UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

April 29, 2025

Date of Report (Date of earliest event reported)

REGENCY CENTERS CORPORATION

REGENCY CENTERS, L.P.

(Exact name of registrant as specified in its charter)

Florida (Regency Centers Corporation)<br><br>Delaware (Regency Centers, L. P.)	001-12298 (Regency Centers Corporation)<br><br>0-24763 (Regency Centers, L.P.)	59-3191743 (Regency Centers Corporation)<br><br>59-3429602 (Regency Centers, L.P.)
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Independent Drive, Suite 114

Jacksonville, Florida 32202

(Address of principal executive offices) (Zip Code)

(904) 598-7000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Regency Centers Corporation

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	REG	The Nasdaq Stock Market LLC
6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	REGCP	The Nasdaq Stock Market LLC
5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share	REGCO	The Nasdaq Stock Market LLC

Regency Centers, L.P.

Title of each class	Trading Symbol	Name of each exchange on which registered
None	N/A	N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. 

Item 2.02	Disclosure of Results of Operations and Financial Condition

On April 29, 2025, Regency Centers Corporation ("Regency") issued an earnings release for the three months ended March 31, 2025, which is attached as Exhibit 99.1.

On April 29, 2025, Regency posted on its website, at investors.regencycenters.com, certain supplemental information for the three months ended March 31, 2025, which are attached as Exhibit 99.2 and Exhibit 99.3, respectively.

The information furnished under this Item 2.02, including Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.

Item 7.01	Regulation FD Disclosures

On April 29, 2025, Regency posted on its website, at investors.regencycenters.com, the Regency Centers Q1 2025 Earnings Presentation.

The information furnished under this item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act, or the Exchange Act.

Item 9.01	Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1	Earnings release issued by Regency on April 29, 2025, for the three months ended March 31, 2025.
Exhibit 99.2	Supplemental information posted on its website on April 29, 2025, for the three months ended March 31, 2025.
Exhibit 99.3	Fixed income supplemental information posted on its website on April 29, 2025, for the three months ended March 31, 2025.
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	REGENCY CENTERS CORPORATION
April 29, 2025	By:	/s/ Michael R. Herman
		Michael R. Herman, Senior Vice President General Counsel and Corporate Secretary
	REGENCY CENTERS, L.P.
	By: Regency Centers Corporation, its general partner
April 29, 2025	By:	/s/ Michael R. Herman
		Michael R. Herman, Senior Vice President General Counsel and Corporate Secretary

EX-99.1

Exhibit 99.1

NEWS RELEASE<br><br>For immediate release<br><br><br><br>Kathryn McKie<br><br>904 598 7348<br><br>KathrynMcKie@regencycenters.com

Regency Centers Reports First Quarter 2025 Results

JACKSONVILLE, Fla. (April 29, 2025) – Regency Centers Corporation (“Regency Centers”, “Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the quarterly period ended March 31, 2025 and provided updated 2025 earnings guidance. For the three months ended March 31, 2025 and 2024, Net Income Attributable to Common Shareholders was $0.58 per diluted share, and $0.58 per diluted share respectively.

First Quarter 2025 Highlights

Reported Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted share
Reaffirmed 2025 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth
Increased Same Property NOI year-over-year, excluding lease termination fees, by 4.3%
Same Property percent leased ended the quarter at 96.5%, an increase of 100 basis points year-over-year, and Same Property percent commenced ended the quarter at 93.5%, up 170 basis points year-over-year
Same Property anchor percent leased ended the quarter at 98.3%, an increase of 130 basis points year-over-year, and Same Property shop percent leased ended the quarter at 93.7%, up 70 basis points year-over-year
Executed 1.4 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis
On March 14, 2025, acquired Brentwood Place, a community center in Nashville, TN, for $119 million
As of March 31, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $499 million at a blended yield of 9%
In February, S&P Global Ratings ("S&P") upgraded Regency's credit rating to "A-" with a stable outlook
Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2025 was 5.3x

"We are pleased with another great quarter of operating results, highlighted by strong Same Property NOI and earnings growth," said Lisa Palmer, President and Chief Executive Officer. "We continue to experience robust operating fundamentals at our shopping centers, amplified by the commencement of our leasing pipeline and accretion from our investments platform. And importantly, we are well-positioned to drive continued growth and to thrive throughout economic cycles."

Financial Results

Net Income Attributable to Common Shareholders

For the three months ended March 31, 2025, Net Income Attributable to Common Shareholders was $106.2 million, or $0.58 per diluted share, compared to Net Income Attributable to Common Shareholders of $106.4 million, or $0.58 per diluted share, for the same period in 2024.

Nareit FFO

For the three months ended March 31, 2025, Nareit FFO was $210.7 million, or $1.15 per diluted share, compared to $200.0 million, or $1.08 per diluted share, for the same period in 2024.

Core Operating Earnings

For the three months ended March 31, 2025, Core Operating Earnings was $199.4 million, or $1.09 per diluted share, compared to $193.1 million, or $1.04 per diluted share, for the same period in 2024.

Portfolio Performance

Same Property NOI

First quarter 2025 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 4.3% compared to the same period in 2024.
Same Property base rents contributed 4.0% to Same Property NOI growth in the first quarter of 2025.

Occupancy

As of March 31, 2025, Regency’s Same Property portfolio was 96.5% leased, flat sequentially, and an increase of 100 basis points compared to March 31, 2024.
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.3%, an increase of 130 basis points compared to March 31, 2024.
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 93.7%, an increase of 70 basis points compared to March 31, 2024.
As of March 31, 2025, Regency’s Same Property portfolio was 93.5% commenced, an increase of 20 basis points sequentially and an increase of 170 basis points compared to March 31, 2024.

Leasing Activity

During the three months ended March 31, 2025, Regency executed approximately 1.4 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +18.6%.
During the twelve months ended March 31, 2025, the Company executed approximately 7.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +9.5% and a blended straight-lined rent spread of +19.4%.

Capital Allocation and Balance Sheet

Developments and Redevelopments

As of March 31, 2025, Regency’s in-process development and redevelopment projects had estimated net project costs of $499 million at the Company’s share, 51% of which has been incurred to date.

Property Transactions

During the first quarter of 2025, the Company completed acquisitions for a combined total of approximately $133 million at Regency's share
During the first quarter, the Company acquired Brentwood Place in Nashville, TN for approximately $119 million, at Regency's share.
During the first quarter, the Company bought an outparcel adjacent to our Orange Meadows shopping center in Orange, CT for approximately $4 million, at Regency's share.
As previously disclosed, Regency acquired its partner's interest in Putnam Plaza in Carmel, NY for approximately $10 million, and now owns 100% of the asset effective January 1, 2025.

Balance Sheet

On February 25, 2025, S&P upgraded Regency's credit rating to "A-" with a stable outlook.
As of March 31, 2025, Regency had approximately $1.2 billion of capacity under its revolving credit facility.
As of March 31, 2025, Regency’s pro-rata net debt and preferred stock to operating EBITDAre was 5.3x.

2025 Guidance

Regency Centers is hereby providing updated 2025 guidance, as summarized in the table below. Please refer to the Company’s first quarter 2025 "Earnings Presentation" and "Quarterly Supplemental Disclosure" for additional detail. All materials are posted on the Company’s website at investors.regencycenters.com.

Full Year 2025 Guidance (in thousands, except per share data)	YTD Actual	2025 Guidance	Previous Guidance
Net Income Attributable to Common Shareholders per diluted share	$0.58	$2.25 - $2.31	$2.25 - $2.31
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$1.15	$4.52 - $4.58	$4.52 - $4.58
Core Operating Earnings per diluted share(1)	$1.09	$4.30 - $4.36	$4.30 - $4.36
Same property NOI growth without termination fees	4.3%	+3.2% to +4.0%	+3.2% to +4.0%
Non-cash revenues(2)	$12,581	+/-$46,000	+/- $45,000
G&A expense, net(3)	$22,193	$93,000-$96,000	$93,000-$96,000
Interest expense, net and Preferred stock dividends(4)	$56,552	$232,000-$235,000	$231,000-$234,000
Management, transaction and other fees	$6,551	+/-$27,000	+/-$27,000
Development and Redevelopment spend	$66,906	+/-$250,000	+/-$250,000
Acquisitions	$133,032	+/-$140,000	+/-$135,000
Cap rate (weighted average)	5.4%	+/- 5.5%	+/- 5.5%
Dispositions	$0	+/-$75,000	+/-$75,000
Cap rate (weighted average)	0.0%	+/- 6.0%	+/- 6.0%
Share/unit issuances	$0	$100,000	$100,000

Note: Figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, with the exception of items that are net of noncontrolling interests including per share data, "Development and Redevelopment spend", "Acquisitions", and "Dispositions".

Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.
Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.
Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro rata basis.
Includes debt and derivative mark to market amortization, and is net of interest income.

Conference Call Information

To discuss Regency’s first quarter results and provide further business updates, management will host a conference call on Wednesday, April 30th at 11:00 a.m. ET. Dial-in and webcast information is below.

First Quarter 2025 Earnings Conference Call

Date:	Wednesday, April 30, 2025
Time:	11:00 a.m. ET
Dial#:	877-407-0789 or 201-689-8562
Webcast:	First Quarter 2025 Webcast Link

Replay: Webcast Archive – Investor Relations page under Events & Webcasts

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, Core Operating Earnings, and Adjusted Funds from Operations – Actual (in thousands, except per share amounts)

For the Periods Ended March 31, 2025 and 2024	Three Months Ended
	2025			2024
Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:
Net Income Attributable to Common Shareholders	$	106,174			106,361
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		104,034			104,372
Gain on sale of real estate, net of tax		(101	)		(11,408	)
Exchangeable operating partnership units		642			642
Nareit FFO	$	210,749			199,967
Nareit FFO per share (diluted)	$	1.15			1.08
Weighted average shares (diluted)		182,910			185,872
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit FFO	$	210,749			199,967
Adjustments to reconcile to Core Operating Earnings (1):
Not Comparable Items
Merger transition costs		-			2,561
Loss on early extinguishment of debt		-			180
Certain Non-Cash Items
Straight-line rent		(6,513	)		(5,738	)
Uncollectible straight-line rent		376			656
Above/below market rent amortization, net		(6,461	)		(5,467	)
Debt and derivative mark-to-market amortization		1,292			909
Core Operating Earnings	$	199,443			193,068
Core Operating Earnings per share (diluted)	$	1.09			1.04
Weighted average shares (diluted)		182,910			185,872
Weighted Average Shares For Diluted Earnings per Share		181,813			184,770
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		182,910			185,872
Reconciliation of Core Operating Earnings to Adjusted Funds from Operations:
Core Operating Earnings	$	199,443			193,068
Adjustments to reconcile to Adjusted Funds from Operations (1):
Operating capital expenditures		(23,753	)		(20,852	)
Debt cost and derivative adjustments		2,129			2,140
Stock-based compensation		5,443			4,640
Adjusted Funds from Operations	$	183,262			178,996

Includes Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, net of pro-rata share attributable to noncontrolling interests.

Reconciliation of Net Income Attributable to Common Shareholders to Pro-Rata Same Property NOI - Actual (in thousands)

For the Periods Ended March 31, 2025 and 2024	Three Months Ended
	2025	2024
Net income attributable to common shareholders	$106,174	106,361
Less:
Management, transaction, and other fees	(6,812)	(6,396)
Other (1)	(13,689)	(12,587)
Plus:
Depreciation and amortization	96,774	97,585
General and administrative	21,600	26,132
Other operating expense	1,688	2,643
Other expense, net	48,673	29,214
Equity in income of investments in real estate partnerships excluded from NOI (2)	13,451	13,689
Net income attributable to noncontrolling interests	2,266	2,884
Preferred stock dividends	3,413	3,413
NOI	273,538	262,938
Less non-same property NOI (3)	285	(946)
Same Property NOI	$273,823	261,992
% change	4.5%
Same Property NOI without Termination Fees	$271,498	260,220
% change	4.3%
Same Property NOI without Termination Fees or Redevelopments	$234,112	226,005
% change	3.6%

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Same Property NOI is a key non-GAAP pro-rata measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to pro-rata Same Property NOI.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

The Company has published forward-looking statements and additional financial information in its first quarter 2025 supplemental package that may help investors estimate earnings. A copy of the Company’s first quarter 2025 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended March 31, 2025. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

Non-GAAP Financial Measures

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.

We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company.

Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated real estate partnerships. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's 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 Attributable to Common Shareholders to Nareit FFO.

Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt and derivative adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO to Core Operating Earnings.

Adjusted Funds From Operations is an additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary to maintain and lease the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, to Core Operating Earnings, and to Adjusted Funds from Operations.

Pro-rata information: includes 100% of the Company’s consolidated properties plus its economic share (based on the ownership interest) in the unconsolidated real estate investment partnerships. The Company provides Pro-rata financial information because Regency believes it assists investors and analysts in estimating the economic interest in the consolidated and unconsolidated real estate investment partnerships, when read in conjunction with the Company’s reported results under GAAP. The Company believes presenting its Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP financial measures, makes comparisons of its operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP. The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect the Company’s proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio.

The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect the Company’s proportionate economic interest in the assets, liabilities, and operating results of properties in its portfolio. The Company does not control the unconsolidated real estate 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 generally provide for such allocations according to their invested capital. The Company’s share of invested capital establishes the ownership interests Regency uses to prepare its 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 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 the financial statements as reported under GAAP. The Company compensates for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2025 Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our Quarterly Report on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

Risk Factors Related to the Current Economic and Geopolitical Environments

Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Economic challenges and policy changes may adversely impact our tenants and our business. Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations. Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and financial condition. Evolving political and economic events and uncertainties, including tariffs, retaliatory tariffs, international trade disputes, and immigration policies could adversely impact the businesses of our tenants and our business.

Risk Factors Related to Pandemics or other Public Health Crises

Pandemics or other public health crises may adversely affect our tenants financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our “anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate.

