8-K - REG - Equibles

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

May 6, 2021

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><br>Delaware (Regency Centers, L. P.)	001-12298 (Regency Centers Corporation)<br><br><br>0-24763 (Regency Centers, L.P.)	59-3191743 (Regency Centers Corporation)<br><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, $.01 par value	REG	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 May 6, 2021, Regency issued an earnings release for the three months ended March 31, 2021, which is attached as Exhibit 99.1.

On May 6, 2021, Regency posted on its website, at www.regencycenters.com, certain supplemental information for the three months ended March 31, 2021, which is attached as Exhibit 99.2 and Exhibit 99.3.

The information furnished under this Item 2.02, including Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 incorporated by reference herein, 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 May 6, 2021, Regency posted on its website, at www.regencycenters.com, a presentation deck which is attached as Exhibit 99.4.

The information furnished under this item 7.01, including Exhibit 99.4 incorporated by reference herein, 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 May 6, 2021, for the three months ended March 31, 2021.
Exhibit 99.2	Supplemental information posted on its website on May 6, 2021, for the three months ended March 31, 2021.
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Exhibit 99.3	Fixed income supplemental information posted on its website on May 6, 2021, for the three months ended March 31, 2021.
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Exhibit 99.4	Regency Centers Business Update Presentation Deck.
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104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents)
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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
May 6, 2021	By:	/s/ J. Christian Leavitt
		J. Christian Leavitt, Senior Vice President and Treasurer<br><br><br>(Principal Accounting Officer)
	REGENCY CENTERS, L.P.
	By: Regency Centers Corporation, its general partner
May 6, 2021	By:	/s/ J. Christian Leavitt
		J. Christian Leavitt, Senior Vice President and Treasurer<br><br><br>(Principal Accounting Officer)

reg-ex991_71.htm

Exhibit 99.1

NEWS RELEASE<br><br><br>For immediate release<br><br><br><br><br><br>Christy McElroy<br><br><br>904 598 7616<br><br><br>ChristyMcElroy@regencycenters.com

Regency Centers Reports First Quarter 2021 Results

JACKSONVILLE, FL (May 6, 2021) – Regency Centers Corporation (“Regency” or the “Company”) (NASDAQ:REG) today reported financial and operating results for the period ended March 31, 2021, provided an update related to the COVID-19 pandemic, and provided updated guidance for 2021 Nareit FFO. Net Income was $0.47 per diluted share for the quarter ended March 31, 2021, compared to Net Loss of ($0.15) per diluted share for the quarter ended March 31, 2020.

First Quarter 2021 Highlights

•	Reported Nareit FFO of $0.90 per diluted share for the first quarter
•	Updated 2021 Nareit FFO guidance to a range of $3.33 – $3.43 per diluted share
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•	Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, decreased 1.6% during the first quarter
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•	Realized percent leased of 92.5% in the same property portfolio as of March 31, 2021
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•	Collected 93% of first quarter pro-rata base rent, as of May 3, 2021
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•	Executed 1.5 million square feet of new and renewal leases during the first quarter at a blended rent spread of +0.2%
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•	Completed property and outparcel dispositions of $59.3 million and non-income producing land sales of $675,000, each at Regency’s share of gross sales price
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•	Realized pro-rata net debt-to-operating EBITDAre of 5.9x at March 31, 2021
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Subsequent Highlights

•	On April 7, 2021, completed the refinancing of ten properties in an unconsolidated co-investment partnership with ten individual 10-year secured loans for total gross proceeds of $197 million, or $78.8 million at Regency’s share, at a blended fixed interest rate of 2.90%
•	On April 13, 2021, closed on the sale of one shopping center in Northern California for a gross sales price of $53.2 million, at Regency’s share
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•	On May 5, 2021, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share
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“We are encouraged by continued improvement in the retail environment and in the financial health of our tenants, evident in strengthening rent collection and leasing activity,” said Lisa Palmer, President and Chief Executive Officer. “We see longer term structural tailwinds for our Company and our industry, benefitting from growth in suburban markets as well as renewed appreciation among consumers and retailers for the capabilities and conveniences of our open air neighborhood and community centers.”

Financial Results

Net Income

•	For the three months ended March 31, 2021, Net Income Attributable to Common Stockholders (“Net Income”) was $80.7 million, or $0.47 per diluted share, compared to Net Loss Attributable to Common Stockholders (“Net Loss”) of ($25.3) million, or ($0.15) per diluted share, for the same period in 2020.
Supplemental Information	1
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Nareit FFO

•	For the three months ended March 31, 2021, Nareit Funds From Operations (“Nareit FFO”) was $153.4 million, or $0.90 per diluted share, compared to $166.1 million, or $0.98 per diluted share, for the same period in 2020.
•	Nareit FFO continues to be unfavorably impacted by the COVID-19 pandemic versus the same period in 2020, including tenant vacancy and uncollectible lease income related to cash basis tenants, partially offset by revenue related to prior period collections from cash basis tenants.
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•	Items that impact first quarter Nareit FFO comparability in 2021 versus 2020 include:
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o	Lease termination expense in the first quarter was ($1.7) million, or ($0.01) per diluted share, driven by a terminated lease at a property sold during the first quarter.
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o	Uncollectible lease income positively impacted revenues in the first quarter by $2.4 million at Regency’s share, or $0.01 per diluted share, comprised of reserves against 2021 billings of ($17.7) million, which was more than offset by the reversal of 2020 reserves of $20.1 million. For additional detail, please refer to page 32 of the first quarter 2021 supplemental disclosure.
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Core Operating Earnings

•	For the three months ended March 31, 2021, Core Operating Earnings was $146.7 million, or $0.86 per diluted share, compared to $153.7 million, or $0.91 per diluted share, for the same period in 2020.

Portfolio Performance

Same Property NOI

•	First quarter 2021 same property Net Operating Income (“NOI”), excluding termination fees, declined by 1.6% compared to the same period in 2020.

Leased Occupancy

•	As of March 31, 2021, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 92.2% leased.
•	As of March 31, 2021, Regency’s same property portfolio was 92.5% leased, a decline of 50 basis points sequentially.
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o	Within the same property portfolio, anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 95.1%, a decline of 40 basis points sequentially.
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o	Same property shop percent leased, which includes spaces less than 10,000 square feet, was 88.3%, a decline of 40 basis points sequentially.
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Leasing Activity

•	For the three months ended March 31, 2021, Regency executed 1.5 million square feet of comparable new and renewal leases at blended rent spreads of +0.2%.
•	For the trailing twelve months, the Company executed 5.9 million square feet of comparable new and renewal leases at blended rents spreads of +1.2%.
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COVID-19 Update

•	As of March 31, 2021, over 1,700 rent deferral agreements were executed, with total deferred rent of $42.7 million. As of March 31, 2021, the Company had rent deferral agreements with balances still outstanding totaling $28.3 million, of which 56% is on a cash basis.
•	As of May 3, 2021, the Company collected 93% of first quarter pro-rata base rent, in addition to 1% subject to executed deferral agreements.
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•	The Company also continues to make progress on 2020 accounts receivable. As of May 3, 2021, the Company has collected 85%, 91%, and 93% of second, third, and fourth quarter 2020 pro-rata base rent, respectively, including collected rebilled rent subject to executed deferral agreements.
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Supplemental Information	2
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•	A “Business Update” presentation is posted on our website at investors.regencycenters.com, and includes additional information regarding COVID-19 impacts. Also refer to page 32 of the first quarter 2021 supplemental disclosure.
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Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

•	As of March 31, 2021, the Company had estimated net project costs of $327 million and an estimated $161 million of remaining costs to complete on development and redevelopment projects in-process.
•	During the first quarter, Regency completed redevelopment projects with total pro-rata cost of $3.4 million.
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Property Transactions

•	During the first quarter, the Company sold five properties for a combined gross sales price of $59.3 million at Regency’s share, and one non-income producing land parcel for a gross sales price of $680,000 at Regency’s share.
•	Subsequent to quarter-end, the Company closed on the sale of Gateway 101 Shopping Center, located in East Palo Alto, CA, for a gross sales price of $53.2 million, at Regency’s share.
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Balance Sheet

•	As of March 31, 2021, Regency had full capacity under its $1.2 billion revolving credit facility.
•	As of March 31, 2021, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.9x.
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•	Subsequent to quarter-end, Regency completed the refinancing of ten properties in an unconsolidated co-investment partnership with ten individual 10-year secured loans for total gross proceeds of $197 million, or $78.8 million at Regency’s share, at a blended fixed interest rate of 2.90%.
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Dividend

•	On May 5, 2021, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.595 per share. The dividend is payable on July 6, 2021, to shareholders of record as of June 15, 2021.

2021 Guidance

Regency Centers provided updated 2021 guidance concurrently with the first quarter 2021 earnings release, as summarized in the table below.

Please refer to the Company’s “Business Update” presentation for additional detail on guidance disclosure, including a reconciliation of Nareit FFO per diluted share from 2020 to 2021, as well as a reconciliation of Same Property NOI from the previous range to the current range. Additional guidance details may also be found in the first quarter 2021 Supplemental Package. All materials are posted on the website at investors.regencycenters.com.

Supplemental Information	3
Full Year 2021 Guidance
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All figures pro-rata and in thousands, except per share data
* Changes to Forecast Bolded Below *	Current	Previous
Net Income Attributable to Common Stockholders per diluted share	$1.43 - $1.53	$0.55 - $0.73
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$3.33 - $3.43	$2.96 - $3.14
Core Operating Earnings per diluted share ^(1)^	$3.16 - $3.26	$2.79 - $2.97
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)	+6.0% to +8.5%	-1.0% to +2.5%
Included Impact of Prior Period Collections on SP NOI Range	+425bps	+125bps
Certain Non-Cash Items (pro-rata) ^(2)^	+/- $30,000	+/- $30,000
Net G&A expense (pro-rata)	$77,000 - $81,000	$82,500 - $86,500
Net interest expense (pro-rata)	$164,000 - $165,000	$166,000 - $167,000
Recurring third party fees & commissions (pro-rata)	$23,000 - $24,000	$23,000 - $24,000
Development and Redevelopment Spend (pro-rata)	+/- $150,000	+/- $150,000
Acquisitions	+/- $0	+/- $0
Cap rate (weighted average)	+/- 0.0%	+/- 0.0%
Dispositions	+/- $150,000	+/- $150,000
Cap rate (weighted average) ^(3)^	5.5% - 6.0%	5.5% - 6.0%
^(1)^	Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as extinguishment charges.
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^(2^^)^	Average cap rate calculation excludes the sale of the non-income producing asset for $29.4 million in the first quarter.
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^(3^^)^	Weighted average cap rates exclude non-income producing assets (Pleasanton in 1Q21).
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Conference Call Information

To discuss Regency’s first quarter results and provide further business updates, management will host a conference call on Friday, May 7, 2021, at 11:00 a.m. ET. Dial-in and webcast information is listed below.

First Quarter 2021 Earnings Conference Call

Date:Friday, May 7, 2021

Time:11:00 p.m. ET

Dial#:877-407-0789 or 201-689-8562

Webcast:investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Supplemental Information	4

Non-GAAP Disclosure

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. 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, and after adjustments for unconsolidated partnerships and joint ventures. 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 Stockholders 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 adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

Supplemental Information	5

Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

For the Periods Ended March 31, 2021 and 2020	Three Months Ended						Year to Date
	2020			2019			2020			2019
Reconciliation of Net Income (Loss) to Nareit FFO:
Net Income (Loss) Attributable to Common Stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
Adjustments to reconcile to Nareit Funds From Operations ^(1)^:
Depreciation and amortization (excluding FF&E)		84,494			96,632			84,494			96,632
Goodwill impairment		-			132,128			-			132,128
Gain on sale of real estate		(12,070	)		(37,952	)		(12,070	)		(37,952	)
Provision for impairment of real estate		-			784			-			784
Exchangeable operating partnership units		364			(115	)		364			(115	)
Nareit Funds From Operations	$	153,444			166,145		$	153,444			166,145
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations	$	153,444			166,145		$	153,444			166,145
Adjustments to reconcile to Core Operating Earnings ^(1)^:
Straight line rent		(3,429	)		(3,997	)		(3,429	)		(3,997	)
Uncollectible straight line rent		2,573			4,673			2,573			4,673
Above/below market rent amortization, net		(5,980	)		(12,729	)		(5,980	)		(12,729	)
Debt premium/discount amortization		91			(410	)		91			(410	)
Core Operating Earnings	$	146,699			153,682		$	146,699			153,682
Weighted Average Shares For Diluted Earnings per Share		170,006			167,908			170,006			167,908
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		170,771			169,039			170,771			169,039
^(1^^)^	Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.
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Same property NOI is a key non-GAAP measure used by management in evaluating the operating performance of Regency’s properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata same property NOI.

Supplemental Information	6

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

For the Periods Ended March 31, 2021 and 2020	Three Months Ended						Year to Date
	2020			2019			2020			2019
Net Income (Loss) Attributable to Common Stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
Less:
Management, transaction, and other fees		(6,393	)		(6,816	)		(6,393	)		(6,816	)
Other^(1)^		(7,704	)		(13,810	)		(7,704	)		(13,810	)
Plus:
Depreciation and amortization		77,259			89,295			77,259			89,295
General and administrative		21,287			13,705			21,287			13,705
Other operating expense		698			1,337			698			1,337
Other expense		23,752			137,266			23,752			137,266
Equity in income of investments in real estate excluded from NOI ^(2)^		13,301			15,483			13,301			15,483
Net income attributable to noncontrolling interests		969			549			969			549
NOI		203,825			211,677			203,825			211,677
Less non-same property NOI ^(3)^		(1,345	)		(4,257	)		(1,345	)		(4,257	)
Same Property NOI	$	202,480			207,420		$	202,480			207,420
Same Property NOI without Termination Fees	$	202,062			205,274		$	202,062			205,274
Same Property NOI without Termination Fees or Redevelopments	$	180,521			183,494		$	180,521			183,494
^(1)^	Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
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^(2)^	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.
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^(3)^	Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.
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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 2021 supplemental information package that may help investors estimate earnings for 2021. A copy of the Company’s first quarter 2021 supplemental information 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 information 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, 2021. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

About Regency Centers Corporation (NASDAQ: REG)

Regency Centers is the preeminent national owner, operator, and developer of shopping centers located in affluent, infill suburban trade areas. 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.

Supplemental Information	7

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 2021 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,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “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 SEC filings. 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 except as required by law. These risks and events include, without limitation.

Risk Factors

Risk Factors Related to the COVID-19 Pandemic

Pandemics or other health crises, such as the COVID-19 pandemic, 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 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 significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. 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 the Disabilities Act and fire, safety and other regulations may have a 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 directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow.

Supplemental Information	8

Risk Factors Related to Corporate Matters

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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

We do not have voting control over all of the properties owned in our co-investment 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 dilute earnings. 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. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.

Risk Factors Related to the Market Price for Our Securities

Changes in economic and market conditions may adversely affect the market price of our securities.

There is no assurance that we will continue to pay dividends at historical rates.

Risk Factors Relating to the 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 foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.

Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risks Related to the Company’s Common 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.

Supplemental Information	9

reg-ex992_9.htm

Exhibit 99.2

Table of Contents

March 31, 2021

Forward-Looking Statements and Non-GAAP Measures Disclosures	i
Earnings Press Release	v
Summary Information:
Summary Financial Information	1
Summary Real Estate Information	2
Financial Information:
Consolidated Balance Sheets	3
Consolidated Statements of Operations	4
Supplemental Details of Operations (Consolidated Only)	5
Supplemental Details of Assets and Liabilities (Real Estate Partnerships 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 and Additional Disclosures	9
Summary of Consolidated Debt	11
Summary of Consolidated Debt Detail	12
Summary of Unsecured Debt Covenants and Leverage Ratios	13
Summary of Unconsolidated Debt	14
Unconsolidated Investments	15
Investment Activity:
Property Transactions	16
Summary of In-Process Developments and Redevelopments	17
Major Developments and Redevelopments Pipeline and Completions	18
Real Estate Information:
Leasing Statistics	19
Average Base Rent by CBSA	20
Significant Tenant Rents	21
Tenant Lease Expirations	22
Portfolio Summary Report by State	23
Additional Disclosures Related to COVID-19 and Forward-Looking Information:
Components of NAV	38
Additional Disclosures Related to COVID-19 Impact	39
Earnings Guidance	40
Reconciliation of Net Income to Nareit FFO	41
Glossary of Terms	42

Forward-Looking Statements and Non-GAAP Measures Disclosures

March 31, 2021

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, 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,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “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 risk factors described in our SEC filings. 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 except as required by law. These risks and events include, without limitation:

Risk Factors Related to the COVID-19 Pandemic

•	Pandemics or other health crises, such as the COVID-19 pandemic, 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 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 significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful.
---	---
•	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 fire, safety and other regulations may have a 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.
---	---
Supplemental Information	i
---	---

Risk Factors Related to the Environment Affecting Our Properties

•	Climate change may adversely impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees.
•	Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change.
---	---
•	Costs of environmental remediation may impact our financial performance and reduce our cash flow.
---	---

Risk Factors Related to Corporate Matters

•	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.
---	---
•	The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.
---	---

Risk Factors Related to Our Partnerships and Joint Ventures

•	We do not have voting control over all of the properties owned in our co-investment 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 dilute earnings.
•	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.
---	---
•	The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined.
---	---

Risk Factors Related to the Market Price for Our Securities

•	Changes in economic and market conditions may adversely affect the market price of our securities.
•	There is no assurance that we will continue to pay dividends at historical rates.
---	---

Risk Factors Relating to the 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 foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT.
---	---
•	Legislative or other actions affecting REITs may have a negative effect on us.
---	---
•	Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
---	---
Supplemental Information	ii
---	---

Risks Related to the Company’s Common 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.
---	---

Non-GAAP Measures Disclosures

The pro-rata information provided is not, and is not intended to be, presented in accordance with GAAP. The pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities and operating results of the properties in our portfolio.

•	The items labeled as "Consolidated" are prepared on a basis consistent with the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable.
•	The columns labeled "Share of JVs" represent our ownership interest in our unconsolidated (equity method) investments in real estate partnerships, and was derived on a partnership by partnership basis by applying to each financial statement line item our ownership percentage interest used to arrive at our share of investments in real estate partnerships and equity in income or loss of investments in real estate partnerships during the period when applying the equity method of accounting to each of our unconsolidated partnerships.
---	---
•	A similar calculation was performed for the amounts in columns labeled ''Noncontrolling Interests”, which represent the limited partners’ interests in consolidated partnerships attributable to each financial statement line item.
---	---

We do not control the unconsolidated partnerships, and the presentations of the assets and liabilities and revenues and expenses do not necessarily 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. Our share of invested capital establishes the ownership interest we use to prepare our pro-rata share.

The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include, but are not limited to the following:

•	The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting or allocating noncontrolling interests, and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
•	Other companies in our industry may calculate their pro-rata interests differently, limiting the comparability of pro-rata information.
---	---

Because of these limitations, the supplemental details of assets and liabilities and supplemental details of operations should not be considered independently or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata details as a supplement.

Supplemental Information	iii

The following non-GAAP measures, as defined in the Glossary of Terms, are commonly used by management and the investing public to understand and evaluate our operating results and performance:

•	Nareit Funds From Operations (Nareit FFO): The Company believes Nareit FFO 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. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.
•	Net Operating Income (NOI): The Company believes NOI provides useful information to investors to measure the operating performance of its portfolio of properties. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to pro-rata NOI.
---	---
•	Core Operating Earnings: The Company believes Core Operating Earnings, which excludes certain non-cash and non-comparable items from the computation of Nareit FFO that affect the Company's period-over-period performance, is useful to investors because it is more reflective of the core operating performance of its portfolio of properties. The Company provides a reconciliation of Nareit FFO to Core Operating Earnings.
---	---
•	Same Property NOI: The Company provides disclosure of NOI on a same property basis because it believes the measure provides investors with additional information regarding the operating performances of comparable assets. Same Property NOI excludes all development, non-same property and corporate level revenue and expenses. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.
---	---
Supplemental Information	iv
---	---
NEWS RELEASE<br><br><br>For immediate release<br><br><br><br><br><br>Christy McElroy<br><br><br>904 598 7616<br><br><br>ChristyMcElroy@regencycenters.com
---

Regency Centers Reports First Quarter 2021 Results

First Quarter 2021 Highlights

•	Reported Nareit FFO of $0.90 per diluted share for the first quarter
•	Updated 2021 Nareit FFO guidance to a range of $3.33 – $3.43 per diluted share
---	---
•	Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, decreased 1.6% during the first quarter
---	---
•	Realized percent leased of 92.5% in the same property portfolio as of March 31, 2021
---	---
•	Collected 93% of first quarter pro-rata base rent, as of May 3, 2021
---	---
•	Executed 1.5 million square feet of new and renewal leases during the first quarter at a blended rent spread of +0.2%
---	---
•	Completed property and outparcel dispositions of $59.3 million and non-income producing land sales of $675,000, each at Regency’s share of gross sales price
---	---
•	Realized pro-rata net debt-to-operating EBITDAre of 5.9x at March 31, 2021
---	---

Subsequent Highlights

•	On April 7, 2021, completed the refinancing of ten properties in an unconsolidated co-investment partnership with ten individual 10-year secured loans for total gross proceeds of $197 million, or $78.8 million at Regency’s share, at a blended fixed interest rate of 2.90%
•	On April 13, 2021, closed on the sale of one shopping center in Northern California for a gross sales price of $53.2 million, at Regency’s share
---	---
•	On May 5, 2021, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share
---	---

Financial Results

Net Income

•	For the three months ended March 31, 2021, Net Income Attributable to Common Stockholders (“Net Income”) was $80.7 million, or $0.47 per diluted share, compared to Net Loss Attributable to Common Stockholders (“Net Loss”) of ($25.3) million, or ($0.15) per diluted share, for the same period in 2020.
Supplemental Information	v
---	---

Nareit FFO

•	For the three months ended March 31, 2021, Nareit Funds From Operations (“Nareit FFO”) was $153.4 million, or $0.90 per diluted share, compared to $166.1 million, or $0.98 per diluted share, for the same period in 2020.
•	Nareit FFO continues to be unfavorably impacted by the COVID-19 pandemic versus the same period in 2020, including tenant vacancy and uncollectible lease income related to cash basis tenants, partially offset by revenue related to prior period collections from cash basis tenants.
---	---
•	Items that impact first quarter Nareit FFO comparability in 2021 versus 2020 include:
---	---
o	Lease termination expense in the first quarter was ($1.7) million, or ($0.01) per diluted share, driven by a terminated lease at a property sold during the first quarter.
---	---
o	Uncollectible lease income positively impacted revenues in the first quarter by $2.4 million at Regency’s share, or $0.01 per diluted share, comprised of reserves against 2021 billings of ($17.7) million, which was more than offset by the reversal of 2020 reserves of $20.1 million. For additional detail, please refer to page 32 of the first quarter 2021 supplemental disclosure.
---	---

Core Operating Earnings

•	For the three months ended March 31, 2021, Core Operating Earnings was $146.7 million, or $0.86 per diluted share, compared to $153.7 million, or $0.91 per diluted share, for the same period in 2020.

Portfolio Performance

Same Property NOI

•	First quarter 2021 same property Net Operating Income (“NOI”), excluding termination fees, declined by 1.6% compared to the same period in 2020.

