareholders of record as of September 12, 2024;
Previous report
Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on October 31, 2024. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on October 16, 2024; and
Previous report
Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on October 31, 2024. The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on October 16, 2024.
Previous report
$29.6 million to repay four mortgage loans at maturity.
Reworded paragraphs (92)
Previous wording
Our operations are subject to a number of risks and uncertainties including, but not limited to, risk factors described in our Securities and Exchange Commission ("SEC") filings, our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") under Item 1A. "Risk Factors" and in Part II, Item 1A. "Risk Factors" in this Report. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our most recent 2023 Form 10-K, subsequent Quarterly Reports on Form 10-Q, and our other filings with and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as and to the extent required by law.
Current wording
Our operations are subject to a number of risks and uncertainties including, but not limited to, risk factors described in our Securities and Exchange Commission ("SEC") filings, which include our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") under Item 1A. "Risk Factors" and in Part II, Item 1A. "Risk Factors" in this Report. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our most recent 2023 Form 10-K, subsequent Quarterly Reports on Form 10-Q, and our other filings with and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as and to the extent required by law.
Previous wording
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. As of June 30, 2024, we had full or partial ownership interests in 481 retail properties. Our properties are high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban markets within the country's most desirable metro areas, and contain approximately 56.9 million square feet ("SF") of gross leasable area ("GLA"). Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Current wording
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. As of September 30, 2024, we had full or partial ownership interests in 483 retail properties. Our properties are high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban markets within the country's most desirable metro areas, and contain approximately 57.2 million square feet ("SF") of gross leasable area ("GLA"). Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.
Previous wording
During the six months ended June 30, 2024, we had Net income attributable to common shareholders of $205.6 million as compared to $184.1 million during the six months ended June 30, 2023.
Current wording
During the nine months ended September 30, 2024, we had Net income attributable to common shareholders of $303.7 million as compared to $273.1 million during the nine months ended September 30, 2023.
Previous wording
Our Pro-rata same property NOI, excluding termination fees, grew 2.1%, as compared to the six months ended June 30, 2023, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.
Current wording
Our Pro-rata same property NOI, excluding termination fees, grew 2.9%, as compared to the nine months ended September 30, 2023, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.
Previous wording
We executed 984 new and renewal leasing transactions representing 4.1 million Pro-rata SF with positive rent spreads of 8.9% during the six months ended June 30, 2024, compared to 842 leasing transactions representing 3.0 million Pro-rata SF with positive rent spreads of 9.2% during the six months ended June 30, 2023. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.
Current wording
We executed 1,503 new and renewal leasing transactions representing 6.3 million Pro-rata SF with positive rent spreads of 9.0% during the nine months ended September 30, 2024, compared to 1,310 leasing transactions representing 4.8 million Pro-rata SF with positive rent spreads of 9.2% during the nine months ended September 30, 2023. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.
Previous wording
At June 30, 2024, December 31, 2023, and June 30, 2023 our total property portfolio was 95.0%, 95.1%, and 94.6% leased, respectively. At June 30, 2024, December 31, 2023, and June 30, 2023 our same property portfolio was 95.8%, 95.7%, and 95.2% leased, respectively.
Current wording
At September 30, 2024, December 31, 2023, and September 30, 2023 our total property portfolio was 95.6%, 95.1%, and 94.6% leased, respectively. At September 30, 2024, December 31, 2023, and September 30, 2023 our same property portfolio was 96.1%, 95.7%, and 95.3% leased, respectively.
Previous wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $577.6 million at June 30, 2024, compared to $468.1 million at December 31, 2023.
Current wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $618.3 million at September 30, 2024, compared to $468.1 million at December 31, 2023.
Previous wording
Development and redevelopment projects completed during 2024 represented $14.8 million of estimated net project costs, with an average stabilized yield of 10.6%.
Current wording
Development and redevelopment projects completed during 2024 represented $31.3 million of estimated net project costs, with an average stabilized yield of 7.6%.
Previous wording
Regency received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service.
Current wording
We received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service.
Previous wording
On January 8, 2024, Regency priced a public offering of $400 million of senior unsecured notes due in 2034, with a coupon of 5.250% . The Company used a portion of the net proceeds to reduce the outstanding balance on its line of credit and invested the remaining net proceeds in certificates of deposit and short-term U.S. Treasury mutual funds until required for general corporate purposes including the repayment of outstanding debt, as further described below.
