REGENCY CENTERS CORP
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 14, 2025
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-K
Period ended 2023-12-31; filed 2024-02-16.
0000950170-24-016260
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-14.
0000950170-25-021359
Item 7. 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 236 previous paragraphs and 249 current paragraphs.
84 unchanged; 81 reworded; 82 added; 66 removed; 5 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 19 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 (82)
Current report
We received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service, and S&P Global upgraded our outlook to 'Positive' and affirmed the Company's BBB+ credit rating.
Current report
On June 17, 2024, we repaid $250 million of maturing senior unsecured notes.
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
At December 31, 2024, we had $1.4 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.
Current report
Diversification and Concentration of Tenant Risk
Current report
In October 2022, Kroger Co. and Albertsons Companies, Inc. announced a proposed merger, and in September 2023, an agreement for a separate transaction was announced to divest certain assets of each company to a third party, C&S Wholesale Grocers. The proposed merger was terminated in the fourth quarter of 2024 after adverse court rulings that enjoined the transaction primarily due to antitrust issues.
Current report
The changes in revenues are summarized in the following table:
Current report
Lease income increased by $127.4 million primarily due to the following:
Current report
$89.5 million increase in Base rent, mainly driven by the following:
Current report
$63.0 million increase resulting from the acquisition of UBP;
Current report
$7.4 million increase due to redevelopment projects that commenced operations in 2024.
Current report
$6.5 million increase from acquisitions of other operating properties in 2024 and 2023;
Current report
$1.9 million increase from rent commencements at completed development properties; partially offset by
Current report
$4.4 million decrease due to dispositions of operating properties.
Current report
$23.5 million increase from the acquisition of UBP;
Current report
$1.0 million decrease from dispositions of operating properties.
Current report
$2.8 million change in Uncollectible lease income primarily driven by elevated collections in 2023 of previously reserved amounts, which reduced our adjustment in the comparative period.
Current report
$5.1 million increase driven by acquisition of UBP; partially offset by
Current report
$2.1 million decrease mainly due to lease termination fee income recognized in the comparative period.
Current report
$9.5 million increase in Straight-line rent mainly due to:
Current report
$4.3 million due to timing and degree of contractual rent steps and new lease commencements within same properties;
Current report
$3.4 million increase from the acquisition of UBP, and
Current report
$1.8 million increase from lease commencements at development properties and acquisitions of other operating properties.
Current report
$6.0 million decrease in Above and below market rent, net primarily due to:
Current report
$8.9 million decrease from same properties mainly driven by accelerated below market rent amortization from an early tenant move-out in 2023; partially offset by
Current report
$2.9 million increase from the acquisition of UBP and other operating properties.
Current report
Other property income increased by $3.1 million primarily due to business interruption insurance proceeds received in 2024.
Current report
There were no significant changes in Management, transaction, and other fees.
Current report
Depreciation and amortization increased by $42.4 million, mainly due to the following:
Current report
$33.4 million increase from the acquisition of UBP;
Current report
$3.2 million increase from same properties mainly driven by the timing of capital expenditures being placed in service within our redevelopment projects and accelerated amortization of certain early tenant move-outs; partially offset by
Current report
$1.1 million decrease from dispositions of operating properties.
Current report
$18.1 million increase from the acquisition of UBP; and
Current report
$14.9 million increase from acquisition of UBP; and
Current report
$1.2 million increase from the acquisitions of other operating properties and development properties; offset by
Current report
$0.7 million decrease from dispositions of operating properties.
Current report
$1.6 million increase primarily attributable to higher costs in technology related spending and professional fees;
Current report
$5.3 million change in overhead capitalization due to the number, timing and status of our development and redevelopment projects.
Current report
Changes in Other expense, net are summarized in the following table:
Current report
$32.4 million increase in Interest on notes payable is primarily due to:
Showing the first 40 of 82 passages. Open the source sections for the rest.