Leased Occupancy

•	As of March 31, 2021, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 92.2% leased.
•	As of March 31, 2021, Regency’s same property portfolio was 92.5% leased, a decline of 50 basis points sequentially.
---	---
o	Within the same property portfolio, anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 95.1%, a decline of 40 basis points sequentially.
---	---
o	Same property shop percent leased, which includes spaces less than 10,000 square feet, was 88.3%, a decline of 40 basis points sequentially.
---	---

Leasing Activity

•	For the three months ended March 31, 2021, Regency executed 1.5 million square feet of comparable new and renewal leases at blended rent spreads of +0.2%.
•	For the trailing twelve months, the Company executed 5.9 million square feet of comparable new and renewal leases at blended rents spreads of +1.2%.
---	---

COVID-19 Update

•	As of March 31, 2021, over 1,700 rent deferral agreements were executed, with total deferred rent of $42.7 million. As of March 31, 2021, the Company had rent deferral agreements with balances still outstanding totaling $28.3 million, of which 56% is on a cash basis.
•	As of May 3, 2021, the Company collected 93% of first quarter pro-rata base rent, in addition to 1% subject to executed deferral agreements.
---	---
•	The Company also continues to make progress on 2020 accounts receivable. As of May 3, 2021, the Company has collected 85%, 91%, and 93% of second, third, and fourth quarter 2020 pro-rata base rent, respectively, including collected rebilled rent subject to executed deferral agreements.
---	---
Supplemental Information	vi
---	---
•	A “Business Update” presentation is posted on our website at investors.regencycenters.com, and includes additional information regarding COVID-19 impacts. Also refer to page 32 of the first quarter 2021 supplemental disclosure.
---	---

Portfolio Enhancement and Capital Allocation

Developments and Redevelopments

•	As of March 31, 2021, the Company had estimated net project costs of $327 million and an estimated $161 million of remaining costs to complete on development and redevelopment projects in-process.
•	During the first quarter, Regency completed redevelopment projects with total pro-rata cost of $3.4 million.
---	---

Property Transactions

•	During the first quarter, the Company sold five properties for a combined gross sales price of $59.3 million at Regency’s share, and one non-income producing land parcel for a gross sales price of $680,000 at Regency’s share.
•	Subsequent to quarter-end, the Company closed on the sale of Gateway 101 Shopping Center, located in East Palo Alto, CA, for a gross sales price of $53.2 million, at Regency’s share.
---	---

Balance Sheet

•	As of March 31, 2021, Regency had full capacity under its $1.2 billion revolving credit facility.
•	As of March 31, 2021, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 5.9x.
---	---
•	Subsequent to quarter-end, Regency completed the refinancing of ten properties in an unconsolidated co-investment partnership with ten individual 10-year secured loans for total gross proceeds of $197 million, or $78.8 million at Regency’s share, at a blended fixed interest rate of 2.90%.
---	---

Dividend

•	On May 5, 2021, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.595 per share. The dividend is payable on July 6, 2021, to shareholders of record as of June 15, 2021.

2021 Guidance

Regency Centers provided updated 2021 guidance concurrently with the first quarter 2021 earnings release, as summarized in the table below.

Supplemental Information	vii
Full Year 2021 Guidance
---	---	---
All figures pro-rata and in thousands, except per share data
* Changes to Forecast Bolded Below *	Current	Previous
Net Income Attributable to Common Stockholders per diluted share	$1.43 - $1.53	$0.55 - $0.73
Nareit Funds From Operations (“Nareit FFO”) per diluted share	$3.33 - $3.43	$2.96 - $3.14
Core Operating Earnings per diluted share ^(1)^	$3.16 - $3.26	$2.79 - $2.97
Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees)	+6.0% to +8.5%	-1.0% to +2.5%
Included Impact of Prior Period Collections on SP NOI Range	+425bps	+125bps
Certain Non-Cash Items (pro-rata) ^(2)^	+/- $30,000	+/- $30,000
Net G&A expense (pro-rata)	$77,000 - $81,000	$82,500 - $86,500
Net interest expense (pro-rata)	$164,000 - $165,000	$166,000 - $167,000
Recurring third party fees & commissions (pro-rata)	$23,000 - $24,000	$23,000 - $24,000
Development and Redevelopment Spend (pro-rata)	+/- $150,000	+/- $150,000
Acquisitions	+/- $0	+/- $0
Cap rate (weighted average)	+/- 0.0%	+/- 0.0%
Dispositions	+/- $150,000	+/- $150,000
Cap rate (weighted average) ^(3)^	5.5% - 6.0%	5.5% - 6.0%
^(1)^	Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as extinguishment charges.
---	---
^(2^^)^	Average cap rate calculation excludes the sale of the non-income producing asset for $29.4 million in the first quarter.
---	---
^(3^^)^	Weighted average cap rates exclude non-income producing assets (Pleasanton in 1Q21).
---	---

Conference Call Information

First Quarter 2021 Earnings Conference Call

Date:Friday, May 7, 2021

Time:11:00 p.m. ET

Dial#:877-407-0789 or 201-689-8562

Webcast:investors.regencycenters.com

Replay

Webcast Archive: Investor Relations page under Events & Webcasts

Supplemental Information	viii

Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Nareit FFO and Core Operating

Earnings - Actual (in thousands)

For the Periods Ended March 31, 2021 and 2020	Three Months Ended						Year to Date
	2020			2019			2020			2019
Reconciliation of Net Income (Loss) to Nareit FFO:
Net Income (Loss) Attributable to Common Stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
Adjustments to reconcile to Nareit Funds From Operations ^(1)^:
Depreciation and amortization (excluding FF&E)		84,494			96,632			84,494			96,632
Goodwill impairment		-			132,128			-			132,128
Gain on sale of real estate		(12,070	)		(37,952	)		(12,070	)		(37,952	)
Provision for impairment of real estate		-			784			-			784
Exchangeable operating partnership units		364			(115	)		364			(115	)
Nareit Funds From Operations	$	153,444			166,145		$	153,444			166,145
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations	$	153,444			166,145		$	153,444			166,145
Adjustments to reconcile to Core Operating Earnings ^(1)^:
Straight line rent		(3,429	)		(3,997	)		(3,429	)		(3,997	)
Uncollectible straight line rent		2,573			4,673			2,573			4,673
Above/below market rent amortization, net		(5,980	)		(12,729	)		(5,980	)		(12,729	)
Debt premium/discount amortization		91			(410	)		91			(410	)
Core Operating Earnings	$	146,699			153,682		$	146,699			153,682
Weighted Average Shares For Diluted Earnings per Share		170,006			167,908			170,006			167,908
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		170,771			169,039			170,771			169,039
^(1^^)^	Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.
---	---

Supplemental Information	ix

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

For the Periods Ended March 31, 2021 and 2020	Three Months Ended						Year to Date
	2020			2019			2020			2019
Net Income (Loss) Attributable to Common Stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
Less:
Management, transaction, and other fees		(6,393	)		(6,816	)		(6,393	)		(6,816	)
Other^(1)^		(7,704	)		(13,810	)		(7,704	)		(13,810	)
Plus:
Depreciation and amortization		77,259			89,295			77,259			89,295
General and administrative		21,287			13,705			21,287			13,705
Other operating expense		698			1,337			698			1,337
Other expense		23,752			137,266			23,752			137,266
Equity in income of investments in real estate excluded from NOI ^(2)^		13,301			15,483			13,301			15,483
Net income attributable to noncontrolling interests		969			549			969			549
NOI		203,825			211,677			203,825			211,677
Less non-same property NOI ^(3)^		(1,345	)		(4,257	)		(1,345	)		(4,257	)
Same Property NOI	$	202,480			207,420		$	202,480			207,420
Same Property NOI without Termination Fees	$	202,062			205,274		$	202,062			205,274
Same Property NOI without Termination Fees or Redevelopments	$	180,521			183,494		$	180,521			183,494
^(1)^	Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
---	---
^(2)^	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.
---	---
^(3)^	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.

About Regency Centers Corporation (NASDAQ: REG)

Supplemental Information	x

Summary Financial Information

March 31, 2021

(in thousands, except per share data)

	Three Months Ended		Year to Date
	2021	2020	2021	2020
Financial Results
Net income (loss) attributable to common stockholders (page 4)	$80,656	($25,332)	$80,656	($25,332)
Net income (loss) per diluted share	$0.47	($0.15)	$0.47	($0.15)
Nareit Funds From Operations (Nareit FFO) (page 9)	$153,444	$166,145	$153,444	$166,145
Nareit FFO per diluted share	$0.90	$0.98	$0.90	$0.98
Core Operating Earnings (page 9)	$146,699	$153,682	$146,699	$153,682
Core Operating Earnings per diluted share	$0.86	$0.91	$0.86	$0.91
Same Property NOI without termination fees (page 8)	$202,062	$205,274	$202,062	$205,274
% growth	-1.6%		-1.6%
Operating EBITDAre (page 10)	$190,952	$200,172	$190,952	$200,172
Dividends declared per share and unit	$0.595	$0.595	$0.595	$0.595
Payout ratio of Core Operating Earnings per share (diluted)	69.2%	65.4%	69.2%	65.4%
Diluted share and unit count
Weighted average shares (diluted) - Net income	170,006	167,908	170,006	167,908
Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings	170,771	169,039	170,771	169,039

_________________________________________________________________________________________________

	As of	As of	As of	As of
	3/31/2021	12/31/2020	12/31/2019	12/31/2018
Capital Information
Market price per common share	$56.71	$45.59	$63.09	$58.47
Common shares outstanding	169,829	169,680	167,571	167,905
Exchangeable units held by noncontrolling interests	765	765	746	350
Common shares and equivalents issued and outstanding	170,594	170,445	168,317	168,255
Market equity value of common and convertible shares	$9,674,386	$7,770,596	$10,619,161	$9,837,840
Outstanding debt	$4,165,527	$4,457,742	$4,445,591	$4,241,758
Less: cash	(139,320)	(378,450)	(115,562)	(45,190)
Net debt	$4,026,207	$4,079,292	$4,330,029	$4,196,568
Total market capitalization	$13,700,593	$11,849,888	$14,949,190	$14,034,408
Debt metrics (pro-rata; trailing 12 months "TTM")
Net Debt-to-Operating EBITDAre	5.9x	6.0x	5.4x	5.3x
Fixed charge coverage	3.6x	3.6x	4.3x	4.2x
Supplemental Information	1
---	---

Summary Real Estate Information

March 31, 2021

(GLA in thousands)

Wholly Owned and 100% of Co-investment Partnerships	3/31/2021		12/31/2020		9/30/2020		6/30/2020		3/31/2020
Number of properties	406		411		414		415		416
Number of retail operating properties	399		403		407		407		408
Number of same properties	397		393		398		398		399
Number of properties in redevelopment	10		11		12		14		16
Number of properties in development ^(1)^	3		3		2		3		3
Gross Leasable Area (GLA) - All properties		51,639		51,912		52,155		52,181		52,226
GLA including retailer-owned stores - All properties		55,588		56,000		56,243		56,269		56,314
GLA - Retail operating properties		50,975		51,048		51,238		51,238		51,284
GLA - Same properties		50,724		49,635		50,043		50,043		50,089
GLA - Properties in redevelopment ^(2)^		2,849		2,929		3,062		3,434		3,736
GLA - Properties in development ^(1)^		281		281		188		215		215
Wholly Owned and Pro-Rata Share of Co-investment Partnerships
GLA - All properties		42,001		42,242		42,423		42,449		42,496
GLA including retailer-owned stores - All properties		45,950		46,330		46,511		46,537		46,584
GLA - Retail operating properties		41,462		41,540		41,580		41,580		41,626
GLA - Same properties ^(3)^		41,212		41,179		41,226		41,225		41,224
Spaces > 10,000 sf^(3)^		25,884		25,822		25,876		25,868		25,860
Spaces < 10,000 sf ^(3)^		15,327		15,357		15,350		15,358		15,364
GLA - Properties in redevelopment ^(2)^		2,748		2,777		2,851		3,167		3,384
GLA - Properties in development ^(1)^		228		228		124		145		136
% leased - All properties	92.2%		92.3%		92.9%		93.9%		94.5%
% leased - Retail operating properties	92.5%		92.9%		93.5%		94.5%		95.0%
% leased - Same properties ^(3)^	92.5%		93.0%		93.5%		94.5%		95.0%
Spaces > 10,000 sf ^(3)^	95.1%		95.5%		96.1%		97.0%		97.2%
Spaces < 10,000 sf ^(3)^	88.3%		88.7%		89.3%		90.4%		91.4%
Average % leased - Same properties ^(3)^	92.6%		94.3%		94.6%		94.9%		95.1%
% commenced - Same properties ^(3) (4)^	90.8%		91.1%		91.5%		92.6%		92.8%
Same property NOI growth - YTD (see page 8)	-2.4%		-11.0%		-11.3%		-9.6%		0.2%
Same property NOI growth without termination fees - YTD (see page 8)	-1.6%		-11.6%		-11.9%		-10.3%		-0.7%
Same property NOI growth without termination fees or redevelopments - YTD (see page 8)	-1.6%		-11.3%		-11.5%		-10.2%		-0.9%
Rent spreads - Trailing 12 months ^(5)^ (see page 19)	1.2%		2.2%		5.7%		7.0%		7.4%
^(^^1^^)^	Includes current ground up developments.
---	---
^(^^2^^)^	Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.
---	---
^(^^3^^)^	Prior periods adjusted for current same property pool.
---	---
^(^^4^^)^	Excludes leases that are signed but have not yet commenced.
---	---
^(^^5^^)^	Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.
---	---
Supplemental Information	2
---	---

Consolidated Balance Sheets

March 31, 2021 and December 31, 2020

(in thousands)

			2020

Assets
Net real estate investments:
Real estate assets at cost	11,082,484		$	11,101,858
Less: accumulated depreciation	2,047,078			1,994,108
	9,035,406			9,107,750
Investments in real estate partnerships	484,425			467,155
Net real estate investments	9,519,831			9,574,905
Properties held for sale	32,641			33,934
Cash, cash equivalents, and restricted cash	139,320			378,450
Tenant and other receivables (1)	127,455			143,633
Deferred leasing costs, net	66,138			67,910
Acquired lease intangible assets, net	178,784			188,799
Right of use assets	285,998			287,827
Other assets	275,821			261,446
Total assets	10,625,988		$	10,936,904
Liabilities and Equity
Liabilities:
Notes payable	3,652,242		$	3,658,405
Unsecured credit facilities	-			264,679
Total notes payable	3,652,242			3,923,084
Accounts payable and other liabilities	285,320			302,361
Acquired lease intangible liabilities, net	369,438			377,712
Lease liabilities	219,107			220,390
Tenants' security, escrow deposits, and prepaid rent	56,837			55,210
Total liabilities	4,582,944			4,878,757
Equity:
Stockholders' Equity:
Common stock, .01 par	1,698			1,697
Additional paid in capital	7,766,641			7,767,646
Accumulated other comprehensive (loss)	(12,512	)		(18,625	)
Distributions in excess of net income	(1,786,196	)		(1,765,806	)
Total stockholders' equity	5,969,631			5,984,912
Noncontrolling Interests:
Exchangeable operating partnership units	35,667			35,727
Limited partners' interest	37,746			37,508
Total noncontrolling interests	73,413			73,235
Total equity	6,043,044			6,058,147
Total liabilities and equity	10,625,988		$	10,936,904

All values are in US Dollars.

^(1)^	For additional details, see Supplemental COVID-19 Disclosure on pages 39.

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

Consolidated Statements of Operations

For the Periods Ended March 31, 2021 and 2020

(in thousands)

(unaudited)

	Three Months Ended						Year to Date
	2021			2020			2021			2020
Revenues:
Lease income ^(1)^	$	266,357			274,537		$	266,357			274,537
Other property income		1,953			2,305			1,953			2,305
Management, transaction, and other fees		6,393			6,816			6,393			6,816
Total revenues		274,703			283,658			274,703			283,658
Operating Expenses:
Depreciation and amortization		77,259			89,295			77,259			89,295
Operating and maintenance		45,582			42,369			45,582			42,369
General and administrative		21,287			13,705			21,287			13,705
Real estate taxes		36,166			35,887			36,166			35,887
Other operating expense		698			1,337			698			1,337
Total operating expenses		180,992			182,593			180,992			182,593
Other Expense (Income):
Interest expense, net		36,936			37,436			36,936			37,436
Goodwill impairment		-			132,128			-			132,128
Provision for impairment of real estate, net of tax		-			784			-			784
Gain on sale of real estate, net of tax		(11,698	)		(38,005	)		(11,698	)		(38,005	)
Net investment (income) loss		(1,486	)		4,923			(1,486	)		4,923
Total other expense		23,752			137,266			23,752			137,266
Income (loss) from operations before equity in income of
investments in real estate partnerships		69,959			(36,201	)		69,959			(36,201	)
Equity in income of investments in real estate partnerships		11,666			11,418			11,666			11,418
Net income (loss)		81,625			(24,783	)		81,625			(24,783	)
Noncontrolling Interests:
Exchangeable operating partnership units		(364	)		115			(364	)		115
Limited partners' interests in consolidated partnerships		(605	)		(664	)		(605	)		(664	)
Income attributable to noncontrolling interests		(969	)		(549	)		(969	)		(549	)
Net income (loss) attributable to common stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
^(1)^	For additional details, see Supplemental COVID-19 Disclosure on pages 39.
---	---

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	4

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended March 31, 2021 and 2020

(in thousands)

		Three Months Ended						Year to Date
		2021			2020			2021			2020
	Revenues:
*	Base rent	$	188,480			196,124		$	188,480			196,124
*	Recoveries from tenants		62,597			63,316			62,597			63,316
*	Percentage rent		3,366			3,488			3,366			3,488
*	Termination Fees		337			544			337			544
*	Uncollectible lease income		2,275			(4,052	)		2,275			(4,052	)
*	Other lease income		2,425			2,163			2,425			2,163
	Straight line rent on lease income		881			74			881			74
	Above/below market rent amortization		5,996			12,880			5,996			12,880
	Lease income ^(1)^		266,357			274,537			266,357			274,537
*	Other property income		1,953			2,305			1,953			2,305
	Property management fees		3,771			3,878			3,771			3,878
	Asset management fees		1,715			1,838			1,715			1,838
	Leasing commissions and other fees		907			1,100			907			1,100
	Management, transaction, and other fees		6,393			6,816			6,393			6,816
	Total revenues		274,703			283,658			274,703			283,658
	Operating Expenses:
	Depreciation and amortization (including FF&E)		77,259			89,295			77,259			89,295
*	Operating and maintenance		40,188			38,517			40,188			38,517
*	Ground rent		2,789			2,792			2,789			2,792
*	Termination expense		1,749			200			1,749			200
	Straight line rent on ground rent		436			440			436			440
	Above/below market ground rent amortization		420			420			420			420
	Operating and maintenance		45,582			42,369			45,582			42,369
	Gross general & administrative		20,128			17,639			20,128			17,639
	Stock-based compensation		2,479			3,764			2,479			3,764
	Capitalized direct development compensation costs		(2,459	)		(3,412	)		(2,459	)		(3,412	)
	General & administrative, net		20,148			17,991			20,148			17,991
	Loss (gain) on deferred compensation plan ^(2)^		1,139			(4,286	)		1,139			(4,286	)
	General & administrative		21,287			13,705			21,287			13,705
*	Real estate taxes		36,166			35,887			36,166			35,887
	Other expenses		532			588			532			588
	Development pursuit costs		166			749			166			749
	Other operating expenses		698			1,337			698			1,337
	Total operating expenses		180,992			182,593			180,992			182,593
	Other Expense (Income):
	Gross interest expense		35,774			36,571			35,774			36,571
	Derivative amortization		109			1,650			109			1,650
	Debt cost amortization		1,979			1,353			1,979			1,353
	Debt premium/discount amortization		81			(420	)		81			(420	)
	Capitalized interest		(849	)		(1,175	)		(849	)		(1,175	)
	Interest income		(158	)		(543	)		(158	)		(543	)
	Interest expense, net		36,936			37,436			36,936			37,436
	Provision for impairment of real estate, net of tax		-			784			-			784
	Goodwill impairment		-			132,128			-			132,128
	Gain on sale of real estate, net of tax		(11,698	)		(38,005	)		(11,698	)		(38,005	)
	Net investment (income) loss ^(2)^		(1,486	)		4,923			(1,486	)		4,923
	Total other expense		23,752			137,266			23,752			137,266
*	Component of Net Operating Income
---	---
^(1)^	For additional details, see Supplemental COVID-19 Disclosure on pages 39.
---	---
^(2^^)^	The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense. The expense is offset by unrealized gains of assets held in the pain which is included in Net investment income.
---	---

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	5

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

March 31, 2021 and December 31, 2020

(in thousands)

	Noncontrolling Interests						Share of JVs
	2021			2020			2021		2020
Assets
Real estate assets at cost	$	(87,070	)		(88,130	)	$	1,385,968		1,389,171
Less: accumulated depreciation		(15,814	)		(15,252	)		445,450		438,374
Net real estate investments		(71,256	)		(72,878	)		940,518		950,797
Cash, cash equivalents, and restricted cash		(2,879	)		(2,676	)		23,936		21,588
Tenant and other receivables^(1)^		(2,203	)		(2,213	)		20,311		23,133
Deferred leasing costs, net		(1,122	)		(1,017	)		14,980		14,856
Acquired lease intangible assets, net		(498	)		(540	)		8,931		9,440
Right of use assets		(1,643	)		(1,649	)		5,432		5,487
Other assets		(83	)		(68	)		23,203		18,854
Total assets	$	(79,684	)		(81,041	)	$	1,037,312		1,044,156
Liabilities
Notes payable	$	(37,339	)		(37,461	)	$	513,285		534,658
Accounts payable and other liabilities		(2,263	)		(3,704	)		23,316		24,588
Acquired lease intangible liabilities, net		(181	)		(193	)		8,554		9,183
Lease liabilities		(1,908	)		(1,903	)		4,372		4,387
Tenants' security, escrow deposits, and prepaid rent		(247	)		(272	)		3,360		4,185
Total liabilities	$	(41,938	)		(43,533	)	$	552,887		577,001
^(1)^	For additional details, see Supplemental COVID-19 Disclosure on pages 39.
---	---

Note

Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and Share of JVs represents the Company's share of co-investment 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	6

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended March 31, 2021 and 2020

(in thousands)

		Noncontrolling Interests												Share of JVs
		Three Months Ended						Year to Date						Three Months Ended						Year to Date
		2021			2020			2021			2020			2021			2020			2021			2020
	Revenues:
*	Base rent	$	(1,827	)		(1,906	)	$	(1,827	)		(1,906	)	$	26,076			26,612		$	26,076			26,612
*	Recoveries from tenants		(554	)		(567	)		(554	)		(567	)		8,686			8,667			8,686			8,667
*	Percentage rent		-			(3	)		-			(3	)		445			475			445			475
*	Termination Fees		(1	)		-			(1	)		-			91			1,604			91			1,604
*	Uncollectible lease income		(69	)		22			(69	)		22			155			(469	)		155			(469	)
*	Other lease income		(31	)		(29	)		(31	)		(29	)		339			436			339			436
	Straight line rent on lease income		(8	)		(20	)		(8	)		(20	)		387			(293	)		387			(293	)
	Above/below market rent amortization		(7	)		(54	)		(7	)		(54	)		421			333			421			333
	Lease income^(1)^		(2,497	)		(2,557	)		(2,497	)		(2,557	)		36,600			37,365			36,600			37,365
*	Other property income		(3	)		(2	)		(3	)		(2	)		(55	)		140			(55	)		140
	Asset management fees		-			-			-			-			(268	)		(304	)		(268	)		(304	)
	Management, transaction, and other fees		-			-			-			-			(268	)		(304	)		(268	)		(304	)
	Total revenues		(2,500	)		(2,559	)		(2,500	)		(2,559	)		36,277			37,201			36,277			37,201
	Operating Expenses:
	Depreciation and amortization (including FF&E)		(692	)		(669	)		(692	)		(669	)		8,502			8,498			8,502			8,498
*	Operating and maintenance		(445	)		(375	)		(445	)		(375	)		5,955			5,765			5,955			5,765
*	Ground rent		(27	)		(28	)		(27	)		(28	)		89			88			89			88
	Straight line rent on ground rent		(16	)		(16	)		(16	)		(16	)		30			30			30			30
	Above/below market ground rent amortization		-			-			-			-			10			10			10			10
	Operating and maintenance		(488	)		(419	)		(488	)		(419	)		6,084			5,893			6,084			5,893
	General & administrative, net		-			-			-			-			110			109			110			109
*	Real estate taxes		(330	)		(366	)		(330	)		(366	)		4,726			4,711			4,726			4,711
	Other expenses		(35	)		(19	)		(35	)		(19	)		244			276			244			276
	Development pursuit costs		-			-			-			-			-			6			-			6
	Other operating expenses		(35	)		(19	)		(35	)		(19	)		244			282			244			282
	Total operating expenses		(1,545	)		(1,473	)		(1,545	)		(1,473	)		19,666			19,493			19,666			19,493
	Other Expense (Income):
	Gross interest expense		(336	)		(404	)		(336	)		(404	)		5,120			5,997			5,120			5,997
	Debt cost amortization		(14	)		(18	)		(14	)		(18	)		187			230			187			230
	Debt premium/discount amortization		-			-			-			-			10			10			10			10
	Interest expense, net		(350	)		(422	)		(350	)		(422	)		5,317			6,237			5,317			6,237
	(Gain) loss on sale of real estate		-			-			-			-			(372	)		53			(372	)		53
	Total other expense (income)		(350	)		(422	)		(350	)		(422	)		4,945			6,290			4,945			6,290
*	Component of Net Operating Income
---	---
^(1)^	For additional details, see Supplemental COVID-19 Disclosure on pages 39.
---	---

