Form 8-K

8-K — REGENCY CENTERS CORP

Accession: 0001193125-26-450159

Filed: 2026-11-05

Period: 2026-11-05

CIK: 0000910606

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — reg-20261105.htm (Primary)

EX-99.1 (reg-ex99_1.htm)

EX-99.2 (reg-ex99_2.htm)

EX-99.3 (reg-ex99_3.htm)

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8-K

8-K (Primary)

Filename: reg-20261105.htm · Sequence: 1

8-K

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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

November 5, 2026

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)

Delaware (Regency Centers, L. P.)

001-12298 (Regency Centers Corporation)

0-24763 (Regency Centers, L.P.)

59-3191743 (Regency Centers Corporation)

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

IRinfo@regencycenters.com

(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(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

REG

The Nasdaq Stock Market LLC

6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

REGCP

The Nasdaq Stock Market LLC

5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share

REGCO

The Nasdaq Stock Market LLC

Regency Centers, L.P.

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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 November 5, 2026, Regency Centers Corporation ("Regency") issued an earnings release for the three and nine months ended September 30, 2026, which is attached as Exhibit 99.1.

On November 5, 2026, Regency posted on its website, at investors.regencycenters.com, certain supplemental information relating to the above-referenced earnings release for the three and nine months ended September 30, 2026, which is attached as Exhibit 99.2 and Exhibit 99.3, respectively.

Item 7.01

Regulation FD Disclosures

On November 5, 2026, Regency posted on its website, at investors.regencycenters.com, the Regency Centers Q3 2026 Earnings Presentation.

The information furnished above shall not be deemed “filed” for 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, or the Exchange Act.

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1

Earnings release issued by Regency on November 5, 2026, for the three and nine months ended September 30, 2026.

Exhibit 99.2

Supplemental information posted on its website on November 5, 2026, for the three and nine months ended September 30, 2026.

Exhibit 99.3

Fixed income supplemental information posted on its website on November 5, 2026, for the three and nine months ended September 30, 2026.

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents)

SIGNATURES

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

REGENCY CENTERS CORPORATION

November 5, 2026

By:

/s/ Michael R. Herman

Michael R. Herman, Senior Vice President General Counsel and Corporate Secretary

REGENCY CENTERS, L.P.

By: Regency Centers Corporation, its general partner

November 5, 2026

By:

/s/ Michael R. Herman

Michael R. Herman, Senior Vice President General Counsel and Corporate Secretary

EX-99.1

Filename: reg-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

For immediate release

Kathryn McKie

904 598 7348

KathrynMcKie@regencycenters.com

Regency Centers Reports Third Quarter 2026 Results

and Increases Common Stock Dividend

JACKSONVILLE, Fla. (November 5, 2026) – Regency Centers Corporation (“Regency Centers,” “Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended September 30, 2026, and provided updated 2026 earnings guidance. For the three months ended September 30, 2026 and 2025, Net Income Attributable to Common Shareholders was $0.41 and $0.58, respectively, per diluted share.

Third Quarter 2026 Highlights

•

Reported Nareit Funds From Operations ("FFO") of $1.23 per diluted share and Core Operating Earnings of $1.18 per diluted share

•

Increased quarterly Same Property Net Operating Income ("NOI") year-over-year by 5.1%

•

Raised full year 2026 Nareit FFO guidance to a range of $4.86 to $4.88 per diluted share and 2026 Core Operating Earnings guidance to a range of $4.65 to $4.67 per diluted share

•

The midpoint of 2026 Core Operating Earnings guidance now represents year-over-year growth of 5.7%

•

Raised full year 2026 guidance for Same Property NOI growth to 4.25%+ year-over-year

•

Same Property percent leased ended the quarter at 97.0%, up 60 basis points year-over-year, and Same Property percent commenced ended the quarter at 95.1%, up 80 basis points year-over-year

•

Executed 1.7 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 11.9% on a cash basis and 21.8% on a straight-lined basis

•

Started $101 million of ground-up development and redevelopment projects, bringing year-to-date total project starts to approximately $241 million

•

As of September 30, 2026, Regency's in-process development and redevelopment projects had estimated net project costs of $682 million at a blended estimated yield of approximately 9%

•

As previously disclosed, acquired two shopping centers for $101 million, or $42 million at Regency's share

•

Pro-rata net debt and preferred stock to TTM operating EBITDAre at September 30, 2026 was 4.9x

•

Subsequent to quarter end, on November 3, 2026, Regency's Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.800 per share, an increase of 6%

“Regency delivered strong third quarter results, reflecting the quality of our portfolio, strength of our operating fundamentals and contributions from our investment platform,” said Lisa Palmer, President and Chief Executive Officer. “Our performance and confidence in the durability of our business have enabled us to once again raise our full-year outlook and increase our common stock dividend. We believe our combination of strong internal growth and disciplined investment activity positions us well to continue delivering long-term value for our shareholders.”

Financial Results

Net Income Attributable to Common Shareholders

•

For the three months ended September 30, 2026, Net Income Attributable to Common Shareholders was $75.1 million, or $0.41 per diluted share, compared to Net Income Attributable to Common Shareholders of $106.0 million, or $0.58 per diluted share, for the same period in 2025. Net Income in the third quarter of 2026 includes provisions for impairment of $65.1 million, or $0.35 per diluted share, and gains on sale of real estate of $23.8 million, or $0.13 per diluted share.

Nareit FFO

•

For the three months ended September 30, 2026, Nareit FFO was $230.8 million, or $1.23 per diluted share, compared to $213.5 million, or $1.15 per diluted share, for the same period in 2025.

Core Operating Earnings

•

For the three months ended September 30, 2026, Core Operating Earnings was $220.6 million, or $1.18 per diluted share, compared to $202.6 million, or $1.09 per diluted share, for the same period in 2025.

Portfolio Performance

NOI

•

Third quarter 2026 Same Property NOI increased by 5.1% compared to the same period in 2025.

Same Property base rent growth contributed 4.0% to Same Property NOI growth in the third quarter of 2026.

•

Third quarter 2026 NOI increased by 7.6% compared to the same period in 2025.

Occupancy

•

As of September 30, 2026, Regency’s Same Property portfolio was 97.0% leased, an increase of 10 basis points sequentially and an increase of 60 basis points compared to September 30, 2025.

Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.5%, an increase of 10 basis points sequentially.

Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 94.6%, an increase of 20 basis points sequentially.

•

As of September 30, 2026, Regency’s Same Property portfolio was 95.1% commenced, an increase of 60 basis points sequentially and an increase of 80 basis points compared to September 30, 2025.

Leasing Activity

•

During the three months ended September 30, 2026, Regency executed approximately 1.7 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.9% and a blended straight-lined rent spread of +21.8%.

•

During the twelve months ended September 30, 2026, Regency executed approximately 7.0 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.5% and a blended straight-lined rent spread of +22.4%.

Capital Allocation and Balance Sheet

Developments and Redevelopments

•

During the three months ended September 30, 2026, the Company started ground-up development and redevelopment projects with estimated net project costs of approximately $101 million, at the Company's share, bringing year-to-date total project starts to approximately $241 million.

Third quarter ground-up development starts included:

▪

Redlands Marketplace, a $46 million Whole Foods-anchored project in Los Angeles, CA

▪

The Shops at Fall Hill, a $24 million specialty grocer-anchored project in Fredericksburg, VA

•

During the three months ended September 30, 2026, the Company completed one ground-up development project for approximately $96 million.

•

As of September 30, 2026, Regency’s in-process development and redevelopment projects had estimated net project costs of $682 million at the Company’s share, 46% of which had been incurred.

•

Subsequent to quarter end, the Company started Poppy Ranch at Morgan Hill, a $42 million Sprouts-anchored ground-up development in Morgan Hill, CA.

Property Transactions

•

As previously disclosed, on July 8, 2026, the Company acquired Franklin Crossing in Franklin Lakes, NJ, an 88,000 square foot shopping center anchored by Stop & Shop, for $27 million.

•

As previously disclosed, on July 14, 2026, the Company acquired Cornerstone at Westford in suburban Boston, MA, a 236,000 square foot shopping center anchored by Market Basket.