Removed paragraphs (66)
Previous report
We completed the acquisition of UBP in an all-stock transaction. As part of the transaction, we acquired over 70 properties, growing our portfolio of high-quality, neighborhood and community shopping centers in premier suburban trade areas that benefit from compelling demographics.
Previous report
At December 31, 2023, our Pro-rata net debt-to-operating EBITDAre ratio on a trailing 12 month basis was 5.4x compared to 5.0x at December 31, 2022.
Previous report
We have $250 million of unsecured debt maturing in June 2024, which we intend to pay off by utilizing the proceeds available from the January 2024 offering noted above.
Previous report
At December 31, 2023, we had $1.1 billion available on the Line. In January 2024, we amended the Line agreement, to, among other items, increase the borrowing capacity to $1.5 billion and to extend the maturity date to March 23, 2028 with the option to extend the maturity for two additional six-month periods.
Previous report
On August 18, 2023, we completed the acquisition of UBP, which was structured as multiple mergers. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred Stock was converted into one share of Parent Company Series A preferred stock and Parent Company Series B preferred stock, respectively.
Previous report
The following table provides the components that make up the total purchase price for the UBP acquisition:
Previous report
As part of the acquisition, Regency acquired 74 properties (all categorized as Non-Same Property for 2023 and 2024 reporting purposes) representing 5.3 million square feet of GLA, including 10 properties held through real estate partnerships. The consolidated results of operations of UBP are included in the consolidated financial statements from the closing date, August 18, 2023 through December 31, 2023.
Previous report
Significant Tenants and Concentrations of Risk
Previous report
Results from Operations
Previous report
Revenues changed as summarized in the following table:
Previous report
Total lease income increased $96.5 million primarily driven by the following contractually billable components of rent to the tenants per the lease agreements:
Previous report
$75.7 million increase from billable Base rent:
Previous report
$36.5 million increase from acquisition of UBP;
Previous report
$2.8 million increase from rent commencing at development properties;
Previous report
$2.1 million increase related to our acquisition and resulting consolidation of four properties previously held in an unconsolidated real estate partnership during 2022; and
Previous report
$12.7 million increase from acquisition of UBP;
Previous report
$3.3 million increase in Percentage rent due to increases in tenant sales.
Previous report
$14.4 million decrease primarily driven by the 2022 collections of previously reserve amounts, which have continued to occur in 2023, but to a lesser degree.
Previous report
$13.5 million decrease in Straight-line rent due to higher 2022 levels of reinstating straight-line rents from former cash basis tenants upon returning to accrual basis.
Previous report
$8.3 million increase in Above and below market rent primarily driven by accelerated write offs for early tenant move-outs.
Previous report
Management, transaction, and other fees increased $1.1 million primarily due to increased debt placement, property management and development fees from our real estate partnerships.
Previous report
Depreciation and amortization costs increased $32.6 million, as follows:
Previous report
$24.0 million increase from acquisition of UBP;
Previous report
$5.1 million increase from same properties, primarily driven by redevelopment projects;
Previous report
$8.1 million increase from acquisition of UBP;
Previous report
$1.3 million increase from development properties;
Previous report
$3.2 million increase from higher claims expense in our captive insurance company;
Previous report
$2.2 million related to acquisitions of other operating properties; and
Previous report
$8.9 million increase from acquisition of UBP;
Previous report
$2.1 million increase from acquisitions of other operating properties and developments where capitalization ceased and spaces became available for occupancy; and
Previous report
$1.1 million net increase driven by higher professional fees, business promotion and travel related costs;
Previous report
$2.5 million decrease due to higher development overhead capitalization based on the timing and progress of our development and redevelopment projects.
Previous report
The following table presents the components of Other expense:
Previous report
$4.8 million increase driven by higher average balances on our unsecured credit facility; partially offset by
Previous report
$2.5 million decrease from higher capitalization of interest due to timing of development spend and higher interest income earned on cash balances.