Current wording
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034, with a coupon of 5.25% . We used a portion of the net proceeds to reduce the outstanding balance on the Line and invested the remaining net proceeds in certificates of deposit and short-term U.S. Treasury mutual funds until required for general corporate purposes including the repayment of outstanding debt, as further described below.
Previous wording
On June 17, 2024, Regency repaid $250 million of maturing senior unsecured notes.
Current wording
On June 17, 2024, we repaid $250 million of maturing senior unsecured notes.
Previous wording
We have $230.7 million of secured loans which are to mature during the next 12 months, including maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
Current wording
We have $103.5 million of secured loans maturing during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
Previous wording
At June 30, 2024, we had $1.18 billion available on the Line, which expires March 23, 2028 unless we exercise the available options to extend the maturity for two additional six-month periods, in which case the term will be extended in accordance with any such option exercise.
Current wording
At September 30, 2024, we had $1.46 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the maturity for two additional six-month periods, in which case the term will be extended in accordance with any such option exercise.
Previous wording
The weighted-average base rent PSF on signed Shop Space leases during 2024 was $37.70 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $35.05 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 8.9% for the six months ended June 30, 2024, compared to 9.2% for the six months ended June 30, 2023.
Current wording
The weighted-average base rent PSF on signed Shop Space leases during 2024 was $38.21 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $35.64 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 9.0% for the nine months ended September 30, 2024, compared to 9.2% for the nine months ended September 30, 2023.
Previous wording
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. At June 30, 2024, tenants currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.5% of our Pro-rata annual base rent, which is primarily related to the Rite Aid bankruptcy, which was filed in October 2023.
Current wording
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. At September 30, 2024, tenants currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.3% of our Pro-rata annual base rent.
Previous wording
$31.5 million increase from billable Base rent, mainly from the following:
Current wording
$19.2 million increase from billable Base rent, mainly from the following:
Previous wording
$5.5 million net increase from same properties, including:
Current wording
$5.1 million net increase from same properties, including:
Previous wording
$3.7 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
Current wording
$3.6 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
Previous wording
$1.8 million increase due to redevelopment projects becoming operational;
Current wording
$1.5 million increase due to redevelopment projects becoming operational;
Previous wording
$2.9 million increase from acquisitions of other operating properties; partially offset by $1.4 million from disposition of operating properties.
Current wording
$2.1 million increase from acquisitions of operating properties; partially offset by
Previous wording
$1.0 million decrease from disposition of properties.
Current wording
$1.4 million decrease from disposition of properties.
Previous wording
$10.1 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Current wording
$7.8 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Previous wording
$1.6 million net increase from same properties primarily due to higher expense recovery rates in the current year.
Current wording
$2.0 million increase from same properties primarily due to higher expense recovery rates in the current year.
Previous wording
$1.2 million increase in Straight-line rent mainly due to $1.3 million increase driven by the acquisition of UBP.
Current wording
$2.5 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps..
Previous wording
$1.4 million decrease in Above and below market rent primarily due to:
Current wording
$2.4 million decrease in Above and below market rent and tenant rent inducement amortization, net primarily due to:
Previous wording
$3.3 million decrease from same properties driven by an early tenant move-out in 2023; partially offset by $2.0 million increase from the acquisition of UBP and other operating properties.
Current wording
$3.2 million decrease from same properties driven by an accelerated amortization from an early tenant move-out in 2023; partially offset by
Previous wording
Other property income increased $1.2 million primarily due to an increase in settlements in 2024.
Current wording
Other property income of $1.8 million increased primarily due to an increase in business interruption proceeds received in 2024.
Previous wording
Depreciation and amortization costs increased $17.8 million, mainly due to the following:
Current wording
Depreciation and amortization costs increased by $13.5 million, mainly due to the following:
Previous wording
$3.4 million increase from the acquisition of UBP; and
Current wording
$3.4 million increase from acquisition of UBP; and
Previous wording
Interest expense, net increased $6.2 million primarily due to the following:
Current wording
Interest expense, net, increased by $8.2 million primarily due to the following:
Previous wording
$4.3 million increase primarily related to loans assumed with the UBP acquisition; partially offset by
Current wording
$2.2 million increase related to loans assumed with the UBP acquisition, and
Previous wording
$5.9 million increase in interest income due to the short term investments of excess cash.
Current wording
$1.2 million increase in interest income is primarily due to maintaining higher levels of excess cash in short term investments.
Previous wording
During the three months ended June 30, 2024, we recognized gains on sale of $11.1 million mainly from the sale of two operating properties and recognition of one sales type lease.