Risk Factors Related to the Environment Affecting Our Properties

Climate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location, and may lead to additional compliance obligations and costs. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting related to environmental, social, and governance (“ESG”) factors by investors and other stakeholders may impose additional costs and expose us to new risks. 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. Failure to attract and retain key personnel may adversely affect our business and operations.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders.

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. 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.

Risk Factors Related to Information Management and Technology

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 operations, and expose us to potential liabilities and material adverse financial impact. Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition. The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.

Risk Factors Related to Taxes and the Parent Company’s Qualification as a REIT

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. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain non-U.S. stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if the Parent Company does not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Partnership tax audit rules could have a material adverse effect.

Risk Factors Related to the Company’s Stock

Restrictions on the ownership of the Parent Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Parent Company's capital stock may delay or prevent a change in control. Ownership in the Parent Company may be diluted in the future. The Parent Company’s amended and restated bylaws provides that the courts located in the State of Florida will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. There is no assurance that we will continue to pay dividends at current or historical rates.

EX-99.2

Exhibit 99.2

Table of Contents

March 31, 2025

Safe Harbor Language	i
Earnings Press Release	ii
Summary Information:
Financial Results Summary	1
Real Estate Portfolio Summary	2
Financial Information:
Consolidated Balance Sheets	3
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)	4
Consolidated Statements of Operations	5
Supplemental Details of Operations (Consolidated Only)	6
Supplemental Details of Operations (Real Estate Partnerships Only)	7
Supplemental Details of Same Property NOI (Pro-Rata)	8
Reconciliations of Non-GAAP Financial Measures	9
Capital Expenditures and Additional Disclosures	10
Debt Information:
Summary of Consolidated Debt	11
Details of Consolidated Debt	12
Summary of Unsecured Debt Covenants and Leverage Ratios	13
Summary of Unconsolidated Debt	14
Investments:
Unconsolidated Real Estate Partnerships	15
Property Transactions	16
Summary of In-Process Developments and Redevelopments	17
Development and Redevelopment Current Year Completions	18
Real Estate Information:
Leasing Statistics	19
New Lease Net Effective Rent and Leases Signed Not Yet Commenced	20
Annual Base Rent by State	21
Annual Base Rent by CBSA	22
Annual Base Rent by Tenant Category	23
Significant Tenant Rents	24
Tenant Lease Expirations	25
Additional Disclosures and Forward-Looking Information:
Components of NAV	26
Earnings Guidance	27
Glossary of Terms	28

Note: Portfolio Summary Report now located within Selected Supplemental Pages excel posted on the Company's website at investors.regency.com

Safe Harbor Language

March 31, 2025

Forward-Looking Statements

Risk Factors Related to the Current Economic and Geopolitical Environments

Risk Factors Related to Pandemics or other Public Health Crises

Risk Factors Related to Operating Retail-Based Shopping Centers

Risk Factors Related to Real Estate Investments

Risk Factors Related to the Environment Affecting Our Properties

Risk Factors Related to Corporate Matters

Risk Factors Related to Our Partnerships and Joint Ventures

Risk Factors Related to Funding Strategies and Capital Structure

Risk Factors Related to Information Management and Technology

Risk Factors Related to Taxes and the Parent Company’s Qualification as a REIT

Risk Factors Related to the Company’s Common Stock

Supplemental Information i

NEWS RELEASE<br><br>For immediate release<br><br><br><br>Kathryn McKie<br><br>904 598 7348<br><br>KathrynMcKie@regencycenters.com

Regency Centers Reports First Quarter 2025 Results

First Quarter 2025 Highlights

Reported Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted share
Reaffirmed 2025 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth
Increased Same Property NOI year-over-year, excluding lease termination fees, by 4.3%
Same Property percent leased ended the quarter at 96.5%, an increase of 100 basis points year-over-year, and Same Property percent commenced ended the quarter at 93.5%, up 170 basis points year-over-year
Same Property anchor percent leased ended the quarter at 98.3%, an increase of 130 basis points year-over-year, and Same Property shop percent leased ended the quarter at 93.7%, up 70 basis points year-over-year
Executed 1.4 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of +8.1% on a cash basis and +18.6% on a straight-lined basis
On March 14, 2025, acquired Brentwood Place, a community center in Nashville, TN, for $119 million
As of March 31, 2025, Regency's in-process development and redevelopment projects had estimated net project costs of $499 million at a blended yield of 9%
In February, S&P Global Ratings ("S&P") upgraded Regency's credit rating to "A-" with a stable outlook
Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2025 was 5.3x

Supplemental Information ii

Financial Results

Net Income Attributable to Common Shareholders

For the three months ended March 31, 2025, Net Income Attributable to Common Shareholders was $106.2 million, or $0.58 per diluted share, compared to Net Income Attributable to Common Shareholders of $106.4 million, or $0.58 per diluted share, for the same period in 2024.

Nareit FFO

For the three months ended March 31, 2025, Nareit FFO was $210.7 million, or $1.15 per diluted share, compared to $200.0 million, or $1.08 per diluted share, for the same period in 2024.

Core Operating Earnings

For the three months ended March 31, 2025, Core Operating Earnings was $199.4 million, or $1.09 per diluted share, compared to $193.1 million, or $1.04 per diluted share, for the same period in 2024.

Portfolio Performance

Same Property NOI

First quarter 2025 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 4.3% compared to the same period in 2024.
Same Property base rents contributed 4.0% to Same Property NOI growth in the first quarter of 2025.

Occupancy

As of March 31, 2025, Regency’s Same Property portfolio was 96.5% leased, flat sequentially, and an increase of 100 basis points compared to March 31, 2024.
Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.3%, an increase of 130 basis points compared to March 31, 2024.
Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 93.7%, an increase of 70 basis points compared to March 31, 2024.
As of March 31, 2025, Regency’s Same Property portfolio was 93.5% commenced, an increase of 20 basis points sequentially and an increase of 170 basis points compared to March 31, 2024.

Leasing Activity

During the three months ended March 31, 2025, Regency executed approximately 1.4 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +18.6%.
During the twelve months ended March 31, 2025, the Company executed approximately 7.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +9.5% and a blended straight-lined rent spread of +19.4%.

Capital Allocation and Balance Sheet

Developments and Redevelopments

As of March 31, 2025, Regency’s in-process development and redevelopment projects had estimated net project costs of $499 million at the Company’s share, 51% of which has been incurred to date.

Supplemental Information iii

Property Transactions

During the first quarter of 2025, the Company completed acquisitions for a combined total of approximately $133 million at Regency's share
During the first quarter, the Company acquired Brentwood Place in Nashville, TN for approximately $119 million, at Regency's share.
During the first quarter, the Company bought an outparcel adjacent to our Orange Meadows shopping center in Orange, CT for approximately $4 million, at Regency's share.
As previously disclosed, Regency acquired its partner's interest in Putnam Plaza in Carmel, NY for approximately $10 million, and now owns 100% of the asset effective January 1, 2025.

Balance Sheet

On February 25, 2025, S&P upgraded Regency's credit rating to "A-" with a stable outlook.
As of March 31, 2025, Regency had approximately $1.2 billion of capacity under its revolving credit facility.
As of March 31, 2025, Regency’s pro-rata net debt and preferred stock to operating EBITDAre was 5.3x.

2025 Guidance

Full Year 2025 Guidance (in thousands, except per share data)	YTD Actual	2025 Guidance	Previous Guidance
Net Income Attributable to Common Shareholders per diluted share	$0.58	$2.25 - $2.31	$2.25 - $2.31
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$1.15	$4.52 - $4.58	$4.52 - $4.58
Core Operating Earnings per diluted share(1)	$1.09	$4.30 - $4.36	$4.30 - $4.36
Same property NOI growth without termination fees	4.3%	+3.2% to +4.0%	+3.2% to +4.0%
Non-cash revenues(2)	$12,581	+/-$46,000	+/- $45,000
G&A expense, net(3)	$22,193	$93,000-$96,000	$93,000-$96,000
Interest expense, net and Preferred stock dividends(4)	$56,552	$232,000-$235,000	$231,000-$234,000
Management, transaction and other fees	$6,551	+/-$27,000	+/-$27,000
Development and Redevelopment spend	$66,906	+/-$250,000	+/-$250,000
Acquisitions	$133,032	+/-$140,000	+/-$135,000
Cap rate (weighted average)	5.4%	+/- 5.5%	+/- 5.5%
Dispositions	$0	+/-$75,000	+/-$75,000
Cap rate (weighted average)	0.0%	+/- 6.0%	+/- 6.0%
Share/unit issuances	$0	$100,000	$100,000

Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.
Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.
Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro rata basis.
Includes debt and derivative mark to market amortization, and is net of interest income.

Supplemental Information iv

Conference Call Information

First Quarter 2025 Earnings Conference Call

Date:	Wednesday, April 30, 2025
Time:	11:00 a.m. ET
Dial#:	877-407-0789 or 201-689-8562
Webcast:	First Quarter 2025 Webcast Link

Replay: Webcast Archive – Investor Relations page under Events & Webcasts

Supplemental Information v

About Regency Centers Corporation (Nasdaq: REG)

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, Core Operating Earnings, and Adjusted Funds from Operations – Actual (in thousands, except per share amounts)

For the Periods Ended March 31, 2025 and 2024	Three Months Ended
	2025			2024
Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:
Net Income Attributable to Common Shareholders	$	106,174			106,361
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		104,034			104,372
Gain on sale of real estate, net of tax		(101	)		(11,408	)
Exchangeable operating partnership units		642			642
Nareit FFO	$	210,749			199,967
Nareit FFO per share (diluted)	$	1.15			1.08
Weighted average shares (diluted)		182,910			185,872
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit FFO	$	210,749			199,967
Adjustments to reconcile to Core Operating Earnings (1):
Not Comparable Items
Merger transition costs		-			2,561
Loss on early extinguishment of debt		-			180
Certain Non-Cash Items
Straight-line rent		(6,513	)		(5,738	)
Uncollectible straight-line rent		376			656
Above/below market rent amortization, net		(6,461	)		(5,467	)
Debt and derivative mark-to-market amortization		1,292			909
Core Operating Earnings	$	199,443			193,068
Core Operating Earnings per share (diluted)	$	1.09			1.04
Weighted average shares (diluted)		182,910			185,872
Weighted Average Shares For Diluted Earnings per Share		181,813			184,770
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		182,910			185,872
Reconciliation of Core Operating Earnings to Adjusted Funds from Operations:
Core Operating Earnings	$	199,443			193,068
Adjustments to reconcile to Adjusted Funds from Operations (1):
Operating capital expenditures		(23,753	)		(20,852	)
Debt cost and derivative adjustments		2,129			2,140
Stock-based compensation		5,443			4,640
Adjusted Funds from Operations	$	183,262			178,996

Includes Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, net of pro-rata share attributable to noncontrolling interests.

Supplemental Information vi

Reconciliation of Net Income Attributable to Common Shareholders to Pro-Rata Same Property NOI - Actual (in thousands)

For the Periods Ended March 31, 2025 and 2024	Three Months Ended
	2025	2024
Net income attributable to common shareholders	$106,174	106,361
Less:
Management, transaction, and other fees	(6,812)	(6,396)
Other (1)	(13,689)	(12,587)
Plus:
Depreciation and amortization	96,774	97,585
General and administrative	21,600	26,132
Other operating expense	1,688	2,643
Other expense, net	48,673	29,214
Equity in income of investments in real estate partnerships excluded from NOI (2)	13,451	13,689
Net income attributable to noncontrolling interests	2,266	2,884
Preferred stock dividends	3,413	3,413
NOI	273,538	262,938
Less non-same property NOI (3)	285	(946)
Same Property NOI	$273,823	261,992
% change	4.5%
Same Property NOI without Termination Fees	$271,498	260,220
% change	4.3%
Same Property NOI without Termination Fees or Redevelopments	$234,112	226,005
% change	3.6%

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Reported results are preliminary and not final until the filing of the Company’s Form 10-Q with the SEC and, therefore, remain subject to adjustment.

Supplemental Information vii

Non-GAAP Financial Measures

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 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.

Supplemental Information viii

Forward-Looking Statements

Risk Factors Related to the Current Economic and Geopolitical Environments

Risk Factors Related to Pandemics or other Public Health Crises

Risk Factors Related to Operating Retail-Based Shopping Centers

Risk Factors Related to Real Estate Investments

Risk Factors Related to the Environment Affecting Our Properties

Risk Factors Related to Corporate Matters

Supplemental Information ix

Risk Factors Related to Our Partnerships and Joint Ventures

Risk Factors Related to Funding Strategies and Capital Structure

Risk Factors Related to Information Management and Technology

Risk Factors Related to Taxes and the Parent Company’s Qualification as a REIT

Risk Factors Related to the Company’s Stock

Supplemental Information x

Financial Results Summary

March 31, 2025

(in thousands, except per share data)

	Three Months Ended
	2025	2024
Financial Results
Net income attributable to common shareholders (page 5)	$106,174	$106,361
Net income per diluted share	$0.58	$0.58
Nareit Funds From Operations (Nareit FFO) (page 9)	$210,749	$199,967
Nareit FFO per diluted share	$1.15	$1.08
Core Operating Earnings (page 9)	$199,443	$193,068
Core Operating Earnings per diluted share	$1.09	$1.04
Same Property NOI without termination fees (page 8)	$271,498	$260,220
% growth	4.3%
Operating EBITDAre (page 10)	$259,452	$249,596
Dividends declared per common share and unit	$0.705	$0.670
Payout ratio of Core Operating Earnings per share (diluted)	64.7%	64.4%
Diluted share and unit count
Weighted average shares (diluted) - Net income	181,813	184,770
Weighted average shares and units (diluted) - Nareit FFO and Core Operating Earnings	182,910	185,872

__________________________________________________________________________________________________

	As of	As of	As of	As of
	3/31/2025	12/31/2024	12/31/2023	12/31/2022
Capital Information
Market price per common share	$73.76	$73.93	$67.00	$62.50
Common shares outstanding	181,526	181,361	184,581	171,125
Exchangeable units held by noncontrolling interests	1,097	1,097	1,107	741
Common shares and equivalents issued and outstanding	182,623	182,458	185,688	171,866
Market equity value of common shares and equivalents	$13,470,272	$13,489,128	$12,441,131	$10,741,627
Preferred stock(1)	$225,000	$225,000	$225,000	$0
Outstanding debt	5,208,574	4,984,071	4,688,805	4,225,014
Less: cash	(78,537)	(61,884)	(91,354)	(68,776)
Net debt and preferred stock	$5,355,037	$5,147,187	$4,822,451	$4,156,238
Total market capitalization	$18,825,309	$18,636,315	$17,263,582	$14,897,865
Debt metrics (pro-rata; trailing 12 months "TTM")(2)
Net Debt and Preferreds-to-Operating EBITDAre	5.3x	5.2x	5.4x	5.0x
Net Debt and Preferreds-to-Operating EBITDAre, adjusted			5.1x
Fixed charge coverage	4.3x	4.3x	4.7x	4.7x

Regency has outstanding 4.6M shares of 6.25% Series A Cumulative Redeemable Preferred Stock with a liquidation preference of $115M and callable on demand, and 4.4M shares of 5.875% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $110M and callable on demand.
In light of the merger with UBP on August 18, 2023, adjusted debt metric calculations include legacy Regency results for the trailing 12 months and the annualized contribution from UBP post merger.