Previous report
Net investment income increased $12.6 million primarily driven by $11.0 million gains on investments held in the non-qualified deferred compensation plan which have an offsetting expense in General and administrative costs noted above and $1.6 million gains on investments held in our captive insurance company.
Previous report
On May 25, 2022, the NYC partnership sold its remaining two properties and distributed sales proceeds to its members. Dissolution will follow final distributions, which are expected in 2024.
Previous report
On April 1, 2022, we acquired our partner's 75% share in four properties held in the RegCal partnership for a total purchase price of $88.5 million; therefore, results following the date of acquisition are included in consolidated results. The remaining operating property within RegCal, LLC, was sold in the fourth quarter of 2023.
Previous report
The $9.3 million decrease, on a net basis, in our equity in income of investments in real estate partnerships is largely attributable to the following changes:
Previous report
$9.1 million decrease within NYC, primarily due to gains on the sale of two operating properties during 2022;
Showing the first 40 of 66 passages. Open the source sections for the rest.
Reworded paragraphs (81)
Previous wording
During the year ended December 31, 2023, we had Net income attributable to common shareholders of $359.5 million as compared to $482.9 million during the year ended December 31, 2022, which included gains on sale of real estate of $109.0 million.
Current wording
During the year ended December 31, 2024, we had Net income attributable to common shareholders of $386.7 million as compared to $359.5 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP.
Previous wording
Our Pro-rata same property NOI, excluding termination fees, grew 1.7%, 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 new and renewal leases.
Current wording
Our Pro-rata same property NOI, excluding termination fees, grew 3.1%, 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 new and renewal leases.
Previous wording
We executed 1,839 new and renewal leasing transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% during 2023, compared to 1,981 leasing transactions representing 7.3 million Pro-rata SF with positive rent spreads of 7.4% in 2022. 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 2,032 new and renewal leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% during 2024, compared to 1,839 such transactions representing 6.9 million Pro-rata SF with positive rent spreads of 10.0% in 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 December 31, 2023, our total property portfolio was 95.1% leased while our same property portfolio was 95.7% leased, compared to 94.8% and 95.1%, respectively, at December 31, 2022.
Current wording
At December 31, 2024, our total property portfolio was 96.3% leased while our same property portfolio was 96.7% leased, compared to 95.1% and 95.7%, respectively, at December 31, 2023.
Previous wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $468.1 million compared to $300.9 million at December 31, 2022.
Current wording
Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $497.3 million compared to $468.1 million at December 31, 2023.
Previous wording
Development and redevelopment projects completed during 2023 represented $87.4 million of estimated net project costs, with an average stabilized yield of 8.7%.
Current wording
Development and redevelopment projects completed during 2024 represented $236.6 million of estimated net project costs, with an average stabilized yield of 8.0%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
Previous wording
We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities:
Current wording
We engaged in successful capital markets transactions and related activity that enabled us to maintain liquidity and the financial flexibility to cost effectively fund investment opportunities and debt maturities:
Previous wording
On January 8, 2024, Regency priced a public offering of $400 million of senior unsecured debt due in 2034, with a coupon of 5.250% . The Company intends to use the net proceeds of the offering to reduce the outstanding balance on its line of credit and for general corporate purposes, including, but not limited to, the future repayment of outstanding debt. Prior to using any of the net proceeds, we may invest the net proceeds in certificates of deposit, interest-bearing short-term investment grade securities or money-market accounts.
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. All such investments matured within the year.
Previous wording
We have $148.3 million of secured mortgage maturities during the next 12 months, including mortgages within our real estate partnership, which we intend to refinance or pay-off as they mature.
Current wording
We have $101.6 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
$3.0 million increase from acquisitions of operating properties; and
Current wording
During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. Proceeds from the issuance of shares are expected to be used to fund acquisitions of operating properties, to fund developments and redevelopments, and for general corporate purposes. No shares have been settled through December 31, 2024.