Cornerstone was acquired through a joint venture for $74 million, or approximately $15 million at Regency's share.

•

Subsequent to quarter end, on October 1, 2026, the Company acquired Hanover Village in Richmond, VA, a 90,000 square foot shopping center anchored by Aldi, for approximately $14 million.

Balance Sheet

•

As of September 30, 2026, Regency had approximately $1.4 billion of available capacity under its revolving credit facility.

•

As of September 30, 2026, Regency’s pro-rata net debt and preferred stock to TTM operating EBITDAre was 4.9x.

Common and Preferred Dividends

•

On November 3, 2026, Regency's Board declared a quarterly cash dividend on the Company's common stock of $0.800 per share. The dividend is payable on January 5, 2027 to shareholders of record as of December 14, 2026.

•

On November 3, 2026, Regency's Board declared a quarterly cash dividend on the Company's Series A preferred stock of $0.390625 per share. The dividend is payable on January 29, 2027 to shareholders of record as of January 15, 2027.

•

On November 3, 2026, Regency's Board declared a quarterly cash dividend on the Company's Series B preferred stock of $0.367200 per share. The dividend is payable on January 29, 2027 to shareholders of record as of January 15, 2027.

2026 Guidance

Regency Centers is providing updated 2026 Guidance, as summarized in the table below. Please refer to the Company’s third quarter 2026 "Earnings Presentation" and "Quarterly Supplemental Disclosure" for additional detail. All materials are posted on the Company’s website at investors.regencycenters.com.

Full Year 2026 Guidance (in thousands, except per share data)

YTD Actual

Current

2026 Guidance

Prior

2026 Guidance

Net Income Attributable to Common Shareholders per diluted share

$1.70

$2.31 - $2.33

$2.48 - $2.52

Nareit Funds From Operations (“Nareit FFO”) per diluted share

$3.64

$4.86 - $4.88

$4.84 - $4.88

Core Operating Earnings per diluted share(1)

$3.50

$4.65 - $4.67

$4.62 - $4.66

Same property NOI growth

4.4%

4.25% +

+3.7% to +4.1%

Non-cash revenues(2)

$32,077

+/-$46,000

$46,000 - $49,000

G&A expense, net(3)

$75,237

+/-$100,000

$98,000-$100,000

Interest expense, net and Preferred stock dividends(4)

$186,325

+/-$250,000

$250,000-$252,000

Management, transaction and other fees

$20,407

+/-$27,000

Development and Redevelopment spend

$240,506

+/-$350,000

Acquisitions

$66,820

+/-$80,000

+/-$70,000

Cap rate (weighted average)

6.3%

+/- 6.4%

+/- 6.3%

Dispositions

$4,550

+/-$5,000

Cap rate (weighted average)

6.2%

+/- 6.2%

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

(1)

Core Operating Earnings excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other amounts as they occur.

(2)

Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.

(3)

Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro -rata basis.

(4)

Includes debt and derivative mark to market amortization, and is net of interest income.

Conference Call Information

To discuss Regency’s third quarter results and provide further business updates, management will host a conference call on Friday, November 6 at 11:00 a.m. ET. Dial-in and webcast information is below.

Third Quarter 2026 Earnings Conference Call

Date:

Friday, November 6, 2026

Time:

11:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

Third Quarter 2026 Webcast Link

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

About Regency Centers Corporation (Nasdaq: REG)

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

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

For the Periods Ended September 30, 2026 and 2025

Three Months Ended

Year to Date

2026

2025

2026

2025

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:

Net Income Attributable to Common Shareholders

75,125

105,960

312,612

314,742

Adjustments to reconcile to Nareit Funds From Operations (1):

Depreciation and amortization (excluding FF&E)

114,074

109,933

342,792

321,296

Gain on sale of real estate, net of tax

(25,113

)

(7,432

)

(45,730

)

(7,187

)

Provision for impairment of real estate

65,135

3,374

65,135

4,636

Exchangeable operating partnership units

1,577

1,664

6,554

2,892

Nareit FFO

230,798

213,499

681,363

636,379

Nareit FFO per share (diluted)

1.23

1.15

3.64

3.46

Weighted average shares (diluted)

187,305

185,494

187,228

183,781

Reconciliation of Nareit FFO to Core Operating Earnings:

Nareit FFO

230,798

213,499

681,363

636,379

Adjustments to reconcile to Core Operating Earnings (1):

Certain Non-Cash Items

Straight-line rent, net (2)

(6,736

)

(7,282

)

(16,564

)

(19,459

)

Above/below market rent amortization, net

(5,164

)

(5,423

)

(15,461

)

(17,260

)

Debt and derivative mark-to-market amortization

1,721

1,816

5,534

4,618

Core Operating Earnings

220,619

202,610

654,872

604,278

Core Operating Earnings per share (diluted)

1.18

1.09

3.50

3.29

Weighted average shares (diluted)

187,305

185,494

187,228

183,781

Reconciliation of Core Operating Earnings to Adjusted Funds from Operations:

Core Operating Earnings

220,619

202,610

654,872

604,278

Adjustments to reconcile to Adjusted Funds from Operations (1):

Operating capital expenditures

(35,550

)

(33,832

)

(103,460

)

(90,109

)

Debt cost and derivative adjustments

2,357

2,423

6,959

6,849

Stock-based compensation

6,179

5,321

18,108

16,219

Adjusted Funds from Operations

193,605

176,522

576,479

537,237

(1)

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

(2)

Includes the impact of uncollectible straight-line rent of $125 and ($509) for the three months ended September 30, 2026 and 2025, respectively, and $3,217 and $611 for the nine months ended September 30, 2026 and 2025, respectively.

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

For the Periods Ended September 30, 2026 and 2025

Three Months Ended

Year to Date

2026

2025

Change

2026

2025

Change

Net income attributable to common shareholders

75,125

105,960

312,612

314,742

Less:

Management, transaction, and other fees

(7,140

)

(6,720

)

(21,265

)

(20,776

)

Other (1)

(13,610

)

(13,654

)

(37,187

)

(40,193

)

Plus:

Depreciation and amortization

107,708

102,799

322,933

299,108

General and administrative

25,173

27,060

78,346

74,140

Other operating expense

2,126

1,770

5,164

5,402

Other expense, net

94,197

45,897

189,086

145,610

Equity in income of investments in real estate partnerships excluded from NOI (2)

12,818

12,099

28,158

40,229

Net income attributable to noncontrolling interests

3,376

3,244

11,600

7,838

Preferred stock dividends

3,413

10,239

NOI

303,186

281,868

7.6%

899,686

836,339

7.6%

Less non-same property NOI (3)

(14,051

)

(6,650

)

(36,663

)

(9,839

)

Same Property NOI

289,135

275,218

5.1%

863,023

826,500

4.4%

Same Property NOI without Redevelopments

244,818

236,558

3.5%

733,585

711,930

3.0%

Expense Recovery Ratio

87.5

85.7

87.7

86.1

NOI Margin

69.8

69.6

69.3

69.6

(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, Property in Development, termination fees, corporate activities, and noncontrolling interests.

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

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

The Company has published additional financial information in its third quarter 2026 supplemental package that may help investors estimate earnings. A copy of the Company’s third quarter 2026 supplemental package will be available on the Company's website at investors.regencycenters.com or by written request to: Investor Relations, Regency Centers Corporation, One Independent Drive, Suite 114, Jacksonville, Florida, 32202. The supplemental package contains more detailed financial and property results including financial statements, an outstanding debt summary, acquisition and development activity, investments in partnerships, information pertaining to securities issued other than common stock, property details, a significant tenant rent report and a lease expiration table in addition to earnings and valuation guidance assumptions. The information provided in the supplemental package is unaudited and includes non-GAAP measures, and there can be no assurance that the information will not vary from the final information in the Company’s Form 10-Q for the period ended September 30, 2026. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

Non-GAAP Financial Measures

We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP financial 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 financial measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is that 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 sales and impairments of real estate, net of tax, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated real estate 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 Shareholders to Nareit FFO.