Supplemental Information 1

Real Estate Portfolio Summary

March 31, 2025

(GLA in thousands)

Consolidated and 100% of Real Estate Partnerships	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024
Number of properties	483	482	483	481	482
Number of retail operating properties	475	474	473	472	473
Number of same properties	470	397	397	398	400
Number of properties in redevelopment	9	9	11	9	9
Number of properties in development(1)	6	6	6	5	5
Gross Leasable Area (GLA) - All properties	57,654	57,315	57,172	56,880	57,013
GLA including retailer-owned stores - All properties	61,401	61,062	60,919	60,627	60,760
GLA - Retail operating properties	56,863	56,523	56,364	55,960	56,091
GLA - Same properties	55,735	50,219	50,272	50,383	50,597
GLA - Properties in redevelopment(2)	2,039	2,036	2,306	2,003	2,003
GLA - Properties in development(1)	752	752	750	863	865
Consolidated and Pro-Rata Share of Real Estate Partnerships
GLA - All properties	49,217	48,814	48,842	48,600	48,732
GLA including retailer-owned stores - All properties	52,963	52,561	52,589	52,346	52,479
GLA - Retail operating properties	48,502	48,100	48,112	47,757	47,887
GLA - Same properties(3)	47,597	47,577	47,632	47,646	47,627
Anchor Spaces (≥ 10,000 SF)(3)	29,274	29,275	29,308	29,293	29,285
Shop Spaces (< 10,000 SF)(3)	18,323	18,302	18,325	18,353	18,342
GLA - Properties in redevelopment(2)	1,992	1,989	2,258	1,955	1,955
GLA - Properties in development(1)	675	675	672	785	788
% leased - All properties	96.3%	96.3%	95.6%	95.0%	95.0%
% leased - Retail operating properties	96.5%	96.5%	95.9%	95.4%	95.4%
% leased - Same properties(3)	96.5%	96.5%	95.9%	95.5%	95.5%
Anchor Spaces (≥ 10,000 SF)(3)	98.3%	98.4%	97.7%	97.1%	97.0%
Shop Spaces (< 10,000 SF)(3)	93.7%	93.6%	93.1%	92.8%	93.0%
% commenced - Same properties(3)(4)	93.5%	93.3%	92.4%	92.0%	91.8%
Same property NOI Growth without Termination Fees - YTD (see page 8)	4.3%	3.1%	2.9%	2.1%	1.4%
Same property NOI Growth without Termination Fees or Redevelopments - YTD (see page 8)	3.6%	2.3%	2.1%	1.5%	1.1%
Rent spreads - Trailing 12 months(5) (see page 19)	9.5%	9.5%	9.7%	9.7%	10.3%

Includes current ground-up developments.
Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
Prior periods adjusted for current same property pool.
Excludes leases that are signed but have not yet commenced.
Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Amounts may not total due to rounding.

Supplemental Information 2

Consolidated Balance Sheets

March 31, 2025 and December 31, 2024

(in thousands)

	2025
	(unaudited)
Assets:
Net real estate investments:
Real estate assets at cost	$	13,910,190		13,698,419
Less: accumulated depreciation		3,037,614		2,960,399
Real estate assets, net		10,872,576		10,738,020
Investments in sales-type lease, net		16,520		16,291
Investments in real estate partnerships		389,175		399,044
Net real estate investments		11,278,271		11,153,355
Properties held for sale, net		16,220		-
Cash, cash equivalents, and restricted cash		78,537		61,884
Tenant receivables, net		26,094		35,306
Straight-line rent receivables, net		162,885		157,507
Other receivables		61,231		62,682
Tenant and other receivables		250,210		255,495
Deferred leasing costs, net		85,272		79,911
Acquired lease intangible assets, net		231,526		229,983
Right of use assets, net		320,317		322,287
Other assets		299,717		289,046
Total assets	$	12,560,070		12,391,961
Liabilities and Equity:
Liabilities:
Notes payable, net	$	4,376,240		4,343,700
Unsecured credit facility		265,000		65,000
Total notes payable		4,641,240		4,408,700
Accounts payable and other liabilities		340,997		392,302
Acquired lease intangible liabilities, net		374,606		364,608
Lease liabilities		243,923		244,861
Tenants' security, escrow deposits, and prepaid rent		82,864		81,183
Total liabilities		5,683,630		5,491,654
Equity:
Shareholders' Equity:
Preferred stock		225,000		225,000
Common stock		1,815		1,814
Treasury stock		(29,133	)	(28,045	)
Additional paid in capital		8,505,489		8,503,227
Accumulated other comprehensive (loss) income		(1,715	)	2,226
Distributions in excess of net income		(2,001,878	)	(1,980,076	)
Total shareholders' equity		6,699,578		6,724,146
Noncontrolling Interests:
Exchangeable operating partnership units		40,584		40,744
Limited partners' interests in consolidated partnerships		136,278		135,417
Total noncontrolling interests		176,862		176,161
Total equity		6,876,440		6,900,307
Total liabilities and equity	$	12,560,070		12,391,961

These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 3

Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)

March 31, 2025 and December 31, 2024

(in thousands)

	Noncontrolling Interests						Share of Unconsolidated<br>Real Estate Partnerships
	2025			2024			2025		2024
Assets:
Real estate assets at cost	$	(113,949	)		(111,047	)	$	1,371,418		1,385,178
Less: accumulated depreciation		(18,925	)		(18,237	)		521,178		519,397
Real estate assets, net		(95,024	)		(92,810	)		850,240		865,781
Investments in sales-type lease, net		(2,843	)		(2,798	)		36,940		36,444
Net real estate investments		(97,867	)		(95,608	)		887,180		902,225
Cash, cash equivalents, and restricted cash		(62,278	)		(65,217	)		21,550		22,323
Tenant receivables, net		(368	)		(304	)		2,492		3,771
Straight-line rent receivables, net		(2,722	)		(2,707	)		23,224		22,813
Other receivables		(270	)		(342	)		983		2,122
Tenant and other receivables		(3,360	)		(3,353	)		26,699		28,706
Deferred leasing costs, net		(2,084	)		(2,004	)		17,296		17,586
Acquired lease intangible assets, net		(939	)		(1,037	)		8,218		8,612
Right of use assets, net		(1,608	)		(1,626	)		4,820		4,834
Other assets		(603	)		(694	)		30,442		31,476
Total assets	$	(168,739	)		(169,539	)	$	996,205		1,015,762
Liabilities:
Notes payable, net	$	(27,150	)		(27,191	)	$	567,334		575,371
Accounts payable and other liabilities		(2,666	)		(4,250	)		27,205		28,104
Acquired lease intangible liabilities, net		(186	)		(195	)		5,256		5,491
Lease liabilities		(2,047	)		(2,056	)		3,263		3,267
Tenants' security, escrow deposits, and prepaid rent		(412	)		(430	)		3,972		4,485
Total liabilities	$	(32,461	)		(34,122	)	$	607,030		616,718

Note

Noncontrolling interests represent limited partners' interests in consolidated Real Estate Partnerships' activities and Share of Unconsolidated Real Estate Partnerships represents the Company's share of investments in unconsolidated Real Estate Partnerships' activities, of which each are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

Supplemental Information 4

Consolidated Statements of Operations

For the Periods Ended March 31, 2025 and 2024

(in thousands)

(unaudited)

	Three Months Ended
	2025			2024
Revenues:
Lease income	$	371,079			353,106
Other property income		3,021			4,350
Management, transaction, and other fees		6,812			6,396
Total revenues		380,912			363,852
Operating Expenses:
Depreciation and amortization		96,774			97,585
Property operating expense		68,459			63,274
Real estate taxes		46,360			44,307
General and administrative		21,600			26,132
Other operating expenses		1,688			2,643
Total operating expenses		234,881			233,941
Other Expense, net:
Interest expense, net		48,013			42,868
Provision for impairment of real estate		-			-
Gain on sale of real estate, net of tax		(101	)		(11,403	)
Loss on early extinguishment of debt		-			180
Net investment loss (income)		761			(2,431	)
Total other expense, net		48,673			29,214
Income before equity in income of
investments in real estate partnerships		97,358			100,697
Equity in income of investments in real estate partnerships		14,495			11,961
Net income		111,853			112,658
Noncontrolling Interests:
Exchangeable operating partnership units		(642	)		(642	)
Limited partners' interests in consolidated partnerships		(1,624	)		(2,242	)
Net income attributable to noncontrolling interests		(2,266	)		(2,884	)
Net income attributable to the Company		109,587			109,774
Preferred stock dividends		(3,413	)		(3,413	)
Net income attributable to common shareholders	$	106,174			106,361

These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 5

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended March 31, 2025 and 2024

(in thousands)

		Three Months Ended
		2025			2024
	Revenues:
*	Base rent	$	254,556			244,135
*	Recoveries from tenants		91,481			85,023
*	Percentage rent		6,658			7,807
*	Termination fees		2,127			1,755
*	Uncollectible lease income		(386	)		(1,233	)
*	Other lease income		4,286			4,202
	Straight-line rent on lease income		5,607			5,594
	Above/below market rent amortization		6,750			5,823
	Lease income, net		371,079			353,106
*	Other property income		3,021			4,350
	Property management fees		4,110			3,961
	Asset management fees		1,717			1,602
	Leasing commissions and other fees		985			833
	Management, transaction, and other fees		6,812			6,396
	Total revenues	$	380,912			363,852
	Operating Expenses:
	Depreciation and amortization (including FF&E)	$	96,774			97,585
*	Operating and maintenance		64,121			58,439
*	Ground rent		3,417			3,889
*	Termination expense		49			70
	Straight-line rent on ground rent		337			341
	Above/below market ground rent amortization		535			535
	Property operating expense		68,459			63,274
*	Real estate taxes		46,360			44,307
	Gross general & administrative		22,314			22,999
	Stock-based compensation		5,443			4,640
	Capitalized direct overhead costs		(5,636	)		(3,595	)
	General & administrative, net (1)		22,121			24,044
	(Income) Loss on deferred compensation plan (2)		(521	)		2,088
	General & administrative		21,600			26,132
	Other expenses		1,272			360
	Development pursuit costs (income), net		416			(278	)
	Merger transition costs		-			2,561
	Other operating expenses		1,688			2,643
	Total operating expenses	$	234,881			233,941
	Other Expense, net:
	Gross interest expense	$	48,141			44,393
	Derivative amortization		226			109
	Debt cost amortization		1,697			1,818
	Debt and derivative mark-to-market amortization		1,405			829
	Capitalized interest		(2,112	)		(1,656	)
	Interest income		(1,344	)		(2,625	)
	Interest expense, net		48,013			42,868
	Gain on sale of real estate, net of tax		(101	)		(11,403	)
	Loss on early extinguishment of debt		-			180
	Net investment expense (income) (2)		761			(2,431	)
	Total other expense, net	$	48,673			29,214
	Consolidated NOI	$	247,796			239,334

* Component of Net Operating Income

General & administrative, net is referenced and reflected as G&A expense, net in earnings guidance on page 27.
The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value of assets held in the plan which is included in Net investment (income) expense.

These consolidated supplemental details of operations should be read in conjunction with the Company's most recent Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.