Previous wording
Our percent leased increased primarily due to favorable leasing activity in our Shop Space category during 2023.
Current wording
Our percent leased increased primarily due to favorable leasing activity in both our Anchor and Shop Space categories during 2024.
Previous wording
The weighted-average base rent PSF on signed Shop Space leases during 2023 was $37.82 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 $34.73 PSF. New and renewal rent spreads, as compared to prior rents on these same spaces leased, were positive at 10.0% for the 12 months ended December 31, 2023, as compared to 7.4% for the 12 months ended December 31, 2022.
Current wording
The weighted-average base rent PSF on signed Shop Space leases during 2024 was $38.92 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 $35.98 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 9.5% for the 12 months ended December 31, 2024, compared to 10.0% for the 12 months ended December 31, 2023.
Previous wording
We seek to reduce our operating and leasing risks through geographic diversification of our properties, as seen in "Item 2. Properties" of this Report. We seek to avoid dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:
Current wording
We seek to reduce our risk by limiting concentration. For example, we utilize geographic diversification, as described in "Item 2. Properties" of this Report, and also seek to avoid dependence on any single property, market, or tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:
Previous wording
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate these potential impacts through maintaining a high quality portfolio, diversifying our tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income. The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.
Current wording
Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income. The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.
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, 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. Tenants who are currently in bankruptcy and 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 Rite Aid who 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. As of December 31, 2024, the tenants who are currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.7% of our Pro-rata annual base rent with no single tenant exceeding 0.5% of Pro-rata annual base rent.
Previous wording
For a comparison of our results from operations for the years ended December 31, 2022 and 2021, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 17, 2023.
Current wording
For a discussion and analysis of the year ended December 31, 2023, compared to the same period in 2022, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 16, 2024.
Previous wording
Results from operations for the year ended December 31, 2023, include the results of our acquisition of UBP from August 18, 2023.
Current wording
The results of operations for the year ended December 31, 2024, include a full year of results from our acquisition of UBP on August 18, 2023 as compared to a partial year in 2023.
Previous wording
$32.1 million net increase from same properties, including:
Current wording
$22.5 million increase resulting from same properties, including:
Previous wording
$19.1 million net increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases;
Current wording
$15.1 million increase due to increases from occupancy, rent steps in existing leases, and positive rental spreads on new and renewal leases; and
Previous wording
$31.1 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, on a net basis, mainly from the following:
Current wording
$33.4 million increase in contractual Recoveries from tenants which represents their 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
$16.9 million net increase from same properties primarily due to higher operating costs in the current year.
Current wording
$8.6 million increase from same properties primarily due to higher operating costs in the current year coupled with higher expense recovery rates;
Previous wording
$1.3 million increase from rents commencing at development properties and the acquisition of other operating properties in 2022 and 2023; and
Current wording
$2.3 million increase driven by the acquisition of other operating properties in 2023 and 2024 and rent commencements at development properties; partially offset by
Previous wording
$5.9 million increase in Other lease income primarily due to an $3.8 million increase in lease termination fees and $2.1 million related to the acquisition of UBP.
Current wording
$3.0 million increase in Other lease income primarily due to:
Previous wording
$0.5 million increase from development properties becoming available for occupancy.
Current wording
$6.4 million increase from acquisitions of other operating properties and development properties becoming available for occupancy;
Previous wording
Property operating expense increased $33.1 million, on a net basis, as follows:
Current wording
Property operating expense increased by $19.4 million, mainly due to the following:
Previous wording
$18.3 million increase from same properties primarily attributable to an increase in recoverable common area and tenant related costs.
Current wording
$1.3 million increase from same properties primarily attributable to higher recoverable common area maintenance and other tenant-related costs.
Previous wording
Real estate taxes increased $15.8 million, on a net basis, mainly due to the following:
Current wording
Real estate taxes increased by $18.9 million, mainly due to the following:
Previous wording
$4.8 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio.