Note

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment 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, 2021 and 2020

(in thousands)

	Three Months Ended						Year to Date
	2021			2020			2021			2020
Same Property NOI Detail:
Real Estate Revenues:
Base rent	$	211,202			216,144		$	211,202			216,144
Recoveries from tenants		70,240			70,598			70,240			70,598
Percentage rent		3,809			3,908			3,809			3,908
Termination fees		418			2,146			418			2,146
Uncollectible lease income		1,866			(3,668	)		1,866			(3,668	)
Other lease income		2,703			2,514			2,703			2,514
Other property income		1,294			1,691			1,294			1,691
Total real estate revenues		291,532			293,333			291,532			293,333
Real Estate Operating Expenses:
Operating and maintenance		46,001			43,543			46,001			43,543
Real estate taxes		40,112			39,429			40,112			39,429
Ground rent		2,939			2,941			2,939			2,941
Total real estate operating expenses		89,052			85,913			89,052			85,913
Same Property NOI	$	202,480			207,420		$	202,480			207,420
% change		-2.4	%					-2.4	%
Same Property NOI without Termination Fees	$	202,062			205,274		$	202,062			205,274
% change		-1.6	%					-1.6	%
Same Property NOI without Termination Fees or Redevelopments	$	180,521			183,494		$	180,521			183,494
% change		-1.6	%					-1.6	%
Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Same Property NOI:
Net income (loss) attributable to common stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
Less:
Management, transaction, and other fees		(6,393	)		(6,816	)		(6,393	)		(6,816	)
Other ^(1)^		(7,704	)		(13,810	)		(7,704	)		(13,810	)
Plus:
Depreciation and amortization		77,259			89,295			77,259			89,295
General and administrative		21,287			13,705			21,287			13,705
Other operating expense		698			1,337			698			1,337
Other expense		23,752			137,266			23,752			137,266
Equity in income of investments in real estate excluded from NOI ^(2)^		13,301			15,483			13,301			15,483
Net income attributable to noncontrolling interests		969			549			969			549
NOI		203,825			211,677			203,825			211,677
Less non-same property NOI ^(3)^		(1,345	)		(4,257	)		(1,345	)		(4,257	)
Same Property NOI	$	202,480			207,420		$	202,480			207,420
^^^(1^^)^	Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.
---	---
^(^^2^^)^	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.
---	---
^(^^3^^)^	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 and Additional Disclosures

Wholly Owned and Regency's Pro-rata Share of Co-investment Partnerships

For the Periods Ended March 31, 2021 and 2020

(in thousands, except per share data)

	Three Months Ended						Year to Date
	2021			2020			2021			2020
Reconciliation of Net Income (Loss) to Nareit FFO:
Net Income (Loss) Attributable to Common Stockholders	$	80,656			(25,332	)	$	80,656			(25,332	)
Adjustments to reconcile to Nareit Funds From Operations ^(1)^:
Depreciation and amortization (excluding FF&E)		84,494			96,632			84,494			96,632
Goodwill impairment		-			132,128			-			132,128
Gain on sale of real estate		(12,070	)		(37,952	)		(12,070	)		(37,952	)
Provision for impairment of real estate		-			784			-			784
Exchangeable operating partnership units		364			(115	)		364			(115	)
Nareit Funds From Operations	$	153,444			166,145		$	153,444			166,145
Nareit FFO per share (diluted)	$	0.90			0.98		$	0.90			0.98
Weighted average shares (diluted)		170,771			169,039			170,771			169,039
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations	$	153,444			166,145		$	153,444			166,145
Adjustments to reconcile to Core Operating Earnings ^(1)^:
Non Comparable Items		-			-			-			-
Certain Non Cash Items
Straight line rent		(3,429	)		(3,997	)		(3,429	)		(3,997	)
Uncollectible straight line rent		2,573			4,673			2,573			4,673
Above/below market rent amortization, net		(5,980	)		(12,729	)		(5,980	)		(12,729	)
Debt premium/discount amortization		91			(410	)		91			(410	)
Core Operating Earnings	$	146,699			153,682		$	146,699			153,682
Core Operating Earnings per share (diluted)	$	0.86			0.91		$	0.86			0.91
Weighted average shares (diluted)		170,771			169,039			170,771			169,039
Additional Disclosures:
Other Non Cash Expense ^(1)^
Derivative amortization	$	109			1,650		$	109			1,650
Debt cost amortization		2,152			1,565			2,152			1,565
Stock-based compensation		2,479			3,764			2,479			3,764
Other Non Cash Expense	$	4,740			6,979		$	4,740			6,979
Maintenance and Leasing Capital Expenditures ^(2)^
Tenant allowance and landlord work	$	5,666			7,622		$	5,666			7,622
Building improvements		1,751			4,570			1,751			4,570
Leasing commissions		2,279			2,618			2,279			2,618
Capital Expenditures	$	9,696			14,810		$	9,696			14,810
^(1^^)^	Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.
---	---
^^^(2^^)^	Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.
---	---
Supplemental Information	9
---	---

Reconciliations of Non-GAAP Financial Measures and Additional Disclosures (continued)

For the Periods Ended March 31, 2021 and 2020

(in thousands)

	Three Months Ended						Year to Date
	2021			2020			2021			2020
Reconciliation of Net Income (Loss) to Nareit EBITDAre:
Net Income (Loss)	$	81,625			(24,783	)	$	81,625			(24,783	)
Adjustments to reconcile to Nareit EBITDAre ^(1)^:
Interest expense		42,411			44,216			42,411			44,216
Income tax expense (benefit)		60			97			60			97
Depreciation and amortization		85,761			97,793			85,761			97,793
Gain on sale of real estate		(12,070	)		(37,952	)		(12,070	)		(37,952	)
Provision for impairment of real estate		-			784			-			784
Goodwill impairment		-			132,128			-			132,128
Nareit EBITDAre	$	197,787			212,283		$	197,787			212,283
Reconciliation of Nareit EBITDAre to Operating EBITDAre:
Nareit EBITDAre	$	197,787			212,283		$	197,787			212,283
Adjustments to reconcile to Operating EBITDAre ^(1)^:
Straight line rent, net		(848	)		672			(848	)		672
Above/below market rent amortization, net		(5,987	)		(12,783	)		(5,987	)		(12,783	)
Operating EBITDAre	$	190,952			200,172		$	190,952			200,172
^(1^^)^	Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.
---	---
Supplemental Information	10
---	---

Summary of Consolidated Debt

March 31, 2021 and December 31, 2020

(in thousands)

Total Debt Outstanding:	3/31/2021		12/31/2020
Notes Payable:
Fixed rate mortgage loans	$	377,462	$	384,735
Variable-rate mortgage loans		34,075		34,061
Fixed rate unsecured public debt		3,048,445		3,047,715
Fixed rate unsecured private debt		192,260		191,894
Unsecured credit facilities:
Revolving line of credit		-		-
Term Loans		-		264,679
Total	$	3,652,242	$	3,923,084
Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities ^(1)^			Total			Weighted Average<br><br><br>Contractual<br><br><br>Interest Rate<br><br><br>on Maturities
---	---	---	---	---	---	---	---	---	---	---	---
2021	$	8,504		36,604		-			45,108		2.02%
2022		11,389		5,848		-			17,237		7.68%
2023		9,695		65,725		-			75,420		3.18%
2024		4,849		90,742		250,000			345,591		3.70%
2025		3,732		40,000		250,000			293,732		3.79%
2026		3,922		87,735		200,000			291,657		3.83%
2027		3,788		32,915		525,000			561,703		3.63%
2028		2,799		170		300,000			302,969		4.13%
2029		22		146		425,000			425,168		2.95%
2030		24		-		600,000			600,024		3.70%
>10 years		28		3		725,000			725,031		4.56%
Unamortized debt premium/(discount), net of issuance costs		-		2,897		(34,295	)		(31,398	)
	$	48,752		362,785		3,240,705			3,652,242		3.82%
Percentage of Total Debt:	3/31/2021		12/31/2020
---	---	---	---
Fixed	99.1%		99.1%
Variable	0.9%		0.9%
Current Weighted Average Contractual Interest Rates:^(2)^
Fixed	3.8%		3.7%
Variable	1.2%		1.2%
Combined	3.8%		3.7%
Current Weighted Average Effective Interest Rate:^(3)^
Combined	4.1%		3.9%
Average Years to Maturity:
Fixed		10.5	10.1
Variable		1.0	1.2
^(1)^	Includes unsecured public and private placement debt and unsecured revolving line of credit.
---	---
^(^^2^^)^	Interest rates are calculated as of the quarter end.
---	---
^(^^3^^)^	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
---	---

Summary of Consolidated Debt

March 31, 2021 and December 31, 2020

(in thousands)

		Contractual		Effective
Lender	Collateral	Rate		Rate^(1)^	Maturity	3/31/2021			12/31/2020
Secured Debt - Fixed Rate Mortqaqe Loans
Reliastar Life Insurance Company	Circle Center West	5.01%			10/01/21	$	9,048		$	9,143
John Hancock Life Insurance Company	Kirkwood Commons	7.68%			10/01/22		7,106			7,302
Wells Fargo	Hewlett I	4.41%			01/06/23		9,191			9,235
TD Bank	Black Rock Shopping Center	2.80%			04/01/23		19,312			19,405
State Farm Life Insurance Company	Tech Ridge Center	5.83%			06/01/23		3,033			3,346
American United Life Insurance Company	Westport Plaza	7.49%			08/01/23		2,023			2,098
TD Bank	Brickwalk Shopping Center	3.19%			11/01/23		32,220			32,369
Genworth Life Insurance Company	Aventura, Oakbrook & Treasure Coast	6.50%			02/28/24		8,856			9,525
Prudential Insurance Company of America	4S Commons Town Center	3.50%			06/05/24		83,782			84,191
Ellis Partners	Pruneyard	4.00%			06/30/24		2,200			2,200
Great-West Life & Annuity Insurance Co	Erwin Square	3.78%			09/01/24		10,000			10,000
PNC Bank	Circle Marina Center	2.54%			03/17/25		24,000			24,000
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		87,735			88,000
PNC Bank	Fellsway Plaza	4.07%			06/02/27		36,449			36,590
New York Life Insurance	Oak Shade Town Center	6.05%			05/10/28		6,131			6,301
New York Life Insurance	Von's Circle Center	5.20%			10/10/28		6,267			6,434
New York Life Insurance	Copps Hill Plaza	6.06%			01/01/29		10,986			11,258
City of Rollingwood	Shops at Mira Vista	8.00%			03/01/32		201			204
Jefferson Pilot	BridgeMill	7.94%			05/05/21		—			4,012
Unamortized premiums on assumed debt of acquired properties, net of issuance costs							2,922			3,122
Total Fixed Rate Mortgage Loans		3.92%		3.79%		$	377,462		$	384,735
Unsecured Debt
Debt Offering (5/16/14)	Fixed-rate unsecured	3.75%	^^		06/15/24	$	250,000		$	250,000
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 (1/17/17)	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
Term Loan	Fixed-rate unsecured	2.00%	^^		01/05/22		—			265,000
Revolving Line of Credit	Variable-rate unsecured	LIBOR + 0.875%	^(2)^		03/23/25		—			—
Unamortized debt discount and issuance costs							(34,295	)		(35,712	)
Total Unsecured Debt, Net of Discounts		3.83%		3.98%		$	3,240,705		$	3,504,288
Variable Rate Mortgage Loans
PNC Bank	Market at Springwoods Village	LIBOR + 1.50%			03/28/23	$	6,350		$	6,350
TD Bank, N.A.	Concord Shopping Plaza	LIBOR + 0.95%			12/21/21		27,750			27,750
Unamortized debt discount and issuance costs							(25	)		(39	)
Total Variable Rate Mortgage Loans		1.17%		1.36%		$	34,075		$	34,061
Total		3.82%		4.08%		$	3,652,242		$	3,923,084
^(1)^	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.
---	---
^(^^2^^)^	Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity 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, 2021

(in thousands)

Outstanding Unsecured Public Debt:	Origination	Maturity	Rate	Balance
	05/16/14	06/15/24	3.750%	$	250,000
	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
	01/17/17	02/01/47	4.400%	$	425,000
	03/06/19	03/15/49	4.650%	$	300,000
Unsecured Public Debt Covenants:	Required	3/31/2021	12/31/2020	9/30/2020	6/30/2020	3/31/2020
---	---	---	---	---	---	---
Fair Market Value Calculation Method Covenants ^(1) (2)^
Total Consolidated Debt to Total Consolidated Assets	≤ 65%	28%	29%	30%	31%	31%
Secured Consolidated Debt to Total Consolidated Assets	≤ 40%	3%	3%	4%	4%	4%
Consolidated Income for Debt Service to Consolidated Debt Service	≥ 1.5x	4.3x	4.2x	4.3x	4.3x	5.1x
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>150%	366%	345%	344%	328%	327%
Ratios:		3/31/2021	12/31/2020	9/30/2020	6/30/2020	3/31/2020
Consolidated only
Net debt to total market capitalization		26.6%	31.3%	36.4%	32.2%	36.0%
Net debt to real estate assets, before depreciation		30.3%	30.5%	31.7%	31.8%	31.6%
Net debt to total assets, before depreciation		28.0%	28.2%	29.3%	29.2%	29.0%
Net debt to Operating EBITDAre - TTM		5.3x	5.4x	5.4x	5.1x	4.8x
Fixed charge coverage		4.0x	4.1x	4.3x	4.6x	5.0x
Interest coverage		4.3x	4.3x	4.6x	4.9x	5.3x
Unsecured assets to total real estate assets		89.7%	89.6%	88.5%	88.8%	88.6%
Unsecured NOI to total NOI - TTM		90.5%	90.4%	89.5%	90.2%	90.0%
Unencumbered assets to unsecured debt		307%	284%	282%	260%	247%
Total Pro-Rata Share
Net debt to total market capitalization		29.4%	34.4%	39.6%	35.2%	39.1%
Net debt to real estate assets, before depreciation		32.2%	32.6%	33.7%	33.7%	33.5%
Net debt to total assets, before depreciation		29.7%	30.1%	31.0%	31.0%	30.8%
Net debt to Operating EBITDAre - TTM		5.9x	6.0x	5.9x	5.6x	5.3x
Fixed charge coverage		3.6x	3.6x	3.7x	4.0x	4.3x
Interest coverage		3.9x	3.9x	4.1x	4.4x	4.7x
^(1)^	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.
---	---
^(2)^	Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing.
---	---
Supplemental Information	13
---	---

Summary of Unconsolidated Debt

March 31, 2021 and December 31, 2020

(in thousands)

Total Debt Outstanding:	3/31/2021		12/31/2020
Mortgage loans payable:
Fixed rate secured loans	$	1,362,076	$	1,424,103
Variable rate secured loans		117,438		117,305
Unsecured credit facilities variable rate		7,300		15,635
Total	$	1,486,814	$	1,557,043
Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency's Pro Rata Share			Weighted Average<br><br><br>Contractual<br><br><br>Interest Rate<br><br><br>on Maturities
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
2021	$	7,550		237,535			7,300		252,385			96,059		4.26%
2022		7,736		254,893			-		262,629			97,472		3.76%
2023		3,196		171,608			-		174,804			65,137		4.76%
2024		1,796		33,690			-		35,486			14,217		3.89%
2025		2,168		137,000			-		139,168			42,153		3.57%
2026		2,390		125,286			-		127,676			41,751		3.62%
2027		2,364		137,800			-		140,164			32,950		3.53%
2028		2,258		62,450			-		64,708			22,555		4.26%
2029		1,710		60,000			-		61,710			12,550		4.34%
2030		763		179,288			-		180,051			69,960		2.93%
>10 Years		1,374		55,497			-		56,871			21,374		4.12%
Unamortized debt premium/(discount) and issuance costs ^(2)^		-		(8,838	)		-		(8,838	)		(2,893	)
	$	33,305		1,446,209			7,300		1,486,814			513,285		3.87%
Percentage of Total Debt:	3/31/2021		12/31/2020
---	---	---	---	---
Fixed	91.6%		91.5%
Variable	8.4%		8.5%
Current Weighted Average Contractual Interest Rates:^(1)^
Fixed	4.0%		4.1%
Variable	2.4%		2.4%
Combined	3.9%		3.9%
Current Weighted Average Effective Interest Rates:^(2)^
Combined	4.0%		4.1%
Average Years to Maturity:
Fixed		4.5		4.4
Variable		0.9		1.1
^(1)^	Interest rates are calculated as of the quarter end.
---	---
^(2)^	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 Investments

March 31, 2021

(in thousands)

									Regency
Investment Partner and	Number of		Total		Total		Total		Ownership	Share		Investment			Equity
Portfolio Summary Abbreviation	Properties		GLA		Assets		Debt		Interest	of Debt		3/31/2021			Pick-up
State of Oregon
(JV-C, JV-C2)		20		2,219	$	510,873	$	244,234	20.00%	$	48,847	$	46,414		$	943
(JV-CCV)		1		558		94,499		59,974	30.00%		17,992		10,026			304
		21		2,777		605,372		304,208
GRI
(JV-GRI)		67		8,651		1,578,703		906,418	40.00%		362,567		181,451			7,620
CalSTRS
(JV-RC)		6		611		106,615		-	25.00%		-		25,735			525
NYSCRF
(JV-NYC)		3		927		194,105		46,439	30.00%		13,932		43,130			784
USAA ^(1)^
(JV-USA)		7		683		83,844		104,195	20.01%		20,847		(4,527	)		234
Publix
(JV-O)		2		211		25,665		-	50.00%		-		12,690			404
Individual Investors
Ballard Blocks		2		249		128,732		-	49.90%		-		63,560			529
Town and Country Center		1		230		205,708		91,181	35.00%		31,913		39,211			(28	)
Others		4		498		119,145		34,373	50.00%		17,187		62,208			351
		113		14,837	$	3,047,889	$	1,486,814		$	513,285	$	479,898		$	11,666
^(1^^)^	The USAA partnership has distributed proceeds from debt refinancing and real estate sales in excess of Regency’s carrying value of its investment resulting in a negative investment balance, which is classified within Accounts Payable and Other Liabilities in the Consolidated Balance Sheets.
---	---
Supplemental Information	15
---	---

Property Transactions

March 31, 2021

(in thousands)

Acquisitions:

Date	Property Name	Co-investment Partner (REG %)	Market	Total<br><br><br>GLA	Regency's<br><br><br>Share of<br><br><br>Purchase Price	Weighted Average<br><br><br>Cap Rate	Anchor(s)
	None
	Property Total			-	-	-

Dispositions:

Date	Property Name	Co-investment Partner (REG %)	Market	Total<br><br><br>GLA	Regency's<br><br><br>Share of<br><br><br>Purchase Price		Weighted Average<br><br><br>Cap Rate	Anchor(s)
Jan-21	Pleasanton Plaza		Pleasanton, CA	-	$	29,400		-
Jan-21	Harris Crossing		Wake Forest, NC	65		9,000		Harris Teeter
Feb-21	Hickory Creek Plaza		Hollywood, FL	28		13,300		(Kroger)
Mar-21	Homestead McDonalds		Homestead, FL	4		2,470		-
Mar-21	Veranda Shoppes	NYCR (30%)	Plantation, FL	45		5,100		Publix
	Property/Outparcel(s) Total			142	$	59,270	5.8%^(1)^
	Non-Income Producing Land Total				$	680
^(1^^)^	The weighted average cap rate calculation excludes the sale of Pleasanton Plaza, a non-income producing property for $29.4 million in the first quarter. Including the sale of Pleasanton Plaza, the weighted average cap rate is 2.9%.
---	---

Note: Retailers in parenthesis are shadow anchors and not a part of the owned property.

Supplemental Information	16

Summary of In-Process Developments and Redevelopments

March 31, 2021

(in thousands)

In-Process Developments and Redevelopments 1
Shopping Center Name	Grocer/Anchor Tenant	Center GLA		Center % Leased	Project<br><br><br>Start	Est Initial Rent<br><br><br>Commencement^(a)^	Est Stabilization<br><br><br>Year^(b)^	REG'S Est Net<br><br><br>Project Costs		% of Costs<br><br><br>Incurred	Stabilized<br><br><br>Yield +/-^©^
Carytown Exchange (2) (3)	Publix		46	82%	Q4-2018	2H-2020	2023		19,838	80%	5%
East San Marco (2)	Publix		59	71%	Q4-2020	2H-2022	2024		19,519	24%	7%-8%
Eastfield at Baybrook (2)	H.E.B.		55	100%	Q4-2020	2H-2021	2022		2,337	87%	7%
Bloomingdale Square	Publix, LA Fitness		252	94%	Q3-2018	2H-2019	2022		21,327	88%	8%-9%
The Crossing Clarendon (3)	Retail/Office Users		135	3%	Q4-2018	2H-2022	2024		60,753	53%	8%-9%
Point 50	Grocer		48	96%	Q4-2018	2H-2020	2023		17,655	86%	8.0%
The Abbot	Retail/Office Users		65	23%	Q2-2019	2H-2022	2023		57,237	56%	8%-9%
Sheridan Plaza	Publix, Burlington		507	94%	Q3-2019	2H-2020	2022		12,115	63%	9%-10%
West Bird Plaza	Publix		99	97%	Q4-2019	2H-2021	2022		10,338	52%	7%
Preston Oaks (2)	H.E.B.		101	77%	Q4-2020	2H-2021	2023		22,327	32%	6%
Serramonte Center	Macy's/Target/Dick's Sporting Goods/<br><br><br>Ross/Nordstrom Rack		1,070	87%	Q4-2020	2H-2021	2026	55,000 +/-		26%	5% +/-
Various Redevelopments (est costs < 10 million individually)			1,424	95%					28,377	38%	10% +/-
Total In-Process (In Construction)			3,860	87%				$	326,824	51%	7%-8%

All values are in US Dollars.

In Process Development and Redevelopment Descriptions
Carytown Exchange	Located in Richmond's most desirable retail corridor, Carytown is a ground up development anchored by Publix and complemented by street retail and structured parking. Shop Bldg B will continue as planned while the Publix, Shop Bldg E, and structured parking are now complete. Further value creation in the form of additional multi-tenant buildings will remain under review.
East San Marco	Located in one of the most desirable areas of Jacksonville, Florida, East San Marco is an infill ground-up retail development anchored by Publix. In addition, an adjacent parcel will be sold to a residential builder for housing.
Eastfield at Baybrook	Ground-up development in Houston,TX, featuring the market's leading grocer, H.E.B. The scope for Phase 1A calls for H.E.B. to construct a 106k SF grocery store, along with a fuel center/carwash.
Bloomingdale Square	Reconfiguration of the former Walmart box for the relocation and expansion of Publix and HOME centric; backfilling the former Publix box with LA Fitness; construction of an additional 14K SF retail shop building; facade renovations and enhancements to remaining center.
The Crossing Clarendon (fka Market Common Clarendon)	Redevelopment of vacant 1960's era office building into a 130K SF modern, mixed-use building, three floors of creative office, and ground floor retail to complement the existing dominant, mixed-use center in Arlington, VA.
Point 50	Redevelopment includes the demolition of a deteriorated center to develop a new 30K SF grocery store, and 18K SF of shop space.
The Abbot	Generational redevelopment and modernization of 3 historic buildings in the heart of Harvard Square into mixed-use project with retail and office. Entire $1.1M of the property NOI came offline in early 2019 with no NOI in 2020. Construction in Cambridge was halted in late March 2020. Since the ban was lifted effective June 1st 2020, construction has resumed to complete the ground up building.
Sheridan Plaza	Repositioning with addition of Burlington, façade renovations and other placemaking enhancement.
West Bird Plaza	Redevelopment includes the demolition of Publix and adjacent CVS space to construct a new 48K SF Publix; update façade and additional site work improvements.
Preston Oaks	Redevelopment includes substantial rebuild following tornado damage of a 101,000 SF, H.E.B. Central Market anchored shopping center located in Dallas, TX. Redevelopment spend is reimbursable through insurance proceeds.
Serramonte Center	Redevelopment includes continued densification and enhancement of a premier location and A mall that includes addition of new retail that will augment the evolving merchandising mix, a new hotel by a best-in-class developer on a ground lease and redevelopment of the former J.C. Penney space. Redevelopment represents multiple phases occurring over approximately 4 years, with expected stabilization around 2026.
Various Redevelopments (est costs < $10 million individually)	Various Redevelopment properties where estimated incremental costs are less than $10 Million.
^(1)^	Scope, economics and timing of development and redevelopment projects could change materially from estimates provided. Amounts reported are at Regency’s pro-rata share.
---	---
^(2)^	Ground up development or redevelopment that is excluded from the Same Property NOI pool.
---	---
^(3^^)^	GLA and % Leased for Carytown represents REG prorata share of phase I only, and The Crossing Clarendon represents office building only.
---	---

Note: Regency’s Estimated Net GAAP Project Costs, after additional interest and overhead capitalization, are $339,811 for ground up Developments and Redevelopments In-Process. Percent of costs incurred is 49% for Developments and Redevelopments In-Process.