Core Operating Earnings is an additional non-GAAP performance measure that adjusts Nareit Funds from Operations (“Nareit FFO”) to exclude certain non-cash and other items that impact the comparability of the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other non-cash or non-comparable amounts as they occur.

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

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

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

The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more accurately reflect the Company’s proportionate economic interest in the assets, liabilities, and operating results of properties in its portfolio. The Company does not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and expenses do not represent our legal claim to such items. The partners are entitled to profit or loss allocations and distributions of cash flows according to the operating agreements, which generally provide for such allocations according to their invested capital. The Company’s share of invested capital establishes the ownership interests Regency uses to prepare its Pro-rata share.

The presentation of Pro-rata information has limitations which include, but are not limited to, the following:

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•

Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.

Because of these limitations, the Pro-rata financial information should not be considered independently or as a substitute for the financial statements as reported under GAAP. The Company compensates for these limitations by relying primarily on our GAAP financial statements, using the Pro-rata information as a supplement.

Same Property NOI is a key non-GAAP financial measure commonly used by real estate investment trusts (REITs) to evaluate operating performance. It is calculated on a Pro-rata ownership basis for properties owned and operated for the entirety of both the current and prior comparable reporting periods. Same Property NOI includes revenues and operating expenses associated with these properties but excludes items that are not indicative of ongoing operating performance. These include, without limitation, termination fees, as well as corporate-level expenses, financing costs, and other non-operating items. Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.

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 current 2026 guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation:

Risk Factors Related to the Current Economic and Geopolitical Environments

Macroeconomic, political, and geopolitical conditions and governmental policies may adversely impact consumer confidence and spending and the businesses of our tenants and could, in turn, adversely impact our business. Changes in interest rates may adversely impact our cost to borrow, real estate valuation, stock price, and ability to raise capital through issuance of debt and equity. Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations.

Risk Factors Related to Pandemics or other Public Health Crises

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

Risk Factors Related to Operating Retail-Based Shopping Centers

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

Risk Factors Related to Real Estate Investments

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

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

An increased and differing focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors, lenders and other stakeholders may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations.

Risk Factors Related to Our Partnerships and Joint Ventures

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

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

Risk Factors Related to Information Management and Technology

The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact. Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition. The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.

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

If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Partnership tax audit rules could have a material adverse effect.

Risk Factors Related to the Company’s Stock

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

EX-99.2

Filename: reg-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Table of Contents

September 30, 2026

Safe Harbor Language

Earnings Press Release

Summary Information:

Financial Results Summary

Real Estate Portfolio Summary

Financial Information:

Consolidated Balance Sheets

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

Consolidated Statements of Operations

Supplemental Details of Operations (Consolidated Only)

Supplemental Details of Operations (Real Estate Partnerships Only)

Supplemental Details of Same Property NOI

Reconciliations of Non-GAAP Financial Measures

Capital Expenditures and Additional Disclosures

Debt Information:

Summary of Consolidated Debt

Details of Consolidated Debt

Summary of Unsecured Debt Covenants and Leverage Ratios

Summary of Unconsolidated Debt

Investments:

Unconsolidated Real Estate Partnerships

Property Transactions

Summary of Developments and Redevelopments

Summary of In-Process Developments and Redevelopments

Real Estate Information:

Leasing Statistics

New Lease Net Effective Rent and Leases Signed Not Yet Commenced

Annual Base Rent by State

Annual Base Rent by CBSA

Annual Base Rent by Tenant Category

Significant Tenant Rents

Tenant Lease Expirations

Additional Disclosures and Forward-Looking Information:

Components of NAV

Earnings Guidance

Glossary of Terms

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

Safe Harbor Language

September 30, 2026

Forward-Looking Statements

Risk Factors Related to the Current Economic and Geopolitical Environment

Risk Factors Related to Pandemics or other Public Health Crises

Risk Factors Related to Operating Retail-Based Shopping Centers

Risk Factors Related to Real Estate Investments

Risk Factors Related to the Environment Affecting Our Properties

Risk Factors Related to Corporate Matters

Risk Factors Related to Our Partnerships and Joint Ventures

Risk Factors Related to Funding Strategies and Capital Structure

Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.

Risk Factors Related to Information Management and Technology

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

Risk Factors Related to the Company’s Common Stock

Supplemental Information i

NEWS RELEASE

For immediate release

Kathryn McKie

904 598 7348

KathrynMcKie@regencycenters.com

Regency Centers Reports Third Quarter 2026 Results

and Increases Common Stock Dividend

Third Quarter 2026 Highlights

•

Reported Nareit Funds From Operations ("FFO") of $1.23 per diluted share and Core Operating Earnings of $1.18 per diluted share

•

Increased quarterly Same Property Net Operating Income ("NOI") year-over-year by 5.1%

•

Raised full year 2026 Nareit FFO guidance to a range of $4.86 to $4.88 per diluted share and 2026 Core Operating Earnings guidance to a range of $4.65 to $4.67 per diluted share

•

The midpoint of 2026 Core Operating Earnings guidance now represents year-over-year growth of 5.7%

•

Raised full year 2026 guidance for Same Property NOI growth to 4.25%+ year-over-year

•

Same Property percent leased ended the quarter at 97.0%, up 60 basis points year-over-year, and Same Property percent commenced ended the quarter at 95.1%, up 80 basis points year-over-year

•

Executed 1.7 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 11.9% on a cash basis and 21.8% on a straight-lined basis

•

Started $101 million of ground-up development and redevelopment projects, bringing year-to-date total project starts to approximately $241 million

•

As of September 30, 2026, Regency's in-process development and redevelopment projects had estimated net project costs of $682 million at a blended estimated yield of approximately 9%

•

As previously disclosed, acquired two shopping centers for $101 million, or $42 million at Regency's share

•

Pro-rata net debt and preferred stock to TTM operating EBITDAre at September 30, 2026 was 4.9x

•

Subsequent to quarter end, on November 3, 2026, Regency's Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.800 per share, an increase of 6%

Supplemental Information ii

Financial Results

Net Income Attributable to Common Shareholders

•

Nareit FFO

•

For the three months ended September 30, 2026, Nareit FFO was $230.8 million, or $1.23 per diluted share, compared to $213.5 million, or $1.15 per diluted share, for the same period in 2025.

Core Operating Earnings

•

Portfolio Performance

NOI

•

Third quarter 2026 Same Property NOI increased by 5.1% compared to the same period in 2025.

Same Property base rent growth contributed 4.0% to Same Property NOI growth in the third quarter of 2026.

•

Third quarter 2026 NOI increased by 7.6% compared to the same period in 2025.

Occupancy

•

As of September 30, 2026, Regency’s Same Property portfolio was 97.0% leased, an increase of 10 basis points sequentially and an increase of 60 basis points compared to September 30, 2025.

Same Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 98.5%, an increase of 10 basis points sequentially.

Same Property shop percent leased, which includes spaces less than 10,000 square feet, was 94.6%, an increase of 20 basis points sequentially.

•

As of September 30, 2026, Regency’s Same Property portfolio was 95.1% commenced, an increase of 60 basis points sequentially and an increase of 80 basis points compared to September 30, 2025.

Leasing Activity

•

Supplemental Information iii

Capital Allocation and Balance Sheet

Developments and Redevelopments

•

Third quarter ground-up development starts included:

▪

Redlands Marketplace, a $46 million Whole Foods-anchored project in Los Angeles, CA

▪

The Shops at Fall Hill, a $24 million specialty grocer-anchored project in Fredericksburg, VA

•

During the three months ended September 30, 2026, the Company completed one ground-up development project for approximately $96 million.

•

As of September 30, 2026, Regency’s in-process development and redevelopment projects had estimated net project costs of $682 million at the Company’s share, 46% of which had been incurred.

•

Subsequent to quarter end, the Company started Poppy Ranch at Morgan Hill, a $42 million Sprouts-anchored ground-up development in Morgan Hill, CA.

Property Transactions

•

As previously disclosed, on July 8, 2026, the Company acquired Franklin Crossing in Franklin Lakes, NJ, an 88,000 square foot shopping center anchored by Stop & Shop, for $27 million.