Current wording
During the three months ended September 30, 2024, we recognized gains on sale of $11.4 million mainly from the sale of one operating property.
Previous wording
There were no significant changes in General and administrative expenses.
Current wording
Net investment income increased by $2.4 million primarily driven by $1.7 million increase in gains on investments held in the non-qualified deferred compensation plan, which has an offsetting expense in General and administrative expenses noted above, and $0.7 million increase in gains on other corporate investments.
Previous wording
The $6.8 million increase in Preferred stock dividends is related to the preferred stock issued in connection with UBP acquisition.
Current wording
The $1.8 million increase in Preferred stock dividends is related to the preferred stock issued in connection with UBP acquisition. The current period includes a full quarter of dividends as compared to a partial (pro-rated) quarter included for the comparable period in 2023, as the UBP acquisition was completed mid-quarter on August 18, 2023.
Previous wording
$62.7 million increase from billable Base rent, mainly from the following:
Current wording
$81.9 million increase from Base rent, mainly from the following:
Previous wording
$7.6 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
Current wording
$10.6 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
Previous wording
$3.4 million increase due to redevelopment projects that commenced operations; and
Current wording
$5.4 million increase due to redevelopment projects that commenced operations; and
Previous wording
$23.9 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Current wording
$31.7 million increase from contractual Recoveries from tenants, which represents the tenants' proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:
Previous wording
$5.3 million increase primarily due to higher operating costs in the current year coupled with higher expense recovery rates.
Current wording
$7.3 million increase primarily due to higher operating costs in the current year coupled with higher expense recovery rates; and
Showing the first 40 of 92 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
$0.8 million increase from the acquisition of UBP and other operating properties.
Current report — wording carried from elsewhere
$8.4 million increase from the acquisition of UBP;
Current report — wording carried from elsewhere
$1.2 million increase from acquisitions of operating properties.
Current report — wording carried from elsewhere
$16.0 million net increase from same properties, including:
Current report — wording carried from elsewhere
$6.6 million decrease from same properties mainly driven by accelerated amortization from an early tenant move-out in 2023; partially offset by
Current report — wording carried from elsewhere
$2.9 million increase from the acquisition of UBP and other operating properties.
Current report — wording carried from elsewhere
There were no significant changes in Management, transaction, and other fees.
Current report — wording carried from elsewhere
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034 (the "January 2024 Notes") under our existing shelf registration statement filed with the SEC. The January 2024 Notes were issued at 99.617% of par value with a coupon of 5.25%, and will mature on January 15, 2034. Additionally, on August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035 (the "August 2024 Notes") under our existing shelf registration statement filed with the SEC. The August 2024 Notes were issued at 99.813% of par value with a coupon of 5.10%, and will mature on January 15, 2035.
Current report — wording carried from elsewhere
The declaration of dividends is determined quarterly by, and in the discretion of, our Board of Directors ("Board"). We expect to continue paying an aggregate amount of distributions to our stock and unit holders, that at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes.
Rearranged previous paragraphs (12)
Previous report — wording carried elsewhere
Please also refer to the Risk Factors discussed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2023, and the Risk Factors described in Part II, Item 1A of this Form 10-Q.
Previous report — wording carried elsewhere
$1.5 million increase from redevelopment projects becoming operational.
Previous report — wording carried elsewhere
Net investment income decreased $1.0 million primarily driven by lower gains on investments held in the non-qualified deferred compensation plan and our captive insurance company.
Previous report — wording carried elsewhere
$49.6 million increase from the acquisition of UBP;
Previous report — wording carried elsewhere
$11.0 million net increase from same properties, including:
Previous report — wording carried elsewhere
$4.7 million change in Uncollectible lease income primarily driven by elevated collections in 2023 of previously reserved amounts, reducing our expense in the comparative period.
Previous report — wording carried elsewhere
$1.5 million increase in Other lease income primarily due to:
Previous report — wording carried elsewhere
$2.1 million increase from acquisitions of operating properties.
Previous report — wording carried elsewhere
There were no significant changes in General and administrative expenses.
Previous report — wording carried elsewhere
Other operating expenses increased $4.5 million, mainly due to the following:
Previous report — wording carried elsewhere
The declaration of dividends is determined quarterly by, and in the discretion of, our Board of Directors. On July 31, 2024, our Board of Directors:
Previous report — wording carried elsewhere
In 2023, we invested $3.1 million to fund our share of development and redevelopment activities.