(a)	Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.
(b)	Estimated Stabilization Year represents the estimated first full calendar year that the project will reach the stated stabilized yield.
---	---
(c)	A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) over the total project costs.
---	---
Supplemental Information	17
---	---

Major Developments and Redevelopments Pipeline and Current Year Completions

March 31, 2021

(in thousands)

Select Operating Properties with Near Term Developments and Redevelopment*
Shopping Center Name	Market	Center GLA		Center % Leased	Est Project Start	REG’s Est Net<br><br><br>Project Costs	Current Description
Westbard Square	Bethesda, MD		213	87%	2021	$110,000 - $125,000	Redevelopment of a dated multi-parcel project which consists of a Giant anchored retail center, a 3 level garden office building, 2 gas stations, and a vacant senior housing building into a vibrant mixed-use project consisting of 170K SF of new retail anchored by Giant, 200 units of apartments, 100 units of assisted living, and ~100 for-sale townhomes. Estimated incremental project costs include Regency's non-retail co-investment. The core entitlements have been attained, and the project's timing, stabilization and economics are being further analyzed.
Hancock Center	Austin, TX		410	55%	2021	$55,000 - $65,000	Transformative adaptive reuse of former Sears building (Sears rent ceased in 2/2019) into office and/or retail. Project has intrinsic demand for various commercial uses in this desirable infill market. Several transaction structures are being contemplated including a JV, ground lease or sale.
Town and Country Center	Los Angeles, CA		230	37%	2022	$20,000 - $30,000	Redevelopment of former 3-level K-Mart box with new retail below 325 mid-rise apartments on a ground lease. Effective January 2020, Regency purchased an additional 16.6% interest, bringing total ownership interest to 35%. As we continue to advance entitlements and position this redevelopment to start, economics and timing of project are being further analyzed.
Costa Verde Center	San Diego, CA		179	69%	2022	$175,000 - $200,000	Large-scale redevelopment of existing Shopping Center with new retail, office, hotel (on a ground lease) and structured parking, adjacent to new transit station. Entitlements for 575,000 sf of commercial space (retail/office) and a 200 room hotel were approved in December 2020. The project's precise scope, timing, stabilzation and economics are being further analyzed.
Gateway Plaza at Aventura	Miami, FL		30	0%	2022	$10,000 - $15,000	Located on Biscayne Boulevard in a vibrant sub-market of Miami, project will redevelop existing retail (former Babies R Us box) with potential to add a grocer and additional retail GLA to the center. The project's timing, stabilization and economics are being further analyzed.
Current Year Development and Redevelopment Completions
---	---	---	---	---	---	---	---	---	---	---
Shopping Center Name	Center GLA		Center % Leased	Project<br><br><br>Start	Est Initial Rent<br><br><br>Commencement	Est Stabilization<br><br><br>Year	REG's Est Net<br><br><br>Project Costs		% of Costs<br><br><br>Incurred	Incremental<br><br><br>Stabilized Yield
Various Redevelopments (est costs < 10 million individually)		288	89%					3,409	96%	8%
Total Completions		288	89%					3,409	96%	8%

All values are in US Dollars.

*Selection reflects material under-earning assets. Selection does not incorporate all pipeline opportunities.

Note: Scope, economics and timing of development and redevelopment program and projects could change materially from estimates provided.

Supplemental Information	18

Leasing Statistics - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

March 31, 2021

(Retail Operating Properties Only)

Leasing Statistics - Comparable
Total	Leasing<br><br><br>Transactions		GLA<br><br><br>(in 000s)		New Base<br><br><br>Rent/Sq. Ft		Rent Spread %	Weighted Avg.<br><br><br>Lease Term		Tenant<br><br><br>Allowance<br><br><br>and Landlord<br><br><br>Work/Sq. Ft.
1st Quarter 2021		381		1,486	$	24.54	0.2%		5.4	$	3.02
4th Quarter 2020		413		1,662		24.55	0.6%		6.1		7.72
3rd Quarter 2020		335		1,414		23.48	1.2%		4.9		3.23
2nd Quarter 2020		185		1,307		17.15	4.0%		6.5		1.64
Total - 12 months		1,314		5,869	$	22.62	1.2%		5.7	$	4.10
New Leases	Leasing<br><br><br>Transactions		GLA<br><br><br>(in 000s)		New Base<br><br><br>Rent/Sq. Ft		Rent Spread %	Weighted Avg.<br><br><br>Lease Term		Tenant<br><br><br>Allowance<br><br><br>and Landlord<br><br><br>Work/Sq. Ft.
1st Quarter 2021	79			266	$	25.28	-1.4%		7.8	$	16.51
4th Quarter 2020	91			316		25.34	1.7%		9.0		37.06
3rd Quarter 2020	72			183		31.80	-3.4%		7.0		19.97
2nd Quarter 2020	23			121		15.23	20.1%		12.9		8.00
Total - 12 months		265		886	$	24.88	1.2%		9.0	$	23.77
Renewals	Leasing<br><br><br>Transactions		GLA<br><br><br>(in 000s)		New Base<br><br><br>Rent/Sq. Ft		Rent Spread %	Weighted Avg.<br><br><br>Lease Term		Tenant<br><br><br>Allowance<br><br><br>and Landlord<br><br><br>Work/Sq. Ft.
1st Quarter 2021		302		1,220	$	24.41	0.5%		4.9	$	0.76
4th Quarter 2020		322		1,346		24.35	0.3%		5.4		0.49
3rd Quarter 2020		263		1,231		22.40	2.2%		4.6		1.04
2nd Quarter 2020		162		1,185		17.38	2.6%		5.7		0.88
Total - 12 months		1,049		4,982	$	22.24	1.2%		5.2	$	0.78
Leasing Statistics - Comparable and Non-comparable
Total	Leasing<br><br><br>Transactions		GLA<br><br><br>(in 000s)		New Base<br><br><br>Rent/Sq. Ft			Weighted Avg.<br><br><br>Lease Term		Tenant<br><br><br>Allowance<br><br><br>and Landlord<br><br><br>Work/Sq. Ft.
1st Quarter 2021		446		1,776	$	23.13			5.2	$	6.15
4th Quarter 2020		480		2,153		23.01			6.0		9.37
3rd Quarter 2020		404		1,660		23.78			4.9		5.61
2nd Quarter 2020		228		1,491		18.07			6.2		2.75
Total - 12 months		1,558		7,080	$	22.22			5.6	$	6.33

Notes:

•	All amounts reported at execution.
•	Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.
---	---
•	Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all teasing transactions, including spaces vacant > 12 months.
---	---
•	Tenant Allowance & Landlord Work are costs required to make the space leasable and include improvements of a space as it relates to a specific lease. These costs include tenant improvements and inducements.
---	---
•	Excludes Non-Retail Properties
---	---
Supplemental Information	19
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Average Base Rent by CBSA - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

March 31, 2021

(in thousands)

Largest CBSAs by Population ^(1)^	Number of<br><br><br>Properties		GLA		% Leased ^(2)^			ABR		ABR/Sq. Ft.		% of Number<br><br><br>of Properties			% of GLA			% of ABR
New York-Newark-Jersey City	16			1,738		91.0	%	$	60,556	$	38.28		3.9	%		4.1	%		6.8	%
Los Angeles-Long Beach-Anaheim	25			2,452		94.6	%		67,305		29.01		6.2	%		5.8	%		7.5	%
Chicago-Naperville-Elgin	10			1,590		95.0	%		29,457		19.50		2.5	%		3.8	%		3.3	%
Dallas-Fort Worth-Arlington	11			745		91.4	%		15,081		22.14		2.7	%		1.8	%		1.7	%
Houston-Woodlands-Sugar Land	14			1,642		96.4	%		29,800		18.83		3.4	%		3.9	%		3.3	%
Washington-Arlington-Alexandri	27			1,885		86.9	%		46,143		28.18		6.7	%		4.5	%		5.2	%
Philadelphia-Camden-Wilmington	8			696		83.3	%		14,348		24.76		2.0	%		1.7	%		1.6	%
Miami-Ft Lauderdale-PompanoBch	42			5,356		91.0	%		103,498		21.24		10.3	%		12.8	%		11.6	%
Atlanta-SandySprings-Alpharett	22			2,065		90.7	%		41,971		22.40		5.4	%		4.9	%		4.7	%
Phoenix-Mesa-Chandler	--		--		--			--		--		--			--			--
Boston-Cambridge-Newton		8		898.02		90.5	%		20,892		25.71		2.0	%		2.1	%		2.3	%
San Francisco-Oakland-Berkeley	21			3,617		89.4	%		97,749		30.24		5.2	%		8.6	%		11.0	%
Rvrside-San Bernardino-Ontario	1			99		98.5	%		2,981		30.66		0.2	%		0.2	%		0.3	%
Detroit-Warren-Dearborn	--		--		--			--		--		--			--			--
Seattle-Tacoma-Bellevue	16			1,164		96.3	%		31,167		27.80		3.9	%		2.8	%		3.5	%
Minneapol-St. Paul-Bloomington	5			205		97.8	%		3,492		17.45		1.2	%		0.5	%		0.4	%
San Diego-Chula Vista-Carlsbad	11			1,541		94.1	%		41,972		28.96		2.7	%		3.7	%		4.7	%
Tampa-St Petersburg-Clearwater	9			1,290		92.3	%		23,176		19.46		2.2	%		3.1	%		2.6	%
Denver-Aurora-Lakewood	11			938		93.7	%		13,475		15.33		2.7	%		2.2	%		1.5	%
St. Louis	4			408		100.0	%		4,421		10.83		1.0	%		1.0	%		0.5	%
Baltimore-Columbia-Towson	5			357		93.3	%		7,712		23.16		1.2	%		0.8	%		0.9	%
Charlotte-Concord-Gastonia	4			232		86.3	%		4,399		21.95		1.0	%		0.6	%		0.5	%
Orlando-Kissimmee-Sanford	8			809		94.1	%		13,929		18.29		2.0	%		1.9	%		1.6	%
San Antonio-New Braunfels	--		--		--			--		--		--			--			--
Portland-Vancouver-Hillsboro	5			436		95.5	%		8,464		20.33		1.2	%		1.0	%		0.9	%
Top 25 CBSAs by Population	283			30,162		92.0	%	$	681,988	$	23.47		69.7	%		71.8	%		76.5	%
CBSAs Ranked 26 - 50 by Population		62		6,563		91.9	%		112,312		18.57		15.3	%		15.6	%		12.6	%
CBSAs Ranked 51 - 75 by Population		23		2,138		94.7	%		50,670		24.66		5.7	%		5.1	%		5.7	%
CBSAs Ranked 76 - 100 by Population		12		760		96.4	%		12,062		16.46		3.0	%		1.8	%		1.4	%
Other CBSAs		26		2,377		92.3	%		34,865		15.87		6.4	%		5.7	%		3.9	%
Total All Properties		406		42,001		92.2	%	$	891,896	$	22.97		100	%		100	%		100	%
^(1)^	2020 Population Data Source: Synergos Technologies, Inc.
---	---
^(2)^	Includes Properties in Development and leases that are executed but have not commenced.
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Supplemental Information	20
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Significant Tenant Rents - Wholly Owned and Regency's Pro-Rata Share of

Co-investment Partnerships

(Includes Tenants ≥ 0.5% of ABR)

March 31, 2021

(in thousands)

#	Tenant		% of Company-<br><br><br>Owned GLA	Total<br><br><br>Annualized<br><br><br>Base Rent		% of Total<br><br><br>Annualized<br><br><br>Base Rent		# of Leased<br><br><br>Stores in JV
1	Publix	2,819	6.7%	$	30,895	3.5%	68	11
2	Kroger Co.^(1)^	2,731	6.5%		26,974	3.0%	53	15
3	Albertsons Companies, Inc.^(2)^	1,794	4.3%		26,728	3.0%	45	17
4	Amazon/Whole Foods	1,099	2.6%		23,480	2.6%	35	13
5	TJX Companies, Inc.^(3)^	1,337	3.2%		22,866	2.6%	62	20
6	CVS	652	1.6%		15,315	1.7%	56	19
7	Ahold/Delhaize^(4)^	455	1.1%		11,363	1.3%	12	6
8	L.A. Fitness Sports Club	487	1.2%		9,920	1.1%	14	4
9	Nordstrom ^(5)^	320	0.8%		9,085	1.0%	9	-
10	Trader Joe's	271	0.6%		8,749	1.0%	27	7
11	Ross Dress For Less	545	1.3%		8,579	1.0%	25	9
12	JPMorgan Chase Bank	133	0.3%		7,430	0.8%	42	10
13	Gap, Inc^(6)^	232	0.6%		7,331	0.8%	18	3
14	Starbucks	135	0.3%		7,144	0.8%	94	30
15	Petco Health & Wellness Company, Inc. ^(7)^	284	0.7%		7,058	0.8%	33	10
16	JAB Holding Company ^(8)^	173	0.4%		6,951	0.8%	63	15
17	Bank of America	131	0.3%		6,815	0.8%	42	15
18	H.E. Butt Grocery Company^(9)^	443	1.1%		6,790	0.8%	6	1
19	Target	570	1.4%		6,666	0.7%	6	2
20	Wells Fargo Bank	128	0.3%		6,410	0.7%	46	18
21	Bed Bath & Beyond Inc. ^(10)^	341	0.8%		6,155	0.7%	12	-
22	Kohl's	612	1.5%		5,893	0.7%	8	2
23	Best Buy	229	0.5%		5,353	0.6%	7	1
24	Walgreens Boots Alliance ^(11)^	223	0.5%		5,349	0.6%	22	9
25	Dick's Sporting Goods, Inc.	291	0.7%		5,010	0.6%	5	1
26	T-Mobile ^(12)^	115	0.3%		4,946	0.6%	80	30
27	Ulta	166	0.4%		4,884	0.5%	18	2
28	AT&T, Inc ^(13)^	107	0.3%		4,704	0.5%	59	14
29	Burlington	359	0.9%		4,252	0.5%	9	2
30	Staples	183	0.4%		4,192	0.5%	10	1
31	Wal-Mart	630	1.5%		4,186	0.5%	6	-
	Top Tenants	17,995	43.1%	$	311,473	34.9%	992		287
^(1)^	Kroger 20 / King Soopers 11 / Harris Teeter 8 / Ralphs 9 / Mariano's Fresh Market 3 / Quality Food Centers 2
---	---
^(2)^	Safeway 21 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2
---	---
^(3)^	TJ Maxx 26 / Homegoods 17 / Marshalls 16 / Homesense 2 / Sierra Trading Post 1
---	---
^(4)^	Giant 8 / Stop & Shop 3 / Food Lion 1
---	---
^(5)^	Nordstrom Rack 9
---	---
^(6^^)^	Old Navy 13 / The Gap 1 / Athleta 2 / Banana Republic 1 / GAP BR Factory 1
---	---
^(7^^)^	Petco 27 / Unleashed by Petco 6
---	---
^(8^^)^	Panera 32 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger’s Bagel 4 / Krispy Kreme 3 / Noah’s NY Bagels 3
---	---
^(^^9^^)^	H.E.B. 5 / Central Market 1
---	---
^(10^^)^	Bed Bath & Beyond 10 / Buy Buy Baby 1 / Harmon Face Values 1
---	---
^(11^^)^	Walgreens 21 / Duane Reade 1
---	---
^(1^^2^^)^	T-Mobile 46 / Sprint 23 / MetroPC 10 / Connectivity Source 1
---	---
^(1^^3^^)^	AT&T 52 / Cricket 7
---	---
Supplemental Information	21
---	---

Tenant Lease Expirations - Wholly Owned and Regency's Pro-Rata Share of Co-investment Partnerships

March 31, 2021

(GLA in thousands)

			Anchor Tenants^(1)^
Year	GLA		Percent of GLA	Percent of<br><br><br>Total ABR^(3)^	ABR
MTM^(4)^		126	0.3%	0.2%	$	12.70
2021		558	1.5%	0.9%		14.25
2022		2,975	7.7%	4.8%		14.22
2023		2,559	6.7%	4.6%		15.69
2024		3,358	8.7%	5.9%		15.55
2025		2,963	7.7%	5.4%		16.05
2026		2,726	7.1%	4.9%		15.65
2027		1,331	3.5%	2.7%		17.67
2028		1,579	4.1%	3.3%		18.59
2029		1,214	3.2%	1.7%		12.54
2030		1,223	3.2%	2.4%		17.09
2031		667	1.7%	1.5%		19.28
10 Year Total		21,278	55.4%	38.3%	$	15.81
Thereafter		3,377	8.8%	6.1%		15.95
		24,655	64.2%	44.4%	$	15.82
			Shop Tenants^(2)^
---	---	---	---	---	---	---
Year	GLA		Percent of GLA	Percent of<br><br><br>Total ABR^(3)^	ABR
MTM^(4)^		353	0.9%	1.3%	$	32.49
2021		1,219	3.2%	4.5%		32.75
2022		2,211	5.8%	8.5%		33.61
2023		2,061	5.4%	8.2%		34.74
2024		1,915	5.0%	7.5%		34.28
2025		1,816	4.7%	7.5%		36.42
2026		1,249	3.3%	5.2%		36.38
2027		692	1.8%	2.9%		37.17
2028		633	1.6%	2.9%		40.42
2029		497	1.3%	2.3%		40.40
2030		543	1.4%	2.4%		39.51
2031		315	0.8%	1.3%		37.08
10 Year Total		13,505	35.1%	54.6%	$	35.47
Thereafter		264	0.7%	1.0%		34.10
		13,769	35.8%	55.6%	$	35.45
			All Tenants
---	---	---	---	---	---	---
Year	GLA		Percent of GLA	Percent of<br><br><br>Total ABR^(3)^	ABR
MTM^(4)^		479	1.2%	1.5%	$	27.30
2021		1,778	4.6%	5.5%		26.94
2022		5,186	13.5%	13.3%		22.48
2023		4,620	12.0%	12.7%		24.19
2024		5,273	13.7%	13.4%		22.35
2025		4,779	12.4%	12.9%		23.79
2026		3,975	10.3%	10.0%		22.17
2027		2,022	5.3%	5.6%		24.34
2028		2,212	5.8%	6.3%		24.84
2029		1,711	4.5%	4.0%		20.63
2030		1,766	4.6%	4.8%		23.98
2031		983	2.6%	2.8%		25.00
10 Year Total		34,783	90.5%	92.8%	$	23.44
Thereafter		3,641	9.5%	7.2%		17.26
		38,424	100%	100%	$	22.86

Note: Reflects commenced leases only. Does not account for contractual rent steps and assumes that no tenants exercise renewal options.