•

As previously disclosed, on July 14, 2026, the Company acquired Cornerstone at Westford in suburban Boston, MA, a 236,000 square foot shopping center anchored by Market Basket.

Cornerstone was acquired through a joint venture for $74 million, or approximately $15 million at Regency's share.

•

Subsequent to quarter end, on October 1, 2026, the Company acquired Hanover Village in Richmond, VA, a 90,000 square foot shopping center anchored by Aldi, for approximately $14 million.

Balance Sheet

•

As of September 30, 2026, Regency had approximately $1.4 billion of available capacity under its revolving credit facility.

•

As of September 30, 2026, Regency’s pro-rata net debt and preferred stock to TTM operating EBITDAre was 4.9x.

Common and Preferred Dividends

•

Supplemental Information iv

2026 Guidance

Full Year 2026 Guidance (in thousands, except per share data)

YTD Actual

Current

2026 Guidance

Prior

2026 Guidance

Net Income Attributable to Common Shareholders per diluted share

$1.70

$2.31 - $2.33

$2.48 - $2.52

Nareit Funds From Operations (“Nareit FFO”) per diluted share

$3.64

$4.86 - $4.88

$4.84 - $4.88

Core Operating Earnings per diluted share(1)

$3.50

$4.65 - $4.67

$4.62 - $4.66

Same property NOI growth

4.4%

4.25% +

+3.7% to +4.1%

Non-cash revenues(2)

$32,077

+/-$46,000

$46,000 - $49,000

G&A expense, net(3)

$75,237

+/-$100,000

$98,000-$100,000

Interest expense, net and Preferred stock dividends(4)

$186,325

+/-$250,000

$250,000-$252,000

Management, transaction and other fees

$20,407

+/-$27,000

Development and Redevelopment spend

$240,506

+/-$350,000

Acquisitions

$66,820

+/-$80,000

+/-$70,000

Cap rate (weighted average)

6.3%

+/- 6.4%

+/- 6.3%

Dispositions

$4,550

+/-$5,000

Cap rate (weighted average)

6.2%

+/- 6.2%

(1)

(2)

Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.

(3)

Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro -rata basis.

(4)

Includes debt and derivative mark to market amortization, and is net of interest income.

Conference Call Information

Third Quarter 2026 Earnings Conference Call

Date:

Friday, November 6, 2026

Time:

11:00 a.m. ET

Dial#:

877-407-0789 or 201-689-8562

Webcast:

Third Quarter 2026 Webcast Link

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

Supplemental Information v

About Regency Centers Corporation (Nasdaq: REG)

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

For the Periods Ended September 30, 2026 and 2025

Three Months Ended

Year to Date

2026

2025

2026

2025

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:

Net Income Attributable to Common Shareholders

75,125

105,960

312,612

314,742

Adjustments to reconcile to Nareit Funds From Operations (1):

Depreciation and amortization (excluding FF&E)

114,074

109,933

342,792

321,296

Gain on sale of real estate, net of tax

(25,113

)

(7,432

)

(45,730

)

(7,187

)

Provision for impairment of real estate

65,135

3,374

65,135

4,636

Exchangeable operating partnership units

1,577

1,664

6,554

2,892

Nareit FFO

230,798

213,499

681,363

636,379

Nareit FFO per share (diluted)

1.23

1.15

3.64

3.46

Weighted average shares (diluted)

187,305

185,494

187,228

183,781

Reconciliation of Nareit FFO to Core Operating Earnings:

Nareit FFO

230,798

213,499

681,363

636,379

Adjustments to reconcile to Core Operating Earnings (1):

Certain Non-Cash Items

Straight-line rent, net (2)

(6,736

)

(7,282

)

(16,564

)

(19,459

)

Above/below market rent amortization, net

(5,164

)

(5,423

)

(15,461

)

(17,260

)

Debt and derivative mark-to-market amortization

1,721

1,816

5,534

4,618

Core Operating Earnings

220,619

202,610

654,872

604,278

Core Operating Earnings per share (diluted)

1.18

1.09

3.50

3.29

Weighted average shares (diluted)

187,305

185,494

187,228

183,781

Reconciliation of Core Operating Earnings to Adjusted Funds from Operations:

Core Operating Earnings

220,619

202,610

654,872

604,278

Adjustments to reconcile to Adjusted Funds from Operations (1):

Operating capital expenditures

(35,550

)

(33,832

)

(103,460

)

(90,109

)

Debt cost and derivative adjustments

2,357

2,423

6,959

6,849

Stock-based compensation

6,179

5,321

18,108

16,219

Adjusted Funds from Operations

193,605

176,522

576,479

537,237

(1)

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

(2)

Supplemental Information vi

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

For the Periods Ended September 30, 2026 and 2025

Three Months Ended

Year to Date

2026

2025

Change

2026

2025

Change

Net income attributable to common shareholders

75,125

105,960

312,612

314,742

Less:

Management, transaction, and other fees

(7,140

)

(6,720

)

(21,265

)

(20,776

)

Other (1)

(13,610

)

(13,654

)

(37,187

)

(40,193

)

Plus:

Depreciation and amortization

107,708

102,799

322,933

299,108

General and administrative

25,173

27,060

78,346

74,140

Other operating expense

2,126

1,770

5,164

5,402

Other expense, net

94,197

45,897

189,086

145,610

Equity in income of investments in real estate partnerships excluded from NOI (2)

12,818

12,099

28,158

40,229

Net income attributable to noncontrolling interests

3,376

3,244

11,600

7,838

Preferred stock dividends

3,413

10,239

NOI

303,186

281,868

7.6%

899,686

836,339

7.6%

Less non-same property NOI (3)

(14,051

)

(6,650

)

(36,663

)

(9,839

)

Same Property NOI

289,135

275,218

5.1%

863,023

826,500

4.4%

Same Property NOI without Redevelopments

244,818

236,558

3.5%

733,585

711,930

3.0%

Expense Recovery Ratio

87.5

85.7

87.7

86.1

NOI Margin

69.8

69.6

69.3

69.6

(1)

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, other fees, and noncontrolling interests.

(2)

(3)

Includes revenues and expenses attributable to Non-Same Property, Property in Development, termination fees, corporate activities, and noncontrolling interests.

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

Supplemental Information vii

###

Non-GAAP Financial Measures

Supplemental Information viii

The presentation of Pro-rata information has limitations which include, but are not limited to, the following:

•

Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.

Forward-Looking Statements

Risk Factors Related to the Current Economic and Geopolitical Environments

Risk Factors Related to Pandemics or other Public Health Crises

Risk Factors Related to Operating Retail-Based Shopping Centers

Supplemental Information ix

Risk Factors Related to Real Estate Investments

Risk Factors Related to the Environment Affecting Our Properties

Risk Factors Related to Corporate Matters

Risk Factors Related to Our Partnerships and Joint Ventures

Risk Factors Related to Funding Strategies and Capital Structure

Risk Factors Related to Information Management and Technology

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

Risk Factors Related to the Company’s Stock

Supplemental Information x

Financial Results Summary

September 30, 2026

(in thousands, except per share data)

Three Months Ended

Year to Date

2026

2025

2026

2025

Financial Results

Net income attributable to common shareholders (page 5)

$75,125

$105,960

$312,612

$314,742

Net income per diluted share

$0.41

$0.58

$1.70

$1.73

Nareit Funds From Operations (Nareit FFO) (page 9)

$230,798

$213,499

$681,363

$636,379

Nareit FFO per diluted share

$1.23

$1.15

$3.64

$3.46

Core Operating Earnings (page 9)

$220,619

$202,610

$654,872

$604,278

Core Operating Earnings per diluted share

$1.18

$1.09

$3.50

$3.29

Same Property NOI (page 8)

$289,135

$275,218

$863,023

$826,500

% growth

5.1%

4.4%

NOI (page 6 & 7)

$303,186

$281,868

$899,686

$836,339

% growth

7.6%

Operating EBITDAre (page 10)

$286,920

$266,542

$852,111

$790,604

Dividends declared per common share and unit

$0.755

$0.705

$2.265

$2.115

Dividend payout ratio as a % of Nareit FFO

61.4%

61.3%

62.2%

61.1%

Diluted share and unit count

Weighted average shares (diluted) - Net income

183,467

182,346

183,390

181,996

Weighted average shares and units (diluted) - Nareit FFO and Core Operating Earnings

