Regency Centers
Annual Report 2018

Plain-text annual report

2018 Annual Report To Our Fellow Shareholders: Regency’s exceptional team produced another year of sector-leading performance in 2018. Through their talent and efforts we executed our proven strategy by proactively and thoughtfully managing our premier portfolio, creating value through development and redevelopment, fortifying our balance sheet, and cost effectively funding new investments. In 2018, perhaps more than ever, retailers and their customers have demonstrated that physical stores, located in top trade areas and in thriving centers, remain a critical component of a multi-channel strategy. At Regency, we spend a significant amount of time ensuring that our approach to the business allows us to benefit from tenants that are able to prosper in the evolving marketplace and are producing demand for our well-located, well-merchandised, and well-designed retail centers. ANOTHER SUCCESSFUL YEAR Highlights from a highly successful 2018 include: • Achieved Net Operating Income (“NOI”) growth in the same property portfolio of 3.4% and over 96% leased, marking the 7th consecutive year of 3.4% or higher same property NOI growth. • Started nearly $200 million of compelling developments and redevelopments. • Increased free cash flow to over $170 million, which together with Regency’s “blue- chip” balance sheet enabled us to fund our developments on an earnings accretive basis. • Grew earnings as indicated by NAREIT Funds from Operations per share to$3.83, or approximately $650 million, translating to compounded growth in core operating earnings, which eliminates certain non-recurring and non-cash impacts, of 7% over the last 3 years. Increased the dividend by over 5% in 2018 and for 2019, representing a low payout ratio of nearly 70% from core operating earnings and after capital expenditures. • In addition, this year marked an important milestone with the release of our inaugural Corporate Responsibility Report, which outlines Regency’s approach to Corporate Responsibility and showcases our Environmental, Social, and Governance initiatives. Some of our focus areas highlighted in this report include: • Employee dedication and well-being, evidenced by strong employee engagement and • award-winning health and retirement benefits. Investment in the betterment of the communities where Regency has a presence. This investment is reflected in the long-standing partnerships with national and local philanthropic organizations, including United Way and Habitat for Humanity. In addition, Regency has invested more than $1 billion in development and redevelopment over the last five years, resulting in property enhancements and job creation. • A commitment to excellence in corporate governance, demonstrated by executive compensation practices that ensure executive compensation is aligned with shareholders and the implementation of a Board refreshment plan to foster expertise, diversity and chemistry that supports the Company’s success. • Sustainable operating and building practices across Regency’s operating portfolio and development program, resulting in GRESB Green Star designation for the past three years. Regency’s sustainability initiatives include minimizing environmental impacts including reductions in greenhouse gas emissions, energy consumption, and water use. These accomplishments in 2018 demonstrate the effectiveness of Regency’s time-proven strategy. We remain determined to distinguish the company by effectively employing our combination of unequaled strategic advantages to successfully achieve our objectives. • Our well-conceived, well-merchandised centers are located in trade areas with substantial purchasing power that will attract best-in-class grocers, restaurants, service providers and merchants – to average same property NOI growth of 3%. • Our experienced development and redevelopment capabilities, growing pipeline including several larger scale redevelopments, and anchor and tenant relationships will enable us to capitalize on value creation opportunities – to deliver over $1.25 billion in high-quality developments and redevelopments at attractive returns on investment over the next five years. • Our pristine balance sheet and substantial free cash flow of over $170 million will cost effectively fund new investments, while providing financial flexibility and access to capital through future cycles as we target a Debt to EBITDA ratio of 5 times. I have never been more confident about the inherent quality of our portfolio, value-add asset management and development capabilities, strong balance sheet, and especially our amazing team. These advantages collectively will position Regency to grow earnings, cash flow, and dividends and in turn, total shareholder return that is consistently at or near the top of the shopping center sector. A PORTFOLIO POSITIONED FOR GROWTH Regency’s portfolio is distinguished by its unrivaled combination of quality, breadth, and scale. Our 425 properties representing over 53 million square feet are located in the affluent and densely populated trade areas of the nation’s 22 most attractive markets. Our centers are appealing to retailers and their shoppers, as represented by ending the year at over 96% leased and another year of impressive NOI growth in the same property portfolio. Based on our many conversations with better retailers it is clear that physical stores remain a critical component of a multichannel strategy. This is apparent in how retailers are investing in their physical footprints and providing a differentiated shopping experience to meet the evolving needs of their customers. Publix, Kroger, Whole Foods, TJX, CVS, and others that are prominent in Regency’s portfolio are exhibiting their ability to remain relevant. Our shopping centers attract these and other “winning” retailers and restaurants as they more thoughtfully and deliberately execute on their expansion plans. Our market offices and local teams span 22 markets across the nation and are executing on the key components of sector-leading NOI growth including: high rent paying occupancy, contractual rent steps, mark-to-market rents, and redevelopments. Through focused asset management, these teams are forming and maintaining retailer relationships to assure our centers are anchored by highly productive operators and supported by an appealing mix of national, regional, and local merchants. Our Fresh Look® philosophy continues to resonate with shoppers and operators alike. The strength of our merchandising mix, combined with our placemaking elements, elevate the draw of our properties and increase shopper frequency and dwell time. Through the combination of trade areas with substantial purchasing power, distinctive merchandising and design and effective local presence in our markets, Regency’s portfolio is extremely well positioned to achieve our strategic objective to average same property NOI growth of 3%+ over the long term, as we have for the last seven consecutive years. A DEVELOPMENT AND REDEVELOPMENT PLATFORM FOR VALUE CREATION Our development and redevelopment platform is a critical strategic advantage for creating significant value for our shareholders. With our in-house expertise, Regency is uniquely positioned to capitalize on compelling opportunities in new developments as well as redevelopments within our existing portfolio. Developments and redevelopments generate attractive returns on capital while enhancing and securing the long term competitive advantages of those centers. Our track record and success is supported by a disciplined approach to invest and own premier shopping centers located in dense and affluent trade areas where we merchandise with the leading grocers, retailers, restaurants, and service providers. In 2018, we started nearly $200 million of these developments and redevelopments. I am excited to share some details on a few of these exceptional projects. In Richmond, VA we recently closed on Carytown Exchange, a development that is an integral part of a vibrant near urban corridor known for its eclectic shops and as a retail destination. The development will bring in one of the country’s best grocers in Publix, along with specialty restaurants, while retaining the architectural character that the area is known for. Market Common Clarendon, located in suburban Washington, D.C., exemplifies our impressive redevelopment pipeline. This shopping center is anchored by an extremely productive Whole Foods and recently renovated Apple store and is located in a highly trafficked corridor within close walking distance of a transit stop. We saw an opportunity to make further enhancements to the center through the redevelopment of a previously vacant office building, which will bring first-rate restaurants and retailers to the first floor, a high-end luxury fitness operator, and also contemporary office space in the floors above. The redevelopment will activate this area and create a close connection with the rest of the center. During the next several years we look forward to unveiling a number of other superb projects in our pipeline, which will contribute toward our five-year goal of starting and delivering over $1.25 billion of high-quality, value-add developments and redevelopments. ACCRETIVE CAPITAL ALLOCATION THROUGH DISCIPLINED FINANCIAL MANAGEMENT Achieving sector leading same property NOI growth and starting over $1 billion in value-add developments and redevelopments in the last five years are achievements for which we are extremely proud. These accomplishments have been supported and made possible by our pristine balance sheet and significant free cash flow after capital expenditures and dividends. In 2018, we further enhanced our already strong balance sheet via a $300 million unsecured bond offering that extended duration and reduced overall interest expense. We also recast and upsized our credit facility to $1.25 billion, enhancing liquidity and financial flexibility. This ongoing fortification continues to position Regency to weather future challenges and profit from investment opportunities. Regency’s capital allocation strategy benefits from a self-funding model. Growing free cash flow, which alone supports our development program on a leverage neutral basis, is the underlying foundation of Regency’s self-funding model. Together with the sales of lower growth assets, free cash flow also enables us to invest in high-growth acquisitions and our own stock when pricing is compelling. This capital allocation strategy preserves a conservative balance sheet and allows us to add value and enhance the quality of our portfolio on a net accretive basis. I am very pleased with how well we executed on our capital allocation strategy in 2018: • Started nearly $200 million of developments and redevelopments at an average return of 7.8%. • Repurchased $247 million of common stock at compelling pricing through our share repurchase program. • Acquired $164 million of high-growth premier assets such as The District at Metuchen, anchored by Whole Foods Market and, located in an affluent New Jersey suburb with high barriers to entry. • Disposed of $225 million of lower growth assets. In addition as I noted earlier, the significant amount of free cash flow and reliable growth in earnings translated into a low dividend payout ratio which enabled Regency to comfortably increase the dividends in 2018 and for 2019. WELL POSITIONED FOR THE FUTURE Through the team’s outstanding execution of Regency’s proven strategy, I am confident that our Company has never been better positioned. Looking forward, our commitment to ensuring that our business remains relevant, and to continuous improvement, have never been more important and we are prepared for the challenge. In closing, our culture, the reputation we’ve earned, our track record of success, and our forward-thinking strategies are all made possible by the incredible team here at Regency. This highly engaged group of professionals continues to do what it takes to achieve superior results. Without a doubt our people are our most valuable asset. From myself, our team, and our Board, I want to extend a heartfelt thank you to our shareholders, tenants, partners and communities for their interest, support and trust. We are looking forward to a new year when Regency’s exciting journey in the ever-changing world will once again continue our remarkable progress building an enduring and great company. Sincerely, Martin E. (Hap) Stein  UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12298 (Regency Centers Corporation) Commission File Number 0-24763 (Regency Centers, L.P.) REGENCY CENTERS CORPORATION REGENCY CENTERS, L.P. (Exact name of registrant as specified in its charter) FLORIDA (REGENCY CENTERS CORPORATION) DELAWARE (REGENCY CENTERS, L.P.) (State or other jurisdiction of incorporation or organization) One Independent Drive, Suite 114 Jacksonville, Florida 32202 (Address of principal executive offices) (zip code) 59-3191743 59-3429602 (I.R.S. Employer Identification No.) (904) 598-7000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Regency Centers Corporation Title of each class Common Stock, $.01 par value Name of each exchange on which registered The Nasdaq Stock Market LLC Regency Centers, L.P. Title of each class None Name of each exchange on which registered N/A ________________________________ Securities registered pursuant to Section 12(g) of the Act: Regency Centers Corporation: None Regency Centers, L.P.: Units of Partnership Interest Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Regency Centers Corporation YES NO Regency Centers, L.P. YES NO Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act Regency Centers Corporation YES NO Regency Centers, L.P. YES NO Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Regency Centers Corporation YES NO Regency Centers, L.P. YES NO Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Regency Centers Corporation YES NO Regency Centers, L.P. YES NO Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Regency Centers Corporation Regency Centers, L.P Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Regency Centers Corporation: Large accelerated filer Non-accelerated filer Regency Centers, L.P.: Large accelerated filer Non-accelerated filer Accelerated filer Smaller reporting company Accelerated filer Smaller reporting company Emerging growth company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Regency Centers Corporation YES NO Regency Centers, L.P. YES NO Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Regency Centers Corporation YES NO Regency Centers, L.P. YES NO State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants' most recently completed second fiscal quarter. Regency Centers Corporation $10.4 billion Regency Centers, L.P. N/A The number of shares outstanding of the Regency Centers Corporation’s common stock was 167,506,148 as of February 13, 2019. Documents Incorporated by Reference Portions of Regency Centers Corporation's proxy statement in connection with its 2019 Annual Meeting of Stockholders are incorporated by reference in Part III. EXPLANATORY NOTE This report combines the annual reports on Form 10-K for the year ended December 31, 2018 of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to “Regency Centers Corporation” or the “Parent Company” mean Regency Centers Corporation and its controlled subsidiaries; and references to “Regency Centers, L.P.” or the “Operating Partnership” mean Regency Centers, L.P. and its controlled subsidiaries. The term “the Company”, "Regency Centers" or “Regency” means the Parent Company and the Operating Partnership, collectively. The Parent Company is a real estate investment trust (“REIT”) and the general partner of the Operating Partnership. The Operating Partnership's capital includes general and limited common Partnership Units (“Units”). As of December 31, 2018, the Parent Company owned approximately 99.8% of the Units in the Operating Partnership. The remaining limited Units are owned by investors. As the sole general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day management. The Company believes combining the annual reports on Form 10-K of the Parent Company and the Operating Partnership into this single report provides the following benefits: • Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; • Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and • Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. Management operates the Parent Company and the Operating Partnership as one business. The management of the Parent Company consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent Company and employees of the Operating Partnership. The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $500 million of unsecured public and private placement debt, the Parent Company does not hold any indebtedness, but guarantees all of the unsecured debt of the Operating Partnership. The Operating Partnership is also the co-issuer and guarantees the $500 million of unsecured public and private placement debt of the Parent Company. The Operating Partnership holds all the assets of the Company and retains the ownership interests in the Company's joint ventures. Except for net proceeds from public equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates all remaining capital required by the Company's business. These sources include the Operating Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units. Stockholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes general and limited common Partnership Units. The limited partners' units in the Operating Partnership owned by third parties are accounted for in partners' capital in the Operating Partnership's financial statements and outside of stockholders' equity in noncontrolling interests in the Parent Company's financial statements. In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this report that separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore, while stockholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. This page intentionally left blank. TABLE OF CONTENTS Item No. Form 10-K Report Page 1. 1A. 1B. 2. 3. 4. 5. 6. 7. 7A. 8. 9. 9A. 9B. 10. 11. 12. 13. 14. 15. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures PART I PART II Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Consolidated Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information Directors, Executive Officers, and Corporate Governance Executive Compensation PART III Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accountant Fees and Services Exhibits and Financial Statement Schedules PART IV SIGNATURES 16. Signatures 1 6 17 18 34 34 34 36 38 62 63 139 139 140 140 140 141 141 141 142 148 This page intentionally left blank. Forward-Looking Statements In addition to historical information, information in this Form 10-K contains forward-looking statements as defined under federal securities laws. These forward-looking statements include statements about anticipated changes in our revenues, the size of our development and redevelopment program, earnings per share and unit, returns and portfolio value, and expectations about our liquidity. These statements are based on current expectations, estimates and projections about the real estate industry and markets in which the Company operates, and management's beliefs and assumptions. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Known risks and uncertainties are described further in the Item 1A. Risk Factors below. The following discussion should be read in conjunction with the accompanying Consolidated Financial Statements and Notes thereto of Regency Centers Corporation and Regency Centers, L.P. appearing elsewhere herein. We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of uncertain events. Item 1. Business PART I Regency Centers began its operations as a publicly-traded REIT in 1993, and, as of December 31, 2018, had full or partial ownership interests in 425 properties primarily anchored by market leading grocery stores. Our properties are principally located in affluent and infill trade areas of the United States, and contain 53.6 million square feet ("SF") of gross leasable area ("GLA"). Our ownership share of this GLA is 43.4 million square feet, including our share of the partially owned properties. All of our operating, investing, and financing activities are performed through the Operating Partnership, our wholly-owned subsidiaries, and through our co-investment partnerships. On March 1, 2017, Regency completed its merger with Equity One Inc. ("Equity One"), whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. As part of the merger, Regency acquired 121 properties representing 16.0 million SF of GLA, including 8 properties held through co-investment partnerships. Our mission is to be the preeminent national owner, operator, and developer of shopping centers connecting outstanding retailers and service providers with surrounding neighborhoods and communities. Our goals are to: • Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored by market leading grocers and located in affluent suburban and near urban trade areas in the country’s most desirable metro areas. We expect that this combination will produce highly desirable and attractive centers with best-in-class retailers. These centers should command higher rental and occupancy rates resulting in excellent prospects to grow net operating income ("NOI"); • Maintain an industry leading and disciplined development and redevelopment platform to deliver exceptional retail centers at higher returns as compared to acquisitions; • Support our business activities with a strong balance sheet; and • Engage a talented, dedicated team of employees, who are guided by Regency’s strong values and special culture, which are aligned with shareholder interests. Key strategies to achieve our goals are to: • Increase earnings per share and dividends and generate total shareholder returns at or near the top of our shopping center peers. • Sustain same property NOI growth at or near the top of our shopping center peers; • Develop and redevelop high quality shopping centers at attractive returns on investment; • Maintain a conservative balance sheet providing financial flexibility to cost effectively fund investment opportunities and debt maturities on a favorable basis, and to weather economic downturns; and • Attract and motivate an exceptional team of employees who operate efficiently and are recognized as industry leaders. 1Corporate Responsibility Regency’s vision is to be the preeminent national owner, operator and developer of shopping centers, connecting outstanding retailers and service providers with its neighborhoods and communities while practicing best-in-class corporate responsibility. Our corporate responsibility report highlights our commitment to stakeholders and the critical role Regency's core values have on how we practice corporate responsibility. We are committed to transparent reporting on sustainability and corporate responsibility efforts in accordance with the guidelines of the Global Reporting Initiative. A copy of our corporate responsibility report is available on our website, www.regencycenters.com. Sustainability We believe sustainability is in the best interest of our tenants, investors, employees, and the communities in which we operate and are committed to reducing our environmental impact, including energy and water use, greenhouse gas emissions, and waste. We believe this commitment is not only the right thing to do, but also supports the Company in achieving key strategic objectives in operations and development. We are committed to transparency with regard to our sustainability performance, risks and opportunities, and will continue to enhance disclosure using industry accepted reporting frameworks. More information about our sustainability strategy, goals, performance, and formal disclosures are available on our website at www.regencycenters.com. Competition We are among the largest owners of shopping centers in the nation based on revenues, number of properties, GLA, and market capitalization. There are numerous companies and individuals engaged in the ownership, development, acquisition, and operation of shopping centers that compete with us in our targeted markets, including grocery store chains that also anchor some of our shopping centers. This results in competition for attracting tenants, as well as the acquisition of existing shopping centers and new development sites. We believe that our competitive advantages are driven by: • • • • • • our locations within our market areas; the design and high quality of our shopping centers; the strong demographics surrounding our shopping centers; our relationships with our anchor tenants and our side-shop and out-parcel retailers; our practice of maintaining and renovating our shopping centers; and our ability to source and develop new shopping centers. Employees Our corporate headquarters are located at One Independent Drive, Suite 114, Jacksonville, Florida. We presently maintain 22 market offices nationwide, including our corporate headquarters, where we conduct management, leasing, construction, and investment activities. We have 446 employees throughout the United States and we believe that our relations with our employees are good. Compliance with Governmental Regulations Under various federal, state and local laws, ordinances and regulations, we may be liable for the cost to remove or remediate certain hazardous or toxic substances at our shopping centers. These laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence of the hazardous or toxic substances. The cost of required remediation and the owner's liability for remediation could exceed the value of the property and/or the aggregate assets of the owner. The presence of such substances, or the failure to properly remediate such substances, may adversely affect our ability to sell or lease the property or borrow using the property as collateral. Although we have a number of properties that could require or are currently undergoing varying levels of environmental remediation, known environmental remediation is not currently expected to have a material financial impact on us due to insurance programs designed to mitigate the cost of remediation, various state-regulated programs that shift the responsibility and cost to the state, and existing accrued liabilities for remediation. 2Executive Officers Our executive officers are appointed each year by our Board of Directors. Each of our executive officers has been employed by us for more than five years. Name Martin E. Stein, Jr. Lisa Palmer Dan M. Chandler, III James D. Thompson Age 66 51 51 63 Title Executive Officer in Position Shown Since Chairman and Chief Executive Officer President and Chief Financial Officer Executive Vice President of Investments Executive Vice President of Operations 1993 2016 (1) 2016 (2) 2016 (3) (1) Ms. Palmer assumed the responsibilities of President, effective January 1, 2016 in addition to her responsibilities as Chief Financial Officer, which position she has held since January 2013. Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003 and has been with the Company since 1996. (2) Mr. Chandler assumed the role of Executive Vice President of Investments on January 1, 2016 and previously served as Managing Director since 2006. Prior to that, Mr. Chandler served in various investment officer positions since the merger with Pacific Retail Trust in 1999. (3) Mr. Thompson assumed the role of Executive Vice President of Operations on January 1, 2016 and previously served as our Managing Director - East since our initial public offering in 1993. Prior to that time, Mr. Thompson served as Executive Vice President of our predecessor real estate division beginning in 1981. Company Website Access and SEC Filings Our website may be accessed at www.regencycenters.com. All of our filings with the Securities and Exchange Commission ("SEC") can be accessed free of charge through our website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all related amendments, excluding exhibits, free of charge upon request. These filings are also accessible on the SEC's website at www.sec.gov. The content of our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only. General Information Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, Inc. ("Broadridge"), Philadelphia, PA. We offer a dividend reinvestment plan ("DRIP") that enables our shareholders to reinvest dividends automatically, as well as to make voluntary cash payments toward the purchase of additional shares. For more information, contact Broadridge toll free at (855) 449-0975 or our Shareholder Relations Department at (904) 598-7000. On October 25, 2018, the Company's Board approved the transfer of the Company's common stock from listing on The New York Stock Exchange ("NYSE") to The NASDAQ Global Select Market ("NASDAQ"). The last day of trading on the NYSE was November 12, 2018. The Company's common stock commenced trading on NASDAQ on November 13, 2018, and continues to trade under the stock symbol "REG". Our independent registered public accounting firm is KPMG LLP, Jacksonville, Florida. Our legal counsel is Foley & Lardner LLP, Jacksonville, Florida. Annual Meeting of Shareholders Our 2019 annual meeting of shareholders will be held at the Ponte Vedra Inn and Club, 200 Ponte Vedra Blvd., Ponte Vedra Beach, Florida, at 2:45 p.m. on Tuesday, May 7, 2019. 3Defined Terms In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use certain non- GAAP performance measures as we believe these measures improve the understanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. The following terms, as defined, are commonly used by management and the investing public to understand and evaluate our operational results: • Same Property is a Retail Operating Property that was owned and operated for the entirety of both calendar year periods being compared. This term excludes all developments and Non-Same Properties. • Non-Same Property is a property acquired, sold, or a Development Completion during either calendar year period being compared. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. • Retail Operating Property is any retail property not termed a Property in Development. A retail property is any property where the majority of the income is generated from retail uses. • Property In Development includes properties in various stages of development and redevelopment including active pre-development activities. • Development Completion is a property in development that is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property the following calendar year. • Pro-Rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of certain operating metrics, along with other non-GAAP measures, makes comparisons of other REITs' operating results to the Company's more meaningful. The pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect our proportionate economic interest in the operating results of properties in our portfolio. We do not control the unconsolidated investment partnerships, and the pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which provide for such allocations according to their invested capital. Our share of invested capital establishes the ownership interests we use to prepare our pro-rata share. The presentation of pro-rata information has limitations which include, but are not limited to, the following: • The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and • Other companies in our industry may calculate their pro-rata interest differently, limiting the comparability of pro-rata information. Because of these limitations, the pro-rata financial information should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP financial statements, using the pro-rata information as a supplement. • NAREIT EBITDAre is a measure of REIT performance, which the National Association of Real Estate Investment Trusts ("NAREIT") defines as net income, computed in accordance with GAAP, excluding (i) interest expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) gains and losses from sales of depreciable property, (v) operating real estate impairments, and (vi) adjustments to reflect the Company's share of unconsolidated partnerships and joint ventures. 4• Operating EBITDAre (previously Adjusted EBITDA) begins with the NAREIT EBITDAre and excludes certain non- cash components of earnings derived from above and below market rent amortization and straight-line rents. • Fixed Charge Coverage Ratio is defined as Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders. • Net Operating Income ("NOI") is the sum of base rent, percentage rent, and recoveries from tenants and other income, less operating and maintenance, real estate taxes, ground rent, and provision for doubtful accounts. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses. • NAREIT Funds from Operations ("NAREIT FFO") is a commonly used measure of REIT performance, which NAREIT defines as net income, computed in accordance with GAAP, excluding gains and losses from sales of depreciable property, net of tax, excluding operating real estate impairments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We compute NAREIT FFO for all periods presented in accordance with NAREIT's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since NAREIT FFO excludes depreciation and amortization and gains and losses from depreciable property dispositions, and impairments, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, NAREIT FFO is a supplemental non-GAAP financial measure of our operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income (Loss) Attributable to Common Stockholders to NAREIT FFO. 5Item 1A. Risk Factors Risk Factors Related to the Retail Industry Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Our properties are leased primarily to retail tenants from whom we derive most of our revenue in the form of minimum rent, expense recoveries and other income. Therefore, our performance and operating results are directly linked to the economic and market conditions occurring in the retail industry. We are subject to the risks that, upon expiration, leases for space in our properties are not renewed by existing tenants, vacant space is not leased to new tenants, or tenants demand new lease terms, including costs for renovations or concessions. The market for leasing retail space in our properties may be adversely affected by any of the following: • • • • • • • • • • • • • changes in national, regional and local economic conditions; deterioration in the competitiveness and creditworthiness of our retail tenants; increased competition from the use of e-commerce by retailers and consumers as well as other concepts such as super- stores and warehouse clubs; tenant bankruptcies and subsequent rejections of our leases; reductions in consumer spending and retail sales; reduced tenant demand for retail space; oversupply of retail space; reduced consumer demand for certain retail categories; consolidation within the retail sector; increased operating costs; perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; casualties, natural disasters and terrorist attacks; and armed conflicts against the United States. To the extent that any of these conditions occur they are likely to impact the retail industry, our retail tenants, the demand and market rents for retail space, the occupancy levels of our properties, our ability to sell, acquire or develop properties, our operating results and our cash available for distributions to stock and unit holders. The integration of bricks and mortar stores and e-commerce by retailers and a continued shift in retail sales towards e- commerce may adversely impact our revenues and cash flows. Retailers are increasingly impacted by e-commerce and changes in customer buying habits, including the delivery or curbside pick-up of items ordered online. Retailers are considering these e-commerce trends when making decisions regarding their bricks and mortar stores and how they will compete and innovate in a rapidly changing e-commerce environment. Many retailers in our shopping centers provide services or sell goods, which have historically been less likely to be purchased online; however, the continuing increase in e-commerce sales in all retail categories may cause retailers to adjust the size or number of retail locations in the future or close stores. Our grocer tenants are incorporating e-commerce concepts through home delivery, which could reduce foot traffic at our centers. This shift may adversely impact our occupancy and rental rates, which would impact our revenues and cash flows. Changes in shopping trends as a result of the growth in e-commerce may also impact the profitability of retailers that do not adapt to changes in market conditions. These conditions may adversely impact our results of operations and cash flows if we are unable to meet the needs of our tenants or if our tenants encounter financial difficulties as a result of changing market conditions. Our business is dependent on perceptions by retailers and shoppers of the safety, convenience and attractiveness of our retail properties. We are dependent on perceptions by retailers or shoppers of the safety, convenience and attractiveness of our retail properties. If retailers and shoppers perceive competing retail properties and other retailing options to be safer, more convenient, or of a higher quality, our revenues may be adversely affected. 6Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. During the year ended December 31, 2018, our properties in California, Florida, and Texas accounted for 28.1%, 20.1%, and 7.1%, respectively, of our NOI from Consolidated Properties plus our pro-rata share from Unconsolidated Properties ("pro-rata basis"). Our revenues and cash flow may be adversely affected by this geographic concentration if market conditions, such as supply of or demand for retail space, deteriorate more significantly in California, Florida, or Texas compared to other geographic areas. Our success depends on the success and continued presence of our “anchor” tenants. Anchor Tenants ("Anchor Tenants" or "Anchors" occupying 10,000 square feet or more) occupy large stores in our shopping centers, pay a significant portion of the total rent at a property and contribute to the success of other tenants by attracting shoppers to the property. We derive significant revenues from anchor tenants such as Publix, Kroger Co., Albertsons Companies, Inc., Whole Foods, and TJX Companies, who accounted for 3.2%, 3.0%, 2.8%, 2.4%, and 2.3%, respectively, of our total annualized base rent on a pro-rata basis, for the year ended December 31, 2018. Our net income and cash flow may be adversely affected by the loss of revenues and additional costs in the event a significant anchor tenant: becomes bankrupt or insolvent; experiences a downturn in its business; • • • materially defaults on its leases; • • • does not renew its leases as they expire; renews at lower rental rates and/or requires a tenant improvement allowance; or renews, but reduces its store size, which results in down-time and additional tenant improvement costs to the landlord to re-lease the vacated space. Some anchors have the right to vacate their space and may prevent us from re-tenanting by continuing to comply and pay rent in accordance with their lease agreement. Vacated anchor space, including space owned by the anchor, can reduce rental revenues generated by the shopping center in other spaces because of the loss of the departed anchor's customer drawing power. If a significant tenant vacates a property, co-tenancy clauses in select lease contracts may allow other tenants to modify or terminate their rent or lease obligations. Co-tenancy clauses have several variants: they may allow a tenant to postpone a store opening if certain other tenants fail to open their stores; they may allow a tenant to close its store prior to lease expiration if another tenant closes its store prior to lease expiration; or more commonly, they may allow a tenant to pay reduced levels of rent until a certain number of tenants open their stores within the same shopping center. A significant percentage of our revenues are derived from smaller shop space tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. A significant percentage of our revenues are derived from smaller shop space tenants ("Shop Space Tenants" occupying less than 10,000 square feet). Shop Space Tenants may be more vulnerable to negative economic conditions as they have more limited resources than Anchor Tenants. Shop Space Tenants may be facing reduced sales as a result of an increase in competition including from e-commerce retailers. Certain Shop Space Tenants are incorporating e-commerce into their business strategies and may seek to reduce their store sizes upon lease expiration as they adjust to and implement alternative distribution channels. The types of Shop Space Tenants vary from retail shops and restaurants to service providers. If we are unable to attract the right type or mix of Shop Space Tenants into our centers, our revenues and cash flow may be adversely impacted. At December 31, 2018, Shop Space Tenants represent approximately 35.3% of our GLA leased at average base rents of $33.75 per square foot ("PSF"). A one-percent decline in our shop space occupancy may result in a reduction to minimum rent of approximately $4.8 million. We may be unable to collect balances due from tenants in bankruptcy. Although minimum rent and recoveries from tenants are supported by long-term lease contracts, tenants who file bankruptcy 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 recover our claim and to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files bankruptcy and rejects its leases, we may experience a significant reduction in our revenues and may not be able to collect all pre-petition amounts owed by the bankrupt tenant. 7Risk Factors Related to Real Estate Investments and Operations We are subject to numerous laws and regulations that may adversely affect our operations or expose us to liability. Our properties are subject to numerous federal, state, and local laws and regulations, some of which may conflict with one another or be subject to varying judicial or regulatory interpretations. These laws and regulations may include zoning laws, building codes, competition laws, rules and agreements, landlord-tenant laws, property tax regulations, changes in real estate assessments and other laws and regulations generally applicable to business operations. Noncompliance with such laws and regulations, and any associated litigation may expose us to liability. Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. Our real estate properties are carried at cost unless circumstances indicate that the carrying value of these assets may not be recoverable. We evaluate whether there are any indicators, including property operating performance and general market conditions, such that the value of the real estate properties (including any related tangible or intangible assets or liabilities, including goodwill) may not be recoverable. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated holding periods, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and may differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the holding period of an asset or asset group, which may result in an impairment loss and such loss may be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value. The fair value of real estate assets is subjective and is determined through the use of comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the traditional discounted cash flow approach. Such cash flow projections take into account expected future operating income, trends and prospects, as well as the effects of demand, competition and other relevant criteria, and therefore are subject to management judgment. Changes in these factors may impact the determination of fair value. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information. These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in the future related to our assets. We face risks associated with development, redevelopment and expansion of properties. We actively pursue opportunities for new retail development, or existing property redevelopment or expansion. Development and redevelopment activities require various government and other approvals for entitlements and any delay in such approvals may significantly delay this process. We may not recover our investment in development or redevelopment projects for which approvals are not received. We are subject to other risks associated with these activities, including the following risks: the occupancy rates and rents of a completed project may not be sufficient to make the project profitable; actual costs of a project may exceed original estimates, possibly making the project unprofitable; delays in the development or construction process may increase our costs; construction cost increases may reduce investment returns on development and redevelopment opportunities; • we may be unable to lease developments to full occupancy on a timely basis; • • • • • we may abandon development opportunities and lose our investment due to adverse market conditions; • the size of our development pipeline may strain our labor or capital capacity to complete developments within targeted timelines and may reduce our investment returns; a reduction in the demand for new retail space may reduce our future development activities, which in turn may reduce our net operating income; changes in the level of future development activity may adversely impact our results from operations by reducing the amount of internal general overhead costs that may be capitalized; an expansion of our development and acquisition focus to include more complex redevelopments and mixed use properties in very dense urban locations could absorb resources and potentially result in inconsistent deliveries, adversely impacting annual NOI and earnings growth; • • • • mixed use properties may include differing tenant profiles or mixes, more complex entitlement processes, and/or multi-story buildings, outside our traditional expertise, which could impact annual NOI and earnings growth; and • we may develop or redevelop mixed use centers with partners for the residential or office components, making us dependent upon that partner's ability to perform and to agree on major decisions that impact our investment returns of the project. 8We face risks associated with the acquisition of properties. Our investment strategy includes investing in high-quality shopping centers that are leased to market-dominant grocers, category-leading anchors, specialty retailers, or restaurants located in areas with high barriers to entry and above average household incomes and population densities. The acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may adversely affect our results of operations and cash flows: • • • properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may result in the properties' failure to achieve the investment returns we project; our investigation of an entity, property or building prior to our acquisition, and any representation we may have received from such seller, may fail to reveal various liabilities including defects and necessary repairs, which may increase our costs; our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to achieve our projected return, either temporarily or permanently; • we may not recover our costs from an unsuccessful acquisition; • • we may not be able to successfully integrate an acquisition into our existing operations platform. our acquisition activities may distract or strain our management capacity; and We face risks if we expand into new markets. If opportunities arise, we may acquire or develop properties in markets where we currently have no presence. Each of the risks applicable to acquiring or developing properties in our current markets are applicable to acquiring, developing and integrating properties in new markets. In addition, we may not possess the same level of familiarity with the dynamics and conditions of the new markets we may enter, which may adversely affect our operating results and investment returns in those markets. We may be unable to sell properties when desired because of market conditions. Our properties, including their related tangible and intangible assets, represent the majority of our total consolidated assets and they may not be readily convertible to cash. As a result, our ability to sell one or more of our properties including properties held in joint venture in response to changes in economic, industry, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. There may be less demand for lower quality properties that we have identified for ultimate disposition in markets with uncertain economic or retail environments, and where buyers are more reliant on the availability of third party mortgage financing. If we want to sell a property, we can provide no assurance that we will be able to dispose of it in the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying value of our investment. Moreover, if a property is mortgaged, we may not be able to obtain a release of the lien on that property without the payment of a substantial prepayment penalty, which may restrict our ability to dispose of the property, even though the sale might otherwise be desirable. Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We intend to utilize 1031 exchanges to mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions. In the event that we do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments. Certain of the properties in our portfolio are subject to ground leases; if we are found to be in breach of a ground lease or are unable to renew a ground lease, we may be materially and adversely affected. We have 29 properties in our portfolio that are either partially or completely on land subject to ground leases with third parties. Accordingly, we only own a long-term leasehold or similar interest in those properties. If we are found to be in breach of a ground lease, we may lose our interest in the improvements and the right to operate the property that is subject to the ground lease. In addition, unless we can purchase a fee interest in the underlying land or extend the terms of these leases before or upon their expiration, as to which no assurance can be given, we will lose our interest in the improvements and the right to operate such properties. The existing lease terms, including renewal options, were taken into consideration when making our investment decisions. The purchase price and subsequent improvements are being depreciated over the shorter of the remaining life of the ground leases or the useful life of the underlying assets. If we were to lose the right to operate a property due to a breach or not exercising renewal options of the ground lease, we would be unable to derive income from such property, which would impair the value of our investments, and adversely affect our financial condition, results of operations and cash flows. 9Geographic concentration of our properties makes our business vulnerable to natural disasters, severe weather conditions and climate change. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. A significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes, tornadoes, wildfires, sea-level rise, and other natural disasters. As of December 31, 2018, 25% of the total insured value of our portfolio is located in the state of California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 19% and 6% of the total insured value of our portfolio is located in the states of Florida and Texas, respectively. Recent intense weather conditions may cause property insurance premiums to increase significantly in the future. We recognize that the frequency and / or intensity of extreme weather events, sea-level rise, and other climatic changes may continue to increase, and as a result, our exposure to these events may increase. These weather conditions may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and may reduce the willingness of tenants or residents to remain in or move to these affected areas. Therefore, as a result of the geographic concentration of our properties, we face risks, including higher costs, such as uninsured property losses and higher insurance premiums, and disruptions to our business and the businesses of our tenants. We carry comprehensive liability, fire, flood, terrorism, rental loss, and environmental insurance for our properties with policy specifications and insured limits customarily carried for similar properties. Some types of losses, such as losses from named wind storms, earthquakes, terrorism, or wars may have limited coverage or be excluded from insurance coverage. Although we carry specific insurance coverage for named windstorm and earthquake losses, the policies are subject to deductibles up to 2% to 5% of the total insured value of each property, up to a $10 million maximum deductible per occurrence for each of these perils, with limits of $300 million per occurrence for all perils except earthquake, which has a total annual aggregate limit of $300 million. Terrorism coverage is limited to $200 million per occurrence related to property damage. Liability claims are limited to $151 million per occurrence. Should a loss occur at any of our properties that is subject to a substantial deductible or is in excess of the property or casualty insurance limits of our policies, we may lose part or all of our invested capital and revenues from such property, which may have a material adverse impact on our operating results, financial condition, and our ability to make distributions to stock and unit holders. To the extent climate change causes adverse changes in weather patterns, our properties in certain markets may experience increases in storm intensity and rising sea levels. Climate change may result in volatile or decreased demand for retail space at certain of our properties or, in extreme cases, our inability to operate certain properties at all. Climate change may also have indirect effects on our business by increasing the cost of insurance on favorable terms, or making insurance unavailable. Moreover, compliance with new laws or regulations related to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or increase taxes and fees assessed on us or our properties. At this time, there can be no assurance that climate change will not have a material adverse effect on us. Terrorist activities or violence occurring at our properties also may directly affect the value of our properties through damage, destruction or loss. Insurance for such acts may be unavailable or cost more resulting in an increase to our operating expenses and adversely affect our results of operations. To the extent that our tenants are affected by such attacks and threats of attacks, their businesses may be adversely affected, including their ability to continue to meet obligations under their existing leases. Loss of our key personnel may adversely affect our business and operations. The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees may significantly impact our future performance. Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive management team and other key employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any one or more of these persons may have a material adverse effect on us. We face competition from numerous sources, including other REITs and other real estate owners. The ownership of shopping centers is highly fragmented. We face competition from other public REITs, large private investors, institutional investors, and from numerous small owners in the acquisition, ownership, and leasing of shopping centers. We also compete to develop shopping centers with other REITs engaged in development activities as well as with local, regional, and national real estate developers. This competition may: • • • reduce the number of properties available for acquisition or development; increase the cost of properties available for acquisition or development; and hinder our ability to attract and retain tenants, leading to increased vacancy rates and/or reduced rents. If we cannot successfully compete in our targeted markets, our cash flow, and therefore distributions to stock and unit holders, may be adversely affected. 10Costs of environmental remediation may reduce our cash flow available for distribution to stock and unit holders. Under various federal, state, and local laws, an owner or manager of real property may be liable for the costs of removal or remediation of hazardous or toxic substances on the property. These laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence of hazardous or toxic substances. The cost of any required remediation may exceed the value of the property and/or the aggregate assets of the owner or the responsible party. The presence of, or the failure to properly remediate, hazardous or toxic substances may adversely affect our ability to sell or lease a contaminated property or to use the property as collateral for a loan. We can provide no assurance that we are aware of all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that our properties will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in environmental laws and regulations will not result in additional material environmental liabilities to us. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unintended expenditures. All of our properties are required to comply with the Americans with Disabilities Act (“ADA”), which generally requires that buildings be made accessible to people with disabilities. Compliance with ADA requirements may require removal of access barriers, and noncompliance may result in imposition of fines by the U.S. government or an award of damages to private litigants, or both. While the tenants to whom we lease space in our properties are obligated by law to comply with the ADA provisions, and typically under tenant leases are obligated to cover costs associated with compliance, if required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs may be adversely affected. In addition, we are required to operate the properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental entities and become applicable to the properties. We may be required to make substantial capital expenditures to comply with these requirements, and these expenditures may have a material adverse effect on our ability to meet our financial obligations and make distributions to our stock and unit holders. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Many of our information technology systems (including those we use for administration, accounting, and communications, as well as the systems of our co-investment partners and other third-party business partners and service providers, whether cloud-based or hosted in proprietary servers) contain personal, financial or other information that is entrusted to us by our tenants and employees. Many of our information technology systems also contain proprietary Regency information and other confidential information related to our business. We are frequently subject to attempts to compromise our information technology systems. To the extent we or a third party were to experience a material breach of our or such third party’s information technology systems that result in the unauthorized access, theft, use, destruction or other compromises of tenants’ or employees' data or confidential information of the Company stored in such systems, including through cyber-attacks or other external or internal methods, such a breach may damage our reputation and cause us to lose tenants and revenues, generate third party claims and the potential disruption to our business and plans. Such security breaches also could result in a violation of applicable U.S. privacy and other laws, and subject us to private consumer, business partner, or securities litigation and governmental investigations and proceedings, any of which could result in our exposure to material civil or criminal liability, and we may not be able to recover these expenses from our service providers, responsible parties, or insurance carriers. The techniques and sophistication used to conduct cyber-attacks and breaches of information technology systems, as well as the sources and targets of these attacks, change frequently and are often not recognized until such attacks are launched or have been in place for a period of time. The Company manages cyber risk by evaluating the impact of a potential cyber breach on our business and determining the level of investment in the prevention, detection and response to a breach. We continue to make significant investments in technology, third-party services and personnel to develop and implement systems and processes that are designed to anticipate cyber-attacks and to prevent or minimize breaches of our information technology systems or data loss, but these security measures cannot provide assurance that we will be successful in preventing such breaches or data loss. 11Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. We have invested substantial capital as a partner in a number of partnerships and joint ventures to acquire, own, lease, develop or redevelop properties. These activities are subject to the same risks as our investments in our wholly-owned properties. These investments, and other future similar investments may involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. Partners or other owners may have economic or other business interests or goals that are inconsistent with our own business interests or goals, and may be in a position to take actions contrary to our policies or objectives. These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in litigation or arbitration that may increase our expenses and prevent management from focusing their time and efforts on our business. Consequently, actions by, or disputes with, partners or other owners might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we risk the possibility of being liable for the actions of our partners or other owners. These factors may limit the return that we receive from such investments or cause our cash flows to be lower than our estimates. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders. If partnerships owning a significant number of properties were dissolved for any reason, we could lose the asset, property management, leasing and construction management fees from these partnerships, which may adversely affect our operating results and our cash available for distribution to stock and unit holders. Risk Factors Related to Funding Strategies and Capital Structure Higher market capitalization rates and lower NOI at our properties may adversely impact our ability to sell properties and fund developments and acquisitions, and may dilute earnings. As part of our funding strategy, we sell operating properties that no longer meet our investment standards or those with a limited future growth profile. These sales proceeds are used to fund the construction of new developments, redevelopments, and repay debt and acquisitions. An increase in market capitalization rates or a decline in NOI may cause a reduction in the value of centers identified for sale, which would have an adverse impact on the amount of cash generated. In order to meet the cash requirements of our development program, we may be required to sell more properties than initially planned, which may have a negative impact on our earnings. Additionally, the sale of properties resulting in significant tax gains may require higher distributions to our stockholders or payment of additional income taxes in order to maintain our REIT status. We intend to utilize 1031 exchanges to mitigate taxable income, however there can be no assurance that we will identify properties that meet our investment objectives for acquisitions. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. To qualify as a REIT, the Parent Company must, among other things, distribute to its stockholders each year at least 90% of its REIT taxable income (excluding any net capital gains). Because of these distribution requirements, we may not be able to fund all future capital needs with income from operations. We therefore will have to rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the market's perception of our growth potential and our current and potential future earnings. Our access to debt depends on our credit rating, the willingness of creditors to lend to us and conditions in the capital markets. In addition to finding creditors willing to lend to us, we are dependent upon our joint venture partners to contribute their pro rata share of any amount needed to repay or refinance existing debt when lenders reduce the amount of debt our partnerships and joint ventures are eligible to refinance. In addition, our existing debt arrangements also impose covenants that limit our flexibility in obtaining other financing. Additional equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase our degree of leverage. Without access to external sources of capital, we would be required to pay outstanding debt with our operating cash flows and proceeds from property sales. Our operating cash flows may not be sufficient to pay our outstanding debt as it comes due and real estate investments generally cannot be sold quickly at a return we believe is appropriate. If we are required to deleverage our business with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our distributions to stock and unit holders or refrain from making investments in our business. 12Our debt financing may adversely affect our business and financial condition. Our ability to make scheduled payments or to refinance our indebtedness will depend primarily on our future performance, which to a certain extent is subject to economic, financial, competitive and other factors beyond our control. In addition, we do not expect to generate sufficient operating cash flow to make balloon principal payments on our debt when due. If we are unable to refinance our debt on acceptable terms, we may be forced (i) to dispose of properties, which might result in losses, or (ii) to obtain financing at unfavorable terms, either of which may reduce the cash flow available for distributions to stock and unit holders. If we cannot make required mortgage payments, the mortgagee may foreclose on the property securing the mortgage. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Our unsecured notes, unsecured term loans, and unsecured line of credit contain customary covenants, including compliance with financial ratios, such as ratio of total debt to gross asset value and fixed charge coverage ratio. Fixed charge coverage ratio is defined as earnings before interest, taxes, depreciation and amortization ("EBITDA") divided by the sum of interest expense and scheduled mortgage principal paid to our lenders plus dividends paid to our preferred stockholders, if any. These covenants may limit our operational flexibility and our acquisition activities. Moreover, if we breach any of the covenants in our debt agreements, and do not cure the breach within the applicable cure period, our lenders may require us to repay the debt immediately, even in the absence of a payment default. Many of our debt arrangements, including our unsecured notes, unsecured term loans, and unsecured line of credit are cross-defaulted, which means that the lenders under those debt arrangements can put us in default and require immediate repayment of their debt if we breach and fail to cure a default under certain of our other material debt obligations. As a result, any default under our debt covenants may have an adverse effect on our financial condition, our results of operations, our ability to meet our obligations, and the market value of our stock. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined. LIBOR, the London Interbank Offered Rate, is the basic rate of interest used in lending transactions between banks on the London interbank market, and is widely used as a reference for setting the interest rate on loans globally. We have Unsecured Credit facilities, variable rate mortgages, and interest rate swaps with variable interest rates or options for such that are based upon an annual rate of LIBOR plus a spread. LIBOR rates charged on such debt and swaps change monthly. On July 27, 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. The Alternative Reference Rates Committee ("ARRC"), a steering committee comprised of large U.S. financial institutions, has proposed replacing USD-LIBOR with a new index calculated by short term repurchase agreements - the Secured Overnight Financing Rate ("SOFR"). The replacement for LIBOR at this time is still uncertain. If LIBOR ceases to exist, the Administrative Agent under our line of credit may, to the extent practicable (and with our consent but subject to certain objection rights on the part of the line lenders) establish a replacement rate for LIBOR, which must be determined generally in accordance with similar situations in other transactions in which it is serving as administrative agent or otherwise consistent with market practice generally). Establishing a replacement rate for LIBOR in this manner may result in interest obligations which are more than or do not otherwise correlate over time with the payments that would have been made on the line if LIBOR was available in its current form. Our other debt based upon LIBOR will experience similar types of adjustments. Such adjustments could have an adverse impact on our financing costs. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our credit facilities and term loans. As of December 31, 2018, 4.9% of our outstanding debt was variable rate debt. Increases in interest rates would increase our interest expense on any variable rate debt to the extent we have not hedged our exposure to changes in interest rates. In addition, increases in interest rates will affect the terms under which we refinance our existing debt as it matures, to the extent we have not hedged our exposure to changes in interest rates. This would reduce our future earnings and cash flows, which may adversely affect our ability to service our debt and meet our other obligations and also may reduce the amount we are able to distribute to our stock and unit holders. 13Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. From time to time, we manage our exposure to interest rate volatility by using interest rate hedging arrangements that involve risk, such as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be effective in reducing our exposure to interest rate changes. There can be no assurance that our hedging arrangements will qualify for hedge accounting or that our hedging activities will have the desired beneficial impact on our results of operations. Should we desire to terminate a hedging agreement, there may be significant costs and cash requirements involved to fulfill our obligations under the hedging agreement. Failure to hedge effectively against interest rate changes may adversely affect our results of operations. We may acquire properties or portfolios of properties through tax-deferred contribution transactions, which may result in stockholder dilution and limit our ability to sell such assets. We may acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership interests in our operating partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we may deduct over the tax life of the acquired properties, and may require that we agree to protect the contributors’ ability to defer recognition of taxable gain through restrictions on our ability to dispose of the acquired properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions may limit our ability to sell an asset at a time, or on terms, that would be favorable absent such restrictions. Risk Factors Related to our Company and the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. The market price of our debt and equity securities may fluctuate significantly in response to many factors, many of which are out of our control, including: • • • • • • • • • • • • • • • actual or anticipated variations in our operating results; changes in our funds from operations or earnings estimates; publication of research reports about us or the real estate industry in general and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REIT's; the ability of our tenants to pay rent and meet their other obligations to us under current lease terms and our ability to re-lease space as leases expire; increases in market interest rates that drive purchasers of our stock to demand a higher dividend yield; changes in market valuations of similar companies; adverse market reaction to any additional debt we incur in the future; any future issuances of equity securities; additions or departures of key management personnel; strategic actions by us or our competitors, such as acquisitions or restructurings; actions by institutional stockholders; changes in our dividend payments; potential tax law changes on REITs; speculation in the press or investment community; and general market and economic conditions. These factors may cause the market price of our securities to decline, regardless of our financial condition, results of operations, business or prospects. It is impossible to ensure that the market price of our securities, including our common stock, will not fall in the future. A decrease in the market price of our common stock may reduce our ability to raise additional equity in the public markets. Selling common stock at a decreased market price would have a dilutive impact on existing stockholders. There is no assurance that we will continue to pay dividends at historical rates. Our ability to continue to pay dividends at historical rates or to increase our dividend rate will depend on a number of factors, including, among others, the following: • • • our financial condition and results of future operations; the terms of our loan covenants; and our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates. If we do not maintain or periodically increase the dividend on our common stock, it may have an adverse effect on the market price of our common stock and other securities. 14Corporate responsibility, specifically related to environmental, social and governance factors, may impose additional costs and expose us to new risks. Regency, as well as investors, are focused on corporate responsibility, specifically related to environmental, social and governance factors. Some investors may use these factors to guide their investment strategies. Third-party providers of corporate responsibility ratings and reports on companies have increased to meet growing investor demand for measurement of corporate responsibility performance. Although we have scored highly in these metrics to date, there can be no assurance that we will continue to score highly in the future. In addition, the criteria by which companies are rated may change, which could cause us to perform worse than in the past. We may face reputational damage in the event our corporate responsibility procedures or standards do not meet the standards set by various constituencies. Furthermore, should our competitors outperform us in such metrics, potential or current investors may elect to invest with our competition instead. The occurrence of any of the foregoing could have an adverse effect on the price of our shares and our business, financial condition and results of operations, including increased capital expenditures and or increased operating expenses. Risk Factors Related to Laws and Regulations If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. We believe that the Parent Company qualifies for taxation as a REIT for federal income tax purposes, and we plan to operate so that we can continue to meet the requirements for taxation as a REIT. If the Parent Company continues to qualify as a REIT, it generally will not be subject to federal income tax on income that we distribute to our stockholders. Many REIT requirements, however, are highly technical and complex. The determination that the Parent Company is a REIT requires an analysis of various factual matters and circumstances, some of which may not be totally within our control and some of which involve questions of interpretation. For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, like rent, that are itemized in the REIT tax laws. There can be no assurance that the Internal Revenue Service (“IRS”) or a court would agree with the positions we have taken in interpreting the REIT requirements. We are also required to distribute to our stockholders at least 90% of our REIT taxable income, excluding capital gains. We will be subject to U.S. federal income tax on our undistributed taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. The fact that we hold many of our assets through co-investment partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore, Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more difficult for the Parent Company to remain qualified as a REIT. Also, unless the IRS granted relief under certain statutory provisions, the Parent Company would remain disqualified as a REIT for four years following the year it first failed to qualify. If the Parent Company failed to qualify as a REIT (currently and/or with respect to any tax years for which the statute of limitations has not expired), we would have to pay significant income taxes, reducing cash available to pay dividends, which would likely have a significant adverse effect on the value of our securities. In addition, we would no longer be required to pay any dividends to stockholders in order to maintain our REIT status. Although we believe that the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as a REIT for tax purposes. Even if the Parent Company qualifies as a REIT for federal income tax purposes, we are required to pay certain federal, state, and local taxes on our income and property. For example, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions include sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we have undertaken a significant number of asset sales in recent years, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders. 15Recent changes to the U.S. tax laws may have a significant negative impact on the overall economy, our tenants, our investors, and our business. The Tax Cuts and Jobs Act made significant changes to the Internal Revenue Code of 1986, as amended (the "Code"). While the changes in the Tax Cuts and Jobs Act generally appear to be favorable with respect to REITs, the extensive changes to non-REIT provisions in the Code may have unanticipated effects on us or our stockholders, including our taxable income, the amount of distributions to our stockholders required in order to maintain our REIT status, and our relative tax advantage as a REIT. The long-term impact of the Tax Cuts and Jobs Act on the overall economy, government revenues, our tenants, us, and the real estate industry cannot be reliably predicted at this stage of the new law’s implementation. Furthermore, the Tax Cuts and Jobs Act may negatively impact certain of our tenants’ operating results, financial condition, and future business plans. The Tax Cuts and Jobs Act may also result in reduced government revenues, and therefore reduced government spending, which may negatively impact some of our tenants that rely on government funding. There can be no assurance that the Tax Cuts and Jobs Act will not negatively impact our operating results, financial condition, and future business operations. Dividends paid by REITs generally do not qualify for reduced tax rates. Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at ordinary income tax rates. The more favorable rates applicable to regular corporate qualified dividends may cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which may adversely affect the value of the shares of REITs, including the shares of our capital stock. Under the recently passed Tax Cuts and Jobs Act, the rate brackets for non-corporate taxpayer’s ordinary income are adjusted, the top tax rate is reduced from 39.6% to 37% (excluding the 3.8% Medicare tax on net investment income), and ordinary REIT dividends are taxed at even lower effective rates. Under the Tax Cuts and Jobs Act, for taxable years beginning after December 31, 2017 and before January 1, 2026, distributions from REITs that are treated as dividends but are not designated as qualified dividends or capital gain dividends are generally taxed as ordinary income after deducting 20% of the amount of the dividend in the case of non-corporate stockholders. At the maximum ordinary income tax rate of 37% applicable for taxable years beginning after December 31, 2017 and before January 1, 2026, the maximum tax rate on ordinary REIT dividends for non-corporate stockholders is generally 29.6% (plus the 3.8% Medicare tax on net investment income). Foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a "domestically controlled" REIT. A foreign person disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real property interests is generally subject to U.S. federal income tax on any gain recognized on the disposition. This tax does not apply, however, to the disposition of stock in a REIT if the REIT is "domestically controlled." In general, we will be a domestically controlled REIT if at all times during the five-year period ending on the applicable stockholder’s disposition of our stock, less than 50% in value of our stock was held directly or indirectly by non-U.S. persons. If we were to fail to qualify as a domestically controlled REIT, gain recognized by a foreign stockholder on a disposition of our common stock would be subject to U.S. federal income tax unless our common stock was traded on an established securities market and the foreign stockholder did not at any time during a specified testing period directly or indirectly own more than 10% of our outstanding common stock. Legislative or other actions affecting REITs may have a negative effect on us. The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, may adversely affect Regency or our investors. We cannot predict how changes in the tax laws might affect Regency or our investors. New legislation, Treasury Regulations, administrative interpretations or court decisions may significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, may change, making an investment in such other entities more attractive relative to an investment in a REIT. 16Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. The REIT provisions of the Code limit our ability to hedge our liabilities. Generally, income from a hedging transaction that constitutes “qualifying income” for purposes of the 75% or 95% gross income tests applicable to REITs, does not constitute “gross income” for purposes of the 75% or 95% gross income tests, provided that we properly identify the hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations. To the extent that we enter into other types of hedging transactions, or fail to make the proper tax identifications, the income from those transactions is likely to be treated as non-qualifying income for purposes of both gross income tests. As a result of these rules, we may need to limit our use of otherwise advantageous hedging techniques or implement those hedges through a taxable REIT subsidiary ("TRS"). Changes in accounting standards may impact our financial results. The Financial Accounting Standards Board ("FASB"), in conjunction with the SEC, has several key projects recently completed that will impact how we currently account for our material transactions, including lease accounting. Accounting Standards Codification ("ASC") Topic 842, Leases, will be adopted by the Company on January 1, 2019 and, as further described in note 1(o), is expected to have an impact on our financial statements when adopted to require all of our operating leases for office, ground and equipment leases to be recorded on our balance sheet. Also, we will no longer capitalize internal leasing compensation costs and legal costs associated with leasing activities under the new standard, which will result in an increase in our general and administrative costs and a direct reduction to our net income. Restrictions on the ownership of the Parent Company's capital stock to preserve its REIT status may delay or prevent a change in control. Ownership of more than 7% by value of our outstanding capital stock is prohibited, with certain exceptions, by the Parent Company's articles of incorporation, for the purpose of maintaining its qualification as a REIT. This 7% limitation may discourage a change in control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control. The issuance of the Parent Company's capital stock may delay or prevent a change in control. The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock and 10,000,000 shares of special common stock and to establish the preferences and rights of any shares issued. The issuance of preferred stock or special common stock may have the effect of delaying or preventing a change in control. The provisions of the Florida Business Corporation Act regarding affiliated transactions may also deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate transaction without the approval of our disinterested stockholders. Item 1B. Unresolved Staff Comments None. 17Item 2. Properties The following table is a list of the shopping centers, summarized by state and in order of largest holdings, presented for Consolidated Properties (excludes properties owned by unconsolidated co-investment partnerships): Location Florida California Texas Georgia Connecticut Colorado New York North Carolina Massachusetts Ohio Virginia Washington Oregon Illinois Louisiana Missouri Maryland Tennessee Pennsylvania Indiana Delaware New Jersey Michigan South Carolina Total December 31, 2018 December 31, 2017 Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased 90 54 23 21 14 14 11 10 9 8 8 7 7 6 5 4 3 3 3 1 1 1 1 1 10,745 8,168 3,019 2,048 1,453 1,146 1,367 895 907 1,205 1,332 825 741 1,075 753 408 372 318 317 254 232 218 97 51 28.3% 21.5% 8.0% 5.4% 3.8% 3.0% 3.6% 2.3% 2.4% 3.2% 3.5% 2.2% 2.0% 2.8% 2.0% 1.1% 1.0% 0.8% 0.8% 0.7% 0.6% 0.6% 0.3% 0.1% 305 37,946 100.0% 94.7% 96.6% 97.3% 95.5% 95.6% 96.2% 97.8% 96.8% 98.9% 99.4% 83.8% 99.4% 96.1% 91.2% 92.8% 100.0% 85.4% 99.1% 98.1% 98.4% 95.6% 96.9% 100.0% 94.8% 95.5% 96 56 23 21 14 14 9 10 9 8 8 7 7 6 5 4 3 3 3 1 1 1 1 1 11,255 8,549 3,018 2,047 1,458 1,146 1,198 895 907 1,196 1,420 825 741 1,069 753 408 372 317 317 254 232 218 97 51 29.1% 22.1% 7.8% 5.3% 3.8% 3.0% 3.1% 2.3% 2.3% 3.1% 3.7% 2.1% 1.9% 2.8% 1.9% 1.1% 1.0% 0.8% 0.8% 0.7% 0.6% 0.6% 0.3% 0.1% 311 38,743 100.0% 94.7% 96.5% 97.4% 95.2% 96.9% 97.2% 99.0% 97.0% 99.1% 99.5% 86.3% 99.4% 94.8% 88.3% 94.2% 99.7% 86.6% 97.6% 93.2% 97.7% 95.6% 86.7% 98.6% 71.2% 95.5% Certain Consolidated Properties are encumbered by mortgage loans of $525.2 million, excluding debt issuance costs and premiums and discounts, as of December 31, 2018. The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $21.51 and $21.01 PSF as of December 31, 2018 and 2017, respectively. 18The following table is a list of the shopping centers, summarized by state and in order of largest holdings, presented for Unconsolidated Properties (includes properties owned by unconsolidated co-investment partnerships): Location California Virginia Maryland Florida North Carolina Texas Washington Colorado Pennsylvania Minnesota Illinois New Jersey Massachusetts Indiana District of Columbia Connecticut New York Oregon Georgia South Carolina Delaware Total December 31, 2018 December 31, 2017 Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased Number of Properties GLA (in thousands) Percent of Total GLA Percent Leased 22 17 11 10 9 7 7 6 6 5 4 4 2 2 2 1 1 1 1 1 1 3,017 2,403 1,184 1,045 1,417 933 859 854 666 665 671 353 726 139 40 186 141 93 86 80 64 19.3% 15.4% 7.6% 6.7% 9.1% 6.0% 5.5% 5.5% 4.2% 4.2% 4.3% 2.3% 4.6% 0.9% 0.3% 1.2% 0.9% 0.6% 0.5% 0.5% 0.4% 120 15,622 100.0% 94.2% 94.8% 96.2% 98.8% 94.1% 98.2% 95.1% 93.2% 94.4% 99.0% 97.1% 96.4% 98.4% 100.0% 84.4% 80.1% 100.0% 100.0% 83.8% 100.0% 90.1% 95.4% 21 18 11 10 8 7 5 5 6 5 4 3 2 2 2 1 1 1 1 1 1 2,791 2,554 1,184 1,040 1,326 933 621 836 666 674 671 287 726 139 40 186 141 93 86 80 64 18.4% 16.9% 7.8% 6.9% 8.8% 6.2% 4.1% 5.5% 4.4% 4.4% 4.4% 1.9% 4.8% 0.9% 0.3% 1.2% 0.9% 0.6% 0.6% 0.5% 0.4% 115 15,138 100.0% 97.0% 94.3% 95.8% 97.4% 91.6% 97.4% 96.5% 96.2% 95.7% 98.3% 95.5% 98.2% 95.7% 99.1% 91.8% 100.0% 100.0% 98.4% 97.5% 100.0% 90.1% 95.6% Certain Unconsolidated Properties are encumbered by non-recourse mortgage loans of $1.6 billion, excluding debt issuance costs and premiums and discounts, as of December 31, 2018. The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $21.46 and $20.63 PSF as of December 31, 2018 and 2017, respectively. 19The following table summarizes the largest tenants occupying our shopping centers for Consolidated Properties plus our pro-rata share of Unconsolidated Properties, as of December 31, 2018, based upon a percentage of total annualized base rent (GLA and dollars in thousands): Tenant Publix Kroger Co. Albertsons Companies, Inc. Whole Foods TJX Companies CVS Ahold/Delhaize Bed Bath & Beyond Nordstrom Ross Dress For Less PETCO L.A. Fitness Sports Club Trader Joe's JAB Holding Company (1) Starbucks Wells Fargo Bank Gap Walgreens Target Bank of America JPMorgan Chase Bank H.E.B. Kohl's Dick's Sporting Goods Ulta Top 25 Tenants Percent of Company Owned GLA 6.5% 6.6% 4.2% 2.4% 3.0% 1.5% 1.3% 1.4% 0.7% 1.3% 0.8% 1.0% 0.6% 0.4% 0.3% 0.3% 0.5% 0.7% 1.3% 0.3% 0.2% 0.8% 1.4% 0.8% 0.4% 38.7% $ Annualized Base Rent 29,341 27,632 25,871 21,845 21,277 14,222 13,202 9,956 8,755 8,548 8,443 8,389 8,039 6,733 6,697 6,620 6,592 6,412 6,365 6,167 5,940 5,844 5,645 5,388 5,049 278,972 Percent of Annualized Base Rent 3.2% 3.0% 2.8% 2.4% 2.3% 1.6% 1.4% 1.1% 1.0% 0.9% 0.9% 0.9% 0.9% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 30.4% Number of Leased Stores 70 56 47 32 59 57 16 22 9 25 43 12 26 62 101 52 15 27 6 40 34 5 8 7 19 850 GLA 2,839 2,855 1,833 1,053 1,282 662 563 594 320 551 352 423 258 181 140 132 196 288 570 119 108 344 612 340 169 16,784 (1) JAB Holding Company includes Panera, Einstein Bros Bagels, Peet's' Coffee & Tea, and Krispy Kreme Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years. Leases greater than 10,000 square feet generally have initial lease terms in excess of five years, mostly comprised of anchor tenants. Many of the anchor leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. Our leases typically provide for the payment of fixed minimum rent, the tenant's pro-rata share of real estate taxes, insurance, and common area maintenance (“CAM”) expenses, and reimbursement for utility costs if not directly metered. 20The following table summarizes pro-rata lease expirations for the next ten years and thereafter, for our Consolidated and Unconsolidated Properties, assuming no tenants renew their leases (GLA and dollars in thousands): Lease Expiration Year Number of Tenants with Expiring Leases Pro-rata Expiring GLA Percent of Total Company GLA In Place Base Rent Expiring Under Leases Percent of Base Rent Pro-rata Expiring Average Base Rent (1) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter Total 549 1,014 1,335 1,301 1,271 1,136 620 373 325 291 359 351 321 3,146 4,815 5,102 5,535 4,456 3,573 1,888 1,972 1,892 2,182 5,738 8,925 40,620 0.8% $ 7.7% 11.9% 12.6% 13.6% 11.0% 8.8% 4.6% 4.8% 4.7% 5.4% 14.1% 100.0% $ 8,569 65,555 103,395 105,970 121,984 106,188 78,781 49,747 48,486 42,762 50,727 104,319 886,483 1.0% $ 7.4% 11.7% 11.9% 13.8% 12.0% 8.9% 5.6% 5.4% 4.8% 5.7% 11.8% 100.0% $ 26.72 20.84 21.47 20.77 22.04 23.83 22.05 26.35 24.59 22.60 23.25 18.18 21.82 (1) Leases currently under month-to-month rent or in process of renewal. During 2019, we have a total of 1,014 leases expiring, representing 3.1 million square feet of GLA. These expiring leases have an average base rent of $20.84 PSF. The average base rent of new leases signed during 2018 was $27.15 PSF. During periods of recession or when occupancy is low, tenants have more bargaining power, which may result in rental rate declines on new or renewal leases. In periods of recovery and/or when occupancy levels are high, landlords have more bargaining power, which generally results in rental rate growth on new and renewal leases. Based on current economic trends and expectations, the quality and mix of tenants in our centers, and pro-rata percent leased of 95.6%, we expect average base rent on new and renewal leases during 2019 to meet or exceed average rental rates on leases expiring in 2019. Exceptions may arise in certain geographic areas or at specific shopping centers based on the local economic situation, competition, location, quality, and size of the space being leased, among other factors. Additionally, significant changes or uncertainties affecting micro- or macroeconomic climates may cause significant changes to our current expectations. 21) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G - - ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 8 9 . 2 1 $ ! y l l a r u t a N ' . . . s o b m i J , s h p l a R ) t e g r a T ( , s n o s t r e b l A s ' l h o K , g u r D & d o o F s n o V ' t e k r a M ' s e n o t S e i l l o M y a w e f a S s s e n t i F r u o H 4 2 , t e g r a T , s t e k r a M s ' t u o r p S - - e r a w d r a H y l p p u S d r a h c r O , t e l t u O y r e c o r G e r a w d r a H & y l p p u S d r a h c r O , y a w e f a S s m r a F l o t s i r B s s e n t i F A L , y u B t s e B , s h p l a R ) y a w e f a S ( ' s e o J r e d a r T , s m r a F l o t s i r B ' s e o J r e d a r T ' , ) s y k c u L ( g u r D & d o o F s n o V ' s d o o F e l o h W l a n i F & t r a m S y a w e f a S . s o r B r e t a t S s h p l a R , t e g r a T , ) y u B t s e B ( , ) t o p e D e m o H ( k c a R m o r t s d r o N s t e k r a M ' s n o s l e G ' s e w o L s t e k r a M s ' t u o r p S s h p l a R s h p l a R - - ) s n o s t r e b l A ( s d o o F e l o h W y a w e f a S . s o r B r e t a t S s n o s t r e b l A s n o s t r e b l A 7 6 . 3 3 5 7 . 9 2 3 8 . 5 2 2 0 . 5 2 7 7 . 6 2 4 2 . 9 1 7 6 . 7 2 9 2 . 2 2 8 4 . 7 1 8 6 . 4 3 9 5 . 1 3 1 1 . 0 4 1 4 . 7 3 3 8 . 9 2 3 5 . 8 1 3 4 . 1 3 6 6 . 8 2 0 9 . 0 2 9 7 . 6 2 9 0 . 5 3 5 0 . 2 3 8 9 . 7 2 8 5 . 7 8 8 . 3 2 3 4 . 5 2 9 3 . 7 3 7 0 . 6 1 4 5 . 8 2 1 2 . 6 3 8 9 . 9 1 2 1 . 3 2 5 5 . 4 1 7 1 . 6 2 ) 3 ( t n e c r e P d e s a e L % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 5 9 % 7 . 6 9 % 2 . 9 9 % 0 . 0 0 1 % 5 . 1 9 % 0 . 0 0 1 % 5 . 9 8 % 7 . 5 9 % 0 . 0 0 1 % 7 . 7 9 % 0 . 7 9 % 0 . 7 9 % 0 . 0 0 1 % 7 . 8 9 % 0 . 0 0 1 % 6 . 8 9 % 1 . 9 9 % 0 . 0 0 1 % 7 . 5 9 % 5 . 7 9 % 8 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 9 . 8 4 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 7 9 % 7 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 s s o r G e l b a s a e L a e r A n i ( ) A L G ( ) s ' 0 0 0 r o s e g a g t r o M s e c n a r b m u c n E ) s ' 0 0 0 n i ( 1 3 0 4 2 9 8 7 0 2 2 2 1 3 9 2 5 3 4 6 0 6 2 7 6 1 9 7 1 7 1 2 3 6 6 3 1 6 5 2 1 9 6 0 1 5 4 1 0 9 9 9 7 4 1 2 9 5 8 4 4 2 6 2 2 6 6 0 3 2 8 3 2 4 8 6 7 2 1 1 9 2 0 1 2 5 1 — $ 0 0 0 5 8 , — — 4 6 9 , 9 1 0 0 3 2 2 , 6 2 0 5 4 , 4 6 8 9 , — — — — — — — — — 5 9 4 5 2 , — — — — — — 0 0 0 0 5 , 0 0 0 6 1 , — — — 9 8 4 0 1 , 9 0 3 9 1 , — 0 7 8 7 , — r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R 8 2 9 1 4 0 0 2 0 0 0 2 9 6 9 1 8 1 0 2 / 0 9 9 1 0 9 9 1 7 8 9 1 9 8 9 1 4 0 0 2 0 0 0 2 8 8 9 1 0 5 9 1 2 8 9 1 5 9 9 1 0 0 0 2 4 8 9 1 5 6 9 1 0 6 9 1 9 9 9 1 4 0 0 2 9 8 9 1 8 0 0 2 2 0 0 2 6 0 0 2 5 6 9 1 3 0 0 2 1 8 9 1 7 0 0 2 5 8 9 1 1 0 0 2 8 1 0 2 / 7 5 9 1 6 9 9 1 4 6 9 1 5 8 9 1 r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I e t a t S 7 1 0 2 4 0 0 2 0 0 0 2 2 1 0 2 5 0 0 2 9 9 9 1 5 0 0 2 7 1 0 2 3 0 0 2 0 0 0 2 9 9 9 1 7 1 0 2 9 9 9 1 9 9 9 1 0 0 0 2 9 9 9 1 9 9 9 1 5 0 0 2 9 9 9 1 4 0 0 2 9 9 9 1 8 0 0 2 2 0 0 2 6 0 0 2 5 0 0 2 3 0 0 2 9 9 9 1 7 0 0 2 5 0 0 2 8 0 0 2 5 0 0 2 9 9 9 1 5 0 0 2 9 9 9 1 % 5 8 % 0 4 % 0 2 % 0 4 % 5 2 % 0 4 % 0 4 % 0 2 % 0 4 % 0 2 % 0 4 % 0 4 A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C ) 1 ( A S B C d r a w y a H - d n a l k a O - o c s i c n a r F n a S e m a N y t r e p o r P o r e r t o P 0 0 2 m i e h a n A - h c a e B g n o L - s e l e g n A s o L r e t n e C n w o T s t h g i e H e g i r e m A d r a w y a H - d n a l k a O - o c s i c n a r F n a S r e t n e C g n i p p o h S l l i h y a B d a b s l r a C - o g e i D n a S r e t n e C g n i p p o h S a s e M a o b l a B d a b s l r a C - o g e i D n a S r e t n e C n w o T s n o m m o C S 4 a r a l C a t n a S - e l a v y n n u S - e s o J n a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L m i e h a n A - h c a e B g n o L - s e l e g n A s o L ) 6 ( e c a l p t e k r a M a e r B y e l l a V m o s s o l B t s e W r e t n e C e l c r i C d r a w y a H - d n a l k a O - o c s i c n a r F n a S r e t n e C g n i p p o h S y e l l a V n o t y a l C i d o L - n o t k c o t S d a b s l r a C - o g e i D n a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L d r a w y a H - d n a l k a O - o c s i c n a r F n a S r e t n e C e d r e V a t s o C w o l l o H l a r r o C r e t n e C r e v l u C a z a l P o l b a i D m i e h a n A - h c a e B g n o L - s e l e g n A s o L r e t n e C g n i p p o h S o n i m a C l E d r a w y a H - d n a l k a O - o c s i c n a r F n a S d a b s l r a C - o g e i D n a S d r a w y a H - d n a l k a O - o c s i c n a r F n a S a z a l P y w k P e t r o N l E a z a l P o t i r r e C l E e d n a r G a n i c n E e d a c r A - n e d r A - - e l l i v e s o R - - o t n e m a r c a S g n i s s o r C y t i C e i r i a r P m o s l o F o i r a t n O - o n i d r a n r e B n a S - e d i s r e v i R r e t n e C e g a l l i V y e l l a V h c n e r F a r a b r a B a t n a S - a i r a M a t n a S r e t n e C g n i p p o h S s t n i o P e v i F d a b s l r a C - o g e i D n a S r e t n e C n o i s s i M s r a i r F d r a w y a H - d n a l k a O - o c s i c n a r F n a S 1 0 1 y a w e t a G a r u t n e V - s k a O d n a s u o h T - d r a n x O a z a l P t e k r a M e k a l t s e W ' s n o s l e G o y o r r A - s e l b o R o s a P - o p s i b O s i u L n a S e d n a r G m i e h a n A - h c a e B g n o L - s e l e g n A s o L a z a l P s l l i H n e d l o G e g a l l i V a d a n a r G m i e h a n A - h c a e B g n o L - s e l e g n A s o L e g a l l i V n o y n a C y e l s a H m i e h a n A - h c a e B g n o L - s e l e g n A s o L o i r a t n O - o n i d r a n r e B n a S - e d i s r e v i R m i e h a n A - h c a e B g n o L - s e l e g n A s o L m i e h a n A - h c a e B g n o L - s e l e g n A s o L a z a l P l e u g i N a n u g a L s e r o h S a n i r a M e r a u q S n o s r e f f e J a z a l P e g a t i r e H m i e h a n A - h c a e B g n o L - s e l e g n A s o L d a b s l r a C - o g e i D n a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L r e t n e C g n i p p o h S o j a v a N a z a l P e d i s g n i n r o M r e t n e C d n a l w e N a r a l C a t n a S - e l a v y n n u S - e s o J n a S r e t n e C g n i p p o h S a s o p i r a M . s e i t r e p o r P d e t a d i l o s n o c n U d n a d e t a d i l o s n o C r u o t u o b a n o i t a m r o f n i r e h t r u f r o f , s i s y l a n A d n a n o i s s u c s i D s ' t n e m e g a n a M , 7 m e t I e e s o s l a d n a e l b a t y t r e p o r p g n i w o l l o f e h t e e S 22 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G y a w e f a S s t e k r a M ' s n o s l e G m e t s y S g n i k r a P l a r t n e C k c a R m o r t s d r o N , s d o o F e l o h W - - g u r D & d o o F s n o V ' n o t g n i l r u B , t e g r a T y e n n e P C J g u r D & d o o F s n o V ' y a w e f a S ' s e o J r e d a r T ' s y e l a R s h p l a R l a n i F & t r a m S e s u o h e r a W r e p u S r o i r e p u S y u B t s e B , x x a M J T s n o V ) y a w e f a S ( g u r D & d o o F s n o V ' ) y a w e f a S ( , s d o o G g n i t r o p S s k c i D ' , t e g r a T ' , s y c a M k c a R m o r t s d r o N , s ' r e t s u B & e v a D , y e n n e P C J ) e r a w d r a H y l p p u S d r a h c r O ( l l i H b o N y a w e f a S e r a w d r a H y l p p u S d r a h c r O , t r a M - l a W s h p l a R y a w e f a S ' s e o J r e d a r T , s h p l a R y a w e f a S s d o o F e l o h W . s o r B r e t a t S s h p l a R t e k r a M l a n o i t a n r e t n I s a l t A , t e g r a T s ' l h o K , s d o o F e l o h W s d o o F e l o h W s s e L r o f s s e r D s s o R ' , s n o V y a w e f a S ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 7 6 . 2 2 3 8 . 0 2 5 7 . 3 8 3 0 . 5 3 9 8 . 4 4 1 1 . 6 2 7 7 . 2 2 8 0 . 1 1 0 7 . 2 2 2 8 . 3 3 6 5 . 4 3 0 5 . 2 1 3 3 . 8 1 3 2 . 2 2 4 0 . 1 2 3 2 . 5 3 9 4 . 0 3 4 5 . 6 3 2 6 . 5 2 0 7 . 0 4 4 7 . 4 2 0 1 . 3 2 7 7 . 7 1 0 2 . 9 1 1 3 . 0 2 3 4 . 2 2 9 2 . 4 2 8 7 . 8 3 0 8 . 4 2 8 8 . 8 3 7 5 . 1 3 6 1 . 0 2 4 8 . 0 2 3 6 . 6 2 9 8 . 3 3 7 8 . 1 2 3 1 . 8 1 ) 3 ( t n e c r e P d e s a e L % 3 . 6 9 % 8 . 8 9 % 6 . 9 9 % 0 . 0 0 1 % 8 . 8 9 % 8 . 2 9 % 0 . 0 0 1 % 8 . 6 7 % 8 . 8 9 % 5 . 3 8 % 2 . 1 9 % 0 . 0 0 1 % 0 . 0 0 1 % 6 . 4 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 5 9 % 0 . 0 0 1 n i ( ) A L G ) s ' 0 0 0 4 0 1 3 8 6 4 1 3 5 1 5 5 1 5 9 7 2 2 3 6 1 5 0 2 7 2 2 6 6 1 3 6 0 6 3 5 1 2 5 4 5 1 2 3 1 0 5 7 9 3 0 1 % 4 . 7 9 4 7 0 1 , % 0 . 0 0 1 % 0 . 9 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 3 . 9 9 % 2 . 5 9 % 7 . 6 9 % 0 . 0 4 % 0 . 0 0 1 % 2 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 3 1 1 5 8 2 9 8 0 1 2 0 1 6 4 1 9 4 1 1 1 1 0 3 2 2 1 1 8 9 8 0 2 3 7 1 7 8 1 5 1 8 8 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( 0 7 5 7 , — — — — — 0 0 0 0 5 , — 1 0 9 4 2 , — — — — 8 6 4 1 2 , — — 0 0 0 7 2 , — 0 0 2 2 , — — — 9 3 6 9 , 7 6 8 2 1 , — — — — — 0 0 0 , 0 9 — 7 0 5 9 , — — — 9 9 6 7 , — s s o r G e l b a s a e L a e r A r o s e g a g t r o M r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A 8 9 9 1 2 8 9 1 8 6 9 1 4 1 0 2 2 0 0 2 4 8 9 1 0 7 9 1 1 8 9 1 7 8 9 1 8 6 9 1 7 8 9 1 4 6 9 1 3 8 9 1 1 8 9 1 9 8 9 1 9 9 9 1 7 1 0 2 2 8 9 1 6 6 9 1 6 9 9 1 8 6 9 1 3 8 9 1 4 7 9 1 8 8 9 1 2 1 0 2 7 0 0 2 0 9 9 1 0 9 9 1 0 9 9 1 2 9 9 1 / 2 6 9 1 7 1 0 2 8 1 0 2 / 8 7 9 1 8 8 9 1 3 0 0 2 4 1 0 2 2 7 9 1 6 9 9 1 1 1 0 2 9 9 9 1 7 1 0 2 4 1 0 2 7 1 0 2 9 9 9 1 5 0 0 2 7 1 0 2 5 0 0 2 7 1 0 2 1 0 0 2 7 0 0 2 7 1 0 2 5 0 0 2 9 9 9 1 7 1 0 2 7 1 0 2 9 9 9 1 2 0 0 2 9 9 9 1 7 1 0 2 9 9 9 1 5 0 0 2 5 0 0 2 2 1 0 2 7 1 0 2 9 9 9 1 2 1 0 2 7 1 0 2 8 1 0 2 6 1 0 2 5 0 0 2 9 9 9 1 2 0 0 2 4 1 0 2 7 1 0 2 9 9 9 1 ) 2 ( - r e n w O i p h s t s e r e t n I % 0 5 % 0 4 % 0 4 % 0 2 % 0 4 % 0 2 % 0 4 % 0 4 % 4 9 . % 0 4 e t a t S ) 1 ( A S B C e m a N y t r e p o r P A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C A C e d a c r A - n e d r A - - e l l i v e s o R - - o t n e m a r c a S r e t n e C n w o T e d a h S k a O a r u t n e V - s k a O d n a s u o h T - d r a n x O a z a l P k o o r b k a O d r a w y a H - d n a l k a O - o c s i c n a r F n a S l a c i d e M s t h g i e H s u s s a n r a P d r a w y a H - d n a l k a O - o c s i c n a r F n a S d r a w y a H - d n a l k a O - o c s i c n a r F n a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L e c a l P n o m m i s r e P a l e u c s E a z a l P a s o m r e H a z a l P d r a w y a H - d n a l k a O - o c s i c n a r F n a S r e t n e C g n i p p o h S l l i H t n a s a e l P d r a w y a H - d n a l k a O - o c s i c n a r F n a S d a b s l r a C - o g e i D n a S d r a w y a H - d n a l k a O - o c s i c n a r F n a S d r a w y a H - d n a l k a O - o c s i c n a r F n a S e d a c r A - n e d r A - - e l l i v e s o R - - o t n e m a r c a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L a z a l P n o t n a s a e l P a z a l P a m o L t n i o P r e t n e C o r e r t o P t e k r a m r e p u S s y e l a R ' r e t n e C e l c r i C s h p l a R a z a l P t e e r t S l l e w o P m i e h a n A - h c a e B g n o L - s e l e g n A s o L a z a l P a n o R d r a w y a H - d n a l k a O - o c s i c n a r F n a S e c a l p t e k r a M s o l r a C n a S d a b s l r a C - o g e i D n a S e g a l l i V o g e i D n a S o h c n a R d a b s l r a C - o g e i D n a S e c a l p t e k r a M h c n a R s p p i r c S d r a w y a H - d n a l k a O - o c s i c n a r F n a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L d r a w y a H - d n a l k a O - o c s i c n a r F n a S d r a w y a H - d n a l k a O - o c s i c n a r F n a S a r a l C a t n a S - e l a v y n n u S - e s o J n a S a p a N a z a l P o r d n a e L n a S n o i t a t S a i o u q e S h c a e B l a e S r e t n e C e t n o m a r r e S d a e t s e m o H t a s e p p o h S a z a l P o d a r e v l i S m i e h a n A - h c a e B g n o L - s e l e g n A s o L m i e h a n A - h c a e B g n o L - s e l e g n A s o L d r a w y a H - d n a l k a O - o c s i c n a r F n a S r e t n e C e g a l l i V a g e l a T g n i s s o r C a r a j a s s a T e g a l l i V y a B h t u o S a r a l C a t n a S - e l a v y n n u S - e s o J n a S a z a l P m a h n a r B & l l e n S e d a c r A - n e d r A - - e l l i v e s o R - - o t n e m a r c a S r t C g n i p p o h S e c a l p t e k r a M e h T m i e h a n A - h c a e B g n o L - s e l e g n A s o L r e t n e C y r t n u o C d n a n w o T m i e h a n A - h c a e B g n o L - s e l e g n A s o L y c a g e L n i t s u T m i e h a n A - h c a e B g n o L - s e l e g n A s o L r e t n e C g n i p p o h S s k a O n i w T d a b s l r a C - o g e i D n a S t e k r a M t s e r c l l i H b u H e h T d a b s l r a C - o g e i D n a S m i e h a n A - h c a e B g n o L - s e l e g n A s o L m i e h a n A - h c a e B g n o L - s e l e g n A s o L m i e h a n A - h c a e B g n o L - s e l e g n A s o L a r a l C a t n a S - e l a v y n n u S - e s o J n a S s d a o r s s o r C a i c n e l a V a t s e r o l F a L t a e g a l l i V r e t n e C e l c r i ' C s n o V a z a l P k r a P t s e W s k a e P n i w T 23 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G s t u o r p S d n a g u r D & d o o F s n o V ' - - r e p u S l E ) t e g r a T ( t n e m e s a B s t r o p S y b b o L y b b o H , s r e p o o S g n i K y a w e f a S s r e p o o S g n i K ) y a w e f a S ( s r e p o o S g n i K y b b o L y b b o H s r e p o o S g n i K s d o o F e l o h W ) e l b o N & s e n r a B , s d o o F e l o h W ( ) t r a M - l a W ( s r e p o o S g n i K s r e p o o S g n i K s r e p o o S g n i K s r e p o o S g n i K ) s r e p o o S g n i K ( s r e p o o S g n i K s r e p o o S g n i K ) s r e p o o S g n i K ( s r e p o o S g n i K s r e p o o S g n i K - - - - - - - - e t i R p o h S ' s e o J r e d a r T s ' l h o K , p o h S & p o t S p o h S e l i T e h T , y u B t s e B ' , s e o J r e d a r T ' s e o J r e d a r T s ' l h o K - - ' s e o J r e d a r T ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 0 5 . 5 4 3 5 . 9 2 0 9 . 5 1 8 0 . 5 2 4 4 . 7 3 7 2 . 3 1 3 5 . 8 1 6 0 . 0 2 7 4 . 0 3 0 4 . 1 1 7 0 . 2 1 4 2 . 0 1 5 5 . 7 2 4 2 . 9 2 1 0 . 3 2 3 2 . 1 1 6 7 . 0 2 6 3 . 0 1 6 0 . 2 1 4 2 . 2 3 0 1 . 2 1 8 4 . 1 1 1 9 . 8 2 2 3 . 3 1 1 2 . 3 1 0 0 . 0 6 5 4 . 7 2 4 1 . 9 2 6 7 . 7 4 7 5 . 4 1 5 4 . 9 4 9 1 . 4 1 3 5 . 4 3 9 9 . 3 2 6 9 . 8 1 4 7 . 4 3 2 9 . 3 5 ) 3 ( t n e c r e P d e s a e L % 4 . 7 9 % 9 . 8 8 % 0 . 0 0 1 % 5 . 8 9 % 0 . 0 0 1 % 9 . 0 9 % 0 . 5 9 % 0 . 0 0 1 % 2 . 4 7 % 4 . 6 9 % 0 . 0 0 1 % 3 . 6 9 % 7 . 8 9 % 0 . 7 4 % 8 . 3 9 % 0 . 0 0 1 % 0 . 0 0 1 % 4 . 5 9 % 3 . 8 9 % 0 . 0 9 % 0 . 0 0 1 % 0 . 7 9 % 5 . 2 9 % 0 . 0 0 1 % 4 . 4 9 % 0 . 0 0 1 % 0 . 0 0 1 % 8 . 7 9 % 3 . 8 8 % 4 . 1 9 % 0 . 0 0 1 % 0 . 0 0 1 % 1 . 0 8 % 0 . 0 0 1 % 0 . 0 0 1 % 6 . 9 8 % 0 . 