Current wording
$3.5 million net increase from same properties primarily due to increases in real estate tax assessments across the portfolio.
Previous wording
General and administrative costs increased $17.9 million, on a net basis, mainly due to the following:
Current wording
General and administrative costs increased by $3.7 million, mainly due to the following:
Previous wording
$8.3 million net increase in compensation costs primarily driven by salary increases, fewer vacant positions and performance-based incentive compensation; partially offset by
Current wording
$6.9 million increase in compensation costs primarily driven by salary increases and performance-based incentive compensation;
Previous wording
$10.9 million net increase due to changes in the value of participant obligations within the deferred compensation plan, attributable to changes in market values of those investments, reflected within Net investment income;
Current wording
$0.5 million increase due to changes in the value of participant obligations within the deferred compensation plan, which were attributable to increases in the market values of those investments recognized in Net investment income; partially offset by
Previous wording
Other operating expenses increased $3.3 million, primarily due to transition costs related to the acquisition of UBP.
Current wording
Other operating expenses increased by $1.4 million, mainly due to the acquisition of UBP.
Previous wording
Interest expense, net increased $8.1 million primarily due to the following:
Current wording
Interest expense, net increased by $25.9 million primarily due to the following:
Previous wording
$5.8 million net increase related to loans assumed with the UBP acquisition;
Current wording
$10.6 million increase related to the loans assumed with the UBP acquisition;
Previous wording
During 2023, we recognized gains on sale of $0.7 million from three land parcels. During 2022, we recognized gains on sale of $109.0 million from two operating property and five land parcels.
Current wording
During 2024, we recognized gains on sale of $34.2 million mainly from the sale of five operating properties and recognition of two sales type leases. During 2023, we recognized gains on sale of we recognized gains on sale of $0.7 million from three land parcels.
Previous wording
Total equity in income of investments in real estate partnerships changed as follows:
Current wording
There were no significant changes in Loss (gain) on early extinguishments of debt, Net investment income and Equity in income of investments in real estate partnerships.
Previous wording
We use certain non-GAAP measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported non-GAAP measures could change. See "Defined Terms" in "Item 1. Business" for additional information regarding the definition of and other information regarding the non-GAAP measures we present in this Report.
Current wording
We use certain non-GAAP measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to determine how best to provide relevant information to the public, and thus such reported non-GAAP measures could change. See "Non-GAAP Measures" in "Item 1. Business" for additional information regarding the definition of and other information regarding the non-GAAP measures we present in this Report.
Previous wording
Pro-rata same property NOI, excluding termination fees/expenses, changed from the following major components:
Current wording
Pro-rata same property NOI, excluding termination fees/expenses, increased $27.8 million from the following major components:
Previous wording
Real estate revenue increased $44.2 million, on a net basis, as follows:
Current wording
Total real estate revenue increased by $31.2 million, on a net basis, as follows:
Previous wording
Base rent increased $32.2 million due to rent steps in existing leases, positive rental spreads on new and renewal leases, and increases in occupancy, as well as redevelopment projects completing and operating.
Current wording
Base rent increased by $26.3 million due to rent steps in existing leases, positive rental spreads on new and renewal leases, and increases in occupancy, as well as redevelopment projects completing and operating.
Showing the first 40 of 81 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
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
We paid $392.5 million for debt repayments, including:
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
$4.5 million increase from acquisitions of other operating properties in 2023 and 2022; and
Previous report — wording carried elsewhere
$10.8 million increase due to redevelopment projects completing and operating.
Previous report — wording carried elsewhere
Comparison of the years ended December 31, 2022 and 2021:
Previous report — wording carried elsewhere
$10.3 million to fund our share of development and redevelopment activities
Previous report — wording carried elsewhere
$10.0 million to fund our share of development and redevelopment activities.