^(1)^	Anchor tenants represent any tenant occupying at least 10,000 square feet.
^(2)^	Shop tenants represent any tenant occupying less than 10,000 square feet.
---	---
^(3)^	Total Annual Base Rent ("ABR") excludes additional rent such as percentage rent, common area maintenance, real estate taxes, and insurance reimbursements.
---	---
^(4)^	Month to month lease or in process of renewal.
---	---
Supplemental Information	22
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	200 Potrero			CA	San Francisco-Oakland-Berkeley	31	31	100.0%				Gizmo Art Production, INC.	$13.77
^^	4S Commons Town Center	M	85%	CA	San Diego-Chula Vista-Carlsbad	245	245	96.5%			68	Ralphs, Jimbo's...Naturally!, Bed Bath & Beyond, Cost Plus World Market, CVS, Ace Hardware, Ulta	$33.28
^^	Amerige Heights Town Center			CA	Los Angeles-Long Beach-Anaheim	89	89	100.0%		143	58	Albertsons, (Target)	$30.01
^^	Balboa Mesa Shopping Center			CA	San Diego-Chula Vista-Carlsbad	207	207	98.7%			42	Von's, Kohl's, CVS	$27.04
^^	Bayhill Shopping Center	GRI	40%	CA	San Francisco-Oakland-Berkeley	122	49	97.0%			32	Mollie Stone's Market, CVS	$26.31
^^	Blossom Valley	USAA	20%	CA	San Jose-Sunnyvale-Santa Clara	93	19	98.4%			34	Safeway	$27.94
^^	Brea Marketplace	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	352	141	100.0%			25	Sprout's, Target, 24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Chef's Toys	$20.71
^^	Circle Center West			CA	Los Angeles-Long Beach-Anaheim	64	64	87.6%				Marshalls	$33.94
^^	Circle Marina Center			CA	Los Angeles-Long Beach-Anaheim	118	118	93.3%				Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies	$31.70
^^	Clayton Valley Shopping Center			CA	San Francisco-Oakland-Berkeley	260	260	90.9%			14	Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less	$22.86
^^	Corral Hollow	RC	25%	CA	Stockton	167	42	98.3%			66	Safeway, CVS	$17.57
^(2)^	Costa Verde Center			CA	San Diego-Chula Vista-Carlsbad	179	179	69.1%			40	Bristol Farms, Bookstar, The Boxing Club	$24.65
^^	Culver Center			CA	Los Angeles-Long Beach-Anaheim	217	217	88.2%			37	Ralphs, Best Buy, LA Fitness, Sit N' Sleep	$32.27
^^	Diablo Plaza			CA	San Francisco-Oakland-Berkeley	63	63	97.9%		53	53	(Safeway), (CVS), Beverages & More!	$41.67
^^	El Camino Shopping Center			CA	Los Angeles-Long Beach-Anaheim	136	136	96.0%			31	Bristol Farms, CVS	$36.88
^^	El Cerrito Plaza			CA	San Francisco-Oakland-Berkeley	256	256	80.5%		67	78	(Lucky's), Trader Joe's, (CVS), Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less	$30.55
^^	El Norte Pkwy Plaza			CA	San Diego-Chula Vista-Carlsbad	91	91	96.0%			42	Von's, Children's Paradise, ACE Hardware	$19.02
^^	Encina Grande			CA	San Francisco-Oakland-Berkeley	106	106	99.1%			38	Whole Foods, Walgreens	$33.59
^^	Five Points Shopping Center	GRI	40%	CA	Santa Maria-Santa Barbara	145	58	97.6%			35	Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO	$29.94
^^	French Valley Village Center			CA	Rvrside-San Bernardino-Ontario	99	99	98.5%			44	Stater Bros, CVS	$27.67
^^	Friars Mission Center			CA	San Diego-Chula Vista-Carlsbad	147	147	98.4%			55	Ralphs, CVS	$37.06
^^	Gateway 101			CA	San Francisco-Oakland-Berkeley	92	92	100.0%		212		(Home Depot), (Best Buy), Target, Nordstrom Rack	$34.95
^^	Gelson's Westlake Market Plaza			CA	Oxnard-Thousand Oaks-Ventura	85	85	100.0%			40	Gelson's Markets, John of Italy Salon & Spa	$29.94
^^	Golden Hills Plaza			CA	San Luis Obispo-Paso Robles	244	244	83.8%				Lowe's, TJ Maxx	$6.52
^^	Granada Village	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	226	91	100.0%			24	Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Mazz	$25.34
^^	Hasley Canyon Village	USAA	20%	CA	Los Angeles-Long Beach-Anaheim	66	13	95.1%			52	Ralphs	$26.70
^^	Heritage Plaza			CA	Los Angeles-Long Beach-Anaheim	230	230	93.2%			44	Ralphs, CVS, Daiso, Mitsuwa Marketplace	$41.30
Supplemental Information	23
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Laguna Niguel Plaza	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	42	17	95.8%		39	39	(Albertsons), CVS	$28.83
^^	Marina Shores	C	20%	CA	Los Angeles-Long Beach-Anaheim	68	14	95.5%			26	Whole Foods, PETCO	$35.29
^^	Mariposa Shopping Center	GRI	40%	CA	San Jose-Sunnyvale-Santa Clara	127	51	94.0%			43	Safeway, CVS, Ross Dress for Less	$21.25
^^	Morningside Plaza			CA	Los Angeles-Long Beach-Anaheim	91	91	96.3%			43	Stater Bros.	$24.77
^^	Navajo Shopping Center	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	102	41	92.2%			44	Albertsons, Rite Aid, O'Reilly Auto Parts	$14.26
^^	Newland Center			CA	Los Angeles-Long Beach-Anaheim	152	152	98.9%			58	Albertsons	$27.11
^^	Oak Shade Town Center			CA	Sacramento-Roseville-Folsom	104	104	99.3%			40	Safeway, Office Max, Rite Aid	$22.34
^^	Oakbrook Plaza			CA	Oxnard-Thousand Oaks-Ventura	83	83	89.8%			44	Gelson's Markets, (CVS), (Ace Hardware)	$20.17
^(2)^	Parnassus Heights Medical	RLP	50%	CA	San Francisco-Oakland-Berkeley	146	73	92.4%				University of CA	$87.66
^^	Persimmon Place			CA	San Francisco-Oakland-Berkeley	153	153	96.1%			40	Whole Foods, Nordstrom Rack, Homegoods	$37.43
^^	Plaza Escuela			CA	San Francisco-Oakland-Berkeley	154	154	84.3%				The Container Store, Trufusion, Talbots, The Cheesecake Factory	$44.60
^^	Plaza Hermosa			CA	Los Angeles-Long Beach-Anaheim	95	95	100.0%			37	Von's, CVS	$27.71
^^	Pleasant Hill Shopping Center	GRI	40%	CA	San Francisco-Oakland-Berkeley	227	91	99.1%				Target, Burlington, Ross Dress for Less, Homegoods	$23.89
^^	Point Loma Plaza	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	205	82	96.9%			50	Von's, Jo-Ann Fabrics, Marshalls, UFC Gym	$21.20
^^	Potrero Center			CA	San Francisco-Oakland-Berkeley	227	227	95.9%			60	Safeway, Decathlon Sport, 24 Hour Fitness, Ross Dress for Less, Petco, Party City	$32.88
^^	Powell Street Plaza			CA	San Francisco-Oakland-Berkeley	166	166	93.9%			10	Trader Joe's, Beverages & More!, Ross Dress For Less, Marshalls, Old Navy	$34.39
^^	Prairie City Crossing			CA	Sacramento-Roseville-Folsom	90	90	97.5%			55	Safeway	$21.90
^^	Raley's Supermarket	C	20%	CA	Sacramento-Roseville-Folsom	63	13	100.0%			63	Raley's	$14.00
^^	Ralphs Circle Center			CA	Los Angeles-Long Beach-Anaheim	60	60	100.0%			35	Ralphs	$19.21
^^	Rancho San Diego Village	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	153	61	96.5%			40	Smart & Final, (Longs Drug), 24 Hour Fitness	$23.23
^^	Rona Plaza			CA	Los Angeles-Long Beach-Anaheim	52	52	97.7%			37	Superior Super Warehouse	$21.81
^^	San Carlos Marketplace			CA	San Francisco-Oakland-Berkeley	154	154	100.0%				TJ Maxx, Best Buy, PetSmart, Bassett Furniture	$36.27
^^	Scripps Ranch Marketplace			CA	San Diego-Chula Vista-Carlsbad	132	132	98.7%			57	Vons, CVS	$32.25
^^	San Leandro Plaza			CA	San Francisco-Oakland-Berkeley	50	50	91.7%		38	38	(Safeway), (CVS)	$37.15
^^	Seal Beach	C	20%	CA	Los Angeles-Long Beach-Anaheim	97	19	93.4%			48	Pavilions, CVS	$26.42
^(2)^	Sequoia Station			CA	San Francisco-Oakland-Berkeley	103	103	81.1%		62	62	(Safeway), CVS, Barnes & Noble, Old Navy	$42.96
^^	Serramonte Center			CA	San Francisco-Oakland-Berkeley	1070	1070	87.4%				Macy's, Target, Dick's Sporting Goods, Dave & Buster's, Nordstrom Rack, Buy Buy Baby, Cost Plus World Market, DAISO, H&M, Old Navy, Party City, Ross, TJ Maxx, Uniqlo, Crunch Gym	$25.42
Supplemental Information	24
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Shoppes at Homestead			CA	San Jose-Sunnyvale-Santa Clara	116	116	96.9%		53		(Orchard Supply Hardware), CVS, Crunch Fitness	$24.36
^^	Silverado Plaza	GRI	40%	CA	Napa	85	34	96.3%			32	Nob Hill, CVS	$21.64
^^	Snell & Branham Plaza	GRI	40%	CA	San Jose-Sunnyvale-Santa Clara	92	37	96.6%			53	Safeway	$20.56
^^	Talega Village Center			CA	Los Angeles-Long Beach-Anaheim	102	102	95.9%			46	Ralphs	$22.57
^^	Tassajara Crossing			CA	San Francisco-Oakland-Berkeley	146	146	97.6%			56	Safeway, CVS, Alamo Hardware	$23.87
^^	The Hub Hillcrest Market			CA	San Diego-Chula Vista-Carlsbad	149	149	97.2%			52	Ralphs, Trader Joe's	$40.71
^^	The Marketplace			CA	Sacramento-Roseville-Folsom	111	111	98.6%			35	Safeway,CVS, Petco	$26.80
^^	The Pruneyard			CA	San Jose-Sunnyvale-Santa Clara	260	260	96.2%			13	Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls	$39.77
^^	Town and Country Center	O	35%	CA	Los Angeles-Long Beach-Anaheim	230	81	37.5%			41	Whole Foods, CVS, Citibank	$48.94
^^	Tustin Legacy			CA	Los Angeles-Long Beach-Anaheim	112	112	97.9%			44	Stater Bros, CVS	$32.42
^^	Twin Oaks Shopping Center	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	98	39	99.1%			41	Ralphs, Rite Aid	$21.46
^^	Twin Peaks			CA	San Diego-Chula Vista-Carlsbad	208	208	97.5%			45	Target, Grocer	$21.56
^^	Valencia Crossroads			CA	Los Angeles-Long Beach-Anaheim	173	173	100.0%			35	Whole Foods, Kohl's	$28.31
^^	Village at La Floresta			CA	Los Angeles-Long Beach-Anaheim	87	87	98.5%			37	Whole Foods	$35.80
^^	Von's Circle Center			CA	Los Angeles-Long Beach-Anaheim	151	151	100.0%			45	Von's, Ross Dress for Less, Planet Fitness	$22.47
^^	West Park Plaza			CA	San Jose-Sunnyvale-Santa Clara	88	88	95.9%			25	Safeway, Rite Aid	$18.49
^^	Westlake Village Plaza and Center			CA	Oxnard-Thousand Oaks-Ventura	201	201	94.9%			72	Von's, Sprouts, (CVS)	$39.30
^^	Willows Shopping Center			CA	San Francisco-Oakland-Berkeley	249	249	67.8%				REI, UFC Gym, Old Navy, Ulta	$29.36
^^	Woodman Van Nuys			CA	Los Angeles-Long Beach-Anaheim	108	108	99.2%			78	El Super	$16.67
^^	Woodside Central			CA	San Francisco-Oakland-Berkeley	81	81	90.0%		113		(Target),Chuck E. Cheese, Marshalls	$25.01
^^	Ygnacio Plaza	GRI	40%	CA	San Francisco-Oakland-Berkeley	110	44	97.6%				Sports Basement,TJ Maxx	$38.05
^^				CA		11,253	9,343	92.6%	92.7%	780	2,670
^^	Applewood Shopping Ctr	GRI	40%	CO	Denver-Aurora-Lakewood	353	141	90.9%			71	King Soopers, Hobby Lobby, Applejack Liquors, PetSmart, Homegoods, Sierra Trading Post, Ulta	$15.10
^^	Alcove On Arapahoe	GRI	40%	CO	Boulder	159	64	80.9%			44	Safeway, Jo-Ann Fabrics, PETCO, HomeGoods	$18.42
^^	Belleview Square			CO	Denver-Aurora-Lakewood	117	117	94.6%			65	King Soopers	$19.81
^^	Boulevard Center			CO	Denver-Aurora-Lakewood	79	79	78.1%		53	53	(Safeway), One Hour Optical	$30.52
^^	Buckley Square			CO	Denver-Aurora-Lakewood	116	116	95.5%			62	King Soopers, Ace Hardware	$11.64
^^	Centerplace of Greeley III			CO	Greeley	119	119	100.0%				Hobby Lobby, Best Buy, TJ Maxx	$11.58
^^	Cherrywood Square Shop Ctr	GRI	40%	CO	Denver-Aurora-Lakewood	97	39	93.1%			72	King Soopers	$10.39
^^	Crossroads Commons	C	20%	CO	Boulder	143	29	91.2%			66	Whole Foods, Barnes & Noble	$29.37
^^	Crossroads Commons II	C	20%	CO	Boulder	18	4	100.0%				(Whole Foods), (Barnes & Noble)	$36.75
^^	Falcon Marketplace			CO	Colorado Springs	22	22	93.8%		184	50	(Wal-Mart)	$24.34
^^	Hilltop Village			CO	Denver-Aurora-Lakewood	100	100	96.5%			66	King Soopers	$11.29
^^	Littleton Square			CO	Denver-Aurora-Lakewood	99	99	98.5%			78	King Soopers	$11.29
^^	Lloyd King Center			CO	Denver-Aurora-Lakewood	83	83	93.3%			61	King Soopers	$11.77
^^	Marketplace at Briargate			CO	Colorado Springs	29	29	96.3%		66	66	(King Soopers)	$32.95
Supplemental Information	25
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Monument Jackson Creek			CO	Colorado Springs	85	85	100.0%			70	King Soopers	$12.49
^^	Ralston Square Shopping Center	GRI	40%	CO	Denver-Aurora-Lakewood	83	33	95.1%			55	King Soopers	$11.73
^^	Shops at Quail Creek			CO	Denver-Aurora-Lakewood	38	38	92.5%		100	100	(King Soopers)	$28.02
^^	Stroh Ranch			CO	Denver-Aurora-Lakewood	93	93	100.0%			70	King Soopers	$13.65
^^	Woodmen Plaza			CO	Colorado Springs	116	116	91.8%			70	King Soopers	$13.14
^^				CO		1,949	1,406	92.8%	93.9%	403	1,119
^^	22 Crescent Road			CT	Bridgeport-Stamford-Norwalk	4	4	100.0%				-	$60.00
^^	91 Danbury Road			CT	Bridgeport-Stamford-Norwalk	5	5	100.0%				-	$28.20
^^	Black Rock	M	80%	CT	Bridgeport-Stamford-Norwalk	98	98	89.4%				Old Navy, The Clubhouse	$29.56
^^	Brick Walk	M	80%	CT	Bridgeport-Stamford-Norwalk	122	122	96.6%				-	$45.49
^^	Brookside Plaza			CT	Hartford-E Hartford-Middletown	227	227	95.8%			60	ShopRite, Bed, Bath & Beyond, TJ Maxx, PetSmart, Staples, Burlington Coat Factory	$15.03
^^	Compo Acres Shopping Center			CT	Bridgeport-Stamford-Norwalk	43	43	95.9%			12	Trader Joe's	$52.59
^^	Copps Hill Plaza			CT	Bridgeport-Stamford-Norwalk	185	185	100.0%			59	Stop & Shop, Kohl's, Rite Aid	$14.49
^^	Corbin's Corner	GRI	40%	CT	Hartford-E Hartford-Middletown	186	74	92.2%			10	Trader Joe's, Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More	$29.88
^^	Danbury Green			CT	Bridgeport-Stamford-Norwalk	124	124	95.6%			12	Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors	$25.34
^^	Darinor Plaza			CT	Bridgeport-Stamford-Norwalk	153	153	100.0%				Kohl's, Old Navy, Party City	$19.34
^^	Fairfield Center	M	80%	CT	Bridgeport-Stamford-Norwalk	94	94	89.8%				Fairfield University Bookstore, Merril Lynch	$33.34
^^	Post Road Plaza			CT	Bridgeport-Stamford-Norwalk	20	20	100.0%			11	Trader Joe's	$54.83
^^	Southbury Green			CT	New Haven-Milford	156	156	83.5%			60	ShopRite, Homegoods	$21.83
^^	Westport Row			CT	Bridgeport-Stamford-Norwalk	90	90	72.9%			22	The Fresh Market	$42.74
^^	Walmart Norwalk			CT	Bridgeport-Stamford-Norwalk	142	142	100.0%			112	WalMart, HomeGoods	$0.56
^^				CT		1,649	1,538	93.6%	93.7%	0	358
^^	Shops at The Columbia	RC	25%	DC	Washington-Arlington-Alexandri	23	6	100.0%			12	Trader Joe's	$39.31
^^	Spring Valley Shopping Center	GRI	40%	DC	Washington-Arlington-Alexandri	17	7	82.4%				-	$109.81
^^				DC		40	12	92.5%	90.5%	0	12
^^	Pike Creek			DE	Philadelphia-Camden-Wilmington	232	232	73.9%			49	Acme Markets, Edge Fitness	$18.67
^^	Shoppes of Graylyn	GRI	40%	DE	Philadelphia-Camden-Wilmington	64	26	89.7%				Rite Aid	$24.51
^^				DE		296	257	77.3%	75.5%	0	49
^^	Alafaya Village			FL	Orlando-Kissimmee-Sanford	38	38	93.9%			58	-	$23.40
^^	Anastasia Plaza			FL	Jacksonville	102	102	95.9%			49	Publix	$13.85
^^	Atlantic Village			FL	Jacksonville	110	110	97.4%				LA Fitness, Pet Supplies Plus	$17.64
^^	Aventura Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	97	97	94.9%			49	Publix, CVS	$36.33
^^	Aventura Square			FL	Miami-Ft Lauderdale-PompanoBch	144	144	77.8%				Bed, Bath & Beyond, DSW, Jewelry Exchange, Old Navy	$38.77
Supplemental Information	26
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^(2)^	Banco Popular Building			FL	Miami-Ft Lauderdale-PompanoBch	33	33	0.0%				-	$0.00
^^	Berkshire Commons			FL	Naples-Marco Island	110	110	97.9%			66	Publix, Walgreens	$14.77
^^	Bird 107 Plaza			FL	Miami-Ft Lauderdale-PompanoBch	40	40	92.9%				Walgreens	$21.47
^^	Bird Ludlam			FL	Miami-Ft Lauderdale-PompanoBch	192	192	97.9%			44	Winn-Dixie, CVS, Goodwill	$24.39
^^	Bloomingdale Square			FL	Tampa-St Petersburg-Clearwater	252	252	94.5%			48	Publix, Bealls, Dollar Tree, Home Centric, LA Fitness	$18.65
^^	Boca Village Square			FL	Miami-Ft Lauderdale-PompanoBch	92	92	96.6%			36	Publix, CVS	$23.14
^^	Boynton Lakes Plaza			FL	Miami-Ft Lauderdale-PompanoBch	110	110	97.9%			46	Publix, Citi Trends, Pet Supermarket	$16.44
^^	Boynton Plaza			FL	Miami-Ft Lauderdale-PompanoBch	105	105	97.2%			54	Publix, CVS	$20.62
^^	Brooklyn Station on Riverside			FL	Jacksonville	50	50	97.2%			20	The Fresh Market	$26.96
^^	Caligo Crossing			FL	Miami-Ft Lauderdale-PompanoBch	11	11	61.0%		98		(Kohl's)	$48.33
^^	Carriage Gate			FL	Tallahassee	73	73	97.3%			13	Trader Joe's, TJ Maxx	$24.09
^^	Cashmere Corners			FL	Port St. Lucie	86	86	80.0%			44	WalMart	$14.14
^^	Charlotte Square			FL	Punta Gorda	91	91	89.2%			44	WalMart, Buffet City	$10.93
^^	Chasewood Plaza			FL	Miami-Ft Lauderdale-PompanoBch	152	152	96.4%			54	Publix, Pet Smart	$26.73
^^	Concord Shopping Plaza			FL	Miami-Ft Lauderdale-PompanoBch	309	309	97.1%			78	Winn-Dixie, Home Depot, Big Lots, Dollar Tree, YouFit Health Club	$13.18
^^	Coral Reef Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	75	75	91.2%			25	Aldi, Walgreens	$32.95
^^	Corkscrew Village			FL	Cape Coral-Fort Myers	82	82	91.5%			51	Publix	$14.27
^^	Country Walk Plaza			FL	Miami-Ft Lauderdale-PompanoBch	101	101	90.5%			40	Publix, CVS	$20.48
^^	Countryside Shops			FL	Miami-Ft Lauderdale-PompanoBch	193	193	67.6%			46	Publix, Ross Dress for Less	$23.89
^^	Courtyard Shopping Center			FL	Jacksonville	137	137	100.0%		63	63	(Publix), Target	$3.68
^(2)^	East San Marco			FL	Jacksonville	59	59	71.3%			39	Publix	$26.20
^^	Fleming Island			FL	Jacksonville	132	132	98.3%		130	48	Publix, (Target), PETCO, Planet Fitness	$16.64
^^	Fountain Square			FL	Miami-Ft Lauderdale-PompanoBch	177	177	89.1%		140	46	Publix,(Target), Ross Dress for Less, TJ Maxx, Ulta	$27.27
^^	Gardens Square			FL	Miami-Ft Lauderdale-PompanoBch	90	90	98.7%			42	Publix	$18.67
^^	Glengary Shoppes			FL	North Port-Sarasota-Bradenton	93	93	97.0%				Best Buy, Barnes & Noble	$19.55
^^	Shoppes of Grande Oak			FL	Cape Coral-Fort Myers	79	79	100.0%			54	Publix	$16.87
^^	Greenwood Shopping Centre			FL	Miami-Ft Lauderdale-PompanoBch	133	133	93.2%			50	Publix, Beall's	$16.06
^^	Hammocks Town Center			FL	Miami-Ft Lauderdale-PompanoBch	187	187	97.5%		86	40	Publix, Metro-Dade Public Library, (Kendall Ice Arena), YouFit Health Club, Goodwill, CVS	$17.63
^^	Hibernia Pavilion			FL	Jacksonville	51	51	92.0%			39	Publix	$16.36
^^	John's Creek Center	C	20%	FL	Jacksonville	76	15	100.0%			45	Publix	$15.93
^^	Julington Village	C	20%	FL	Jacksonville	82	16	100.0%			51	Publix, (CVS)	$16.83
^^	Kirkman Shoppes			FL	Orlando-Kissimmee-Sanford	115	115	93.8%				LA Fitness, Walgreens	$24.06
^^	Lake Mary Centre			FL	Orlando-Kissimmee-Sanford	360	360	94.3%			25	The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot	$16.80
^^	Lantana Outparcels			FL	Miami-Ft Lauderdale-PompanoBch	11	11	58.3%				-	$24.89
Supplemental Information	27
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Mandarin Landing			FL	Jacksonville	140	140	71.5%			50	Whole Foods, Aveda Institute	$19.24
^^	Millhopper Shopping Center			FL	Gainesville	83	83	100.0%			46	Publix	$18.14
^^	Naples Walk			FL	Naples-Marco Island	125	125	96.8%			51	Publix	$17.97
^^	Newberry Square			FL	Gainesville	181	181	92.4%			40	Publix, Floor & Décor, Dollar Tree	$9.41
^^	Nocatee Town Center			FL	Jacksonville	112	112	97.7%			54	Publix	$20.95
^^	Northgate Square			FL	Tampa-St Petersburg-Clearwater	75	75	98.2%			48	Publix	$15.31
^^	Oakleaf Commons			FL	Jacksonville	74	74	98.1%			46	Publix	$15.76
^^	Ocala Corners			FL	Tallahassee	87	87	92.4%			61	Publix	$14.69
^^	Old St Augustine Plaza			FL	Jacksonville	248	248	100.0%			52	Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less	$11.02
^^	Pablo Plaza			FL	Jacksonville	161	161	98.4%			34	Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart	$17.48
^^	Pavillion			FL	Naples-Marco Island	168	168	96.5%				LA Fitness, Paragon Theaters, J. Lee Salon Suites	$21.98
^^	Pine Island			FL	Miami-Ft Lauderdale-PompanoBch	255	255	98.0%			40	Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club	$14.74
^^	Pine Ridge Square			FL	Miami-Ft Lauderdale-PompanoBch	118	118	98.7%			17	The Fresh Market, Bed, Bath & Beyond, Marshalls, Ulta	$18.69
^^	Pine Tree Plaza			FL	Jacksonville	63	63	89.4%			38	Publix	$14.25
^^	Pinecrest Place			FL	Miami-Ft Lauderdale-PompanoBch	70	70	92.3%		173	47	Whole Foods, (Target)	$39.56
^^	Plaza Venezia	C	20%	FL	Orlando-Kissimmee-Sanford	202	40	93.0%			51	Publix, Eddie V's	$28.15
^^	Point Royale Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	202	202	92.4%			45	Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness	$15.99
^^	Prosperity Centre			FL	Miami-Ft Lauderdale-PompanoBch	124	124	93.7%				Bed, Bath & Beyond, Office Depot, TJ Maxx, CVS	$22.25
^^	Regency Square			FL	Tampa-St Petersburg-Clearwater	352	352	92.7%		66		AMC Theater, (Best Buy), (Macdill), Dollar Tree, Five Below, Marshall's, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy	$19.24
^^	Ryanwood Square			FL	Sebastian-Vero Beach	115	115	90.5%			40	Publix, Beall's, Harbor Freight Tools	$11.65
^^	Salerno Village			FL	Port St. Lucie	5	5	100.0%				-	$16.53
^^	Sawgrass Promenade			FL	Miami-Ft Lauderdale-PompanoBch	107	107	84.0%			36	Publix, Walgreens, Dollar Tree	$12.28
^^	Seminole Shoppes	O	50%	FL	Jacksonville	87	44	97.4%			54	Publix	$23.34
^^	Sheridan Plaza			FL	Miami-Ft Lauderdale-PompanoBch	507	507	93.8%			66	Publix, Kohl's, LA Fitness, Office Depot, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington	$19.10
^^	Shoppes @ 104			FL	Miami-Ft Lauderdale-PompanoBch	112	112	89.5%			46	Winn-Dixie, CVS	$19.05
^^	Shoppes at Bartram Park	O	50%	FL	Jacksonville	135	67	95.4%		97	45	Publix, (Kohl's), (Tutor Time)	$20.85
^^	Shoppes at Lago Mar			FL	Miami-Ft Lauderdale-PompanoBch	83	83	90.8%			42	Publix, YouFit Health Club	$15.34
^^	Shoppes at Sunlake Centre			FL	Tampa-St Petersburg-Clearwater	111	111	100.0%			46	Publix	$22.78
^^	Shoppes of Jonathan's Landing			FL	Miami-Ft Lauderdale-PompanoBch	27	27	100.0%		54	54	(Publix)	$26.11
Supplemental Information	28
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Shoppes of Oakbrook			FL	Miami-Ft Lauderdale-PompanoBch	200	200	63.8%			44	Publix, Tuesday Morning, Duffy's Sports Bar, CVS	$17.20
^^	Shoppes of Pebblebrook Plaza	O	50%	FL	Naples-Marco Island	77	38	100.0%			61	Publix, (Walgreens)	$15.71
^^	Shoppes of Silver Lakes			FL	Miami-Ft Lauderdale-PompanoBch	127	127	92.5%			48	Publix, Goodwill	$20.02
^^	Shoppes of Sunset			FL	Miami-Ft Lauderdale-PompanoBch	22	22	94.8%				-	$25.98
^^	Shoppes of Sunset II			FL	Miami-Ft Lauderdale-PompanoBch	28	28	67.5%				-	$23.13
^^	Shops at John's Creek			FL	Jacksonville	15	15	100.0%				-	$25.08
^^	Shops at Skylake			FL	Miami-Ft Lauderdale-PompanoBch	287	287	90.7%			51	Publix, LA Fitness, TJ Maxx, Goodwill	$24.12
^^	South Beach Regional			FL	Jacksonville	308	308	85.8%			13	Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples	$16.78
^^	South Point			FL	Sebastian-Vero Beach	65	65	95.7%			45	Publix	$16.82
^^	Starke			FL	Jacksonville	13	13	100.0%				CVS	$27.05
^^	Suncoast Crossing			FL	Tampa-St Petersburg-Clearwater	118	118	94.1%		143		Kohl's, (Target)	$6.62
^^	Tamarac Town Square			FL	Miami-Ft Lauderdale-PompanoBch	125	125	86.8%			38	Publix, Dollar Tree, Retro Fitness	$11.23
^^	The Grove	NYC	30%	FL	Orlando-Kissimmee-Sanford	152	46	95.6%			52	Publix, LA Fitness	$17.77
^^	The Plaza at St. Lucie West			FL	Port St. Lucie	27	27	93.6%				-	$23.86
^(2)^	The Village at Hunter's Lake			FL	Tampa-St Petersburg-Clearwater	72	72	96.0%			29	Sprouts	$27.12
^^	Town and Country			FL	Orlando-Kissimmee-Sanford	78	78	97.9%				Ross Dress for Less	$10.85
^^	Town Square			FL	Tampa-St Petersburg-Clearwater	44	44	73.3%				PETCO	$34.64
^^	Treasure Coast Plaza			FL	Sebastian-Vero Beach	134	134	94.6%			59	Publix, TJ Maxx	$17.53
^^	Unigold Shopping Center			FL	Orlando-Kissimmee-Sanford	115	115	90.5%			31	YouFit Health Club, Ross Dress for Less	$15.43
^^	University Commons			FL	Miami-Ft Lauderdale-PompanoBch	180	180	100.0%			51	Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond	$32.50
^^	Village Center			FL	Tampa-St Petersburg-Clearwater	187	187	80.4%			50	Publix, Walgreens	$23.91
^^	Waterstone Plaza			FL	Miami-Ft Lauderdale-PompanoBch	61	61	100.0%			46	Publix	$17.22