Supplemental Information 6

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended March 31, 2025 and 2024

(in thousands)

		Noncontrolling Interests						Share of Unconsolidated<br>Real Estate Partnerships
		Three Months Ended						Three Months Ended
		2025			2024			2025			2024
	Revenues:
*	Base rent	$	(2,310	)		(2,201	)	$	27,801			26,166
*	Recoveries from tenants		(717	)		(699	)		9,905			8,818
*	Percentage rent		(9	)		(1	)		810			811
*	Termination fees		(88	)		(1	)		198			83
*	Uncollectible lease income		39			-			(50	)		(187	)
*	Other lease income		(41	)		(38	)		372			386
	Straight-line rent on lease income		(63	)		(660	)		907			577
	Above/below market rent amortization		57			2			198			187
	Lease income		(3,132	)		(3,598	)		40,141			36,841
*	Other property income		(1	)		(1	)		359			245
	Asset management fees		-			-			(261	)		(233	)
	Total revenues	$	(3,133	)		(3,599	)	$	40,239			36,853
	Operating Expenses:
	Depreciation and amortization (including FF&E)		(902	)		(758	)		8,755			8,245
*	Operating and maintenance		(646	)		(484	)		6,487			6,117
*	Ground rent		(33	)		(31	)		69			72
	Straight-line rent on ground rent		(13	)		(13	)		-			20
	Above/below market ground rent amortization		-			-			9			10
	Property operating expense		(692	)		(528	)		6,565			6,219
*	Real estate taxes		(244	)		(380	)		4,893			4,483
	General & administrative, net (1)		-			-			72			85
	Other operating expenses		708			765			333			772
	Total operating expenses	$	(1,130	)		(901	)	$	20,618			19,804
	Other Expense, net:
	Gross interest expense		(379	)		(458	)		5,584			4,974
	Debt cost amortization		(13	)		(15	)		219			228
	Debt and derivative mark-to-market amortization		(14	)		(14	)		(99	)		94
	Capitalized interest		-			-			(420	)		-
	Interest income		27			31			(158	)		(203	)
	Interest expense, net		(379	)		(456	)		5,126			5,093
	Gain on sale of real estate		-			-			-			(5	)
	Total other expense, net	$	(379	)		(456	)	$	5,126			5,088
	Share of NOI	$	(2,204	)		(2,046	)	$	27,946			25,650

* Component of Net Operating Income

General & administrative, net is referenced and reflected as G&A expense, net in earnings guidance on page 27.

Note

Noncontrolling interests represent limited partners’ interests in consolidated Real Estate Partnerships’ activities and Share of Share of Unconsolidated Real Estate Partnerships represents the Company’s share of investments in unconsolidated Real Estate Partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Information 7

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended March 31, 2025 and 2024

(in thousands)

	Three Months Ended
	2025			2024
Same Property NOI Detail:
Real Estate Revenues:
Base rent	$	279,486			269,154
Recoveries from tenants		99,937			93,597
Percentage rent		7,413			8,523
Termination fees		2,325			1,842
Uncollectible lease income		(420	)		(1,394	)
Other lease income		4,683			4,602
Other property income		2,711			2,675
Total real estate revenues		396,135			378,999
Real Estate Operating Expenses:
Operating and maintenance		68,026			64,199
Termination expense		-			70
Real estate taxes		50,564			48,501
Ground rent		3,722			4,237
Total real estate operating expenses		122,312			117,007
Same Property NOI	$	273,823			261,992
% change		4.5	%
Same Property NOI without Termination Fees	$	271,498			260,220
% change		4.3	%
Same Property NOI without Termination Fees or Redevelopments	$	234,112			226,005
% change		3.6	%
Percent Contribution to Same Property NOI Performance:
Base rent		4.0	%
Uncollectible lease income		0.4	%
Net expense recoveries		0.4	%
Other lease / property income		0.0	%
Percentage rent		-0.4	%
Same Property NOI without Termination Fees (% impact)		4.3	%
Reconciliation of Net Income Attributable to Common Shareholders to Same Property NOI:
Net income attributable to common shareholders	$	106,174			106,361
Less:
Management, transaction, and other fees		(6,812	)		(6,396	)
Other (1)		(13,689	)		(12,587	)
Plus:
Depreciation and amortization		96,774			97,585
General and administrative		21,600			26,132
Other operating expense		1,688			2,643
Other expense, net		48,673			29,214
Equity in income of investments in real estate partnerships excluded from NOI (2)		13,451			13,689
Net income attributable to noncontrolling interests		2,266			2,884
Preferred stock dividends and issuance costs		3,413			3,413
NOI		273,538			262,938
Less non-same property NOI (3)		285			(946	)
Same Property NOI	$	273,823			261,992

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
Includes non-NOI income and expenses incurred at our unconsolidated Real Estate Partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.
Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

Supplemental Information 8

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended March 31, 2025 and 2024

(in thousands, except per share data)

	Three Months Ended
	2025			2024
Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:
Net Income Attributable to Common Shareholders	$	106,174			106,361
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		104,034			104,372
Gain on sale of real estate, net of tax		(101	)		(11,408	)
Exchangeable operating partnership units		642			642
Nareit FFO	$	210,749			199,967
Nareit FFO per share (diluted)	$	1.15			1.08
Weighted average shares (diluted)		182,910			185,872
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit FFO	$	210,749			199,967
Adjustments to reconcile to Core Operating Earnings (1):
Not Comparable Items
Merger transition costs		-			2,561
Loss on early extinguishment of debt		-			180
Certain Non-Cash Items
Straight-line rent		(6,513	)		(5,738	)
Uncollectible straight-line rent		376			656
Above/below market rent amortization, net		(6,461	)		(5,467	)
Debt and derivative mark-to-market amortization		1,292			909
Core Operating Earnings	$	199,443			193,068
Core Operating Earnings per share (diluted)	$	1.09			1.04
Weighted average shares (diluted)		182,910			185,872
Reconciliation of Core Operating Earnings to AFFO:
Core Operating Earnings	$	199,443			193,068
Adjustments to reconcile to AFFO (1):
Operating capital expenditures		(23,753	)		(20,852	)
Debt cost and derivative adjustments		2,129			2,140
Stock-based compensation		5,443			4,640
AFFO	$	183,262			178,996

Includes Regency’s consolidated entities and its pro-rata share of unconsolidated Real Estate Partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 4 and 7.

Supplemental Information 9

Capital Expenditures and Additional Disclosures

For the Periods Ended March 31, 2025 and 2024

(in thousands)

	Three Months Ended
	2025			2024
Capital Expenditures:
Operating Properties (1)
Tenant allowance and landlord work	$	13,243			14,681
Leasing commissions		5,063			4,175
Leasing Capital Expenditures		18,306			18,856
Building improvements		5,447			1,996
Operating Capital Expenditures	$	23,753			20,852
Development & Redevelopment Properties (1)
Ground-up development	$	34,154			15,875
Redevelopment		32,752			25,198
Development & Redevelopment Expenditures	$	66,906			41,073
Reconciliation of Net Income to Nareit EBITDAre:
Net Income	$	111,853			112,658
Adjustments to reconcile to Nareit EBITDAre (2):
Interest expense		54,641			50,789
Income tax expense		121			180
Depreciation and amortization		105,529			105,830
Gain on sale of real estate, net of tax		(101	)		(11,408	)
Nareit EBITDAre	$	272,043			258,049
Reconciliation of Nareit EBITDAre to Operating EBITDAre:
Nareit EBITDAre	$	272,043			258,049
Adjustments to reconcile to Operating EBITDAre (2):
Merger transition costs		-			2,561
Loss on early extinguishment of debt		-			180
Straight-line rent, net		(6,187	)		(5,729	)
Above/below market rent amortization, net		(6,404	)		(5,465	)
Operating EBITDAre	$	259,452			249,596

Includes Regency's consolidated entities and its pro-rata share of unconsolidated Real Estate Partnerships, net of pro-rata share attributable to noncontrolling interests.
Includes Regency's consolidated entities and its pro-rata share of unconsolidated Real Estate Partnerships.

Supplemental Information 10

Summary of Consolidated Debt

March 31, 2025 and December 31, 2024

(in thousands)

Total Debt Outstanding:	3/31/2025		12/31/2024
Notes Payable:
Fixed rate mortgage loans(1)	$	641,578	$	610,234
Variable rate mortgage loans		9,566		9,586
Fixed rate unsecured public debt		3,526,977		3,526,128
Fixed rate unsecured private debt		198,119		197,752
Unsecured credit facility:
Revolving line of credit		265,000		65,000
Total	$	4,641,240	$	4,408,700
Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (2)			Total			Weighted Average Contractual Interest Rate on Maturities
---	---	---	---	---	---	---	---	---	---	---	---	---
2025	$	7,635		16,000			250,000			273,635		3.90%
2026		10,445		147,848			200,000			358,293		3.94%
2027		7,558		226,308			525,000			758,866		3.67%
2028		5,734		57,374			565,000			628,108		4.86%
2029		2,786		97,120			425,000			524,906		3.19%
2030		2,495		2,163			600,000			604,658		3.70%
2031		2,193		30,901			-			33,094		3.68%
2032		150		45,323			-			45,473		3.68%
2033		68		-			-			68		0.00%
2034		72		-			400,000			400,072		5.25%
>10 years		192		79			1,050,000			1,050,271		4.74%
Unamortized debt premium/(discount), net of issuance costs		-		(11,300	)		(24,904	)		(36,204	)
	$	39,328		611,816			3,990,096			4,641,240		4.16%
Percentage of Total Debt:	3/31/2025	12/31/2024
---	---	---
Fixed	94.1%	98.3%
Variable	5.9%	1.7%
Current Weighted Average Contractual Interest Rates:(3)
Fixed	4.1%	4.1%
Variable	5.2%	5.5%
Combined	4.2%	4.1%
Current Weighted Average Effective Interest Rate:(4)
Combined	4.4%	4.4%
Average Years to Maturity:
Fixed	7.2	7.4
Variable	3.0	3.2

Includes variable rate mortgage loans that have been fixed through interest rate swaps.
Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.
Interest rates are calculated as of the quarter end.
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility fees.

Supplemental Information 11

Details of Consolidated Debt

March 31, 2025 and December 31, 2024

(in thousands)

		Contractual		Effective
Lender	Collateral	Rate		Rate(1)	Maturity	3/31/2025			12/31/2024
Secured Debt - Fixed Rate Mortgage Loans
Prudential Insurance Company of America	Country Walk Plaza	3.91%			11/05/25	$	16,000		$	16,000
Metropolitan Life Insurance Company	Westbury Plaza	3.76%			02/01/26		88,000			88,000
M&T Bank	Cos Cob Plaza & Greenwich Commons	3.48%			10/01/26		8,316			8,409
PNC Bank	The Longmeadow Shops	5.56%			12/01/26		13,000			13,000
Santander Bank	Baederwood Shoppes	3.28%			12/19/26		24,365			24,365
TD Bank	Black Rock Shopping Center	6.03%			12/31/26		15,094			15,148
Voya Retire Insurance and Annuity Co.	Meadtown Shopping Center	3.85%			01/01/27		8,995			9,070
Voya Retire Insurance and Annuity Co.	Midland Park Shopping Center	3.85%			01/01/27		17,024			17,166
Voya Retire Insurance and Annuity Co.	Valley Ridge Shopping Center	3.85%			01/01/27		16,114			16,249
Voya Retire Insurance and Annuity Co.	Cedar Hill Shopping Center	3.85%			01/01/27		6,758			6,815
The Guardian Life Insurance of America	Willa Springs	3.81%			03/01/27		16,700			16,700
The Guardian Life Insurance of America	Alden Bridge	3.81%			03/01/27		26,000			26,000
The Guardian Life Insurance of America	Bethany Park Place	3.81%			03/01/27		10,200			10,200
The Guardian Life Insurance of America	Blossom Valley	3.81%			03/01/27		22,300			22,300
The Guardian Life Insurance of America	Dunwoody Hall	3.81%			03/01/27		13,800			13,800
The Guardian Life Insurance of America	Hasley Canyon Village	3.81%			03/01/27		16,000			16,000
PNC Bank	Fellsway Plaza	4.06%			06/02/27		34,157			34,300
M&T Bank	Ridgeway Shopping Center	3.40%			07/01/27		41,631			41,940
New York Life Insurance	Oak Shade Town Center	6.05%			05/10/28		3,037			3,253
Provident Bank	Washington Commons	4.83%			08/15/28		8,425			8,494
TD Bank	Brick Walk Shopping Center	6.71%			09/19/28		30,497			30,591
New York Life Insurance	Von's Circle Center	5.20%			10/10/28		3,268			3,475
Bank of New York Mellon	Putnam Plaza	4.81%			10/17/28		16,822			-
American United Life Insurance Company	Ferry Plaza	4.63%			04/01/29		8,387			8,471
M&T Bank	Old Kings Market	4.82%			04/03/29		22,482			22,607
Bank of New York Mellon	Lakeview Shopping Center	3.63%			06/25/29		10,613			10,680
State Farm	Brentwood Place	3.50%			09/01/29		43,500			-
The Prudential Insurance Company of America	Shops at Erwin Mill	5.71%			09/05/29		12,000			12,000
Bank of New York Mellon	McLean Plaza	5.74%			11/18/29		5,000			5,000
Tanglewood Shopping Center Co.	Tanglewood Shopping Center	5.05%			03/29/30		513			513
Tanglewood Shopping Center Co.	Tanglewood Shopping Center	4.55%			03/29/30		1,650			1,650
Security Life of Denver Insurance Co.	Newfield Green	3.89%			08/01/31		18,599			18,737
American United Life Insurance Company	Village Shopping Center	3.50%			11/01/31		19,597			19,705
RGA Reinsurance Company	Boonton Shopping Center	3.45%			01/01/32		10,300			10,358
Bank of New York Mellon	The Dock-Dockside & The Dock-Railside	3.05%			01/31/32		32,714			32,908
Bank of New York Mellon	High Ridge Center	5.55%			02/20/32		10,000			-
City of Rollingwood	Shops at Mira Vista	8.00%			03/01/32		147			151
First County Bank	Old Greenwich CVS	5.63%			06/01/37		834			846
JTS Capital	High Ridge Center	3.65%			03/01/25		-			8,825
PNC Bank	Circle Marina Shops & Mrktplc.	2.54%			03/17/25		-			24,000
Unamortized premiums on assumed debt of acquired properties, net of issuance costs							(11,261	)		(7,492	)
Total Fixed Rate Mortgage Loans		4.10%		4.46%		$	641,578		$	610,234
Unsecured Debt
Debt Offering (8/17/15)	Fixed-rate unsecured	3.90%			11/01/25	$	250,000		$	250,000
Debt Placement (5/11/16)	Fixed-rate unsecured	3.81%			05/11/26		100,000			100,000
Debt Placement (8/11/16)	Fixed-rate unsecured	3.91%			08/11/26		100,000			100,000
Debt Offering (1/17/17)	Fixed-rate unsecured	3.60%			02/01/27		525,000			525,000
Debt Offering (3/9/18)	Fixed-rate unsecured	4.13%			03/15/28		300,000			300,000
Debt Offering (8/13/19)	Fixed-rate unsecured	2.95%			09/15/29		425,000			425,000
Debt Offering (5/13/20)	Fixed-rate unsecured	3.70%			06/15/30		600,000			600,000
Debt Offering (1/18/24)	Fixed-rate unsecured	5.25%			01/15/34		400,000			400,000
Debt Offering (8/15/24)	Fixed-rate unsecured	5.10%			01/15/35		325,000			325,000
Debt Offering (1/17/17)	Fixed-rate unsecured	4.40%			02/01/47		425,000			425,000
Debt Offering (3/6/19)	Fixed-rate unsecured	4.65%			03/15/49		300,000			300,000
Revolving Line of Credit	Variable-rate unsecured	Adjusted SOFR + 0.715%	(2)		03/23/28		265,000			65,000
Unamortized debt discount and issuance costs							(24,904	)		(26,120	)
Total Unsecured Debt, Net of Discounts		4.10%		4.25%		$	3,990,096		$	3,788,880
Variable Rate Mortgage Loans
PNC Bank	Market at Springwoods Village	SOFR + 1.40%			03/28/27	$	3,750		$	3,750
Wells Fargo Bank	Orangetown Shopping Center	SOFR + 2.33%			10/01/28		5,855			5,885
Unamortized debt discount and issuance costs							(39	)		(49	)
Total Variable Rate Mortgage Loans		6.38%		6.78%		$	9,566		$	9,586
		4.16%		4.44%		$	4,641,240		$	4,408,700

Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost amortization, interest rate swaps, and facility and unused fees.
The interest rate is SOFR plus a 0.10% market adjustment ("Adjusted SOFR") plus our applicable margin of 0.715%. Rate applies to drawn balance only. Additional annual facility fee of 0.125% applies to entire $1.5 billion line of credit. Expiration is subject to two additional six-month periods at the Company’s option.