0 0 1 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I e t a t S ) 1 ( A S B C e m a N y t r e p o r P 1 0 2 9 4 2 8 0 1 1 8 0 1 1 3 5 3 9 5 1 7 1 1 9 7 6 1 1 9 1 1 7 9 3 4 1 0 2 2 2 0 0 1 8 4 9 9 3 8 9 2 5 8 3 8 8 3 3 9 6 1 1 4 5 8 9 3 2 1 7 1 2 3 4 5 8 1 6 8 1 4 2 1 3 5 1 4 9 0 2 — — — — 9 7 1 6 2 , — 8 2 4 3 1 , — — — — 5 4 1 4 , 2 2 9 5 1 , — — — 0 5 2 8 , — — — — 5 4 1 4 , — — — — — 0 0 0 0 2 , 0 0 0 3 3 , — — 3 9 2 3 1 , 9 9 8 7 3 , — — — — 5 7 9 1 5 1 0 2 2 9 9 1 3 9 9 1 8 6 9 1 6 5 9 1 7 5 9 1 8 7 9 1 6 8 9 1 8 7 9 1 7 0 0 2 8 7 9 1 6 8 9 1 5 9 9 1 5 0 0 2 3 0 0 2 1 1 0 2 7 9 9 1 8 9 9 1 6 0 0 2 9 9 9 1 7 7 9 1 8 0 0 2 8 9 9 1 8 9 9 1 4 8 9 1 5 6 9 1 6 9 9 1 7 0 0 2 5 8 9 1 0 6 9 1 9 7 9 1 2 6 9 1 5 8 9 1 8 7 9 1 0 0 0 2 8 7 9 1 9 9 9 1 7 1 0 2 9 9 9 1 9 9 9 1 5 0 0 2 5 0 0 2 5 0 0 2 4 0 0 2 9 9 9 1 9 9 9 1 7 0 0 2 5 0 0 2 1 0 0 2 8 1 0 2 5 0 0 2 2 0 0 2 1 1 0 2 9 9 9 1 8 9 9 1 6 0 0 2 8 9 9 1 5 0 0 2 8 0 0 2 8 9 9 1 8 9 9 1 7 1 0 2 7 1 0 2 4 1 0 2 4 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 5 0 0 2 7 1 0 2 7 1 0 2 4 1 0 2 7 1 0 2 % 0 4 % 0 4 % 0 4 % 0 4 % 0 2 % 0 2 % 0 5 % 0 4 % 0 8 % 0 8 % 0 4 % 0 8 A C A C A C A C A C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C O C T C T C T C T C T C T C T C T C T C T C T C T C d r a w y a H - d n a l k a O - o c s i c n a r F n a S ) 6 ( r e t n e C g n i p p o h S s w o l l i W m i e h a n A - h c a e B g n o L - s e l e g n A s o L d r a w y a H - d n a l k a O - o c s i c n a r F n a S d r a w y a H - d n a l k a O - o c s i c n a r F n a S s y u N n a V n a m d o o W l a r t n e C e d i s d o o W a z a l P o i c a n g Y d o o w e k a L - a r o r u A - r e v n e D r e t n e C g n i p p o h S d o o w e l p p A e o h a p a r A a k f ( e o h a p a r A n O e v o c l A r e d l u o B d o o w e k a L - a r o r u A - r e v n e D d o o w e k a L - a r o r u A - r e v n e D d o o w e k a L - a r o r u A - r e v n e D e r a u q S w e i v e l l e B r e t n e C d r a v e l u o B e r a u q S y e l k c u B ) e g a l l i V y e l e e r G I e s a h P I I I y e l e e r G f o e c a l p r e t n e C d o o w e k a L - a r o r u A - r e v n e D r e d l u o B r e d l u o B s g n i r p S o d a r o l o C d o o w e k a L - a r o r u A - r e v n e D d o o w e k a L - a r o r u A - r e v n e D d o o w e k a L - a r o r u A - r e v n e D d o o w e k a L - a r o r u A - r e v n e D s g n i r p S o d a r o l o C s g n i r p S o d a r o l o C s n o m m o C s d a o r s s o r C e r a u q S d o o w y r r e h C I I s n o m m o C s d a o r s s o r C e c a l p t e k r a M n o c l a F e g a l l i V p o t l l i H e c a l P t n e K e r a u q S n o t e l t t i L r e t n e C g n i K d y o l L e t a g r a i r B t a e c a l p t e k r a M k e e r C n o s k c a J t n e m u n o M d o o w e k a L - a r o r u A - r e v n e D d o o w e k a L - a r o r u A - r e v n e D s g n i r p S o d a r o l o C k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B d r o f t r a H t s a E - d r o f t r a H t s e W - d r o f t r a H k e e r C l i a u Q t a s p o h S a z a l P n e m d o o W d a o R t n e c s e r C 2 2 d a o R y r u b n a D 1 9 h c n a R h o r t S ) 6 ( k l a W k c i r B k c o R k c a l B a z a l P e d i s k o o r B k l a w r o N - d r o f m a t S - t r o p e g d i r B d r o f t r a H t s a E - d r o f t r a H t s e W - d r o f t r a H k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B a z a l P l l i H s p p o C r e n r o C s n i b r o C ' n e e r G y r u b n a D ) 6 ( a z a l P r o n i r a D ) 6 ( r e t n e C d l e i f r i a F a z a l P d a o R t s o P k l a w r o N - d r o f m a t S - t r o p e g d i r B r e t n e C g n i p p o h S s e r c A o p m o C d o o w e k a L - a r o r u A - r e v n e D r e t n e C g n i p p o h S e r a u q S n o t s l a R a r u t n e V - s k a O d n a s u o h T - d r a n x O r e t n e C d n a a z a l P e g a l l i V e k a l t s e W 24 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G e t i R p o h S t e k r a M h s e r F e h T t r a M - l a W ' s e o J r e d a r T - - t r a M K - , s t e k r a M e m c A - - ' ) s y k c u L ( x i l b u P s s e n t i F A L x i l b u P d n o y e B & h t a B , d e B - - x i l b u P - - e i x i D - n n i W s l l a e B , x i l b u P x i l b u P e s i w n e e r G x i l b u P x i l b u P x i l b u P t e k r a M h s e r F e h T ) s ' l h o K ( ' s e o J r e d a r T t r a M - l a W t r a M - l a W x i l b u P t o p e D e m o H , e i x i D - n n i W i d l A x i l b u P x i l b u P t r a M n i e t S , x i l b u P t e g r a T , ) x i l b u P ( ) t e g r a T ( , x i l b u P ) t e g r a T ( , x i l b u P x i l b u P y u B t s e B ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 6 6 . 2 2 2 7 . 0 4 6 5 . 0 9 1 . 1 4 9 4 . 3 1 1 8 8 . 4 1 8 7 . 3 2 3 9 . 1 2 7 6 . 3 1 8 8 . 6 1 4 7 . 6 3 8 8 . 7 3 4 7 . 5 2 9 2 . 4 1 5 2 . 0 2 2 2 . 3 2 4 3 . 5 1 3 3 . 4 1 9 1 . 2 2 2 6 . 6 1 9 5 . 1 2 1 2 . 6 2 3 7 . 4 5 0 6 . 2 2 5 6 . 3 1 8 3 . 0 1 0 6 . 5 2 2 2 . 2 1 2 1 . 1 3 4 8 . 3 1 5 8 . 9 1 5 6 . 8 1 0 5 . 3 6 9 . 5 1 0 8 . 5 2 1 0 . 8 1 3 9 . 1 2 ) 3 ( t n e c r e P d e s a e L % 4 . 6 9 % 5 . 4 8 % 0 . 0 0 1 % 8 . 5 8 % 4 . 2 8 % 6 . 5 9 % 1 . 0 9 % 9 . 3 9 % 9 . 5 9 % 5 . 2 9 % 9 . 8 9 % 3 . 9 7 % 4 . 3 3 % 5 . 7 9 % 0 . 0 0 1 % 5 . 8 9 % 8 . 0 9 % 3 . 6 9 % 6 . 7 9 % 9 . 4 9 % 4 . 4 9 % 0 . 0 0 1 % 0 . 5 3 % 0 . 0 0 1 % 7 . 3 8 % 3 . 8 7 % 0 . 9 9 % 4 . 5 9 % 8 . 8 9 % 3 . 5 9 % 0 . 1 9 % 2 . 3 9 % 0 . 0 0 1 % 5 . 7 9 % 4 . 6 9 % 0 . 0 0 1 % 0 . 0 0 1 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( 6 5 1 0 9 2 4 1 3 2 7 1 2 3 2 4 6 8 3 2 0 1 5 0 1 7 9 4 4 1 3 3 0 1 1 0 4 2 9 1 4 5 2 4 2 1 2 9 0 1 1 5 0 1 0 5 1 1 3 7 6 8 1 9 1 5 1 9 0 3 5 7 2 8 1 0 1 3 9 1 7 3 1 2 3 1 7 7 1 0 9 3 9 — 4 3 4 3 1 , — — 8 0 0 2 1 , — — — — — — 3 8 0 7 , — — — — — — — — — — — — — — — 0 5 7 7 2 , — — 0 0 0 6 1 , — — — — — — r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A 9 7 9 1 3 7 9 1 6 5 9 1 6 0 0 2 0 3 9 1 1 8 9 1 1 7 9 1 6 8 9 1 8 8 9 1 4 8 9 1 4 7 9 1 1 9 9 1 1 7 9 1 2 9 9 1 2 6 9 1 8 8 9 1 8 1 0 2 / 7 8 9 1 6 8 9 1 8 7 9 1 3 9 9 1 8 7 9 1 3 1 0 2 7 0 0 2 8 7 9 1 1 0 0 2 0 8 9 1 6 8 9 1 2 6 9 1 8 6 9 1 7 9 9 1 5 8 9 1 6 8 9 1 7 8 9 1 0 0 0 2 3 1 0 2 1 9 9 1 5 9 9 1 7 1 0 2 7 1 0 2 7 1 0 2 6 0 0 2 5 0 0 2 8 9 9 1 5 0 0 2 7 1 0 2 3 9 9 1 7 1 0 2 4 9 9 1 7 1 0 2 7 1 0 2 4 9 9 1 7 1 0 2 7 1 0 2 8 9 9 1 7 1 0 2 7 1 0 2 7 9 9 1 7 1 0 2 3 1 0 2 7 0 0 2 4 9 9 1 7 1 0 2 7 1 0 2 3 9 9 1 7 1 0 2 7 1 0 2 7 0 0 2 7 1 0 2 7 1 0 2 3 9 9 1 8 9 9 1 3 1 0 2 7 9 9 1 7 1 0 2 ) 2 ( - r e n w O i p h s t s e r e t n I % 5 2 % 0 4 % 0 4 % 0 3 e t a t S T C T C T C C D C D E D E D L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F ) 1 ( A S B C d r o f l i M - n e v a H w e N k l a w r o N - d r o f m a t S - t r o p e g d i r B k l a w r o N - d r o f m a t S - t r o p e g d i r B e m a N y t r e p o r P n e e r G y r u b h t u o S r e t n e C e g a l l i V e h T k l a w r o N t r a m l a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i b m u l o C e h T t a s p o h S a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S y e l l a V g n i r p S n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P d r o f n a S - e e m m i s s i K - o d n a l r O e l l i v n o s k c a J e l l i v n o s k c a J n y l y a r G f o s e p p o h S k e e r C e k i P e g a l l i V a y a f a l A a z a l P a i s a t s a n A e g a l l i V c i t n a l t A h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t n e C g n i p p o h S a r u t n e v A h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M ) 6 ( e r a u q S a r u t n e v A h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M g n i d l i u B r a l u p o P o c n a B d n a l s I o c r a M - e e l a k o m m I - s e l p a N s n o m m o C e r i h s k r e B h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e r a u q S e l a d g n i m o o l B s e p p o h S e r a u q S s f f u l B e r a u q S e g a l l i V a c o B a z a l P s e k a L n o t n y o B a z a l P n o t n y o B a z a l P 7 0 1 d r i B m u l d u L d r i B h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e e s s a h a l l a T e i c u L . t S t r o P a d r o G a t n u P h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M g n i s s o r C o g i l a C e t a G e g a i r r a C s r e n r o C e r e m h s a C e r a u q S e t t o l r a h C a z a l P d o o w e s a h C h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M a z a l P g n i p p o h S d r o c n o C h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t n e C g n i p p o h S f e e R l a r o C e l l i v n o s k c a J e d i s r e v i R n o n o i t a t S n y l k o o r B s r e y M t r o F - l a r o C e p a C h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e l l i v n o s k c a J e l l i v n o s k c a J h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M n o t n e d a r B - a t o s a r a S - t r o P h t r o N r e t n e C g n i p p o h S d r a y t r u o C a z a l P k l a W y r t n u o C s p o h S e d i s y r t n u o C e g a l l i V w e r c s k r o C d n a l s I g n i m e l F e r a u q S n i a t n u o F e r a u q S n e d r a G s e p p o h S y r a g n e l G 25 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( x i l b u P x i l b u P l l a d n e K ( , y r a r b i L c i l b u P e d a D - o r t e M , x i l b u P ) a n e r A e c I x i l b u P - - x i l b u P x i l b u P s s e n t i F A L s s e n t i F A L , y b b o L y b b o H , s t r o p S y m e d a c A - - s d o o F e l o h W x i l b u P x i l b u P t r a M K - , x i l b u P x i l b u P x i l b u P x i l b u P x i l b u P y b b o H , y r o t c a F t a o C n o t g n i l r u B , x i l b u P y b b o L s d o o F e l o h W s s e n t i F A L x i l b u P y r o t c a F t a o C n o t g n i l r u B , x i l b u P t e k r a M h s e r F e h T x i l b u P ) t e g r a T ( , s d o o F e l o h W x i l b u P y r o t c a F t a o C n o t g n i l r u B , e i x i D - n n i W d n o y e B & h t a B , d e B ) l l i d c a M ( , ) y u B t s e B ( , r e t a e h T C M A x i l b u P - - x i l b u P x i l b u P s s e n t i F A L , s ' l h o K , x i l b u P e i x i D - n n i W 6 2 . 6 1 2 3 . 5 1 2 2 . 7 1 5 9 . 5 1 4 7 . 7 2 5 3 . 5 1 9 1 . 6 1 4 3 . 3 2 5 6 . 5 1 8 2 . 8 1 6 0 . 8 1 0 4 . 7 1 2 4 . 6 1 0 7 . 7 7 7 . 9 1 2 0 . 5 1 6 9 . 4 1 0 9 . 4 1 7 9 . 9 3 6 . 6 1 3 2 . 1 2 7 2 . 5 1 8 5 . 4 1 6 8 . 7 1 7 0 . 4 1 9 7 . 8 3 9 2 . 6 2 8 2 . 5 1 4 5 . 1 2 8 4 . 8 1 5 2 . 1 1 3 5 . 6 1 1 5 . 2 1 5 8 . 2 2 1 2 . 8 1 3 9 . 8 1 ) 3 ( t n e c r e P d e s a e L % 0 . 0 0 1 % 0 . 2 9 % 7 . 8 9 % 6 . 9 8 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 6 9 % 7 . 3 9 % 0 . 0 0 1 % 0 . 0 9 % 0 . 0 0 1 % 8 . 1 9 % 5 . 1 9 % 0 . 0 0 1 % 0 . 0 0 1 % 1 . 8 9 % 6 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 2 . 0 9 % 0 . 0 0 1 % 9 . 6 9 % 0 . 7 9 % 4 . 0 9 % 3 . 7 8 % 5 . 9 9 % 2 . 8 9 % 5 . 3 9 % 5 . 7 9 % 8 . 8 8 % 0 . 0 0 1 % 5 . 1 9 % 4 . 8 9 % 1 . 4 9 % 0 . 0 0 1 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( 9 7 3 3 1 4 8 1 1 5 4 5 7 2 8 5 1 1 0 6 3 7 1 0 4 1 3 8 5 2 1 1 8 1 7 0 1 5 7 4 7 7 8 6 5 2 8 5 1 8 6 1 7 7 5 5 2 8 1 1 3 6 0 7 2 0 2 2 0 2 4 2 1 2 5 3 5 1 1 5 7 0 1 7 8 6 0 5 2 1 1 — — — — — 0 0 0 9 , 0 0 0 0 1 , — — — — — — — — — — 8 4 1 4 , — — — — — — — — 0 0 5 6 3 , — — — — — — 5 6 8 8 , — — r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A 0 0 0 2 2 8 9 1 7 8 9 1 6 0 0 2 4 1 0 2 4 0 0 2 9 9 9 1 3 7 9 1 8 8 9 1 6 7 9 1 6 7 9 1 4 7 9 1 9 9 9 1 6 8 9 1 7 0 0 2 5 9 9 1 6 0 0 2 0 0 0 2 0 9 9 1 4 7 9 1 2 8 9 1 0 0 0 2 9 9 9 1 6 8 9 1 9 9 9 1 7 1 0 2 0 0 0 2 0 7 9 1 3 9 9 1 6 8 9 1 7 8 9 1 7 8 9 1 2 8 9 1 9 0 0 2 3 7 9 1 8 1 0 2 / 0 9 9 1 0 0 0 2 7 1 0 2 7 1 0 2 6 0 0 2 7 1 0 2 3 0 0 2 9 9 9 1 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 3 9 9 1 7 0 0 2 4 9 9 1 7 0 0 2 7 0 0 2 6 0 0 2 0 0 0 2 6 9 9 1 7 1 0 2 7 1 0 2 0 0 0 2 7 1 0 2 7 1 0 2 7 9 9 1 7 1 0 2 6 1 0 2 7 1 0 2 7 1 0 2 3 9 9 1 7 1 0 2 7 1 0 2 7 1 0 2 9 0 0 2 7 1 0 2 8 9 9 1 ) 2 ( - r e n w O i p h s t s e r e t n I % 0 2 % 0 2 % 0 5 % 0 2 % 0 5 e t a t S L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e r t n e C g n i p p o h S d o o w n e e r G h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t n e C n w o T s k c o m m a H h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M ' s d l a n o D c M d a e t s e m o H e l l i v n o s k c a J n o i l i v a P a i n r e b i H ) 1 ( A S B C s r e y M t r o F - l a r o C e p a C k a O e d n a r G f o s e p p o h S e m a N y t r e p o r P e l l i v n o s k c a J e l l i v n o s k c a J d r o f n a S - e e m m i s s i K - o d n a l r O d r o f n a S - e e m m i s s i K - o d n a l r O h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e l l i v n o s k c a J e l l i v s e n i a G r e t n e C g n i p p o h S r e p p o h l l i M r e t n e C k e e r C s n h o J ' e g a l l i V n o t g n i l u J s e p p o h S n a m k r i K e r t n e C y r a M e k a L s l e c r a p t u O a n a t n a L g n i d n a L n i r a d n a M d n a l s I o c r a M - e e l a k o m m I - s e l p a N r e t n e C g n i p p o h S k l a W s e l p a N e l l i v s e n i a G e l l i v n o s k c a J r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T e l l i v n o s k c a J e e s s a h a l l a T e l l i v n o s k c a J e l l i v n o s k c a J d n a l s I o c r a M - e e l a k o m m I - s e l p a N r e t n e C n w o T e e t a c o N e r a u q S y r r e b w e N e r a u q S e t a g h t r o N s n o m m o C f a e l k a O ) 6 ( s r e n r o C a l a c O a z a l P e n i t s u g u A t S d l O a z a l P o l b a P n o i l l i v a P h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e l l i v n o s k c a J h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M d r o f n a S - e e m m i s s i K - o d n a l r O e r a u q S e g d i R e n i P ) 7 ( ) 6 ( e c a l P t s e r c e n i P a z a l P e e r T e n i P a i z e n e V a z a l P d n a l s I e n i P h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t n e C g n i p p o h S e l a y o R t n i o P d n a l s I o c r a M - e e l a k o m m I - s e l p a N a z a l P k o o r b e l b b e P f o s e p p o h S h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T h c a e B o r e V - n a i t s a b e S e i c u L . t S t r o P h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e l l i v n o s k c a J h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e r t n e C y t i r e p s o r P e r a u q S y c n e g e R e r a u q S d o o w n a y R e g a l l i V o n r e l a S e d a n e m o r P s s a r g w a S s e p p o h S e l o n i m e S a z a l P n a d i r e h S 4 0 1 @ s e p p o h S 26 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( ) s ' l h o K ( , x i l b u P x i l b u P x i l b u P ) x i l b u P ( t r a M n i e t S , x i l b u P x i l b u P - - - - - - s s e n t i F A L , x i l b u P t r a M n i a e t S , t o p e D e m o H ' , s e o J r e d a r T x i l b u P - - ) t e g r a T ( , s ' l h o K x i l b u P s s e n t i F A L , x i l b u P - - 0 s s e L r o f s s e r D s s o R - - x i l b u P ' s y k c u L k c a R m o r t s d r o N , s d o o F e l o h W x i l b u P x i l b u P x i l b u P x i l b u P x i l b u P x i l b u P e i x i D - n n i W x i l b u P x i l b u P x i l b u P x i l b u P - - - - x i l b u P 6 2 . 0 2 1 5 . 5 1 1 1 . 1 2 1 6 . 4 2 9 6 . 6 1 6 0 . 9 1 5 9 . 5 2 2 9 . 2 2 1 1 . 3 2 4 4 . 2 2 7 9 . 4 1 0 8 . 6 1 6 5 . 5 2 9 2 . 5 7 9 . 2 1 7 7 . 6 1 2 0 . 4 2 4 5 . 1 2 4 5 . 0 1 1 9 . 1 3 2 1 . 6 1 1 9 . 4 1 2 6 . 1 3 0 5 . 7 2 5 1 . 0 2 9 6 . 6 1 5 5 . 3 1 6 4 . 5 2 8 3 . 8 1 4 8 . 8 1 3 7 . 6 1 3 9 . 8 1 7 0 . 1 2 2 1 . 5 1 5 7 . 1 2 3 4 . 0 2 8 3 . 6 1 ) 3 ( t n e c r e P d e s a e L % 0 . 9 9 % 8 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 2 . 8 9 % 6 . 2 9 % 7 . 7 7 % 6 . 7 6 % 0 . 0 0 1 % 4 . 1 9 % 8 . 8 9 % 7 . 5 9 % 0 . 0 0 1 % 6 . 7 9 % 8 . 3 7 % 0 . 0 0 1 % 7 . 1 8 % 4 . 8 6 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 4 9 % 0 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 5 9 % 0 . 0 0 1 % 0 . 7 9 % 0 . 0 0 1 % 5 . 6 8 % 8 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 8 . 4 9 % 0 . 0 0 1 % 0 . 0 0 1 % 4 . 8 9 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I 4 3 1 3 8 8 9 7 2 0 0 2 7 2 1 2 2 8 2 5 1 7 8 2 8 0 3 5 6 3 1 8 1 1 5 2 1 2 5 1 7 2 2 7 8 7 4 4 4 3 1 5 1 1 0 8 1 5 4 7 8 1 1 6 0 1 1 2 1 1 0 0 1 1 0 1 9 7 7 4 0 9 5 6 3 5 3 4 0 9 1 — — — — 6 2 6 4 , — — — — — — — — — — 0 0 5 2 2 , — — — — 6 4 7 2 , — 5 2 4 6 3 , 0 0 0 9 , — — — — — — — 1 5 6 2 , 0 0 7 6 1 , — — — — 4 0 0 2 5 9 9 1 8 0 0 2 7 9 9 1 4 7 9 1 5 9 9 1 9 7 9 1 0 8 9 1 4 0 0 2 9 9 9 1 0 9 9 1 3 0 0 2 0 0 0 2 7 0 0 2 7 8 9 1 4 0 0 2 6 0 0 2 8 1 0 2 3 9 9 1 9 9 9 1 3 8 9 1 7 8 9 1 1 0 0 2 7 0 0 2 3 9 9 1 5 0 0 2 2 8 9 1 2 8 9 1 7 7 9 1 4 8 9 1 8 9 9 1 2 0 0 2 0 0 0 2 2 6 9 1 3 9 9 1 2 6 9 1 0 9 9 1 5 0 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 3 0 0 2 7 1 0 2 7 1 0 2 7 1 0 2 0 0 0 2 7 0 0 2 7 1 0 2 7 1 0 2 7 1 0 2 8 1 0 2 7 1 0 2 7 9 9 1 7 1 0 2 7 1 0 2 5 1 0 2 7 1 0 2 5 9 9 1 7 1 0 2 6 9 9 1 6 9 9 1 7 1 0 2 7 1 0 2 7 0 0 2 7 1 0 2 0 0 0 2 7 1 0 2 7 9 9 1 7 9 9 1 7 9 9 1 % 0 5 % 0 3 % 0 3 % 0 2 e t a t S L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F L F A G A G A G h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r a M o g a L t a s e p p o h S h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M g n i d n a L s n a h t a n o J ' f o s e p p o h S h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M k o o r b k a O f o s e p p o h S h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M s e k a L r e v l i S f o s e p p o h S r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T e r t n e C e k a l n u S t a s e p p o h S ) 1 ( A S B C e l l i v n o s k c a J k r a P m a r t r a B t a s e p p o h S e m a N y t r e p o r P h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e l l i v n o s k c a J h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e l l i v n o s k c a J h c a e B o r e V - n a i t s a b e S r e h t O r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M d r o f n a S - e e m m i s s i K - o d n a l r O e i c u L . t S t r o P r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T d r o f n a S - e e m m i s s i K - o d n a l r O r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T h c a e B o r e V - n a i t s a b e S d r o f n a S - e e m m i s s i K - o d n a l r O h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M I I t e s n u S f o s e p p o h S k e e r C s n h o J ' t a s p o h S t e s n u S f o s e p p o h S e k a l y k S t a s p o h S l a n o i g e R h c a e B h t u o S e r a u q S n w o T c a r a m a T ) 6 ( g n i s s o r C t s a o c n u S e v o r G e h T t n i o P h t u o S ) 6 ( e k r a t S ) 7 ( e k a L s ' r e t n u H t a e g a l l i V e h T t s e W e i c u L . t S t a a z a l P e h T r e t n e C g n i p p o h S d l o g i n U ) 6 ( s n o m m o C y t i s r e v i n U y r t n u o C d n a n w o T e r a u q S n w o T a z a l P t s a o C e r u s a e r T s e p p o h S a d n a r e V a z a l P e n o t s r e t a W r e t n e C e g a l l i V a z a l P y b e l l e W h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M e r a u q S n w o T n o t g n i l l e W h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M a z a l P d r i B t s e W h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t n e C g n i p p o h S e k a L t s e W r e t a w r a e l C - g r u b s r e t e P . t S - a p m a T h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M d r o f n a S - e e m m i s s i K - o d n a l r O a z a l P t r o p t s e W s g n i r p S a l l i W e s a h c t s e W h c a e B m l a P t s e W - e l a d r e d u a L t r o F - i m a i M r e t n e C g n i p p o h S e l c r i C g n u o Y l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A a t s i V a L f f i l c r a i r B ) 6 ( e g a l l i V f f i l c r a i r B e c a l P d r o f h s A 27 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( x i l b u P t e k r a M h s e r F e h T - - & h t a B , d e B , x x a M J T , k c a R m o r t s d r o N d n o y e B r e g o r K x i l b u P i d l A x i l b u P x i l b u P t e k r a M h s e r F e h T x i l b u P s d o o F e l o h W y b 5 6 3 r e g o r K - - x i l b u P r e g o r K ' s e o J r e d a r T - - - - t o p e D e m o H , t r a M H r e p u S - - ' s e o J r e d a r T s d o o F e l o h W s d o o F e l o h W t e k r a M h s e r F s o n a i r a ' M t e k r a M h s e r F s o n a i r a ' M o c s O - l e w e J t e k r a M h s e r F s o n a i r a ' M ' s e w o L , s d o o F e l o h W s d o o G g n i t r o p S s k c i D ' , s d o o F e l o h W ) r e g o r K ( ' s e o J r e d a r T - - d n o y e B & h t a B d e B t e k r a M s e s u o R s t r o p S y m e d a c A - - 3 0 . 6 1 0 9 . 5 2 4 4 . 6 2 2 1 . 4 2 9 5 . 5 1 3 8 . 1 2 4 2 . 7 1 4 2 . 6 1 9 8 . 9 1 3 9 . 9 1 1 8 . 2 2 0 7 . 6 3 0 3 . 1 2 7 6 . 1 3 9 8 . 0 1 7 1 . 3 1 9 7 . 2 2 8 1 . 1 1 8 4 . 5 2 9 2 . 1 1 9 0 . 7 3 8 9 . 3 2 3 4 . 5 1 6 4 . 6 2 8 8 . 7 1 3 4 . 1 2 4 3 . 2 1 5 9 . 7 1 2 9 . 7 1 1 8 . 5 1 8 4 . 7 1 9 9 . 5 2 7 1 . 2 1 3 0 . 0 1 4 5 . 3 1 1 1 . 0 1 8 2 . 1 1 ) 3 ( t n e c r e P d e s a e L % 1 . 6 8 % 7 . 5 9 % 2 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 4 . 8 9 % 0 . 0 0 1 % 9 . 1 9 % 8 . 3 8 % 3 . 4 9 % 6 . 8 9 % 9 . 9 9 % 3 . 4 8 % 0 . 0 0 1 % 0 . 0 0 1 % 6 . 8 9 % 2 . 2 9 % 3 . 6 5 % 3 . 1 8 % 1 . 7 9 % 3 . 3 8 % 6 . 6 9 % 7 . 3 9 % 1 . 8 7 % 6 . 4 9 % 0 . 0 0 1 % 9 . 6 9 % 5 . 1 9 % 2 . 8 9 % 4 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 5 . 3 9 % 2 . 1 8 % 7 . 8 8 % 0 . 0 0 1 % 9 . 8 9 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I e t a t S ) 1 ( A S B C 9 8 7 3 1 9 4 4 3 2 1 7 2 9 0 8 9 9 6 8 1 2 1 2 9 2 8 2 5 1 1 0 1 9 7 1 0 1 6 1 1 1 2 5 4 5 6 2 2 3 3 6 9 7 1 9 5 2 9 6 1 0 4 1 6 9 9 3 1 4 0 4 4 5 2 6 8 3 5 5 9 1 0 5 1 2 0 1 6 3 1 0 7 1 9 0 1 5 , — — — — — — — 0 0 8 3 1 , — — — — — — — — — — 0 0 0 2 2 , — — — — 9 6 3 4 1 , 7 4 8 0 1 , 6 7 6 7 , — 5 0 5 9 3 , — — 0 0 0 0 1 , — — — — — 0 0 0 2 6 8 9 1 4 8 9 1 6 9 9 1 9 7 9 1 1 8 9 1 0 9 9 1 1 9 9 1 6 8 9 1 5 7 9 1 4 8 9 1 7 8 9 1 8 7 9 1 7 8 9 1 4 9 9 1 5 9 9 1 6 0 0 2 9 0 0 2 3 8 9 1 9 8 9 1 9 9 9 1 7 6 9 1 6 8 9 1 7 1 0 2 6 8 9 1 1 8 9 1 4 8 9 1 4 8 9 1 7 0 0 2 3 1 0 2 7 8 9 1 1 0 0 2 0 8 9 1 6 8 9 1 3 8 9 1 9 8 9 1 8 8 9 1 7 1 0 2 7 9 9 1 7 9 9 1 7 1 0 2 6 9 9 1 7 1 0 2 7 9 9 1 8 9 9 1 7 9 9 1 7 9 9 1 4 0 0 2 7 9 9 1 7 1 0 2 7 9 9 1 7 9 9 1 4 9 9 1 2 1 0 2 7 1 0 2 7 1 0 2 5 0 0 2 4 1 0 2 0 1 0 2 8 9 9 1 7 1 0 2 5 0 0 2 5 0 0 2 5 0 0 2 1 0 0 2 0 1 0 2 3 1 0 2 5 0 0 2 5 0 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 % 0 2 % 0 4 % 0 4 % 0 4 % 0 4 % 3 9 % 0 4 % 0 4 A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G A G L I L I L I L I L I L I L I L I L I L I N I N I N I A L A L A L A L A L l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A t e k r a M l l i m e g d i r B e m a N y t r e p o r P t r u o C d a e h k c u B k r a P n e t h g i r B n o i t a t S d a e h k c u B e r a u q S e g d i r b m a C e r a u q S n i a t s a h C e r a u q S e n o t s r e n r o C g n i s s o r C k e e r C e p o S l l a H y d o o w n u D ) 6 ( e g a l l i V l l i M l l e w o H ) 6 ( a z a l P y r r e F s e c a P e g a l l i V y d o o w n u D l l e w s o R - s g n i r p S y d n a S - a t n a l t A g n i s s o r C e e r t h c a e P t n o m d e i P l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A l l e w s o R - s g n i r p S y d n a S - a t n a l t A e r a u q S y r r e F s r e w o P e g a l l i V y r r e F s r e w o P e g d i R l l e s s u R s g n i r p S y d n a S l l e w s o R - s g n i r p S y d n a S - a t n a l t A s k a O n o t p m a H t a s p o h S e h T l l e w s o R - s g n i r p S y d n a S - a t n a l t A y d o o w n u D t a g r u b s m a i l l i W n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C e g d E s ' r e v i R & q S e d i s r e v i R e r a u q S e o c s o R s n o m m o C n r u o b y l C a z a l P r e t n e C c i v i C a z a l P k a O n e l G ) 7 ( m r a F y d o l l e M e l a d s n i H n i g l E - e l l i v r e p a N - o g a c i h C r e t n e C g n i p p o h S a z a l P k o o r b e n o t S n i g l E - e l l i v r e p a N - o g a c i h C s n o m m o C r e t s e h c t s e W n i g l E - e l l i v r e p a N - o g a c i h C n i g l E - e l l i v r e p a N - o g a c i h C ) 6 ( l a v i t s e F w o l l i W n i a M n o s p o h S n o s r e d n A - l e m r a C - s i l o p a n a i d n I r e t n e C g n i p p o h S e k a L w o l l i W n o s r e d n A - l e m r a C - s i l o p a n a i d n I r e t n e C g n i p p o h S t s e W e k a L w o l l i W e i r i a t e M - s n a e l r O w e N r e t n e C g n i p p o h S s k a O d o o w m E l e g u o R n o t a B e g a l l i V n e g e i S e t t e y a f a L e t t e y a f a L e g u o R n o t a B s d r a y t r u o C w o R r o d a s s a b m A e g a l l i V t e n n o b e u l B w o R r o d a s s a b m A 28 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G p o h S & p o t S , b u l C e l a s e l o h W ' s J B , s n a m g e W ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 9 1 . 3 2 ) 3 ( t n e c r e P d e s a e L % 0 . 0 0 1 n r a B y r e t t o P , s d o o G g n i t r o p S s k c i D , s ' l h o K ' 3 1 . 3 1 % 2 . 8 9 t e l t u O p o h S & p o t S ' s w a h S ' s e o J r e d a r T t e k r a M r a t S t e k r a M r a t S t e k r a M r a t S - - s ' l l a h s r a M ' , s w a h S s d o o F e l o h W ' s e o J r e d a r T e s u o h e r a W d o o F s r e p p o h S ' s e o J r e d a r T - - y a w e f a S d o o F t n a i G e s u o h e r a W d o o F s r e p p o h S e s u o h e r a W d o o F s r e p p o h S x x a M J T , i d l A ) e s i r n u S ( , d o o F t n a i G s s e n t i F A L - - d o o F t n a i G - - e m o H & m r a F y l i m a F , s s e n t i F e c n e i r e p x E , s c i r b a F n n A - o J ) y r o t c a F t a o C n o t g n i l r u B ( s d o o F e l o h W ' s d n u L s ' l h o K s d o o F b u C s k c u n h c S ) t o p e D e m o H ( , s k c u n h c S s k c u n h c S ' ) s e w o L ( , ) t e g r a T ( , t r a M - l a W 0 3 . 1 2 8 5 . 7 1 9 6 . 9 2 4 4 . 7 3 8 4 . 1 2 1 7 . 4 2 6 1 . 8 5 9 1 . 0 2 5 9 . 4 2 5 6 . 7 3 3 2 . 8 1 3 0 . 9 3 9 2 . 0 4 8 3 . 5 2 1 7 . 6 1 9 7 . 0 2 4 4 . 3 1 9 9 . 6 1 5 9 . 8 2 1 3 . 6 2 — 0 3 . 1 5 7 3 . 2 3 3 4 . 8 2 7 . 4 1 6 4 . 4 2 8 2 . 4 2 9 9 . 2 1 9 8 . 3 1 1 8 . 0 1 3 1 . 2 1 3 9 . 0 1 4 1 . 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 4 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 9 . 6 8 % 0 . 0 0 1 % 0 . 0 0 1 % 1 . 9 8 % 0 . 9 9 % 5 . 8 9 % 0 . 0 0 1 % 5 . 3 9 % 9 . 9 8 % 5 . 5 9 % 2 . 9 9 % 3 . 7 9 % 0 . 9 9 % 5 . 8 9 % — % 3 . 4 9 % 1 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 6 . 8 9 % 0 . 0 0 1 % 9 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I 5 5 1 6 4 6 0 8 0 6 7 8 6 6 1 0 1 6 7 1 4 5 8 2 6 3 1 3 7 3 1 1 8 2 2 8 1 1 5 6 1 5 2 1 4 0 1 0 2 2 7 1 1 1 1 1 1 4 3 1 2 9 6 7 9 6 7 1 6 6 3 9 4 0 2 5 2 1 0 6 1 7 7 6 0 1 2 0 0 5 7 3 , 4 6 9 1 6 , — — — — — — — — — 0 0 0 7 , — 4 6 9 9 1 , — — 7 7 0 1 1 , 3 7 7 3 1 , — 4 2 0 8 1 , — — — — 5 8 9 5 , — — 7 6 6 2 8 2 9 , 0 0 0 0 2 , 0 0 5 4 1 , — — — 2 4 7 8 , 9 5 9 1 1 1 0 2 4 9 9 1 3 9 9 1 6 0 0 2 3 5 9 1 5 6 9 1 3 7 9 1 6 0 9 1 4 0 0 2 7 6 9 1 4 0 0 2 5 9 9 1 6 8 9 1 8 7 9 1 1 0 0 2 1 6 9 1 0 9 9 1 0 6 9 1 7 8 9 1 5 0 0 2 5 8 9 1 6 7 9 1 0 6 9 1 4 5 9 1 9 9 9 1 8 9 9 1 9 9 9 1 9 5 9 1 1 9 9 1 6 0 0 2 2 0 0 2 5 0 0 2 6 9 9 1 0 0 0 2 3 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 6 0 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 6 0 0 2 7 1 0 2 3 1 0 2 5 0 0 2 5 0 0 2 5 0 0 2 4 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 7 1 0 2 7 1 0 2 5 0 0 2 9 9 9 1 6 0 0 2 1 1 0 2 5 0 0 2 5 0 0 2 1 1 0 2 7 0 0 2 7 0 0 2 7 0 0 2 7 0 0 2 % 5 7 % 0 3 % 0 3 % 0 2 % 0 4 % 0 4 % 0 4 % 5 2 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 5 2 % 5 2 % 0 4 % 0 4 % 0 2 e t a t S A M ) 1 ( A S B C n o t w e N - e g d i r b m a C - n o t s o B e m a N y t r e p o r P a z a l P y a w s l l e F A M A M A M A M A M A M A M A M A M A M D M D M D M D M D M D M D M D M D M D M D M D M D M D M I M N M N M N M N M N M O M O M O M O M n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B n o t w e N - e g d i r b m a C - n o t s o B a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W n o s w o T - a i b m u l o C - e r o m i t l a B t a n o i t c e l l o C e h T a k f ( t o b b A e h T ) e r a u q S d r a v r a H a z a l P y t i C n i w T t t o c s p m a w S t a s d o o F e l o h W e g a l l i V l l i M s r e p p o l C e m l o h d o o W t a l a v i t s e F ) 6 ( s l l i M t n r u B h t a P t u c i t c e n n o C d l O h t u o m y l P t a ' s w a h S e g d i r b m a C t a s ' r a t S s u g u a S t a s p o h S y c n i u Q t a s ' r a t S y r u b x o R t s e W t a s ' r a t S a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S d l e i f t s r i F a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W n o s w o T - a i b m u l o C - e r o m i t l a B n o s w o T - a i b m u l o C - e r o m i t l a B a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W n o s w o T - a i b m u l o C - e r o m i t l a B n o s w o T - a i b m u l o C - e r o m i t l a B a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C e g a l l i V m r a F g n i K r e t n e C g n i p p o h S e l l i v k r a P e c a l p t e k r a M e d i s h t u o S ) 6 ( k r a p r i A e e L t a e g a l l i V a z a l P k r a P s n i k t a W k r a P a m o k a T e r t n e C y e l l a V a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W e r a C r o n a M - d o o w t s e W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S d o o w t s e W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S r o o m d o o W r e t s e c r o W g n i s s o r C h g u o r o b h t r o N t n i l F n o t g n i m o o l B - l u a P . t S - s i l o p a e n n i M n o t g n i m o o l B - l u a P . t S - s i l o p a e n n i M n o t g n i m o o l B - l u a P . t S - s i l o p a e n n i M n o t g n i m o o l B - l u a P . t S - s i l o p a e n n i M n o t g n i m o o l B - l u a P . t S - s i l o p a e n n i M s i u o L . t S s i u o L . t S s i u o L . t S s i u o L . t S e c a l p t e k r a M n o t n e F e r a u q S y e l l a V e l p p A s n o m m o C n u o h l a C e r a u q S l a i n o l o C a z a l P d a o R d r o f k c o R r e t n e C e g d i r k c o R a z a l P d o o w t n e r B n o t e g d i r B s n o m m o C d o o w k r i K g n i s s o r C e n n e d r a D 29 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G t e k r a M h s e r F e h T , r e t e e T s i r r a H t e k r a M h s e r F e h T r e t e e T s i r r a H s d o o F e l o h W r e t e e T s i r r a H r e t e e T s i r r a H ' s e o J r e d a r T r e g o r K s n a m g e W - - r e t e e T s i r r a H s d o o F e l o h W r e t e e T s i r r a H i d l A ' , s e o J r e d a r T r e g o r K t e k r a M h s e r F e h T s d o o F e l o h W x i l b u P n o i L d o o F k c a R m o r t s d r o N , s d o o F e l o h W 0 s t e k r a M e m c A e t i R p o h S e t i R p o h S k r o Y w e N s y e n r a B ' m u i r o p m E d o o F e h T - - ' s e o J r e d a r T i d l A p o h S & p o t S k c a R m o r t s d r o N ' , s e o J r e d a r T o c t e P s r e t a e h T c i p I , t e k r a M t s e v r a H n y l k o o r B n e l l u K g n i K s s e n t i F A L , s d o o F e l o h W e n i W l a t o T , s l l a h s r a M , o c t s o C , t r a M - l a W e r o M d n a r e g o r K ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 3 1 . 3 2 5 7 . 0 2 3 4 . 6 1 7 4 . 7 2 8 6 . 6 1 8 9 . 8 3 3 . 7 1 3 7 . 2 1 2 0 . 9 1 1 8 . 3 3 5 5 . 8 1 9 9 . 6 1 0 1 . 8 1 9 6 . 8 1 4 3 . 6 1 6 3 . 9 1 7 7 . 9 1 3 1 . 7 1 5 4 . 3 1 6 5 . 4 3 9 2 . 9 2 8 7 . 3 1 1 5 . 2 2 5 4 . 5 2 3 1 . 9 7 2 6 . 6 1 1 7 4 . 6 1 1 7 2 . 4 3 9 5 . 5 3 9 0 . 8 4 7 4 . 8 4 5 7 . 5 3 7 9 . 5 3 7 3 . 1 2 6 9 . 3 3 5 4 . 4 2 4 0 . 2 1 ) 3 ( t n e c r e P d e s a e L % 1 . 8 9 % 5 . 8 9 % 4 . 7 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 6 9 % 6 . 9 8 % 8 . 6 9 % 8 . 4 8 % 3 . 4 8 % 0 . 0 0 1 % 4 . 0 9 % 0 . 0 0 1 % 7 . 6 9 % 0 . 0 0 1 % 7 . 8 9 % 8 . 6 8 % 9 . 4 9 % 4 . 8 9 % 9 . 6 9 % 0 . 0 0 1 % 0 . 0 0 1 % 9 . 2 9 % 9 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 9 . 3 9 % 2 . 7 9 % 6 . 3 9 % 5 . 9 9 % 3 . 6 9 % 8 . 9 8 % 8 . 7 9 % 0 . 0 0 1 % 0 . 0 0 1 % 2 . 8 9 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I 8 5 5 3 3 1 6 6 8 5 3 4 5 6 0 6 1 8 8 4 7 1 3 3 1 4 7 3 9 7 8 5 4 1 3 0 1 1 0 1 3 7 9 6 0 9 8 1 2 7 6 4 5 4 0 1 9 2 1 7 5 5 2 8 1 0 6 7 4 1 9 7 2 1 3 3 5 6 1 1 5 0 1 1 4 1 4 9 3 6 9 1 0 0 0 0 6 , — 1 9 6 4 , — — — — — 4 8 3 4 1 , 0 0 0 0 4 , — 2 8 1 0 1 , 0 0 0 0 1 , 0 0 0 0 2 , — — 9 4 9 1 9 7 9 1 3 0 0 2 9 0 0 2 3 8 9 1 7 0 0 2 9 6 9 1 7 9 9 1 7 1 0 2 5 0 0 2 4 9 9 1 1 5 9 1 2 1 0 2 6 8 9 1 8 9 9 1 5 8 9 1 0 0 0 8 , 8 1 0 2 / 5 7 9 1 — — — 0 0 0 6 1 , — 7 8 8 2 1 , 0 0 0 4 2 , — — — — — — — 9 5 5 9 , — — 0 0 0 0 5 , 0 0 0 8 8 , — 4 1 0 2 4 8 9 1 6 1 0 2 7 1 0 2 5 8 9 1 0 9 9 1 7 9 9 1 0 3 9 1 5 9 9 1 4 6 9 1 7 0 0 2 4 1 0 2 5 8 9 1 3 1 0 2 4 5 9 1 6 1 0 2 5 6 9 1 8 0 0 2 3 9 9 1 7 9 9 1 4 0 0 2 7 9 9 1 7 0 0 2 9 0 0 2 7 9 9 1 7 0 0 2 3 1 0 2 8 9 9 1 7 1 0 2 2 1 0 2 0 1 0 2 8 1 0 2 2 1 0 2 5 0 0 2 8 9 9 1 6 0 0 2 2 1 0 2 4 1 0 2 6 9 9 1 6 1 0 2 8 1 0 2 5 0 0 2 5 0 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 7 1 0 2 8 1 0 2 8 1 0 2 6 1 0 2 2 1 0 2 7 1 0 2 8 9 9 1 % 0 3 % 0 2 % 9 9 % 0 5 % 0 5 % 5 2 % 0 2 % 5 5 % 0 4 % 0 2 % 0 2 % 0 2 % 0 4 % 0 4 % 0 3 % 0 4 e t a t S C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N C N J N J N J N J N J N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N Y N H O ) 1 ( A S B C h g i e l a R a i n o t s a G - d r o c n o C - e t t o l r a h C a i n o t s a G - d r o c n o C - e t t o l r a h C h g i e l a R h g i e l a R h g i e l a R h g i e l a R h g i e l a R h g i e l a R a i n o t s a G - d r o c n o C - e t t o l r a h C a i n o t s a G - d r o c n o C - e t t o l r a h C h g i e l a R l l i H - l e p a h C m a h r u D h g i e l a R l l i H - l e p a h C m a h r u D h g i e l a R l l i H - l e p a h C m a h r u D r e t n e C e d a n n o l o C t a t e k r a M e m a N y t r e p o r P e g a l l i V n o r e m a C s n o m m o C l e m r a C s n o m m o C n a r h c o C e g a l l i V d o o w n e l G g n i s s o r C s i r r a H a z a l P e n i P e k a L ) 7 ( t s a E n w o t d i M e c a l P s p i l l i h P k r a P y l l o H r e t n e C g n i p p o h S d o o w e g d i R s n o m m o C e c n e d i v o r P l l i M n i w r E t a s p o h S e r i a d l i K f o s e p p o h S g n i s s o r C t n i o p h t u o S e r a u q S n o t t u S a z a l P e g a l l i V a i n o t s a G - d r o c n o C - e t t o l r a h C g n i s s o r C s k a O w o l l i W l l i H - l e p a h C m a h r u D r e t n e C g n i p p o h S t f o r c d o o W y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N ) 6 ( n e h c u t e M t a t c i r t s i D ) 6 ( k c o R y e n m i h C s n o m m o C n o d d a H a z a l P t n o r f r e v i R e u n e v A h t 7 1 0 1 e r a u q S a z a l P e v A d n o c e S 9 3 2 1 - 5 2 2 1 e u n e v A d r i h T 5 7 1 1 y t i C y e s r e J - k r a w e N - k r o Y w e N e u n e v A n a t i l o p o r t e M 0 3 - 0 9 y t i C y e s r e J - k r a w e N - k r o Y w e N ) 6 ( a z a l P y a w d a o r B y t i C y e s r e J - k r a w e N - k r o Y w e N ) 6 ( r t C g n i p p o h S a z a l P r e w o t k c o l C y t i C y e s r e J - k r a w e N - k r o Y w e N a z a l P y r u b t s e W t A y r e l l a G y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N y t i C y e s r e J - k r a w e N - k r o Y w e N ) 6 ( k r a P y t i C n e d r a G t a t n i o P e h T s n o m m o C e v o r G e k a L I I & I g n i s s o r C t t e l w e H e r a u q S s n w o t r e v i R y t i C y e s r e J - k r a w e N - k r o Y w e N a z a l P y r u b t s e W t a y r e l l a G e h T i t a n n i c n i C e v o r G y r r e h C 30 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( r e g o r K s t e k r a M e k m e R , r e g o r K r e g o r K ) t o p e D e m o H ( , r e g o r K t r a M - l a W - - r e g o r K ' s e o J r e d a r T s d o o F e l o h W y a w e f a S ' s e o J r e d a r T s d o o G g n i t r o p S s k c i D ' y a w e f a S s d o o F e l o h W d n o y e B & h t a B , d e B t e k r a M s ' t r a h A s s e L r o f s s e r D s s o R ' s e o J r e d a r T - - ) t e g r a T ( , ) s n a m g e W ( s t e k r a M s i e W s t e k r a M e m c A t e k r a M m r a F y e l l a V d o o F t n a i G - - x i l b u P x i l b u P r e g o r K r e g o r K r e g o r K r e g o r K s d o o F e l o h W - - r e g o r K s r a e S , . . B E H . ) r e g o r K ( 3 5 . 0 1 9 2 . 6 1 8 7 . 2 1 1 5 . 1 1 1 5 . 7 6 4 . 5 2 5 9 . 9 8 1 . 1 2 1 6 . 4 1 9 5 . 8 1 0 4 . 3 2 8 0 . 6 1 5 3 . 1 1 1 1 . 0 3 8 0 . 1 2 0 1 . 5 1 8 0 . 1 2 6 8 . 1 3 0 0 . 8 2 4 7 . 5 2 2 1 . 4 2 1 7 . 8 1 8 5 . 0 1 4 2 . 1 2 9 5 . 8 2 8 6 . 6 1 ) 3 ( t n e c r e P d e s a e L % 0 . 0 0 1 % 5 . 9 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 2 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 6 8 % 0 . 0 0 1 % 2 . 6 9 % 4 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 2 . 4 9 % 9 . 7 9 % 0 . 0 0 1 % 7 . 8 9 % 7 . 6 9 % 2 . 8 8 % 1 . 6 9 % 1 . 7 9 % 8 . 4 9 % 0 . 0 0 1 9 5 . 5 1 % 0 . 0 0 1 8 9 . 3 1 4 8 . 9 1 6 2 . 0 2 3 8 . 1 1 5 3 . 7 2 6 6 . 6 2 6 8 . 8 1 9 0 . 6 1 9 7 . 6 2 % 0 . 8 9 % 0 . 0 0 1 % 8 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 5 . 5 9 % 9 . 8 9 % 0 . 0 0 1 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I 7 0 1 7 9 3 3 9 4 1 1 6 7 1 4 3 8 8 5 8 3 9 0 5 1 1 8 7 7 1 8 8 1 7 0 9 6 4 2 6 1 1 2 2 6 0 9 1 9 3 4 1 4 3 1 0 9 1 5 0 8 0 7 8 3 1 0 1 1 9 3 1 9 9 1 8 2 2 8 3 1 0 1 4 8 2 — — — — — — — — 1 1 3 1 1 , — — — — — — — — — — — 4 5 4 0 1 , 3 7 2 0 1 , — 2 9 1 9 , — 0 0 0 9 , — — — 0 0 0 6 2 , 0 0 2 0 1 , — — — — — 3 9 9 1 5 9 9 1 9 9 9 1 6 9 9 1 6 0 0 2 4 0 0 2 8 8 9 1 6 0 0 2 9 7 9 1 8 8 9 1 1 1 0 2 5 1 0 2 9 9 9 1 6 0 0 2 7 8 9 1 8 5 9 1 0 6 9 1 0 6 9 1 0 0 0 2 7 0 0 2 8 8 9 1 0 7 9 1 6 7 9 1 9 9 9 1 7 1 0 2 7 9 9 1 8 9 9 1 8 8 9 1 7 9 9 1 8 9 9 1 8 9 9 1 4 1 0 2 5 1 0 2 4 9 9 1 8 9 9 1 6 0 0 2 8 9 9 1 7 9 9 1 9 9 9 1 8 9 9 1 6 0 0 2 4 0 0 2 8 9 9 1 6 0 0 2 5 0 0 2 9 9 9 1 1 1 0 2 5 1 0 2 9 9 9 1 6 0 0 2 9 9 9 1 5 0 0 2 5 0 0 2 4 0 0 2 0 0 0 2 7 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 7 1 0 2 7 9 9 1 7 9 9 1 0 0 0 2 7 9 9 1 2 0 0 2 8 9 9 1 4 1 0 2 4 1 0 2 2 0 0 2 9 9 9 1 6 0 0 2 % 0 5 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 2 % 0 2 e t a t S H O H O H O H O H O H O H O R O R O R O R O R O R O R O R O A P A P A P A P A P A P A P A P A P C S C S N T N T N T X T X T X T X T X T X T X T ) 1 ( A S B C s u b m u l o C i t a n n i c n i C s u b m u l o C s u b m u l o C i t a n n i c n i C i t a n n i c n i C i t a n n i c n i C s i l l a v r o C o r o b s l l i H - r e v u o c n a V - d n a l t r o P o r o b s l l i H - r e v u o c n a V - d n a l t r o P d r o f d e M d r o f d e M o r o b s l l i H - r e v u o c n a V - d n a l t r o P o r o b s l l i H - r e v u o c n a V - d n a l t r o P o r o b s l l i H - r e v u o c n a V - d n a l t r o P ) d a o R n w o t x a M ( a z a l P e t a g h t r o N r e t n e C y n a b l A w e N r e g o r K e m a N y t r e p o r P e t n i o P t s a E k r a P e d y H r e t n e C t e k r a M s i l l a v r o C r e t n e C n w o T y a w n e e r G e c a l p t e k r a M l l i h y a r r u M e c a l p t e k r a M e t a g h t r o N s n o m m o C y c n e g e R a z a l P r e t s e h C t s e W e g a l l i V k n a B d e R I I h P e c a l p t e k r a M e t a g h t r o N s d a o r s s o r C d o o w r e h S ) 6 ( t e k r a M e n r u o b s a n a T r e t n e C r e k l a W n o t s a E - m e h e l h t e B - n w o t n e l l A r e t n e C g n i p p o h S t e e r t S n e l l A n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P r e h t O r e t n e C g n i p p o h S e u n e v A y t i C r e t n e C g n i p p o h S y a w e t a G ) 6 ( y e h s r e H n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P r e t n e C g n i p p o h S e r a u q S n w o t w e N r e t n e C g n i p p o h S e r a u q S r e c r e M n o t s a E - m e h e l h t e B - n w o t n e l l A ) 6 ( r e t n e C g n i p p o h S d r a v e l u o B o k f e t S n o t s a E - m e h e l h t e B - n w o t n e l l A s n o m m o C h t e r a z a N r e w o L n o t g n i m l i W - n e d m a C - a i h p l e d a l i h P n o t s e l r a h C h t r o N - n o t s e l r a h C n o t s e l r a h C h t r o N - n o t s e l r a h C - - o r o b s e e r f r u M - - n o s d i v a D - e l l i v h s a N n i l k n a r F - - o r o b s e e r f r u M - - n o s d i v a D - e l l i v h s a N n i l k n a r F - - o r o b s e e r f r u M - - n o s d i v a D - e l l i v h s a N n i l k n a r F d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H n o t g n i l r A - h t r o W t r o F - s a l l a D n o t g n i l r A - h t r o W t r o F - s a l l a D n o t g n i l r A - h t r o W t r o F - s a l l a D d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H k c o R d n u o R - n i t s u A n o t g n i l r A - h t r o W t r o F - s a l l a D r e t n e C g n i p p o h S e r a u q S k c i w r a W e g a l l i V s t n a h c r e M ) 7 ( e r a u q S o g i d n I e n o t s d l e i F e g a l l i V h t e p r a H e g a l l i V e k a l h t r o N e c a l P k r a P y n a h t e B t e k r a M e n i L y t i C e g a l l i V e e r t r a e P e g d i r B n e d l A I I e s a h P t e k r a M e n i L y t i C g n i s s o r C s n a r h c o C ' a z a l P k e e r C y r o k c i H k c o c n a H 31 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G - - . . B E H . b m u h T m o T ) t r a M - l a W ( b m u h T m o T s t e k r a M s ' t u o r p S r e g o r K b m u h T m o T . . B E H . d o o F s ' l l a d n a R r e g o r K t e k r a M l a r t n e C . . B E H . r e g o r K ' s e o J r e d a r T s t r o p S y m e d a c A , r e g o r K r e g o r K r e g o r K . . B E H . r e g o r K s g n i r e B d o o F s ' l l a d n a R ) t e g r a T ( s d o o F e l o h W d o o F t n a i G d o o F l a b o l G s d o o F e l o h W y a w e f a S 0 - - - s d o o F e l o h W y b 5 6 3 e s u o h e r a W d o o F s r e p p o h S d o o F t n a i G ) r e g o r K ( d o o F t n a i G i d l A e r a F h t r a E d o o F t n a i G ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 3 3 . 7 4 8 3 . 4 2 9 0 . 6 1 3 3 . 6 2 7 7 . 0 2 4 4 . 8 1 8 8 . 5 1 2 9 . 7 1 1 8 . 2 2 1 8 . 2 2 8 0 . 4 1 8 5 . 3 3 1 2 . 4 1 6 8 . 2 2 1 6 . 3 1 9 7 . 0 2 9 7 . 7 1 1 9 . 3 2 7 9 . 4 1 7 8 . 9 1 6 2 . 0 2 3 4 . 9 1 6 0 . 9 2 0 5 . 6 2 6 6 . 4 1 8 7 . 0 3 6 2 . 2 2 7 3 . 4 1 4 3 . 9 1 0 0 . 2 2 2 0 . 8 2 9 1 . 5 2 2 1 . 6 1 2 3 . 6 2 8 1 . 9 7 6 . 7 3 4 1 . 9 2 ) 3 ( t n e c r e P d e s a e L % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 9 9 % 5 . 6 9 % 9 . 8 9 % 6 . 8 9 % 3 . 4 9 % 8 . 3 9 % 4 . 6 9 % 6 . 8 9 % 1 . 3 9 % 5 . 9 9 % 8 . 1 9 % 0 . 0 0 1 % 8 . 8 9 % 5 . 8 9 % 0 . 0 0 1 % 6 . 6 9 % 3 . 1 9 % 0 . 0 0 1 % 8 . 6 9 % 4 . 6 9 % 0 . 0 0 1 % 3 . 8 9 % 0 . 0 0 1 % 0 . 0 0 1 % 9 . 7 9 % 3 . 6 4 % 9 . 8 9 % 4 . 2 6 % 9 . 3 9 % 1 . 8 9 % 3 . 6 8 % 0 . 8 9 % 0 . 0 0 1 % 1 . 9 9 % 0 . 8 9 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I e t a t S ) 1 ( A S B C 5 1 7 3 1 0 2 1 6 5 6 9 3 2 1 7 6 1 0 2 1 4 4 1 6 6 1 2 9 4 0 1 0 1 1 8 6 5 6 2 9 2 1 4 3 1 5 8 1 7 6 1 9 6 1 6 8 1 7 8 1 7 9 2 9 9 8 1 9 6 9 7 0 1 7 0 1 8 4 9 6 1 3 0 1 8 5 1 0 4 3 0 9 2 7 3 9 — — — — — — 9 0 3 0 1 , — — — — — — 5 2 2 — — 9 8 4 0 1 , 4 9 6 5 , — — 8 8 2 6 3 , — 1 2 3 8 , — — — 8 5 5 0 1 , — 6 2 7 2 1 , — 9 7 0 2 2 , 6 8 2 5 1 , — 3 5 8 7 4 , — — 7 1 9 2 1 , 1 9 9 1 3 0 0 2 9 9 9 1 2 0 0 2 0 9 9 1 7 8 9 1 6 1 0 2 7 8 9 1 5 9 9 1 4 9 9 1 8 9 9 1 1 9 9 1 8 9 9 1 2 0 0 2 2 1 0 2 0 0 0 2 0 0 0 2 1 0 0 2 6 1 0 2 9 6 9 1 9 6 9 1 6 0 0 2 4 7 9 1 0 0 0 2 6 9 9 1 4 1 0 2 4 0 0 2 8 1 0 2 6 9 9 1 5 5 9 1 0 9 9 1 7 7 9 1 3 8 9 1 2 7 9 1 1 7 9 1 0 6 9 1 6 6 9 1 9 9 9 1 2 0 0 2 9 9 9 1 0 0 0 2 9 9 9 1 9 9 9 1 6 1 0 2 9 9 9 1 9 9 9 1 2 0 0 2 8 9 9 1 3 1 0 2 8 9 9 1 4 1 0 2 2 1 0 2 2 0 0 2 1 0 0 2 1 1 0 2 6 1 0 2 5 0 0 2 5 0 0 2 6 0 0 2 5 0 0 2 0 0 0 2 5 0 0 2 4 1 0 2 4 0 0 2 8 1 0 2 5 0 0 2 7 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 % 3 5 % 0 2 % 0 2 % 0 4 % 0 4 % 0 4 % 0 4 % 5 2 % 8 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 % 0 4 X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T X T A V A V A V A V A V A V A V A V A V A V A V A V A V A V n o t g n i l r A - h t r o W t r o F - s a l l a D d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H n o t g n i l r A - h t r o W t r o F - s a l l a D n o t g n i l r A - h t r o W t r o F - s a l l a D n o t g n i l r A - h t r o W t r o F - s a l l a D k c o R d n u o R - n i t s u A r e t n e C s g n i r p S n a i d n I r e t n e C n w o T r e l l e K r e t n e C y c a g e L / n o n a b e L t s e r o F n o t s e r P t a t e k r a M k c o R d n u o R t a t e k r a M e m a N y t r e p o r P e g a l l i V t s e r c l l i H d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H e g a l l i V s d o o w g n i r p S t a t e k r a M n o t g n i l r A - h t r o W t r o F - s a l l a D n o m m o C d r i b g n i k c o M k c o R d n u o R - n i t s u A d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H n o t g n i l r A - h t r o W t r o F - s a l l a D n o t g n i l r A - h t r o W t r o F - s a l l a D n o t g n i l r A - h t r o W t r o F - s a l l a D k c o R d n u o R - n i t s u A k e e r C r e h t n a P ) 6 ( s k a O n o t s e r P k o o r b n o t s e r P s g n i r p S h o l i h S s l l i H h t r o N a t s i V a r i M t a s p o h S d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H h c n a R o c n i C t a k r a p h t u o S d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H k c o R d n u o R - n i t s u A a z a l P r e t a w t e e w S r e t n e C e g d i R h c e T e g d i R g n i l r e t S d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H ) 7 ( e n o t s r e v i R t a e g a l l i V e h T d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H t s a E a z a l P n a y a l s e W t s e W a z a l P n a y a l s e W e g a l l i V d o o w t s e W d n a L r a g u S - s d n a l d o o W e h T - n o t s u o H n o i t c e l l o C y a w d o o W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C t e k r a M m r a F n r u b h s A a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C e g a l l i V m r a F n r u b h s A a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W d n o m h c i R a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S r a m e a r B ) 7 ( e g n a h c x E n w o t y r a C e c a l p t e k r a M e g d i R e r t n e C e s a h C t n o m l e B g n i p p o h S x a f r i a F a k f ( 0 5 t n i o P ) r e t n e C a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W ) 6 ( s e k a L r e t s e h c n a M t a l a v i t s e F a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S l l i M x o F a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C n w o T r a i r b n e e r G d n o m h c i R g n i s s o r C n o t y a G d n o m h c i R r e t n e C g n i p p o h S e g a l l i V r e v o n a H a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S n o t g n i h s a W p m a K a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W ) 6 ( r e t n e C g n i p p o h S k r a P s g n i K 32 ) 5 ( F S 0 0 0 , 5 3 > ) s ( t n a n e T r o j a M & ) s ( r e c o r G e s u o h e r a W d o o F s r e p p o h S l e r r a B & e t a r C , s d o o F e l o h W d o o F t n a i G r e t e e T s i r r a H s d o o G g n i t r o p S s k c i D ' , s n a m g e W s n a m g e W d o o F t n a i G t n a i G , m y G s d l o G ' x i l b u P - - ) t e g r a T ( , y a w e f a S y a w e f a S s s e n t i F A L ' , s e o J r e d a r T s t e k r a M y t i n u m m o C C C P s r e t n e C d o o F y t i l a u Q y a w e f a S y a w e f a S s a m e n i C l a g e R , y a w e f a S - - ) C F Q ( ) s r a e S ( s r e t n e C d o o F y t i l a u Q s d o o F e l o h W ) y a w e f a S ( ) t e g r a T ( ) 4 ( e g a r e v A t n e R e s a B ) t F q S r e P ( 6 7 . 3 2 3 6 . 3 3 8 7 . 0 2 4 6 . 9 1 6 3 . 8 1 2 9 . 0 2 1 7 . 1 2 7 8 . 7 2 2 4 . 4 2 7 0 . 6 2 8 7 . 5 2 7 3 . 6 1 9 8 . 3 2 0 6 . 3 3 0 4 . 4 2 0 2 . 2 1 0 5 . 7 2 4 6 . 4 2 8 3 . 0 4 0 6 . 2 3 2 9 . 4 2 1 0 . 4 2 1 2 . 3 2 0 8 . 3 3 5 9 . 9 2 2 8 . 1 2 $ ) 3 ( t n e c r e P d e s a e L % 5 . 0 9 % 5 . 1 7 % 0 . 0 0 1 % 8 . 7 8 % 0 . 0 0 1 % 8 . 5 9 % 6 . 5 8 % 6 . 2 9 % 8 . 3 9 % 8 . 0 9 % 1 . 9 9 % 0 . 0 0 1 % 6 . 4 9 % 1 . 9 7 % 4 . 8 9 % 6 . 5 9 % 0 . 0 0 1 % 0 . 0 0 1 % 7 . 3 9 % 4 . 8 9 % 0 . 0 0 1 % 0 . 7 9 % 0 . 0 0 1 % 0 . 0 0 1 % 0 . 0 0 1 % 6 . 5 9 s s o r G e l b a s a e L a e r A r o s e g a g t r o M n i ( ) A L G ) s ' 0 0 0 ( s e c n a r b m u c n E ) s ' 0 0 0 n i ( r a e Y d e t c u r t s n o C t s a L r o r o j a M n o i t a v o n e R r a e Y d e r i u q c A ) 2 ( - r e n w O i p h s t s e r e t n I e t a t S ) 1 ( A S B C e m a N y t r e p o r P 2 3 1 2 2 4 3 1 1 7 9 8 0 3 7 6 1 7 8 1 1 0 3 1 1 1 5 0 1 6 3 1 7 0 1 2 3 1 4 1 1 0 4 1 6 0 2 9 7 1 3 3 7 1 7 6 1 8 3 0 1 8 4 1 1 0 1 8 5 5 7 8 9 , — 4 4 5 0 1 , — — — — 8 1 1 9 3 , 4 6 0 5 1 , — 8 8 5 6 2 , 7 1 9 0 1 , — — 0 0 5 1 2 , 2 7 6 3 1 , 3 3 7 9 , — — — — — — — — 8 6 5 , 3 5 8 3 5 , 5 4 1 2 $ , 5 0 0 2 1 0 0 2 7 7 9 1 5 0 0 2 1 1 0 2 7 1 0 2 0 8 9 1 1 9 9 1 8 4 9 1 2 5 9 1 6 8 9 1 1 9 9 1 7 0 0 2 8 1 0 2 8 8 9 1 9 9 9 1 6 5 9 1 2 1 0 2 5 8 9 1 8 9 9 1 7 8 9 1 9 8 9 1 7 1 0 2 2 9 9 1 0 9 9 1 6 0 0 2 6 1 0 2 5 0 0 2 5 0 0 2 7 0 0 2 7 1 0 2 5 0 0 2 2 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 5 0 0 2 8 1 0 2 8 1 0 2 4 1 0 2 9 9 9 1 5 0 0 2 2 1 0 2 9 9 9 1 6 1 0 2 5 0 0 2 9 9 9 1 7 1 0 2 9 9 9 1 9 9 9 1 % 0 2 % 0 4 % 0 4 % 0 2 % 0 4 % 0 4 % 0 4 % 0 4 % 0 5 % 0 5 % 0 2 % 0 2 % 0 4 % 0 4 A V A V A V A V A V A V A V A V A V A V A V A W A W A W A W A W A W A W A W A W A W A W A W A W A W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W e c a l p t e k r a M n o i t a t S n o t r o L a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W n o d n e r a l C n o m m o C t e k r a M a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C g n i p p o h S a g o t a r a S a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W r e t n e C y t n u o C t a s p o h S l l a w e n o t S t a s p o h S a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W h t l a e w n o m m o C t a d l e i F e h T a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W d n o m h c i R a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W a i r d n a x e l A - n o t g n i l r A - n o t g n i h s a W e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S e u v e l l e B - a m o c a T - e l t t a e S g n i p p o h S g n i l r e t S t a r e t n e C n w o T r e t n e C s e l l u D t a r e t n e C e g a l l i V r e t n e C g n i p p o h S e g a l l i V I e r t n e C n o t s l l i W I I e r t n e C n o t s l l i W e c a l p t e k r a M a r o r u A ) 7 ( I I s k c o l B d r a l l a B ) 6 ( t e k r a M y a w d a o r B I s k c o l B d r a l l a B a z a l P e g d i R d n a r G a z a l P d o o w e l g n I a z a l P e d a c s a C a z a l P e t a g t s a E r e t n e C g n i p p o h S e i n a h a l K a z a l P n o i h s a F e k a l r e v O s d n a l h g i H - h s i m a m m a S r e t n e c h t u o S l a t o T s r e t n e C y c n e g e R e g a l l i V e k a L e n i P e r a u q S t l e v e s o o R r a d n e l a c o w t t s a e l t a r o f n e p o n e e b t e y t o n s a h r o h c n a e h t r o d e i p u c c o % 5 9 d n a e t e l p m o c o t s t s o c d e t c e p x e e h t f o % 0 9 t s a e l t a d e r r u c n i t e y t o n e v a h e w e r e h w s e i t r e p o r p s e d u l c n I . d e n w o y l l o h w t o n f i , y t r e p o r p e h t n i t s e r e t n i p i h s r e n w o r u o s t n e s e r p e R . a e r A l a c i t s i t a t S d e s a B e r o C o t s r e f e r A S B C ) 1 ( ) 2 ( ) 3 ( f o o i l o f t r o P d e n i b m o C r u o r o f % 9 . 5 9 e b d l u o w d e s a e l e g a t n e c r e p l a t o t e h t , d e d u l c x e e r a s e i t r e p o r p t n e m p o l e v e d f I . ) " t n e m p o l e v e d n i s e i t r e p o r p " r o " s e i t r e p o r p t n e m p o l e v e d " ( s r a e y . s r e t n e c g n i p p o h s . y t r e p o r p r u o o t t n e c a j d a r o n i h t i w s i h c i h w , e c a p s r i e h t n i t s e r e t n i d l o h e s a e l r o p i h s r e n w o o n e v a h e W . s r e t n e c r u o t a s r o h c n a w o d a h s e r a s i s e h t n e r a p n i s r e l i a t e R . e s a e l d n u o r g a o t t c e j b u s s i t u b , s p i h s r e n t r a p e t a t s e l a e r d e t a d i l o s n o c n u s t i r o y c n e g e R y b d e n w o t o n s i s t n e m e v o r p m i d n a g n i d l i u b e h t g n i y l r e d n u d n u o r g e h T . e u n e v e r y r e v o c e r d n a t n e r e g a t n e c r e p g n i d u l c x e , e s a e l t n a n e t e h t r e p t n e r e s a b l a u t c a r t n o c m u m i n i m l a u n n a n o d e s a b d e t a l u c l a c s i F S P t n e r e s a b e g a r e v A . t n e m p o l e v e d n i y t r e p o r P ) 4 ( ) 5 ( ) 6 ( ) 7 ( 33 Item 3. Legal Proceedings We are a party to various legal proceedings that arise in the ordinary course of our business. We are not currently involved in any litigation, nor to our knowledge is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have a material adverse effect on our financial position or results of operations. Item 4. Mine Safety Disclosures None. PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Since November 13, 2018, our common stock has traded on NASDAQ under the symbol "REG." Before November 13, 2018, our common stock traded on the NYSE, also under the symbol "REG". As of February 7, 2019, there were 70,487 holders of common equity. We intend to pay regular quarterly distributions to Regency Centers Corporation's common stockholders. Future distributions will be declared and paid at the discretion of our Board of Directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, and such other factors as our Board of Directors deems relevant. In order to maintain Regency Centers Corporation's qualification as a REIT for federal income tax purposes, we are generally required to make annual distributions at least equal to 90% of our real estate investment trust taxable income for the taxable year. Under certain circumstances, which we do not expect to occur, we could be required to make distributions in excess of cash available for distributions in order to meet such requirements. We have a dividend reinvestment plan under which shareholders may elect to reinvest their dividends automatically in common stock. Under the plan, we may elect to purchase common stock in the open market on behalf of shareholders or may issue new common stock to such stockholders. Under the revolving credit agreement of our line of credit, in the event of any monetary default, we may not make distributions to stockholders except to the extent necessary to maintain our REIT status. There were no unregistered sales of equity securities during the quarter ended December 31, 2018. The following table represents information with respect to purchases by the Parent Company of its common stock during the months in the three month period ended December 31, 2018: Period October 1, 2018, through October 31, 2018 November 1, 2018, through November 30, 2018 December 1, 2018, through December 31, 2018 Total number of shares purchased (1) Total number of shares purchased as part of publicly announced plans or programs (2) Average price paid per share Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (2) — — — — — 2,107,124 $ $ $ — — $125,009,963 $125,009,963 57.70 $3,371,220 (1) Represents shares repurchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's Long-Term Omnibus Plan. (2) On February 7, 2018, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of its outstanding common stock through open market purchases and/or in privately negotiated transactions. Any shares purchased will be retired. The program is scheduled to expire on February 6, 2020. Through December 31, 2018, the Company has repurchased 4,252,333 shares for $246.5 million. On February 5, 2019, the Company's Board authorized a new repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million under terms and conditions similar to the predecessor plan. Any additional shares purchased will be under the new program. 34The performance graph furnished below shows Regency's cumulative total stockholder return to the S&P 500 Index, the FTSE NAREIT Equity REIT Index, and the FTSE NAREIT Equity Shopping Centers index since December 31, 2013. The stock performance graph should not be deemed filed or incorporated by reference into any other filing made by us under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that we specifically incorporate the stock performance graph by reference in another filing. 