Regency's balance sheet is the financial backbone of our business. And in the past year, as economic conditions have deteriorated, we have paid particularly close attention to this critical asset. For example, in the first half of 2008 we expanded our total bank facilities, including our available line of credit, by more than 50 percent. Those resources now total over $941 million, and in December Moody's and S&P reaffirmed our investment grade ratings at baa2 and BBB+. We also placed approximately $250 million of mortgages, $102 million of which were funded in the fourth quarter, $43 million of which at the end of December.

Through our line of credit capacity and the ability to mortgage our nearly $3 billion of unsecured assets, Regency has more than $2 billion of available capital, compared with capital requirements of only $489 million during the next two years and $1.1 billion through 2011. These capital requirements include:

  • Balance sheet maturities of approximately $725 million with only $235 million through 2010.

  • $297 million in maturing mortgages in our co-investment partnerships during the next three years. Assuming conservative underwriting, Regency's share of these loan pay downs in order to refinance could be in the $100 million range.

  • Approximately $186 million of net costs to complete our current in-process development projects.

  • We have currently tapped only $70 million of our $714 million line of credit, and have put in place a self-imposed ceiling of $200 million outstanding, ensuring significant capacity to cover these requirements.

    Regency's balance sheet is built to last - now, and through all economic cycles.