Supplemental Information 12

Summary of Unsecured Debt Covenants and Leverage Ratios

March 31, 2025

(in thousands)

Outstanding Unsecured Public Debt:	Origination	Maturity	Rate	Balance
	08/17/15	11/01/25	3.900%	$250,000
	01/17/17	02/01/27	3.600%	$525,000
	03/09/18	03/15/28	4.125%	$300,000
	08/20/19	09/15/29	2.950%	$425,000
	05/13/20	06/15/30	3.700%	$600,000
	01/18/24	01/15/34	5.250%	$400,000
	08/15/24	01/15/35	5.100%	$325,000
	01/17/17	02/01/47	4.400%	$425,000
	03/06/19	03/15/49	4.650%	$300,000
Unsecured Public Debt Covenants:	Required	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024
---	---	---	---	---	---	---
Fair Market Value Calculation Method Covenants(1)(2)
Total Consolidated Debt to Total Consolidated Assets	≤ 65%	27%	27%	27%	27%	27%
Secured Consolidated Debt to Total Consolidated Assets	≤ 40%	4%	4%	4%	4%	5%
Consolidated Income for Debt Service to Consolidated Debt Service	≥ 1.5x	4.8x	4.9x	4.9x	4.8x	4.9x
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>150%	380%	396%	397%	394%	398%
Ratios:		3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024
Consolidated Only
Net debt to total market capitalization		25.0%	24.1%	24.2%	27.0%	26.7%
Net debt to real estate assets, before depreciation		31.8%	30.8%	30.5%	30.8%	30.2%
Net debt to total assets, before depreciation		29.4%	28.4%	28.1%	28.3%	27.6%
Net debt and preferreds to Operating EBITDAre - TTM		4.9x	4.7x	4.7x	4.8x	4.9x
Net debt and preferreds to Operating EBITDAre - TTM, adjusted(3)					4.8x	4.7x
Fixed charge coverage		4.7x	4.7x	4.9x	4.8x	5.0x
Interest coverage		5.3x	5.3x	5.6x	5.5x	5.6x
Unsecured assets to total real estate assets		88.3%	88.8%	87.9%	88.1%	87.6%
Unsecured NOI to total NOI - TTM		89.4%	89.3%	88.7%	89.3%	89.5%
Unencumbered assets to unsecured debt		306%	319%	321%	320%	319%
Total Pro-Rata Share
Net debt to total market capitalization		27.3%	26.4%	26.6%	29.5%	29.2%
Net debt to real estate assets, before depreciation		33.4%	32.5%	32.3%	32.4%	31.9%
Net debt to total assets, before depreciation		30.8%	30.0%	29.7%	29.8%	29.1%
Net debt and preferreds to Operating EBITDAre - TTM		5.3x	5.2x	5.2x	5.3x	5.4x
Net debt and preferreds to Operating EBITDAre - TTM, adjusted(3)					5.2x	5.2x
Fixed charge coverage		4.3x	4.3x	4.5x	4.4x	4.5x
Interest coverage		4.8x	4.8x	5.1x	5.0x	5.1x

For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and Exchange Commission.
Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing.
In light of the merger with UBP on August 18, 2023, adjusted debt metric calculations include legacy Regency results for the trailing 12 months and the annualized contribution from UBP post merger.

Supplemental Information 13

Summary of Unconsolidated Debt

March 31, 2025 and December 31, 2024

(in thousands)

Total Debt Outstanding:	3/31/2025		12/31/2024
Mortgage loans payable:
Fixed rate secured loans	$	1,420,512	$	1,459,373
Variable rate secured loans		78,145		69,379
Unsecured credit facility variable rate		48,300		35,800
Total	$	1,546,957	$	1,564,552
Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Weighted Average Contractual Interest Rate on Maturities	Regency's Pro Rata Share			Regency's Pro Rata Weighted Average Contractual Interest Rate on Maturities
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
2025	$	5,227		126,012			-		131,239		3.79%		44,162		3.87%
2026		6,989		281,683			48,300		336,972		5.40%		116,077		5.60%
2027		7,152		32,800			-		39,952		2.60%		13,386		2.41%
2028		3,935		231,235			-		235,170		4.86%		81,559		4.98%
2029		2,841		93,500			-		96,341		4.80%		34,967		5.16%
2030		2,106		179,317			-		181,423		2.86%		70,522		2.88%
2031		625		352,240			-		352,865		3.13%		137,198		3.13%
2032		500		142,270			-		142,770		3.08%		58,369		3.10%
2033		406		-			-		406		0.00%		81		-
2034		210		37,497			-		37,707		6.10%		13,941		6.27%
>10 Years		-		-			-		-		0.00%		-		-
Unamortized debt premium/(discount) and issuance costs (2)		-		(7,888	)		-		(7,888	)			(2,928	)
	$	29,991		1,468,666			48,300		1,546,957		4.07%		567,334		4.10%
Percentage of Total Debt:	3/31/2025	12/31/2024
---	---	---
Fixed	91.8%	93.3%
Variable	8.2%	6.7%
Current Weighted Average Contractual Interest Rates:(1)
Fixed	3.9%	3.9%
Variable	6.5%	6.8%
Combined	4.1%	4.1%
Current Weighted Average Effective Interest Rates:(2)
Combined	4.2%	4.2%
Average Years to Maturity:
Fixed	4.3	4.5
Variable	1.4	1.6

Interest rates are calculated as of the quarter end.
Effective interest rates are calculated in accordance with US GAAP, as of the quarter end, and include the impact of debt premium/(discount) amortization, issuance cost, amortization, interest rate swaps, and facility and unused fees.

Supplemental Information 14

Unconsolidated Real Estate Partnerships

March 31, 2025

(in thousands)


Investment Partner and	Number of	Total	Total	Total	Share	Investment	Equity
Portfolio Summary Abbreviation	Properties	GLA	Assets	Debt	of Debt	3/31/2025	in Income
State of Oregon
(JV-C2)	22	2,589	$620,052	267,292	$53,458	$64,367	$1,174
(JV-CCV)	1	602	99,155	74,834	22,450	6,540	667
	23	3,191	719,207	342,126
GRI
(JV-GRI)	66	8,430	1,443,333	933,362	373,345	133,755	10,701
Publix
(JV-O)	2	215	26,441	-	-	13,074	446
Individual Investors
Ballard Blocks	2	249	115,000	-	-	59,153	331
Bloom on Third	1	73	263,281	137,896	48,264	45,166	483
Others(1)	8	1,091	241,186	133,573	69,817	67,120	693
	102	13,249	$2,808,448	1,546,957	$567,334	$389,175	$14,495

All values are in US Dollars.

Effective January 1, 2025, Regency acquired its partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million. Upon acquisition, this property was consolidated into Regency’s financial statements.

Supplemental Information 15

Property Transactions

March 31, 2025

(in thousands)

Acquisitions:

Date	Property Name	Market	Total GLA	Regency's Share of Purchase Price	Anchor(s)
Jan-25	Putnam Plaza (JV Buyout)	Carmel, NY	189	10,332	Top's Friendly Market
Jan-25	Orange Meadow (Outparcel)	Orange, CT	6	4,200
Mar-25	Brentwood Place	Nashville, TN	319	118,500	TJ Maxx, Nordstrom Rack
	Property Total		515	133,032

All values are in US Dollars.

Dispositions:

Date	Property Name	Real Estate Partner<br>(REG %)	Market	Total GLA	Regency's Share of Purchase Price	Weighted Average Cap Rate	Anchor(s)
	Property Total			0	$0	0.0%

Supplemental Information 16

Summary of In-Process Developments and Redevelopments

March 31, 2025

(in thousands)

In-Process Developments and Redevelopments (1)
Shopping Center	Market	Grocer/Anchor Tenant	Center % Leased	Project Start	Est Initial Rent Commencement(a)	Est Stabilization Year(b)	Net Project Costs(c)	% of Costs Incurred	Stabilized Yield(d)
Ground-up Developments			81%	0			$239M	58%	7% +/-
Baybrook East - Phase 1B (2)(3)	Houston, TX	H-E-B	91%	Q2-2022	2H-2023	2026	$10M	89%	9% +/-
Sienna Grande Shops (2)(3)	Houston, TX	Retail	65%	Q2-2023	1H-2025	2027	$9M	83%	8% +/-
The Shops at SunVet (2)	Long Island, NY	Whole Foods	74%	Q2-2023	2H-2025	2027	$93M	67%	7% +/-
The Shops at Stone Bridge (2)	Cheshire, CT	Whole Foods	85%	Q1-2024	1H-2026	2027	$68M	57%	7% +/-
Jordan Ranch Market (2)(3)	Houston, TX	H-E-B	83%	Q3-2024	1H-2026	2027	$23M	40%	7% +/-
Oakley Shops at Laurel Fields (2)	Bay Area, CA	Safeway	81%	Q3-2024	1H-2026	2027	$35M	34%	7% +/-
Redevelopments			96%	0			$260M	44%	10% +/-
Bloom on Third (3)(4)	Los Angeles, CA	Whole Foods	60%	Q4-2022	2H-2026	2027	$25M	60%	15% +/-
Serramonte Center - Phase 3	San Francisco, CA	Jagalchi	96%	Q2-2023	1H-2025	2026	$37M	32%	11% +/-
Circle Marine Shops & Marketplace	Los Angeles, CA	Sprouts	89%	Q3-2023	2H-2024	2025	$15M	87%	9% +/-
Avenida Biscayne	Miami, FL	Retail	75%	Q4-2023	1H-2025	2026	$23M	56%	10% +/-
Cambridge Square	Atlanta, GA	Publix	99%	Q4-2023	2H-2025	2026	$14M	65%	7% +/-
Anastasia Plaza	Jacksonville, FL	Publix	98%	Q3-2024	2H-2025	2026	$16M	14%	6% +/-
East Meadow Plaza - Phase 1	Long Island, NY	Lidl	87%	Q3-2024	2H-2025	2026	$12M	53%	17% +/-
West Chester Plaza	Cincinnati, OH	Kroger	95%	Q4-2024	2H-2027	2028	$15M	34%	8% +/-
Willows Shopping Center	Bay Area, CA	Retail	96%	Q4-2024	1H-2026	2027	$17M	11%	9% +/-
Various Redevelopments (est costs < 10 million individually)			97%	0			$86M	42%	14% +/-
Total In-Process (In Construction)				0			$499M	51%	9% +/-

All values are in US Dollars.

In-Process Development and Redevelopment Descriptions
Ground-up Developments
Baybrook East - Phase 1B	0	Phase 1B of a Houston, TX, ground-up development which adds 49K SF of shop space to the already completed H-E-B phase, totaling 155K SF.
Sienna Grande Shops	0	Phase 1 features approximately 30K SF of shop space and outparcels in a master-planned development outside of Houston, TX, ranked among the top-selling communities nationally.
The Shops at SunVet	0	Located in Long Island, NY, the project will transform a vacant enclosed mall into a 170K SF open-air center featuring Whole Foods, junior anchors, shop space, and outparcels.
The Shops at Stone Bridge	0	A 155K SF development anchored by a 40K SF Whole Foods, junior anchors, shop space, and outparcels located in the Stone Bridge Crossing master planned community in Cheshire, CT.
Jordan Ranch Market	0	Located outside of Houston, TX, within the Jordan Ranch master planned community, the 162K development will feature the market-leading grocer, H-E-B, plus 40K SF of shop space.
Oakley Shops at Laurel Fields	0	Located in the Bay Area, the 78K SF development of a traditional neighborhood center will include a 55K SF Safeway grocer and 23K SF of shop space.
Redevelopments
Bloom on Third	0	Redevelopment in Los Angeles, CA, which includes new retail space and a ground lease for mid-rise luxury apartments constructed and operated by a leading multifamily developer.
Serramonte Center - Phase 3	0	Former J.C. Penney box and two exterior pads. The former J.C. Penney box will feature Jagalchi, a leading Asian grocer with locations in South Korea, China, and the US.
Circle Marine Shops & Marketplace	0	Acquired in 2019 with the intention of redevelopment, the project includes a 23K SF prototype for Sprouts Farmers Market, reconfigured shop space, and extensive site improvements.
Avenida Biscayne	0	A boutique retail project in Aventura, FL, that includes transformation of the property into three separate retail buildings, featuring first-class shop space and restaurants.
Cambridge Square	0	Transformational redevelopment adding a best-in-class grocer and featuring extensive improvement to the site and existing facades.
Anastasia Plaza	0	Redevelopment to include a complete rebuild of the grocer box, anchored by a 58K SF Publix and 45K SF of shop space, plus extensive improvements to the site and existing facades.
East Meadow Plaza - Phase 1	0	Acquired in 2022 with the intention of redevelopment. Phase 1 includes various site improvements, complete facade renovation, and reconfigured space for leading retailers.
West Chester Plaza	0	Redevelopment includes a new 123K SF Kroger and multiple shop buildings. The project will be staggered to accommodate continuous operation of Kroger in its existing location.
Willows Shopping Center	0	Redevelopment will revitalize the existing shopping center and include extensive site reconfiguration, construction of a new 14k SF building, and enhanced façades.
Various Redevelopments (est costs < $10 million individually)	0	Various Redevelopment properties where estimated incremental costs at each project are less than 10 million.
See page 18 for footnotes

All values are in US Dollars.