187,305

185,494

187,228

183,781

__________________________________________________________________________________________________

As of

9/30/2026

12/31/2025

12/31/2024

12/31/2023

Capital Information

Market price per common share

$71.88

$69.03

$73.93

$67.00

Common shares outstanding

183,122

182,902

181,361

184,581

Exchangeable units held by noncontrolling interests

3,838

1,097

1,107

Common shares and equivalents issued and outstanding

186,960

186,740

182,458

185,688

Market equity value of common shares and equivalents

$13,438,685

$12,890,662

$13,489,128

$12,441,131

Preferred stock(1)

$225,000

Outstanding debt

5,436,806

5,280,308

4,984,071

4,688,805

Less: cash

(138,257)

(120,661)

(61,884)

(91,354)

Net debt and preferred stock

$5,523,549

$5,384,647

$5,147,187

$4,822,451

Total market capitalization

$18,962,234

$18,275,309

$18,636,315

$17,263,582

Debt metrics (pro-rata; trailing 12 months "TTM")(2)

Net Debt and Preferreds-to-Operating EBITDAre

4.9x

5.1x

5.2x

5.4x

Net Debt and Preferreds-to-Operating EBITDAre, adjusted

5.1x

Fixed charge coverage

4.3x

4.2x

4.3x

4.7x

(1)

Regency has outstanding 4.6M shares of 6.25% Series A Cumulative Redeemable Preferred Stock with a liquidation preference of $115M and callable on demand, and 4.4M shares of 5.875% Series B Cumulative Redeemable Preferred Stock with a liquidation preference of $110M and callable on demand.

(2)

In light of the merger with UBP on August 18, 2023, adjusted debt metric calculations include legacy Regency results for the trailing 12 months and the annualized contribution from UBP post merger.

Supplemental Information 1

Real Estate Portfolio Summary

September 30, 2026

(GLA in thousands)

Consolidated and 100% of Real Estate Partnerships

9/30/2026

6/30/2026

3/31/2026

12/31/2025

9/30/2025

Number of properties

486

482

481

485

Number of retail operating properties

477

474

473

478

Number of same properties

461

462

459

466

Number of properties in development(1)

Gross Leasable Area (GLA) - All properties

59,232

58,785

58,508

58,377

58,615

GLA - Retail operating properties

58,298

57,789

57,618

57,411

57,732

GLA - Same properties

56,037

56,030

55,954

55,147

55,778

GLA - Properties in development(1)

934

995

889

967

883

Consolidated and Pro-Rata Share of Real Estate Partnerships

GLA - All properties

51,104

50,846

50,654

50,489

50,218

GLA - Retail operating properties

50,171

49,850

49,765

49,522

49,335

GLA - Same properties(2)

48,212

48,205

48,117

48,095

48,086

Anchor Spaces (≥ 10,000 SF)(2)

29,536

29,480

29,493

29,467

Shop Spaces (< 10,000 SF)(2)

18,676

18,668

18,638

18,602

18,619

GLA - Properties in development(1)

934

995

889

967

883

% leased - All properties

96.6%

96.5%

96.2%

96.1%

96.0%

% leased - Retail operating properties

96.9%

96.8%

96.6%

96.5%

% leased - Same properties(2)

97.0%

96.9%

96.6%

96.5%

96.4%

Anchor Spaces (≥ 10,000 SF)(2)

98.5%

98.4%

98.2%

98.0%

98.1%

Shop Spaces (< 10,000 SF)(2)

94.6%

94.4%

94.1%

94.2%

93.8%

% commenced - Same properties(2)(3)

95.1%

94.5%

94.3%

94.1%

94.3%

Same property NOI Growth - YTD (see page 8)

4.4%

4.1%

4.4%

5.3%

5.5%

Same property NOI Growth without Redevelopments - YTD (see page 8)

3.0%

2.8%

4.1%

4.5%

Rent spreads - Trailing 12 months(4) (see page 19)

11.5%

11.8%

11.7%

10.8%

10.5%

(1)

Includes current ground-up developments.

(2)

Prior periods adjusted for current same property pool.

(3)

Excludes leases that are signed but have not yet commenced.

(4)

Retail operating properties only. Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed.

Amounts may not total due to rounding.

Supplemental Information 2

Consolidated Balance Sheets

September 30, 2026 and December 31, 2025

(in thousands)

2026

2025

(unaudited)

Assets:

Net real estate investments:

Real estate assets at cost

14,810,914

14,561,924

Less: accumulated depreciation

3,519,458

3,267,728

Real estate assets, net

11,291,456

11,294,196

Investments in sales-type leases, net

16,909

16,727

Investments in real estate partnerships

362,997

349,856

Net real estate investments

11,671,362

11,660,779

Cash, cash equivalents, and restricted cash

138,257

120,661

Tenant receivables, net

36,735

29,578

Straight-line rent receivables, net

197,314

180,871

Other receivables

74,167

63,413

Tenant and other receivables

308,216

273,862

Deferred leasing costs, net

105,098

97,253

Acquired lease intangible assets, net

224,038

254,201

Right of use assets, net

309,886

315,804

Other assets

296,357

278,723

Total assets

13,053,214

13,001,283

Liabilities and Equity:

Liabilities:

Notes payable, net

4,772,056

4,619,301

Unsecured credit facility

115,000

120,000

Total notes payable

4,887,056

4,739,301

Accounts payable and other liabilities

400,682

391,847

Acquired lease intangible liabilities, net

338,945

356,454

Lease liabilities

239,316

242,368

Tenants' security, escrow deposits, and prepaid rent

91,511

89,707

Total liabilities

5,957,510

5,819,677

Equity:

Shareholders' Equity:

Preferred stock

225,000

Common stock

1,831

1,829

Treasury stock

(33,451

)

(31,075

)

Additional paid in capital

8,716,398

8,704,138

Accumulated other comprehensive income (loss)

4,319

(4,220

)

Distributions in excess of net income

(2,090,895

)

(1,988,782

)

Total shareholders' equity

6,823,202

6,906,890

Noncontrolling Interests:

Exchangeable operating partnership units

143,022

144,940

Limited partners' interests in consolidated partnerships

129,480

129,776

Total noncontrolling interests

272,502

274,716

Total equity

7,095,704

7,181,606

Total liabilities and equity

13,053,214

13,001,283

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

Supplemental Information 3

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

September 30, 2026 and December 31, 2025

(in thousands)

Noncontrolling Interests

Share of Unconsolidated

Real Estate Partnerships

2026

2025

2026

2025

Assets:

Real estate assets at cost

(122,419

)

(115,552

)

1,331,496

1,305,006

Less: accumulated depreciation

(20,694

)

(18,280

)

524,425

504,568

Real estate assets, net

(101,725

)

(97,272

)

807,071

800,438

Investments in sales-type leases, net

(2,900

)

(2,878

)

38,464

38,045

Net real estate investments

(104,625

)

(100,150

)

845,535

838,483

Cash, cash equivalents, and restricted cash

(47,214

)

(51,238

)

21,152

12,005

Tenant receivables, net

(592

)

(391

)

3,159

3,411

Straight-line rent receivables, net

(2,781

)

(2,468

)

22,647

21,809

Other receivables

(395

)

(1,238

)

1,505

786

Tenant and other receivables

(3,768

)

(4,097

)

27,311

26,006

Deferred leasing costs, net

(2,368

)

(2,432

)

15,206

15,396

Acquired lease intangible assets, net

(750

)

(832

)

8,572

7,549

Right of use assets, net

(1,523

)

(1,570

)

4,622

4,665

Other assets

(544

)

(320

)

29,528

26,026

Total assets

(160,792

)

(160,639

)

951,926

930,130

Liabilities:

Notes payable, net

(25,263

)

(25,297

)

549,750

541,006

Accounts payable and other liabilities

(3,486

)

(2,989

)

25,162

25,952

Acquired lease intangible liabilities, net

(114

)

(131

)

6,732

5,624

Lease liabilities

(2,019

)

(2,037

)