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 Regency Centers Corporation $ S&P 500 FTSE NAREIT Equity REITs FTSE NAREIT Equity Shopping Centers 100.00 100.00 100.00 100.00 142.54 113.69 130.14 129.96 156.83 115.26 134.30 136.10 163.05 129.05 145.74 141.10 168.90 157.22 153.36 125.06 148.61 150.33 146.27 106.87 35Item 6. Selected Financial Data The following table sets forth Selected Financial Data for the Company on a historical basis for the five years ended December 31, 2018 (in thousands, except per share and unit data, number of properties, and ratio of earnings to fixed charges). This historical Selected Financial Data has been derived from the audited consolidated financial statements. This information should be read in conjunction with the consolidated financial statements of Regency Centers Corporation and Regency Centers, L.P. (including the related notes thereto) and Management's Discussion and Analysis of the Financial Condition and Results of Operations, each included elsewhere in this Form 10-K. Parent Company Operating data: Revenues Operating expenses Total other expense (income) Income from operations before equity in income of investments in real estate partnerships and income taxes Equity in income of investments in real estate partnerships Deferred income tax benefit of taxable REIT subsidiary Net income Income attributable to noncontrolling interests Net income attributable to the Company Preferred stock dividends and issuance costs Net income attributable to common stockholders Income per common share - diluted NAREIT FFO (2) Other information: Net cash provided by operating activities (3) Net cash used in investing activities (3) Net cash (used in) provided by financing activities (3) Dividends paid to common stockholders and unit holders $ $ $ 2018 2017 (1) 2016 2015 2014 $ 1,120,975 740,806 170,818 209,351 42,974 — 252,325 (3,198) 249,127 — 249,127 984,326 744,763 113,661 125,902 43,341 (9,737) 178,980 (2,903) 176,077 (16,128) 159,949 614,371 403,152 100,745 110,474 56,518 — 166,992 (2,070) 164,922 (21,062) 143,860 569,763 365,098 74,630 130,035 22,508 — 152,543 (2,487) 150,056 (21,062) 128,994 537,898 353,348 27,969 156,581 31,270 (996) 188,847 (1,457) 187,390 (21,062) 166,328 1.46 1.00 1.42 1.36 1.80 652,857 494,843 277,301 276,515 269,149 610,327 (106,024) (508,494) 469,784 (1,007,230) 568,948 297,177 (408,632) 88,711 285,543 (139,346) (223,117) 277,742 (210,290) (34,360) 376,755 323,285 201,336 181,691 172,900 Common dividends declared per share 2.22 2.10 2.00 1.94 1.88 Common stock outstanding including exchangeable operating partnership units Balance sheet data: 168,254 171,715 104,651 97,367 94,262 Real estate investments before accumulated depreciation $ 11,326,163 11,279,125 5,230,198 4,852,106 4,743,053 Total assets Total debt Total liabilities Total stockholders’ equity Total noncontrolling interests 10,944,663 11,145,717 4,488,906 4,182,881 4,197,170 3,715,212 3,594,977 1,642,420 1,864,285 2,021,357 4,494,495 4,412,663 1,864,404 2,100,261 2,260,688 6,397,970 6,692,052 2,591,301 2,054,109 1,906,592 52,198 41,002 33,201 28,511 29,890 (1) 2017 reflects the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio, but also includes merger and integration related costs within Operating expenses. (2) See Item 1, Defined Terms, for the definition of NAREIT FFO and Item 7, Supplemental Earnings Information, for a reconciliation to the nearest GAAP measure. (3) On January 1, 2018, the Company retrospectively adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which changed the classification and presentation of changes in the total of cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows. Amounts presented for the years ended December 31, 2017 and 2016 were restated to conform presentation. 36Operating Partnership Operating data: Revenues Operating expenses Total other expense (income) Income from operations before equity in income of investments in real estate partnerships and income taxes Equity in income of investments in real estate partnerships Deferred income tax (benefit) of taxable REIT subsidiary Net income Income attributable to noncontrolling interests Net income attributable to the Partnership Preferred unit distributions and issuance costs Net income attributable to common unit holders Income per common unit - diluted: NAREIT FFO (2) Other information: Net cash provided by operating activities (3) Net cash used in investing activities (3) Net cash (used in) provided by financing activities (3) Distributions paid on common units Balance sheet data: 2018 2017 (1) 2016 2015 2014 $ 1,120,975 740,806 170,818 209,351 42,974 — 252,325 (2,673) 249,652 — 249,652 1.46 $ $ 984,326 744,763 113,661 125,902 43,341 (9,737) 178,980 (2,515) 176,465 (16,128) 160,337 1.00 614,371 403,152 100,745 110,474 56,518 — 166,992 (1,813) 165,179 (21,062) 144,117 1.42 569,763 365,098 74,630 130,035 22,508 — 152,543 (2,247) 150,296 (21,062) 129,234 1.36 537,898 353,348 27,969 156,581 31,270 (996) 188,847 (1,138) 187,709 (21,062) 166,647 1.80 652,857 494,843 277,301 276,515 269,149 $ 610,327 469,784 297,177 (106,024) (1,007,230) (408,632) (508,494) 376,755 568,948 323,285 88,711 201,336 285,543 (139,346) (223,117) 181,691 277,742 (210,290) (34,360) 172,900 Real estate investments before accumulated depreciation Total assets $ 11,326,163 10,944,663 11,279,125 11,145,717 Total debt Total liabilities Total partners’ capital Total noncontrolling interests 3,715,212 4,494,495 6,408,636 41,532 3,594,977 4,412,663 6,702,959 30,095 5,230,198 4,488,906 1,642,420 1,864,404 2,589,334 35,168 4,852,106 4,182,881 1,864,285 2,100,261 2,052,134 30,486 4,743,053 4,197,170 2,021,357 2,260,688 1,904,678 31,804 (1) 2017 reflects the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio, but also includes merger and integration related costs within Operating expenses. (2) See Item 1, Defined Terms, for the definition of NAREIT FFO and Item 7, Supplemental Earnings Information, for a reconciliation to the nearest GAAP measure. (3) On January 1, 2018, the Company retrospectively adopted Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which changed the classification and presentation of changes in the total of cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows. Amounts presented for the years ended December 31, 2017 and 2016 were restated to conform presentation. 37Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy We reported Net income attributable to common stockholders of $249.1 million during the year ended December 31, 2018, as compared to $159.9 million, net of $80.7 million of merger costs, during the same period in 2017. We sustained superior same property NOI growth: • We achieved pro-rata same property NOI growth, as adjusted, excluding termination fees, of 3.4%. • We executed 1,802 leasing transactions representing 6.2 million pro-rata SF of new and renewal leasing, with trailing twelve month rent spreads of 8.3% on comparable retail operating property spaces. • At December 31, 2018, our total property portfolio was 95.6% leased, while our same property portfolio was 96.1% leased. We developed and redeveloped high quality shopping centers at attractive returns on investment: • We started three new developments representing a total pro-rata project investment of $80.5 million upon completion, with a weighted average projected return on investment of 7.1%. • We started eight new redevelopments representing a total pro-rata project investment of $112.2 million upon completion, with a weighted average projected return on investment of 8.3%. • Including these new projects, a total of 19 properties were in the process of development or redevelopment, representing a pro-rata investment upon completion of $389.9 million. • We completed four new developments representing a total pro-rata project investment of $167.7 million, with a weighted average return on investment of 7.4%. • We completed twelve new redevelopments representing a total pro-rata project investment of $184.4 million, with a weighted average return on investment of 6.9%. We maintained a conservative balance sheet providing financial flexibility to cost effectively fund investment opportunities and debt maturities: • On March 9, 2018, the Company received proceeds from the sale of $300.0 million of 4.125% senior unsecured public notes, which priced at 99.837% and mature in March 2028. $60 million of the proceeds was used to repay our unsecured revolving credit facility (the “Line”) and $163.2 million was used, in April, to early redeem our $150.0 million 6.0% senior unsecured public notes originally due June 2020, including accrued and unpaid interest through the redemption date and a make-whole amount. We used the remainder of the proceeds to repay 2018 mortgage maturities and for general corporate purposes. • On March 26, 2018, we amended and restated our Line. The amendment and restatement increases the size of the Line to $1.25 billion from $1.0 billion and extends the maturity date to March 23, 2022, with options to extend maturity for two additional six-month periods. Borrowings will bear interest at an annual rate of LIBOR plus 87.5 basis points, subject to our credit ratings, compared to a rate of 92.5 basis points under the previous facility. An annual facility fee of 15 basis points, subject to our credit ratings, applies to the Line. • During 2018, we repurchased $246.5 million of our common stock at a weighted average price per share of $57.97. • At December 31, 2018, our annualized net debt-to-operating EBITDAre ratio on a pro-rata basis was 5.3x. 38Leasing Activity and Significant Tenants We believe our high-quality, grocery anchored shopping centers located in densely populated, desirable infill trade areas create attractive spaces for retail tenants. Pro-rata Occupancy The following table summarizes pro-rata occupancy rates of our combined Consolidated and Unconsolidated shopping center portfolio: % Leased – All properties Anchor space Shop space December 31, 2018 December 31, 2017 95.6% 98.4% 90.9% 95.5% 98.1% 91.1% The decline in shop space percent leased is driven by strategic vacancies in preparation for redevelopments. Pro-rata Leasing Activity The following table summarizes leasing activity, including our pro-rata share of activity within the portfolio of our co- investment partnerships: Year ended December 31, 2018 Leasing Transactions (1) SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Leasing Commissions PSF Anchor Leases New Renewal Total Anchor Leases (1) Shop Space New Renewal Total Shop Space Leases (1) Total Leases 38 99 137 519 1,146 1,665 1,802 625 2,886 3,511 890 1,838 2,728 6,239 $ $ $ $ $ 18.75 15.18 15.82 33.05 33.65 33.45 23.53 $ $ $ $ $ 29.78 0.60 5.79 28.17 0.83 9.75 7.52 (1) Number of leasing transactions reported at 100%; all other statistics reported at pro-rata share. Year ended December 31, 2017 Leasing Transactions (1)(2) SF (in thousands) Base Rent PSF Tenant Allowance and Landlord Work PSF Anchor Leases New Renewal Total Anchor Leases (1) Shop Space New Renewal Total Shop Space Leases (1) Total Leases 39 87 126 548 1,175 1,723 1,849 895 2,465 3,360 952 2,005 2,957 6,317 $ $ $ $ $ 17.34 14.47 15.24 32.45 31.31 31.68 22.93 $ $ $ $ $ 29.56 0.02 7.89 26.81 1.47 9.63 8.70 $ $ $ $ $ $ $ $ $ $ 6.96 0.35 1.52 13.86 2.13 5.96 3.46 Leasing Commissions PSF 4.92 0.46 1.65 13.17 2.40 5.87 3.62 (1) Number of leasing transactions reported at 100%; all other statistics reported at pro-rata share. (2) For the year ending December 31, 2017, amounts include leasing activity of properties acquired from Equity One beginning March 1, 2017. 39Total weighted average base rent on signed shop space leases during 2018 was $33.45 PSF and exceeds the average annual base rent of all shop space leases due to expire during the next 12 months of $30.62 PSF. Significant Tenants and Concentrations of Risk We seek to reduce our operating and leasing risks through geographic diversification and by avoiding dependence on any single property, market, or tenant. The following table summarizes our most significant tenants, based on their percentage of annualized base rent: Anchor Publix Kroger Co. Albertsons Companies, Inc. Whole Foods TJX Companies Number of Stores 70 56 47 32 59 December 31, 2018 Percentage of Company- owned GLA (1) 6.5% 6.6% 4.2% 2.4% 3.0% Percentage of Annualized Base Rent (1) 3.2% 3.0% 2.8% 2.4% 2.3% (1) Includes Regency's pro-rata share of Unconsolidated Properties and excludes those owned by anchors. Bankruptcies and Credit Concerns Our management team devotes significant time to researching and monitoring retail trends, consumer preferences, customer shopping behaviors, changes in retail delivery methods, and changing demographics in order to anticipate the challenges and opportunities impacting the retail industry. A greater shift to e-commerce, large-scale retail business failures, unemployment, and tight credit markets could negatively impact consumer spending and have an adverse effect on our results of operations. We seek to mitigate these potential impacts through tenant diversification, re-tenanting weaker tenants with stronger operators, anchoring our centers with market leading grocery stores that drive foot traffic, and maintaining a presence in affluent suburbs and dense infill trade areas. As a result of our research and findings, we may reduce new leasing, suspend leasing, or curtail allowances for construction of leasehold improvements within a certain retail category or to a specific retailer in order to reduce our risk from bankruptcies and store closings. We closely monitor the operating performance and rent collections of tenants in our shopping centers as well as those retailers experiencing significant changes to their business models as a result of reduced customer traffic in their stores and increased competition from e-commerce sales. Retailers who are unable to withstand these and other business pressures may file for bankruptcy. Although base rent is supported by long-term lease contracts, tenants who file 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 recover our claim and to release the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files bankruptcy and cancels its leases, we could experience a significant reduction in our revenues. Tenants who have filed for bankruptcy and continue to occupy space at December 31, 2018 in our shopping centers represent an aggregate of 0.4% of our annual base rent on a pro- rata basis. 40Results from Operations Comparison of the years ended December 31, 2018 and 2017: Results from operations for the year ended December 31, 2017 reflect the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio in 2017. Our total revenues increased as summarized in the following table: (in thousands) Minimum rent Percentage rent Recoveries from tenants Other income Management, transaction, and other fees $ 818,483 7,486 245,196 21,316 28,494 Total revenues $ 1,120,975 Minimum rent changed as follows: 2018 2017 Change 728,078 6,635 206,675 16,780 26,158 984,326 90,405 851 38,521 4,536 2,336 136,649 • • • $14.1 million increase from rent commencing at development properties; $12.6 million increase from acquisitions of operating properties; and $77.4 million increase at same properties, including $64.1 million from properties acquired through our merger with Equity One which only includes ten months of 2017 operating results. The remaining increase is driven by redevelopments, rental rate growth on new and renewal leases, and rent commencements; • reduced by $13.7 million from the sale of operating properties. Recoveries from tenants represent reimbursements to us for tenants' pro-rata share of the operating, maintenance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased as follows: • • • $4.4 million increase from rent commencing at development properties; $2.9 million increase from acquisitions of operating properties; and $34.4 million increase from same properties, including $26.7 million from properties acquired through our merger with Equity One which only includes ten months of 2017 operating results. The remaining increase is associated with higher recoverable costs; • reduced by $3.2 million from the sale of operating properties. Other income, which consists of incidental income earned at our centers, increased $4.5 million from same properties, including $2.7 million from properties acquired through our merger with Equity One, primarily from termination and assignment fees. Management, transaction and other fees increased $2.3 million due partially to an increase in development fees from active developments within unconsolidated partnerships, along with an increase in leasing and property management fees earned from unconsolidated partnerships. 41Changes in our operating expenses are summarized in the following table: (in thousands) Depreciation and amortization Operating and maintenance General and administrative Real estate taxes Other operating expenses Total operating expenses 2018 2017 Change $ $ 359,688 168,034 65,491 137,856 9,737 740,806 334,201 143,990 67,624 109,723 89,225 744,763 25,487 24,044 (2,133) 28,133 (79,488) (3,957) Depreciation and amortization costs changed as follows: • • • $6.4 million increase as we began depreciating costs at development properties where tenant spaces were completed and became available for occupancy; $6.0 million net increase from acquisitions of operating properties; and $20.4 million net increase at same properties, including $15.9 million from properties acquired through our merger with Equity One which only includes ten months of 2017 operating results. The remaining increase is primarily attributable to redevelopment assets being placed in service; • reduced by $7.3 million from the sale of operating properties. Operating and maintenance costs changed as follows: • • • $6.3 million increase from operations commencing at development properties; $2.1 million increase from acquisitions of operating properties; and $18.2 million increase at same properties, including $15.1 million from properties acquired through our merger with Equity One which only includes ten months of 2017 operating results. The remaining increase is primarily attributable to increases in recoverable costs; • reduced by $2.6 million from the sale of operating properties. General and administrative changed as follows: • • • • $4.9 million decrease in the value of participant obligations within the deferred compensation plan; and $1.6 million net decrease in compensation and management consulting costs; offset by $3.8 million increase from decreased leasing overhead capitalization due to the different mix of leasing transactions; and $500,000 increase from lower development overhead capitalization based on the timing and size of current development and redevelopment projects. Real estate taxes changed as follows: • • • $2.8 million increase from development properties where capitalization ceased as tenant spaces became available for occupancy; $2.3 million increase from acquisitions of operating properties; and $24.4 million increase at same properties, including $19.9 million from properties acquired through the Equity One merger which only includes ten months of 2017 operating results. The remaining increase is from increased tax assessments; • reduced by $1.4 million from the sale of operating properties. Other operating expenses decreased $79.5 million, primarily attributable to transaction costs related to the Equity One merger in 2017. 42The following table presents the components of other expense (income): (in thousands) Interest expense, net Interest on notes payable $ Interest on unsecured credit facilities Capitalized interest Hedge expense Interest income Interest expense, net Provision for impairment Gain on sale of real estate, net of tax Early extinguishment of debt Net investment income Total other expense (income) $ 2018 2017 Change 129,299 18,999 (7,020) 8,408 (1,230) 148,456 38,437 (28,343) 11,172 1,096 170,818 119,301 14,677 (7,946) 8,408 (1,811) 132,629 — (27,432) 12,449 (3,985) 113,661 9,998 4,322 926 — 581 15,827 38,437 (911) (1,277) 5,081 57,157 The $15.8 million net increase in total interest expense is due to: • $10.0 million net increase in interest on notes payable primarily due to: $7.6 million increase from the issuances of $950 million of new unsecured debt during 2017. The debt proceeds were used as follows: $325 million used to redeem all of our preferred stock, $415 million used to fund consideration paid to Equity One to repay its credit facilities not assumed by the Company in the merger, and $210 million used to retire mortgage loans and to reduce the outstanding balance on the Line; $3.4 million net increase from the issuance of $300 million of new unsecured debt in March 2018 to redeem $150 million of unsecured debt in April 2018, and to repurchase common stock; $3.2 million of additional interest on notes payable assumed with the Equity One merger; and $725,000 increase from amortization of additional debt premiums and loan costs from above debt issuances; offset by $4.9 million net decrease in mortgage interest expense primarily due to mortgage payoffs during 2018 and 2017. • further increased by $4.3 million in interest on unsecured credit facilities related to higher average balances primarily related to the Equity One merger and higher interest rates. During 2018, we recognized $38.4 million of impairment losses, including $12.6 million of goodwill impairment, on ten operating properties and two land parcels, eight of which have been sold. Of the four remaining properties, three are included in Properties held for sale as of December 31, 2018. We did not recognize any impairments during 2017. During 2018, we early redeemed $150 million of 6% senior unsecured notes resulting in $11.0 million of debt extinguishment costs. During 2017, we repaid nine mortgages with a portion of the proceeds from our unsecured public debt offering, and recognized $12.4 million of debt extinguishment costs. Net investment income decreased $5.1 million, driven by valuation changes in the stock market, primarily attributable to investments held within the non-qualified deferred compensation plan. 43 Our equity in income of investments in real estate partnerships decreased as follows: (in thousands) GRI - Regency, LLC (GRIR) Equity One JV Portfolio LLC (NYC) Columbia Regency Retail Partners, LLC (Columbia I) Columbia Regency Partners II, LLC (Columbia II) Cameron Village, LLC (Cameron) RegCal, LLC (RegCal) US Regency Retail I, LLC (USAA) Other investments in real estate partnerships Regency's Ownership 40.00% 30.00% 20.00% 20.00% 30.00% 25.00% 20.01% 9.375% - 50.00% 2018 2017 Change $ 29,614 27,440 490 1,311 4,673 943 1,542 937 3,464 686 3,620 1,530 850 1,403 4,456 3,356 43,341 2,174 (196) (2,309) 3,143 93 139 (3,519) 108 (367) Total equity in income of investments in real estate partnerships $ 42,974 The $367,000 decrease in total Equity in income in investments in real estate partnerships is attributed to: • • • • $2.2 million increase within GRIR primarily due to an increase in minimum rent across the portfolio of properties and reduced depreciation; $2.3 million decrease within Columbia I due to our $2.4 million share of gains on the sale of real estate recognized in 2017; $3.1 million increase within Columbia II due to our $3.1 million share of gains on the sale of real estate recognized in 2018; and $3.5 million decrease within USAA due to our $3.3 million share of gains on the sale of real estate recognized in 2017. The following represents the remaining components that comprise net income attributable to the common stockholders and unit holders: (in thousands) Income from operations Deferred income tax benefit Income attributable to noncontrolling interests Preferred stock dividends and issuance costs Net income attributable to common stockholders Net income attributable to exchangeable operating partnership units Net income attributable to common unit holders 2018 2017 Change $ $ $ 252,325 — (3,198) — 249,127 525 249,652 169,243 9,737 (2,903) (16,128) 159,949 388 160,337 83,082 (9,737) (295) 16,128 89,178 137 89,315 The $9.7 million income tax benefit during 2017 was due to revaluing the net deferred tax liability at a TRS entity acquired through the Equity One merger, as a result of the change in corporate tax rates from the 2017 Tax Cuts and Jobs Act. During 2017, we redeemed all of our outstanding preferred stock. 44Comparison of the years ended December 31, 2017 and 2016: Results from operations for the year ended December 31, 2017 reflect the results of our merger with Equity One on March 1, 2017, and therefore only includes ten months of operating results for the Equity One portfolio in 2017. Our total revenues increased as summarized in the following table: (in thousands) Minimum rent Percentage rent Recoveries from tenants Other income Management, transaction, and other fees Total revenues Minimum rent changed as follows: 2017 2016 Change $ $ 728,078 6,635 206,675 16,780 26,158 984,326 444,305 4,128 127,677 12,934 25,327 614,371 283,773 2,507 78,998 3,846 831 369,955 • • • • • $7.2 million increase from development properties; $5.2 million increase from acquisitions of operating properties; $15.1 million increase at same properties reflecting an increase from rental rate growth on new and renewal leases, contractual rent steps, and our redevelopment properties; and $261.4 million increase from properties acquired through the Equity One merger; reduced by $5.2 million from the sale of operating properties. Percentage rent increased $2.5 million primarily as a result of properties acquired through the Equity One merger. Recoveries from tenants represent reimbursements to us for tenants' pro-rata share of the operating, maintenance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased as follows: • • • • • $1.7 million increase from rent commencing at development properties; $1.9 million increase from acquisitions of operating properties; $8.4 million increase from same properties associated with higher recoverable costs and an improvement in recovery rates; and $68.6 million increase from properties acquired through the Equity One merger; reduced by $1.7 million from the sale of operating properties. Other income, which consists of incidental income earned at our centers, increased $3.8 million as follows: • • • • $354,000 increase from development properties; $1.0 million from acquisitions of operating properties; and $3.9 million from properties acquired through the Equity One merger; reduced by $1.4 million in same properties primarily due to other fee income in 2016. 45Changes in our operating expenses are summarized in the following table: (in thousands) Depreciation and amortization Operating and maintenance General and administrative Real estate taxes Other operating expenses Total operating expenses 2017 2016 Change $ $ 334,201 143,990 67,624 109,723 89,225 744,763 162,327 95,022 65,327 66,395 14,081 403,152 171,874 48,968 2,297 43,328 75,144 341,611 Depreciation and amortization costs changed as follows: • • • • • $2.8 million increase as we began depreciating costs at development properties where tenant spaces were completed and became available for occupancy; $2.7 million increase from acquisitions of operating properties and corporate assets; $2.2 million increase at same properties, attributable primarily to redevelopments; and $165.9 million increase from properties acquired through the Equity One merger; reduced by $1.8 million from the sale of operating properties. Operating and maintenance costs changed as follows: • • • • • • $1.4 million increase from operations commencing at development properties; $1.5 million increase from acquisitions of operating properties; $1.0 million net increase from claims losses within the company's wholly-owned captive insurance program; $1.0 million increase at same properties primarily attributable to recoverable costs; and $45.3 million increase from properties acquired through the Equity One merger; reduced by $1.2 million from the sale of operating properties. General and administrative changed as follows: • • • $2.2 million increase in the value of participant obligations within the deferred compensation plan; and $4.6 million increase in compensation costs related to additional staffing and incentive compensation as a result of the Equity One merger; reduced by $4.5 million primarily from greater development overhead capitalization based on the progress and size of current development and redevelopment projects. Real estate taxes changed as follows: • • • • • $782,000 increase from development properties where capitalization ceased as tenant spaces became available for occupancy; $1.3 million increase from acquisitions of operating properties; $3.6 million increase at same properties from increased tax assessments; and $38.6 million increase from properties acquired through the Equity One merger; reduced by $1.0 million from sold properties. Other operating expenses increased as follows: • • $1.8 million increase in corporate expenses due to an increase in franchise taxes; and $73.3 million increase primarily attributable to transaction costs related to the Equity One merger in March 2017. 46The following table presents the components of other expense (income): (in thousands) Interest expense, net Interest on notes payable Interest on unsecured credit facilities Capitalized interest Hedge expense Interest income Interest expense, net Provision for impairment Gain on sale of real estate, net of tax Early extinguishment of debt Net investment income Loss on derivative instruments Total other expense (income) 2017 2016 Change $ $ $ 119,301 14,677 (7,946) 8,408 (1,811) 132,629 — (27,432) 12,449 (3,985) — 113,661 81,330 5,635 (3,481) 8,408 (1,180) 90,712 4,200 (47,321) 14,240 (1,672) 40,586 100,745 37,971 9,042 (4,465) — (631) 41,917 (4,200) 19,889 (1,791) (2,313) (40,586) 12,916 The $41.9 million net increase in total interest expense is due to: • $38.0 million increase in interest on notes payable due to: $26.0 million of additional interest on notes payable assumed with the Equity One merger; and $29.7 million increase in interest attributable to the issuance of $950 million of new unsecured debt in 2017. The debt proceeds were used as follows: $325 million used to redeem all of our preferred stock, $415 million used to fund consideration paid to Equity One to repay its credit facilities not assumed by the Company in the merger, and $210 million used to retire mortgage loans and to reduce the outstanding balance on the Line; offset by $6.9 million decrease in mortgage interest expense primarily due to the payoff of nine mortgages loans; and $10.8 million decrease due to the early redemption of our $300 million notes during 2016; • • $9.0 million increase in interest on unsecured credit facilities related to higher average balances primarily related to the Equity One merger; offset by $4.5 million decrease from higher capitalization of interest based on the size and progress of development and redevelopment projects in process. We did not recognize any impairments during 2017. During 2016, we recognized $4.2 million of impairment losses on two operating properties and two land parcels, all of which have since been sold. During 2017, we sold six operating properties and nine land parcels resulting in gains of $27.4 million, compared to gains of $47.3 million from the sale of eleven operating properties and sixteen land parcels during 2016. During 2017, we repaid nine mortgages with a portion of the proceeds from our unsecured public debt offering in June 2017, and recognized $12.4 million of debt extinguishment costs. In 2016, we recognized a $14.2 million charge in connection with the early redemption of the $300 million unsecured notes. Net investment income increased $2.3 million, attributable primarily to realized and unrealized gains on investments held within the non-qualified deferred compensation plan. During 2016, we recognized a $40.6 million charge to settle $220 million of forward starting interest rate swaps related to new debt previously expected to be issued in 2017. 47 Our equity in income of investments in real estate partnerships decreased as follows: (in thousands) GRI - Regency, LLC (GRIR) Equity One JV Portfolio LLC (NYC) Columbia Regency Retail Partners, LLC (Columbia I) Columbia Regency Partners II, LLC (Columbia II) Cameron Village, LLC (Cameron) RegCal, LLC (RegCal) US Regency Retail I, LLC (USAA) Other investments in real estate partnerships Regency's Ownership 40.00% 30.00% 20.00% 20.00% 30.00% 25.00% 20.01% 50.00% 2017 2016 Change $ 27,440 29,791 686 3,620 1,530 850 1,403 4,456 3,356 — 4,180 3,240 695 1,080 1,180 16,352 56,518 (2,351) 686 (560) (1,710) 155 323 3,276 (12,996) (13,177) Total equity in income of investments in real estate partnerships $ 43,341 The $13.2 million decrease in our total Equity in income in investments in real estate partnerships is largely attributed to: • • • • $2.4 million decrease within GRIR driven by gains on sale of real estate that were recognized in 2016, offset by lower depreciation expense in 2017 related to assets that became fully depreciated in 2016; $1.7 million decrease within Columbia II due to gains on sale of real estate that were recognized in 2016; $3.3 million increase within USAA due to gains on sale of real estate recognized in 2017; and $13.0 million decrease within Other investments in real estate partnerships due to our pro-rata share of gains on sale of real estate recognized in these partnerships in 2016. The following represents the remaining components that comprise net income attributable to the common stockholders and unit holders: (in thousands) Income from operations Deferred income tax benefit Income attributable to noncontrolling interests Preferred stock dividends and issuance costs Net income attributable to common stockholders Net income attributable to exchangeable operating partnership units Net income attributable to common unit holders 2017 2016 Change $ $ $ 169,243 (9,737) (2,903) (16,128) 159,949 388 160,337 166,992 — (2,070) (21,062) 143,860 257 144,117 2,251 (9,737) (833) 4,934 16,089 131 16,220 The $9.7 million income tax benefit during 2017 was due to revaluing the net deferred tax liability at a taxable REIT subsidiary acquired through the Equity One merger, as a result of the change in corporate tax rates from the 2017 Tax Cuts and Jobs Act. During 2017, we redeemed both our Series 6 and Series 7 preferred stock, resulting in a decrease to preferred stock dividends, offset by a charge upon writing off issuance costs. 48Supplemental Earnings Information We use certain non-GAAP performance measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the Company's operating results. We manage our entire real estate portfolio without regard to ownership structure, although certain decisions impacting properties owned through partnerships require partner approval. Therefore, we believe presenting our pro-rata share of operating results regardless of ownership structure, along with other non-GAAP measures, may assist in comparing the Company's operating results to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. See "Defined Terms" in Part I, Item 1. Pro-Rata Same Property NOI: For purposes of evaluating same property NOI on a comparative basis, and in light of the merger with Equity One on March 1, 2017, we are presenting our same property NOI on a pro forma basis for the year ended December 31, 2017, as if the merger had occurred January 1, 2017. This perspective allows us to evaluate same property NOI growth over a comparable period. The pro forma same property NOI as adjusted is not necessarily indicative of what the actual same property NOI and growth would have been if the merger had occurred on January 1, 2017, nor does it purport to represent the same property NOI and growth for future periods. Our pro-rata same property NOI as adjusted, excluding termination fees, changed as follows: (in thousands) Base rent Percentage rent Recoveries from tenants Other income Operating expenses Pro-rata same property NOI, as adjusted Less: Termination fees Pro-rata same property NOI, as adjusted, excluding termination fees Pro-rata same property NOI growth, as adjusted, excluding termination fees 2018 $ 824,238 8,574 266,274 20,826 327,563 $ 792,349 1,222 2017 (1) 795,836 9,065 244,082 16,994 299,507 766,470 990 Change 28,402 (491) 22,192 3,832 28,056 25,879 232 $ 791,127 765,480 25,647 3.4% (1) Adjusted for Equity One operating results prior to the merger for this period. For additional information and details about the Equity One operating results included herein, refer to the Same Property NOI reconciliation at the end of the Supplemental Earnings section. Base rent increased $28.4 million, driven by increases in rental rate growth on new and renewal leases, contractual rent steps in existing leases, and rent commencements. Recoveries from tenants increased $22.2 million, as a result of increases in recoverable costs, as noted below. Other income increased $3.8 million, due to an increase in parking income, land rental, temporary tenants. Operating expenses increased $28.1 million, primarily due to a $17.6 million increase in real estate tax assessments and $8.8 million increase in common area maintenance costs. 49Same Property Rollforward: Our same property pool includes the following property count, pro-rata GLA, and changes therein: (GLA in thousands) Beginning same property count Acquired properties owned for entirety of comparable periods Developments that reached completion by beginning of earliest comparable period presented Disposed properties Properties acquired through Equity One merger SF adjustments (1) Ending same property count 2018 2017 Property Count GLA Property Count GLA 395 40,601 289 26,392 7 917 1 180 8 (11) — — 399 512 (1,178) — 14 40,866 2 (7) 110 — 395 331 (546) 14,181 63 40,601 (1) SF adjustments arise from remeasurements or redevelopments. NAREIT FFO: Our reconciliation of net income attributable to common stock and unit holders to NAREIT FFO is as follows: (in thousands, except share information) Reconciliation of Net income to NAREIT FFO Net income attributable to common stockholders Adjustments to reconcile to NAREIT FFO: (1) Depreciation and amortization (excluding FF&E) Provision for impairment to operating properties Gain on sale of operating properties, net of tax Exchangeable operating partnership units 2018 2017 $ 249,127 159,949 390,603 37,895 (25,293) 525 652,857 364,908 — (30,402) 388 494,843 NAREIT FFO attributable to common stock and unit holders $ (1) Includes Regency's pro-rata share of unconsolidated investment partnerships, net of pro-rata share attributable to noncontrolling interests. 50Reconciliation of Same Property NOI to Nearest GAAP Measure: Our reconciliation of Net income attributable to common stockholders to Same Property NOI, on a pro-rata basis, is as follows: (in thousands) Net income (loss) attributable to common stockholders Less: Management, transaction, and other fees Gain on sale of real estate, net of tax Other (2) Plus: Depreciation and amortization General and administrative Other operating expense, excluding provision for doubtful accounts Other expense (income) Equity in income of investments in real estate excluded from NOI (3) Net income attributable to noncontrolling interests Preferred stock dividends and issuance costs Same Property NOI for non-ownership periods of Equity One (4) 2018 2017 Same Property Other (1) Total Same Property Other (1) Total $ 416,657 (167,530) 249,127 344,386 (184,437) 159,949 — — 45,377 333,001 — 28,494 28,343 11,529 26,687 65,491 727 33,701 4,017 165,460 28,494 28,343 56,906 359,688 65,491 4,744 199,161 — — 37,812 320,090 — 1,066 44,627 26,158 27,432 9,545 14,111 67,624 74,430 96,466 26,158 27,432 47,357 334,201 67,624 75,496 141,093 53,640 3,040 56,680 51,351 1,939 53,290 — — — 3,198 3,198 — — — — — — 2,903 2,903 16,128 16,128 42,762 766,470 — 26,029 42,762 792,499 Pro-rata NOI, as adjusted $ 792,349 31,997 824,346 (1) Includes revenues and expenses attributable to non-same property, sold property, development properties, corporate activities, and noncontrolling interests. (2) Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interest. (3) Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties. (4) NOI from Equity One prior to the merger was derived from the accounting records of Equity One without adjustment. Equity One's financial information for the two month period ended February 28, 2017 was subject to a limited internal review by Regency. The table below provides Same Property NOI detail for the non-ownership period of Equity One. (in thousands) Base rent Percentage rent Recoveries from tenants Other income Operating expenses $ Pro-rata same property NOI, as adjusted Less: Termination fees Pro-rata same property NOI, as adjusted, excluding termination fees $ Two Months Ended February 2017 44,390 1,265 13,863 611 17,367 42,762 30 42,732 51Liquidity and Capital Resources General We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility. We continuously monitor the capital markets and evaluate our ability to issue new debt or equity, to repay maturing debt, or fund our capital commitments. Except for $500 million of unsecured public and private placement debt, our Parent Company has no capital commitments other than its guarantees of the commitments of our Operating Partnership. The Operating Partnership is a co- issuer and a guarantor on the $500 million of outstanding debt of our Parent Company. All remaining debt is held by our Operating Partnership or by our co-investment partnerships. The Parent Company will from time to time access the capital markets for the purpose of issuing new equity and will simultaneously contribute all of the offering proceeds to the Operating Partnership in exchange for additional partnership units. Based upon our available sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs. In addition to our $42.5 million of unrestricted cash at December 31, 2018, the Company has the following additional sources of capital available: (in thousands) ATM equity program (see note 11 to our Consolidated Financial Statements) December 31, 2018 Original offering amount Available capacity Line of Credit (the "Line") (see note 8 to our Consolidated Financial Statements) Total commitment amount Available capacity (1) Maturity (2) (1) Net of letters of credit. (2) The Company has the option to extend the maturity for two additional six-month periods. $ $ $ $ 500,000 500,000 1,250,000 1,095,612 March 23, 2022 Our dividend distribution policy is set by our Board of Directors, who monitors our financial position. Our Board of Directors recently declared a common stock dividend of $0.585 per share, payable on March 7, 2019, to shareholders of record as of February 25, 2019. Future dividends will be declared at the discretion of our Board of Directors and will be subject to capital requirements and availability. We plan 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. We expect to generate sufficient cash flow from operations to fund our dividend distributions. We generated cash flow from operations of approximately $610.3 million and $469.8 million for the years ended December 31, 2018 and 2017, respectively. We paid $376.8 million and $328.3 million to our common and preferred stock and unit holders for the years ended December 31, 2018 and 2017, respectively. We currently do not have any preferred shares or units issued and outstanding. To meet our additional cash requirements beyond our dividend, we will utilize the following: remaining cash generated from operations after dividends paid, proceeds from the sale of real estate, available borrowings from our Line, and • • • • when the capital markets are favorable, proceeds from the sale of equity or the issuance of new long-term debt. 52During the next twelve months, we estimate that we will require approximately $171.8 million of cash to fund the following: • • • $143.7 million to complete in-process developments and redevelopments, $13.2 million to repay maturing debt, and $14.9 million to fund our pro-rata share of estimated capital contributions to our co-investment partnerships for repayment of maturing debt. If we start new developments, redevelop additional shopping centers, commit to new acquisitions, prepay debt prior to maturity, or repurchase shares of our common stock, our cash requirements will increase. If we refinance maturing debt, our cash requirements will decrease. In addition, we have a contractual commitment to purchase, through December 2019, up to an additional 90.6% ownership interest in an operating shopping center. We currently expect the seller to require us to purchase an additional 25.6% ownership interest in the property by December 2019 for approximately $27.5 million. We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2018, 87.8% of our wholly- owned real estate assets were unencumbered. Such assets allow us to access the secured and unsecured debt markets and to maintain availability on the Line. Our annualized Fixed charge coverage ratio, including our pro-rata share of our partnerships, was 4.2 and 4.1 times for the periods ended December 31, 2018 and 2017, respectively. Our Line, Term Loans, and unsecured loans require that we remain in compliance with various covenants, which are described in note 8 to the Consolidated Financial Statements. We are in compliance with these covenants at December 31, 2018 and expect to remain in compliance. Summary of Cash Flow Activity The following table summarizes net cash flows related to operating, investing, and financing activities of the Company: (in thousands) Net cash provided by operating activities Net cash used in investing activities Net cash (used in) provided by financing activities Net (decrease) increase in cash and cash equivalents and restricted cash Total cash and cash equivalents and restricted cash 2018 610,327 (106,024) (508,494) (4,191) 45,190 $ $ 2017 469,784 (1,007,230) 568,948 31,502 49,381 Change 140,543 901,206 (1,077,442) (35,693) (4,191) Net cash provided by operating activities: Net cash provided by operating activities increased by $140.5 million due to: • • • $119.3 million increase in cash from operating income, including the additional cash flows from properties acquired through the Equity One merger in March 2017, net of merger costs; $764,000 increase in operating cash flow distributions from our unconsolidated real estate partnerships; and, $20.5 million net increase in cash due to timing of cash receipts and payments related to operating activities. 53Net cash used in investing activities: Net cash used in investing activities changed by $901.2 million as follows: (in thousands) Cash flows from investing activities: Acquisition of operating real estate Advance deposits paid on acquisition of operating real estate Acquisition of Equity One, net of cash and restricted cash acquired of $74,507 Real estate development and capital improvements Proceeds from sale of real estate investments Proceeds from (issuance of) notes receivable Investments in real estate partnerships Distributions received from investments in real estate partnerships Dividends on investment securities Acquisition of investment securities Proceeds from sale of investment securities Net cash used in investing activities Significant investing and divesting activities included: 2018 2017 Change $ (85,289) — (124,727) (4,917) 39,438 4,917 — (226,191) 250,445 15,648 (74,238) 14,647 (646,790) (346,857) 110,015 (5,236) (23,529) 36,603 531 (23,164) 21,587 $ (106,024) 365 (23,535) 21,378 (1,007,230) 646,790 120,666 140,430 20,884 (50,709) (21,956) 166 371 209 901,206 • We invested $85.3 million in 2018 to acquire three operating properties. Other than those included with the Equity One merger, we invested $124.7 million in 2017 to acquire two operating properties and two real estate parcels at existing operating properties. • We issued 65.5 million shares of common stock to the shareholders of Equity One valued at $4.5 billion in a stock for stock exchange and merged Equity One into the Company on March 1, 2017. As part of the merger, we paid $646.8 million, net of cash and restricted cash acquired, to repay credit facilities not assumed with the merger at the closing date. • We invested $120.7 million less in 2018 than 2017 on real estate development, redevelopment, and capital improvements, as further detailed in a table below. • We received proceeds of $250.4 million from the sale of ten shopping centers and nine land parcels in 2018, compared to $110.0 million for six shopping centers and nine land parcels in 2017. • We invested $74.2 million in our real estate partnerships during 2018, including: $48.8 million to fund our share of acquiring four operating properties, $1.3 million to acquire an interest in one land parcel for development, $21.9 million to fund our share of development and redevelopment activities, and $2.2 million to fund our share of maturing debt. During the same period in 2017, we invested $23.5 million in our real estate partnerships, including: $8.8 million to acquire an interest in one land parcel for development, $7.8 million to fund our share of development and redevelopment activities, and $6.9 million to fund our share of maturing debt. 54 • Distributions from our unconsolidated real estate partnerships include return of capital from sales or financing proceeds. The $14.6 million received in 2018 is driven by the sale of one land parcel and one operating property plus our share of proceeds from financing activities at two operating properties. During the same period in 2017, we received $36.6 million from the sale of three operating properties and one land parcel plus our share of proceeds from refinancing certain operating properties within the partnerships. • Acquisition of securities and proceeds from sale of securities pertain to investments held in our captive insurance company and our deferred compensation plan. We plan to continue developing and redeveloping shopping centers for long-term investment purposes. During 2018, we deployed capital of $226.2 million for the development, redevelopment, and improvement of our real estate properties as comprised of the following: (in thousands) Capital expenditures: Land acquisitions for development / redevelopment $ Building and tenant improvements Redevelopment costs Development costs Capitalized interest Capitalized direct compensation 2018 2017 Change 2,787 68,463 51,351 86,800 6,303 10,487 24,775 54,200 133,597 109,601 7,946 16,738 (21,988) 14,263 (82,246) (22,801) (1,643) (6,251) (120,666) Real estate development and capital improvements $ 226,191 346,857 • During 2018 we acquired three land parcels for new development and redevelopment projects as compared to four land parcels acquired during 2017. • Building and tenant improvements increased $14.3 million during the year ended December 31, 2018 primarily related to the overall increase in the size of our portfolio from the merger with Equity One in March 2017. • Redevelopment expenditures were lower during 2018 due to the timing, magnitude, and number of projects currently in process. We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansion, facade renovations, new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan. • Development expenditures were lower in 2018 due to the progress towards completion of our development projects currently in process. At December 31, 2018 and 2017, we had six and eight consolidated development projects, respectively, that were either under construction or in lease up. See the tables below for more details about our development projects. • Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs expended. We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor opens for business. • We have a staff of employees who directly support our development program, which includes redevelopment of our existing properties. We currently expect that our development activity will approximate our recent historical averages, although the amount of activity by type will vary and likely shift towards more redevelopment in the near future. Internal compensation costs directly attributable to these activities are capitalized as part of each project. Changes in the level of future development activity could adversely impact results of operations by reducing the amount of internal costs for development projects that may be capitalized. A 10% reduction in development activity without a corresponding reduction in development related compensation costs could result in an additional charge to net income of $1.5 million per year. 55The following table summarizes our in-process consolidated development projects: (in thousands, except cost PSF) December 31, 2018 Property Name The Village at Riverstone Pinecrest Place (2) Mellody Farm Indigo Square Carytown Exchange (3) The Village at Hunter's Lake Total Market Houston, TX Miami, FL Chicago, IL Charleston, SC Richmond, VA Tampa, FL Estimated /Actual Anchor Opens Estimated Net Development Costs (1) Sept-18 $ Jan-18 Sept-18 Mar-19 Nov-20 Apr-20 30,658 16,373 103,939 16,808 26,360 21,999 Start Date Q4-16 Q1-17 Q2-17 Q4-17 Q4-18 Q4-18 % of Costs Incurred (1) GLA 86% 167 88% 70 80% 259 81% 51 3% 107 7% 72 Cost PSF GLA (1) 184 234 401 330 246 306 $ 216,137 67% 726 $ 298 (1) Includes leasing costs and is net of tenant reimbursements. (2) Estimated Net Development Costs for Pinecrest Place excludes the cost of land, which the Company has leased long term. (3) Estimated Net Development Costs for Carytown Exchange excludes the cost of land, which was contributed by a partner. The following table summarizes our pro-rata share of in-process unconsolidated development projects: (in thousands, except cost PSF) December 31, 2018 Property Name Midtown East Ballard Blocks II Total Market Raleigh, NC Seattle, WA Start Date Q4-17 Q1-18 Estimated /Actual Anchor Opens Sept-19 Oct-19 Estimated Net Development Costs (1) $ $ 22,639 32,161 54,800 % of Costs Incurred (1) 67% 43% 54% GLA 87 57 144 Cost PSF GLA (1) $ $ 260 564 381 (1) Includes leasing costs and is net of tenant reimbursements. The following table summarizes our completed consolidated development projects: (in thousands, except cost PSF) December 31, 2018 Property Name Chimney Rock Crossing Northgate Marketplace Ph II Market at Springwoods Village (2) The Field at Commonwealth Market New York, NY Medford, OR Houston, TX Metro DC Total Completion Date Net Development Costs (1) GLA Cost PSF GLA (1) Q2-18 Q2-18 Q4-18 Q4-18 $ $ 70,105 40,791 25,373 43,378 179,647 218 177 167 167 729 $ $ 322 230 152 260 246 (1) Includes leasing costs and is net of tenant reimbursements. (2) Estimated Net Development Costs are reported at full project cost. Our ownership interest in this consolidated property is 53%. 