Supplemental Information 17

Development and Redevelopment Current Year Completions

March 31, 2025

(in thousands)

Current Year Development and Redevelopment Completions
Shopping Center	Project Start	Est Initial Rent Commencement(a)	Est Stabilization Year(b)	Net Project Costs(c)	% of Costs Incurred	Stabilized Yield(d)
Redevelopments				$5M	93%	53% +/-
Redevelopment Completion (est costs < 10 million individually)				$5M	93%	53% +/-
Total Completions				$5M	93%	53% +/-

All values are in US Dollars.

Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.
Estimated Stabilization Year represents the estimated year that the project will reach the stated stabilized yield on an annualized basis.
Represents Regency's pro-rata share of net project costs.
A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.
Scope, economics and timing of development and redevelopment projects can change materially from estimates provided.
Ground-up development or redevelopment that is excluded from the Same Property NOI pool.
Estimated costs represent Regency's pro-rata share: Baybrook East (50%); Sienna Grande Shops (75%); Jordan Ranch Market (50%); and Bloom on Third (35%)
GLA and % Leased represents: Bloom on Third – fully redeveloped center (existing center is 73k SF and 100% leased)

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, is $550M for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 52% for Ground-up Developments and Redevelopments In-Process.

Supplemental Information 18

Leasing Statistics

March 31, 2025

(Retail Operating Properties Only)

Leasing Statistics - Comparable
Total	Leasing Transactions	GLA<br>(in 000s)	New Base Rent/Sq. Ft	Rent Spread % (Straight-lined)	Weighted Avg. Lease Term	Tenant Allowance & Landlord Work /Sq. Ft.
1st Quarter 2025	384	1,409	28.22	18.6%	5.4	$6.22
4th Quarter 2024	426	2,298	27.49	20.2%	6.1	9.28
3rd Quarter 2024	404	1,802	24.86	20.7%	6.3	7.33
2nd Quarter 2024	443	2,221	26.92	18.2%	5.6	7.11
Total - 12 months	1,657	7,730	26.84	19.4%	5.9	$7.62
New Leases	Leasing Transactions	GLA<br>(in 000s)	New Base Rent/Sq. Ft	Rent Spread % (Straight-lined)	Weighted Avg. Lease Term	Tenant Allowance & Landlord Work /Sq. Ft.
1st Quarter 2025	84	187	38.29	22.7%	8.0	$42.52
4th Quarter 2024	101	328	34.40	31.4%	9.0	58.79
3rd Quarter 2024	98	249	32.25	26.3%	8.7	49.39
2nd Quarter 2024	105	261	37.98	27.9%	8.5	53.67
Total - 12 months	388	1,026	35.57	27.4%	8.6	$52.05
Renewals	Leasing Transactions	GLA<br>(in 000s)	New Base Rent/Sq. Ft	Rent Spread % (Straight-lined)	Weighted Avg. Lease Term	Tenant Allowance & Landlord Work /Sq. Ft.
1st Quarter 2025	300	1,222	26.66	17.6%	5.0	$0.58
4th Quarter 2024	325	1,969	26.37	17.9%	5.6	1.29
3rd Quarter 2024	306	1,553	23.69	19.5%	5.9	0.63
2nd Quarter 2024	338	1,960	25.36	16.2%	5.2	0.56
Total - 12 months	1,269	6,704	25.50	17.7%	5.5	$0.79
Leasing Statistics - Comparable and Non-comparable
Total	Leasing Transactions	GLA<br>(in 000s)	New Base Rent/Sq. Ft		Weighted Avg. Lease Term	Tenant Allowance & Landlord Work /Sq. Ft.
1st Quarter 2025	443	1,593	28.73		5.7	$12.24
4th Quarter 2024	511	2,673	27.41		6.4	16.02
3rd Quarter 2024	498	2,274	25.02		6.5	14.16
2nd Quarter 2024	512	2,435	27.28		5.7	10.15
Total - 12 months	1,964	8,975	27.00		6.1	$13.27

All values are in US Dollars.

Notes:

Represents Regency's consolidated and pro-rata share of real estate partnerships. Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
All amounts reported at execution.
Rent Spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months.
Rent Spreads % (Cash) represent the percentage change between the initial 12 months of rent of the executed lease and the last contractual rent as of the move out date of the prior lease.
Rent Spreads % (Straight-lined) represent the percentage change between the average rent over the duration of the executed lease and the average rent over the duration of the prior lease.
Tenant Allowance & Landlord Work includes costs for landlord work required to return space to a baseline condition, as well as tenant allowances and improvements as it relates to a specific lease.

Supplemental Information 19

New Lease Net Effective Rent and Leases Signed Not Yet Commenced

March 31, 2025

(Retail Operating Properties Only)

New Lease Net Effective Rent (1)
	Trailing Twelve Months	Three Months Ended
	3/31/2025	3/31/2025	12/31/2024	9/30/2024	3/31/2024
New Leases weighted avg. over lease term:
Base rent	$36.50	$38.91	$35.68	32.23	$33.07
Tenant allowance and landlord work (2)	(6.27)	(5.57)	(6.68)	(5.91)	(5.34)
Third party leasing commissions	(1.21)	(1.44)	(1.22)	(1.06)	(1.03)
Net Effective Rent	$29.01	$31.90	$27.79	25.26	$26.70
Net effective rent/base rent	79%	82%	78%	78%	81%
Weighted avg. lease term (years)	9.1	8.4	9.4	9.3	11.3
Percent of New Leases by Anchor & Shop
Anchor	32%	28%	35%	40%	39%
Shop	68%	72%	65%	60%	61%
Leases Signed Not Yet Commenced (3)
As of 3/31/2025:	Leases	GLA<br>(in 000s)	Annual ABR<br>($ in 000s)	Annual ABR ( PSF)
Anchor	30	803	$18,217	23.45
Shop	295	808	27,776	39.33
Total	325	1,611	$45,994	31.01

All values are in US Dollars.

Includes comparable and non-comparable leasing transactions.
Tenant Allowance & Landlord Work includes costs for landlord work required to return space to a baseline condition, as well as tenant allowances and improvements as it relates to a specific lease.
Only represents leases on spaces that are currently vacant.

Note: Represents Regency's wholly owned and pro-rata share of real estate partnerships, except GLA which is shown at 100%.

Supplemental Information 20

Annual Base Rent by State

March 31, 2025

(in thousands)

State	Number of Properties	GLA	% Leased(1)	ABR	ABR/Sq. Ft.	% of Number of Properties	% of GLA	% of ABR
California	72	9,248	95.8%	$274,603	$30.87	14.9%	18.8%	22.9%
Florida	92	10,783	96.7%	226,829	21.73	19.0%	21.9%	18.9%
New York	47	3,722	94.0%	108,357	30.05	9.7%	7.6%	9.0%
Connecticut	44	4,003	94.3%	103,585	27.47	9.1%	8.1%	8.6%
Texas	33	3,847	96.7%	79,765	21.46	6.8%	7.8%	6.6%
Georgia	22	2,125	96.3%	51,679	25.00	4.6%	4.3%	4.3%
Virginia	20	1,647	97.0%	49,002	30.64	4.1%	3.3%	4.1%
New Jersey	21	1,704	96.1%	39,620	24.19	4.3%	3.5%	3.3%
North Carolina	17	1,610	98.5%	36,960	23.37	3.5%	3.3%	3.1%
Washington	17	1,267	96.6%	35,882	29.31	3.5%	2.6%	3.0%
Illinois	11	1,355	96.8%	29,632	22.28	2.3%	2.8%	2.5%
Massachusetts	8	898	97.8%	27,851	31.92	1.7%	1.8%	2.3%
Colorado	19	1,408	97.9%	24,690	17.80	3.9%	2.9%	2.1%
Pennsylvania	10	713	97.3%	19,394	27.68	2.1%	1.4%	1.6%
Maryland	11	622	96.0%	18,527	30.87	2.3%	1.3%	1.5%
Ohio	8	1,227	98.1%	16,950	13.92	1.7%	2.5%	1.4%
Oregon	8	778	99.2%	16,593	22.14	1.7%	1.6%	1.4%
Minnesota	5	390	89.9%	7,429	21.23	1.0%	0.8%	0.6%
Indiana	3	345	98.6%	6,368	18.75	0.6%	0.7%	0.5%
Tennessee	4	638	98.1%	11,938	19.12	0.8%	1.3%	1.0%
Delaware	2	255	96.3%	4,502	18.48	0.4%	0.5%	0.4%
Missouri	4	408	98.6%	4,449	11.05	0.8%	0.8%	0.4%
South Carolina	2	83	100.0%	2,255	27.19	0.4%	0.2%	0.2%
Rhode Island	1	111	100.0%	2,221	20.60	0.2%	0.2%	0.2%
Washington, D.C.	2	30	97.0%	1,591	53.79	0.4%	0.1%	0.1%
Total All Properties	483	49,217	96.3%	$1,200,671	$25.24	100%	100%	100%

Note: Represents Regency's consolidated and pro-rata share of real estate partnerships.

Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 21

Annual Base Rent by CBSA

March 31, 2025

(in thousands)

Largest CBSAs by Population(1)	Number of Properties	GLA	% Leased(2)	ABR	ABR/Sq. Ft.	% of Number of Properties	% of GLA	% of ABR
1) New York-Newark-Jersey City	65	5,046	94.6%	$142,919	$29.95	13.5%	10.3%	11.9%
2) Los Angeles-Long Beach-Anaheim	25	2,544	97.9%	$79,834	$32.04	5.2%	5.2%	6.6%
3) Chicago-Naperville-Elgin	12	1,645	98.2%	$34,855	$21.59	2.5%	3.3%	2.9%
4) Dallas-Fort Worth-Arlington	11	913	97.9%	$20,890	$23.36	2.3%	1.9%	1.7%
5) Houston-Woodlands-Sugar Land	16	2,028	95.9%	$39,401	$20.25	3.3%	4.1%	3.3%
6) Washington-Arlington-Alexandri	26	1,833	97.5%	$57,015	$31.89	5.4%	3.7%	4.7%
7) Atlanta-SandySprings-Alpharett	22	2,125	96.3%	$51,679	$25.25	4.6%	4.3%	4.3%
8) Philadelphia-Camden-Wilmington	10	1,166	96.3%	$24,587	$21.91	2.1%	2.4%	2.0%
9) Miami-Ft Lauderdale-Pompano Beach	40	5,170	95.4%	$121,132	$24.55	8.3%	10.5%	10.1%
10) Phoenix-Mesa-Chandler	-	-	-	-	-	-	-	-
11) Boston-Cambridge-Newton	8	910	97.3%	$26,988	$30.47	1.7%	1.8%	2.2%
12) San Francisco-Oakland-Berkeley	19	3,414	93.7%	$99,746	$31.17	3.9%	6.9%	8.3%
13) Riverside-San Bernardino-Ontario	1	99	100.0%	$3,269	$33.10	0.2%	0.2%	0.3%
14) Detroit-Warren-Dearborn	-	-	-	-	-	-	-	-
15) Seattle-Tacoma-Bellevue	17	1,267	96.6%	$35,882	$29.32	3.5%	2.6%	3.0%
16) Minneapolis-St. Paul-Bloomington	5	390	89.9%	$7,429	$21.21	1.0%	0.8%	0.6%
17) San Diego-Chula Vista-Carlsbad	10	1,370	98.3%	$43,562	$32.34	2.1%	2.8%	3.6%
18) Tampa-St Petersburg-Clearwater	9	1,296	99.0%	$27,544	$21.46	1.9%	2.6%	2.3%
19) Denver-Aurora-Lakewood	11	940	98.0%	$16,247	$17.64	2.3%	1.9%	1.4%
20) Baltimore-Columbia-Towson	4	267	97.7%	$7,447	$28.59	0.8%	0.5%	0.6%
21) Orlando-Kissimmee-Sanford	7	834	95.8%	$16,739	$20.94	1.4%	1.7%	1.4%
22) St. Louis	4	408	98.6%	$4,449	$11.05	0.8%	0.8%	0.4%
23) Charlotte-Concord-Gastonia	4	609	98.9%	$15,467	$25.70	0.8%	1.2%	1.3%
24) San Antonio-New Braunfels	-	-	-	-	-	-	-	-
25) Portland-Vancouver-Hillsboro	5	436	95.0%	$9,587	$23.16	1.0%	0.9%	0.8%
26) Austin-Round Rock-Georgetown	6	905	97.2%	$19,474	$22.14	1.2%	1.8%	1.6%
27) Sacramento-Roseville-Folsom	4	318	93.3%	$7,172	$24.20	0.8%	0.6%	0.6%
28) Pittsburgh	-	-	-	-	-	-	-	-
29) Las Vegas-Henderson-Paradise	-	-	-	-	-	-	-	-
30) Cincinnati	5	902	98.9%	$12,856	$14.40	1.0%	1.8%	1.1%
31) Kansas City	-	-	-	-	-	-	-	-
32) Indianapolis-Carmel-Anderson	2	56	91.6%	$1,145	$22.52	0.4%	0.1%	0.1%
33) Nashville-Davidson-Murfreesboro-Franklin	4	638	98.1%	$11,938	$19.09	0.8%	1.3%	1.0%
34) Cleveland-Elyria	-	-	-	-	-	-	-	-
35) San Jose-Sunnyvale-Santa Clara	6	646	96.2%	$20,760	$33.40	1.2%	1.3%	1.7%
36) Virginia Beach-Norfolk-Newport News	-	-	-	-	-	-	-	-
37) Jacksonville	20	1,927	99.5%	$35,038	$18.27	4.1%	3.9%	2.9%
38) Providence-Warwick	-	-	-	-	-	-	-	-
39) Milwaukee-Waukesha	-	-	-	-	-	-	-	-
40) Raleigh-Cary	9	703	98.6%	$16,121	$23.24	1.9%	1.4%	1.3%
41) Oklahoma City	-	-	-	-	-	-	-	-
42) Memphis	-	-	-	-	-	-	-	-
43) Salt Lake City	-	-	-	-	-	-	-	-
44) Louisville/Jefferson County	-	-	-	-	-	-	-	-
45) New Orleans-Metairie	-	-	-	-	-	-	-	-
46) Hartford-E Hartford-Middletown	2	302	97.3%	$6,190	$21.09	0.4%	0.6%	0.5%
47) Buffalo-Cheektowaga	-	-	-	-	-	-	-	-
48) Birmingham-Hoover	-	-	-	-	-	-	-	-
49) Grand Rapids-Kentwood	-	-	-	-	-	-	-	-
50) Tucson	-	-	-	-	-	-	-	-
Top 50 CBSAs by Population	389	41,105	96.5%	$1,017,362	$25.54	80.5%	83.5%	84.7%
CBSAs Ranked 51 - 75 by Population	54	4,507	94.7%	$123,019	$28.81	11.2%	9.2%	10.2%
CBSAs Ranked 76 - 100 by Population	18	1,563	96.4%	$26,308	$17.42	3.7%	3.2%	2.2%
Other CBSAs	22	2,041	96.0%	$33,982	$17.36	4.6%	4.1%	2.8%
Total All Properties	483	49,217	96.3%	$1,200,671	$25.24	100.0%	100.0%	100.0%