3,128

3,139

Tenants' security, escrow deposits, and prepaid rent

(430

)

(409

)

4,157

4,553

Total liabilities

(31,312

)

(30,863

)

588,929

580,274

Note

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

Supplemental Information 4

Consolidated Statements of Operations

For the Periods Ended September 30, 2026 and 2025

(in thousands)

(unaudited)

Three Months Ended

Year to Date

2026

2025

2026

2025

Revenues:

Lease income

408,671

377,761

1,214,082

1,117,945

Other property income

3,247

3,089

9,674

10,609

Management, transaction, and other fees

7,140

6,720

21,265

20,776

Total revenues

419,058

387,570

1,245,021

1,149,330

Operating Expenses:

Depreciation and amortization

107,708

102,799

322,933

299,108

Property operating expense

69,802

65,471

214,048

194,689

Real estate taxes

52,099

47,080

153,494

140,940

General and administrative

25,173

27,060

78,346

74,140

Other operating expenses

2,126

1,770

5,164

5,402

Total operating expenses

256,908

244,180

773,985

714,279

Other Expense, net:

Interest expense, net

53,485

51,323

159,252

149,608

Provision for impairment of real estate

65,135

3,374

65,135

4,636

Gain on sale of real estate, net of tax

(23,814

)

(6,198

)

(31,276

)

(6,005

)

Net investment income

(609

)

(2,602

)

(4,025

)

(2,629

)

Total other expense, net

94,197

45,897

189,086

145,610

Income before equity in income of

investments in real estate partnerships

67,953

97,493

281,950

289,441

Equity in income of investments in real estate partnerships

13,961

15,124

52,501

43,378

Net income

81,914

112,617

334,451

332,819

Noncontrolling Interests:

Exchangeable operating partnership units

(1,577

)

(1,664

)

(6,554

)

(2,892

)

Limited partners' interests in consolidated partnerships

(1,799

)

(1,580

)

(5,046

)

(4,946

)

Net income attributable to noncontrolling interests

(3,376

)

(3,244

)

(11,600

)

(7,838

)

Net income attributable to the Company

78,538

109,373

322,851

324,981

Preferred stock dividends

(3,413

)

(3,413

)

(10,239

)

(10,239

)

Net income attributable to common shareholders

75,125

105,960

312,612

314,742

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

Supplemental Information 5

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended September 30, 2026 and 2025

(in thousands)

Three Months Ended

Year to Date

2026

2025

2026

2025

Revenues:

Base rent

283,437

265,289

838,875

778,216

Recoveries from tenants

102,679

92,406

309,473

275,392

Percentage rent

2,130

1,950

12,140

11,558

Termination fees

2,858

927

7,340

4,973

Uncollectible lease income

(192

)

(3,473

)

(1,906

)

Other lease income

5,504

4,609

16,410

13,310

Straight-line rent on lease income

6,685

6,743

16,710

18,137

Above/below market rent amortization

5,570

5,784

16,607

18,265

Lease income, net

408,671

377,761

1,214,082

1,117,945

Other property income

3,247

3,089

9,674

10,609

Property management fees

3,920

3,935

12,063

12,196

Asset management fees

1,893

1,777

5,428

5,240

Leasing commissions and other fees

1,327

1,008

3,774

3,340

Management, transaction, and other fees

7,140

6,720

21,265

20,776

Total revenues

419,058

387,570

1,245,021

1,149,330

Operating Expenses:

Depreciation and amortization (including FF&E)

107,708

102,799

322,933

299,108

Operating and maintenance

65,109

60,813

200,348

181,612

Ground rent

3,657

3,787

10,692

10,442

Termination expense

Straight-line rent on ground rent

500

336

1,380

1,009

Above/below market ground rent amortization

536

535

1,608

1,602

Property operating expense

69,802

65,471

214,048

194,689

Real estate taxes

52,099

47,080

153,494

140,940

Gross general & administrative

24,930

24,652

76,108

72,770

Stock-based compensation

6,179

5,321

18,108

16,219

Capitalized direct overhead costs

(6,551

)

(5,126

)

(19,155

)

(16,809

)

General & administrative, net (1)

24,558

24,847

75,061

72,180

Loss on deferred compensation plan (2)

615

2,213

3,285

1,960

General & administrative

25,173

27,060

78,346

74,140

Other expenses

1,637

1,777

4,385

4,721

Development pursuit costs, net

489

)

779

681

Other operating expenses

2,126

1,770

5,164

5,402

Total operating expenses

256,908

244,180

773,985

714,279

Other Expense, net:

Gross interest expense

53,555

52,278

160,051

150,878

Derivative amortization

226

143

677

Debt cost amortization

2,114

2,003

6,239

5,565

Debt and derivative mark-to-market amortization

1,682

1,805

5,483

4,703

Capitalized interest

(2,526

)

(2,768

)

(7,587

)

(7,302

)

Interest income

(1,388

)

(2,221

)

(5,077

)

(4,913

)

Interest expense, net

53,485

51,323

159,252

149,608

Provision for impairment of real estate

65,135

3,374

65,135

4,636

Gain on sale of real estate, net of tax

(23,814

)

(6,198

)

(31,276

)

(6,005

)

Net investment income (2)

(609

)

(2,602

)

(4,025

)

(2,629

)

Total other expense, net

94,197

45,897

189,086

145,610

Consolidated NOI

278,798

256,643

825,885

759,134

* Component of Net Operating Income

(1)

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

(2)

The change in value of participant obligations within Regency’s non-qualified deferred compensation plan is included in General and administrative expense, which is offset by changes in value of assets held in the plan which is included in Net investment (income) expense.

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

Supplemental Information 6

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended September 30, 2026 and 2025

(in thousands)

Noncontrolling Interests

Share of Unconsolidated

Real Estate Partnerships

Three Months Ended

Year to Date

Three Months Ended

Year to Date

2026

2025

2026

2025

2026

2025

2026

2025

Revenues:

Base rent

(2,531

)

(2,155

)

(7,403

)

(6,847

)

26,978

27,851

80,027

83,680

Recoveries from tenants

(778

)

(584

)

(2,364

)

(1,873

)

8,570

9,326

28,976

29,235

Percentage rent

(32

)

(19

)

(32

)

(28

)

282

307

1,710

1,669

Termination fees

)

(15

)

(16

)

(209

)

301

513

374

Uncollectible lease income

(75

)

(15

)

(251

)

Other lease income

(35

)

(35

)

(117

)

(115

)

661

390

1,548

1,168

Straight-line rent on lease income

(104

)

(31

)

(339

)

(144

)

558

930

1,292

2,432

Above/below market rent amortization

(23

)

139

207

488

609

Lease income

(3,470

)

(2,860

)

(10,212

)

(9,157

)

37,414

39,046

114,303

119,162

Other property income

(42

)

(43

)

(131

)

(71

)

281

155

1,661

655

Asset management fees

(302

)

(267

)

(858

)

(794

)

Total revenues

(3,512

)

(2,903

)

(10,343

)

(9,228

)

37,393

38,934

115,106

119,023

Operating Expenses:

Depreciation and amortization (including FF&E)

(945

)

(781

)

(2,823

)

(2,542

)

8,357

8,670

25,684

26,664

Operating and maintenance

(607

)

(471

)

(1,857

)

(1,634

)

5,941

5,909

19,286

18,650

Ground rent

(34

)

(38

)

(102

)

(107

)

214

Straight-line rent on ground rent

(13

)

(13

)

(39

)

(39

)

Above/below market ground rent amortization

Property operating expense

(654

)

(522

)

(1,998

)

(1,780

)

6,024

5,992

19,532

18,894

Real estate taxes

(379

)

(342

)

(1,193

)

(959

)

4,207

4,859

14,025

14,305

General & administrative, net (1)

176

216

Other operating expenses

632

687

1,807

2,119

240

203

808

1,071

Total operating expenses

(1,346

)

(958

)

(4,207

)

(3,162

)

18,898

19,789

60,225

61,150

Other Expense, net:

Gross interest expense

(353

)

(367

)

(1,055

)

(1,127

)

5,871

5,597

17,218

16,818

Debt cost amortization

(10

)