56Net cash (used in) provided by financing activities: Net cash flows generated from financing activities changed during 2018, as follows: (in thousands) Cash flows from financing activities: Equity issuances Repurchase of common shares in conjunction with equity award plans Common shares repurchased through share repurchase program Preferred stock redemption Distributions to limited partners in consolidated partnerships, net Dividend payments and operating partnership distributions Borrowings on unsecured credit facilities, net Proceeds from debt issuance Debt repayments, including early redemption costs Payment of loan costs Proceeds from sale of treasury stock, net Net cash (used in) provided by financing activities 2018 2017 Change $ — 88,458 (88,458) (6,772) (213,851) — (4,526) (376,755) 85,000 301,251 (283,492) (9,448) 99 $ (508,494) (18,649) — (325,000) (8,139) (328,314) 345,000 1,084,184 (255,421) (13,271) 100 568,948 11,877 (213,851) 325,000 3,613 (48,441) (260,000) (782,933) (28,071) 3,823 (1) (1,077,442) Significant financing activities during the years ended December 31, 2018 and 2017 include the following: • We had no equity issuances during 2018. During December 2017, we raised $88.5 million upon settling the remaining 1,250,000 shares under the forward equity offering. • We repurchased for cash a portion of the common stock related to vested stock based compensation awards to satisfy employee federal and state tax withholding requirements. The 2017 repurchases were higher due to the vesting of Equity One's stock-based compensation program as a result of the merger. • We paid $213.9 million to repurchase 3,689,104 common shares in 2018 through our repurchase program. Additionally, we repurchased 563,229 shares in December 2018 that settled for $32.8 million in January 2019. • We paid $325.0 million in 2017 to redeem all of our preferred stock. • Net distributions to Limited partners in consolidated partnerships decreased $3.6 million primarily due to proceeds from property refinancings distributed during 2017. • We paid $48.4 million more in dividends during 2018 as a result of issuing common shares as merger consideration to acquire Equity One in 2017, combined with an increase in our dividend rate from $2.10 per share during 2017 to $2.22 per share during 2018. • We had the following debt related activity during 2018: We borrowed, net of payments, an additional $85.0 million on our Line. We received proceeds of $299.5 million upon issuance, in March, of $300.0 million of senior unsecured public notes and drew $1.7 million on a construction loan to fund an in-process development project. We paid $160.5 million, including a make-whole premium, to early redeem our senior unsecured public notes originally due June 2020 and $123.0 million to pay scheduled principal mortgage payments and mortgages maturities. We paid $9.4 million of loan costs in connection with our public note offering above and expanding our Line commitment. 57• We had the following debt related activity during 2017: We borrowed, net of payments, an additional $45.0 million on our Line. We received proceeds of $300.0 million upon closing a new term loan related to the merger with Equity One. We received proceeds of $1.1 billion from debt issuances including * $953.1 million, including debt premiums, from our $950.0 million senior unsecured public note issuances in 2017. The debt proceeds were used as follows: * * * $325 million used to redeem all of our preferred stock, $415 million used to fund consideration paid to Equity One to repay its credit facilities not assumed by the Company in the merger, and $213.1 million used to retire mortgage loans and to reduce the outstanding balance on the Line; * * $122.5 million from mortgage loans, and $8.6 million in construction loan proceeds. We paid $255.4 million to repay or refinance mortgage loans and to pay scheduled principal payments. We paid $13.3 million of loan costs in connection with the new debt issued above, including expanding our Line commitment. Contractual Obligations We have debt obligations related to our mortgage loans, unsecured notes, unsecured credit facilities and interest rate swap obligations as described further below and in note 8, note 9, and note 16 to the Consolidated Financial Statements. We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center. We also have non-cancelable operating leases pertaining to office space from which we conduct our business. In addition, at December 31, 2018, we have a contractual commitment to purchase, through December 2019, up to an additional 90.6% ownership interest in an operating shopping center. We currently expect the seller to require us to purchase an additional 25.6% ownership interest in the property by December 2019 for approximately $27.5 million. The following table of Contractual Obligations summarizes our debt maturities, including our pro-rata share of obligations within co-investment partnerships as of December 31, 2018, and excludes the following: • Recorded debt premiums or discounts and issuance costs that are not obligations; • Obligations related to construction or development contracts, since payments are only due upon satisfactory performance under the contracts; • Letters of credit of $9.4 million issued to cover our captive insurance program and performance obligations on certain development projects, which the latter will be satisfied upon completion of the development projects; and • Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within the control of the participant, and are further discussed in note 13 to the Consolidated Financial Statements. 58(in thousands) 2019 2020 2021 2022 2023 Beyond 5 Years Total Payments Due by Period Notes payable: Regency (1) Regency's share of joint ventures (1) (2) Operating leases: Regency - office leases Subleases: Regency - office leases Ground leases: Regency Regency's share of joint ventures Purchase commitment U.S. Treasury rate lock $ 163,223 523,669 457,680 827,419 156,771 2,806,715 $ 4,935,477 46,303 122,512 119,233 80,113 73,424 196,027 637,612 4,982 4,908 3,858 2,893 2,189 5,944 24,774 (577) (614) (309) — — — (1,500) 10,672 10,439 10,344 10,258 10,369 461,762 513,844 393 27,547 5,491 394 — — 394 — — 394 — — 394 — — 18,073 — — 20,042 27,547 5,491 Total $ 258,034 661,308 591,200 921,077 243,147 3,488,521 $ 6,163,287 (1) Includes interest payments. (2) We are obligated to contribute our pro-rata share to fund maturities if they are not refinanced. We believe that our partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co- investment partnership, we would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call. Critical Accounting Estimates Knowledge about our accounting policies is necessary for a complete understanding of our financial statements. The preparation of our financial statements requires that we make certain estimates that impact the balance of assets and liabilities as of a financial statement date and the reported amount of income and expenses during a financial reporting period. These accounting estimates are based upon, but not limited to, our judgments about historical and expected future results, current market conditions, and interpretation of industry accounting standards. They are considered to be critical because of their significance to the financial statements and the possibility that future events may differ from those judgments, or that the use of different assumptions could result in materially different estimates. We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize could differ from such estimates. Accounts Receivable and Straight Line Rent Minimum rent, percentage rent, and expense recoveries from tenants for common area maintenance costs, insurance and real estate taxes are the Company's principal source of revenue. As a result of generating this revenue, we will routinely have accounts receivable due from tenants. We are subject to tenant defaults and bankruptcies that may affect the collection of outstanding receivables. To address the collectability of these receivables, we analyze historical tenant collection rates, write- off experience, tenant credit-worthiness and current economic trends when evaluating the adequacy of our allowance for doubtful accounts and straight line rent reserve. Although we estimate uncollectible receivables and provide for them through charges against income, actual experience may differ from those estimates. Real Estate Investments Acquisition of Real Estate Investments Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. If the acquisition is determined to be a business combination, any excess consideration above the fair value allocated to the applicable assets and liabilities results in goodwill. Fair value is determined based on an exit price approach, which contemplates the price that would be 59received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Transaction costs associated with asset acquisitions are capitalized, while such costs are expensed for business combinations in the period incurred. We strategically co-invest with partners to own, manage, acquire, develop and redevelop operating properties. We analyze our investments in real estate partnerships in order to determine whether the entity should be consolidated. The Company consolidates partnerships in which it owns less than 100%, but which it controls. Control is determined using an evaluation based on accounting standards related to the consolidation of variable interest entities ("VIEs") and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Management uses its judgment when making these determinations. We use the equity method of accounting for investments in real estate partnerships when we have significant influence but do not have a controlling financial interest. Under the equity method, we record our investments in and advances to these entities as Investments in real estate partnerships in our Consolidated Balance Sheets, and our proportionate share of earnings or losses earned by the partnership is recognized in Equity in income (loss) of investments in real estate partnerships in our Consolidated Statements of Operations. Development and Redevelopment of Real Estate Assets and Cost Capitalization We have a development program, which includes redevelopment of our existing properties. We capitalize the acquisition of land, the construction of buildings, and other specifically identifiable development costs incurred by recording them in Real estate assets, at cost, in our accompanying Consolidated Balance Sheets. Other specifically identifiable development costs include pre-development costs essential to the development process, as well as, interest, real estate taxes, and direct employee costs incurred during the development period. Once a development property is substantially complete and held available for occupancy, these indirect costs are no longer capitalized. • • Pre-development costs are incurred prior to land acquisition during the due diligence phase and include contract deposits, legal, engineering, and other professional fees related to evaluating the feasibility of developing a shopping center. If we determine it is probable that a specific project undergoing due diligence will not be developed, we immediately expense all related capitalized pre-development costs not considered recoverable. Interest costs are capitalized to each development project based on applying our weighted average borrowing rate to that portion of the actual development costs expended. We cease interest cost capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor opens for business. During the years ended December 31, 2018, 2017, and 2016, we capitalized interest of $7.0 million, $7.9 million, and $3.5 million, respectively, on our development projects. • Real estate taxes are capitalized to each development project over the same period as we capitalize interest. • We have a staff of employees who directly support our development program. All direct internal costs attributable to these development activities are capitalized as part of each development project. The capitalization of costs is directly related to the actual level of development activity occurring. During the years ended December 31, 2018, 2017, and 2016, we capitalized $17.1 million, $17.6 million, and $13.0 million, respectively, of direct internal costs incurred to support our development program. Valuation of Real Estate Investments In accordance with GAAP, we evaluate our real estate for impairment whenever there are indicators, including property operating performance and general market conditions, that the carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. If such indicators occur, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated hold period, comparable sales information, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and the resulting impairment, if any, could differ from the actual gain or loss recognized upon ultimate sale in an arm's length transaction. If the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group, which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. In estimating the fair value of undeveloped land, we generally use market data and comparable sales information. 60We evaluate our investments in real estate partnerships for impairment whenever there are indicators, including underlying property operating performance and general market conditions, that the value of our investments in real estate partnerships may be impaired. An investment in a real estate partnerships is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that real estate partnerships on an other-than-temporary basis. Cash flow projections for the investments consider property level factors, such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the age of the real estate partnerships, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular real estate partnership, the carrying value of the investment will be adjusted to an amount that reflects the estimated fair value of the investment. Recent Accounting Pronouncements See Note 1 to Consolidated Financial Statements. Environmental Matters We are subject to numerous environmental laws and regulations as they apply to our shopping centers pertaining primarily to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. We believe that the tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations. Generally, we use all legal means to cause tenants to remove dry cleaning plants from our shopping centers or convert them to more environmentally friendly systems. Where available, we have applied and been accepted into state-sponsored environmental programs. We have a blanket environmental insurance policy for third-party liabilities and remediation costs on shopping centers that currently have no known environmental contamination. We have also placed environmental insurance, where possible, on specific properties with known contamination, in order to mitigate our environmental risk. We monitor the shopping centers containing environmental issues and in certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of doing so. As of December 31, 2018 we and our Investments in real estate partnerships had accrued liabilities of $8.7 million for our pro-rata share of environmental remediation. We believe that the ultimate disposition of currently known environmental matters will not have a material effect on our financial position, liquidity, or results of operations; however, we can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to us; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to us. Off-Balance Sheet Arrangements We do not have off-balance sheet arrangements, financings, or other relationships with other unconsolidated entities (other than our unconsolidated investment partnerships) or other persons, also known as variable interest entities, not previously discussed. Our unconsolidated investment partnership properties have been financed with non-recourse loans. We have no guarantees related to these loans. Inflation/Deflation Inflation has been historically low and has had a minimal impact on the operating performance of our shopping centers; however, inflation may become a greater concern in the near future. Most all of our long-term leases contain provisions designed to mitigate the adverse impact of inflation, which require tenants to pay their pro-rata share of operating expenses, including common-area maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. In addition, many of our leases are for terms of less than ten years, which permits us to seek increased rents upon re-rental at market rates. However, during deflationary periods or periods of economic weakness, minimum rents and percentage rents will decline as the supply of available retail space exceeds demand and consumer spending declines. Occupancy declines will result in lower recovery rates of our operating expenses. 61Item 7A. Quantitative and Qualitative Disclosures about Market Risk We are exposed to two significant components of interest rate risk: • We have a Line commitment, as further described in note 8 to the Consolidated Financial Statements, which has a variable interest rate that is based upon an annual rate of LIBOR plus 0.875%. LIBOR rates charged on our Line change monthly and the spread on the Line is dependent upon maintaining specific credit ratings. If our credit ratings are downgraded, the spread on the Line would increase, resulting in higher interest costs. The interest rate spread based on our credit rating ranges from LIBOR plus 0.700% to LIBOR plus 1.550%. • We are also exposed to changes in interest rates when we refinance our existing long-term fixed rate debt. The objective of our interest rate risk management program is to limit the impact of interest rate changes on earnings and cash flows. To achieve these objectives, we borrow primarily at fixed interest rates and may enter into derivative financial instruments such as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes. Our interest rate swaps are structured solely for the purpose of interest rate protection. We continuously monitor the capital markets and evaluate our ability to issue new debt, to repay maturing debt, or fund our commitments. Based upon the current capital markets, our current credit ratings, our current capacity under our unsecured credit facilities, and the number of high quality, unencumbered properties that we own which could collateralize borrowings, we expect that we will be able to successfully issue new secured or unsecured debt to fund these debt obligations. Our interest rate risk is monitored using a variety of techniques. The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as of December 31, 2018 (dollars in thousands). The table is presented by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes. Although the average interest rate for variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2018 and are subject to change on a monthly basis. In addition, the Company continually assesses the market risk for its floating rate debt and believes that a 1% increase in interest rates would decrease future earnings and cash flows by approximately $1.8 million per year based on $38.1 million of floating rate mortgage debt and $145.0 million of floating rate line of credit debt outstanding at December 31, 2018. If the Company increases its line of credit balance in the future, additional decreases to future earnings and cash flows would occur. Further, the table below incorporates only those exposures that exist as of December 31, 2018 and does not consider exposures or positions that could arise after that date. Since firm commitments are not presented, the table has limited predictive value. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, our hedging strategies at that time, and actual interest rates. Fixed rate debt $22,734 389,866 300,600 582,646 69,418 2,186,859 3,552,123 3,489,384 2019 2020 2021 2022 2023 Thereafter Total Fair Value Average interest rate for all fixed rate debt (1) Variable rate LIBOR debt Average interest rate for all variable rate debt (1) 3.81% 3.86% 3.74% 3.93% 3.94% 3.98% $ — — 38,059 145,000 — — 183,059 183,287 3.27% 3.27% 3.22% —% —% —% — (1) Weighted average interest rates at the end of each year presented. 62Item 8. Consolidated Financial Statements and Supplementary Data Regency Centers Corporation and Regency Centers, L.P. Index to Financial Statements Reports of Independent Registered Public Accounting Firm Regency Centers Corporation: Consolidated Balance Sheets as of December 31, 2018 and 2017 Consolidated Statements of Operations for the years ended December 31, 2018, 2017, and 2016 Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017, and 2016 Consolidated Statements of Equity for the years ended December 31, 2018, 2017, and 2016 Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017, and 2016 Regency Centers, L.P.: Consolidated Balance Sheets as of December 31, 2018 and 2017 Consolidated Statements of Operations for the years ended December 31, 2018, 2017, and 2016 Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017, and 2016 Consolidated Statements of Capital for the years ended December 31, 2018, 2017, and 2016 Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017, and 2016 Notes to Consolidated Financial Statements Financial Statement Schedule 64 69 70 71 72 74 77 78 79 80 82 84 Schedule III - Consolidated Real Estate and Accumulated Depreciation - December 31, 2018 128 All other schedules are omitted because of the absence of conditions under which they are required, materiality or because information required therein is shown in the consolidated financial statements or notes thereto. 63Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Regency Centers Corporation: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the “Company”) as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three year period ended December 31, 2018, and the related notes and the financial statement schedule III - Real Estate and Accumulated Depreciation (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2018, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 21, 2019, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ KPMG LLP We have served as the Company's auditor since 1993. Jacksonville, Florida February 21, 2019 64Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Regency Centers Corporation: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers Corporation and subsidiaries' (the “Company”) internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2018, and the related notes and financial statement schedule III - Real Estate and Accumulated Depreciation (collectively, the “consolidated financial statements”), and our report dated February 21, 2019, expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 21, 2019 65Report of Independent Registered Public Accounting Firm To the Partners Regency Centers, L.P.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the “Partnership”) as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three year period ended December 31, 2018, and the related notes and the financial statement schedule III - Real Estate and Accumulated Depreciation (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the three year period ended December 31, 2018, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 21, 2019, expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ KPMG LLP We have served as the Partnership's auditor since 1998. Jacksonville, Florida February 21, 2019 66Report of Independent Registered Public Accounting Firm To the Partners Regency Centers, L.P.: Opinion on Internal Control Over Financial Reporting We have audited Regency Centers, L.P. and subsidiaries' (the “Partnership“) internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Partnership as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2018, and the related notes and financial statement schedule III - Real Estate and Accumulated Depreciation (collectively, the “consolidated financial statements”), and our report dated February 21, 2019, expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Jacksonville, Florida February 21, 2019 67This page intentionally left blank. 68REGENCY CENTERS CORPORATION Consolidated Balance Sheets December 31, 2018 and 2017 (in thousands, except share data) Assets Real estate assets, at cost (notes 1, 2 and 3): Less: accumulated depreciation Real estate assets, net Investments in real estate partnerships (note 4) Properties held for sale, net Cash and cash equivalents Restricted cash Tenant and other receivables, net (note 1) Deferred leasing costs, less accumulated amortization of $101,093 and $93,291 at December 31, 2018 and 2017, respectively Acquired lease intangible assets, less accumulated amortization of $219,689 and $148,280 at December 31, 2018 and 2017, respectively (note 6) Other assets (note 5) Total assets Liabilities and Equity Liabilities: Notes payable (note 8) Unsecured credit facilities (note 8) Accounts payable and other liabilities Acquired lease intangible liabilities, less accumulated amortization of $92,746 and $56,550 at December 31, 2018 and 2017, respectively (note 6) Tenants’ security, escrow deposits and prepaid rent Total liabilities Commitments and contingencies (notes 15 and 16) Equity: Stockholders’ equity (note 11): Common stock $0.01 par value per share, 220,000,000 shares authorized; 167,904,593 and 171,364,908 shares issued at December 31, 2018 and 2017, respectively Treasury stock at cost, 390,163 and 366,628 shares held at December 31, 2018 and 2017, respectively Additional paid-in capital Accumulated other comprehensive loss Distributions in excess of net income Total stockholders’ equity Noncontrolling interests (note 11): Exchangeable operating partnership units, aggregate redemption value of $20,532 and $24,206 at December 31, 2018 and 2017, respectively Limited partners’ interests in consolidated partnerships Total noncontrolling interests Total equity Total liabilities and equity See accompanying notes to consolidated financial statements. 2018 2017 $ 10,863,162 1,535,444 9,327,718 463,001 60,516 42,532 2,658 172,359 10,892,821 1,339,771 9,553,050 386,304 — 45,370 4,011 170,985 84,983 80,044 387,069 403,827 $ 10,944,663 478,826 427,127 11,145,717 $ 3,006,478 708,734 224,807 496,726 57,750 4,494,495 — 2,971,715 623,262 234,272 537,401 46,013 4,412,663 — 1,679 1,714 (19,834) 7,672,517 (927) (1,255,465) 6,397,970 (18,307) 7,873,104 (6,289) (1,158,170) 6,692,052 10,666 41,532 52,198 6,450,168 $ 10,944,663 10,907 30,095 41,002 6,733,054 11,145,717 69REGENCY CENTERS CORPORATION Consolidated Statements of Operations For the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share data) 2018 2017 2016 Revenues: Minimum rent Percentage rent Recoveries from tenants and other income Management, transaction, and other fees Total revenues Operating expenses: Depreciation and amortization Operating and maintenance General and administrative Real estate taxes Other operating expenses Total operating expenses Other expense (income): Interest expense, net Provision for impairment Gain on sale of real estate, net of tax Early extinguishment of debt Net investment loss (income) Loss on derivative instruments Total other expense (income) Income from operations before equity in income of investments in real estate partnerships and income taxes Equity in income of investments in real estate partnerships (note 4) Deferred income tax benefit of taxable REIT subsidiary Net income Noncontrolling interests: Exchangeable operating partnership units Limited partners’ interests in consolidated partnerships Income attributable to noncontrolling interests Net income attributable to the Company Preferred stock dividends and issuance costs Net income attributable to common stockholders Income per common share - basic (note 14) Income per common share - diluted (note 14) See accompanying notes to consolidated financial statements. $ $ $ $ 818,483 7,486 266,512 28,494 1,120,975 359,688 168,034 65,491 137,856 9,737 740,806 148,456 38,437 (28,343) 11,172 1,096 — 170,818 209,351 42,974 — 252,325 (525) (2,673) (3,198) 249,127 — 249,127 728,078 6,635 223,455 26,158 984,326 334,201 143,990 67,624 109,723 89,225 744,763 132,629 — (27,432) 12,449 (3,985) — 113,661 125,902 43,341 (9,737) 178,980 (388) (2,515) (2,903) 176,077 (16,128) 159,949 444,305 4,128 140,611 25,327 614,371 162,327 95,022 65,327 66,395 14,081 403,152 90,712 4,200 (47,321) 14,240 (1,672) 40,586 100,745 110,474 56,518 — 166,992 (257) (1,813) (2,070) 164,922 (21,062) 143,860 1.47 1.46 1.00 1.00 1.43 1.42 70REGENCY CENTERS CORPORATION Consolidated Statements of Comprehensive Income For the years ended December 31, 2018, 2017, and 2016 (in thousands) Net income Other comprehensive income: Effective portion of change in fair value of derivative instruments: Effective portion of change in fair value of derivative instruments Reclassification adjustment of derivative instruments included in net income Available for sale securities Unrealized (loss) gain on available-for-sale securities Other comprehensive income Comprehensive income Less: comprehensive income attributable to noncontrolling interests: Net income attributable to noncontrolling interests Other comprehensive income attributable to noncontrolling interests Comprehensive income attributable to noncontrolling interests Comprehensive income attributable to the Company See accompanying notes to consolidated financial statements. 2018 252,325 $ 2017 178,980 2016 166,992 402 5,342 1,151 11,103 (10,332) 51,139 (95) 5,649 257,974 3,198 299 3,497 254,477 $ (8) 12,246 191,226 2,903 189 3,092 188,134 24 40,831 207,823 2,070 484 2,554 205,269 71s t s e r e t n I g n i l l o r t n o c n o N N O I T A R O P R O C S R E T N E C Y C N E G E R y t i u q E f o s t n e m e t a t S d e t a d i l o s n o C 6 1 0 2 d n a , 7 1 0 2 , 8 1 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o F ) a t a d e r a h s r e p t p e c x e , s d n a s u o h t n i ( d e t i m L i ’ s r e n t r a P n i t s e r e t n I d e t a d i l o s n o C s p i h s r e n t r a P e l b a e g n a h c x E g n i t a r e p O p i h s r e n t r a P s t i n U l a t o T ’ s r e d l o h k c o t S y t i u q E s n o i t u b i r t s i D f o s s e c x E n i e m o c n I t e N d e t a l u m u c c A r e h t O e v i s n e h e r p m o C s s o L l a n o i t i d d A n I d i a P l a t i p a C y r u s a e r T k c o t S n o m m o C k c o t S d e r r e f e r P k c o t S ) 9 2 0 , 5 ( — ) 5 9 4 , 4 2 3 ( ) 5 3 6 ( — — ) 5 3 6 ( ) 0 6 8 , 3 2 3 ( ) 0 6 8 , 3 2 3 ( 1 3 8 , 0 4 2 9 9 , 6 6 1 — 1 2 4 , 3 1 ) 9 8 7 , 7 ( 0 7 0 , 1 — 0 6 7 , 8 ) 5 5 8 , 6 ( 0 2 9 , 8 4 5 — — — — 4 8 4 0 7 0 , 2 — 8 3 5 0 6 7 , 8 ) 5 5 8 , 6 ( ) 2 6 0 , 1 2 ( — ) 6 0 4 , 2 0 2 ( ) 7 0 3 ( 2 0 5 , 4 2 6 , 2 1 0 2 , 3 3 0 2 6 , 2 8 0 , 2 1 1 5 , 8 2 l a t o T y t i u q E l a t o T g n i l l o r t n o c n o N s t s e r e t n I 6 4 2 , 2 1 0 8 9 , 8 7 1 ) 9 ( 5 9 2 , 5 1 ) 6 4 3 , 8 1 ( 0 1 2 , 1 1 5 9 , 7 ) 0 0 0 , 5 2 3 ( 7 7 4 , 0 6 5 , 4 — ) 6 0 2 , 8 ( 8 7 4 , 3 1 — — — — — — — 2 7 9 8 1 3 0 9 , 2 — — — — 6 2 4 3 1 8 , 1 6 8 4 , 0 3 — 8 3 5 0 6 7 , 8 ) 5 5 8 , 6 ( — — 8 6 1 5 1 5 , 2 8 6 1 , 5 3 — — — — — — — 2 7 ) 6 0 2 , 8 ( 8 7 4 , 3 1 8 7 3 ) 6 0 2 , 8 ( 8 5 — — — — — — — — — 7 5 2 ) 5 7 9 , 1 ( ) 7 0 3 ( ) 7 6 9 , 1 ( 8 8 3 1 2 — — — — — — — — — — 0 0 1 , 3 1 2 2 9 , 4 6 1 — 9 0 1 , 4 5 0 , 2 ) 0 2 0 , 6 3 9 ( ) 3 9 6 , 8 5 ( 8 0 5 , 2 4 7 , 2 ) 8 5 6 , 9 1 ( 2 7 9 0 0 0 5 2 3 , $ 5 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B 2 2 9 , 4 6 1 7 4 3 , 0 4 — 1 2 4 , 3 1 ) 9 8 7 , 7 ( 0 7 0 , 1 ) 8 3 5 ( 0 2 9 , 8 4 5 — — ) 2 6 0 , 1 2 ( ) 9 9 0 , 2 0 2 ( 1 0 3 , 1 9 5 , 2 7 7 0 , 6 7 1 7 5 0 , 2 1 ) 9 ( 5 9 2 , 5 1 ) 6 4 3 , 8 1 ( 0 1 2 , 1 1 5 9 , 7 7 7 4 , 0 6 5 , 4 — — — — — — — — — — — — — — — — ) 2 6 0 , 1 2 ( ) 9 9 0 , 2 0 2 ( ) 9 5 2 , 4 9 9 ( 7 7 0 , 6 7 1 ) 2 7 ( — — — — — ) 0 0 0 , 5 2 3 ( ) 9 9 0 , 1 1 ( ) 9 2 0 , 5 ( ) 9 2 0 , 5 ( — — — — — — — — — — 7 4 3 , 0 4 ) 6 4 3 , 8 1 ( — 7 5 0 , 2 1 — — — — — — — — — — — — — — ) 6 9 5 , 2 ( 9 1 4 , 3 1 ) 9 8 7 , 7 ( 0 7 0 , 1 ) 8 3 5 ( 9 4 8 , 8 4 5 — — — — — — 6 9 5 , 2 — — — — — — — — — — — — 2 — — 1 7 — — — — — — — — — — — — — — — — — r o f d l e h h t i w s e x a t r o f d e m e e d e r k c o t s n o m m o C t e n , n o i t a s n e p m o c d e s a b k c o t s n o i t a z i t r o m a f o t e n , d e u s s i k c o t s d e t c i r t s e R t n e m t s e v n i e r d n e d i v i d r o f d e u s s i k c o t s n o m m o C n a l p f o t e n , s g n i r e f f o k c o t s r o f d e u s s i k c o t s n o m m o C s t s o c e c n a u s s i t s e r e t n i ' s r e n t r a p d e t i m i l f o n o i t a c o l l a e R t e n , n a l p n o i t a s n e p m o c d e r r e f e D e m o c n i e v i s n e h e r p m o c r e h t O e m o c n i t e N ) e r a h s r e p 0 0 . 2 $ ( t i n u / k c o t s n o m m o C s r e n t r a p m o r f s n o i t u b i r t n o C s r e n t r a p o t s n o i t u b i r t s i D : d e r a l c e d s d n e d i v i d h s a C t i n u / k c o t s d e r r e f e r P 3 2 9 , 4 9 2 , 3 ) 2 6 0 , 7 1 ( 5 4 0 , 1 0 0 0 5 2 3 , $ 6 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B — — 6 3 2 , 1 3 9 2 , 5 1 ) 5 4 3 , 8 1 ( 0 1 2 , 1 ) 2 7 ( 0 5 9 , 7 9 9 0 , 1 1 0 1 8 , 9 5 5 , 4 — — — — — — ) 5 4 2 , 1 ( — — — — — — — — — — — — — — 2 ) 1 ( — 7 6 6 1 — — — — — — — — — — — — — — r o f d l e h h t i w s e x a t r o f d e m e e d e r k c o t s n o m m o C t e n , n o i t a s n e p m o c d e s a b k c o t s n o i t a z i t r o m a f o t e n , d e u s s i k c o t s d e t c i r t s e R t n e m t s e v n i e r d n e d i v i d r o f d e u s s i k c o t s n o m m o C n a l p t e n , n a l p n o i t a s n e p m o c d e r r e f e D e m o c n i e v i s n e h e r p m o c r e h t O e m o c n i t e N f o t e n , s g n i r e f f o k c o t s r o f d e u s s i k c o t s n o m m o C s t s o c e c n a u s s i r e g r e m e n O y t i u q E n o p u d e u s s i k c o t s d e t c i r t s e R ) 0 0 0 5 2 3 ( , k c o t s d e r r e f e r p f o n o i t p m e d e R — — — — — t s e r e t n i ' s r e n t r a p d e t i m i l f o n o i t a c o l l a e R ) e r a h s r e p 0 1 . 2 $ ( t i n u / k c o t s n o m m o C s r e n t r a p m o r f s n o i t u b i r t n o C s r e n t r a p o t s n o i t u b i r t s i D : d e r a l c e d s d n e d i v i d h s a C t i n u / k c o t s d e r r e f e r P 72 s t s e r e t n I g n i l l o r t n o c n o N N O I T A R O P R O C S R E T N E C Y C N E G E R y t i u q E f o s t n e m e t a t S d e t a d i l o s n o C 6 1 0 2 d n a , 7 1 0 2 , 8 1 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o F ) a t a d e r a h s r e p t p e c x e , s d n a s u o h t n i ( l a t o T y t i u q E l a t o T g n i l l o r t n o c n o N d e t i m L i ’ s r e n t r a P n i t s e r e t n I d e t a d i l o s n o C e l b a e g n a h c x E g n i t a r e p O p i h s r e n t r a P l a t o T ’ s r e d l o h k c o t S s n o i t u b i r t s i D f o s s e c x E n i d e t a l u m u c c A r e h t O e v i s n e h e r p m o C l a n o i t i d d A n I d i a P s t s e r e t n I s p i h s r e n t r a P s t i n U y t i u q E e m o c n I t e N s s o L l a t i p a C y r u s a e r T k c o t S n o m m o C k c o t S d e r r e f e r P k c o t S 4 5 0 , 3 3 7 , 6 2 0 0 , 1 4 5 9 0 , 0 3 7 0 9 , 0 1 2 5 0 , 2 9 6 , 6 ) 0 7 1 , 8 5 1 , 1 ( ) 9 8 2 , 6 ( 4 0 1 , 3 7 8 , 7 ) 7 0 3 , 8 1 ( 4 1 7 , 1 3 0 9 , 0 3 2 7 5 9 , 3 6 7 , 6 4 0 0 , 1 4 ) 3 1 ( 9 4 6 , 5 5 4 7 , 6 1 5 2 3 , 2 5 2 ) 3 7 3 , 6 ( 0 1 3 3 3 , 1 0 0 0 , 3 1 ) 6 2 5 , 4 ( ) 1 5 8 , 3 1 2 ( — — — — — — 9 9 2 8 9 1 , 3 0 0 0 , 3 1 ) 6 2 5 , 4 ( ) 8 8 0 , 8 7 3 ( ) 7 7 7 ( 8 6 1 , 0 5 4 , 6 8 9 1 , 2 5 2 7 9 0 , 0 3 8 8 2 3 7 6 , 2 — — — — — — 0 0 0 , 3 1 ) 6 2 5 , 4 ( — 2 3 5 , 1 4 1 1 — — — — — — — — — 5 2 5 7 0 9 , 0 1 ) 7 7 7 ( 6 6 6 , 0 1 1 0 9 , 0 3 9 8 8 , 0 3 2 1 — — 3 5 9 , 2 2 7 , 6 ) 1 8 2 , 7 2 1 , 1 ( ) 7 7 2 , 6 ( 4 0 1 , 3 7 8 , 7 ) 7 0 3 , 8 1 ( ) 3 1 ( 0 5 3 , 5 5 4 7 , 6 1 ) 3 7 3 , 6 ( 0 1 3 3 3 , 1 — — ) 1 5 8 , 3 1 2 ( — — — — — — — — — 7 2 1 , 9 4 2 7 2 1 , 9 4 2 ) 1 1 3 , 7 7 3 ( ) 1 1 3 , 7 7 3 ( — — — — — — — — — — 0 5 3 , 5 — — 4 1 5 , 1 3 4 7 , 6 1 ) 3 7 3 , 6 ( 0 1 3 3 3 , 1 ) 4 1 8 , 3 1 2 ( — — — — — ) 7 2 5 , 1 ( — — — — — — — — 0 7 9 , 7 9 3 , 6 ) 5 6 4 , 5 5 2 , 1 ( ) 7 2 9 ( 7 1 5 , 2 7 6 , 7 ) 4 3 8 , 9 1 ( — — — 2 — 4 1 7 , 1 — — ) 7 3 ( — — — 9 7 6 , 1 — — — — — — — — — — — — — — — $ 7 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B y c i l o p g n i t n u o c c a n i e g n a h c o t e u d t n e m t s u j d A ) 1 e t o n ( r o f d l e h h t i w s e x a t r o f d e m e e d e r k c o t s n o m m o C t e n , n o i t a s n e p m o c d e s a b k c o t s t n e m t s e v n i e r d n e d i v i d r o f d e u s s i k c o t s n o m m o C n o i t a z i t r o m a f o t e n , d e u s s i k c o t s d e t c i r t s e R n a l p f o t e n , s g n i r e f f o k c o t s r o f d e u s s i k c o t s n o m m o C s t s o c e c n a u s s i d e r i t e r d n a d e s a h c r u p e r k c o t s n o m m o C 8 1 0 2 , 1 y r a u n a J t a e c n a l a b d e t s u j d A t e n , n a l p n o i t a s n e p m o c d e r r e f e D e m o c n i e v i s n e h e r p m o c r e h t O e m o c n i t e N s r e n t r a p m o r f s n o i t u b i r t n o C s r e n t r a p o t s n o i t u b i r t s i D : d e r a l c e d s d n e d i v i d h s a C $ 8 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B ) e r a h s r e p 2 2 . 2 $ ( t i n u / k c o t s n o m m o C . s t n e m e t a t s l a i c n a n i f d e t a d i l o s n o c o t s e t o n g n i y n a p m o c c a e e S 73 REGENCY CENTERS CORPORATION Consolidated Statements of Cash Flows For the years ended December 31, 2018, 2017, and 2016 (in thousands) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Amortization of deferred loan costs and debt premiums (Accretion) and amortization of above and below market lease intangibles, net Stock-based compensation, net of capitalization Equity in income of investments in real estate partnerships Gain on sale of real estate, net of tax Provision for impairment Early extinguishment of debt Deferred income tax benefit of taxable REIT subsidiary Distribution of earnings from operations of investments in real estate partnerships Gain on derivative instruments Deferred compensation expense Realized and unrealized gain on investments (note 13) Changes in assets and liabilities: Tenant and other receivables, net Deferred leasing costs Other assets (note 5) Accounts payable and other liabilities Tenants’ security, escrow deposits and prepaid rent Net cash provided by operating activities Cash flows from investing activities: Acquisition of operating real estate Advance deposits paid on acquisition of operating real estate Acquisition of Equity One, net of cash and restricted cash acquired of $74,507 Real estate development and capital improvements Proceeds from sale of real estate investments Proceeds from (issuances of) notes receivable Investments in real estate partnerships Distributions received from investments in real estate partnerships Dividends on investment securities Acquisition of investment securities Proceeds from sale of investment securities Net cash used in investing activities 2018 2017 2016 $ 252,325 178,980 166,992 359,688 10,476 (33,330) 13,635 (42,974) (28,343) 38,437 11,172 — 54,266 — (1,085) 1,177 (26,374) (8,366) (1,410) (760) 11,793 610,327 (85,289) — — (226,191) 250,445 15,648 (74,238) 14,647 531 (23,164) 21,587 (106,024) 334,201 9,509 (23,144) 20,549 (43,341) (27,432) — 12,449 (9,737) 53,502 76 3,844 (3,837) (26,081) (14,448) 9,536 (2,114) (2,728) 469,784 (124,727) (4,917) (646,790) (346,857) 110,015 (5,236) (23,529) 36,603 365 (23,535) 21,378 (1,007,230) 162,327 9,762 (3,879) 10,652 (56,518) (47,321) 4,200 14,240 — 50,361 — 1,655 (1,673) (8,800) (10,349) 673 5,419 (564) 297,177 (333,220) (750) — (233,451) 135,161 — (37,879) 58,810 330 (55,223) 57,590 (408,632) 74REGENCY CENTERS CORPORATION Consolidated Statements of Cash Flows For the years ended December 31, 2018, 2017, and 2016 (in thousands) Cash flows from financing activities: Net proceeds from common stock issuance Repurchase of common shares in conjunction with equity award plans Proceeds from sale of treasury stock Acquisition of treasury stock Common shares repurchased through share repurchase program Redemption of preferred stock and partnership units Distributions to limited partners in consolidated partnerships, net Distributions to exchangeable operating partnership unit holders Dividends paid to common stockholders Dividends paid to preferred stockholders Repayment of fixed rate unsecured notes Proceeds from issuance of fixed rate unsecured notes, net Proceeds from unsecured credit facilities Repayment of unsecured credit facilities Proceeds from notes payable Repayment of notes payable Scheduled principal payments Payment of loan costs Early redemption costs Net cash (used in) provided by financing activities Net (decrease) increase in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash at beginning of the year Cash and cash equivalents and restricted cash at end of the year Supplemental disclosure of cash flow information: Cash paid for interest (net of capitalized interest of $7,020, $7,946, and $3,482 in 2018, 2017, and 2016, respectively) Cash paid (received) for income taxes Supplemental disclosure of non-cash transactions: Exchangeable operating partnership units issued for acquisition of real estate Mortgage loans assumed for the acquisition of operating real estate Change in fair value of securities available-for-sale Common stock issued for dividend reinvestment plan Stock-based compensation capitalized Contributions from limited partners in consolidated partnerships, net Common stock issued for dividend reinvestment in trust Contribution of stock awards into trust Distribution of stock held in trust Equity One Merger: Notes payable assumed in Equity One merger, at fair value Common stock exchanged for Equity One shares Deconsolidation of previously consolidated partnership: Real estate, net Investments in real estate partnerships Notes payable Other assets and liabilities Limited partners' interest in consolidated partnerships See accompanying notes to consolidated financial statements. 2018 2017 2016 — (6,772) 99 — (213,851) — (4,526) (777) (375,978) — (150,000) 299,511 575,000 (490,000) 1,740 (113,037) (9,964) (9,448) (10,491) (508,494) (4,191) 49,381 45,190 88,458 (18,649) 100 — — (325,000) (8,139) (635) (322,650) (5,029) — 953,115 1,100,000 (755,000) 131,069 (232,839) (10,162) (13,271) (12,420) 568,948 31,502 17,879 49,381 548,920 (7,984) 957 (29) — — (4,213) (307) (201,029) (21,062) (300,000) — 460,000 (345,000) 53,446 (72,803) (5,860) (2,233) (14,092) 88,711 (22,744) 40,623 17,879 136,645 5,455 109,956 (269) 82,950 — — 9,700 (206) 1,333 3,509 13,000 841 1,314 524 13,100 27,000 (8) 1,210 3,210 186 557 1,372 677 — 757,399 — 4,471,808 — — — — — — — — — — — — 24 1,070 2,963 8,755 728 1,538 4,114 — — 14,144 (3,355) (9,415) 571 (2,099) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 75This page intentionally left blank. 76REGENCY CENTERS, L.P. Consolidated Balance Sheets December 31, 2018 and 2017 (in thousands, except unit data) Assets Real estate assets, at cost (notes 1, 2 and 3): Less: accumulated depreciation Real estate assets, net Investments in real estate partnerships (note 4) Properties held for sale, net Cash and cash equivalents Restricted cash Tenant and other receivables, net (note 1) Deferred leasing costs, less accumulated amortization of $101,093 and $93,291 at December 31, 2018 and 2017, respectively Acquired lease intangible assets, less accumulated amortization of $219,689 and $148,280 at December 31, 2018 and 2017, respectively (note 6) Other assets (note 5) Total assets Liabilities and Capital Liabilities: Notes payable (note 8) Unsecured credit facilities (note 8) Accounts payable and other liabilities Acquired lease intangible liabilities, less accumulated amortization of $92,746 and $56,550 at December 31, 2018 and 2017, respectively (note 6) Tenants’ security, escrow deposits and prepaid rent Total liabilities Commitments and contingencies (notes 15 and 16) Capital: Partners’ capital (note 11): General partner; 167,904,593 and 171,364,908 units outstanding at December 31, 2018 and 2017, respectively Limited partners; 349,902 units outstanding at December 31, 2018 and 2017 Accumulated other comprehensive loss Total partners’ capital Noncontrolling interests (note 11): Limited partners’ interests in consolidated partnerships Total noncontrolling interests Total capital Total liabilities and capital See accompanying notes to consolidated financial statements. 2018 2017 $ 10,863,162 1,535,444 9,327,718 463,001 60,516 42,532 2,658 172,359 10,892,821 1,339,771 9,553,050 386,304 — 45,370 4,011 170,985 84,983 80,044 387,069 403,827 $ 10,944,663 478,826 427,127 11,145,717 $ 3,006,478 708,734 224,807 496,726 57,750 4,494,495 — 2,971,715 623,262 234,272 537,401 46,013 4,412,663 — 6,398,897 10,666 (927) 6,408,636 6,698,341 10,907 (6,289) 6,702,959 41,532 41,532 6,450,168 $ 10,944,663 30,095 30,095 6,733,054 11,145,717 77REGENCY CENTERS, L.P. Consolidated Statements of Operations For the years ended December 31, 2018, 2017, and 2016 (in thousands, except per unit data) 2018 2017 2016 Revenues: Minimum rent Percentage rent Recoveries from tenants and other income Management, transaction, and other fees Total revenues Operating expenses: Depreciation and amortization Operating and maintenance General and administrative Real estate taxes Other operating expenses Total operating expenses Other expense (income): Interest expense, net Provision for impairment Gain on sale of real estate, net of tax Early extinguishment of debt Net investment loss (income) Loss on derivative instruments Total other expense (income) Income from operations before equity in income of investments in real estate partnerships and income taxes Equity in income of investments in real estate partnerships (note 4) Deferred income tax benefit of taxable REIT subsidiary Net income Limited partners’ interests in consolidated partnerships Net income attributable to the Partnership Preferred unit distributions and issuance costs Net income attributable to common unit holders Income per common unit - basic (note 14): Income per common unit - diluted (note 14): See accompanying notes to consolidated financial statements. $ $ $ $ 818,483 7,486 266,512 28,494 1,120,975 359,688 168,034 65,491 137,856 9,737 740,806 148,456 38,437 (28,343) 11,172 1,096 — 170,818 209,351 42,974 — 252,325 (2,673) 249,652 — 249,652 728,078 6,635 223,455 26,158 984,326 334,201 143,990 67,624 109,723 89,225 744,763 132,629 — (27,432) 12,449 (3,985) — 113,661 125,902 43,341 (9,737) 178,980 (2,515) 176,465 (16,128) 160,337 444,305 4,128 140,611 25,327 614,371 162,327 95,022 65,327 66,395 14,081 403,152 90,712 4,200 (47,321) 14,240 (1,672) 40,586 100,745 110,474 56,518 — 166,992 (1,813) 165,179 (21,062) 144,117 1.47 1.46 1.00 1.00 1.43 1.42 78REGENCY CENTERS, L.P. Consolidated Statements of Comprehensive Income For the years ended December 31, 2018, 2017, and 2016 (in thousands) Net income Other comprehensive income: Effective portion of change in fair value of derivative instruments: Effective portion of change in fair value of derivative instruments Reclassification adjustment of derivative instruments included in net income Available for sale securities Unrealized (loss) gain on available-for-sale securities Other comprehensive income Comprehensive income Less: comprehensive income attributable to noncontrolling interests: Net income attributable to noncontrolling interests Other comprehensive income attributable to noncontrolling interests Comprehensive income attributable to noncontrolling interests Comprehensive income attributable to the Partnership See accompanying notes to consolidated financial statements. 2018 252,325 $ 2017 178,980 2016 166,992 402 5,342 1,151 11,103 (10,332) 51,139 (95) 5,649 257,974 2,673 288 2,961 255,013 $ (8) 12,246 191,226 2,515 168 2,683 188,543 24 40,831 207,823 1,813 426 2,239 205,584 79l a t o T ’ s r e n t r a P l a t i p a C d e t a l u m u c c A r e h t O e v i s n e h e r p m o C s s o L d e t i m L i s r e n t r a P r e n t r a P l a r e n e G d n a d e r r e f e r P s t i n U n o m m o C l a t i p a C f o s t n e m e t a t S d e t a d i l o s n o C 6 1 0 2 d n a , 7 1 0 2 , 8 1 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o F ) s d n a s u o h t n i ( . . P L , S R E T N E C Y C N E G E R 2 9 9 , 6 6 1 0 2 6 , 2 8 0 , 2 0 6 7 , 8 1 3 8 , 0 4 — ) 2 6 0 , 1 2 ( ) 1 6 2 , 9 0 2 ( 1 2 4 , 3 1 1 0 2 , 2 4 5 2 0 5 , 4 2 6 , 2 6 4 2 , 2 1 0 8 9 , 8 7 1 ) 9 ( — ) 9 2 0 , 5 ( 8 7 4 , 3 1 ) 1 0 7 , 2 3 3 ( 5 9 2 , 5 1 ) 0 0 0 , 5 2 3 ( 1 4 3 , 3 4 5 , 4 1 5 9 , 7 4 5 0 , 3 3 7 , 6 l a t o T l a t i p a C 3 1 8 , 1 6 8 4 , 0 3 6 2 4 0 6 7 , 8 ) 5 5 8 , 6 ( — 8 3 5 — — — 8 6 1 8 7 3 5 1 5 , 2 8 6 1 , 5 3 ) 6 0 2 , 8 ( 2 7 — — — — — d e t a d i l o s n o C i s p h s r e n t r a P g n i l l o r t n o c n o N n i s t s e r e t n I ’ s r e n t r a P d e t i m L i n i t s e r e t n I 5 9 0 , 0 3 9 5 9 , 2 0 7 , 6 ) 9 8 2 , 6 ( 7 0 9 , 0 1 1 4 3 , 8 9 6 , 6 $ 5 0 4 , 0 4 9 7 1 , 5 6 1 4 3 1 , 2 5 0 , 2 — ) 8 3 5 ( ) 2 6 0 , 1 2 ( ) 6 0 4 , 2 0 2 ( 1 2 4 , 3 1 1 0 2 , 2 4 5 4 3 3 , 9 8 5 , 2 8 7 0 , 2 1 5 6 4 , 6 7 1 ) 9 ( ) 2 7 ( ) 9 2 0 , 5 ( 0 0 1 , 3 1 ) 5 9 4 , 4 2 3 ( 5 9 2 , 5 1 ) 0 0 0 , 5 2 3 ( 1 4 3 , 3 4 5 , 4 1 5 9 , 7 — — — — — — ) 3 9 6 , 8 5 ( — 7 4 3 , 0 4 ) 6 4 3 , 8 1 ( — 7 5 0 , 2 1 — — — — — — — — — 8 5 — 7 5 2 ) 7 0 3 ( ) 5 7 9 , 1 ( — — — — 1 2 — 8 8 3 ) 7 6 9 , 1 ( ) 5 3 6 ( 0 0 1 , 3 1 — — — — — — 2 2 9 , 4 6 1 2 0 8 , 2 1 1 , 2 — — ) 8 3 5 ( ) 2 6 0 , 1 2 ( ) 9 9 0 , 2 0 2 ( 1 2 4 , 3 1 1 0 2 , 2 4 5 7 7 0 , 6 7 1 7 4 6 , 9 0 6 , 2 — ) 9 ( — ) 2 7 ( ) 9 2 0 , 5 ( ) 0 6 8 , 3 2 3 ( 5 9 2 , 5 1 ) 0 0 0 , 5 2 3 ( 1 5 9 , 7 1 4 3 , 3 4 5 , 4 $ $ , y n a p m o C t n e r a P y b d e u s s i k c o t s d e t c i r t s e r f o t l u s e r a s a d e u s s i s t i n u d e t c i r t s e R n o i t a z i t r o m a f o t e n , y n a p m o C t n e r a P y b d e u s s i k c o t s n o m m o c f o t l u s e r a s a d e u s s i s t i n u n o m m o C t s e r e t n i ' s r e n t r a p d e t i m i l f o n o i t a c o l l a e R s n o i t u b i r t s i d t i n u d e r r e f e r P 5 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B e m o c n i e v i s n e h e r p m o c r e h t O s r e n t r a p m o r f s n o i t u b i r t n o C s r e n t r a p o t s n o i t u b i r t s i D e m o c n i t e N 6 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B s e s a h c r u p e r f o t e n e m o c n i t e N t e n , n a l p n o i t a s n e p m o c d e r r e f e D e m o c n i e v i s n e h e r p m o c r e h t O s r e n t r a p m o r f s n o i t u b i r t n o C s r e n t r a p o t s n o i t u b i r t s i D t s e r e t n i ' s r e n t r a p d e t i m i l f o n o i t a c o l l a e R s n o i t u b i r t s i d t i n u d e r r e f e r P , y n a p m o C t n e r a P y b d e u s s i k c o t s d e t c i r t s e r f o t l u s e r a s a d e u s s i s t i n u d e t c i r t s e R n o i t a z i t r o m a f o t e n s n o i t p m e d e r k c o t s d e r r e f e r P , y n a p m o C t n e r a P y b d e u s s i k c o t s n o m m o c f o t l u s e r a s a d e u s s i s t i n u n o m m o C s e s a h c r u p e r f o t e n y n a p m o C t n e r a P y b d e u s s i k c o t s d e t c i r t s e r f o t l u s e r a s a d e u s s i s t i n u d e t c i r t s e R 7 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B r e g r e m e n O y t i u q E n o p u 80 g n i l l o r t n o c n o N l a t i p a C f o s t n e m e t a t S d e t a d i l o s n o C 6 1 0 2 d n a , 7 1 0 2 , 8 1 0 2 , 1 3 r e b m e c e D d e d n e s r a e y e h t r o F ) s d n a s u o h t n i ( . . P L , S R E T N E C Y C N E G E R 3 0 9 , 0 3 5 2 3 , 2 5 2 7 5 9 , 3 6 7 , 6 ) 3 1 ( 9 4 6 , 5 0 0 0 , 3 1 ) 4 1 6 , 2 8 3 ( 5 4 7 , 6 1 ) 1 5 8 , 3 1 2 ( ) 0 3 0 , 5 ( 2 3 7 6 , 2 7 9 0 , 0 3 — 8 8 2 ) 6 2 5 , 4 ( 0 0 0 , 3 1 — — — l a t o T l a t i p a C n i t s e r e t n I d e t a d i l o s n o C i s p h s r e n t r a P n i s t s e r e t n I ’ s r e n t r a P d e t i m L i 1 0 9 , 0 3 0 6 8 , 3 3 7 , 6 1 6 3 , 5 2 5 6 , 9 4 2 ) 3 1 ( — ) 8 8 0 , 8 7 3 ( 5 4 7 , 6 1 ) 1 5 8 , 3 1 2 ( ) 0 3 0 , 5 ( 2 1 ) 7 7 2 , 6 ( — 0 5 3 , 5 — — — — — — — 5 2 5 7 0 9 , 0 1 1 1 — — ) 7 7 7 ( — — — 9 8 8 , 0 3 7 2 1 , 9 4 2 0 3 2 , 9 2 7 , 6 — ) 3 1 ( — ) 1 1 3 , 7 7 3 ( 5 4 7 , 6 1 ) 1 5 8 , 3 1 2 ( ) 0 3 0 , 5 ( l a t o T ’ s r e n t r a P l a t i p a C d e t a l u m u c c A r e h t O e v i s n e h e r p m o C s s o L d e t i m L i s r e n t r a P r e n t r a P l a r e n e G d n a d e r r e f e r P s t i n U n o m m o C , y n a p m o C t n e r a P y b d e u s s i k c o t s d e t c i r t s e r f o t l u s e r a s a d e u s s i s t i n u d e t c i r t s e R n o i t a z i t r o m a f o t e n d e s a h c r u p e r k c o t s n o m m o c f o t l u s e r a s a d e r i t e r d n a d e s a h c r u p e r s t i n u n o m m o C y n a p m o C t n e r a P y b d e r i t e r d n a ) 1 e t o n ( y c i l o p g n i t n u o c c a n i e g n a h c o t e u d t n e m t s u j d A 8 1 0 2 , 1 y r a u n a J t a e c n a l a b d e t s u j d A t e n , n a l p n o i t a s n e p m o c d e r r e f e D e m o c n i e v i s n e h e r p m o c r e h t O s r e n t r a p m o r f s n o i t u b i r t n o C s r e n t r a p o t s n o i t u b i r t s i D e m o c n i t e N , y n a p m o C t n e r a P y b d e u s s i k c o t s n o m m o c f o t l u s e r a s a d e u s s i s t i n u n o m m o C s e s a h c r u p e r f o t e n 8 6 1 , 0 5 4 , 6 2 3 5 , 1 4 6 3 6 , 8 0 4 , 6 ) 7 2 9 ( 6 6 6 , 0 1 7 9 8 , 8 9 3 , 6 $ 8 1 0 2 , 1 3 r e b m e c e D t a e c n a l a B . s t n e m e t a t s l a i c n a n i f d e t a d i l o s n o c o t s e t o n g n i y n a p m o c c a e e S 81 REGENCY CENTERS, L.P. Consolidated Statements of Cash Flows For the years ended December 31, 2018, 2017, and 2016 (in thousands) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Amortization of deferred loan costs and debt premiums (Accretion) and amortization of above and below market lease intangibles, net Stock-based compensation, net of capitalization Equity in income of investments in real estate partnerships Gain on sale of real estate, net of tax Provision for impairment Early extinguishment of debt Deferred income tax benefit of taxable REIT subsidiary Distribution of earnings from operations of investments in real estate partnerships Gain on derivative instruments Deferred compensation expense Realized and unrealized gain on investments (note 13) Changes in assets and liabilities: Tenant and other receivables, net Deferred leasing costs Other assets (note 5) Accounts payable and other liabilities Tenants’ security, escrow deposits and prepaid rent Net cash provided by operating activities Cash flows from investing activities: Acquisition of operating real estate Advance deposits paid on acquisition of operating real estate Acquisition of Equity One, net of cash and restricted cash acquired of $74,507 Real estate development and capital improvements Proceeds from sale of real estate investments Proceeds from (issuances of) notes receivable Investments in real estate partnerships Distributions received from investments in real estate partnerships Dividends on investment securities Acquisition of investment securities Proceeds from sale of investment securities Net cash used in investing activities 2018 2017 2016 $ 252,325 178,980 166,992 359,688 10,476 (33,330) 13,635 (42,974) (28,343) 38,437 11,172 — 54,266 — (1,085) 1,177 (26,374) (8,366) (1,410) (760) 11,793 610,327 (85,289) — — (226,191) 250,445 15,648 (74,238) 14,647 531 (23,164) 21,587 (106,024) 334,201 9,509 (23,144) 20,549 (43,341) (27,432) — 12,449 (9,737) 53,502 76 3,844 (3,837) (26,081) (14,448) 9,536 (2,114) (2,728) 469,784 (124,727) (4,917) (646,790) (346,857) 110,015 (5,236) (23,529) 36,603 365 (23,535) 21,378 (1,007,230) 162,327 9,762 (3,879) 10,652 (56,518) (47,321) 4,200 14,240 — 50,361 — 1,655 (1,673) (8,800) (10,349) 673 5,419 (564) 297,177 (333,220) (750) — (233,451) 135,161 — (37,879) 58,810 330 (55,223) 57,590 (408,632) 82REGENCY CENTERS, L.P. Consolidated Statements of Cash Flows For the years ended December 31, 2018, 2017, and 2016 (in thousands) Cash flows from financing activities: Net proceeds from common units issued as a result of common stock issued by Parent Company Repurchase of common units in conjunction with tax withholdings on equity award plans Proceeds from treasury units issued as a result of treasury stock sold by Parent Company Acquisition of treasury units as a result of treasury stock acquired by Parent Company Common shares repurchased through share repurchase program Redemption of preferred partnership units Distributions to limited partners in consolidated partnerships, net Distributions to partners Distributions to preferred unit holders Repayment of fixed rate unsecured notes Proceeds from issuance of fixed rate unsecured notes, net Proceeds from unsecured credit facilities Repayment of unsecured credit facilities Proceeds from notes payable Repayment of notes payable Scheduled principal payments Payment of loan costs Early redemption costs Net cash (used in) provided by financing activities Net (decrease) increase in cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash at beginning of the year Cash and cash equivalents and restricted cash at end of the year Supplemental disclosure of cash flow information: Cash paid for interest (net of capitalized interest of $7,020, $7,946, and $3,482 in 2018, 2017, and 2016, respectively) Cash paid (received) for income taxes Supplemental disclosure of non-cash transactions: Common stock issued by Parent Company for partnership units exchanged Mortgage loans assumed for the acquisition of operating real estate Change in fair value of securities available-for-sale Common stock issued by Parent Company for dividend reinvestment plan Stock-based compensation capitalized Contributions from limited partners in consolidated partnerships, net Common stock issued for dividend reinvestment in trust Contribution of stock awards into trust Distribution of stock held in trust Equity One Merger: Notes payable assumed in Equity One merger, at fair value Common stock exchanged for Equity One shares Deconsolidation of previously consolidated partnership: Real estate, net Investments in real estate partnerships Notes payable Other assets and liabilities Limited partners' interest in consolidated partnerships See accompanying notes to consolidated financial statements. 