^^	Welleby Plaza			FL	Miami-Ft Lauderdale-PompanoBch	110	110	90.5%			47	Publix, Dollar Tree	$13.70
^^	Wellington Town Square			FL	Miami-Ft Lauderdale-PompanoBch	112	112	95.8%			45	Publix, CVS	$31.03
^^	West Bird Plaza			FL	Miami-Ft Lauderdale-PompanoBch	99	99	97.3%			38	Publix	$24.71
^^	West Lake Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	101	101	95.4%			46	Winn-Dixie, CVS	$19.38
^^	Westchase			FL	Tampa-St Petersburg-Clearwater	79	79	100.0%			51	Publix	$17.54
^^	Westport Plaza			FL	Miami-Ft Lauderdale-PompanoBch	47	47	100.0%			28	Publix	$20.67
^^	Willa Springs	USAA	20%	FL	Orlando-Kissimmee-Sanford	90	18	95.7%			44	Publix	$21.65
^^				FL		11,630	11,014	92.4%	92.6%	1,049	3,474
^^	Ashford Place			GA	Atlanta-SandySprings-Alpharett	53	53	93.9%				Harbor Freight Tools	$22.34
^^	Briarcliff La Vista			GA	Atlanta-SandySprings-Alpharett	43	43	100.0%				Michael's	$22.06
^^	Briarcliff Village			GA	Atlanta-SandySprings-Alpharett	189	189	98.4%			43	Publix, Party City, Shoe Carnival, TJ Maxx, Burlington	$17.06
^^	Bridgemill Market			GA	Atlanta-SandySprings-Alpharett	89	89	87.0%			38	Publix	$17.22
^^	Brighten Park			GA	Atlanta-SandySprings-Alpharett	137	137	85.7%			25	Lidl, Dance 101	$27.90
^^	Buckhead Court			GA	Atlanta-SandySprings-Alpharett	49	49	100.0%				-	$30.09
Supplemental Information	29
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Buckhead Station			GA	Atlanta-SandySprings-Alpharett	234	234	100.0%				Nordstrom Rack, TJ Maxx, Bed Bath & Beyond, Saks Off Fifth, DSW, Cost Plus World Market, Old Navy, Ulta	$24.10
^^	Cambridge Square			GA	Atlanta-SandySprings-Alpharett	71	71	42.8%			41	-	$24.35
^^	Chastain Square			GA	Atlanta-SandySprings-Alpharett	92	92	100.0%			37	Publix	$22.75
^^	Cornerstone Square			GA	Atlanta-SandySprings-Alpharett	80	80	100.0%			18	Aldi, CVS, HealthMarkets Insurance, Diazo Specialty Blueprint	$18.10
^^	Sope Creek Crossing			GA	Atlanta-SandySprings-Alpharett	99	99	95.5%			45	Publix	$16.35
^^	Dunwoody Hall	USAA	20%	GA	Atlanta-SandySprings-Alpharett	86	17	93.8%			44	Publix	$20.33
^^	Dunwoody Village			GA	Atlanta-SandySprings-Alpharett	121	121	86.2%			18	The Fresh Market, Walgreens, Dunwoody Prep	$20.30
^^	Howell Mill Village			GA	Atlanta-SandySprings-Alpharett	92	92	98.6%			31	Publix	$23.88
^^	Paces Ferry Plaza			GA	Atlanta-SandySprings-Alpharett	82	82	99.9%			30	Whole Foods	$38.79
^^	Piedmont Peachtree Crossing			GA	Atlanta-SandySprings-Alpharett	152	152	78.2%			56	Kroger, Binders Art Supplies & Frames	$20.30
^^	Powers Ferry Square			GA	Atlanta-SandySprings-Alpharett	101	101	100.0%				HomeGoods, PETCO	$32.10
^^	Powers Ferry Village			GA	Atlanta-SandySprings-Alpharett	79	79	87.3%			48	Publix, The Juice Box	$10.28
^^	Russell Ridge			GA	Atlanta-SandySprings-Alpharett	101	101	88.4%			63	Kroger	$12.77
^^	Sandy Springs			GA	Atlanta-SandySprings-Alpharett	116	116	90.8%			12	Trader Joe's, Fox's, Peter Glenn Ski & Sports	$23.59
^^	The Shops at Hampton Oaks			GA	Atlanta-SandySprings-Alpharett	21	21	30.1%				(CVS)	$11.14
^^	Williamsburg at Dunwoody			GA	Atlanta-SandySprings-Alpharett	45	45	79.6%				-	$26.47
^^				GA		2,133	2,065	90.8%	90.7%	0	551
^^	Civic Center Plaza	GRI	40%	IL	Chicago-Naperville-Elgin	265	106	96.1%			87	Super H Mart, Home Depot, O'Reilly Automotive, King Spa	$11.29
^^	Clybourn Commons			IL	Chicago-Naperville-Elgin	32	32	84.9%				PETCO	$37.07
^^	Glen Oak Plaza			IL	Chicago-Naperville-Elgin	63	63	89.2%			12	Trader Joe's, Walgreens, Northshore University Healthsystems	$25.06
^^	Hinsdale			IL	Chicago-Naperville-Elgin	185	185	89.6%			57	Whole Foods, Goodwill, Charter Fitness, Petco	$15.37
^^	Mellody Farm			IL	Chicago-Naperville-Elgin	259	259	97.3%			45	Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm	$28.54
^^	Riverside Sq & River's Edge	GRI	40%	IL	Chicago-Naperville-Elgin	169	68	97.5%			74	Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness	$17.41
^^	Roscoe Square	GRI	40%	IL	Chicago-Naperville-Elgin	140	56	100.0%			51	Mariano's Fresh Market, Ashley Furniture, Walgreens	$21.87
^^	Westchester Commons			IL	Chicago-Naperville-Elgin	139	139	92.4%			80	Mariano's Fresh Market, Goodwill	$18.44
^^	Willow Festival			IL	Chicago-Naperville-Elgin	404	404	96.9%			60	Whole Foods, Lowe's, CVS, HomeGoods, REI, Best Buy, Ulta	$17.99
^^				IL		1,655	1,311	95.4%	94.9%	0	467
^^	Shops on Main	M	94%	IN	Chicago-Naperville-Elgin	279	279	95.8%			40	Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls	$15.83
Supplemental Information	30
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Willow Lake Shopping Center	GRI	40%	IN	Indianapolis-Carmel-Anderson	86	34	58.3%		64	64	(Kroger)	$17.31
^^	Willow Lake West Shopping Center	GRI	40%	IN	Indianapolis-Carmel-Anderson	53	21	78.5%			12	Trader Joe's	$27.42
^^				IN		418	335	85.9%	90.8%	64	116
^^	Fellsway Plaza	M	75%	MA	Boston-Cambridge-Newton	158	158	84.2%			61	Stop & Shop, Planet Fitness	$24.58
^^	Northborough Crossing	NYC	30%	MA	Worcester	646	194	96.3%			139	Wegmans, BJ's Wholesale Club, Kohl's,Dick's Sporting Goods, Pottery Barn Outlet, TJ Maxx, Michael's, PetSmart, Old Navy, Homesense	$13.21
^^	Shaw's at Plymouth			MA	Boston-Cambridge-Newton	60	60	100.0%			60	Shaw's	$19.34
^^	Shops at Saugus			MA	Boston-Cambridge-Newton	87	87	88.5%			11	Trader Joe's, La-Z-Boy, PetSmart	$29.71
^^	Star's at Cambridge			MA	Boston-Cambridge-Newton	66	66	100.0%			66	Star Market	$41.18
^^	Star's at Quincy			MA	Boston-Cambridge-Newton	101	101	100.0%			101	Star Market	$23.63
^^	Star's at West Roxbury			MA	Boston-Cambridge-Newton	76	76	100.0%			55	Shaw's	$26.54
^^	The Abbot			MA	Boston-Cambridge-Newton	65	65	22.7%				-	$0.00
^^	Twin City Plaza			MA	Boston-Cambridge-Newton	285	285	100.0%			63	Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs	$21.19
^^				MA		1,544	1,092	92.9%	91.5%	0	556
^^	Burnt Mills	C	20%	MD	Washington-Arlington-Alexandri	31	6	100.0%			9	Trader Joe's	$40.57
^^	Cloppers Mill Village	GRI	40%	MD	Washington-Arlington-Alexandri	137	55	93.8%			70	Shoppers Food Warehouse, Dollar Tree	$18.60
^^	Festival at Woodholme	GRI	40%	MD	Baltimore-Columbia-Towson	81	32	85.3%			10	Trader Joe's	$40.35
^^	Firstfield Shopping Center	GRI	40%	MD	Washington-Arlington-Alexandri	22	9	74.7%				-	$44.14
^^	Parkville Shopping Center	GRI	40%	MD	Baltimore-Columbia-Towson	165	66	96.0%			41	Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville	$16.39
^^	Southside Marketplace	GRI	40%	MD	Baltimore-Columbia-Towson	125	50	92.0%			44	Shoppers Food Warehouse	$21.66
^^	Takoma Park	GRI	40%	MD	Washington-Arlington-Alexandri	104	42	100.0%			64	Lidl	$13.97
^^	Valley Centre	GRI	40%	MD	Baltimore-Columbia-Towson	220	88	96.2%			18	Aldi,TJ Maxx, Ross Dress for Less, PetSmart, Michael's, Surplus Freight	$15.56
^^	Village at Lee Airpark			MD	Baltimore-Columbia-Towson	121	121	92.4%		75	63	Giant, (Sunrise)	$29.12
^^	Watkins Park Plaza	GRI	40%	MD	Washington-Arlington-Alexandri	111	45	98.5%				LA Fitness, CVS	$28.07
^^	Westbard Square			MD	Washington-Arlington-Alexandri	213	213	86.6%			55	Giant, Citgo, Bowlmor AMF	$31.46
^^	Woodmoor Shopping Center	GRI	40%	MD	Washington-Arlington-Alexandri	69	28	92.8%				CVS	$34.07
^^				MD		1,400	754	93.2%	91.9%	75	374
^^	Fenton Marketplace			MI	Flint	97	97	75.4%				Family Farm & Home	$8.69
^^				MI		97	97	75.4%	75.4%	0	0
^^	Apple Valley Square	RC	25%	MN	Minneapol-St. Paul-Bloomington	176	44	100.0%		87		Jo-Ann Fabrics, Experience Fitness, (Burlington Coat Factory), (Aldi), Savers, PETCO	$16.13
^^	Cedar Commons	RC	25%	MN	Minneapol-St. Paul-Bloomington	66	17	97.6%			50	Whole Foods	$27.84
^^	Colonial Square	GRI	40%	MN	Minneapol-St. Paul-Bloomington	93	37	100.0%			44	Lund's	$25.51
Supplemental Information	31
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Rockford Road Plaza	GRI	40%	MN	Minneapol-St. Paul-Bloomington	204	82	97.5%				Kohl's, PetSmart, HomeGoods, TJ Maxx	$13.44
^^	Rockridge Center	C	20%	MN	Minneapol-St. Paul-Bloomington	125	25	92.0%			89	CUB Foods	$13.59
^^				MN		665	205	97.5%	97.8%	87	183
^^	Brentwood Plaza			MO	St. Louis	60	60	100.0%			52	Schnucks	$11.34
^^	Bridgeton			MO	St. Louis	71	71	100.0%		130	63	Schnucks, (Home Depot)	$12.26
^^	Dardenne Crossing			MO	St. Louis	67	67	100.0%			63	Schnucks	$11.06
^^	Kirkwood Commons			MO	St. Louis	210	210	100.0%		258	136	Walmart, (Target), (Lowe's), TJ Maxx, HomeGoods, Famous Footwear	$10.12
^^				MO		408	408	100.0%	100.0%	388	314
^^	Carmel Commons			NC	Charlotte-Concord-Gastonia	135	135	79.1%			14	The Fresh Market, Chuck E. Cheese, Party City	$24.05
^^	Cochran Commons	C	20%	NC	Charlotte-Concord-Gastonia	66	13	100.0%			42	Harris Teeter, (Walgreens)	$17.07
^^	Market at Colonnade Center			NC	Raleigh-Cary	58	58	100.0%			40	Whole Foods	$27.82
^^	Glenwood Village			NC	Raleigh-Cary	43	43	96.8%			28	Harris Teeter	$17.00
^^	Holly Park			NC	Raleigh-Cary	160	160	100.0%			12	DSW, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta	$18.21
^^	Lake Pine Plaza			NC	Raleigh-Cary	88	88	100.0%			58	Harris Teeter	$13.47
^^	Midtown East	O	50%	NC	Raleigh-Cary	159	79	98.2%			120	Wegmans	$23.67
^^	Providence Commons	RC	25%	NC	Charlotte-Concord-Gastonia	74	19	88.4%			50	Harris Teeter	$19.64
^^	Ridgewood Shopping Center	C	20%	NC	Raleigh-Cary	93	19	86.3%			30	Whole Foods, Walgreens	$19.19
^^	Shops at Erwin Mill	M	55%	NC	Durham-Chapel Hill	91	91	96.4%			53	Harris Teeter	$18.91
^^	Shoppes of Kildaire	GRI	40%	NC	Raleigh-Cary	145	58	97.8%			46	Trader Joe's, Aldi, Fitness Connection, Staples	$18.96
^^	Southpoint Crossing			NC	Durham-Chapel Hill	103	103	98.4%			59	Harris Teeter	$16.53
^^	Sutton Square	C	20%	NC	Raleigh-Cary	101	20	91.0%			24	The Fresh Market	$19.81
^^	Village District	C	30%	NC	Raleigh-Cary	558	167	89.9%			87	Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora	$24.86
^^	Village Plaza	C	20%	NC	Durham-Chapel Hill	74	15	91.0%			42	Whole Foods	$21.72
^^	Willow Oaks			NC	Charlotte-Concord-Gastonia	65	65	97.9%			49	Publix	$17.39
^^	Woodcroft Shopping Center			NC	Durham-Chapel Hill	90	90	98.6%			41	Food Lion, ACE Hardware	$13.92
^^				NC		2,102	1,223	93.5%	94.7%	0	795
^^	Chimney Rock			NJ	New York-Newark-Jersey City	218	218	99.3%			50	Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Cost Plus World Market, Ulta	$36.78
^^	District at Metuchen	C	20%	NJ	New York-Newark-Jersey City	67	13	100.0%			44	Whole Foods	$29.78
^^	Haddon Commons	GRI	40%	NJ	Philadelphia-Camden-Wilmington	54	22	100.0%			34	Acme Markets	$15.06
Supplemental Information	32
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Plaza Square	GRI	40%	NJ	New York-Newark-Jersey City	104	42	82.1%			60	Shop Rite	$17.64
^^	Riverfront Plaza	NYC	30%	NJ	New York-Newark-Jersey City	129	39	90.5%			70	ShopRite	$26.73
^^				NJ		572	333	94.3%	96.2%	0	258
^^	101 7th Avenue			NY	New York-Newark-Jersey City	57	57	0.0%				-	$0.00
^^	1175 Third Avenue			NY	New York-Newark-Jersey City	25	25	100.0%			25	The Food Emporium	$116.62
^^	1225-1239 Second Ave			NY	New York-Newark-Jersey City	18	18	100.0%				CVS	$125.79
^^	90 - 30 Metropolitan Avenue			NY	New York-Newark-Jersey City	60	60	100.0%			11	Trader Joe's, Staples, Michaels	$33.28
^^	Broadway Plaza			NY	New York-Newark-Jersey City	147	147	91.8%			18	Aldi, Bob's Discount Furniture, TJ Maxx, Blink Fitness, Best Buy	$40.88
^^	Clocktower Plaza Shopping Ctr			NY	New York-Newark-Jersey City	79	79	100.0%			63	Stop & Shop	$49.56
^^	The Gallery at Westbury Plaza			NY	New York-Newark-Jersey City	312	312	98.0%			13	Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear	$49.34
^^	Hewlett Crossing I & II			NY	New York-Newark-Jersey City	53	53	98.7%				Petco	$37.56
^^	Rivertowns Square	0		NY	New York-Newark-Jersey City	116	116	58.4%			18	Ulta, The Learning Experience, Mom's Organic Market	$33.77
^^	The Point at Garden City Park			NY	New York-Newark-Jersey City	105	105	98.1%			52	King Kullen, Ace Hardware	$29.30
^^	Lake Grove Commons	GRI	40%	NY	New York-Newark-Jersey City	141	57	100.0%			48	Whole Foods, LA Fitness, PETCO	$34.35
^^	Westbury Plaza			NY	New York-Newark-Jersey City	397	397	95.6%			110	WalMart, Costco, Marshalls, Total Wine and More, Olive Garden	$25.41
^^				NY		1,511	1,427	90.5%	89.9%	0	357
^^	Cherry Grove			OH	Cincinnati	196	196	99.0%			66	Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning	$12.11
^^	East Pointe			OH	Columbus	109	109	94.3%			76	Kroger	$10.61
^^	Hyde Park			OH	Cincinnati	401	401	97.4%			169	Kroger, Remke Markets, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls	$16.58
^^	Kroger New Albany Center	M	50%	OH	Columbus	93	93	100.0%			65	Kroger	$13.14
^^	Northgate Plaza (Maxtown Road)			OH	Columbus	114	114	100.0%		90	91	Kroger, (Home Depot)	$11.79
^^	Red Bank Village			OH	Cincinnati	176	176	100.0%			152	WalMart	$7.58
^^	Regency Commons			OH	Cincinnati	34	34	79.2%				-	$26.31
^^	West Chester Plaza			OH	Cincinnati	88	88	100.0%			67	Kroger	$10.19
^^				OH		1,211	1,211	97.9%	97.9%	90	685
^^	Corvallis Market Center			OR	Corvallis	85	85	90.9%			12	Trader Joe's, TJ Maxx, Michael's	$21.75
^^	Greenway Town Center	GRI	40%	OR	Portland-Vancouver-Hillsboro	93	37	100.0%			38	Whole Foods, Rite Aid, Dollar Tree	$16.18
^^	Murrayhill Marketplace			OR	Portland-Vancouver-Hillsboro	150	150	88.7%			41	Safeway, Planet Fitness	$20.00
^^	Northgate Marketplace			OR	Medford	81	81	91.6%			13	Trader Joe's, REI, PETCO	$22.83
^^	Northgate Marketplace Ph II			OR	Medford	177	177	97.4%				Dick's Sporting Goods, Homegoods, Marshalls	$17.10
Supplemental Information	33
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Sherwood Crossroads			OR	Portland-Vancouver-Hillsboro	88	88	100.0%			55	Safeway	$12.17
^^	Tanasbourne Market			OR	Portland-Vancouver-Hillsboro	71	71	100.0%			57	Whole Foods	$30.18
^^	Walker Center			OR	Portland-Vancouver-Hillsboro	90	90	96.8%				Bed Bath & Beyond	$21.72
^^				OR		835	779	95.3%	95.0%	0	215
^^	Allen Street Shopping Ctr	GRI	40%	PA	Allentown-Bethlehem-Easton	46	18	100.0%			22	Grocery Outlet Bargain Market	$16.10
^^	City Avenue Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	162	65	80.4%				Ross Dress for Less, TJ Maxx, Dollar Tree	$19.64
^^	Gateway Shopping Center			PA	Philadelphia-Camden-Wilmington	221	221	95.9%			11	Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics	$32.80
^^	Hershey			PA	Harrisburg-Carlisle	6	6	100.0%				-	$30.00
^^	Lower Nazareth Commons			PA	Allentown-Bethlehem-Easton	90	90	100.0%		244	111	(Wegmans), (Target), Burlington Coat Factory, PETCO	$26.52
^^	Mercer Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	91	37	92.9%			51	Weis Markets	$24.24
^^	Newtown Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	143	57	88.7%			56	Acme Markets, Michael's	$18.38
^^	Stefko Boulevard Shopping Center	GRI	40%	PA	Allentown-Bethlehem-Easton	134	54	96.1%			73	Valley Farm Market, Dollar Tree, Retro Fitness	$10.79
^^	Warwick Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	93	37	40.4%			51	-	$27.96
^^				PA		987	585	87.4%	90.6%	244	375
^^	Indigo Square			SC	Charleston-North Charleston	51	51	98.4%			22	Publix	$29.27
^^	Merchants Village	GRI	40%	SC	Charleston-North Charleston	80	32	98.5%			38	Publix	$17.14
^^				SC		131	83	98.4%	98.4%	0	59
^^	Harpeth Village Fieldstone			TN	Nashvil-Davdsn-Murfree-Frankln	70	70	100.0%			55	Publix	$15.97
^^	Northlake Village			TN	Nashvil-Davdsn-Murfree-Frankln	138	138	84.2%			75	Kroger	$13.78
^^	Peartree Village			TN	Nashvil-Davdsn-Murfree-Frankln	110	110	100.0%			84	Kroger, PETCO	$19.96
^^				TN		318	318	93.1%	93.1%	0	214
^^	Alden Bridge	USAA	20%	TX	Houston-Woodlands-Sugar Land	139	28	98.0%			68	Kroger, Walgreens	$20.94
^^	Bethany Park Place	USAA	20%	TX	Dallas-Fort Worth-Arlington	99	20	96.6%			83	Kroger	$11.68
^^	CityLine Market			TX	Dallas-Fort Worth-Arlington	81	81	95.0%			40	Whole Foods	$27.59
^^	CityLine Market Phase II			TX	Dallas-Fort Worth-Arlington	22	22	93.8%				CVS	$26.64
^^	Cochran's Crossing			TX	Houston-Woodlands-Sugar Land	138	138	92.0%			63	Kroger	$19.22
^(2)^	Eastfield at Baybrook	O	50%	TX	Houston-Woodlands-Sugar Land	106	53	100.0%			106	H.E.B	$3.16
^^	Hancock			TX	Austin-Round Rock-Georgetown	410	410	55.3%			90	H.E.B, Twin Liquors, PETCO, 24 Hour Fitness, Firestone Complete Auto Care	$20.77
^^	Hillcrest Village			TX	Dallas-Fort Worth-Arlington	15	15	100.0%				-	$49.41
^^	Indian Springs Center			TX	Houston-Woodlands-Sugar Land	137	137	98.9%			79	H.E.B.	$24.91
^^	Keller Town Center			TX	Dallas-Fort Worth-Arlington	120	120	95.3%			64	Tom Thumb	$16.16
^^	Lebanon/Legacy Center			TX	Dallas-Fort Worth-Arlington	56	56	78.8%		63	63	(Wal-Mart)	$28.12
^^	Market at Preston Forest			TX	Dallas-Fort Worth-Arlington	96	96	98.9%			64	Tom Thumb	$21.35
^^	Market at Round Rock			TX	Austin-Round Rock-Georgetown	123	123	95.6%			30	Sprout's Markets, Office Depot, Tuesday Morning	$18.54
Supplemental Information	34
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Market at Springwoods Village	M	53%	TX	Houston-Woodlands-Sugar Land	167	167	95.1%			100	Kroger	$16.56
^^	Mockingbird Commons			TX	Dallas-Fort Worth-Arlington	120	120	89.2%			49	Tom Thumb, Ogle School of Hair Design	$18.41
^^	North Hills			TX	Austin-Round Rock-Georgetown	164	164	100.0%			60	H.E.B.	$21.18
^^	Panther Creek			TX	Houston-Woodlands-Sugar Land	166	166	96.1%			66	CVS, The Woodlands Childrens Museum, Fitness Project	$23.17
^^	Prestonbrook			TX	Dallas-Fort Worth-Arlington	92	92	100.0%			64	Kroger	$15.08
^(2)^	Preston Oaks			TX	Dallas-Fort Worth-Arlington	101	101	77.0%			30	Central Market, Talbots	$34.96
^^	Shiloh Springs	USAA	20%	TX	Dallas-Fort Worth-Arlington	110	22	87.3%			61	Kroger	$14.26
^^	Shops at Mira Vista			TX	Austin-Round Rock-Georgetown	68	68	100.0%			15	Trader Joe's, Champions Westlake Gymnastics & Cheer	$23.99
^^	Southpark at Cinco Ranch			TX	Houston-Woodlands-Sugar Land	265	265	97.6%			101	Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods	$13.50
^^	Sterling Ridge			TX	Houston-Woodlands-Sugar Land	129	129	94.4%			63	Kroger,CVS	$20.87
^^	Sweetwater Plaza	C	20%	TX	Houston-Woodlands-Sugar Land	134	27	94.6%			65	Kroger, Walgreens	$17.89
^^	Tech Ridge Center			TX	Austin-Round Rock-Georgetown	215	215	89.0%			84	H.E.B., Pinstack	$23.31
^^	The Village at Riverstone			TX	Houston-Woodlands-Sugar Land	165	165	96.1%			100	Kroger	$16.83
^^	Weslayan Plaza East	GRI	40%	TX	Houston-Woodlands-Sugar Land	169	68	99.1%				Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Bike Barn	$20.60
^^	Weslayan Plaza West	GRI	40%	TX	Houston-Woodlands-Sugar Land	186	74	94.9%			52	Randalls Food, Walgreens, PETCO, Jo-Ann's, Tuesday Morning, Homegoods	$19.91
^^	Westwood Village			TX	Houston-Woodlands-Sugar Land	187	187	97.9%		127		(Target), Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx	$20.12
^^	Woodway Collection	GRI	40%	TX	Houston-Woodlands-Sugar Land	97	39	97.3%			45	Whole Foods	$30.08
^^				TX		4,077	3,368	91.0%	90.3%	190	1,706
^^	Ashburn Farm Village Center	GRI	40%	VA	Washington-Arlington-Alexandri	92	37	100.0%			27	Patel Brothers, The Shop Gym	$16.52
^^	Belmont Chase			VA	Washington-Arlington-Alexandri	91	91	100.0%			40	Whole Foods, Cooper's Hawk Winery	$32.95
^^	Braemar Village Center	RC	25%	VA	Washington-Arlington-Alexandri	104	26	100.0%			58	Safeway	$23.22
^(2)^	Carytown Exchange	M	52%	VA	Richmond	116	116	61.3%			38	Publix, CVS	$22.04
^^	Centre Ridge Marketplace	GRI	40%	VA	Washington-Arlington-Alexandri	107	43	98.9%			55	United States Coast Guard Ex, Planet Fitness	$19.72
^^	Point 50			VA	Washington-Arlington-Alexandri	48	48	96.3%			30	Grocer	$29.21
^^	Festival at Manchester Lakes	GRI	40%	VA	Washington-Arlington-Alexandri	169	67	79.9%			65	Grocer, Homesense	$28.55
^^	Fox Mill Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	103	41	100.0%			50	Giant	$26.71
^^	Greenbriar Town Center	GRI	40%	VA	Washington-Arlington-Alexandri	340	136	98.1%			62	Giant, Bob's Discount Furniture, CVS,Ross Dress for Less, Marshalls, Planet Fitness, Big Blue Swim School, Total Wine and More	$27.94
Supplemental Information	35
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Hanover Village Shopping Center	GRI	40%	VA	Richmond	90	36	100.0%			18	Aldi, Tractor Supply Company, Harbor Freight Tools, Tuesday Morning	$9.27
^^	Kamp Washington Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	71	29	97.4%			20	PGA Tour Superstore	$36.47
^^	Kings Park Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	96	39	100.0%			51	Giant, CVS	$32.74
^^	Lorton Station Marketplace	C	20%	VA	Washington-Arlington-Alexandri	132	26	68.9%			63	Grocer	$26.72
^^	The Crossing Clarendon (fka Market Common Clarendon)			VA	Washington-Arlington-Alexandri	426	426	60.9%			34	Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory	$34.68
^^	Saratoga Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	113	45	97.0%			56	Giant	$21.85
^^	Shops at County Center			VA	Washington-Arlington-Alexandri	97	97	94.0%			52	Harris Teeter	$20.54
^^	The Field at Commonwealth			VA	Washington-Arlington-Alexandri	167	167	99.0%			122	Wegmans	$22.09
^^	Village Center at Dulles	C	20%	VA	Washington-Arlington-Alexandri	301	60	96.7%			48	Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max	$27.37
^^	Village Shopping Center	GRI	40%	VA	Richmond	116	46	85.9%			45	Publix, CVS	$24.77
^^	Willston Centre I	GRI	40%	VA	Washington-Arlington-Alexandri	105	42	89.9%				CVS, Fashion K City	$27.84
^^	Willston Centre II	GRI	40%	VA	Washington-Arlington-Alexandri	136	54	100.0%		141	59	Safeway, (Target), (PetSmart)	$27.24
^^				VA		3,022	1,674	88.6%	86.2%	141	994
^^	6401 Roosevelt			WA	Seattle-Tacoma-Bellevue	8	8	69.0%				-	$18.87
^^	Aurora Marketplace	GRI	40%	WA	Seattle-Tacoma-Bellevue	107	43	98.8%			49	Safeway, TJ Maxx	$17.02
^^	Ballard Blocks I	O	50%	WA	Seattle-Tacoma-Bellevue	132	66	94.0%			12	Trader Joe's, LA Fitness, Ross Dress for Less	$27.07
^^	Ballard Blocks II	O	50%	WA	Seattle-Tacoma-Bellevue	117	58	99.3%			25	PCC Community Markets, Bright Horizons, West Marine,Trufusion, Kaiser Permanente, Prokarma	$34.71
^^	Broadway Market	C	20%	WA	Seattle-Tacoma-Bellevue	140	28	97.2%			64	Quality Food Centers, Gold's Gym, Mosaic Salon Group	$29.07
^^	Cascade Plaza	C	20%	WA	Seattle-Tacoma-Bellevue	206	41	95.0%			49	Safeway, Jo-Ann Fabrics, Ross Dress For Less, Big Lots, Fplanet Fitness, Big 5 Sporting Goods, Dollar Tree	$12.50
^^	Eastgate Plaza	GRI	40%	WA	Seattle-Tacoma-Bellevue	85	34	100.0%			29	Safeway, Rite Aid	$30.74
^^	Grand Ridge Plaza			WA	Seattle-Tacoma-Bellevue	331	331	98.3%			45	Safeway, Regal Cinemas, Dick's Sporting Goods, Marshalls, Ulta , Bevmo!	$25.53
^^	Inglewood Plaza			WA	Seattle-Tacoma-Bellevue	17	17	91.9%				-	$43.48
^^	Klahanie Shopping Center			WA	Seattle-Tacoma-Bellevue	67	67	90.5%		40	40	(QFC)	$35.25
^^	Melrose Market			WA	Seattle-Tacoma-Bellevue	21	21	85.3%				-	$34.73
^^	Overlake Fashion Plaza	GRI	40%	WA	Seattle-Tacoma-Bellevue	93	37	92.3%		230	13	Marshalls, Bevmo!, Amazon Go Grocery	$28.36
^^	Pine Lake Village			WA	Seattle-Tacoma-Bellevue	103	103	97.0%			41	Quality Food Centers, Rite Aid	$25.07
^^	Roosevelt Square			WA	Seattle-Tacoma-Bellevue	150	150	96.0%			50	Whole Foods, Bartell, Guitar Center, LA Fitness	$26.14
^^	Sammamish-Highlands			WA	Seattle-Tacoma-Bellevue	101	101	100.0%		55	67	Trader Joe's, (Safeway), Bartell Drugs	$35.83
Supplemental Information	36
---	---