(10

)

(30

)

(33

)

205

203

607

640

Debt and derivative mark-to-market amortization

(14

)

(14

)

(41

)

(41

)

(44

)

Capitalized interest

(200

)

(420

)

(776

)

(1,260

)

Interest income

(96

)

(150

)

(307

)

(477

)

Interest expense, net

(367

)

(365

)

(1,090

)

(1,120

)

5,833

5,255

16,834

15,677

Gain on sale of real estate, net of tax

(1,299

)

(1,234

)

(14,454

)

(1,182

)

Total other expense, net

(367

)

(365

)

(1,090

)

(1,120

)

4,534

4,021

2,380

14,495

Share of NOI

(2,391

)

(1,998

)

(6,858

)

(6,402

)

26,779

27,223

80,659

83,607

* Component of Net Operating Income

(1)

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

Note

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

Supplemental Information 7

Supplemental Details of Same Property NOI

For the Periods Ended September 30, 2026 and 2025

(in thousands)

Three Months Ended

Year to Date

2026

2025

Change

2026

2025

Change

Same Property NOI Detail:

Real Estate Revenues:

Base Rent

297,068

286,032

882,409

851,267

Recoveries from Tenants

106,059

99,497

325,831

300,733

Percentage Rent

2,290

2,159

13,211

12,978

Uncollectible Lease Income

(459

)

113

(3,279

)

(1,915

)

Other Lease Income

6,052

5,013

17,584

14,528

Other Property Income

3,012

2,583

9,640

9,288

Total Real Estate Revenues

414,022

395,397

1,245,396

1,186,879

Real Estate Operating Expenses:

Operating and Maintenance

68,043

65,221

210,584

196,580

Real Estate Taxes

53,132

50,880

160,788

152,525

Ground Rent

3,712

4,078

11,001

11,274

Total Real Estate Operating Expenses

124,887

120,179

382,373

360,379

Same Property NOI

289,135

275,218

5.1%

863,023

826,500

4.4%

Same Property NOI without Redevelopments

244,818

236,558

3.5%

733,585

711,930

3.0%

Expense Recovery Ratio

87.5

85.7

87.7

86.1

NOI Margin

69.8

69.6

69.3

69.6

Percent Contribution to Same Property NOI Performance:

Base rent

4.0

3.8

Uncollectible lease income

-0.2

Net expense recoveries

0.7

0.4

Other lease / property income

0.5

0.4

Percentage rent

0.1

0.0

Same Property NOI (% impact)

5.1

4.4

Reconciliation of Net Income Attributable to Common Shareholders to Same Property NOI:

Net income attributable to common shareholders

75,125

105,960

312,612

314,742

Less:

Management, transaction, and other fees

(7,140

)

(6,720

)

(21,265

)

(20,776

)

Other (1)

(13,610

)

(13,654

)

(37,187

)

(40,193

)

Plus:

Depreciation and amortization

107,708

102,799

322,933

299,108

General and administrative

25,173

27,060

78,346

74,140

Other operating expense

2,126

1,770

5,164

5,402

Other expense, net

94,197

45,897

189,086

145,610

Equity in income of investments in real estate partnerships excluded from NOI (2)

12,818

12,099

28,158

40,229

Net income attributable to noncontrolling interests

3,376

3,244

11,600

7,838

Preferred stock dividends

3,413

10,239

NOI

303,186

281,868

7.6%

899,686

836,339

7.6%

Less non-same property NOI (3)

(14,051

)

(6,650

)

(36,663

)

(9,839

)

Same Property NOI

289,135

275,218

863,023

826,500

(1)

Includes straight-line rental income and expense, net of reserves, above and below market rent amortization, and share of NOI attributable to 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, Property in Development, termination fees, corporate activities, and noncontrolling interests.

Supplemental Information 8

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended September 30, 2026 and 2025

(in thousands, except per share data)

Three Months Ended

Year to Date

2026

2025

2026

2025

Reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO:

Net Income Attributable to Common Shareholders

75,125

105,960

312,612

314,742

Adjustments to reconcile to Nareit Funds From Operations (1):

Depreciation and amortization (excluding FF&E)

114,074

109,933

342,792

321,296

Gain on sale of real estate, net of tax

(25,113

)

(7,432

)

(45,730

)

(7,187

)

Provision for impairment of real estate

65,135

3,374

65,135

4,636

Exchangeable operating partnership units

1,577

1,664

6,554

2,892

Nareit FFO

230,798

213,499

681,363

636,379

Nareit FFO per share (diluted)

1.23

1.15

3.64

3.46

Weighted average shares (diluted)

187,305

185,494

187,228

183,781

Reconciliation of Nareit FFO to Core Operating Earnings:

Nareit FFO

230,798

213,499

681,363

636,379

Adjustments to reconcile to Core Operating Earnings (1):

Certain Non-Cash Items

Straight-line rent, net (2)

(6,736

)

(7,282

)

(16,564

)

(19,459

)

Above/below market rent amortization, net

(5,164

)

(5,423

)

(15,461

)

(17,260

)

Debt and derivative mark-to-market amortization

1,721

1,816

5,534

4,618

Core Operating Earnings

220,619

202,610

654,872

604,278

Core Operating Earnings per share (diluted)

1.18

1.09

3.50

3.29

Weighted average shares (diluted)

187,305

185,494

187,228

183,781

Reconciliation of Core Operating Earnings to AFFO:

Core Operating Earnings

220,619

202,610

654,872

604,278

Adjustments to reconcile to AFFO (1):

Operating capital expenditures

(35,550

)

(33,832

)

(103,460

)

(90,109

)

Debt cost and derivative adjustments

2,357

2,423

6,959

6,849

Stock-based compensation

6,179

5,321

18,108

16,219

AFFO

193,605

176,522

576,479

537,237

(1)

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

(2)

Supplemental Information 9

Capital Expenditures and Additional Disclosures

For the Periods Ended September 30, 2026 and 2025

(in thousands)

Three Months Ended

Year to Date

2026

2025

2026

2025

Capital Expenditures:

Operating Properties (1)

Tenant allowance and landlord work

18,098

18,377

58,648

51,236

Leasing commissions

4,785

5,345

16,734

15,888

Leasing Capital Expenditures

22,883

23,722

75,382

67,124

Building improvements

12,667

10,110

28,078

22,985

Operating Capital Expenditures

35,550

33,832

103,460

90,109

Development & Redevelopment Properties (1)

Ground-up development (2)

44,118

45,692

153,257

110,393

Redevelopment (2)

27,201

38,758

87,249

114,378

Development & Redevelopment Expenditures

71,319

84,450

240,506

224,771

Reconciliation of Net Income to Nareit EBITDAre:

Net Income

81,914

112,617

334,451

332,819

Adjustments to reconcile to Nareit EBITDAre (3):

Interest expense

60,802

58,949

181,470

170,675

Income tax expense

105

311

487

695

Depreciation and amortization

116,065

111,469

348,617

325,772

Gain on sale of real estate, net of tax

(25,113

)

(7,432

)

(45,730

)

(7,187

)

Provision for impairment of real estate

65,135

3,374

65,135

4,636

Nareit EBITDAre

298,908

279,288

884,430

827,410

Reconciliation of Nareit EBITDAre to Operating EBITDAre:

Nareit EBITDAre

298,908

279,288

884,430

827,410

Adjustments to reconcile to Operating EBITDAre (3):

Straight-line rent, net

(6,827

)

(7,300

)

(16,864

)

(19,564

)

Above/below market rent amortization, net

(5,161

)

(5,446

)

(15,455

)

(17,242

)

Operating EBITDAre

286,920

266,542

852,111

790,604

(1)

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

(2)

Certain prior-period ground-up development and redevelopment expenditures have been corrected for an administrative error. Total ground-up development and redevelopment expenditures were not affected.

(3)

Includes Regency's consolidated entities and its share of unconsolidated Real Estate Partnerships.