2018 2017 2016 — 88,458 548,920 (6,772) 99 — (213,851) — (4,526) (376,755) — (150,000) 299,511 575,000 (490,000) 1,740 (113,037) (9,964) (9,448) (10,491) (508,494) (4,191) 49,381 45,190 (18,649) 100 — — (325,000) (8,139) (323,285) (5,029) — 953,115 1,100,000 (755,000) 131,069 (232,839) (10,162) (13,271) (12,420) 568,948 31,502 17,879 49,381 (7,984) 957 (29) — — (4,213) (201,336) (21,062) (300,000) — 460,000 (345,000) 53,446 (72,803) (5,860) (2,233) (14,092) 88,711 (22,744) 40,623 17,879 136,645 5,455 109,956 (269) 82,950 — — 9,700 (206) 1,333 3,509 13,000 841 1,314 524 13,100 27,000 (8) 1,210 3,210 186 557 1,372 677 — 757,399 — 4,471,808 — — — — — — — — — — — — 24 1,070 2,963 8,755 728 1,538 4,114 — — 14,144 (3,355) (9,415) 571 (2,099) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 83REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 1. Summary of Significant Accounting Policies (a) Organization and Principles of Consolidation General Regency Centers Corporation (the “Parent Company”) began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the “Operating Partnership”). The Parent Company engages in the ownership, management, leasing, acquisition, development and redevelopment of shopping centers through the Operating Partnership, and has no other assets other than through its investment in the Operating Partnership. The Parent Company's only liabilities are $500 million of unsecured notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership. As of December 31, 2018, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company” or “Regency”) owned 305 properties and held partial interests in an additional 120 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "co-investment partnerships"). On March 1, 2017, Regency completed its merger with Equity One, whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. Under the terms of the Merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock owned immediately prior to the effective time of the merger, resulting in the issuance of approximately $65.5 million shares of Regency common stock to effect the merger. Estimates, Risks, and Uncertainties The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectability of accounts receivable and straight line rent receivable, goodwill, and acquired lease intangible assets and acquired lease intangible liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. Consolidation The accompanying consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method. All significant inter-company balances and transactions are eliminated in the consolidated financial statements. The Company consolidates properties that are wholly owned or properties where it owns less than 100%, but which it controls. Control is determined using an evaluation based on accounting standards related to the consolidation of VIEs and voting interest entities. For joint ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Ownership of the Parent Company The Parent Company has a single class of common stock outstanding. 84REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Ownership of the Operating Partnership The Operating Partnership's capital includes general and limited common Partnership Units. As of December 31, 2018, the Parent Company owned approximately 99.8%, or 167,904,593, of the 168,254,495 outstanding common Partnership Units of the Operating Partnership, with the remaining limited common Partnership Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company serves as general partner of the Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have the power to direct the activities of the Operating Partnership. Accordingly, the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary. The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership percentages. Real Estate Partnerships Regency has a partial ownership interest in 133 properties through partnerships, of which 13 are consolidated. Regency's partners include institutional investors, other real estate developers and/or operators, and individual parties who had a role in Regency sourcing transactions for development and investment (the "Partners" or "limited partners"). Regency has a variable interest in these entities through its equity interests. As managing member, Regency maintains the books and records and typically provides leasing and property management to the partnerships. The Partners’ level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary asset(s) of business) to involvement in approving leases, operating budgets, and capital budgets. The assets of these partnerships are restricted to the use of the partnerships and cannot be used by general creditors of the Company. And similarly, the obligations of these partnerships can only be settled by the assets of these partnerships. • Those partnerships for which the Partners are involved in the day to day decisions and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation using the voting interest model. Those partnerships in which Regency has a controlling financial interest are consolidated and the limited partners’ ownership interest and share of net income is recorded as noncontrolling interest. Those partnerships in which Regency does not have a controlling financial interest are accounted for using the equity method and Regency's ownership interest is recognized through single-line presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash distributions of earnings from operations from Investments in real estate partnerships are presented in Cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash distributions from the sale of a property or loan proceeds received from the placement of debt on a property included in Investments in real estate partnerships are presented in Cash flows provided by investing activities in the accompanying Consolidated Statements of Cash Flows. Distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment has resulted in a negative investment balance for one partnership, which is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets. The net difference in the carrying amount of investments in real estate partnerships and the underlying equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of the properties and other intangible assets, which range in lives from 10 to 40 years. • Those partnerships for which the Partners only have protective rights are considered VIEs under ASC Topic 810, Consolidation. Regency is the primary beneficiary of these VIEs as Regency has power over these partnerships and they operate primarily for the benefit of Regency. As such, Regency consolidates these entities and reports the limited partners’ interest as noncontrolling interests. 85REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of developments, with capital contributions or third party construction loans. Regency does not provide financial support to the VIEs. The major classes of assets, liabilities, and noncontrolling equity interests held by the Company's VIEs, exclusive of the Operating Partnership as a whole, are as follows: (in thousands) Assets Net real estate investments Cash and cash equivalents Liabilities Notes payable Equity December 31, 2018 December 31, 2017 $112,085 7,309 18,432 172,736 4,993 16,551 Limited partners’ interests in consolidated partnerships 30,280 17,572 Noncontrolling Interests Noncontrolling Interests of the Parent Company The consolidated financial statements of the Parent Company include the following ownership interests held by owners other than the common stockholders of the Parent Company: (i) the limited Partnership Units in the Operating Partnership held by third parties ("Exchangeable operating partnership units") and (ii) the minority-owned interest held by third parties in consolidated partnerships (“Limited partners' interests in consolidated partnerships”). The Parent Company has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's stockholders' equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the Parent Company. In accordance with ASC Topic 480, Distinguishing Liabilities from Equity, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, are to be classified as redeemable noncontrolling interests outside of permanent equity in the Consolidated Balance Sheets. The Parent Company has evaluated the conditions as specified under ASC Topic 480 as it relates to exchangeable operating partnership units outstanding and concluded that it has the right to satisfy the redemption requirements of the units by delivering unregistered common stock. Each outstanding exchangeable operating partnership unit is exchangeable for one share of common stock of the Parent Company, and the unit holder cannot require redemption in cash or other assets. Limited partners' interests in consolidated partnerships are not redeemable by the holders. The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Noncontrolling Interests of the Operating Partnership The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling interests. Subject to certain conditions and pursuant to the terms of the agreement, the Company generally has the right, but not the obligation, to purchase the other member’s interest or sell its own interest in these consolidated partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in net income and comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements Comprehensive Income of the Operating Partnership. 86REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 (b) Revenues and Tenant Receivable Leasing Revenue and Receivables The Company leases space to tenants under agreements with varying terms. Leases are accounted for as operating leases with minimum rent recognized on a straight-line basis over the term of the lease regardless of when payments are due. When the Company is the owner of the leasehold improvements, recognition of straight-line lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. More than half of all of the lease agreements with anchor tenants contain provisions that provide for additional rents based on tenants' sales volume ("percentage rent"). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. Most all lease agreements contain provisions for reimbursement of the tenants' share of real estate taxes, insurance and CAM costs. Recovery of real estate taxes, insurance, and CAM costs are recognized as the respective costs are incurred in accordance with the lease agreements. The following table represents the components of Tenant and other receivables, net in the accompanying Consolidated Balance Sheets: (in thousands) Billed tenant receivables Accrued CAM, insurance and tax reimbursements $ Other receivables Straight-line rent receivables Notes receivable Less: allowance for doubtful accounts Less: straight-line rent reserves Total tenant and other receivables, net $ December 31, 2018 2017 25,590 25,305 30,953 105,677 — (10,100) (5,066) 172,359 25,329 14,825 34,472 93,284 15,803 (8,040) (4,688) 170,985 The Company estimates the collectibility of the accounts receivable related to base rents, straight- line rents, expense reimbursements, and other revenue taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. The Company recorded the following provisions for doubtful accounts: (in thousands) Year ended December 31, 2017 2016 2018 Gross provision for doubtful accounts Provision for straight line rent reserve $ $ 4,993 1,741 3,992 1,129 1,705 2,271 Real Estate Sales On January 1, 2018, the Company adopted the new accounting guidance for sales of nonfinancial assets (“Subtopic 610-20”), as discussed further in the section below, Recent Accounting Pronouncements. Upon adoption of the new standard, the Company's accounting policy for real estate sales subject to Subtopic 610-20 has been updated. Effective January 1, 2018, the Company derecognizes real estate and recognizes a gain or loss on sales of real estate when a contract exists and control of the property has transferred to the buyer. Control of the property, including controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession of the property. Any retained noncontrolling interest is measured at fair value. This change in accounting policy resulted in the recognition, through opening retained 87REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 earnings on January 1, 2018, of $30.9 million of previously deferred gains from property sales to the Company's Investments in real estate partnerships. Prior to January 1, 2018, the Company recognized profits from sales of real estate under the full accrual method by the Company when: (i) a sale was consummated; (ii) the buyer's initial and continuing investment was adequate to demonstrate a commitment to pay for the property; (iii) the Company's receivable, if applicable, was not subject to future subordination; (iv) the Company had transferred to the buyer the usual risks and rewards of ownership; and (v) the Company did not have substantial continuing involvement with the property. Management Services On January 1, 2018, the Company adopted the new accounting guidance for revenue recognition (Topic 606 Revenue from Contracts with Customers, “Topic 606”), as discussed further in the section below, Recent Accounting Pronouncements. Upon adoption of the new standard, certain of the Company's significant accounting policies subject to Topic 606 have been updated. The Company adopted Topic 606 using a modified retrospective approach and applied the transition practical expedients allowed by the standard. Additionally, the Company does not need to estimate variable consideration to recognize revenue and was able to apply the practical expedient related to the remaining performance obligations, because all of its performance obligations are: • • • satisfied at a point in time, part of a contract that has an original expected duration of one year or less, or considered to be a series of performance obligations where variable consideration is allocated entirely to a wholly unsatisfied distinct day of service that forms part of the series. Subsequent to the adoption of Topic 606, the Company recognizes revenue when or as control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from contracts with customers which is in the scope of Topic 606. Property and Asset Management Services The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company is to provide asset management, property management, and leasing services for the joint ventures' shopping centers. The fees are market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered. Property management and asset management services represent a series of distinct daily services. Accordingly, the Company satisfies its performance obligation as service is rendered each day and the variability associated with that compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month following the monthly or quarterly service periods. Several of the Company’s partnership agreements provide for incentive payments, generally referred to as “promotes” or “earnouts,” to Regency for appreciation in property values in Regency's capacity as manager. The terms of these promotes are based on appreciation in real estate value over designated time intervals. The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue recognition until the measurement period has completed, when the amount can be reasonably determined and the amount is not probable of significant reversal. The Company did not recognize any promote revenue during the years ended December 31, 2018, 2017, or 2016. Leasing Services Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered performed upon successful execution of an acceptable tenant lease for the joint ventures’ shopping centers, at which time revenue is recognized. Payment of the first half of the fee 88REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 is generally due upon lease execution and the second half is generally due upon tenant opening or rent payments commencing. Transaction Services The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any unpaid amounts related to transaction-based fees are included in Tenant and other receivables, net, within the Consolidated Balance Sheets. All income from management service contracts is included within Management, transaction and other fees on the Consolidated Statements of Operations, as follows: (in thousands) Property management services Asset management services Leasing services Other transaction fees Timing of satisfaction of performance obligations Over time Over time Point in time Point in time Year ended December 31, 2018 2017 2016 $ 14,663 13,917 13,075 7,213 4,044 2,574 7,090 3,573 1,578 6,746 4,285 1,221 Total management, transaction, and other fees $ 28,494 26,158 25,327 The accounts receivable for management services, which is included within Tenant and other receivables, net, in the accompanying Consolidated Balance Sheets, are $12.5 million and $8.7 million, as of December 31, 2018 and 2017. (c) Real Estate Investments The following table details the components of Real estate assets in the Consolidated Balance Sheets: (in thousands) Land Land improvements Buildings Building and tenant improvements Construction in progress Total real estate assets Capitalization and Depreciation December 31, 2018 December 31, 2017 $ $ 4,205,445 613,847 5,088,102 901,596 54,172 4,235,032 556,140 4,999,378 787,880 314,391 10,863,162 10,892,821 Maintenance and repairs that do not improve or extend the useful lives of the respective assets are recorded in operating and maintenance expense. As part of the leasing process, the Company may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements, and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. 89REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term subject to a maximum of 10 years for tenant improvements, and three to seven years for furniture and equipment. Development Costs Land, buildings, and improvements are recorded at cost. All specifically identifiable costs related to development activities are capitalized into Real estate assets in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The capitalized costs include pre-development costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and allocated direct employee costs incurred during the period of development. Interest costs are capitalized into each development project based upon applying the Company's weighted average borrowing rate to that portion of the actual development costs expended. The Company discontinues interest and real estate tax capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on the project beyond 12 months after substantial completion of the building shell. Pre-development costs represent the costs the Company incurs prior to land acquisition including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the feasibility of developing a shopping center. As of December 31, 2018 and 2017, the Company had deposits of approximately $550,000 and $3.5 million, respectively, included in Construction in progress. If the Company determines that the development of a particular shopping center is no longer probable, any related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2018, 2017, and 2016, the Company expensed pre-development costs of approximately $1.9 million, $1.5 million, and $1.5 million, respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations. Acquisitions Through June 30, 2017, the Company and its real estate partnerships accounted for operating property acquisitions as business combinations using the acquisition method. Effective July 1, 2017, upon the adoption of Accounting Standards Update ("ASU") 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business, operating property acquisitions are generally considered asset acquisitions. The Company expenses transaction costs associated with business combinations in the period incurred and capitalizes transaction costs associated with asset acquisitions. Both business combinations and asset acquisitions require that the Company recognize and measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the operating property acquired ("acquiree"). The Company's methodology includes estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements of Operations over the remaining expected term of the respective leases. Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in- place leases and (ii) management's estimate of fair market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the lease, including below- market renewal options, if applicable. The value of above-market leases is amortized as a reduction of minimum rent over the remaining terms of the respective leases and the value of below-market leases is accreted to minimum rent over the remaining terms of the respective leases, including below-market renewal options, if applicable. The Company does not assign value to customer 90REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 relationship intangibles if it has pre-existing business relationships with the major retailers at the acquired property since they do not provide incremental value over the Company's existing relationships. Held for Sale The Company classifies land, an operating property, or a property in development as held-for-sale upon satisfaction of the following criteria: (i) management commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Properties held-for-sale are carried at the lower of cost or fair value less costs to sell. Impairment We evaluate whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable. For those properties with such indicators, management evaluates recoverability of the property's carrying amount. Through the evaluation, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated hold period, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual results. Changes in our disposition strategy or changes in the marketplace may alter the hold period of an asset or asset group which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. To the extent that the carrying value of the asset exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over fair value. If such indicators are not identified, management will not assess the recoverability of a property's carrying value. If a property previously classified as held and used is changed to held-for-sale, the Company estimates fair value, less expected costs to sell, which could cause the Company to determine that the property is impaired. The fair value of real estate assets is subjective and is determined through comparable sales information and other market data if available, or through use of an income approach such as the direct capitalization method or the traditional discounted cash flow approach. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors, and therefore is subject to management judgment and changes in those factors could impact the determination of fair value. In estimating the fair value of undeveloped land, the Company generally uses market data and comparable sales information. A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If management identifies indicators that the value of the Company's investment in real estate partnerships may be impaired, it evaluates the investment by calculating the fair value of the investment by discounting estimated future cash flows over the expected term of the investment. Tax Basis The net book basis of the Company's real estate assets exceeds the net tax basis by approximately $2.8 billion at both December 31, 2018 and 2017, primarily due to the tax free merger with Equity One and inheriting lower carryover tax basis. 91REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 (d) Cash and Cash Equivalents and Restricted Cash Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of December 31, 2018 and 2017, $2.7 million and $4.0 million, respectively, of cash was restricted through escrow agreements and certain mortgage loans, and are presented as Restricted cash in the Consolidated Balance Sheets. (e) Other Assets Goodwill Goodwill represents the excess of the purchase price consideration for the Equity One merger over the fair value of the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350, Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of each year, or more frequently as triggers occur. The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the reporting unit’s fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative approach described below. The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Investments The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted market prices. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Investment income in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized through net income and presented within Investment income in the Consolidated Statements of Operations. (f) Deferred Leasing Costs Deferred leasing costs consist of internal and external commissions and legal costs associated with leasing the Company's shopping centers, and are presented net of accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early, the remaining leasing costs are written off. See note 1(o), Recent Accounting Pronouncements, for expected changes in 2019 upon adoption of a new accounting standard. 92REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 (g) Derivative Financial Instruments The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or future payment of known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments principally related to the Company's borrowings. All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company also utilizes cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated other comprehensive income (“AOCI”). Upon the settlement of a hedge, gains and losses remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows and/or forecasted cash flows of the hedged items. In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. (h) Income Taxes The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the Parent Company will generally not be subject to federal income tax, provided that distributions to its stockholders are at least equal to REIT taxable income. Each wholly-owned corporate subsidiary of the Operating Partnership has elected to be a TRS as defined in Section 856(l) of the Code. The TRS's are subject to federal and state income taxes and file separate tax returns. As a pass through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its partners, of which the Parent Company, as general partner and approximately 99.8% owner, is allocated its pro-rata share of tax attributes. The Company accounts for income taxes related to its TRS’s under the asset and liability approach, which requires the recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in 93REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 effect for the year in which the differences are expected to reverse. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded to reduce deferred tax assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent and projected results of operations in order to make that determination. In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open tax years (2015 and forward for federal and state) based on an assessment of many factors including past experience and interpretations of tax laws applied to the facts of each matter. The Tax Cuts and Jobs Act (the “Act”) was signed into law in December 2017. Key provisions in the Act have significant financial statement effects. These effects include remeasurement of deferred taxes, recognition of liabilities for taxes on mandatory deemed repatriation and certain other foreign income, and reassessment of the realizability of deferred tax assets. Because the asset and liability approach under ASC 740 requires companies to recognize the effect of tax law changes in the period of enactment, the effects were recognized in the Company's December 2017 financial statements, even though the effective date of the law for most provisions is January 1, 2018. The Company calculated the tax impact of the change in tax law. The revaluation of the deferred tax assets and liabilities at the appropriate tax rate resulted in a $9.7 million benefit recognized in earnings for 2017. To the extent that all information necessary was not available, prepared or analyzed, companies were allotted a measurement period to make adjustments for the effect of the law. The Company completed its analysis of the Act during 2018 and recorded an immaterial benefit in earnings. (i) Earnings per Share and Unit Basic earnings per share of common stock and unit are computed based upon the weighted average number of common shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating securities as they are forfeitable. (j) Stock-Based Compensation The Company grants stock-based compensation to its employees and directors. The Company recognizes the cost of stock-based compensation based on the grant-date fair value of the award, which is expensed over the vesting period. When the Parent Company issues common stock as compensation, it receives a like number of common units from the Operating Partnership. The Company is committed to contributing to the Operating Partnership all proceeds from the share-based awards granted under the Parent Company's Long-Term Omnibus Plan (the “Plan”). Accordingly, the Parent Company's ownership in the Operating Partnership will increase based on the amount of proceeds contributed to the Operating Partnership for the common units it receives. As a result of the issuance of common units to the Parent Company for stock-based compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent Company. (k) Segment Reporting The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the Company may decide to 94REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 sell all or a portion of a development upon completion. The Company's revenues and net income are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage and lease retail shopping centers owned through joint ventures. The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company reviews operating and financial data for each property on an individual basis; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance. (l) Business Concentration Grocer anchor tenants represent approximately 18% of pro-rata annual base rent. No single tenant accounts for 5% or more of revenue and none of the shopping centers are located outside the United States. (m) Fair Value of Assets and Liabilities Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own assumptions, as there is little, if any, related market activity. The Company also remeasures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business combination or other new basis event, at fair value in subsequent periods if a remeasurement event occurs. (n) Reclassifications Certain amounts included in the Consolidated Balance Sheets for 2017 have been reclassified to conform to the 2018 financial statement presentation as a result of changes in presentation of Real estate assets, at cost. 95REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 (o) Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements and expected impact on our financial statements: Standard Description Date of adoption Effect on the financial statements or other significant matters Recently adopted: ASU 2017-12, August 2017, Targeted Improvements to Accounting for Hedging Activities This ASU provides updated guidance to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. January 2018 The adoption method requires the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The Company adopted this ASU using a modified retrospective transition method, which resulted in an immaterial adjustment to opening retained earnings and accumulated other comprehensive income for previously recognized hedge ineffectiveness from off-market hedges. ASU 2016-01, January 2016, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities This ASU amends the guidance on equity securities with readily determinable fair values to no longer require classification as either trading or available-for-sale and now requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Equity investments accounted for under the equity method are not included in the scope of this amendment. January 2018 The Company's adoption of this standard did not have a significant impact on its results of operations, financial condition or cash flows as the Company had, at January 1, 2018, an insignificant amount of equity securities within the scope of this standard. The adoption did not result in a material impact to the Company's fair value disclosures. This ASU makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. January 2018 The adoption of this ASU did not result in a change to the Company's Consolidated Statements of Cash Flows. ASU 2016-15, August 2016, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 96REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Standard ASU 2016-18, November 2016, Statement of Cash Flows (Topic 230): Restricted Cash Description This ASU requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendments in this ASU are applied using a retrospective transition method to each period presented. Date of adoption January 2018 Effect on the financial statements or other significant matters The adoption of this ASU resulted in a change to the classification and presentation of changes in restricted cash on its cash flow statement, which was not material. There was no change to the Company's financial condition or results of operations as a result of adopting this ASU. Upon adoption, and for the years ended December 31, 2017 and 2016, net cash provided by operating activities decreased by $1.4 million and $298,000, and net cash used in investing activities increased by $749,000 and decreased $1.2 million, respectively, with a corresponding increase in cash and cash equivalents and restricted cash within the Consolidated Statements of Cash Flows. ASU 2017-05, February 2017, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (Subtopic 610-20) ASU 2017-05 clarifies that ASC 610-20 applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset. Once an entity transfers control of the nonfinancial asset, the entity is required to measure any noncontrolling interest it receives or retains at fair value. Under the current guidance, a partial sale is recognized and carryover basis is used for the retained interest resulting in only partial gain recognition by the entity, however, the new guidance eliminates the use of carryover basis and generally requires the full gain be recognized. January 2018 Sales of real estate assets are now accounted for under Subtopic 610-20, which provides for revenue recognition based on transfer of control. For normal arms length property sales to unrelated parties, where Regency has no retained interest in the property, the Company will continue to recognize the full gain or loss upon transfer of control. For property sales in which Regency retains a noncontrolling interest in the property, fair value recognition for the retained noncontrolling interest is now required, which will result in full gain recognition upon loss of control. The Company applied the modified retrospective adoption method, and on January 1, 2018, recognized through opening retained earnings $30.9 million of previously deferred gains from property sales to entities in which Regency had continuing involvement, resulting in a corresponding increase to the value of the Company's investment in those partnerships. 97REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Description In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of Topic 606 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. It supersedes most of the existing revenue guidance, including industry-specific guidance. The core principal of this new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying Topic 606, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts. The Company's lease contracts will be subject to Topic 842, in January 2019. Date of adoption January 2018 Effect on the financial statements or other significant matters The Company utilized the modified retrospective method of adoption, applying the standard to only 2018, and not restating prior periods presented in future financial statements. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Beyond revenue from lease contracts, the Company's primary revenue stream subject to Topic 606 is Management, transaction, and other fees from the Company's real estate partnerships, primarily in the form of property management services, asset management services, and leasing services. The Company evaluated all partnership service relationships and did not identify any changes in the timing or amount of revenue recognition from these revenue streams. The adoption of Topic 606 resulted in additional disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, as seen in Note 1(b). Standard Revenue from Contracts with Customers (Topic 606) and related updates: ASU 2014-09, May 2014, Revenue from Contracts with Customers (Topic 606) ASU 2016-08, March 2016, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, April 2016, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-12, May 2016, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ASU 2016-19, December 2016, Technical Corrections and Improvements ASU 2016-20, December 2016, Technical Corrections and Improvements to Topic 606 Revenue from Contracts With Customers 98REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Standard Description Date of adoption Effect on the financial statements or other significant matters Not yet adopted: Leases (Topic 842) and related updates: ASU 2016-02, February 2016, Leases (Topic 842) ASU 2018-10, July 2018: Codification Improvements to Topic 842, Leases ASU 2018-11, July 2018, Leases (Topic 842): Targeted Improvements ASU 2018-20, December 2018, Leases (Topic 842): Narrow-Scope Improvements for Lessors Topic 842, Leases (continued) The Company continues to evaluate the impact this standard will have on its financial statements and related disclosures. Based on adoption and implementation efforts to date, management has identified expected changes from the new standard from its perspective as both a lessee and a lessor, as noted in the following pages. Topic 842 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets. It also makes targeted changes to lessor accounting. January 2019 The provisions of these ASUs are effective as of January 1, 2019, with early adoption permitted. Topic 842 provides a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief or an additional transition method, allowing for initial application at the date of adoption and a cumulative-effect adjustment to opening retained earnings. Lessee Accounting: The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparable period presented in the financial statements as its date of initial application. The Company will elect option 1 and only present as of the effective date. The new standard provides a number of optional practical expedients in transition. The Company expects to elect the “package of practical expedients”, which allows the Company not to reassess under the new standard prior conclusions about lease identification, lease classification, and initial direct costs. The new standard will also provide significant new disclosures about the Company’s leasing activities. The Company has ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at certain consolidated shopping centers. The Company also has office leases for its headquarters and field offices. Based on current estimates, the Company anticipates recognizing operating lease liabilities for its ground and office leases, with a corresponding ROU asset, of less than 5% of total assets. For these existing operating leases, the Company will continue to recognize a single lease expense for its existing ground and office operating leases, currently included in Operating and maintenance expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. Future ground leases entered into or acquired subsequent to the adoption date may be classified as operating or finance leases, based on specific classification criteria. Finance leases would result in a slightly accelerated impact to earnings, using the effective interest method, and different classification of the expense. 99REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Standard Topic 842, Leases (continued) Description Lessor Accounting: Topic 842 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. The new standard also includes a change to the treatment of internal leasing costs and legal costs, which can no longer be capitalized. Only incremental costs of a lease that would not have been incurred if the lease had not been obtained may be deferred as initial direct costs. Additionally, the new standard requires lessors to allocate the consideration in a contract between the lease component (right to use an underlying asset) and non- lease component (transfer of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria are met. Lessors that make these elections will be required to provide additional disclosures. Date of adoption Effect on the financial statements or other significant matters The Company's existing lessor leases will continue to be classified as operating leases. Leases entered into after the effective date of the new standard may be classified as operating or sales-type leases, based on specific classification criteria. Operating leases will continue to have a similar patter of recognition as under current GAAP. Sales-type lease accounting, however, will result in the recognition of selling-profit at lease commencement, with interest income recognized over the life of the lease. The terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants for operating expenses such as real estate taxes, insurance and CAM, in addition to the base rental payments for use of the underlying asset (e.g. unit of the shopping center). Under the new standard, CAM is considered a non-lease component of a lease contract, which would be accounted for under Topic 606. However, the Company expects to apply the practical expedient to account for its lease and non-lease components as a single, combined operating lease component. While the timing of recognition should remain the same, the Company expects to no longer present Minimum rent and Recoveries from tenants separately in our Consolidated Statements of Operations beginning January 1, 2019. Capitalization of indirect internal leasing costs and legal costs will no longer be permitted upon the adoption of this standard, which will result in an increase in Total operating expenses in the Consolidated Statements of Operations in the period of adoption and prospectively. Previous capitalization of internal leasing costs was $6.5 million, $10.4 million, and $10.5 million during the years ended December 31, 2018, 2017, and 2016, respectively. Previous capitalization of legal costs was $1.6 million, $1.2 million, and $0.7 million during the years ended December 31, 2018, 2017 and 2016, respectively, including our pro rata share recognized through Equity in income of investments in real estate partnerships. The Company will continue its evaluation of the accounting standard, additional impacts of adoption, and changes in presentation and disclosure requirements. 100REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Description The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The ASU provides further clarification of the appropriate presentation of capitalized costs, the period over which to recognize the expense, the presentation within the Statements of Operations and Statements of Cash Flows, and the disclosure requirements. Early adoption of the standard is permitted. This ASU replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also applies to how the Company determines its allowance for doubtful accounts on tenant receivables. This ASU modifies the disclosure requirements for fair value measurements within the scope of Topic 820, Fair Value Measurement, including the removal and modification of certain existing disclosures, and the addition of new disclosures. Standard ASU 2018-15, August 2018, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ASU 2016-13, June 2016, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-13, August 2018, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Date of adoption January 2020 Effect on the financial statements or other significant matters The Company is currently evaluating the accounting standard, but does not expect the adoption to have a material impact on its financial position, results of operations, or cash flows. January 2020 The Company is evaluating the alternative methods of adoption and the impact it will have on its financial statements and related disclosures. January 2020 The Company is currently evaluating the impact of adopting this new accounting standard, which is expected to only impact fair value measurement disclosures and therefore should have minimal impact on the Company's financial position, results of operations, or cash flows. 101REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 2. Real Estate Investments Acquisitions The following tables detail the shopping centers acquired or land acquired or leased for development. (in thousands) Date Purchased Property Name City/State Property Type Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities December 31, 2018 01/10/18 Hewlett Crossing I & II Hewlett, NY Operating $ 30,900 9,700 04/03/18 12/14/18 12/27/18 12/31/18 Rivertowns Square Pablo Plaza (1) The Village at Hunter's Lake Carytown Exchange (2) Dobbs Ferry, NY Operating Jacksonville, FL Operating Tampa, FL Development 68,933 1,310 1,812 Richmond, VA Development 13,284 — — — — Total property acquisitions $ 116,239 9,700 3,114 4,993 — — 264 8,371 1,868 5,554 — — — 7,422 (1) The Company purchased a 5,000 square foot building adjacent to the Company's existing operating Pablo Plaza for redevelopment. (2) The Company closed on the Carytown Exchange development, with a partner contributing land valued at $13 million which is recorded within Limited partners' interest in consolidated partnerships in the accompanying Consolidated Balance Sheets. Regency is contributing the capital to fund the development, which is currently estimated to be approximately $26 million. Property Name City/State Property Type Purchase Price (in thousands) Date Purchased 03/06/17 03/08/17 04/13/17 06/28/17 07/20/17 Chantilly, VA The Field at Commonwealth Pinecrest Place (1) Mellody Farm (2) Concord outparcel (3) Miami, FL Aventura Square outparcel (4) Miami, FL Miami, FL Chicago, IL December 31, 2017 Development $ 9,500 Development — Development 26,200 Operating Operating 350 1,750 3,900 81,600 68,084 Debt Assumed, Net of Premiums — — — — — — 27,000 — Intangible Assets Intangible Liabilities — — — — 90 — — — — — 9 — 4,997 3,842 8,929 9,551 8,002 17,562 11/15/17 Indigo Square Mount Pleasant, SC Development 12/21/17 Scripps Ranch Marketplace San Diego, CA 12/28/17 Roosevelt Square Seattle, WA Operating Operating Total property acquisitions $ 191,384 27,000 (1) The Company leased 10.67 acres for a ground up development. (2) The Operating Partnership issued 195,732 partnership units valued at $13.1 million as partial consideration for the purchase price. (3) The Company purchased a 0.67 acre vacant outparcel adjacent to the Company's existing operating Concord Shopping Plaza. (4) The Company purchased a 0.06 acre outparcel improved with a leased building adjacent to the Company's existing operating Aventura Square. Equity One Merger General On March 1, 2017, Regency completed its merger with Equity One, a NYSE listed shopping center company, whereby Equity One merged with and into Regency, with Regency continuing as the surviving public company. Under the terms of the Merger Agreement, each Equity One stockholder received 0.45 of a newly issued share of Regency common stock for each share of Equity One common stock owned immediately prior to the effective time of the merger resulting in approximately 65.5 million Regency common shares being issued to effect the merger. 102REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The following table provides the components that make up the total purchase price for the Equity One merger: (in thousands, except stock price) Purchase Price Shares of common stock issued for merger Closing stock price on March 1, 2017 $ Value of common stock issued for merger $ Other cash payments Total purchase price $ 65,379 68.40 4,471,808 721,297 5,193,105 As part of the merger, Regency acquired 121 properties, including 8 properties held through co-investment partnerships. The consolidated net assets and results of operations of Equity One are included in the consolidated financial statements from the closing date, March 1, 2017, going forward and resulted in the following impact to Revenues and Net income attributable to common stockholders: (in thousands) Year ended December 31, 2017 Increase in total revenues Increase in net income attributable to common stockholders $ $ 337,761 81,766 The Company incurred $80.7 million and $6.5 million, respectively, of merger-related transaction costs during the years ended December 31, 2017 and 2016, which are recorded in Other operating expenses in the accompanying Consolidated Statements of Operations, and are not reflected in the table above. Final Purchase Price Allocation of Merger The Equity One merger has been accounted for using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their acquisition date fair values and allows a measurement period, not to exceed one year from the acquisition date, to finalize the acquisition date fair values. The merger closed on March 1, 2017, and the Company finalized its purchase price allocation by March 1, 2018. The acquired assets and assumed liabilities of an acquired operating property generally include, but are not limited to: land, buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases. This methodology requires estimating an “as-if vacant” fair value of the physical property, which includes land, building, and improvements and also determining the estimated fair value of identifiable intangible assets and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases, and deferred taxes related to the book tax difference created through purchase accounting. The excess of the purchase price consideration over the fair value of assets acquired and liabilities assumed resulted in goodwill in the business combination. The goodwill is not deductible for tax purposes. The fair value of the acquired operating properties is based on a valuation prepared by Regency with assistance of a third party valuation specialist. The third party used stabilized NOI and market specific capitalization and discount rates as the primary inputs in determining the fair value of the real estate assets. Management reviewed the inputs used by the third party specialist as well as the allocation of the purchase price to ensure reasonableness and that the procedures were performed in accordance with management's policy. Management and the third party valuation specialist have prepared their fair value estimates for each of the operating properties acquired, and completed the purchase price allocation during the measurement period. 103REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The following table summarizes the final purchase price allocation based on the Company's valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed: (in thousands) Land Building and improvements Construction in progress Properties held for sale Investments in unconsolidated real estate partnerships Real estate assets Cash, accounts receivable and other assets Intangible assets Goodwill Total assets acquired Notes payable Accounts payable, accrued expenses, and other liabilities Lease intangible liabilities Total liabilities assumed Total purchase price Final Purchase Price Allocation $ $ 2,865,053 2,619,163 68,744 19,600 99,666 5,672,226 112,909 458,877 332,384 6,576,396 757,399 122,217 503,675 1,383,291 5,193,105 The allocation of the purchase price described above requires a significant amount of judgment and represents management's best estimate of the fair value as of the acquisition date. The following table details the weighted average amortization and net accretion periods, in years, of the major classes of intangible assets and intangible liabilities arising from the Equity One merger: (in years) Assets: In-place leases Above-market leases Below-market ground leases Liabilities: Below-market leases Weighted Average Amortization Period 10.8 7.8 55.3 24.9 104REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Pro forma Information (unaudited) The following unaudited pro forma financial data includes the incremental revenues, operating expenses, depreciation and amortization, and costs of the Equity One acquisition as if it had occurred on January 1, 2016: (in thousands, except per share data) Total revenues Income from operations Net income attributable to common stockholders (1) Income per common share - basic (1) Year ended December 31, 2016 2017 $ 1,052,221 1,006,367 281,393 262,270 1.54 63,907 40,868 0.25 0.25 Income per common share - diluted (1) The pro forma earnings for the year ended December 31, 2017, were adjusted to exclude $103.6 million of merger costs, as if they had occurred during 2016. 1.54 The pro forma financial data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the results of operations for future periods. 3. Property Dispositions Dispositions The following table provides a summary of consolidated shopping centers and land parcels disposed of: (in thousands, except number sold data) Net proceeds from sale of real estate investments Gain on sale of real estate, net of tax Provision for impairment of real estate sold Number of operating properties sold Number of land parcels sold Year ended December 31, 2018 2017 2016 $ $ $ 250,445 28,343 31,041 10 9 110,015 27,432 — 6 9 135,161 '(1) 47,321 1,700 11 16 (1) Includes cash deposits received in the previous year. At December 31, 2018, the Company also had four properties classified as Properties held for sale on the Consolidated Balance Sheets, which have sold or are expected to sell subsequent to December 31, 2018. 105REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 4. Investments in Real Estate Partnerships The Company invests in real estate partnerships, which consist of the following: (in thousands) GRI - Regency, LLC (GRIR) New York Common Retirement Fund (NYC) Columbia Regency Retail Partners, LLC (Columbia I) Columbia Regency Partners II, LLC (Columbia II) Cameron Village, LLC (Cameron) RegCal, LLC (RegCal) US Regency Retail I, LLC (USAA) Other investments in real estate partnerships Total investments in real estate partnerships (in thousands) GRI - Regency, LLC (GRIR) New York Common Retirement Fund (NYC) Columbia Regency Retail Partners, LLC (Columbia I) Columbia Regency Partners II, LLC (Columbia II) Cameron Village, LLC (Cameron) RegCal, LLC (RegCal) US Regency Retail I, LLC (USAA) Other investments in real estate partnerships Total investments in real estate partnerships December 31, 2018 Regency's Ownership Number of Properties Total Investment Total Assets of the Partnership The Company's Share of Net Income of the Partnership Net Income of the Partnership 40.00% 30.00% 20.00% 20.00% 30.00% 25.00% 20.01% 9.375% - 50.00% 70 6 7 13 1 7 7 9 $ 189,381 1,646,448 54,250 277,626 29,614 490 74,139 2,239 13,625 141,807 1,311 6,650 38,110 11,169 31,235 — 377,121 98,633 139,844 89,524 125,231 456,828 4,673 943 1,542 937 3,464 23,367 3,177 6,167 4,685 8,661 120 $ 463,001 3,227,831 42,974 129,085 December 31, 2017 Regency's Ownership Number of Properties Total Investment Total Assets of the Partnership The Company's Share of Net Income of the Partnership Net Income of the Partnership 40.00% 30.00% 20.00% 20.00% 30.00% 25.00% 20.01% 50.00% 70 6 6 12 1 7 7 6 $ 198,521 1,656,068 53,277 284,412 27,440 686 69,211 2,757 7,057 130,836 3,620 18,233 13,720 11,784 27,829 — 74,116 329,992 99,808 138,717 90,900 154,987 1,530 850 1,403 4,456 3,356 7,690 2,917 5,613 22,299 11,238 115 $ 386,304 2,885,720 43,341 139,958 106REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows: (in thousands) Investments in real estate, net Acquired lease intangible assets, net Other assets Total assets Notes payable Acquired lease intangible liabilities, net Other liabilities Capital - Regency Capital - Third parties December 31, 2018 2017 3,001,481 57,053 169,297 3,227,831 2,682,578 54,021 149,121 2,885,720 1,609,647 1,514,729 $ $ $ 49,501 90,577 498,852 979,254 42,466 70,498 445,068 812,959 Total liabilities and capital $ 3,227,831 2,885,720 The following table reconciles the Company's capital recorded by the unconsolidated partnerships to the Company's investments in real estate partnerships reported in the accompanying consolidated balance sheet: (in thousands) Capital - Regency Basis difference Negative investment in USAA (1) Impairment of investment in real estate partnerships Restricted Gain Method deferral (2) Investments in real estate partnerships December 31, 2018 2017 $ $ 498,852 (38,064) 3,513 (1,300) — 463,001 445,068 (37,852) 11,290 (1,300) (30,902) 386,304 (1) The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency's carrying value of its investment resulting in a negative investment balance, which is recorded within Accounts payable and other liabilities in the Consolidated Balance Sheets. (2) Upon adoption of ASU 2017-05 (ASC Subtopic 610-20) on January 1, 2018, the Company recognized $30.9 million of previously deferred gains through opening retained earnings, as discussed in note 1 to the Consolidated Financial Statements. 107REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows: (in thousands) Total revenues Operating expenses: Depreciation and amortization Operating and maintenance General and administrative Real estate taxes Other operating expenses Total operating expenses Other expense (income): Interest expense, net Gain on sale of real estate Early extinguishment of debt Other expense (income) Total other expense (income) Net income of the Partnerships The Company's share of net income of the Partnerships $ $ Year ended December 31, 2017 2016 2018 $ 414,631 396,596 364,087 99,847 66,299 5,697 54,119 1,003 99,327 58,283 5,582 49,904 2,923 99,252 52,725 5,342 42,813 2,356 $ 226,965 216,019 202,488 73,508 (16,624) — 1,697 58,581 129,085 73,244 (34,276) — 1,651 40,619 139,958 69,193 (70,907) 69 2,197 552 161,047 42,974 43,341 56,518 108REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Acquisitions The following table provides a summary of shopping centers and land parcels acquired through our unconsolidated real estate partnerships: (in thousands) Date Purchased Property Name City/State Property Type Year ended December 31, 2018 Co- investment Partner Ownership % Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities 01/02/18 01/02/18 01/05/18 05/18/18 09/07/18 12/17/18 12/14/18 Ballard Blocks I Ballard Blocks II The District at Metuchen Crossroads Commons II Ridgewood Shopping Center Shoppes at Bartram Park Town and Country Center Seattle, WA Operating Other 49.90% $ 54,500 Seattle, WA Development Other 49.90% 4,000 Metuchen, NJ Operating Columbia II 20.00% 33,830 Boulder, CO Operating Columbia I 20.00% 10,500 — — — — 3,668 2,350 — — 3,147 1,905 447 769 Raleigh, NC Operating Columbia II 20.00% 45,800 10,233 3,372 2,278 Jacksonville, FL Operating (1) Other 50.00% 984 — — — Los Angeles, CA Operating Other 9.38% 197,248 90,000 Total property acquisitions $ 346,862 100,233 (1) Land parcels purchased as additions to the existing operating property. (in thousands) Year ended December 31, 2017 3,255 13,889 5,650 12,952 City/State Property Type Co- investment Partner Ownership % Purchase Price Debt Assumed, Net of Premiums Intangible Assets Intangible Liabilities Total property acquisitions $ 15,075 Raleigh, NC Development Other 50.00% $ 15,075 — — — — — — Date Purchased Property Name 10/11/17 Midtown East Dispositions The following table provides a summary of shopping centers and land parcels disposed of through our unconsolidated real estate partnerships: (in thousands) Proceeds from sale of real estate investments Gain on sale of real estate The Company's share of gain on sale of real estate Number of operating properties sold Number of land out-parcels sold Year ended December 31, 2017 2016 2018 $ $ $ 27,144 16,624 3,608 1 2 73,122 34,276 6,591 3 1 174,090 70,907 25,003 10 1 109REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Notes Payable Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of December 31, 2018 were as follows: Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Mortgage Loan Maturities Unsecured Maturities 2019 2020 2021 2022 2023 Beyond 5 Years Net unamortized loan costs, debt premium / (discount) $ 20,062 17,043 11,048 7,811 2,989 7,353 — Total notes payable $ 66,306 65,939 326,583 269,942 170,702 171,608 529,637 (10,705) 1,523,706 — — 19,635 — — — — 19,635 Total 86,001 343,626 300,625 178,513 174,597 536,990 Regency’s Pro-Rata Share 22,294 101,841 104,375 68,417 65,096 175,032 (10,705) 1,609,647 (3,082) 533,973 These fixed and variable rate loans are all non-recourse, and mature through 2034, with 92.4% having a weighted average fixed interest rate of 4.6%. The remaining notes payable float over LIBOR and had a weighted average variable interest rate of 4.6% at December 31, 2018. Maturing loans will be repaid from proceeds from refinancing, partner capital contributions, or a combination thereof. The Company is obligated to contribute its pro-rata share to fund maturities if the loans are not refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund future capital requirements. In the event that a co-investment partner was unable to fund its share of the capital requirements of the co-investment partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the amount of its capital call. Management fee income In addition to earning our pro-rata share of net income or loss in each of these co-investment partnerships, we receive fees, as follows: (in thousands) Asset management, property management, leasing, and investment and financing services Year ended December 31, 2017 2016 2018 $ 27,873 25,260 24,595 5. Other Assets The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets: (in thousands) Goodwill Investments Prepaid and other Derivative assets Furniture, fixtures, and equipment, net Deferred financing costs, net Total other assets December 31, 2018 December 31, 2017 $ $ 314,143 41,287 17,937 17,482 6,127 6,851 403,827 331,884 41,636 30,332 14,515 6,123 2,637 427,127 110REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The following table presents the goodwill balances and activity during the year to date periods ended: (in thousands) December 31, 2018 December 31, 2017 Beginning of year balance Goodwill resulting from Equity One merger Goodwill allocated to Provision for impairment Goodwill $ 331,884 500 — Accumulated Impairment Losses Total Goodwill Accumulated Impairment Losses Total — 331,884 — — 500 331,884 — — — 331,884 (12,628) (12,628) Goodwill allocated to Properties held for sale (1,159) — (1,159) Goodwill associated with disposed reporting units: Goodwill allocated to Provision for impairment Goodwill allocated to Gain on sale of real estate (9,913) (4,454) 9,913 — — (4,454) — — — — — — — — — — — — End of year balance $ 316,858 (2,715) 314,143 331,884 — 331,884 During the year ended December 31, 2018, the Company recognized a $38.4 million provision for impairment, net of tax, on seven operating properties that sold or are expected to sell, including $12.6 million of goodwill. As the Company identifies properties ("reporting units") that no longer meet its investment criteria, it will evaluate the property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability and may result in impairment. If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant. 6. Acquired Lease Intangibles The Company had the following acquired lease intangibles: (in thousands) In-place leases Above-market leases Below-market ground leases Total intangible assets Accumulated amortization Acquired lease intangible assets, net Below-market leases Above-market ground leases Total intangible liabilities Accumulated amortization Acquired lease intangible liabilities, net December 31, 2018 2017 $ $ $ $ $ 457,379 57,294 92,085 606,758 (219,689) 387,069 584,371 5,101 589,472 (92,746) 496,726 470,315 64,625 92,166 627,106 (148,280) 478,826 588,850 5,101 593,951 (56,550) 537,401 111REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles: (in thousands) In-place lease amortization Above-market lease amortization Below-market ground lease amortization Year ended December 31, 2017 2016 2018 Line item in Consolidated Statements of Operations $ 76,649 88,284 11,533 Depreciation and amortization 10,433 1,688 9,443 1,886 1,742 Minimum rent 1,111 Operating and maintenance Acquired lease intangible asset amortization $ 88,770 99,613 14,386 Below-market lease amortization $ 45,561 34,786 6,827 Minimum rent Above-market ground lease amortization 94 136 167 Operating and maintenance Acquired lease intangible liability amortization $ 45,655 34,922 6,994 The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows: (in thousands) In Process Year Ending December 31, Net accretion of Above / Below market lease intangibles Amortization of In-place lease intangibles Net amortization of Below / Above ground lease intangibles $ 2019 2020 2021 2022 2023 27,768 26,646 25,986 24,239 23,499 53,506 40,528 32,344 24,692 19,605 1,554 1,554 1,554 1,554 1,554 7. Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Code with certain of its subsidiaries treated as TRS entities, which are subject to federal and state income taxes. The following table summarizes the tax status of dividends paid on our common shares: (in thousands) Dividend per share Ordinary income Capital gain Return of capital Qualified dividend income Section 199A dividend Year ended December 31, 2017 2.10 86% 10% 4% —% —% 2018 $2.22 98% —% —% 2% 98% 2016 2.00 53% 8% 39% —% —% 112REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Our consolidated expense (benefit) for income taxes for the years ended December 31, 2018, 2017, and 2016 was as follows: (in thousands) Income tax expense (benefit): Current Deferred Total income tax expense (benefit) (1) Year ended December 31, 2017 2016 2018 $ $ 5,667 (5,145) 522 1,168 (10,815) (9,647) (153) — (153) (1) Includes $706,000 and $90,000 of tax expense presented within Other operating expenses during the year ended December 31, 2018 and 2017, respectively. Additionally, $184,000 and $153,000 of tax benefit is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2018 and 2016, respectively. The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as follows: (in thousands) Computed expected tax expense (benefit) State income tax, net of federal benefit Valuation allowance Tax rate change Permanent items All other items $ Total income tax expense (benefit) (1) Income tax expense (benefit) attributable to operations (1) $ Year ended December 31, 2018 2017 2016 (584) 636 (392) — 1,067 (205) 522 522 1,190 108 (1,512) (9,737) — 304 (9,647) (9,647) 933 56 (1,239) — — 97 (153) (153) (1) Includes $706,000 and $90,000 of tax expense presented within Other operating expenses during the year ended December 31, 2018 and 2017, respectively. Additionally, $184,000 and $153,000 of tax benefit is presented within Gain on sale of real estate (or Provision for impairment), net of tax, during the years ended December 31, 2018 and 2016, respectively. 113REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The tax effects of temporary differences and carryforwards (included in Accounts payable and other liabilities in the accompanying Consolidated Balance Sheets) are summarized as follows: (in thousands) Deferred tax assets Provision for impairment Deferred interest expense Capitalized costs under Section 263A Net operating loss carryforward Other Deferred tax assets Valuation allowance Deferred tax assets, net Deferred tax liabilities Straight line rent Fixed assets Other Deferred tax liabilities Net deferred tax liabilities $ December 31, 2018 2017 3,785 2,617 713 166 2,123 9,404 (7,907) 1,497 (565) (14,829) — (15,394) (13,897) 3,785 2,754 729 373 2,297 9,938 (8,300) 1,638 (528) (19,757) (7) (20,292) (18,654) The net deferred tax liability decreased during 2018 primarily due to the sale of properties at the TRS entities. Due to uncertainty regarding the realization of certain deferred tax assets, the Company previously established valuation allowances, primarily in connection with the deferred interest and NOL carryforwards related to certain TRSs. As of December 31, 2018, the minimal projected future taxable income and unpredictable nature of potential property sales with built in losses support the conclusion that it is still more likely than not that some of the deferred tax assets will not be realized. 8. Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt consists of the following: (in thousands) Notes payable: Weighted Average Contractual Rate Weighted Average Effective Rate Maturing Through December 31, 2018 2017 Fixed rate mortgage loans Variable rate mortgage loans (1) Fixed rate unsecured public and private debt 10/1/2036 6/2/2027 2/1/2047 Total notes payable Unsecured credit facilities: Line of Credit (2) Term Loans Total unsecured credit facilities Total debt outstanding 3/23/2022 1/5/2022 4.8% 3.5% 4.0% 3.4% 2.4% 4.3% $ 3.7% 403,306 127,850 4.4% 2,475,322 $ 3,006,478 520,193 125,866 2,325,656 2,971,715 3.5% 2.5% 145,000 563,734 $ 708,734 60,000 563,262 623,262 $ 3,715,212 3,594,977 (1) Includes five mortgages, whose interest varies on LIBOR based formulas. Three of these variable rate loans have interest rate swaps in place to fix the interest rates at a range of 2.8% to 4.1%. (2) Maturity is subject to two six month extensions as the Company's option. The weighted average contractual and effective interest rates for the Line are calculated based on a fully drawn Line balance. 114REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Notes Payable Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may be prepaid, but could be subject to yield maintenance premiums, and are generally due in monthly installments of principal and interest or interest only. Unsecured public debt may be prepaid subject to accrued and unpaid interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is payable semi-annually. The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated Assets to Unsecured Consolidated Debt. As of December 31, 2018, management of the Company believes it is in compliance with all financial covenants for its unsecured public debt. Unsecured Credit Facilities The Company has an unsecured line of credit commitment (the "Line") and unsecured term loans (the "Term Loans") under separate credit agreements with a syndicate of banks. The Line has a borrowing capacity of $1.25 billion, which is reduced by the balance of outstanding borrowings and commitments under outstanding letters of credit. The Line bears interest at a variable rate of LIBOR plus 0.875% and is subject to a commitment fee of 0.15%, both of which are based on the Company's corporate credit rating. The Term Loans bear interest at a variable rate based on LIBOR plus 0.95% and have interest rate swaps in place to fix the interest, as discussed further in note 9. The Company is required to comply with certain financial covenants as defined in the Line and Term Loan credit agreements, such as Ratio of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31, 2018, management of the Company believes it is in compliance with all financial covenants for the Line and Term Loans. Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows: (in thousands) December 31, 2018 Scheduled Principal Payments Mortgage Loan Maturities Scheduled Principal Payments and Maturities by Year: 2019 $ 2020 2021 2022 2023 Beyond 5 Years Unamortized debt premium/(discount) and issuance costs 9,518 11,287 11,599 11,798 10,043 27,013 — Total notes payable $ 81,258 Unsecured Maturities (1) — 300,000 250,000 710,000 — Total 22,734 389,867 338,659 727,646 69,418 13,216 78,580 77,060 5,848 59,375 209,845 1,950,000 2,186,858 5,974 449,898 (25,944) 3,184,056 (19,970) 3,715,212 (1) Includes unsecured public and private debt and unsecured credit facilities. The Company has $13.2 million of debt maturing over the next twelve months, which is in the form of a non-recourse mortgage loan. The Company currently intends to payoff the maturing balance and leave the property unencumbered. The Company has sufficient capacity on its Line to repay the maturing debt, if necessary. 115REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 9. Derivative Financial Instruments The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets: (in thousands) Effective Date Maturity Date Notional Amount Bank Pays Variable Rate of 12/6/18 6/28/19 $ 250,000 4/3/17 12/2/20 300,000 30 year U.S. Treasury 1 Month LIBOR with Floor 1 Month LIBOR with Floor 8/1/16 4/7/16 1/5/22 4/1/23 265,000 20,000 1 Month LIBOR 12/1/16 11/1/23 33,000 1 Month LIBOR 6/2/17 6/2/27 37,500 1 Month LIBOR with Floor Total derivative financial instruments Fair Value at December 31, Assets (Liabilities) (1) Regency Pays Fixed Rate of 2018 2017 3.147% $ (5,491) — 1.824% 3,759 1,804 10,838 10,744 1.053% 1.303% 1.490% 880 1,376 2.366% 629 $ 11,991 801 1,166 (177) 14,338 (1) Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities. These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not use derivatives for trading or speculative purposes and, as of December 31, 2018, does not have any derivatives that are not designated as hedges. The Company has master netting agreements; however, the Company generally does not have multiple derivatives subject to a single master netting agreement with the same counterparties and none are offset in the accompanying Consolidated Balance Sheets. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements: Location and Amount of Gain (Loss) Recognized in OCI on Derivative Location and Amount of Gain (Loss) Reclassified from AOCI into Income Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded Year ended December 31, Year ended December 31, Year ended December 31, (in thousands) 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate swaps $ 402 1,151 10,613 Interest expense $(5,342) (11,103) (10,553) Interest expense, net $ (148,456) (132,629) (90,712) $ — — (20,945) Loss on derivative instruments (1) Interest rate swaps (1) During 2016, the Company completed an equity offering, rather than its previously expected issuance of new fixed rate debt, to fund the repayment of maturing debt and to settle the forward starting swaps entered in contemplation of the previously anticipated new debt transaction. As a result of the equity offering, the Company believed that the issuance of new fixed rate debt within the remaining period of the forward starting swaps was probable not to occur. Accordingly, the Company ceased hedge accounting and reclassified the $40.6 million paid to settle the forward starting swaps from Accumulated other comprehensive income to earnings during 2016. Loss on derivative instruments (1) — (40,586) — 40,586 $ — — $ 116REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 As of December 31, 2018, the Company expects $867,000 of net deferred losses on derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months. Included in the reclass is $7.4 million which is related to previously settled swaps on the Company's ten year fixed rate unsecured debt. 10. Fair Value Measurements (a) Disclosure of Fair Value of Financial Instruments All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximates their fair values, except for the following: (in thousands) Financial assets: Notes receivable (1) Financial liabilities: Notes payable Unsecured credit facilities $ $ $ December 31, 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value — — $ 15,803 15,660 3,006,478 708,734 2,961,769 710,902 $ $ 2,971,715 623,262 3,058,044 625,000 (1) Notes receivable are included in Tenant and other receivables, net on the Consolidated Balance Sheets. The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2018 and 2017. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriately risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments. (b) Fair Value Measurements The following financial instruments are measured at fair value on a recurring basis: Securities The Company has investments in marketable securities that are included within other assets on the accompanying Consolidated Balance Sheets. The fair value of the securities was determined using quoted prices in active markets, which are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net investment loss (income) in the accompanying Consolidated Statements of Operations, and includes unrealized losses (gains) of $3,314, ($1,136), and ($773) for the years ended December 31, 2018, 2017, and 2016, respectively. Available-for-Sale Debt Securities Available-for-sale debt securities consist of investments in certificates of deposit and corporate bonds, and are recorded at fair value using matrix pricing methods to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on these debt securities are recognized through other comprehensive income. 117REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Interest Rate Derivatives The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance (Level 1) (Level 2) (Level 3) 33,354 7,933 17,482 58,769 33,354 — — 33,354 — 7,933 17,482 25,415 — — — — (5,491) — (5,491) — Fair Value Measurements as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance (Level 1) (Level 2) (Level 3) 31,662 9,974 14,515 56,151 31,662 — — 31,662 — 9,974 14,515 24,489 (177) — (177) — — — — — $ $ $ $ $ $ (in thousands) Assets: Securities Available-for-sale debt securities Interest rate derivatives Total Liabilities: Interest rate derivatives (in thousands) Assets: Securities Available-for-sale debt securities Interest rate derivatives Total Liabilities: Interest rate derivatives 118REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis: Fair Value Measurements as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (in thousands) Balance (Level 1) (Level 2) (Level 3) (Losses) Properties held for sale 42,760 — 42,760 — (6,579) During the year ended December 31, 2018, the Company recognized a $38.4 million provision for impairment, net of tax, which included $31.8 million on real estate sold or held and used and $6.6 million on the above three properties classified as held for sale. The impairment of the real estate assets was determined based on the expected selling price as compared to the Company's carrying value of its investment. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2017. 11. Equity and Capital Common Stock of the Parent Company At the Market ("ATM") Program Under the Parent Company's ATM equity offering program, the Parent Company may sell up to $500.0 million of common stock at prices determined by the market at the time of sale. There were no shares issued under the ATM equity program during the years ended December 31, 2018 or 2017. As of December 31, 2018, all $500.0 million of common stock remained available for issuance under this ATM equity program. Share Repurchase Program On February 7, 2018, the Company's Board authorized a common share repurchase program under which the Company may purchase, from time to time, up to a maximum of $250 million of shares of its outstanding common stock through open market purchases and/or in privately negotiated transactions. Any shares purchased will be retired. The timing and actual number of shares purchased under the program depend upon marketplace conditions and other factors. The program remains subject to the discretion of the Board. Through the date of filing, the Company has repurchased $246.5 million of shares. The program was scheduled to expire on February 6, 2020; however, the program was closed upon the authorization by the Company's Board of a new share repurchase program, as further discussed below. Share Repurchase Program - Subsequent Event On February 5, 2019, the Company's Board authorized a new common share repurchase program under which the Company, may purchase, from time to time, up to a maximum of $250 million of shares of its outstanding common stock through open market purchases and/or in privately negotiated transactions. Any shares purchased will be retired. The program is set to expire on February 4, 2020. The timing and actual number of shares purchased under the program depend upon marketplace conditions and other factors. The program remains subject to the discretion of the Board. Transfer of Listing On October 25, 2018, the Company's Board approved the transfer of the Company's common stock from listing on NYSE to NASDAQ. The last day of trading on the NYSE was November 12, 2018. The Company's common stock commenced trading on NASDAQ on November 13, 2018, and continues to trade under the stock symbol "REG". 119REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 Common Units of the Operating Partnership Common units were issued to or redeemed from the Parent Company in relation to the Parent Company's issuance or repurchase of common stock, as discussed above. General Partners The Parent Company, as general partner, owned the following Partnership Units outstanding: (in thousands) Partnership units owned by the general partner Partnership units owned by the limited partners Total partnership units outstanding December 31, 2018 2017 167,904 350 168,254 171,365 350 171,715 Percentage of partnership units owned by the general partner 99.8% 99.8% Accumulated Other Comprehensive Income (Loss) The following table presents changes in the balances of each component of AOCI: Controlling Interest Unrealized gain (loss) on Available- For-Sale Securities Cash Flow Hedges AOCI Noncontrolling Interest Unrealized gain (loss) on Available- For-Sale Securities Cash Flow Hedges AOCI Total AOCI (in thousands) Balance as of December 31, 2015 Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Current period other comprehensive income, net Balance as of December 31, 2016 Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Current period other comprehensive income, net Balance as of December 31, 2017 Opening adjustment due to change in accounting policy (1) Adjusted balance as of January 1, 2018 Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Current period other comprehensive income, net $ (58,650) (43) (58,693) (785) (10,587) 24 (10,563) 255 50,910 — 50,910 229 40,323 $ (18,327) 24 40,347 (19) (18,346) 484 (301) 1,134 (8) 1,126 17 10,931 — 10,931 172 12,065 $ (6,262) 12 (8) (27) — 12,057 (6,289) 189 (112) 12 2 (6,250) (27) (6,277) (110) 131 (95) 36 271 5,314 5,445 — 5,314 (95) 5,350 28 299 — — — — — — — — — — — — — — (785) (59,478) 255 (10,308) 229 51,139 484 40,831 (301) (18,647) 17 1,143 172 11,103 189 12,246 (112) (6,401) 2 14 (110) (6,387) 271 307 28 5,342 299 5,649 (738) Balance as of December 31, 2018 (1) Upon adoption of ASU 2017-12, the Company recognized the immaterial adjustment to opening retained earnings and AOCI for previously recognized hedge ineffectiveness from off-market hedges, as further discussed in note 1. (805) (927) (122) 189 189 — $ 120REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 12. Stock-Based Compensation The Company recorded stock-based compensation in general and administrative expenses in the accompanying Consolidated Statements of Operations, the components of which are further described below: (in thousands) Restricted stock (1) Directors' fees paid in common stock (1) Capitalized stock-based compensation (2) Stock based compensation attributable to post- combination service from Equity One merger $ Stock-based compensation, net of capitalization $ Year ended December 31, 2017 2016 2018 16,745 399 (3,509) — 13,635 15,525 303 (3,210) 7,931 20,549 13,422 193 (2,963) — 10,652 (1) Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods. (2) Includes compensation expense specifically identifiable to development and leasing activities. The Company established its Long Term Omnibus Plan (the "Plan") under which the Board of Directors may grant stock options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue up to 4.1 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2018, there were 1.2 million shares available for grant under the Plan either through stock options or restricted stock. Restricted Stock Awards The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company. The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based awards. All awards are valued at fair value, earn dividends throughout the vesting period, and have no voting rights. Fair value is measured using the grant date market price for all time-based or performance- based awards. Market based awards are valued using a Monte Carlo simulation to estimate the fair value based on the probability of satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a three year performance period. Assumptions include historic volatility over the previous three year period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis over the requisite vesting period for the entire award. 121REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 The following table summarizes non-vested restricted stock activity: Year ended December 31, 2018 Number of Shares Intrinsic Value (in thousands) Weighted Average Grant Price Non-vested as of December 31, 2017 Time-based awards granted (1) (4) Performance-based awards granted (2) (4) Market-based awards granted (3) (4) Change in market-based awards earned for performance (3) Vested (5) Forfeited Non-vested as of December 31, 2018 (6) 570,077 130,584 14,935 113,126 64,330 (287,331) (10,550) 595,171 $34,925 $61.66 $62.57 $65.74 $60.34 $60.23 $68.65 (1) Time-based awards vest beginning on the first anniversary following the grant date over a three or four year service period. These grants are subject only to continued employment and are not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. (2) Performance-based awards are earned subject to future performance measurements. Once the performance criteria are achieved and the actual number of shares earned is determined, shares vest over a required service period. The Company considers the likelihood of meeting the performance criteria based upon management's estimates from which it determines the amounts recognized as expense on a periodic basis. (3) Market-based awards are earned dependent upon the Company's total shareholder return in relation to the shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the performance criteria are achieved and the awards are ultimately earned. The significant assumptions underlying determination of fair values for market-based awards granted were as follows: Volatility Risk free interest rate Year ended December 31, 2018 19.20% 2.26% 2017 18.00% 1.48% 2016 18.50% 0.88% (4)The weighted-average grant price for restricted stock granted during the years is summarized below: Year ended December 31, 2018 2017 2016 Weighted-average grant price for restricted stock $ 63.50 $ 72.05 $ 79.40 (5) The total intrinsic value of restricted stock vested during the years is summarized below (in thousands): Year ended December 31, 2018 2017 2016 Intrinsic value of restricted stock vested $ 17,306 $ 14,376 $ 15,400 (6) As of December 31, 2018, there was $13.1 million of unrecognized compensation cost related to non-vested restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in general partner preferred and common units in the accompanying Consolidated Statements of Capital of the Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three years. The Company issues new restricted stock from its authorized shares available at the date of grant. 122REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 13. Saving and Retirement Plans 401(k) Retirement Plan The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible compensation, is fully vested and funded as of December 31, 2018. Additionally, an annual profit sharing contribution may be made, which vests over a three year period. Costs for Company contributions to the plan totaled $3.9 million, $4.1 million and $3.3 million for the years ended December 31, 2018, 2017, and 2016, respectively. Non-Qualified Deferred Compensation Plan The Company maintains a non-qualified deferred compensation plan (“NQDCP”), which allows select employees and directors to defer part or all of their cash bonus, director fees, and vested restricted stock awards. All contributions into the participants' accounts are fully vested upon contribution to the NQDCP and are deposited in a Rabbi trust. The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust in the accompanying Consolidated Balance Sheets: Non Qualified Deferred Compensation Plan Component (1) (in thousands) Assets: Trading securities held in trust (2) Liabilities: Accounts payable and other liabilities Year ended December 31, 2018 2017 $ $ 31,351 31,662 31,166 31,383 (1) Assets and liabilities of the Rabbi trust are exclusive of the shares of the Company's common stock. (2) Included within Other assets in the accompanying Consolidated Balance Sheets. Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment income in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on changes in the value of their investment elections, is recognized within General and administrative expenses within the accompanying Consolidated Statements of Operations. Investments in shares of the Company's common stock are included, at cost, as treasury stock in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of general partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to the participants' investments in shares of the Company's common stock are included, at cost, within additional paid in capital in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of general partner capital in the accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to the Regency common stock fund are recorded directly within stockholders' equity. 123REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 14. Earnings per Share and Unit Parent Company Earnings per Share The following summarizes the calculation of basic and diluted earnings per share: (in thousands, except per share data) Numerator: Year ended December 31, 2018 2017 2016 Income from operations attributable to common stockholders - basic Income from operations attributable to common stockholders - diluted Denominator: $249,127 159,949 $249,127 159,949 143,860 143,860 Weighted average common shares outstanding for basic EPS Weighted average common shares outstanding for diluted EPS (1) 169,724 170,100 159,536 159,960 (2) 100,863 101,285 (2) Income per common share – basic Income per common share – diluted $ $ 1.47 1.46 1.00 1.00 1.43 1.42 (1) Includes the dilutive impact of unvested restricted stock. (2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share excludes 1.3 million shares issuable under the forward equity offering outstanding during 2017 and 2016, as they would be anti-dilutive. Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti- dilutive. Weighted average exchangeable Operating Partnership units outstanding for the years ended December 31, 2018, 2017, and 2016 were 349,902, 295,054, and 154,170 respectively. Operating Partnership Earnings per Unit The following summarizes the calculation of basic and diluted earnings per unit: (in thousands, except per share data) Numerator: Year ended December 31, 2018 2017 2016 Income from operations attributable to common unit holders - basic $ 249,652 Income from operations attributable to common unit holders - diluted $ 249,652 Denominator: 160,337 160,337 144,117 144,117 Weighted average common units outstanding for basic EPU Weighted average common units outstanding for diluted EPU (1) 170,074 170,450 159,831 160,255 (2) 101,439 (2) 101,017 Income per common unit – basic Income per common unit – diluted $ $ 1.47 1.46 1.00 1.00 1.43 1.42 (1) Includes the dilutive impact of unvested restricted stock. (2) Using the treasury stock method, weighted average common shares outstanding for basic and diluted earnings per share excludes 1.3 million shares issuable under the forward equity offering outstanding during 2017 and 2016, as they would be anti-dilutive. 124REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 15. Operating Leases The Company's properties are leased to tenants under operating leases. Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years. Leases greater than 10,000 square feet generally have initial lease terms in excess of five years, mostly comprised of anchor tenants. Many of the anchor leases contain provisions allowing the tenant the option of extending the term of the lease at expiration. Future minimum rents under non-cancelable operating leases as of December 31, 2018, excluding both tenant reimbursements of operating expenses and additional percentage rent based on tenants' sales, are as follows: In Process Year Ending December 31, Future Minimum Rents (in thousands) 2019 2020 2021 2022 2023 Thereafter Total $ $ 761,151 693,848 608,587 516,369 414,424 1,691,203 4,685,582 The shopping centers' tenants primarily include national and regional supermarkets, drug stores, discount department stores, restaurants, and other retailers and, consequently, the credit risk is concentrated in the retail industry. Grocer anchor tenants represent approximately 18.0% of pro-rata annual base rent. There were no tenants that individually represented more than 5% of the Company's total annualized base rent. The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the underlying land and has leased the land to the Company to construct and/or operate a shopping center. Ground leases expire through the year 2101, and in most cases, provide for renewal options. Buildings and improvements constructed on the leased land are capitalized and depreciated over the shorter of the useful life of the improvements or the lease term. In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business. Office leases expire through the year 2029, and in most cases, provide for renewal options. Leasehold improvements are capitalized as tenant improvements, included in Other assets in the Consolidated Balance Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term. Operating lease expense under the Company's ground and office leases was $19.1 million, $18.4 million, and $13.1 million for the years ended December 31, 2018, 2017, and 2016, respectively. The following table summarizes the future obligations under non-cancelable operating leases as of December 31, 2018: In Process Year Ending December 31, Future Obligations (in thousands) 2019 2020 2021 2022 2023 Thereafter Total $ $ 15,077 14,733 13,893 13,151 12,558 467,706 537,118 125REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 16. Commitments and Contingencies Litigation The Company is involved in litigation on a number of matters and is subject to certain claims, which arise in the normal course of business, none of which, in the opinion of management, is expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred. Environmental The Company is also subject to numerous environmental laws and regulations as they apply to real estate pertaining to chemicals used by the dry cleaning industry, the existence of asbestos in older shopping centers, and underground petroleum storage tanks. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to the shopping centers have revealed all potential environmental contaminants or liabilities; that any previous owner, occupant or tenant did not create any material environmental condition not known to it; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; or that changes in applicable environmental laws and regulations or their interpretation will not result in additional material environmental liability to the Company. Letters of Credit The Company has the right to issue letters of credit under the Line up to an amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance program and to facilitate the construction of development projects. As of both December 31, 2018 and 2017, the Company had $9.4 million in letters of credit outstanding. Purchase Commitments The Company enters purchase and sale agreements to buy or sell real estate assets in the normal course of business, which generally provide limited recourse if either party ends the contract. In addition, at December 31, 2018, the Company has a commitment to purchase up to an additional 90.6% ownership interest in an operating shopping center by December 2019 and currently expects to acquire an additional 25.6% interest by that date. 126REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Notes to Consolidated Financial Statements December 31, 2018 17. Summary of Quarterly Financial Data (Unaudited) The following table summarizes selected Quarterly Financial Data for the Company on a historical basis for the years ended December 31, 2018 and 2017: (in thousands except per share and per unit data) Year ended December 31, 2018 Operating Data: Revenue First Quarter Second Quarter Third Quarter Fourth Quarter $ 276,693 281,412 278,310 284,560 Net income attributable to common stockholders Net income attributable to exchangeable operating partnership units Net income attributable to common unit holders $ 52,660 47,841 69,722 78,904 111 100 147 167 $ 52,771 47,941 69,869 79,071 Net income attributable to common stock and unit holders per share and unit: Basic Diluted Year ended December 31, 2017 Operating Data: Revenue $ $ 0.31 0.31 0.28 0.28 0.41 0.41 0.47 0.46 $ 196,131 261,305 262,141 264,749 Net (loss) income attributable to common stockholders Net (loss) income attributable to exchangeable operating partnership units Net (loss) income attributable to common unit holders $ (33,223) 48,368 59,666 85,138 (19) $ (33,242) 104 132 171 48,472 59,798 85,309 Net (loss) income attributable to common stock and unit holders per share and unit: Basic Diluted $ $ (0.26) (0.26) 0.28 0.28 0.35 0.35 0.50 0.50 127— — — — — 0 0 0 , 5 8 — — — — — — — — 1 0 4 , 1 8 6 0 8 , 4 6 2 6 2 , 9 3 4 3 1 , 7 1 3 4 , 2 3 6 3 , 3 4 2 2 4 , 9 3 6 1 5 , 1 0 0 5 , 8 8 2 3 , 7 1 0 6 1 , 7 5 2 9 , 5 4 0 3 , 2 2 3 9 1 , 3 2 3 8 0 , 7 6 4 0 , 9 0 1 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A — — — — — — — 0 0 0 , 0 2 — — — — — — — — — 1 7 0 , 9 5 4 9 1 , 3 4 1 9 , 2 1 7 3 8 , 6 2 3 1 7 , 6 5 0 1 , 5 1 0 8 7 , 8 7 6 8 3 , 9 3 1 8 4 , 1 1 5 5 1 , 9 1 9 9 5 , 2 5 5 9 7 , 9 6 4 4 , 1 1 9 1 2 , 2 3 3 0 2 , 5 7 9 5 , 1 4 2 4 , 3 1 . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 4 3 8 , 1 1 7 3 , 1 9 8 9 2 0 1 9 3 3 1 5 , 4 2 1 8 3 , 1 7 6 5 6 4 4 0 8 , 4 3 9 5 , 2 6 6 6 , 7 2 0 5 , 1 3 4 9 9 2 5 , 1 0 0 9 , 1 1 0 7 9 4 9 , 7 7 3 6 , 3 3 6 7 , 7 3 2 4 9 4 6 , 2 0 1 3 , 4 1 5 8 , 8 3 0 2 , 1 1 8 9 5 8 0 , 7 6 0 4 , 7 3 3 5 , 1 1 9 3 , 1 4 8 8 , 2 3 1 5 , 8 1 5 3 2 , 3 8 7 7 1 , 6 6 1 5 2 , 0 4 6 3 2 , 7 0 7 4 , 2 6 7 8 , 7 6 3 0 8 , 0 4 3 8 5 , 1 5 6 9 , 8 2 3 1 , 2 2 3 5 7 , 9 1 9 5 , 3 1 6 0 8 , 3 2 6 3 1 , 4 2 5 7 5 , 0 1 1 1 7 9 , 0 7 4 6 2 , 3 3 6 8 , 0 2 4 7 4 , 0 3 6 7 4 , 4 1 8 2 5 , 5 1 9 2 4 , 1 8 6 9 6 , 3 4 2 3 3 , 0 2 8 5 3 , 0 2 0 8 5 , 3 5 0 8 8 , 6 1 2 5 8 , 8 1 2 5 7 , 3 3 4 9 5 , 6 1 8 4 , 4 7 3 9 , 1 3 5 9 8 , 4 3 7 1 6 , 5 2 8 1 2 , 7 1 2 7 2 6 7 3 , 2 4 6 0 , 7 3 9 8 1 , 4 2 1 5 8 1 6 9 , 5 3 2 0 , 2 1 5 1 4 , 6 7 0 0 , 1 1 4 2 5 , 9 1 9 2 7 , 4 1 8 1 9 , 0 2 3 1 2 , 3 4 4 0 1 , 1 0 4 5 , 2 1 2 0 1 , 6 1 1 1 5 , 1 1 7 5 1 , 5 6 6 7 , 8 3 5 4 4 , 1 2 1 6 8 , 5 1 7 2 9 , 2 1 2 9 6 , 9 1 2 2 , 3 1 6 4 2 , 5 1 3 7 8 , 0 2 6 0 8 , 3 7 8 7 , 3 0 4 3 , 7 2 0 4 3 , 8 4 0 6 5 , 0 4 3 3 0 , 3 2 0 6 8 , 4 8 9 1 , 2 2 1 8 , 0 3 4 1 6 , 6 1 2 3 7 4 0 0 , 3 9 0 1 , 0 1 8 3 3 , 3 4 8 5 , 2 2 8 2 , 4 7 0 4 , 9 7 5 6 , 9 8 8 5 7 , 7 2 0 6 1 , 2 3 2 3 , 8 2 7 3 , 4 1 5 6 9 , 2 1 7 3 , 0 1 3 6 6 , 2 4 1 5 2 , 2 2 1 7 4 , 4 1 3 4 , 7 8 8 8 , 3 4 9 5 6 , 3 6 0 6 , 3 9 7 8 , 2 1 8 8 7 , 2 4 9 6 7 9 5 , 4 d e t a l u m u c c A n o i t a i c e r p e D l a t o T & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i — — 5 4 5 2 1 — 8 1 — 9 0 1 5 3 7 8 8 6 6 8 2 , 1 7 9 6 2 4 1 , 1 6 2 9 , 0 1 6 0 7 , 1 9 5 0 , 4 1 ) 3 3 ( 5 7 9 , 2 ) 0 0 6 ( 0 3 6 , 2 1 2 5 8 2 0 3 6 4 7 8 ) 4 3 ( 0 8 4 , 1 4 3 4 , 2 8 8 9 , 4 0 6 1 3 3 3 5 9 4 4 0 5 , 2 5 9 8 , 4 3 7 1 6 , 5 2 3 7 1 , 7 1 2 7 2 1 5 2 , 2 0 3 8 , 5 3 1 7 1 , 4 2 1 5 8 2 5 8 , 5 8 8 2 , 1 1 — 5 6 8 , 9 7 2 8 , 8 1 9 5 4 , 0 1 1 7 7 , 0 2 8 3 8 , 3 3 7 3 1 , 1 6 5 7 , 9 3 9 1 , 7 1 1 5 5 , 9 6 3 1 , 5 1 8 4 , 8 3 5 1 8 , 0 2 2 1 9 , 4 1 3 5 0 , 2 1 6 2 7 , 9 7 8 7 , 0 1 6 3 2 , 1 1 3 1 7 , 0 2 3 7 4 , 3 2 9 2 , 3 6 3 8 , 4 2 0 4 3 8 4 , 0 6 5 0 4 , 3 3 0 3 2 , 0 6 8 4 , 8 9 1 2 , 0 6 7 0 3 , 4 1 6 6 1 , 2 3 7 4 0 0 3 , 9 0 1 0 1 , 5 6 0 9 , 4 8 5 2 , 2 8 2 4 , 1 5 7 2 , 8 9 0 8 8 , 4 7 0 3 2 , 0 6 1 2 , 2 3 1 8 , 1 8 8 3 1 , 5 9 2 2 , 1 7 3 0 1 , 3 6 6 2 4 , 1 5 2 2 2 , 0 4 9 3 , 1 3 4 7 , 8 8 8 3 4 , 9 5 6 3 , 8 2 6 2 , 9 7 8 2 1 , 8 8 7 2 , 4 9 6 7 9 5 4 , $ r e t n e C n w o T s n o m m o C S 4 e u n e v A n a t i l o p o r t e M 0 3 - 0 9 d a o R y r u b n a D 1 9 e g a l l i V a y a f a l A r e t n e C n w o T s t h g i e H e g i r e m A e v A d n o c e S 9 3 2 1 - 5 2 2 1 e u n e v A d r i h T 5 7 1 1 e u n e v A h t 7 1 0 1 d a o R t n e c s e r C 2 2 o r e r t o P 0 0 2 r e t n e C g n i p p o h S a s e M a o b l a B g n i d l i u B r a l u p o P o c n a B r e t n e C g n i p p o h S a r u t n e v A e r a u q S a r u t n e v A a z a l P a i s a t s a n A e c a l P d r o f h s A e g a l l i V c i t n a l t A s n o m m o C e r i h s k r e B e r a u q S w e i v e l l e B e s a h C t n o m l e B a z a l P 7 0 1 d r i B m a l d u L d r i B k c o R k c a l B e r a u q S e l a d g n i m o o l B s e p p o h S e r a u q S s f f u l B e r a u q S e g a l l i V a c o B r e t n e C d r a v e l u o B a z a l P s e k a L n o t n y o B a z a l P d o o w t n e r B a t s i V a L f f i l c r a i r B e g a l l i V f f i l c r a i r B a z a l P n o t n y o B 128 0 0 0 , 3 3 9 0 1 , 5 — — — — — — — — — — — — — — — — — — — — — — — — — — — 4 6 8 , 9 0 5 7 , 7 2 3 9 2 , 3 1 2 1 8 , 1 6 5 3 9 , 9 1 3 2 1 , 9 8 0 2 , 8 1 7 3 6 , 1 8 6 3 3 , 4 1 8 6 9 , 0 5 6 7 7 , 5 6 3 4 , 4 0 1 2 9 8 , 5 6 2 5 , 4 0 5 6 , 2 0 6 6 , 0 1 3 2 1 , 3 6 0 7 , 5 9 0 9 , 1 1 4 8 4 , 3 1 1 4 8 , 7 9 4 8 , 3 1 4 1 7 , 2 4 6 2 5 , 3 1 1 6 8 , 9 6 3 9 2 , 1 3 6 3 9 , 5 2 6 5 4 , 5 9 1 9 , 7 3 9 6 0 , 8 6 2 9 7 , 9 1 0 9 1 , 7 1 9 4 9 , 8 3 2 5 5 , 5 6 9 4 5 , 7 6 0 1 8 , 6 4 8 1 , 1 5 9 5 , 2 3 3 9 , 5 1 1 4 6 , 2 0 7 4 , 1 5 8 8 , 1 9 2 9 , 6 9 0 1 , 3 8 6 2 , 4 3 2 8 , 2 4 7 2 , 3 0 1 8 , 9 5 6 0 , 6 — 8 7 8 7 9 6 5 8 8 , 4 7 4 1 , 7 1 4 4 3 , 1 0 7 3 , 0 1 7 8 5 , 2 9 3 7 4 6 2 , 2 9 6 3 6 0 5 , 4 2 2 1 3 , 1 2 9 1 , 1 1 0 8 , 9 1 8 6 0 1 4 , 2 2 4 8 , 2 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A d e t a l u m u c c A n o i t a i c e r p e D 2 2 6 , 8 6 9 1 1 , 1 2 8 1 7 , 1 1 1 4 1 , 4 3 8 7 2 , 4 8 6 0 8 , 5 1 3 5 8 , 2 5 5 0 7 , 2 1 5 4 5 , 7 0 1 0 6 1 , 0 1 l a t o T 9 4 3 , 7 4 2 9 , 5 0 7 4 , 0 2 8 8 1 , 9 6 0 7 , 5 7 8 7 , 2 1 9 6 3 , 8 1 8 3 5 , 8 6 9 9 , 0 3 8 5 0 , 4 4 6 9 8 , 3 2 8 4 4 , 2 7 2 3 0 , 2 3 0 0 2 , 8 2 5 2 8 , 5 5 2 4 , 2 6 1 8 3 , 9 6 4 8 9 , 0 2 1 9 9 , 6 2 0 3 6 , 9 3 2 6 9 , 7 6 1 9 3 , 0 7 . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 3 2 3 , 3 4 7 9 5 , 3 1 1 5 6 , 8 7 0 9 , 9 2 5 5 5 , 3 4 7 8 7 , 8 2 9 6 , 7 1 8 8 2 , 1 1 7 9 0 , 7 3 0 9 1 , 7 3 0 8 , 4 0 5 1 , 5 8 4 0 , 7 1 6 8 8 , 7 8 2 3 , 1 0 0 6 , 9 5 7 6 , 2 1 7 9 3 , 7 0 2 1 , 4 2 4 8 9 , 3 1 3 6 3 , 0 2 2 8 7 , 6 4 2 0 1 , 9 4 9 8 , 5 1 1 8 0 , 3 7 8 8 , 7 3 1 5 7 , 9 1 8 2 9 , 5 7 3 8 , 3 1 3 0 0 , 1 1 0 9 6 , 6 3 7 7 8 , 0 4 9 9 2 , 5 2 2 2 5 , 7 7 6 0 , 3 4 3 2 , 4 3 2 7 , 0 4 9 1 0 , 7 1 6 1 , 5 3 7 1 4 , 1 8 4 4 , 0 7 0 7 9 , 2 6 4 5 , 2 4 7 7 2 2 4 , 3 2 0 3 , 1 8 7 3 , 4 7 8 1 , 3 4 9 6 , 5 1 4 1 , 1 6 7 8 , 6 4 7 0 , 0 3 3 3 5 , 3 6 6 6 , 5 2 0 3 9 , 2 2 6 0 3 , 2 1 4 4 7 , 2 8 3 5 , 4 2 0 3 6 , 9 4 6 5 0 , 5 1 4 5 1 , 3 1 7 2 6 , 8 2 2 7 2 , 1 3 4 1 5 , 9 2 & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 2 9 2 8 4 5 8 2 3 , 1 1 7 4 , 1 1 5 8 3 , 1 9 9 8 9 1 6 5 8 , 3 6 1 6 2 1 2 , 1 ) 7 ( 3 0 8 6 5 4 , 5 1 8 3 , 3 — 3 0 2 6 0 2 2 5 5 5 5 5 , 5 0 4 3 , 1 1 0 5 , 4 — 4 7 3 5 1 — 7 2 1 4 3 3 4 1 8 , 2 2 2 5 , 1 8 0 6 7 3 6 3 0 2 5 9 9 , 1 4 6 0 3 , 3 1 7 3 1 , 8 7 8 6 , 8 1 0 7 1 , 2 4 8 8 6 , 8 4 9 4 , 7 1 2 3 4 , 7 8 1 5 , 6 3 8 7 9 , 5 7 9 8 , 4 7 4 3 , 4 8 4 5 , 2 1 4 7 9 , 4 8 2 3 , 1 7 9 3 , 9 2 0 5 , 1 1 5 4 8 , 6 9 2 8 , 0 2 4 4 6 , 2 1 2 6 8 , 5 1 2 8 7 , 6 4 8 2 0 , 9 9 3 8 , 5 1 1 8 0 , 3 2 2 4 , 5 3 4 2 6 , 9 1 4 9 5 , 5 5 1 3 , 2 1 5 9 3 , 0 1 6 0 5 , 6 3 3 7 6 , 0 4 9 9 2 5 2 , 1 2 5 7 , 3 3 0 3 , 3 8 9 3 , 3 2 7 0 4 , 9 1 0 7 , 1 6 1 5 3 , 7 1 4 1 , 1 1 4 0 7 , 0 7 9 2 , 9 5 4 2 , 4 7 7 6 6 4 2 , 3 3 8 8 7 3 4 , 7 8 1 3 , 1 6 6 6 , 1 4 1 1 , 2 1 6 4 , 4 7 0 0 3 , 3 3 5 3 , 6 6 6 5 2 , 0 3 9 2 2 , 8 0 2 2 1 , 4 4 7 2 , 9 8 1 4 2 , 0 3 6 9 4 , 6 5 0 5 1 , 4 5 1 3 1 , 7 2 6 8 2 , 9 1 8 0 3 , 5 1 5 9 2 , e d i s r e v i R n o n o i t a t S n y l k o o r B t e k r a M l l i M e g d i r B k l a W k c i r B a z a l P y a w d a o r B k r a P n e t h g i r B n o t e g d i r B a z a l P e d i s k o o r B t r u o C d a e h k c u B n o i t a t S d a e h k c u B e r a u q S y e l k c u B g n i s s o r C o g i l a C e r a u q S e g d i r b m a C s n o m m o C l e m r a C e t a G e g a i r r a C I I I y e l e e r G f o e c a l p r e t n e C e g n a h c x E n w o t y r a C s r e n r o C e r e m h s a C e r a u q S e t t o l r a h C a z a l P d o o w e s a h C e r a u q S n i a t s a h C e v o r G y r r e h C k c o R y e n m i h C t s e W r e t n e C e l c r i C t e k r a M e n i L y t i C r e t n e C g n i p p o h S y e l l a V n o t y a l C r t C g n i p p o h S a z a l P r e w o t k c o l C I I e s a h P t e k r a M e n i L y t i C r e t n e C g n i p p o h S s e r c A o p m o C a z a l P g n i p p o h S d r o c n o C a z a l P l l i H s p p o C s n o m m o C n r u o b y l C g n i s s o r C s n a r h c o C ' 129 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 0 0 5 , 7 3 7 8 5 , 9 2 5 4 5 , 3 1 9 7 7 , 4 9 4 5 , 3 1 3 1 1 , 5 2 9 9 7 , 4 6 2 7 8 , 5 6 6 1 , 9 3 1 3 6 3 , 8 4 8 7 7 , 6 6 8 2 , 1 3 4 6 8 , 9 4 0 5 , 9 9 3 4 , 5 2 1 7 , 4 2 8 0 0 , 0 3 8 7 1 , 8 6 1 9 , 3 1 1 9 9 , 4 2 9 2 3 , 2 3 0 3 4 , 3 0 3 1 , 3 4 4 0 8 , 1 7 4 8 , 9 5 4 5 , 1 1 6 9 1 , 2 5 6 2 8 , 6 1 6 4 4 , 1 2 9 2 0 , 6 3 6 5 , 9 2 2 2 2 , 4 5 6 6 2 , 3 1 0 0 1 , 1 6 6 4 , 3 9 1 6 , 5 5 2 8 , 5 8 8 1 , 6 1 1 9 6 , 2 2 8 4 5 , 2 7 1 3 , 1 4 1 8 , 1 5 3 2 , 2 8 5 2 , 5 4 8 2 , 4 1 0 7 5 , 5 1 8 5 , 7 0 8 4 , 0 1 9 9 3 , 5 2 5 1 , 1 2 5 1 , 1 1 4 7 5 , 4 0 4 2 , 2 4 1 0 , 5 3 5 8 3 2 8 , 7 1 7 2 , 6 7 7 4 , 6 0 2 2 , 2 1 5 4 0 , 5 1 0 0 0 , 5 9 1 2 , 3 0 8 1 , 5 1 7 3 8 , 6 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A d e t a l u m u c c A n o i t a i c e r p e D 7 8 6 , 0 3 1 1 0 , 7 1 8 9 3 , 0 1 4 7 3 , 9 1 1 0 3 , 1 4 0 9 4 , 7 6 4 7 8 , 5 4 1 7 , 1 4 1 l a t o T 0 8 6 , 9 4 2 9 5 , 8 1 2 5 , 3 3 2 2 1 , 5 1 8 8 7 , 3 2 9 0 0 , 1 1 3 9 2 , 2 3 8 8 4 , 0 4 7 7 5 , 3 1 8 6 0 , 5 1 3 4 1 , 6 3 3 0 9 , 6 3 0 7 6 , 5 4 4 1 , 8 4 7 5 6 , 2 0 7 6 , 7 1 6 1 8 , 7 1 3 7 6 , 8 5 6 4 0 , 9 2 1 9 4 , 6 3 9 2 0 , 1 1 2 8 7 , 2 3 2 0 4 , 9 6 3 0 1 , 0 2 . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 5 6 7 , 5 1 4 0 6 , 8 6 2 6 , 8 8 7 6 , 2 1 3 0 5 , 8 2 2 5 4 , 4 4 7 3 7 8 , 2 3 7 7 3 , 9 1 9 4 2 , 4 0 1 8 , 2 3 2 2 8 , 9 6 4 4 , 0 2 8 6 0 , 9 7 2 0 , 2 2 3 6 4 , 9 2 4 1 3 , 0 1 1 4 6 , 9 7 5 0 , 6 2 2 7 1 , 0 3 0 3 3 , 4 1 2 2 , 3 1 5 4 1 , 2 9 5 5 , 4 1 2 5 6 , 3 1 1 6 9 , 8 2 4 2 2 , 7 1 1 3 8 , 9 2 3 9 8 , 8 1 1 8 , 7 6 5 0 , 4 1 9 4 4 , 5 1 2 2 9 , 4 1 7 0 4 , 8 2 7 7 , 1 6 9 6 , 6 8 9 7 , 2 1 8 3 0 , 3 2 7 6 8 , 5 1 4 8 , 8 0 1 3 0 3 , 0 3 3 4 3 , 4 1 1 7 0 0 3 , 5 2 4 3 , 3 1 4 9 , 1 6 6 2 , 0 1 5 2 0 , 1 1 3 6 2 , 3 7 2 4 , 5 6 8 0 , 0 1 1 3 7 , 6 0 4 3 , 1 3 2 9 , 4 3 2 1 5 1 1 1 , 3 4 6 1 , 4 2 1 7 , 9 2 2 2 8 , 1 1 0 6 6 , 6 6 3 1 , 2 1 7 9 , 4 2 6 4 3 , 5 5 4 5 6 , 4 & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I 5 6 5 0 0 6 6 5 4 2 8 6 , 1 3 9 6 , 1 4 3 9 , 3 1 3 5 6 5 2 2 1 3 9 3 8 8 6 1 4 6 , 1 2 1 5 , 4 0 9 0 , 2 5 5 1 , 3 1 2 9 0 , 2 3 7 3 , 3 6 8 3 1 3 5 , 9 1 2 5 7 2 6 1 5 0 1 , 0 1 ) 1 5 1 , 8 ( 6 0 0 , 3 0 2 6 9 3 6 6 2 0 2 6 0 1 8 , 1 ) 2 0 3 , 1 ( 3 0 6 , 9 3 9 7 , 5 0 0 2 , 5 1 4 0 0 , 8 4 4 9 , 6 4 4 2 , 2 1 8 6 8 , 6 2 4 7 5 , 5 3 4 8 0 3 , 2 3 5 5 2 , 9 1 5 0 0 , 4 0 4 1 , 2 3 1 8 1 , 8 4 3 9 , 5 1 9 8 1 , 7 8 3 5 , 1 1 1 7 3 , 7 2 0 7 3 , 7 5 5 2 , 9 2 7 5 , 1 1 0 2 4 , 9 2 8 6 1 , 4 7 2 3 , 7 0 1 5 , 8 7 8 5 , 1 1 2 3 0 , 3 1 4 8 9 , 8 2 6 5 8 , 6 1 1 2 0 , 8 2 3 7 2 , 8 3 1 1 , 9 4 3 1 , 7 3 5 1 , 1 1 2 2 9 4 1 , 7 0 4 8 , 2 7 7 1 , 4 7 6 6 , 0 4 7 2 1 , 2 8 9 7 1 , 7 6 8 5 , 1 4 8 8 0 1 , 3 0 3 0 3 , 4 9 1 4 , 3 9 6 0 0 3 5 , 2 4 3 3 , 0 3 7 1 , 0 0 6 7 , 5 2 0 1 1 , 4 3 8 2 , 7 2 4 5 , 0 4 0 5 , 1 3 7 6 , 0 4 3 1 , 2 1 7 0 3 , 8 9 2 2 , 7 7 0 3 , 4 6 1 4 , 0 5 6 9 2 , 4 2 9 1 1 , 0 6 6 6 , 6 3 1 2 , 1 7 9 4 2 , 5 6 6 2 5 , 7 5 1 3 , d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i r e t n e C g n i p p o h S f e e R l a r o C r e t n e C t e k r a M s i l l a v r o C e g a l l i V w e r c s k r o C e r a u q S e n o t s r e n r o C r e t n e C e d r e V a t s o C s p o h S e d i s y r t n u o C r e t n e C g n i p p o h S d r a y t r u o C g n i s s o r C e n n e d r a D n e e r G y r u b n a D r e t n e C r e v l u C e g a l l i V y d o o w n u D e t n i o P t s a E a z a l P r o n i r a D a z a l P o l b a i D r e t n e C g n i p p o h S s k a O d o o w m E l r e t n e C g n i p p o h S o n i m a C l E a z a l P y a w k r a P e t r o N l E a z a l P o t i r r e C l E g n i s s o r C y t i C e i r i a r P m o s l o F r e t n e C e g a l l i V y e l l a V h c n e r F r e t n e C n o i s s i M s r a i r F e r a u q S n i a t n u o F e r a u q S s n e d r a G 1 0 1 y a w e t a G a z a l P t e k r a M e k a l t s e W ' s n o s l e G r e t n e C g n i p p o h S y a w e t a G e c a l p t e k r a M n o c l a F a z a l P y a w s l l e F e c a l p t e k r a M n o t n e F d n a l s I g n i m e l F e d n a r G a n i c n E r e t n e C d l e i f r i a F 130 — — — — — — — — — — — — 9 5 5 , 9 — — — — — — — — — — — — — — 0 5 2 , 8 2 4 7 , 8 — — — 9 5 0 , 4 1 9 2 6 , 9 1 8 9 5 , 2 4 5 0 , 6 2 3 1 2 , 4 7 6 1 1 , 1 3 9 0 7 , 1 5 7 9 1 , 2 2 4 5 0 , 7 6 4 8 , 6 6 3 0 , 5 3 4 9 3 2 3 1 , 0 3 6 8 1 , 7 5 7 3 , 6 3 6 5 , 2 3 7 8 , 8 5 7 2 , 1 2 6 9 2 , 8 2 4 1 2 , 2 2 0 9 , 5 1 0 1 2 , 8 2 3 9 0 , 7 4 0 2 6 , 2 6 9 5 , 3 4 1 0 , 9 3 9 3 , 8 0 2 3 , 4 3 5 9 2 , 9 1 4 2 1 , 3 3 9 4 2 , 6 2 4 5 , 7 7 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 8 5 8 , 3 6 4 0 , 1 8 8 2 , 4 7 0 8 , 8 4 3 1 , 7 1 5 6 8 , 1 9 4 1 , 2 1 5 3 , 6 1 3 9 2 , 5 5 2 4 , 2 9 4 5 , 7 1 0 3 4 3 0 6 0 7 9 , 2 3 6 2 , 4 7 9 9 6 9 2 , 2 5 1 6 6 6 , 2 1 6 6 3 , 4 6 2 2 , 6 6 2 0 , 5 2 8 8 9 , 3 6 9 4 , 1 7 9 7 7 8 7 , 6 6 8 9 7 2 8 , 1 9 3 5 , 4 6 0 9 , 1 2 7 4 , 5 6 4 5 , 4 7 1 9 , 7 1 5 7 6 , 0 2 6 8 8 , 6 1 6 8 , 4 3 7 4 3 , 1 9 1 8 9 , 2 3 8 5 8 , 3 5 8 4 5 , 8 3 7 4 3 , 2 1 1 7 2 , 9 5 8 5 , 2 5 4 2 8 5 3 7 , 0 3 6 5 1 , 0 1 8 3 6 , 0 1 0 6 5 , 3 9 6 1 , 1 1 1 4 9 , 3 3 2 6 6 , 2 3 9 2 2 , 2 8 2 1 , 2 2 6 3 2 , 3 5 1 8 0 , 1 5 6 1 1 , 4 3 9 3 , 4 1 0 8 , 5 1 9 7 3 , 9 7 4 1 , 6 3 4 3 8 , 3 2 0 3 0 , 5 3 1 2 7 , 1 1 8 8 0 , 2 8 4 1 8 , 3 1 5 5 5 , 1 1 2 9 6 , 5 3 4 3 , 3 2 9 2 4 , 6 6 4 0 2 , 5 2 4 9 0 , 5 2 6 1 3 , 0 3 3 6 0 , 0 1 3 6 7 , 3 0 7 3 , 0 4 7 1 8 5 8 8 , 8 1 7 2 2 , 5 9 0 0 , 5 0 6 9 , 1 5 6 0 , 8 — 8 9 5 , 5 2 4 3 8 , 3 2 1 7 9 , 6 1 7 2 4 , 3 4 7 4 0 , 6 2 6 1 8 , 2 9 9 4 , 2 7 9 3 , 3 1 0 1 1 , 4 0 8 7 , 6 2 2 3 0 , 7 1 9 7 5 , 0 2 7 7 8 , 7 2 5 0 , 8 5 3 0 1 , 4 0 2 1 , 9 4 9 1 , 1 8 1 5 , 1 1 8 1 9 , 4 2 7 7 7 , 7 4 6 7 , 8 2 2 3 2 , 8 4 8 2 , 2 8 0 5 , 5 5 1 2 , 2 1 7 0 5 8 , 1 1 9 2 9 , 4 9 2 6 , 5 0 0 6 , 1 4 0 1 , 3 3 4 3 , 8 8 2 8 , 8 9 2 2 , 2 7 5 1 , 5 9 0 8 , 9 4 3 0 , 5 2 0 0 3 , 1 4 9 8 , 1 4 0 4 , 2 9 6 2 , 5 7 6 3 , 9 2 0 8 , 6 1 5 4 , 4 1 4 4 8 , 3 6 3 0 , 4 2 d e t a l u m u c c A n o i t a i c e r p e D l a t o T & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 3 6 8 4 1 1 1 3 0 8 6 , 3 6 0 1 , 6 5 7 3 ) 9 1 ( 0 2 6 6 5 0 , 2 ) 5 1 6 , 1 ( 8 9 0 , 4 1 9 0 8 6 2 6 1 5 4 4 1 5 3 9 5 , 3 8 9 4 , 1 1 ) 2 1 1 ( — 2 9 6 , 2 2 2 5 , 3 4 0 2 7 5 6 ) 9 1 2 , 7 ( 6 6 6 8 3 9 0 4 5 8 3 8 0 9 4 6 7 5 8 7 2 , 1 1 5 9 , 2 1 1 4 5 , 1 1 1 8 3 , 5 2 8 4 , 8 1 3 3 0 , 1 6 9 2 8 , 4 2 3 1 1 , 5 2 0 6 2 , 8 2 3 4 4 , 9 7 8 6 , 3 7 9 0 , 6 2 8 0 8 5 0 2 , 8 1 5 6 0 , 5 4 6 5 , 4 9 0 9 , 1 1 8 5 , 4 — 9 0 7 , 6 1 9 9 7 , 3 2 9 7 2 , 4 1 5 0 9 , 9 3 3 0 9 , 5 2 9 5 1 , 2 5 4 4 , 6 1 4 8 , 2 1 6 8 5 , 3 3 4 2 , 6 2 4 2 2 , 6 1 9 8 0 , 0 2 9 9 5 , 6 6 7 4 , 7 5 3 0 1 4 , 0 2 1 9 , 4 9 1 1 , 9 9 6 2 1 , 8 0 2 4 2 , 7 7 7 7 , 4 6 7 8 2 , 2 3 2 8 , 4 8 2 2 , 9 9 1 7 , 0 9 3 2 1 , 7 0 5 8 1 1 , 9 2 9 4 , 9 2 6 5 , 0 0 6 1 , 5 9 9 2 , 4 3 7 5 , 5 7 9 8 , 9 2 2 2 , 7 5 1 5 , 9 0 8 9 , 4 7 9 4 2 , 0 0 3 1 , 7 6 1 5 , 4 9 2 2 , 5 5 8 4 , 4 6 3 9 , 2 7 7 6 , 1 5 4 4 1 , 4 4 8 3 , 6 3 0 4 2 , e r t n e C g n i p p o h S d o o w n e e r G r e t n e C n w o T s k c o m m a H e n o t s d l e i F e g a l l i V h t e p r a H k c o c n a H s e p p o h S y r a g n e l G e g a l l i V d o o w n e l G a z a l P s l l i H n e d l o G a z a l P e g d i R d n a r G a z a l P k a O n e l G I I & I g n i s s o r C t t e l w e H a z a l P k e e r C y r o k c i H n o i l i v a P a i n r e b i H g n i s s o r C s i r r a H a z a l P e g a t i r e H y e h s r e H e g a l l i V t s e r c l l i H e g a l l i V p o t l l i H k r a P y l l o H e l a d s n i H ' s d l a n o D c M d a e t s e m o H e g a l l i V l l i M l l e w o H r e t n e C s g n i r p S n a i d n I r e t n e C n w o T r e l l e K a z a l P d o o w e l g n I e r a u q S n o s r e f f e J e c a l P t n e K s n o m m o C d o o w k r i K s e p p o h S n a m k r i K k r a P e d y H r e t n e C g n i p p o h S e i n a h a l K r e t n e C y n a b l A w e N r e g o r K e r t n e C y r a M e k a L 131 — — — — — — — — — — 9 0 3 , 0 1 — — — — — — — — — — — — — — — — — — — — 0 7 5 , 7 3 5 8 , 5 7 5 5 , 4 3 7 5 , 6 6 3 8 , 4 8 2 8 , 6 4 0 0 , 4 2 6 1 4 , 3 3 4 0 5 , 2 1 1 2 2 , 0 1 2 4 6 , 8 5 7 0 , 4 2 4 4 0 , 7 6 2 0 1 0 , 4 2 0 0 , 9 8 5 0 5 , 5 7 5 4 , 9 8 0 0 , 5 7 0 3 , 1 1 3 7 4 , 1 2 0 6 6 , 6 2 4 9 0 , 5 0 5 5 , 3 2 1 6 8 , 0 2 8 3 9 , 4 1 7 5 5 , 4 1 4 4 2 , 9 3 4 5 5 , 8 0 9 6 , 0 1 2 0 0 , 9 7 0 2 , 8 2 2 0 8 , 1 1 6 8 5 , 9 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 7 5 1 4 5 5 , 4 3 0 9 , 5 6 8 1 , 2 4 2 2 , 6 6 1 6 , 8 6 3 0 , 2 7 7 8 , 3 5 1 9 , 6 7 7 5 , 9 8 8 9 7 0 4 , 0 1 4 1 7 , 4 6 7 4 , 2 1 2 2 0 , 7 2 5 0 , 3 1 0 2 6 , 2 3 2 5 4 , 5 3 1 8 3 , 6 1 6 3 1 , 7 1 9 1 2 , 8 1 3 6 0 , 5 2 8 7 3 , 8 4 0 0 , 1 3 6 5 , 8 9 9 5 , 4 3 7 2 , 1 1 7 7 2 , 6 1 9 3 5 , 7 2 1 2 2 , 0 1 6 3 7 , 2 1 3 2 2 , 6 1 1 5 3 , 2 1 8 2 9 , 4 1 2 7 9 , 1 8 2 0 4 0 , 7 2 1 5 2 7 8 6 6 , 2 6 0 9 , 6 7 4 4 , 6 3 6 5 , 5 2 1 8 , 7 1 9 7 , 2 1 3 9 1 , 6 2 0 3 , 8 4 9 8 , 7 2 1 3 , 5 8 0 1 , 1 1 6 8 7 , 4 5 0 1 , 3 6 6 7 , 4 6 8 0 , 4 1 6 6 , 6 0 2 0 , 8 2 8 1 , 4 4 4 8 , 5 8 7 6 , 6 7 2 7 , 9 8 1 1 4 , 2 1 4 0 9 , 5 1 1 7 5 , 0 1 9 1 1 , 9 1 4 6 2 , 4 3 3 5 8 , 2 3 6 9 3 , 3 1 4 4 4 , 1 3 3 7 1 , 6 2 6 4 0 , 6 2 3 4 3 , 9 1 9 4 3 , 2 4 0 2 3 , 3 1 6 7 7 , 4 1 3 6 6 , 5 1 7 2 2 , 6 3 4 8 9 , 5 1 0 3 4 , 5 1 1 5 9 , 4 1 6 8 , 4 5 0 1 5 , 0 1 4 0 9 , 2 1 2 7 5 , 7 9 1 8 , 4 1 1 6 3 , 1 3 0 8 6 , 4 1 4 8 9 , 0 1 2 5 2 , 5 1 1 9 5 , 5 1 6 4 1 , 1 2 8 4 3 , 4 1 0 6 1 , 0 3 0 8 4 , 0 1 5 6 7 , 9 7 7 9 , 2 1 6 3 6 , 9 2 8 2 2 , 1 1 0 4 2 , 2 1 9 2 0 , 2 0 1 7 , 3 3 1 9 , 3 3 2 4 , 2 9 7 7 , 1 3 4 3 , 6 1 3 1 9 , 7 0 6 1 , 6 0 0 4 , 4 6 9 9 , 1 2 1 7 , 2 1 2 3 9 , 4 5 1 7 2 7 , 1 6 6 8 , 4 3 1 0 9 , 1 0 0 0 , 3 9 9 9 , 2 0 0 3 , 4 3 0 9 , 2 3 7 1 , 8 1 2 1 4 , 2 2 9 1 , 6 1 2 8 5 , 0 1 0 0 9 , 4 5 9 9 , 4 9 8 1 , 2 1 0 4 8 , 2 1 1 0 , 5 6 8 6 , 2 1 9 5 , 6 6 5 7 , 4 0 9 1 , 3 d e t a l u m u c c A n o i t a i c e r p e D l a t o T & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 7 6 7 — 9 8 6 ) 7 6 8 , 3 ( 3 1 2 , 1 4 6 6 , 3 9 0 3 7 8 1 9 2 , 1 3 4 5 , 6 — 2 1 7 7 8 — 0 8 9 , 5 6 7 1 , 2 7 0 8 8 6 8 3 9 1 , 3 1 6 2 1 , 1 4 3 8 7 4 2 , 8 8 5 3 , 7 2 7 3 , 1 ) 2 5 ( — 9 9 8 , 4 3 7 0 , 1 7 1 7 , 1 0 7 6 6 5 2 6 1 3 , 5 2 3 6 , 7 4 0 0 , 1 4 7 8 , 7 9 5 8 , 8 0 6 0 , 0 1 4 6 9 , 2 1 0 3 2 , 7 2 9 3 8 , 9 5 4 4 , 1 1 6 7 6 , 9 1 5 3 , 2 1 8 2 3 , 6 2 1 5 8 8 , 4 1 6 8 , 4 5 8 5 3 , 5 8 2 7 , 0 1 5 6 7 , 6 1 5 9 , 3 1 1 0 4 , 8 1 4 5 5 , 3 1 0 5 1 , 0 1 7 9 6 , 0 1 1 9 6 , 8 4 7 7 , 9 1 7 2 7 , 3 1 0 6 1 , 0 3 2 5 6 , 6 2 9 6 , 8 4 8 2 , 1 1 6 6 9 , 8 2 8 6 6 , 6 1 7 6 , 1 1 8 0 0 2 , 0 1 7 3 , 3 1 9 3 , 0 3 0 2 , 9 7 7 1 , 2 9 9 5 1 , 3 1 9 7 , 5 5 4 6 , 0 0 4 4 , 0 0 0 2 , 2 1 7 2 1 , 2 3 9 4 5 1 , 6 0 7 1 , 6 6 8 4 3 , 3 7 0 1 , 0 0 0 3 , 9 9 9 2 , 0 0 3 4 , 0 7 6 2 , 3 7 1 8 1 , 2 1 4 2 , 0 0 5 2 1 , 4 2 1 0 1 , 0 0 9 4 , 8 6 6 5 , 9 8 1 2 1 , 9 6 7 1 , 1 1 0 5 , 2 6 6 2 , 1 9 5 6 , 0 0 0 4 , 3 0 5 3 , s n o m m o C h t e r a z a N r e w o L g n i d n a L n i r a d n a M r e t n e C e d a n n o l o C t a t e k r a M t s e r o F n o t s e r P t a t e k r a M k c o R d n u o R t a t e k r a M e g a l l i V s d o o w g n i r p S t a t e k r a M n o d n e r a l C n o m m o C t e k r a M e t a g r a i r B t a e c a l p t e k r a M r e t n e C g n i p p o h S r e p p o h l l i M m r a F y d o l l e M r e t n e C y c a g e L / n o n a b e L s l e c r a p t u O a n a t n a L a z a l P e n i P e k a L r e t n e C g n i K d y o l L e r a u q S n o t e l t t i L k e e r C n o s k c a J t n e m u n o M s n o m m o C d r i b g n i k c o M e c a l p t e k r a M l l i h y r r u M a z a l P e d i s g n i n r o M r e t n e C n w o T e e t a c o N s l l i H h t r o N e c a l p t e k r a M e t a g h t r o N e r a u q S y r r e b w e N r e t n e C d n a l w e N k l a W s e l p a N ) d a o R n w o t x a M ( a z a l P e t a g h t r o N I I e s a h P e c a l p t e k r a M e t a g h t r o N r e t n e C n w o T e d a h S k a O s n o m m o C f a e l k a O a z a l P k o o r b k a O e r a u q S e t a g h t r o N e g a l l i V e k a l h t r o N 132 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 8 4 1 , 4 9 8 0 , 9 6 7 4 , 4 1 5 8 2 , 2 3 8 3 6 , 1 2 0 3 4 , 1 2 8 4 3 , 6 3 1 9 4 , 3 1 2 6 7 , 6 5 1 0 8 , 0 6 7 0 9 , 5 1 9 6 8 , 8 4 0 2 1 , 2 1 8 7 5 , 5 3 2 3 8 , 3 0 1 6 , 5 1 6 2 9 , 3 2 1 9 5 7 , 0 1 8 7 8 , 4 4 9 5 1 , 0 1 6 8 4 , 7 3 7 1 2 , 0 2 1 2 9 , 3 4 2 8 9 8 , 5 2 1 8 2 , 5 1 1 8 5 , 2 0 5 9 , 6 2 2 3 5 , 9 6 0 9 , 5 3 3 8 6 , 6 2 8 4 8 , 8 1 5 1 3 , 5 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 4 6 7 , 3 8 6 0 , 7 8 3 3 , 3 9 3 4 , 8 7 6 6 , 2 1 8 4 8 , 1 5 2 3 , 2 1 4 1 5 , 7 1 7 4 , 1 3 5 4 , 2 1 2 7 7 , 2 8 5 4 , 6 0 3 7 , 1 2 8 6 , 3 3 5 4 2 7 4 , 5 5 9 5 , 6 9 8 7 , 1 — 1 7 3 2 6 7 , 1 9 5 2 , 6 8 8 4 , 5 1 4 7 7 , 5 1 0 2 8 , 3 5 6 2 , 5 2 3 7 , 6 3 5 9 , 1 2 5 5 7 5 9 , 2 5 2 5 , 2 3 5 8 , 2 1 4 4 5 , 1 2 3 2 6 , 5 3 7 7 0 , 0 3 7 9 0 , 4 3 6 9 1 , 8 3 6 1 8 , 5 2 6 7 2 , 4 6 2 7 2 , 2 6 0 6 3 , 8 2 1 4 6 , 1 5 8 7 5 , 8 1 8 0 3 , 7 3 4 1 5 , 7 3 6 0 , 6 1 7 3 0 , 1 1 6 6 3 , 8 1 7 2 0 , 3 2 9 5 7 , 1 2 5 8 8 , 8 1 0 7 5 , 2 2 9 1 6 , 0 2 4 8 5 , 7 3 0 7 7 , 6 1 9 0 1 , 3 2 5 5 5 , 0 3 8 7 2 , 2 1 7 5 3 , 3 2 6 4 8 , 6 0 1 3 , 2 1 8 9 3 , 9 2 1 9 6 5 , 4 0 1 4 5 3 , 7 1 7 6 6 , 6 4 9 5 1 , 0 1 8 4 2 , 9 3 8 8 5 , 0 2 2 5 1 , 3 1 8 2 8 , 4 2 — 6 7 8 , 9 1 8 4 3 , 5 0 8 1 , 0 5 2 8 5 7 , 6 1 1 6 8 3 , 1 4 5 5 0 , 1 3 1 0 4 , 6 5 1 2 , 2 3 4 6 2 , 6 1 9 5 8 , 7 3 5 3 2 , 7 2 5 0 8 , 1 2 0 4 8 , 7 8 3 1 , 3 3 3 0 3 , 5 2 0 1 2 , 5 2 5 4 , 1 3 5 9 1 , 9 8 7 1 , 6 2 6 9 2 , 6 6 6 2 , 1 1 3 2 9 , 3 6 1 8 , 1 8 7 1 , 3 6 9 5 , 2 1 8 1 3 , 8 2 1 2 , 5 1 6 2 6 , 5 1 7 9 1 , 5 2 9 6 , 6 2 2 0 5 , 5 4 1 5 2 , 5 6 8 0 , 1 2 0 0 3 , 6 1 5 9 , 3 1 8 6 6 3 5 7 , 3 9 2 8 , 4 2 2 0 2 , 4 9 3 8 , 1 2 9 5 1 , 0 1 2 7 3 , 9 1 0 4 2 , 5 1 2 2 4 , 3 3 1 8 4 2 , 8 2 5 7 , 5 1 9 1 , 1 3 6 7 9 6 0 , 7 1 8 6 , 1 1 9 3 9 , 0 2 9 3 5 , 0 1 7 1 9 , 3 d e t a l u m u c c A n o i t a i c e r p e D l a t o T & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 2 2 5 1 7 7 , 7 2 2 3 , 2 6 2 6 , 4 1 5 3 9 , 4 6 4 4 3 7 8 7 8 1 8 2 1 5 5 5 , 2 2 3 4 , 2 7 8 2 , 1 0 1 2 6 2 6 — 4 7 1 5 8 5 4 0 , 3 ) 7 4 4 , 6 1 ( 8 5 1 , 6 2 5 1 — 2 2 4 , 2 3 0 4 , 9 8 3 5 4 1 0 , 1 3 7 5 ) 8 3 ( ) 1 2 ( 7 0 3 4 6 9 , 1 5 1 5 , 0 1 5 0 4 , 1 1 7 0 4 , 1 2 9 3 6 , 2 1 8 4 7 , 4 1 4 2 1 , 2 2 6 4 7 , 9 1 4 1 1 , 8 3 2 4 6 , 6 1 2 5 6 , 0 2 3 2 1 , 8 2 1 9 9 , 0 1 7 4 1 , 3 2 0 2 2 , 6 0 1 3 , 2 1 5 9 3 , 4 0 1 9 0 1 , 0 1 3 4 7 , 4 2 7 6 3 , 1 1 9 8 8 , 4 1 6 9 1 , 5 8 5 7 , 6 1 1 6 1 7 , 0 3 5 6 9 , 7 1 2 7 6 , 4 8 3 4 , 0 3 2 2 6 , 8 5 1 2 , 6 2 7 1 3 , 6 5 0 5 , 9 6 1 6 , 3 6 1 8 1 , 8 6 3 2 , 4 9 8 1 1 , 2 1 8 2 , 4 1 4 4 1 , 6 2 6 5 1 , 7 9 1 5 , 5 7 9 5 2 , 2 0 5 5 4 , 3 5 1 5 , 6 8 0 1 2 , 0 0 3 6 , 1 5 9 3 1 , 8 6 6 3 5 7 3 , 9 2 8 4 2 , 0 0 2 4 , 9 3 8 1 2 , 9 3 2 5 1 , 1 0 2 8 1 , 0 4 2 5 1 , 2 2 4 3 3 1 , 8 4 2 8 , 7 8 6 3 , 1 9 1 1 , 3 6 7 9 6 0 7 , 2 8 6 1 1 , 9 3 9 0 2 , 6 3 3 0 1 , 7 1 9 3 , a z a l P e n i t s u g u A t S d l O s r e n r o C a l a c O a z a l P y r r e F s e c a P k e e r C r e h t n a P a z a l P o l b a P n o i l i v a P e c a l P s n o m m i s r e P e g a l l i V e e r t r a e P g n i s s o r C e e r t h c a e P t n o m d e i P e g a l l i V e k a L e n i P e r a u q S e g d i R e n i P a z a l P e e r T e n i P e c a l P t s e r c e n i P a l e u c s E a z a l P a s o m r e H a z a l P a z a l P n o t n a s a e l P k e e r C e k i P d n a l s I e n i P g n i p p o h S x a f r i a F y l r e m r o F ( 0 5 t n i o P ) r e t n e C r e t n e C g n i p p o h S e l a y o R t n i o P e r a u q S y r r e F s r e w o P e g a l l i V y r r e F s r e w o P a z a l P t e e r t S l l e w o P a z a l P d a o R t s o P r e t n e C o r e r t o P r e t n e C e l c r i C s h p l a R e r t n e C y t i r e p s o r P s n o m m o C y c n e g e R e g a l l i V k n a B d e R s k a O n o t s e r P k o o r b n o t s e r P 133 — — — — — — — — — — — — 0 0 0 , 7 2 — — — — — — — — — — — — — — — 6 2 6 , 4 — 0 0 0 , 0 1 5 7 2 , 2 1 8 9 3 , 7 6 3 9 6 , 3 6 8 7 , 2 7 4 9 3 , 5 8 7 6 , 9 1 6 4 3 , 1 9 6 2 , 7 1 5 3 7 , 0 9 7 4 5 , 5 0 8 2 , 1 3 4 0 4 , 2 2 1 7 5 , 5 8 0 1 8 , 8 1 0 2 8 , 3 0 6 9 6 6 , 1 1 0 7 3 , 3 7 1 2 9 0 , 7 8 8 0 , 1 1 5 7 0 , 1 1 9 4 6 , 8 1 4 5 4 , 0 3 8 9 4 , 6 2 9 7 , 9 8 0 0 , 1 6 8 7 4 , 7 3 9 0 0 , 4 5 3 4 , 3 9 7 4 , 3 1 9 0 2 , 3 1 9 0 2 , 2 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 7 6 9 , 3 2 8 9 1 , 1 3 8 9 , 2 7 1 0 , 1 6 1 1 , 5 9 4 7 9 6 8 2 , 8 1 5 1 , 3 4 9 5 , 4 9 3 5 , 6 9 9 0 , 1 8 1 0 , 1 7 3 4 , 0 1 4 1 1 , 3 1 6 6 6 4 1 8 , 6 5 7 1 , 3 6 5 4 , 2 5 8 9 9 5 8 , 5 5 7 4 , 1 7 6 0 , 5 9 5 4 7 8 9 , 2 2 1 8 , 1 6 4 1 3 2 1 9 9 6 , 8 3 4 2 , 2 4 3 3 , 1 2 4 2 , 6 3 6 9 5 , 8 6 6 7 6 , 6 3 0 8 , 3 7 0 1 5 , 0 1 2 5 6 , 0 2 5 5 3 , 1 5 5 5 , 5 2 6 8 8 , 3 9 1 4 1 , 0 1 9 1 8 , 7 3 3 0 5 , 3 2 9 8 5 , 6 8 7 4 2 , 9 2 4 3 9 , 6 1 6 5 3 3 , 2 1 4 8 1 , 0 8 1 7 6 2 , 0 1 4 4 5 , 3 1 4 3 9 , 6 1 4 3 6 , 9 1 9 2 9 , 1 3 5 6 5 , 1 1 1 5 2 , 0 1 5 9 9 , 3 6 0 9 2 , 9 3 5 5 1 , 4 8 5 5 , 3 8 7 1 , 2 2 2 5 4 , 5 1 3 4 5 , 3 2 8 1 , 1 3 7 7 8 , 2 5 6 7 1 , 5 1 2 4 , 3 3 6 7 2 , 8 1 7 0 , 0 1 — 3 6 9 , 5 1 0 8 8 , 7 5 1 4 8 , 8 0 3 9 , 0 3 7 5 6 , 2 1 0 4 6 , 6 2 7 4 1 , 0 2 0 6 0 , 5 9 1 7 , 5 1 0 0 5 , 1 2 8 3 , 0 4 4 3 2 , 2 1 8 5 , 0 1 5 5 3 , 1 2 9 5 , 9 6 0 0 , 6 3 0 0 3 , 1 9 8 8 , 6 6 4 8 , 0 1 9 4 9 , 9 5 0 0 1 , 9 2 6 1 , 7 0 2 2 7 7 , 9 0 4 7 6 3 , 8 4 2 9 , 7 9 6 3 5 , 7 3 2 5 , 6 4 1 5 , 1 1 1 1 3 , 1 1 6 8 2 , 5 1 4 7 4 , 6 7 7 7 , 5 7 5 4 , 3 4 1 6 7 , 1 2 4 2 7 5 9 2 , 1 4 2 9 , 1 1 0 7 3 , 6 2 4 0 , 2 8 6 9 , 3 0 6 2 , 2 8 1 3 7 , 2 1 2 0 , 7 0 2 4 , 5 3 2 3 , 8 3 4 6 , 6 1 1 9 0 , 5 4 7 4 , 4 8 3 5 , 0 2 9 2 5 , 7 1 0 6 8 , 2 4 3 8 , 2 4 5 2 , 0 1 2 8 0 , 9 1 0 5 , 1 d e t a l u m u c c A n o i t a i c e r p e D l a t o T & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 6 8 5 9 5 2 1 8 2 , 6 4 2 3 , 1 3 7 3 , 1 7 2 — ) 6 ( 5 1 6 0 8 1 , 8 2 3 1 6 0 3 4 7 8 , 2 1 9 7 , 1 6 7 1 , 4 5 — 1 5 6 6 7 1 , 1 1 5 3 , 2 ) 6 3 ( 4 6 0 , 2 5 9 1 9 8 4 9 4 1 5 6 4 ) 8 6 ( ) 1 2 ( 9 5 2 9 6 4 2 ) 4 3 3 ( 1 9 1 , 5 2 5 0 5 , 2 5 7 1 9 , 4 8 0 1 , 2 3 3 0 9 , 6 4 4 0 , 0 1 — 5 7 0 , 8 6 8 8 , 7 5 6 2 2 , 8 6 5 0 , 8 2 5 2 5 , 2 1 4 3 3 , 6 2 6 5 3 , 8 1 0 7 7 4 , 5 0 5 5 1 , 0 0 5 1 , 1 7 3 0 4 , 4 3 2 2 , 1 8 5 0 1 , 5 5 3 1 , 0 0 3 9 , 6 0 0 6 3 , 0 0 3 1 , 9 8 8 6 , 6 4 8 0 1 , 9 4 9 9 5 , 0 0 1 9 , 2 5 6 , 2 7 1 6 0 1 0 9 3 , — 7 6 3 , 8 3 7 2 , 7 9 0 6 3 , 6 0 5 4 , 9 7 4 3 , 1 1 1 9 0 , 5 1 5 8 9 , 5 8 2 6 , 5 2 9 9 , 2 4 9 2 8 , 1 2 5 1 7 6 1 3 , 1 6 9 2 , 1 1 4 2 1 , 6 4 1 0 , 2 8 6 9 3 , 0 6 2 2 8 , 1 3 7 2 , 3 9 1 1 1 , 0 2 4 5 , 3 2 3 8 , 3 4 6 6 1 , 1 9 0 5 , 4 7 4 4 , 8 3 5 0 2 , 9 2 5 7 1 , 0 6 8 2 , 4 3 8 2 , 7 5 9 9 , 2 8 0 9 , 3 6 8 1 , e r a u q S s n w o t r e v i R e r a u q S y c n e g e R e r a u q S t l e v e s o o R e g d i R l l e s s u R e r a u q S d o o w n a y R e g a l l i V o n r e l a S a z a l P a n o R s d n a l h g i H - h s i m a m m a S e c a l p t e k r a M s o l r a C n a S a z a l P o r d n a e L n a S s g n i r p S y d n a S e d a n e m o r P s s a r g w a S e c a l p t e k r a M h c n a R s p p i r c S r e t n e C e t n o m a r r e S h t u o m y l P t a ' s w a h S n o i t a t S a i o u q e S a z a l P n a d i r e h S s g n i s s o r C d o o w r e h S 4 0 1 @ s e p p o h S e r t n e C e k a l n u S t a s e p p o h S k a O e d n a r G f o s e p p o h S d a e t s e m o H t a s e p p o h S r a M o g a L t a s e p p o h S g n i d n a L s n a h t a n o J ' f o s e p p o h S s e k a L r e v l i S f o s e p p o h S k o o r b k a O f o s e p p o h S r e t n e C y t n u o C t a s p o h S k e e r C s n h o J ' t a s p o h S l l i M n i w r E t a s p o h S I I t e s n u S f o s e p p o h S t e s n u S f o s e p p o h S 134 5 2 2 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 4 9 6 , 5 5 7 0 , 9 1 2 2 2 , 6 2 5 8 , 7 2 2 8 6 , 1 2 1 3 9 6 , 6 4 2 1 1 , 7 1 4 0 9 , 9 8 7 0 , 5 2 3 4 8 , 7 7 2 5 8 , 3 1 3 1 3 , 0 6 0 7 5 , 8 4 3 8 , 1 3 4 1 8 , 0 1 0 9 9 3 8 6 , 3 4 7 1 4 , 5 3 8 2 4 , 4 3 8 3 2 , 6 1 2 5 8 , 6 6 2 0 , 8 1 8 7 5 , 3 3 1 8 8 , 0 2 0 0 9 , 8 4 0 1 , 7 1 0 0 3 , 6 3 6 2 0 , 7 7 4 0 0 , 0 4 1 0 5 , 3 1 3 7 5 5 , 3 7 8 5 7 , 4 4 9 7 7 , 1 6 3 4 , 3 3 1 2 , 9 6 1 5 , 3 4 3 6 , 7 2 5 4 , 1 9 0 1 , 8 5 5 9 , 3 0 4 2 , 4 5 7 6 8 5 3 , 2 8 6 5 , 7 8 3 2 , 5 2 8 8 , 6 1 7 7 9 1 9 2 2 9 1 1 0 , 1 6 9 5 , 9 6 7 2 , 6 7 3 3 , 6 0 3 9 9 1 9 8 5 9 , 4 0 5 5 , 8 0 0 8 , 3 1 4 1 8 4 8 9 , 1 8 0 8 , 2 1 1 8 1 , 2 1 2 8 3 , 2 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A d e t a l u m u c c A n o i t a i c e r p e D 4 5 8 , 0 2 8 5 6 , 9 5 6 0 , 7 3 8 9 1 , 5 2 1 l a t o T 7 2 3 , 4 5 4 6 5 , 8 1 3 1 0 , 8 1 3 3 0 , 9 2 3 8 0 , 2 8 7 2 5 , 4 1 1 7 6 , 2 6 8 3 1 , 6 1 2 7 0 , 7 3 6 9 6 , 7 1 1 6 7 , 1 2 0 6 , 4 4 8 2 4 , 6 3 0 5 3 , 5 3 4 3 8 , 5 2 8 2 1 , 3 1 3 6 3 , 4 2 8 0 5 , 4 3 0 0 8 , 1 2 8 5 8 , 3 1 4 5 6 , 5 2 0 0 1 , 0 5 0 1 0 , 9 7 8 1 8 , 0 4 3 6 1 , 9 0 0 2 , 8 4 5 2 , 8 1 1 8 0 , 0 4 2 7 7 , 5 3 2 0 1 , 2 1 1 8 6 , 4 1 7 5 2 , 7 1 5 9 8 , 3 5 4 6 9 , 7 5 8 9 , 5 3 8 3 8 , 4 1 4 3 6 , 5 1 4 1 3 , 3 1 0 9 6 , 1 0 2 5 , 3 1 5 2 4 , 9 7 7 3 , 3 1 8 8 9 , 2 1 8 4 8 , 8 9 8 9 , 0 1 3 9 0 , 2 1 6 1 2 , 9 9 8 5 , 0 1 4 9 0 , 7 1 5 5 1 , 7 3 0 0 1 , 6 0 9 4 , 5 1 9 0 3 , 6 2 3 6 5 6 , 7 1 2 8 3 7 , 5 8 0 4 1 , 7 4 7 2 1 , 6 6 3 1 2 , 6 3 . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 1 9 6 , 1 1 8 5 4 , 1 1 1 8 , 8 1 7 1 1 , 5 8 5 5 5 , 8 1 2 6 4 , 6 2 3 3 , 3 6 7 7 , 1 1 8 8 1 , 8 2 3 6 5 , 6 6 8 6 , 6 2 0 0 3 , 1 8 3 4 , 1 2 2 8 3 , 4 1 7 2 8 0 , 1 3 3 0 0 , 7 2 3 7 9 , 1 2 6 4 8 , 2 1 0 8 2 , 4 4 7 3 , 3 1 5 1 4 , 2 2 4 8 5 , 2 1 9 6 2 , 3 0 6 5 , 8 5 4 9 , 2 1 0 1 9 , 2 7 8 2 3 , 5 2 3 5 6 , 8 0 1 1 1 6 , 9 1 7 2 9 , 0 1 7 3 1 4 5 4 ) 0 2 1 ( 0 7 2 , 1 2 5 2 , 0 1 8 6 2 7 2 0 , 3 9 3 7 , 1 0 9 4 5 2 5 8 6 , 1 8 8 0 , 2 1 7 3 , 7 9 4 0 , 1 7 — — ) 9 ( 6 2 8 9 5 6 9 6 5 , 4 9 3 ) 5 ( ) 2 7 2 ( 0 3 6 , 1 ) 4 1 ( 4 1 — 5 8 8 1 6 1 9 5 0 , 5 6 2 0 , 9 7 1 7 , 7 4 8 9 , 7 1 2 4 3 , 9 3 5 5 0 , 7 2 4 3 8 , 1 1 1 0 0 , 2 1 0 8 5 , 5 1 5 0 4 , 3 5 9 3 9 , 7 5 2 3 , 4 3 0 5 7 , 2 1 6 0 3 , 1 1 5 3 2 , 2 1 3 8 6 , 1 0 2 5 , 3 1 5 2 4 , 9 6 8 3 , 3 1 2 6 1 , 2 1 9 8 1 , 8 4 6 7 , 0 1 4 5 0 , 2 1 1 2 2 , 9 1 6 8 , 0 1 4 6 4 , 5 1 9 6 1 , 7 3 6 8 0 , 6 0 9 4 , 5 1 1 7 7 , 6 1 2 6 0 9 , 1 6 2 5 0 , 6 3 1 9 6 1 1 , 7 8 4 1 , 1 0 2 9 1 , 6 8 5 4 8 , 0 2 0 7 1 , 2 6 4 6 , 5 8 9 2 , 4 1 7 1 1 , 8 8 1 8 2 , 3 6 5 6 , 1 6 6 6 2 , 0 0 3 1 , 5 9 3 8 1 , 2 1 4 4 , 1 7 2 8 0 1 3 , 3 0 0 7 2 , 3 7 9 1 2 , 6 4 8 2 1 , 0 8 2 4 , 0 3 0 9 , 5 1 4 2 2 , 4 8 5 2 1 , 9 6 2 3 , 0 6 5 8 , 5 4 9 2 1 , 0 1 9 2 7 , 8 2 3 5 2 , 3 5 6 8 0 1 , 3 7 7 8 1 , 7 2 9 0 1 , k e e r C l i a u Q t a s p o h S a t s i V a r i M t a s p o h S s u g u a S t a s p o h S e k a l y k S t a s p o h S n i a M n o s p o h S e g a l l i V n e g e i S g n i s s o r C k e e r C e p o S e g a l l i V y a B h t u o S l a n o i g e R h c a e B h t u o S n e e r G y r u b h t u o S r e t n e c h t u o S t n i o P h t u o S h c n a R o c n i C t a k r a p h t u o S g n i s s o r C t n i o P h t u o S y r u b x o R t s e W t a s ' r a t S e g d i r b m a C t a s ' r a t S y c n i u Q t a s ' r a t S e k r a t S r e t n e C e g a l l i V a g e l a T e r a u q S n w o T c a r a m a T t e k r a M e n r u o b s a n a T g n i s s o r C t s a o c n u S g n i s s o r C a r a j a s s a T r e t n e C e g d i R h c e T e g d i R g n i l r e t S h c n a R h o r t S t a n o i t c e l l o C e h T y l r e m r o F ( t o b b A e h T ) e r a u q S d r a v r a H r e t n e C g n i p p o h S e c a l p t e k r a M e h T t e k r a M t s e r c l l i H b u H e h T a z a l P y r u b t s e W t a y r e l l a G e h T h t l a e w n o m m o C t a d l e i F e h T 135 — — — — — 4 3 4 , 3 1 — — 6 4 7 , 2 — — — — 5 2 4 , 6 3 — — — — 9 9 6 , 7 — — — — — — — — — 4 7 4 , 7 8 1 6 , 4 1 2 2 2 , 1 2 0 1 , 1 4 7 2 6 , 1 3 6 6 2 , 9 5 3 6 2 , 9 3 6 3 , 4 6 7 8 , 7 2 2 7 2 , 6 3 3 8 3 , 7 4 6 4 9 , 8 1 4 4 1 , 6 1 6 2 6 , 0 3 4 6 9 , 0 2 7 9 0 , 0 3 0 0 6 , 8 1 9 2 5 , 7 1 2 9 0 , 0 7 1 5 6 , 8 6 4 9 , 9 3 2 3 0 , 8 1 3 5 3 , 3 6 2 1 , 7 8 6 1 , 0 3 6 4 3 , 4 0 3 3 , 9 1 2 7 0 , 9 0 0 0 , 8 8 6 7 9 , 5 6 1 — — — 7 5 9 , 0 1 2 5 5 , 8 1 0 5 3 , 1 4 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A 4 5 2 4 4 1 3 3 , 1 9 1 3 , 7 1 3 7 1 1 6 2 , 1 5 3 6 0 3 0 , 5 9 0 6 , 1 0 2 4 , 1 2 8 3 , 6 1 7 4 9 , 3 1 0 1 8 4 3 2 , 4 3 2 8 , 5 1 2 4 3 , 3 2 5 9 , 8 1 6 4 , 9 1 5 6 , 1 2 7 5 , 6 9 0 7 , 1 8 7 9 4 3 4 , 7 7 5 1 , 7 5 5 3 , 1 6 6 5 , 5 7 0 0 , 1 7 1 1 , 4 5 9 6 , 4 2 8 5 , 3 7 8 2 , 7 1 3 8 , 2 2 6 1 9 , 7 9 4 9 , 5 1 6 7 2 , 1 1 2 4 , 8 5 0 0 8 , 1 3 7 2 5 , 0 6 8 9 8 , 9 3 9 3 , 9 5 8 4 , 9 2 2 9 6 , 7 3 5 6 7 , 3 6 3 9 8 , 2 3 4 5 9 , 6 1 0 6 8 , 4 3 7 8 7 , 6 3 9 3 4 , 3 3 2 5 5 , 7 2 0 9 9 , 6 2 3 4 7 , 1 7 3 2 2 , 5 1 5 5 6 , 1 4 0 1 0 , 9 1 7 8 7 , 0 1 3 8 2 , 4 1 3 2 5 , 1 3 2 1 9 , 9 7 3 3 , 0 2 9 8 1 , 3 1 1 7 6 , 0 7 1 9 3 5 , 4 1 9 3 8 , 5 2 1 8 1 , 4 6 3 3 4 8 9 1 , 6 1 3 4 , 3 1 8 8 7 , 9 2 5 5 1 , 1 1 7 5 4 , 6 1 4 3 2 , 5 0 1 5 , 8 2 3 9 , 1 2 6 5 8 , 3 2 2 0 5 , 6 4 3 9 6 , 7 2 3 9 3 , 1 1 0 9 7 , 0 3 6 6 8 , 8 1 3 8 2 , 0 2 5 4 5 , 5 1 0 1 5 , 1 2 6 0 7 , 2 2 5 4 3 , 1 1 1 6 2 , 1 2 2 1 5 , 3 1 1 9 2 , 9 2 4 2 , 2 1 9 8 5 , 8 1 5 5 0 , 8 6 7 7 , 9 9 4 3 , 7 2 4 5 , 4 5 7 3 2 , 9 5 4 9 , 0 2 9 7 5 , 6 4 8 1 7 , 1 8 1 5 , 2 3 4 8 3 3 6 , 8 2 5 4 6 , 0 2 0 7 0 , 4 4 3 8 8 4 6 6 , 4 3 5 5 , 7 6 3 8 , 3 1 3 6 2 , 7 1 0 0 2 , 5 1 6 5 , 5 0 7 0 , 4 1 2 9 , 7 1 6 5 1 , 3 1 7 0 0 , 2 1 0 8 4 , 5 7 3 0 , 9 4 8 7 8 , 3 4 9 3 , 0 2 8 9 4 , 5 6 9 4 , 1 1 4 0 , 2 4 3 9 , 2 1 7 5 8 , 1 1 6 5 , 0 1 0 4 8 , 5 9 2 1 , 6 1 1 2 0 3 , 5 4 9 8 , 4 2 0 6 , 7 1 d e t a l u m u c c A n o i t a i c e r p e D l a t o T & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 6 ( 4 4 4 , 5 1 6 7 8 7 , 8 — 2 0 5 7 2 8 7 3 8 7 3 — 5 5 9 2 , 2 6 6 8 , 1 0 2 3 , 6 ) 2 7 2 ( 7 0 2 , 1 5 8 4 , 3 4 7 9 , 8 8 8 1 5 1 , 4 — 2 1 4 0 5 , 1 1 1 1 ) 5 ( 3 8 4 ) 6 1 ( 0 9 5 , 1 2 8 0 , 3 4 6 9 2 2 7 , 0 1 3 4 9 , 9 2 4 0 2 , 6 4 6 7 , 9 2 7 3 3 2 1 , 2 2 5 5 1 , 1 1 8 2 4 , 6 1 7 0 2 , 5 2 3 1 , 8 4 5 5 , 1 2 6 5 8 , 3 2 5 2 2 , 4 4 7 2 8 , 5 2 4 4 1 , 5 5 8 7 , 0 3 9 5 6 , 7 1 1 7 5 , 0 2 8 6 9 , 2 1 1 3 1 , 4 1 8 1 6 , 2 2 2 3 2 , 7 1 6 2 , 1 2 0 0 5 , 3 1 7 8 7 , 7 1 3 1 , 2 1 4 9 5 , 8 1 2 7 5 , 7 2 9 7 , 9 9 5 7 , 5 0 6 4 , 1 5 3 7 2 , 8 1 5 7 , 1 1 5 9 1 , 7 2 1 4 7 3 4 8 8 1 7 1 , 1 1 5 7 2 , 5 4 6 0 2 , 7 9 5 3 4 , 4 6 6 4 , 3 8 8 3 5 5 7 , 6 3 8 3 1 , 5 4 2 7 1 , 0 0 2 5 , 0 9 4 5 , 0 7 0 4 , 1 2 9 7 1 , 0 4 1 3 1 , 9 9 0 1 1 , 5 8 8 3 , 7 3 0 9 4 , 0 4 8 3 , 4 9 3 0 2 , 8 9 4 5 , 6 9 4 1 , 1 4 0 2 , 4 3 9 2 1 , 7 5 8 1 , 1 6 5 0 1 , 0 4 8 5 , 2 0 3 5 , 6 6 3 3 , 3 4 0 7 , 9 2 1 6 1 1 , d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C ) 1 ( s r e t n e C g n p p o h S i k r a P y t i C n e d r a G t a t n i o P e h T s k a O n o t p m a H t a s p o h S e h T t s e W e i c u L . t S t a a z a l P e h T e n o t s r e v i R t a e g a l l i V e h T l l a w e n o t S t a s p o h S e h T r e t n e C e g a l l i V e h T y r t n u o C d n a n w o T e r a u q S n w o T a z a l P t s a o C e r u s a e r T a z a l P y t i C n i w T y c a g e L n i t s u T s k a e P n i w T r e t n e C g n i p p o h S d l o g i n U s n o m m o C y t i s r e v i n U s d a o r s s o r C a i c n e l a V a t s e r o l F a L t a e g a l l i V k r a p r i A e e L t a e g a l l i V r e t n e C e l c r i C s n o V r e t n e C e g a l l i V k l a w r o N t r a m l a W a z a l P e n o t s r e t a W r e t n e C r e k l a W a z a l P y b e l l e W e r a u q S n w o T n o t g n i l l e W a z a l P r e t s e h C t s e W a z a l P d r i B t s e W r e t n e C g n i p p o h S e k a L t s e W s n o m m o C r e t s e h c t s e W a z a l P k r a P t s e W a z a l P y r u b t s e W e s a h c t s e W a z a l P e g a l l i V e k a l t s e W 136 — — — — — 1 5 6 , 2 5 0 5 , 9 3 — — — — — — — — — — 1 3 8 , 5 1 8 0 1 , 5 1 8 6 6 , 9 2 1 2 8 9 , 9 2 7 4 1 , 5 1 4 6 2 , 1 1 2 9 6 , 6 4 5 6 9 , 2 1 4 3 7 , 5 2 1 5 5 2 , 4 5 3 0 , 9 8 2 9 , 8 1 9 1 , 8 0 0 6 , 5 1 2 5 2 8 8 , 0 3 2 7 1 , 4 5 8 6 6 0 2 1 8 7 4 , 4 7 7 1 , 3 1 4 7 5 5 5 4 7 5 7 , 4 1 8 3 5 , 1 1 5 8 , 4 6 2 5 , 4 3 5 9 , 3 9 8 7 1 3 6 , 0 1 4 3 1 , 5 2 — 5 1 6 , 1 s e g a g t r o M n o i t a i c e r p e D t s o C t e N f o t e N d e t a l u m u c c A d e t a l u m u c c A n o i t a i c e r p e D 9 9 4 , 6 1 8 2 2 , 5 1 6 4 1 , 4 3 1 l a t o T 9 5 1 , 3 4 1 2 7 , 5 1 9 1 7 , 1 1 9 4 4 , 1 6 3 0 5 , 4 1 5 8 5 , 0 3 1 1 8 7 , 8 8 8 9 , 2 1 9 5 5 , 9 1 5 2 3 , 3 1 9 8 3 , 6 1 7 6 6 , 1 4 8 8 , 0 3 2 7 1 , 4 5 . . P L , S R E T N E C Y C N E G E R D N A N O I T A R O P R O C S R E T N E C Y C N E G E R n o i t a i c e r p e D d e t a l u m u c c A d n a e t a t s E l a e R d e t a d i l o s n o C - I I I e l u d e h c S 8 1 0 2 , 1 3 r e b m e c e D ) s d n a s u o h t n i ( t s o C l a t o T t s o C l a i t i n I t s o C 4 6 4 , 7 0 2 4 , 2 5 9 0 , 9 1 6 2 4 , 4 2 2 2 3 , 8 5 7 2 , 4 3 7 4 , 9 5 9 3 8 , 7 3 9 5 , 8 7 0 6 3 , 7 8 8 4 , 7 8 3 9 , 1 1 6 3 8 , 9 3 0 4 , 0 1 9 7 6 6 , 1 2 7 1 , 4 5 5 3 0 , 9 8 0 8 , 2 1 1 5 0 , 5 1 1 3 3 7 , 8 1 9 9 3 , 7 4 4 4 , 7 6 7 9 , 1 4 6 6 , 6 2 9 9 , 1 5 1 2 4 , 1 0 0 5 , 5 1 2 6 , 7 9 8 4 , 3 6 8 9 , 5 — — 5 7 8 , 0 3 & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I d e z i l a t i p a C o t ) 2 ( t n e u q e s b u S n o i t i s i u q c A & g n i d l i u B s t n e m e v o r p m I d n a L & d n a L s t n e m e v o r p m I ) 1 ( s r e t n e C g n p p o h S i 9 — — ) 5 7 0 , 2 ( — 3 6 5 4 9 9 , 2 6 2 9 5 8 7 0 , 1 3 9 2 0 2 9 7 3 5 9 7 6 6 , 1 ) 6 3 6 , 6 ( 2 7 1 , 4 5 2 0 2 , 0 3 6 5 5 4 , 7 0 2 4 , 2 5 9 0 , 9 1 1 0 3 , 5 2 2 2 3 , 8 1 2 7 , 3 1 0 5 , 6 5 3 3 8 , 7 9 2 0 , 8 7 4 8 2 , 6 5 9 1 , 7 8 1 0 , 1 1 8 8 2 , 9 4 9 3 , 0 1 — — — 0 9 9 , 5 9 4 , 5 5 3 0 9 , 8 0 8 2 1 , 1 5 0 5 1 1 , 3 3 9 9 1 , 9 9 3 7 , 5 3 4 7 , 4 5 9 1 , 4 6 6 6 , 4 6 9 1 5 , 9 1 4 1 , 0 0 5 5 , 1 2 6 7 , 0 0 5 3 , 6 8 9 5 , — — 0 2 5 7 3 , , 0 7 9 6 3 7 4 , $ t t o c s p m a w S t a s d o o F e l o h W y d o o w n u D t a g r u b s m a i l l i W r e t n e C g n i p p o h S s w o l l i W g n i s s o r C s k a O w o l l i W r e t n e C g n i p p o h S t f o r c d o o W l a v i t s e F w o l l i W s y u N n a V n a m d o o W l a r t n e C e d i s d o o W a z a l P n e m d o o W r e t n e C g n i p p o h S e l c r i C g n u o Y t n e m p o l e v e d e r u t u f r o f d l e h d n a L s s e r g o r p n i n o i t c u r t s n o C s t e s s A e t a r o p r o C r e t n e C g n i p p o h S d o o w t s e W e r a C r o n a M - d o o w t s e W a z a l P t r o p t s e W e g a l l i V d o o w t s e W 2 8 1 , 5 2 5 8 1 7 , 7 2 3 , 9 4 4 4 , 5 3 5 , 1 2 6 1 , 3 6 8 , 0 1 0 7 8 , 3 4 0 , 6 2 9 2 , 9 1 8 , 4 r o f y t r e p o r p e h t f o t r a p f o n o i t i l o m e d d n a , d e d r o c e r s s o l r o f n o i s i v o r p , d l o s s l e c r a p - t u o e d u l c n i d l u o c n o i t i s i u q c a o t t n e u q e s b u s d e z i l a t i p a c s t s o c r o f e c n a l a b e v i t a g e n e h T . d e r i u q c a s a w y t r e p o r p g n i t a r e p o h c a e r a e y d n a n o i t a c o l c i h p a r g o e g r o f s e i t r e p o r P , 2 m e t I e e S ) 1 ( ) 2 ( . m r i f g n i t n u o c c a c i l b u p d e r e t s i g e r t n e d n e p e d n i f o t r o p e r g n i y n a p m o c c a e e S . t n e m p o l e v e d e r 137 REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P. Schedule III - Consolidated Real Estate and Accumulated Depreciation, continued December 31, 2018 (in thousands) Depreciation and amortization of the Company's investment in buildings and improvements reflected in the statements of operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal income tax purposes was approximately $8.7 billion at December 31, 2018. The changes in total real estate assets for the years ended December 31, 2018, 2017, and 2016 are as follows (in thousands): Beginning balance Acquired properties and land Developments and improvements Sale of properties Properties held for sale Provision for impairment Ending balance 2018 $ 10,892,821 113,911 198,005 (277,270) (59,438) (4,867) 10,863,162 $ 2017 4,933,499 5,772,265 273,871 (86,814) — — 10,892,821 2016 4,545,900 370,010 148,904 (126,855) — (4,460) 4,933,499 The changes in accumulated depreciation for the years ended December 31, 2018, 2017, and 2016 are as follows (in thousands): Beginning balance Depreciation expense Sale of properties Accumulated depreciation related to properties held for sale Provision for impairment Ending balance 2018 2017 2016 $ 1,339,771 1,124,391 249,489 (45,901) (7,729) (186) 1,535,444 $ 222,395 (7,015) — — 1,339,771 1,043,787 115,355 (32,791) — (1,960) 1,124,391 See accompanying report of independent registered public accounting firm. 138Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Controls and Procedures (Regency Centers Corporation) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures Under the supervision and with the participation of the Parent Company's management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based on this evaluation, the Parent Company's chief executive officer and chief financial officer concluded that its disclosure controls and procedures were effective as of the end of the period covered by this annual report on Form 10-K to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Parent Company in the reports it files or submits is accumulated and communicated to management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. Management's Report on Internal Control over Financial Reporting The Parent Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013), the Parent Company's management concluded that its internal control over financial reporting was effective as of December 31, 2018. KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this annual report on Form 10-K and, as part of their audit, has issued a report, included herein, on the effectiveness of the Parent Company's internal control over financial reporting. The Parent Company's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Changes in Internal Controls There have not been any changes in the Parent Company's internal controls over financial reporting identified in connection with this evaluation that occurred during the fourth quarter of 2018 and that have materially affected, or are reasonably likely to materially affect, its internal controls over financial reporting. Controls and Procedures (Regency Centers, L.P.) Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures Under the supervision and with the participation of the Operating Partnership's management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the chief executive officer and chief financial officer of its general partner concluded that its disclosure controls and procedures were effective as of the end of the period covered by this annual report on Form 10-K to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Operating Partnership in the reports it files or submits is accumulated and communicated to management, including the chief executive officer and chief financial officer of its general partner, as appropriate, to allow timely decisions regarding required disclosure. 139Management's Report on Internal Control over Financial Reporting The Operating Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in Internal Control - Integrated Framework (2013), the Operating Partnership's management concluded that its internal control over financial reporting was effective as of December 31, 2018. KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this annual report on Form 10-K and, as part of their audit, has issued a report, included herein, on the effectiveness of the Operating Partnership's internal control over financial reporting. The Operating Partnership's system of internal control over financial reporting was designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Changes in Internal Controls There have not been any changes in the Operating Partnership's internal controls over financial reporting identified in connection with this evaluation that occurred during the fourth quarter of 2018 and that have materially affected, or are reasonably likely to materially affect, its internal controls over financial reporting. Item 9B. Other Information Not applicable Item 10. Directors, Executive Officers, and Corporate Governance PART III Information concerning our directors, executive officers, and corporate governance is incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2019 Annual Meeting of Stockholders. Information regarding executive officers is included in Part I of this Form 10-K as permitted by General Instruction G(3). Code of Ethics. We have a code of ethics applicable to our Board of Directors, principal executive officers, principal financial officer, principal accounting officer and persons performing similar functions. The text of this code of ethics may be found on our web site at www.regencycenters.com. We will post a notice of any waiver from, or amendment to, any provision of our code of ethics on our web site. Item 11. Executive Compensation Incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2019 Annual Meeting of Stockholders. 140Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Equity Compensation Plan Information (a) (b) Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) Weighted-average exercise price of outstanding options, warrants and rights(2) (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) (3) N/A — $ — $ N/A — — 1,221,853 N/A 1,221,853 Plan Category Equity compensation plans approved by security holders Equity compensation plans not approved by security holders Total (1) This column does not include 595,171 shares that may be issued pursuant to unvested restricted stock and performance share awards. (2) The weighted average exercise price excludes stock rights awards, which we sometimes refer to as unvested restricted stock. (3) The Regency Centers Corporation 2011 Omnibus Incentive Plan, (“Omnibus Plan”), as approved by stockholders at our 2011 annual meeting, provides that an aggregate maximum of 4.1 million shares of our common stock are reserved for issuance under the Omnibus Plan. Information about security ownership is incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2019 Annual Meeting of Stockholders. Item 13. Certain Relationships and Related Transactions, and Director Independence Incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2019 Annual Meeting of Stockholders. Item 14. Principal Accountant Fees and Services Incorporated herein by reference to our definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K with respect to the 2019 Annual Meeting of Stockholders. 141Item 15. Exhibits and Financial Statement Schedules (a) Financial Statements and Financial Statement Schedules: PART IV Regency Centers Corporation and Regency Centers, L.P. 2018 financial statements and financial statement schedule, together with the reports of KPMG LLP are listed on the index immediately preceding the financial statements in Item 8, Consolidated Financial Statements and Supplemental Data. (b) Exhibits: In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company, its subsidiaries or other parties to the agreements. The Agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and: • • should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; • may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and • were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this report not misleading. Additional information about the Company may be found elsewhere in this report and the Company's other public files, which are available without charge through the SEC's website at http://www.sec.gov. Unless otherwise indicated below, the Commission file number to the exhibit is No. 001-12298. 1. Underwriting Agreement (a) Form of Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and the parties listed below (incorporated by reference to Exhibit 1.1 to the Company’s Form 8- K filed on May 17, 2017). The Equity Distribution Agreements listed below are substantially identical in all material respects to the Form of Equity Distribution Agreement, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to Instruction 2 to item 601 of Regulation S-K: (i) (ii) (iii) (iv) (v) (vi) Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and Wells Fargo Securities, LLC; Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and J.P. Morgan Securities LLC; Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and Merrill Lynch, Pierce, Fenner & Smith Incorporated; Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and BB&T Capital Markets, a division of BB&T Securities, LLC; Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and BTIG, LLC; Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and RBC Capital Markets, LLC; 142(b) (c) (d) (e) (vii) (viii) Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and SunTrust Robinson Humphrey, Inc.; and Equity Distribution Agreement dated May 17, 2017 among Regency Centers Corporation, Regency Centers, L.P. and Mizuho Securities USA LLC. Form of Amendment No. 1 to the Equity Distribution Agreement, dated November 13, 2018 (incorporated by referent to Exhibit 1.1 to the Company’s Form 8-K filed on November 14, 2018). The Amendment No.1 to each of the Equity Distribution Agreements, dated November 13, 2018, and listed in Exhibit 1 (a) are substantially identical in all material respects to the Form of Amendment No. 1 to the Equity Distribution Agreement, except for the identities of the parties, and have not been filed as exhibits to the Company’s 1934 Act reports pursuant to item 601 of Regulation S-K. Forward Master Confirmation, dated May 17, 2017, by and between Regency Centers Corporation and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 1.2 to the Company’s Form 8-K filed on May 17, 2017). (i) Amendment No. 1 to the Forward Master Confirmation (incorporated by reference to Exhibit 1.2 to the Company’s form 8-K filed on November 14, 2018). Forward Master Confirmation, dated May 17, 2017, by and between Regency Centers Corporation and JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 1.3 to the Company’s Form 8-K filed on May 17, 2017). (i) Amendment No. 1 to the Forward Master Confirmation (incorporated by reference to Exhibit 1.3 to the Company’s form 8-K filed on November 14, 2018). Forward Master Confirmation, dated May 17, 2017, by and between Regency Centers Corporation and Bank of America, N.A. (incorporated by reference to Exhibit 1.4 to the Company’s Form 8-K filed on May 17, 2017) (i) Amendment No. 1 to the Forward Master Confirmation (incorporated by reference to Exhibit 1.4 to the Company’s form 8-K filed on November 14, 2018). 3. Articles of Incorporation and Bylaws (a) (b) (c) Restated Articles of Incorporation of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.A to the Company’s Form 10-Q filed on August 8, 2017). Amended and Restated Bylaws of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.B to the Company’s Form 10-Q filed on August 8, 2017). Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P., (incorporated by reference to Exhibit 3(d) to the Company's Form 10-K filed on February 19, 2014). 4. Instruments Defining Rights of Security Holders (a) (b) See Exhibits 3(a) and 3(b) for provisions of the Articles of Incorporation and Bylaws of the Company defining the rights of security holders. See Exhibits 3(c) for provisions of the Partnership Agreement of Regency Centers, L.P. defining rights of security holders. Indenture dated December 5, 2001 between Regency Centers, L.P., the guarantors named therein and First Union National Bank, as trustee (incorporated by reference to Exhibit 4.4 to Regency Centers, L.P.'s Form 8- K filed on December 10, 2001). (i) (ii) First Supplemental Indenture dated as of June 5, 2007 among Regency Centers, L.P., the Company as guarantor and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P.'s Form 8-K filed on June 5, 2007). Second Supplemental Indenture dated as of June 2, 2010 to the Indenture dated as of December 5, 2001 between Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as First Union National 143Bank), as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on June 3, 2010). (iii) (iv) Third Supplemental Indenture dated as of August 17, 2015 to the Indenture dated as of December 5, 2001 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015). Fourth Supplemental Indenture dated as of January 26, 2017 among Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on January 26, 2016). (c) Indenture dated September 9, 1998 between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as trustee (incorporated by reference to Exhibit 4.2 of Form 8-K filed by IRT Property Company on September 15, 1998) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Supplemental Indenture No. 1, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.3 of Form 8-K filed by IRT Property Company on September 15, 1998) Supplemental Indenture No. 2, dated November 1, 1999, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.5 of Form 8-K filed by IRT Property Company on November 12, 1999) Supplemental Indenture No. 3, dated February 12, 2003, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.2 of Form 8-K filed by Equity One, Inc. on February 20, 2003) Supplemental Indenture No. 5, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.1 of Form 10-Q filed by Equity One, Inc. on May 10, 2004) Supplemental Indenture No. 6, dated May 20, 2005, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.2 of Form 10-Q filed by Equity One, Inc. on August 5, 2005) Supplemental Indenture No. 8, dated December 30, 2005, between the Company and SunTrust Bank, as Trustee (incorporated by reference to Exhibit 4.17 of Form 10-K filed by Equity One, Inc. on March 3, 2006) Supplemental Indenture No. 13, dated as of October 25, 2012, between the Company and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 of Form 8-K filed by Equity One, Inc. on October 25, 2012) Supplemental Indenture No. 14, dated as of March 1, 2017, among Equity One, Inc., Regency Centers Corporation, Regency Centers, L.P., and U.S. Bank National Association, as successor to Sun Trust Bank, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on March 1, 2017). Supplemental Indenture No. 15, dated as of July 26, 2017, among Regency Centers Corporation, Regency Centers, L.P., and U.S. Bank National Association (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on July 27, 2017). (d) Assumption Agreement, dated as of March 1, 2017, by Regency Centers Corporation (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on March 1, 2017) 10. Material Contracts (~ indicates management contract or compensatory plan) 144~(a) ~(b) ~(c) ~(d) ~(e) ~(f) ~(g) ~(h) ~(i) ~(j) ~(k) ~(l) ~(m) ~(n) ~(o) (p) (q) Form of Stock Rights Award Agreement (incorporated by reference to Exhibit 10(b) to the Company's Form 10-K filed on March 10, 2006). Form of 409A Amendment to Stock Rights Award Agreement (incorporated by reference to Exhibit 10(b)(i) to the Company's Form 10-K filed on March on 17, 2009). Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10(c) to the Company's Form 10-K filed on March 10, 2006). Form of 409A Amendment to Stock Option Agreement (incorporated by reference to Exhibit 10(c)(i) to the Company's Form 10-K filed on March 17, 2009). Amended and Restated Deferred Compensation Plan dated May 6, 2003 (incorporated by reference to Exhibit 10(k) to the Company's Form 10-K filed on March 12, 2004). Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10(s) to the Company's Form 8-K filed on December 21, 2004). First Amendment to Regency Centers Corporation 2005 Deferred Compensation Plan dated December 2005 (incorporated by reference to Exhibit 10(q)(i) to the Company's Form 10-K filed on March 10, 2006). Second Amendment to the Regency Centers Corporation Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 14, 2011). Third Amendment to the Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 14, 2011). Regency Centers Corporation 2011 Omnibus Plan (incorporated by reference to Annex A to the Company's 2011 Annual Meeting Proxy Statement filed on March 24, 2011). Form of Director/Officer Indemnification Agreement (filed as an Exhibit to Pre-effective Amendment No. 2 to the Company's registration statement on Form S-11 filed on October 5, 1993 (33-67258), and incorporated by reference). Amended and Restated Severance and Change of Control Agreement dated as of April 27, 2017, by and between the Company and Martin E. Stein, Jr. (incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q filed on May 10, 2017). Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and Lisa Palmer (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed on July 20, 2015). Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and Dan M. Chandler, III (incorporated by reference to Exhibit 10.4 of the Company's Form 8-K filed on July 20, 2015). Form of Amended and Restated Severance and Change of Control Agreement dated as of July 15, 2015 by and between the Company and James D. Thompson (incorporated by reference to Exhibit 10.6 of the Company's Form 8-K filed on July 20, 2015). Fourth Amended and Restated Credit Agreement, dated as of March 23, 2018, by and among Regency Centers, , L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on March 26, 2018). Term Loan Agreement dated as of November 17, 2011 by and among Regency Centers, L.P., the Company, each of the financial institutions party thereto and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-K filed on February 29, 2012). 145(i) (ii) (iii) (iv) (v) (vi) (vii) First Amendment to Term Loan Agreement dated as of June 19, 2012 (incorporated by reference to Exhibit 10(h)(i) to the Company's Form 10-K filed on March 1, 2013). Second Amendment to Term Loan Agreement dated as of December 19, 2012 (incorporated by reference to Exhibit 10(h)(ii) to the Company's Form 10-K filed on March 1, 2013). Third Amendment to Term Loan Agreement dated as of June 27, 2014 (incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q filed on August 8, 2014). Fourth Amendment to Term Loan Agreement dated as of May 13, 2015 (incorporated by reference to Exhibit 10(j)(iv) to the Company's Form 10-K filed on February 18, 2016). Fifth Amendment to Term Loan Agreement dated as of July 7, 2016 (incorporated by reference to exhibit 10.1 to the Company's Form 8-K filed on July 7, 2016). Sixth Amendment to Term Loan Agreement, dated as of March 2, 2017, by and among Regency Centers L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as administrative agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K filed on March 2, 2017). Seventh Amendment to Term Loan Agreement, dated as of March 23, 2018, by and among Regency Centers L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K filed on March 26, 2018). (r) (s) Second Amended and Restated Limited Liability Company Agreement of Macquarie CountryWide-Regency II, LLC dated as of July 31, 2009 by and among Global Retail Investors, LLC, Regency Centers, L.P. and Macquarie CountryWide (US) No. 2 LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on November 6, 2009). (i) Amendment No. 1 to Second Amended and Restate Limited Liability Company Agreement of GRI- Regency, LLC (formerly Macquarie CountryWide-Regency II, LLC) (incorporated by reference to Exhibit 10.(h)(i) to the Company’s Form 10-K filed March 1, 2011). Term Loan Agreement, dated as of March 2, 2017, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as administrative agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on March 2, 2017). (i) First Amendment to the 2017 Term Loan Agreement, dated as of March 23, 2018, by and among Regency Centers L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K filed on March 26, 2018). 21. 23. Subsidiaries of Regency Centers Corporation Consents of Independent Accountants 23.1 Consent of KPMG LLP for Regency Centers Corporation. 23.2 Consent of KPMG LLP for Regency Centers, L.P. 31. Rule 13a-14(a)/15d-14(a) Certifications. 31.1 Rule 13a-14 Certification of Chief Executive Officer for Regency Centers Corporation. 31.2 Rule 13a-14 Certification of Chief Financial Officer for Regency Centers Corporation. 31.3 Rule 13a-14 Certification of Chief Executive Officer for Regency Centers, L.P. 14631.4 Rule 13a-14 Certification of Chief Financial Officer for Regency Centers, L.P. 32. Section 1350 Certifications. The certifications in this exhibit 32 are being furnished solely to accompany this report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any of the Company's filings, whether made before or after the date hereof, regardless of any general incorporation language in such filing. 32.1 18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation. 32.2 18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation. 32.3 18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers, L.P. 32.4 18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers, L.P. 101. Interactive Data Files 101.INS+ XBRL Instance Document 101.SCH+ XBRL Taxonomy Extension Schema Document 101.CAL+ XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF+ XBRL Taxonomy Definition Linkbase Document 101.LAB+ XBRL Taxonomy Extension Label Linkbase Document 101.PRE+ XBRL Taxonomy Extension Presentation Linkbase Document __________________________ +Submitted electronically with this Annual Report 147Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SIGNATURES February 21, 2019 REGENCY CENTERS CORPORATION By: /s/ Martin E. Stein, Jr. Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer February 21, 2019 REGENCY CENTERS, L.P. By: Regency Centers Corporation, General Partner By: /s/ Martin E. Stein, Jr. Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer 148Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 February 21, 2019 /s/ Martin E. Stein, Jr. Martin E. Stein. Jr., Chairman of the Board and Chief Executive Officer /s/ Lisa Palmer Lisa Palmer, President, Chief Financial Officer, and Director (Principal Financial Officer) /s/ J. Christian Leavitt J. Christian Leavitt, Senior Vice President and Treasurer (Principal Accounting Officer) /s/ Joseph Azrack Joseph Azrack, Director /s/ Bryce Blair Bryce Blair, Director /s/ C. Ronald Blankenship C. Ronald Blankenship, Director /s/ Deirdre J. Evens Deirdre J. Evens, Director /s/ Mary Lou Fiala Mary Lou Fiala, Director /s/ Peter Linneman Peter Linneman, Director /s/ David P. O'Connor David P. O'Connor, Director /s/ John C. Schweitzer John C. Schweitzer, Director /s/ Thomas G. Wattles Thomas G. Wattles, Director 149Executive Officers Martin E. Stein, Jr. Chairman and Chief Executive Officer James D. Thompson Executive Vice President of Operations Lisa Palmer President and Chief Financial Officer Dan M. Chandler, III Executive Vice President of Investments Board of Directors Martin E. Stein, Jr. (3) Chairman and Chief Executive Officer Regency Centers Corporation Peter D. Linneman (1) (4) Principal Linneman Associates David P. O'Connor (2) (4) Managing Partner High Rise Capital Partners, LLC Lisa Palmer (3) President and Chief Financial Officer Regency Centers Corporation John C. Schweitzer (2a) (4) (5) President Westgate Corporation Thomas G. Wattles (1a) (3) Director Columbia Property Trust Joseph F. Azrack (2) (3) Principal Azrack & Company Bryce Blair (3) (4a) Chairman Invitation Homes, Inc. C. Ronald Blankenship (1) (3a) Director Civeo Corporation Deirdre J. Evens (1) (2) Executive Vice President and General Manager, Records and Information Management, North America Iron Mountain Incorporated Mary Lou Fiala (3) (4) Former President and Chief Operating Officer Regency Centers Corporation (1) Audit Committee (2) Compensation Committee Investment Committee (3) (4) Nominating and Corporate Governance Committee (5) Lead Director (a) Committee Chairman This page intentionally left blank. This page intentionally left blank.  

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