Portfolio Summary Report By State

March 31, 2021

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants ^(1)^	Avg. Base Rent PSF
^^	Southcenter			WA	Seattle-Tacoma-Bellevue	58	58	93.0%		112		(Target)	$32.16
^^				WA		1,737	1,164	96.3%	96.3%	437	484
^^	Regency Centers Total					51,639	42,001	92.2%	92.5%	3,949	16,385		$22.97
^(1)^	Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.
---	---
^(2)^	Non-Same Property
---	---

Note: In-process developments are bolded and italicized.

C:	Co-investment Partnership with Oregon
GRI:	Co-investment Partnership with GRI
---	---
M:	Co-investment Partnership with Minority Partner
---	---
NYC:	Co-investment Partnership with NYCRF
---	---
O:	Other, single property co-investment Partnerships
---	---
RC:	Co-investment Partnership with CalSTRS
---	---
RLP:	Co-investment Partnership with Rider
---	---
USAA:	Co-investment Partnership with USAA
---	---
Supplemental Information	37
---	---

Components of Net Asset Value (NAV)

As of March 31, 2021

(unaudited and in thousands)

Real Estate - Operating
Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter
Wholly Owned NOI (page 5)	$	180,541
Share of JV NOI (page 7)	$	24,967
Less: Noncontrolling Interests (page 7)	$	(1,683	)
Quarterly Base Rent From Leases Signed But Not Yet Rent-Paying
Retail Operating Properties including redevelopments	$	3,374
Real Estate: In-Process Ground Up Developments and Redevelopments
---	---	---	---
In-Process Ground Up Development ^(1)^
REG's Estimated Net Project Costs (page 17)	$	41,694
Stabilized Yield (page 17)		6	%
Annualized Proforma Stabilized NOI	$	2,605
% of Costs Incurred (page 17)		54	%
Construction in Progress	$	22,450
NOI from In-Process Ground Up Development - Current Quarter
In-place NOI from Current Quarter Ground Up Development Completions		0	%
In-place NOI from In-Process Ground Up Developments	$	114
In-Process Redevelopment Projects
REG's Estimated Net Project Costs (page 17)	$	285,130
Stabilized Yield (page 17)		8	%
Annualized Proforma Stabilized NOI	$	21,750
% of Costs Incurred (page 17)		50	%
Construction in Progress	$	143,511
Fee Income
---	---	---	---
Third-Party Management Fees and Commissions - Current Quarter (page 5)	$	6,393
Less: Share of JV's Total fee income - Current Quarter (page 7)	$	(268	)
Other Assets
---	---	---
Estimated Market Value of Land
Land held for sale or future development	$	39,457
Outparcels at retail operating properties		11,639
101 7th Avenue at Book Value, Net		25,000
Total Estimated Market Value of Undeveloped Land	$	76,096
Regency's Pro-rata Share (page 3 & 6)
Cash and Cash Equivalents	$	160,377
Tenant and other receivables, excluding Straight line rent receivables	$	44,131
Other Assets, excluding Goodwill	$	126,821
Liabilities
---	---	---
Regency's Pro-rata Share (page 3 & 6)
Notes payable	$	4,128,188
Accounts payable and other liabilities	$	306,373
Tenants' security, escrow deposits	$	59,950
Common Shares and Equivalents Outstanding
---	---
Common Shares and Equivalents Issued and Outstanding (page 1)	170,594
^(1)^	Includes Carytown Exchange, East San Marco, Eastfield at Baybrook
---	---
Supplemental Information	38
---	---

Supplemental Details of Lease Income (Pro Rata)

COVID-19 Related Disclosure

For the Three Months Ended March 31, 2021

(unaudited and in thousands)

Composition of Lease Income	Total Pro Rata
Base rent	$	212,729
Recoveries from tenants		70,729
Percentage Rent, Termination Fees , and Other Lease Income		6,972
Total Billings/Deferrals and Other Revenue	$	290,430
Uncollectible Lease Income, net		2,361
Non-Cash Revenues ^(1)^		7,669
Total Lease Income (see pages 5 & 7)	$	300,460
Lease Income Accrual Reconciliation	Total Pro Rata
Collected - Billed Base Rent/Recoveries & Other Revenue^(2)^	$	266,917
Uncollected - Base Rent/Recoveries - Accrued		5,776
Uncollected - Base Rent/Recoveries - Reserved ^(3)^		17,737
Total Billings/Deferrals and Other Revenue	$	290,430
Uncollectible Lease Income - 2021 Billings ^(3)^		(17,737	)
Recovery of Prior Period 2020 Reserves, net^(4)^		20,098
Non-Cash Revenues ^(1)^		7,669
Total Lease Income (see pages 5 & 7)	$	300,460
Composition of Uncollectible Lease Income	Total Pro Rata
Uncollectible Lease Income - 2021 Billings	$	(17,737	)
Recovery of Prior Period 2020 Reserves, net		20,098
Total Uncollectible Lease Income	$	2,361
Composition of Deferred Rent	Total Pro Rata
Deferred Rent - Accrued	$	754
Deferred Rent - Reserved		2,036
Total Deferrals ^(5)^	$	2,790
^(1)^	Includes pro-rata share of straight line rent on lease income, net of uncollectible amounts, and above/below market rent amortization.
---	---
^(^^2^^)^	Unbilled recoveries are included in Other Revenues, and represent unbilled amounts for quarterly, semi-annual and annual payers of property expenses.
---	---
^(3^^)^	Represents Base Rent and Recoveries deemed uncollectible associated with current period billings.
---	---
^(4^^)^	Represents the collection of Base Rent and Recoveries previously reserved during the year ended December 31, 2020, net of previously accrued Base Rent and Recoveries associated with tenants converted to cash basis during the current period.
---	---
^(5^^)^	Contractual deferrals of rent and recoveries billed and recognized in the current period ended March 31, 2021.
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Supplemental Details of Tenant and Other Receivables (Pro Rata)

COVID-19 Disclosure

As of March 31, 2021

(in thousands)

	Total Pro Rata
Tenant receivables	$	113,580
Less: Uncollectible tenant receivables		(88,694	)
Net tenant receivables	$	24,886
Straigh line rent receivables		144,569
Less: Uncollectible straight line rent receivables		(43,136	)
Net Straight line receivables	$	101,433
Other receivables ^(1)^		19,243
Total tenant and other receivables (See pages 3 and 6)	$	145,562
^(1)^	Other receivables includes construction receivables, insurance receivables and amounts due from real estate partnerships for Management, transaction and other fee income.
---	---
Supplemental Information	39
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Earnings Guidance

March 31, 2021

(in thousands, except per share data)

		Current	Previous
	1Q 21A	2021E	2021E
Net Income / Share	$0.47	$1.43 - $1.53	$0.55 - $0.73
NAREIT FFO / Share	$0.90	$3.33 - $3.43	$2.96 - $3.14
Core Operating Earnings / Share	$0.86	$3.16 - $3.26	$2.79 - $2.97
Same Property
Same property NOI growth without termination fees (pro-rata)	-1.6%	+6.0% to +8.5%	-1.0% to +2.5%
New Investments
Development and Redevelopment spend (pro-rata)	$23,017	+/- $150,000	+/- $150,000
Acquisitions (pro-rata)	$0	+/- $0	+/- $0
Cap rate (weighted average)	0.0%	0.0%	0.0%
Disposition Activity
Dispositions (pro-rata)	$59,270	+/- $150,000	+/- $150,000
Cap rate (weighted average) ^(1)^	5.8%	5.5% - 6.0%	5.5% - 6.0%
Other
Early extinguishment of debt (pro-rata)	$0	$0	$0
Net interest expense (pro-rata)	$42,253	$164,000 - $165,000	$166,000 - $167,000
Net G&A expense (pro-rata)	$20,257	$77,000 - $81,000	$82,500 - $86,500
Recurring third party fees & commissions (pro-rata)	$6,124	$23,000 - $24,000	$23,000 - $24,000
Certain non-cash items (pro-rata) ^(2)^	$6,925	+/- $30,000	+/- $30,000

^(^^1^^)^	Average cap rate calculation excludes the sale of Pleasanton Plaza, a non-income producing property, for $29.4 million in the first quarter
^(2^^)^	Includes above and below market rent amortization and straight-line rents and amortization of mark-to-market debt adjustments
---	---

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 Center Corporation with the SEC, specifically the most recent reports on forms 10K and 10Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Supplemental Information	40

Reconciliation of Net Income to Earnings Guidance

March 31, 2021

(per diluted share)

Nareit FFO and Core Operating Earnings Guidance:	Full Year<br><br><br>2021
	Low			High
Net income attributable to common stockholders	$	1.43			1.53
Adjustments to reconcile net income to Nareit FFO:
Depreciation and amortization		1.97			1.97
Gain on sale of real estate		(0.07	)		(0.07	)
Exchangeable operating partnership units		0.00			0.00
Nareit Funds From Operations	$	3.33			3.43
Adjustments to reconcile Nareit FFO to Core Operating Earnings:
Straight line rent, net		(0.03	)		(0.03	)
Above/below market rent amortization, net		(0.03	)		(0.14	)
Debt premium/discount amortization		0.00			0.00
Core Operating Earnings	$	3.16			3.26
Supplemental Information	41
---	---

Glossary of Terms

March 31, 2021

Core Operating Earnings: An additional performance measure used by Regency as the computation of 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 above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO to Core Operating Earnings.

Development Completion: A Property in Development is deemed complete upon the earliest of: (i) 90% of total estimated net development costs have been incurred and percent leased equals or exceeds 95%, or (ii) the property features at least two years of anchor operations, or (iii) three years have passed since the start of construction. Once deemed complete, the property is termed a Retail Operating Property the following calendar year.

Fixed Charge Coverage Ratio: Operating EBITDAre divided by the sum of the gross interest and scheduled mortgage principal paid to our lenders.

Nareit Funds From Operations (Nareit FFO): 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 sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Many companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains 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. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO.

Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, 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.

Non-Same Property: During either calendar year period being compared, a property 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.

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 above and below market rent amortization and straight-line rents. The Company provides a reconciliation of Net Income to Nareit EBITDAre to Operating EBITDAre.

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.

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 Properties that were 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.

Supplemental Information	42

reg-ex993_72.htm

Exhibit 99.3

FIRST QUARTER 2021 Fixed Income Supplemental The Village at Riverstone Houston, TX Midtown East Raleigh, NC Mellody Farm Vernon Hills, IL Village District Raleigh, NC The Field at Commonwealth Chantilly, VA Nocatee Town Center Ponte Vedra Beach, FL Willows Shopping Center Concord, CA Regency Centers

First Quarter 2021 Highlights Reported Nareit FFO of $0.90 per diluted share for the first quarter Updated 2021 Nareit FFO guidance to a range of $3.33 – $3.43 per diluted share Reported that Same Property Net Operating Income (“NOI”), excluding lease termination fees, decreased 1.6% during the first quarter Realized percent leased of 92.5% in the same property portfolio as of March 31, 2021 Collected 93% of first quarter pro-rata base rent, as of May 3, 2021 Executed 1.5 million square feet of new and renewal leases during the first quarter at a blended rent spread of +0.2% Completed property and outparcel dispositions of $59.3 million and non-income producing land sales of $675,000, each at Regency’s share of gross sales price Realized pro-rata net debt-to-operating EBITDAre of 5.9x at March 31, 2021 2

Subsequent Highlights On April 7, 2021, completed the refinancing of ten properties in an unconsolidated co-investment partnership with ten individual 10-year secured loans for total gross proceeds of $197 million, or $78.8 million at Regency’s share, at a blended fixed interest rate of 2.90% On April 13, 2021, closed on the sale of one shopping center in Northern California for a gross sales price of $53.2 million, at Regency’s share On May 5, 2021, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.595 per share “We are encouraged by continued improvement in the retail environment and in the financial health of our tenants, evident in strengthening rent collection and leasing activity,” said Lisa Palmer, President and Chief Executive Officer. “We see longer term structural tailwinds for our Company and our industry, benefitting from growth in suburban markets as well as renewed appreciation among consumers and retailers for the capabilities and conveniences of our open air neighborhood and community centers.” 3

COVID-19 Business Update As of March 31, 2021, over 1,700 rent deferral agreements were executed, with total deferred rent of $42.7 million. As of March 31, 2021, the Company had rent deferral agreements with balances still outstanding totaled $28.3 million, of which 56% is on a cash basis. As of May 3, 2021, the Company collected 93% of first quarter pro-rata base rent, in addition to 1% subject to executed deferral agreements. The Company also continues to make progress on 2020 accounts receivable. As of May 3, 2021, the Company has collected 85%, 91%, and 93% of second, third, and fourth quarter 2020 pro-rata base rent, respectively, including collected rebilled rent subject to executed deferral agreements. A “Business Update” presentation is posted on our website at investors.regencycenters.com, and includes additional information regarding COVID-19 impacts. Also refer to page 32 of the first quarter 2021 supplemental disclosure. 4

i. 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. ii. Current period debt covenants are finalized and submitted after the Company’s most recent Form 10-Q or Form 10-K filing. Unsecured Public Debt Covenants Required 3/31/21 12/31/20 9/30/20 6/30/20 Fair Market Value Calculation Method Covenants(i)(ii) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 28% 29% 30% 31% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 3% 3% 4% 4% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 4.3x 4.2x 4.3x 4.3x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 366% 345% 344% 328% Credit Ratings Agency Credit Rating Outlook Last Report Date S&P BBB+ Stable 4/26/21 Moody's Baa1 Stable 3/18/21 Credit Ratings & Select Ratios 5

Capital Structure & Liquidity Profile Debt Composition Pro-Rata Secured vs. Unsecured 03/31/21 Unsecured Credit Facility - Committed 1,250 Balance Outstanding - Undrawn Portion of Credit Facility 1,250 Cash, Cash Equivalents & Marketable Securities 139 Total Liquidity 1,389 23% 4% 3% 70% 78% 20% 78% 22% 2% Liquidity Profile ($ millions) UNSECURED DEBT – BONDS SECURED FIXED RATE SECURED VARIABLE RATE EQUITY UNSECURED DEBT – BONDS UNCONSOLIDATED DEBT - SECURED CONSOLIDATED DEBT - SECURED Capital Structure (% of total capitalization) $13.9 Billion Total Capitalization 6

Maturity Schedule A Well-Laddered Maturity Schedule Wtd Avg Interest Rate: 3.8% Wtd Avg Yrs to Maturity: 9+ Yrs Total Pro Rata Debt: $4.2B UNCONSOLIDATED DEBT - SECURED CONSOLIDATED DEBT - SECURED UNSECURED DEBT - BONDS Debt Maturity Profile as of March 31, 2021 $121 2021 $104 2022 $139 2023 $370 2024 $331 2025 $329 2026 $594 2027 $336 2028 $448 2029 $672 2030 $31 2031 - 2046 $425 2047 $300 2049 IN MILLIONS 7