Note: Represents Regency's consolidated and pro-rata share of real estate partnerships

Population Data Source: ESRI
Includes Properties in Development and leases that are executed but have not commenced.

Supplemental Information 22

Annual Base Rent By Tenant Category

March 31, 2025

Tenant Category Exposure	% of ABR(1)
Grocery	20%
Restaurant - Quick Service/Fast Casual	13%
Personal Services	7%
Medical	7%
Restaurant - Full Service	6%
Off-Price	5%
Apparel/Accessories	5%
Fitness	5%
Banks	4%
Business Services	4%
Hobby/Sports	4%
Pet	3%
Home	3%
Pharmacy	3%
Other	3%
Office/Communications	2%
Home Improvement/Auto	2%
Liquor/Wine/Beer	2%
Beauty/Cosmetics	1%
Entertainment	1%
Anchor/Shop Exposure	% of ABR
Shop	58%
Anchor	42%

Represents Regency's consolidated and pro-rata share of real estate partnerships; includes properties in development, excludes leases that are executed but have not rent commenced.

Supplemental Information 23

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

March 31, 2025

(in thousands)

#	Tenant	Tenant GLA	% of Company-Owned GLA	Total Annualized Base Rent	% of Total Annualized Base Rent	Total # of Leased Stores
1	Publix	2,925	5.9%	$34,157	2.8%	67
2	Albertsons Companies, Inc.(1)	2,060	4.2%	33,129	2.8%	52
3	TJX Companies, Inc.(2)	1,816	3.7%	33,093	2.8%	75
4	Amazon/Whole Foods	1,296	2.6%	30,999	2.6%	39
5	Kroger Co.(3)	2,933	6.0%	30,857	2.6%	52
6	Ahold Delhaize(4)	924	1.9%	22,920	1.9%	20
7	CVS	760	1.5%	20,289	1.7%	63
8	JPMorgan Chase Bank	183	0.4%	11,278	0.9%	59
9	L.A. Fitness Sports Club	516	1.0%	11,242	0.9%	14
10	Trader Joe's	311	0.6%	11,240	0.9%	30
11	Nordstrom(5)	402	0.8%	10,867	0.9%	12
12	Ross Dress For Less	587	1.2%	9,729	0.8%	25
13	Starbucks	151	0.3%	9,607	0.8%	96
14	H.E. Butt Grocery Company(6)	656	1.3%	9,400	0.8%	8
15	Gap, Inc.(7)	262	0.5%	8,749	0.7%	21
16	Target	771	1.6%	8,587	0.7%	7
17	Bank of America	149	0.3%	8,517	0.7%	40
18	Wells Fargo Bank	138	0.3%	7,962	0.7%	46
19	JAB Holding Company(8)	173	0.4%	7,222	0.6%	60
20	Petco Health & Wellness Company, Inc.(9)	285	0.6%	7,012	0.6%	27
21	Walgreens Boots Alliance(10)	266	0.5%	6,989	0.6%	24
22	Kohl's	526	1.1%	6,389	0.5%	7
23	Xponential Fitness(11)	154	0.3%	6,090	0.5%	93
24	Ulta	199	0.4%	5,919	0.5%	23
25	Five Below	186	0.4%	5,476	0.5%	24
	Top Tenants	18,629	37.8%	$357,719	29.8%	984

Safeway 21 / VONS 8 / Acme 7 / Albertson's 4 / Shaw's 3 / Tom Thumb 3 / Randalls 2 / Star Market 1 / Pavilions 1 / King's Food Market 1 / Jewel-Osco 1
TJ Maxx 28 / Marshalls 24 / Homegoods 20 / Homesense 2 / Sierra Trading Post 1
Kroger 19 / King Soopers 11 / Ralphs 9 / Harris Teeter 8 / Mariano's Fresh Market 3 / Quality Food Centers 2
Stop & Shop 10 / Giant 9 / Food Lion 1
Nordstrom Rack 12
H.E.B. 7 / Central Market 1
Old Navy 12 / Athleta 3 / The Gap 4 / Banana Republic 2
Panera 29 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger's Bagel 4 / Krispy Kreme 3 / Noah's NY Bagels 3
Petco 24 / Unleashed by Petco 3
Walgreens 23 / Duane Reade 1
Club Pilates 42 / Pure Barre 14 / Stretchlab 13 / Yoga Six 10 / Row House 6 / Cyclebar 5 / BFT 2 / AKT 1

Note: Represents Regency's consolidated and pro-rata share of real estate partnerships, includes properties in development and leases that are executed but have not rent commenced. Amounts may not foot due to rounding.

Supplemental Information 24

Tenant Lease Expirations

March 31, 2025

(GLA in thousands)

	Anchor Tenants
Year	GLA	Percent of <br>GLA	Percent of <br>Total ABR(1)	ABR
MTM(2)	60	0.1%	0.1%	$13.07
2025	844	1.8%	0.9%	12.80
2026	2,849	6.1%	3.6%	14.80
2027	3,816	8.2%	5.6%	17.00
2028	3,669	7.9%	5.5%	17.61
2029	4,467	9.6%	6.0%	15.67
2030	3,433	7.4%	5.3%	18.17
2031	1,360	2.9%	2.2%	19.28
2032	1,011	2.2%	1.5%	17.91
2033	1,160	2.5%	2.0%	19.94
2034	998	2.1%	1.5%	18.01
10 Year Total	23,670	50.9%	34.3%	$16.95
Thereafter	5,369	11.6%	8.0%	17.41
	29,039	62.5%	42.3%	$17.03
	Shop Tenants
---	---	---	---	---
Year	GLA	Percent of <br>GLA	Percent of <br>Total ABR(1)	ABR
MTM(2)	210	0.5%	0.6%	$32.82
2025	1,238	2.7%	3.9%	36.37
2026	2,286	4.9%	7.3%	37.38
2027	2,522	5.4%	8.1%	37.53
2028	2,389	5.1%	8.0%	39.32
2029	2,246	4.8%	7.5%	39.17
2030	1,670	3.6%	5.6%	38.92
2031	972	2.1%	3.3%	39.24
2032	1,030	2.2%	3.6%	40.73
2033	947	2.0%	3.3%	40.10
2034	803	1.7%	2.9%	42.51
10 Year Total	16,314	35.1%	54.0%	$38.69
Thereafter	1,120	2.4%	3.7%	38.46
	17,434	37.5%	57.7%	$38.67
		All Tenants
---	---	---	---	---
Year	GLA	Percent of <br>GLA	Percent of <br>Total ABR(1)	ABR
MTM(2)	270	0.6%	0.7%	$28.40
2025	2,082	4.5%	4.8%	26.81
2026	5,135	11.0%	10.9%	24.85
2027	6,339	13.6%	13.7%	25.17
2028	6,059	13.0%	13.6%	26.17
2029	6,714	14.4%	13.5%	23.53
2030	5,104	11.0%	10.9%	24.96
2031	2,332	5.0%	5.5%	27.60
2032	2,041	4.4%	5.1%	29.42
2033	2,108	4.5%	5.2%	29.00
2034	1,801	3.9%	4.5%	28.93
10 Year Total	39,984	86.0%	88.3%	$25.82
Thereafter	6,489	14.0%	11.7%	21.05
	46,473	100%	100%	$25.15

Notes: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options. Amounts may not foot due to rounding.

Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements. Represents Regency's consolidated and pro-rata share of real estate partnerships.
Month to month lease or in process of renewal.

Supplemental Information 25

Components of Net Asset Value (NAV)

As of March 31, 2025

(unaudited and in thousands)

Real Estate: Operating
Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter
Consolidated NOI (page 6)	$247,796
Share of Unconsolidated JV NOI (page 7)	$27,946
Less: Noncontrolling Interests (page 7)	$(2,204)
NOI	$273,538
Quarterly Base Rent From Leases Signed But Not Yet Rent-Paying
Retail Operating Properties Excluding In-Process Redevelopments (Quarterly)	$6,847
Retail Operating Properties Including In-Process Redevelopments (Quarterly)	$11,498
Real Estate: In-Process Ground-Up Developments and Redevelopments
---	---
In-Process Ground-Up Development
REG's Estimated Net Project Costs (page 17)	$239,000
Stabilized Yield (page 17)	7%
Annualized Proforma Stabilized NOI	$16,730
% of Costs Incurred (page 17)	58%
Construction in Progress	$138,620
NOI from In-Process Ground-Up Development - Current Quarter
In-place NOI from Current Year Ground-Up Development Completions	$-
In-place NOI from In-Process Ground-Up Developments	$356
In-Process Redevelopment Projects
REG's Estimated Net Project Costs (page 17)	$260,000
Stabilized Yield (page 17)	10%
Annualized Proforma Stabilized NOI	$26,000
% of Costs Incurred (page 17)	44%
Construction in Progress	$114,400
NOI from In-Process Redevelopment - Current Quarter
In-place NOI from Current Year Redevelopment Completions	$65
In-place NOI from In-Process Redevelopments	$(503)
Fee Income
---	---
Third-Party Management Fees and Commissions - Current Quarter (page 6)	$6,812
Less: Share of JV's Total fee income - Current Quarter (page 7)	$(261)
Other Assets
---	---
Estimated Market Value of Land & Non-income Producing Assets
Land held for sale or future development	$32,277
Outparcels at retail operating properties	$6,839
Non-income producing assets	$11,800
Total Estimated Market Value of Land & Non-income Producing Assets	$50,916
Regency's Pro-Rata Share (page 3 & 4)
Cash and Cash Equivalents	$37,809
Tenant and other receivables, excluding Straight line rent receivables	$90,162
Other Assets, excluding Goodwill	$162,817
Liabilities
---	---
Regency's Pro-Rata Share (page 3 & 4)
Notes payable	$4,916,424
Accounts payable and other liabilities	$365,536
Tenants' security, escrow deposits	$86,424
Preferred Stock	$225,000
Common Shares and Equivalents Outstanding
---	---
Common Shares and Equivalents Issued and Outstanding (page 1)	182,623

Supplemental Information 26

Earnings Guidance

March 31, 2025

Full Year 2025 Guidance (in thousands, except per share data)	YTD Actual	2025 Guidance	Previous Guidance
Net Income Attributable to Common Shareholders per diluted share	$0.58	$2.25 - $2.31	$2.25 - $2.31
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$1.15	$4.52 - $4.58	$4.52 - $4.58
Core Operating Earnings per diluted share(1)	$1.09	$4.30 - $4.36	$4.30 - $4.36
Same property NOI growth without termination fees	4.3%	+3.2% to +4.0%	+3.2% to +4.0%
Non-cash revenues(2)	$12,581	+/-$46,000	+/- $45,000
G&A expense, net(3)	$22,193	$93,000-$96,000	$93,000-$96,000
Interest expense, net and Preferred stock dividends(4)	$56,552	$232,000-$235,000	$231,000-$234,000
Management, transaction and other fees	$6,551	+/-$27,000	+/-$27,000
Development and Redevelopment spend	$66,906	+/-$250,000	+/-$250,000
Acquisitions	$133,032	+/-$140,000	+/-$135,000
Cap rate (weighted average)	5.4%	+/- 5.5%	+/- 5.5%
Dispositions	$0	+/-$75,000	+/-$75,000
Cap rate (weighted average)	0.0%	+/- 6.0%	+/- 6.0%
Share/unit issuances	$0	$100,000	$100,000
Reconciliation of Net Income to Earnings Guidance (per diluted share)	Full Year 2025
---	---	---
	Low	High
Net income attributable to common shareholders	$2.25	2.31
Adjustments to reconcile net income to Nareit FFO:
Depreciation and amortization (excluding FF&E)	2.26	2.26
Exchangeable operating partnership units	0.01	0.01
Nareit Funds From Operations	$4.52	4.58
Adjustments to reconcile Nareit FFO to Core Operating Earnings:
Straight line rent, net	(0.12)	(0.12)
Above/below market rent amortization, net	(0.13)	(0.13)
Debt and derivative mark-to-market amortization	0.03	0.03
Core Operating Earnings	$4.30	4.36

Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.
Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.
Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro rata basis.
Includes debt and derivative mark to market amortization, and is net of interest income.

Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Supplemental Information 27

Glossary of Terms

March 31, 2025

Non-GAAP Financial Measures

The Company provides the following non-GAAP financial measures as supplemental information to enhance investors’ understanding of its financial performance and liquidity. These measures are not intended to replace or be considered more meaningful than net income or cash flow from operating activities, as calculated in accordance with GAAP. Non-GAAP measures have inherent limitations, as they exclude certain income and expense items that impact operating results. As such, they should be viewed in conjunction with GAAP results. Additionally, the Company’s methodology for calculating these measures may differ from that used by other REITs, making comparisons to similarly titled metrics potentially inconsistent. Investors should be aware that the excluded items remain relevant to a comprehensive assessment of financial performance.

Adjusted Funds From Operations (AFFO): An additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings for (i) capital expenditures necessary to maintain and lease the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation.

Core Operating Earnings: An additional performance measure used by Regency because the computation of Nareit Funds from Operations (“Nareit FFO”) includes certain non-comparable items that affect the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.

Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders. We use the Fixed Charge Coverage Ratio as a key performance indicator to assess our ability to meet fixed financing obligations. Management, creditors, and rating agencies commonly rely on this ratio to evaluate our financial flexibility and overall creditworthiness. It also allows us and our investors to gauge how effectively our ongoing operating performance supports the fulfillment of fixed commitments. We believe this metric offers valuable insight into the strength and sustainability of our capital structure and liquidity position.

Nareit Funds From Operations (Nareit FFO): Nareit FFO is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. 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 on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's 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.

Pro-rata Net Debt and Preferreds-to-Operating EBITDAre: Net debt plus preferred stock divided by Operating EBITDAre. Net debt is calculated as the sum of consolidated debt and Regency’s pro-rata share of unconsolidated debt, less cash, cash equivalents, and restricted cash. This metric is used by management and investors to evaluate Regency’s leverage and capital structure in relation to its earnings-generating capacity. We believe this ratio is useful to investors as it provides insight into Regency’s financial leverage, independent of fluctuations in cash levels, and allows for consistent period-over-period comparison. The pro-rata share presentation reflects the economic impact of Regency’s unconsolidated joint ventures.

Net Operating Income (NOI): The sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. 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. Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors. By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management. In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, redevelopments, and investments in capital improvements.

Supplemental Information 28

Operating EBITDAre: Nareit EBITDAre is a measure of REIT performance, which the Nareit defines as net income, computed in accordance with GAAP, excluding (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains on sales of real estate; (v) impairments of real estate; and (vi) adjustments to reflect the Company’s share of unconsolidated partnerships and joint ventures. Operating EBITDAre excludes from Nareit EBITDAre certain non-cash components of earnings derived from straight-line rents and above and below market rent amortization. The Company provides a reconciliation of Net Income to Nareit EBITDAre to Operating EBITDAre.

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 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.

Pro-rata Same Property NOI: a key non-GAAP financial measure commonly used by real estate investment trusts (REITs) to evaluate operating performance. It is calculated on a proportionate ownership basis for properties held during the comparable reporting periods, excluding revenue and expenses related to non-same properties during the periods. Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Pro-rata Same Property NOI as a supplemental measure to assess property-level performance, excluding the effects of corporate-level expenses, financing costs, and non-operating activities. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.

Supplemental Information 29

Other Defined Terms

Anchor Space: A space equal to or greater than 10,000 SF.

Development Completion: A Property in Development that is deemed complete upon the earlier 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. Once deemed complete, the property is termed a Retail Operating Property.

Non-Same Property: Any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property. Please refer to the footnote on Property Summary Report for Non-Same Property detail.

Other lease income: includes revenue derived from various lease-related activities beyond standard base or percentage rent. This primarily includes income from temporary tenants, late fees, signage and marketing fees, sustainability income, land/building rentals, communications tower leases, tenant/employee parking fees, incidental income, and other ancillary charges generally outlined in lease agreements.

Other property income: includes parking fees and other incidental income from the properties and is generally recognized at the point in time that the performance obligation is met.

Property In Development: Properties in various stages of ground-up development.

Property In Redevelopment: Retail Operating Properties under redevelopment or being positioned for redevelopment. Unless otherwise indicated, a Property in Redevelopment is included in the Same Property pool.

Redevelopment Completion: A Property in Redevelopment that is deemed complete upon the earlier of (i) 90% of total estimated project costs have been incurred and percent leased equals or exceeds 95% for the Company owned GLA related to the project, or (ii) the property features at least two years of anchor operations, if applicable.

Retail Operating Property: 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.

Same Property: Retail Operating Property that was owned and operated for the entirety of both calendar year periods being compared. This term excludes Property in Development, prior year Development Completions, and Non-Same Properties. Property in Redevelopment is included unless otherwise indicated.

Shop Space: A space under 10,000 SF.

Supplemental Information 30

EX-99.3

HighlightsFirst Quarter 2025 Reported Nareit FFO of $1.15 per diluted share and Core Operating Earnings of $1.09 per diluted share Reaffirmed 2025 earnings guidance for Nareit FFO, Core Operating Earnings, and Same Property NOI growth Increased Same Property NOI year-over-year, excluding lease termination fees, by 4.3% Same Property percent leased ended the quarter at 96.5%, an increase of 100 basis points year-over-year, and SameProperty percent commenced ended the quarter at 93.5%, up 170 basis points year-over-year Same Property anchor percent leased ended the quarter at 98.3%, an increase of 130 basis points year-over-year, andSame Property shop percent leased ended the quarter at 93.7%, up 70 basis points year-over-year Executed 1.4 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of+8.1% on a cash basis and +18.6% on a straight-lined basis On March 14, 2025, acquired Brentwood Place, a community center in Nashville, TN, for $119 million As of March 31, 2025, Regency's in-process development and redevelopment projects had estimated net project costsof $499 million at a blended yield of 9% In February, S&P Global Ratings ("S&P") upgraded Regency's credit rating to "A-" with a stable outlook Pro-rata net debt and preferred stock to operating EBITDAre at March 31, 2025 was 5.3x2

Credit Ratings & Select RatiosCredit RatingsAgency Credit Rating Outlook Last ReviewDateS&P A- Stable 2/26/25Moody's A3 Stable 1/28/25i. For a complete listing of all Debt Covenants related to the Company’s Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company’s filings with the Securities and ExchangeCommission.ii. Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing. 3Unsecured Public Debt CovenantsRequired 3/31/2025 12/31/2024 9/30/2024 6/30/2024Fair Market Value Calculation Method Covenants(i)(ii)Total Consolidated Debt to Total Consolidated Assets ≤ 65% 27% 27% 27% 27%Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 4% 4% 4% 4%Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 4.8x 4.9x 4.9x 4.8xUnencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 380% 396% 397% 394%

Capital Structure & Liquidity ProfileLiquidity Profile ($ millions)Unsecured Credit Facility - Committed 1,500Balance Outstanding (265)Undrawn Portion of Credit Facility 1,235Cash, Cash Equivalents & Marketable Securities 79Unsettled Forward ATM Equity 100Total Liquidity 1,4143/31/2025I1%■ Equity ■ Unsecured Debt - Bonds■ Consolidated Debt - Secured ■ Unconsolidated Debt - Secured■ Preferred Equity ■ Credit Facilities<1%■ Secured Fixed Rate■ Secured VariableRate■ Unsecured Debt -Bonds■ Secured■ Unsecured4Capital Structure(% of total capitalization)Debt CompositionPro-RataSecured vs. Unsecured4$18.9 BillionTotalCapitalization1% 3% 4% 20% 24% 75% <1% 22% 78%

IA Well-Laddered Maturity Schedule$900$800 $770$717$700 $674V'l $600 $561C,QE $500 $463$425 ,A- $415C $400$309 $325 $300$300$200 $177$112$100$0 $0 $12025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 - 2047 20492046■ Unsecured Debt - Bonds ■ Line of Credit ■ Consolidated Debt - Secured ■ Unconsolidated Debt - Secured(in $ millions)Pro Rata Debt Maturity Profile as of March 31, 2025Regency aims to have < 15% of total debt maturing in any given yearWtd Avg Interest Rate: 4.2%Wtd Avg Yrs to Maturity: 6.6 YearsTotal Pro Rata Debt: $5.5B5

Follow UsFirst Quarter 2025 Earnings Conference CallWednesday, April 30th, 2025Time: 11:00 AM ETDial#: 877-407-0789 or 201-689-8562Webcast: investors.regencycenters.comForward-Looking StatementsCertain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlookand other similar statements relating to Regency’s future events, developments, or financial or operational performance or results such as our 2025Guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 andother federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,”“expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence ofthese or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements arereasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed onthese statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can giveno assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-lookingstatements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to,those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December31, 2024 (“2024 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our Quarterly Report on Form 10-Q. Whenconsidering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reportson Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factorsactually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected.Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whetheras a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include,without limitation:Risk Factors Related to the Current Economic and Geopolitical EnvironmentsInterest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Economic challengesand policy changes may adversely impact our tenants and our business. Unfavorable developments that may affect the banking and financial servicesindustry could adversely affect our business, liquidity and financial condition, and overall results of operations. Current geopolitical challenges couldimpact the U.S. economy and consumer spending and our results of operations and financial condition. Evolving political and economic events anduncertainties, including tariffs, retaliatory tariffs, international trade disputes, and immigration policies could adversely impact the businesses of our tenantsand our business.Risk Factors Related to Pandemics or other Public Health CrisesPandemics or other public health crises may adversely affect our tenants financial condition, the profitability of our properties, and our access to thecapital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.Risk Factors Related to Operating Retail-Based Shopping CentersEconomic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow, and increase ouroperating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbsidepick-up may adversely impact our revenues, results of operations, and cash flows. Changing economic and retail market conditions in geographic areaswhere our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our“anchor” tenants. A percentage of our revenues are derived from “local” tenants and our net income may be adversely impacted if these tenants arenot successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants inbankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease incomedecreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have a material negative effect on us.Risk Factors Related to Real Estate InvestmentsOur real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated withdevelopment, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. Weface risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in taxlaws could impact our acquisition or disposition of real estate.Risk Factors Related to the Environment Affecting Our PropertiesClimate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location, and may lead toadditional compliance obligations and costs. Costs of environmental remediation may adversely impact our financial performance and reduce our cashflow.Risk Factors Related to Corporate MattersAn increased focus on metrics and reporting related to environmental, social, and governance (“ESG”) factors by investors and other stakeholders mayimpose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject usto loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations.Risk Factors Related to Our Partnerships and Joint VenturesWe do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that ourobjectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to makedistributions to stock and unit holders.Risk Factors Related to Funding Strategies and Capital StructureOur ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI atour properties which may adversely affect results of operations and financial condition. We depend on external sources of capital, which may not beavailable in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debtagreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing coststo rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not performand that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.Risk Factors Related to Information Management and TechnologyThe unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidentialinformation stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities andmaterial adverse financial impact. Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to theprivacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition. The use oftechnology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatoryrisk, any or all of which may adversely affect our business and results of operations.Risk Factors Related to Taxes and the Parent Company’s Qualification as a REITIf 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.Dividends paid by REITs generally do not qualify for reduced tax rates. Certain non-U.S. stockholders may be subject to U.S. federal income tax on gainrecognized on a disposition of our common stock if the Parent Company does not qualify as a “domestically controlled” REIT. Legislative or other actionsaffecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and maycause us to incur tax liabilities. Partnership tax audit rules could have a material adverse effect.Risk Factors Related to the Company’s Common StockRestrictions on the ownership of the Parent Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuanceof the Parent Company's capital stock may delay or prevent a change in control. Ownership in the Parent Company may be diluted in the future. TheParent Company’s amended and restated bylaws provides that the courts located in the State of Florida will be the sole and exclusive forum forsubstantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputeswith us or our directors, officers, or employees. There is no assurance that we will continue to pay dividends at current or historical ratesNon-GAAP DisclosureWe believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relatingto our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of priorperiods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAPmeasures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measuresis they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. Inaddition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining thesenon-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their mostdirectly comparable GAAP measures are provided. Non-GAAP financial measures should not be relied upon in evaluating the financial condition, results ofoperations or future prospects of the Company.Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as netincome, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortizationrelated to real estate, and after adjustments for unconsolidated real estate partnerships. Regency computes Nareit FFO for all periods presented inaccordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, itprovides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates,operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance notimmediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of theCompany's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, shouldnot be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to CommonShareholders to Nareit FFO.Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains orlosses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization,straight-line rents, and amortization of mark-to-market of debt and derivative adjustments; and (iv) other amounts as they occur. The Company providesa reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO to Core Operating Earnings.Adjusted Funds From Operations is an additional performance measure used by Regency that reflects cash available to fund the Company’s businessneeds and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary tomaintain and lease the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stock-based compensation. The Companyprovides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, to Core Operating Earnings, and to Adjusted Funds fromOperations.IContact Information: Christy McElroySenior Vice President, Capital Markets904-598-7616ChristyMcElroy@RegencyCenters.com