Follow us First Quarter 2021 Earnings Conference Call Friday, May 7th, 2021 Time: 11:00 AM ET Dial#: 877-407-0789 or 201-689-8562 Webcast: investors.regencycenters.com Contact Information: Christy McElroy Senior Vice President, Capital Markets 904-598-7616 ChristyMcElroy@RegencyCenters.com 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, 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,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “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 forwardlooking 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 SEC filings. 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. Forwardlooking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements except as required by law. These risks and events include, without limitation: Risks Related to the COVID-19 Pandemic Pandemics or other health crises, such as the COVID-19 pandemic, 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 pickup may adversely impact our revenues 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 significant percentage of our revenues are derived from smaller “shop space” tenants and our net income may be adversely impacted if our smaller shop tenants are not successful. 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 fire, safety and other regulations may have a 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 directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters 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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment 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 dilute earnings. 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. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates. Risk Factors Relating to the 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 foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Risks Related to the Company’s Common 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. Non-GAAP disclosure 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. 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, and after adjustments for unconsolidated partnerships and joint ventures. 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 occupancy rates, 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 Stockholders 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 adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings. 8

reg-ex994_73.htm

Exhibit 99.4

Regency Centers Business Update May 6, 2021 Nocatee Town Center Jacksonville, FL

Safe Harbor and Non-GAAP Disclosures Forward-Looking Statements Certainstatementsinthisdocumentregardinganticipatedfinancial,business,legalorotheroutcomesincludingbusinessandmarketconditions,outlookandothersimilarstatementsrelatingtoRegency’sfutureevents,developments,orfinancialoroperationalperformanceorresults,are“forward-lookingstatements”madepursuanttothesafeharborprovisionsofthePrivateSecuritiesLitigationReformActof1995andotherfederalsecuritieslaws.Theseforward-lookingstatementsareidentifiedbytheuseofwordssuchas“may,”“will,”“should,”“expect,”“estimate,”“believe,”“intend,”“forecast,”“anticipate,”“guidance,”andothersimilarlanguage.However,theabsenceoftheseorsimilarwordsorexpressionsdoesnotmeanastatementisnotforward-looking.Whilewebelievetheseforward-lookingstatementsarereasonablewhenmade,forward-lookingstatementsarenotguaranteesoffutureperformanceoreventsandunduerelianceshouldnotbeplacedonthesestatements.Althoughwebelievetheexpectationsreflectedinanyforward-lookingstatementsarebasedonreasonableassumptions,wecangivenoassurancetheseexpectationswillbeattained,anditispossibleactualresultsmaydiffermateriallyfromthoseindicatedbytheseforward-lookingstatementsduetoavarietyofrisksanduncertainties. Ouroperationsaresubjecttoanumberofrisksanduncertaintiesincluding,butnotlimitedto,thoseRiskfactorsdescribedinourSECfilings.Whenconsideringaninvestmentinoursecurities,youshouldcarefullyreadandconsidertheserisks,togetherwithallotherinformationinourAnnualReportsonForm10-K,QuarterlyReportsonForm10-QandourotherfilingsandsubmissionstotheSEC.Ifanyoftheeventsdescribedintheriskfactorsactuallyoccur,ourbusiness,financialconditionoroperatingresults,aswellasthemarketpriceofoursecurities,couldbemateriallyadverselyaffected.Forward-lookingstatementsareonlyasofthedatetheyaremade,andRegencyundertakesnodutytoupdateitsforward-lookingstatementsexceptasrequiredbylaw.Theserisksandeventsinclude,withoutlimitation: Risks Related to the COVID-19 Pandemic Pandemicsorotherhealthcrises,suchastheCOVID-19pandemic,mayadverselyaffectourtenants’financialcondition,theprofitabilityofourproperties,andouraccesstothecapitalmarketsandcouldhaveamaterialadverseeffectonourbusiness,resultsofoperations,cashflowsandfinancialcondition. Risk Factors Related to Operating Retail-Based Shopping Centers Economicandmarketconditionsmayadverselyaffecttheretailindustryandconsequentlyreduceourrevenuesandcashflow,andincreaseouroperatingexpenses.Shiftsinretailtrends,sales,anddeliverymethodsbetweenbrickandmortarstores,e-commerce,homedelivery,andcurbsidepick-upmayadverselyimpactourrevenuesandcashflows.Changingeconomicandretailmarketconditionsingeographicareaswhereourpropertiesareconcentratedmayreduceourrevenuesandcashflow.Oursuccessdependsonthecontinuedpresenceandsuccessofour“anchor”tenants.Asignificantpercentageofourrevenuesarederivedfromsmaller“shopspace”tenantsandournetincomemaybeadverselyimpactedifoursmallershoptenantsarenotsuccessful.Wemaybeunabletocollectbalancesduefromtenantsinbankruptcy.Manyofourcostsandexpensesassociatedwithoperatingourpropertiesmayremainconstantorincrease,evenifourleaseincomedecreases.CompliancewiththeAmericanswithDisabilitiesActandfire,safetyandotherregulationsmayhaveanegativeeffectonus. 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 directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters 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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment 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 dilute earnings. 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. The interest rates on our Unsecured Credit facilities as well as on our variable rate mortgages and interest rate swaps might change based on changes to the method in which LIBOR or its replacement rate is determined. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at historical rates. Risk Factors Relating to the 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 foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Risks Related to the Company’s Common 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. Non-GAAP disclosure 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. 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, and after adjustments for unconsolidated partnerships and joint ventures. 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 occupancy rates, 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 Stockholders 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 adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings. REGENCY CENTERS 2 BUSINESS UPDATE

Regency’s Unequaled Strategic Advantages High Quality Open-Air Shopping Center Portfolio 80% grocery-anchored neighborhood & community centers Necessity, service, convenience, and value retailers serving the essential needs of our communities Well located in affluent,infill suburban trade areas Best-In-Class Operating Platform 22 offices throughout the country working with tenants and vendors at 400+properties Unparalleled team of experienced professionals with local expertise and strong tenant relationships Intense asset management model has enabled close communication with tenants throughout the pandemic Strong Value Creation Pipeline Deep pipeline of flexible development and redevelopment opportunities Well-positioned to create value over the long-term Balance Sheet and Liquidity Strength Low leverage with limited near-term maturities Debt to EBITDAreof 5.9x ~$1.2B of liquidity comprised of full revolver availability REGENCY CENTERS BUSINESS UPDATE 3

Regency Portfolio Foot Traffic(1) As a % of 2019 Foot Traffic 30% 40% 50% 60% 70% 80% 90% 100% 110% Feb'20 Mar'20 Apr'20 May'20 Jun'20 Jul'20 Aug'20 Sept'20 Oct'20 Nov'20 Dec'20 Jan'21 Feb'21 Mar'21 Apr'21 (1) Trailing 4 weeks, as a% of 2019 foot traffic As of mid-April 2021, foot traffic in Regency’s portfolio has recovered to 90% of 2019 foot traffic levels. Southeast 95% SOUTHEAST Central 93% CENTRAL National 90% NATIONAL Northeast 89% NORTHEAST West 84% WEST REGENCY CENTERS BUSINESS UPDATE 4

Q1Base Rent Collections As of May 3, 2021 Q1Base Rent Collections % of Pro-Rata ABR Q1Base Rent Collections by Category %of Pro-Rata ABR ESSENTIAL -RETAIL & SERVICES (99% COLLECTED) ESSENTIAL -RESTAURANTS (89% COLLECTED) OTHER -RETAIL & SERVICES (89% COLLECTED) Grocery / Drugstore 100% Banks 99% Pet 99% Home Improvement / Auto 99% Other Medical 98% Essential Medical 98% Other Essential Retail 98% Home 97% Office / Communications 96% Hobby / Sports 96% Off-Price 96% Other Retail 96% Business Services 94% Apparel 94% Restaurant - Fast Food / Limited Service 92% Restaurant - Casual / Fine Dining 83% Personal Services 81% Fitness 67% Entertainment 38% REGENCY CENTERS BUSINESS UPDATE 5

% of ABR (1) Q2'20 Q3'20 Q4'20 Q1'21 ESSENTIAL - RETAIL & SERVICES 46% 98% 99% 99% 99% Grocery / Drugstore 24% 100% 100% 100% 100% Banks 5% 100% 100% 100% 99% Business Services 5% 88% 90% 93% 94% Pet 3% 94% 99% 98% 99% Office / Communications 3% 97% 98% 99% 96% Other Essential Retail 3% 97% 97% 97% 98% Essential Medical 2% 92% 93% 98% 98% Home Improvement / Auto 2% 98% 100% 100% 99% ESSENTIAL - RESTAURANTS 19% 74% 85% 88% 89% Restaurant - Fast Food / Limited Service 12% 77% 89% 92% 92% Restaurant - Casual / Fine Dining 7% 69% 77% 82% 83% OTHER - RETAIL & SERVICES 35% 62% 82% 89% 89% Personal Services 7% 63% 76% 82% 81% Off-Price 5% 52% 71% 92% 96% Apparel 5% 67% 89% 92% 94% Hobby / Sports 5% 70% 94% 98% 96% Other Medical 4% 74% 96% 98% 98% Fitness 4% 37% 58% 64% 67% Home 3% 66% 97% 99% 97% Other Retail 2% 84% 92% 96% 96% Entertainment 1% 30% 47% 56% 38% Deferred Rent - Collected 5% 1% Total Rent Collected 85% 91% 93% 93% Deferred Rent - Uncollected 7% 4% 2% 1% Total Rent Collected / Deferred 92% 95% 95% 94% Base Rent Collected Base Rent Collection Trajectory As of May 3, 2021 Base Rent Collections by Period REGENCY CENTERS BUSINESS UPDATE 6 (1) Pro-Rata as of3/31/2021 % of Pro-Rata ABR 8% 7% 5% 80% Q2'20 5% 4% 1% 90% Q3'20 5% 2% 93% Q4'20 6% 1% 93% Q1'21 Collected deferred - uncollected deferred - collected uncollected

REGENCY CENTERS BUSINESS UPDATE Deferral Agreement StatusAs of March 31, 2021 (1) Net Deferrals represent total unbilled deferrals still outstanding as of March 31, 2021 7 Total Executed Unbilled Deferrals Deferrals Cash Basis Tenants $22,419 $15,734 Accrual Tenants 20,326 12,523 Total $42,745 $28,256 Total Executed Deferrals ($42.7M) (in $000s) Unbilled $28,256 66% Rebilled & Collected $13,384 31% REbilled & Uncollected $1,104 3% Unbilled Deferrals ($28.3M) Period Originally Billed Q2'20 52% Q3'20 27% Q4'20 10% Q1'21 9% Q2'21 & Later 2% Unbilled Deferrals (28.3M) Rebill Timing Q2'21 30% Q3'21 23% Q4'21 23% Q1'22 8% Q2'22 5% Q3'22 4% Q4'22 4% Q1'23 & Later 3%

National/Regional vs. Local Tenant Collection Status As of May 3, 2021 Total Portfolio Composition (1) % of Pro-Rata ABR as of 3/31/2021 REGENCY CENTERS (1) Local tenants defined as <3 locations; National/Regional tenants defined as ≥3 locations BUSINESS UPDATE Base Rent Collections Composition of Unbilled Deferred Rent ($28.3M) 8 Local 22% National & Regional 78% Local 27% National & Regional 73% Collected Deferred - Collected Deferred Uncollected Uncollected 7% 7% 5% 81% 12% 8% 5% 75% 4% 3% 1% 92% 11% 6% 1% 82% 3% 2% 95% 12% 2% 86% 4% 1% 95% 12% 1% 87% National Regional Local Q2’20 Q3’20 Q4’20 Q1’21

Anchor vs. Shop Tenant Collection Status As of May 3, 2021 REGENCY CENTERS (1) Shop tenants defined as < 10K square feet, Anchor tenants defined as ≥10K square feet BUSINESS UPDATE Total Portfolio Composition (1) % of Pro-Rata ABR as of 3/31/2021 Base Rent Collections Composition of Unbilled Deferred Rent ($28.3M) 9 55% 45% 58% 42%Q2'20 Q3'20 Q4'20 Q1'21 6% 7% 3% 84% 10% 7% 6% 77% 2% 4% 1% 93% 8% 4% 1% 87% 2% 2% 96% 8% 2% 90% 2% 1% 97% 9% 1% 90% Anchor Shop Collected Deferred Uncollected

Regional Collection Status As ofMay 3, 2021 REGENCY CENTERS BUSINESS UPDATE 10 Base Rent Collections Composition of Unbilled Deferred Rent ($28.3M) Total Portfolio Composition % of Pro-Rata ABR as of 3/31/2021 Central West Northeast Southeast Collected Deferred Uncollected 16% 33% 21% 30% 14% 35% 27% 24% 13% 7% 4% 76% 11% 4% 1% 84% 10% 2% 1% 87% 12% 2% 86% 4% 6% 5% 85% 2% 3% 1% 94% 2% 1% 97% 2% 1% 97% 7% 10% 5% 78% 4% 5% 1% 90% 3% 2% 95% 4% 1% 95% 4% 7% 6% 83% 2% 3% 1% 83% 2% 3% 1% 94% 3% 1% 96% 3% 1% 96% Q2'20 Q3'20 Q4'20 Q1'21

REGENCY CENTERS BUSINESS UPDATE Progression of Total Billings, Deferrals and Other Revenue From Q1'20 to Q1'21 APPENDIX: COVID OPERATINGDATA * Other Revenues represents the difference between other revenues booked in 1Q20 vs. those booked in1Q21, including lease termination fee income and seasonal percentage rent. * Occupancy / BK Impact’ represents the decline in base rent and recoveries related to the reduction in occupancy and other bankruptcy impacts. * Non-Qualifying Lease Modifications’ represents revenue associated with lease modification agreements that did not qualify for FASB’s COVID-19 relief. 11 $300.0 $0.5 ($2.7) $2.5 ($9.4) ($1.3) $290.4 Billed revenues Other revenues Dispositions Contractual Rent steps occupancy BK impact non-qualifying lease modifications Q1 2020 Q1 2021 Increase Decrease Total

Q12021Supplemental COVID Disclosure For the Three Months Ended March 31, 2021 (1) Includes pro-rata share of straight line rent on lease income, net of uncollectible amounts, and above/below market rent amortization. (2) Unbilled recoveries are included in Other Revenues, and represent unbilled amounts for quarterly, semi-annual and annual payers of property expenses. (3) Represents Base Rent and Recoveries deemed uncollectible associated with current period billings. (4) Represents the collection of Base Rent and Recoveries previously reserved during the year ended December 31, 2020, net of previously accrued Base Rent and Recoveries associated with tenants converted to cash basis during the current period. (5) Contractual deferrals of rent and recoveries billed and recognized in the current period ended March 31, 2021. REGENCY CENTERS BUSINESS UPDATE 12 Composition of Lease Income Total Pro Rata Base rent $212,729 Recoveries from tenants 70,729 Percentage Rent, Termination Fees , and Other Lease Income 6,972 Total Billings/Deferrals and Other Revenue $290,430 Uncollectible Lease Income, net 2,361 Non-Cash Revenues (1) 7,669 Total Lease Income (see pages 5 & 7) $300,460 Lease Income Accrual Reconciliation Total Pro Rata Collected - Billed Base Rent/Recoveries & Other Revenue (2) $266,917 Uncollected - Base Rent/Recoveries - Accrued 5,776 Uncollected - Base Rent/Recoveries - Reserved (3) 17,737 Total Billings/Deferrals and Other Revenue $290,430 Uncollectible Lease Income - 2021 Billings (3) (17,737) Recovery of Prior Period 2020 Reserves, net (4) 20,098 Non-Cash Revenues (1) 7,669 Total Lease Income (see pages 5 & 7) $300,460 Composition of Uncollectible Lease Income Total Pro Rata Uncollectible Lease Income - 2021 Billings $(17,737) Recovery of Prior Period 2020 Reserves, net 20,098 Total Uncollectible Lease Income $2,361 Composition of Deferred Rent Total Pro Rata Deferred Rent - Accrued $754 Deferred Rent - Reserved 2,036 Total Deferrals (5) $2,790 Collected & Other Accrued Reserved 1Q21 Billings, excl. prior period collections $17,737 uncollected - reserved 6% %5,776 $266,917 Recognized Revenue: $271,815 94% Total Billings & Other Revenue $290,430 three months ended march 31, 2021 (in thousands)

2021 Earnings Guidance Summary REGENCY CENTERS BUSINESS UPDATE 13 Full Year 2021 Guidance All figures pro-rata and in thousands, except per share data * Changes to Forecast Bolded Below *Current Previous Net Income Attributable to Common Stockholders per diluted share $1.43 - $1.53 $0.55 - $0.73 Nareit Funds From Operations (“Nareit FFO”) per diluted share $3.33 - $3.43 $2.96 - $3.14 Core Operating Earnings per diluted share (1) $3.16 - $3.26 $2.79 - $2.97 Same Property Net Operating Income ("SPNOI") Growth (ex. termination fees) +6.0% to +8.5% -1.0% to +2.5% Included Impact of Prior Period Collections on SP NOI Range +425bps +125bps Certain Non-Cash Items (pro-rata) (2) +/- $30,000 +/- $30,000 Net G&A expense (pro-rata) $77,000 - $81,000 $82,500 - $86,500 Net interest expense (pro-rata) $164,000 - $165,000 $166,000 - $167,000 Recurring third party fees & commissions (pro-rata) $23,000 - $24,000 $23,000 - $24,000 Development and Redevelopment Spend (pro-rata) +/- $150,000 +/- $150,000 Acquisitions +/- $0 +/- $0 Cap rate (weighted average) +/- 0.0% +/- 0.0% Dispositions+/- $150,000 +/- $150,000 Cap rate (weighted average) (3) 5.5% - 6.0% 5.5% - 6.0%

Nareit FFO –2020 to 2021 Guidance Reconciliation REGENCY CENTERS BUSINESS UPDATE o Higher Same-Property NOI Forecast – We are increasing the SP NOI guidance range to +6.0 to +8.5% from -1.0% to +2.5% previously (see following page for additional detail on SP NOI drivers and reconciliation to current range) §Formally adopting the “Continued Improvement” scenario §Assume higher collection rate on 2021 billings §Assume higher prior period rent collection o Lower Net G&A – Lower G&A forecasts are driven by: §Higher development overhead capitalization, due to greater certainty around timing of project starts §Incorporated savings from CIO departure, including one-time unwind of unvested share grants 14 2020 nareit ffo per diluted share same property net operating income (ex. term fees, dispos.) non-same property net operating income (ex. term fees, dispos.) impact of 2020 and 2021 transactions lease termination fee income, net non-cash revenues s/l rent, above/below mkt rent G&A net of overhead capitalization net interest expense thrid party management fees debt extinguishment & dead deal costs other expenses 2021 nareit ffo per diluted share guidance non-cash revenues and debt mark-to-market 2021 core operating earnings per diluted share guidance low mid high $2.95 notes 0.23 0.29 0.34 guidance of +6.0% to +8.5% (0.50) (0.04) (0.03) develpment noi & non-sp pool guidance of +/- $150M at 5.5 - 6.0% cap rate guidance of +/- $2M term fee income, net 0.07 guidance of =/- $30M (0.06) $77M to $81M 0.09 $164m to $165m (0.01) $23M to $24M 0.16 no changes to prior guidance $3.33 $3.38 $3.43 (0.17) $3.16 $3.21 $3.26

SP NOI –Previous to Current Guidance Reconciliation REGENCY CENTERS BUSINESS UPDATE 15 1) Formally Adopting the “Continued Improvement” Scenario – In February, we had provided guidance under a framework of 3 different macroeconomic scenarios – “Reverse Course,” “Status Quo” and “Continued Improvement” – we are eliminating the first two scenarios 2) Higher Collection Rate on 2021 Billings – An improving trend from January through April, as well as collection of past due rent from cash basis tenants, gives us greater confidence in assuming a higher overall collection rate on cash basis tenants in 2021 3) Prior Period Rent Collection – We are collecting incrementally more 2020 (prior period) rent from cash basis tenants and expect modest additional recovery of 2020 rent in April-December §As of April 30th, we’ve collected about 80% of full year 2021 expected prior period rent (atthe midpoint) previous 2021 sp noi % gudance ex. term fees low mid high comments previous sp noi % guidance continued improvement additional core prior period rent collection +175bps +300 bps new 2021 sp noi % 6.00% 7.25% 8.50% -1.00% 0.75% 2.50% 1.25% 3.75% the previous sp noi range of -1.0% to 2.5% included 125bps at the midpoint of impact from prior period rent collections, based on actual collections during january we've eliminated the previous revers course and status quo scenarios in our guidance we now assume a continued improvement scenario we see additional core improvement primarily driven by higher assumed rent collection on cash basis tenants we now expect prior period collections to impact sp noi growth by +425bps at the new midpoint up from +125 bps at the midpoint previously (+300bps revision)

Investments Update As of March 31, 2021, Regency‘s in-process redevelopment and development projects total $327 million at 7-8% estimated stabilized yields, and are ~51% funded. We anticipate project spend of ~$175 million annually over the next five years. Status as of: 3/31/2021 Regency’s Estimated Net Project Costs $327M % of Project Costs Incurred 51% Remaining Project Costs $161M In-Process Developments & Redevelopments Total $161M 2021 $87M(i) 2022 $51M 2023+ $23M Estimated Spend by Yearon In-Process Projects TheAbbot Boston,MA East San Marco Jacksonville, FL CarytownExchange Richmond,VA REGENCY CENTERS BUSINESS UPDATE 16 i. The $87M shown above represents Regency’s actual and remaining estimated 2021 spend for projects currently in-process only. Regency’s 2021 full year development and redevelopment spend guidance of +/-$150M includes both in-process and pipeline projects.

Low Leverage and Conservative Debt Covenant Ratios Regency maintains a long-standing commitment to balance sheet strength and stands today with immediateliquidity of $1.2billion. Total Pro-Rata Share Leverage Ratios 3/31/21(1) Net debt-to-Operating EBITDAre 5.9x Fixed charge coverage 3.6x Interest coverage 3.9x Unsecured Public Debt Covenants Required 3/31/21 Fair Market Value Calculation Method Covenants(2)(3) Total Consolidated Debt to Total Consolidated Assets ≤65% 28% Secured Consolidated Debt to Total Consolidated Assets ≤40% 3% Consolidated Income for Debt Service to Consolidated Debt Service ≥1.5x 4.3x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 366% (1) Trailing 12 months. (2) 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. (3) Current period debt covenants are finalized and submitted after the Company's most recent Form 10-Q or Form 10-K filing. 17 REGENCY CENTERS BUSINESS UPDATEpend guidance of +/-$150M includes both in-process and pipeline projects.

Strong Balance Sheet Position $13.9Billion Total Capitalization Capital Structure Company Filings as of3/31/21 Wtd Avg InterestRate:3.8% WtdAvg Yrs to Maturity:9+Yrs Total Pro-Rata Debt:$4.2B UNCONSOLIDATED DEBT -SECURED CONSOLIDATED DEBT -SECURED UNSECURED DEBT -BONDS Debt Maturity Profile as of March31, 2021 INMILLIONS 18 (% of total capitalization) EQUITY UNSECURED DEBT –BONDS UNCONSOLIDATED DEBT -SECURED CONSOLIDATED DEBT -SECURED $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 2049 2047 2031 -2046 2030 2029 2028 2027 2026 2025 2024 2023 2022 2021 $121 $104 $139 $370 $331 $329 $336 $448 $425 $300 Regency centers business update 23% 4% 3% 70%

Regency’s Approach to Corporate Responsibility Regency’s values, including the critical importance that we place on corporate responsibility, are the foundation of who we are and what we do. They drive us to implement leading environmental, social and governance ("ESG") initiatives through our Corporate Responsibility Program. Our People §Top ISS Social Quality Score of 1 §85%+ employee engagement §Diversity, Equity and Inclusion program §Provide competitive benefits with health and wellness tools §10,000+ hours of training provided to employees in 2019 Our Communities §$1.4M+ in philanthropic donations in 2019 §Matched employee donations and 52 hrsvolunteer time off per annum §Comprehensive tenant and community engagement strategy §Commitment to safe and welcoming shopping centers and local value creation Ethics and Governance §Top ISS Governance Quality Score of 1 §27% of Board seats held by women §82% of Board seats held by independent directors §Commitment to the highest ethical standards Environmental Stewardship §1st U.S. REIT and 2nd U.S. corporation to issue a Green Bond §Focus on sustainable resource use and climate resilience §Exceeding goals to reduce GHG emissions and energy use, and increase waste diversion §Leading reporting: TCFD, SASB, GRI, CDP, GRESB, UN SDGs CLICK TO VIEW REGENCY’S TCFD CLIMATE CHANGE RISK 2020 REPORT S&P 500®ESG CLICK TO VIEW REGENCY’S 2019 CORPORATE RESPONSIBILITY REPORT REGENCY CENTERS BUSINESS UPDATE 19 environmental stewardship our people our communities ethics and governance long-term value creation corporate culture brand and reputation