Supplemental Information 10

Summary of Consolidated Debt

September 30, 2026 and December 31, 2025

(in thousands)

Total Debt Outstanding:

9/30/2026

12/31/2025

Notes Payable:

Fixed rate mortgage loans(1)

651,927

746,437

Fixed rate unsecured public debt

4,120,129

3,673,647

Fixed rate unsecured private debt

199,217

Unsecured credit facility:

Revolving line of credit

115,000

120,000

Total

4,887,056

4,739,301

Schedule of Maturities by Year:

Scheduled Principal Payments

Mortgage Loan Maturities

Unsecured Maturities (2)

Total

Weighted Average Contractual Interest Rate on Maturities

2026

3,173

46,852

50,025

4.18%

2027

10,051

235,558

525,000

770,609

3.68%

2028

8,365

51,939

415,000

475,304

4.45%

2029

5,619

97,120

425,000

527,739

3.19%

2030

5,445

2,163

600,000

607,608

3.70%

2031

5,263

30,908

36,171

3.68%

2032

3,120

57,121

400,000

460,241

4.84%

2033

2,992

450,000

452,992

4.50%

2034

3,117

400,000

403,117

5.25%

2035

3,247

325,000

328,247

5.10%

>10 years

6,467

102,651

725,000

834,118

4.47%

Unamortized debt premium/(discount), net of issuance costs

(29,244

)

(29,871

)

(59,115

)

56,859

595,068

4,235,129

4,887,056

4.25%

Percentage of Total Debt:

9/30/2026

12/31/2025

Fixed

97.6%

97.5%

Variable

2.4%

2.5%

Current Weighted Average Contractual Interest Rates:(3)

Fixed

4.2%

Variable

4.7%

4.4%

Combined

4.2%

Current Weighted Average Effective Interest Rate:(4)

Combined

4.5%

Average Years to Maturity:

Fixed

6.8

7.2

Variable

1.5

2.3

(1)

Includes variable rate mortgage loans that have been fixed through interest rate swaps.

(2)

Includes unsecured public and private placement debt and any drawn balance on unsecured revolving line of credit.

(3)

Interest rates are calculated as of the quarter end.

(4)

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

Supplemental Information 11

Details of Consolidated Debt

September 30, 2026 and December 31, 2025

(in thousands)

Contractual

Effective

Lender

Collateral

Rate

Rate(1)

Maturity

9/30/2026

12/31/2025

Secured Debt - Fixed Rate Mortgage Loans

M&T Bank

Cos Cob Plaza & Greenwich Commons

3.48%

10/01/26

7,750

8,037

Santander Bank

Baederwood Shoppes

3.28%

12/19/26

24,365

TD Bank

Black Rock Shopping Center

6.03%

12/31/26

14,775

14,939

Voya Retire Insurance and Annuity Co.

Meadtown Shopping Center

3.85%

01/01/27

8,528

8,765

Voya Retire Insurance and Annuity Co.

Midland Park Shopping Center

3.85%

01/01/27

16,140

16,588

Voya Retire Insurance and Annuity Co.

Valley Ridge Shopping Center

3.85%

01/01/27

15,278

15,702

Voya Retire Insurance and Annuity Co.

Cedar Hill Shopping Center

3.85%

01/01/27

6,407

6,585

The Guardian Life Insurance of America

Willa Springs

3.81%

03/01/27

16,700

The Guardian Life Insurance of America

Alden Bridge

3.81%

03/01/27

26,000

The Guardian Life Insurance of America

Bethany Park Place

3.81%

03/01/27

10,200

The Guardian Life Insurance of America

Blossom Valley

3.81%

03/01/27

22,300

The Guardian Life Insurance of America

Dunwoody Hall

3.81%

03/01/27

13,800

The Guardian Life Insurance of America

Hasley Canyon Village

3.81%

03/01/27

16,000

PNC Bank

Fellsway Plaza

4.06%

06/02/27

33,297

33,727

M&T Bank

Ridgeway Shopping Center

3.40%

07/01/27

39,721

40,688

PNC Bank

The Longmeadow Shops

5.56%

12/01/27

13,000

New York Life Insurance

Oak Shade Town Center

6.05%

05/10/28

1,670

2,369

Provident Bank

Washington Commons

4.83%

08/15/28

7,989

8,210

TD Bank

Brick Walk Shopping Center

6.71%

09/19/28

29,952

30,234

New York Life Insurance

Von's Circle Center

5.20%

10/10/28

1,974

2,634

Bank of New York Mellon

Putnam Plaza

4.81%

10/17/28

16,229

16,531

American United Life Insurance Company

Ferry Plaza

4.63%

04/01/29

7,865

8,131

M&T Bank

Old Kings Market

4.82%

04/03/29

21,723

22,111

Bank of New York Mellon

Lakeview Shopping Center

3.63%

06/25/29

10,195

10,407

State Farm

Brentwood Place

3.50%

09/01/29

43,500

The Prudential Insurance Company of America

Shops at Erwin Mill

5.71%

09/05/29

12,000

Bank of New York Mellon

McLean Plaza

5.74%

11/18/29

5,000

Tanglewood Shopping Center Co.

Tanglewood Shopping Center

5.05%

03/29/30

513

Tanglewood Shopping Center Co.

Tanglewood Shopping Center

4.55%

03/29/30

1,650

Security Life of Denver Insurance Co.

Newfield Green

3.89%

08/01/31

17,739

18,175

American United Life Insurance Company

South Pass Village

3.50%

11/01/31

18,915

19,258

RGA Reinsurance Company

Boonton Shopping Center

3.45%

01/01/32

9,941

10,123

Bank of New York Mellon

The Dock-Dockside & The Dock-Railside

3.05%

01/31/32

31,521

32,125

Bank of New York Mellon

High Ridge Center

5.55%

02/20/32

10,000

City of Rollingwood

Shops at Mira Vista

8.00%

03/01/32

124

137

John Hancock

Terrace Shops

3.87%

06/01/32

13,776

14,007

First County Bank

Old Greenwich CVS

5.63%

06/01/37

758

799

John Hancock

Sendero Marketplace

4.45%

07/01/37

6,468

6,567

John Hancock

Sendero Marketplace

4.52%

07/01/37

37,282

37,971

State Farm

Bridgepark Plaza

3.63%

03/01/38

16,526

17,383

John Hancock

Mercantile East

4.07%

08/01/38

33,000

John Hancock

Mercantile West

4.26%

10/01/38

40,600

Metropolitan Life Insurance Company

Westbury Plaza

3.76%

02/01/26

88,000

Unamortized discount on assumed debt of acquired properties, net of issuance costs

(29,244

)

(32,394

)

Total Fixed Rate Mortgage Loans

4.16%

4.78%

651,927

746,437

Unsecured Debt

Debt Offering (1/17/17)

Fixed-rate unsecured

3.60%

02/01/27

525,000

Debt Offering (3/9/18)

Fixed-rate unsecured

4.13%

03/15/28

300,000

Debt Offering (8/13/19)

Fixed-rate unsecured

2.95%

09/15/29

425,000

Debt Offering (5/13/20)

Fixed-rate unsecured

3.70%

06/15/30

600,000

Debt Offering (5/8/25)

Fixed-rate unsecured

5.00%

07/15/32

400,000

Debt Offering (2/18/26)

Fixed-rate unsecured

4.50%

03/15/33

450,000

Debt Offering (1/18/24)

Fixed-rate unsecured

5.25%

01/15/34

400,000

Debt Offering (8/15/24)

Fixed-rate unsecured

5.10%

01/15/35

325,000

Debt Offering (1/17/17)

Fixed-rate unsecured

4.40%

02/01/47

425,000

Debt Offering (3/6/19)

Fixed-rate unsecured

4.65%

03/15/49

300,000

Debt Placement (5/11/16)

Fixed-rate unsecured

3.81%

05/11/26

100,000

Debt Placement (8/11/16)

Fixed-rate unsecured

3.91%

08/11/26

100,000

Revolving Line of Credit

Variable-rate unsecured

Adjusted SOFR + 0.685%

(2)

03/23/28

115,000

120,000

Unamortized debt discount and issuance costs

(29,871

)

(27,136

)

Total Unsecured Debt, Net of Discounts

4.25%

4.38%

4,235,129

3,992,864

4.25%

4.54%

4,887,056

4,739,301

(1)

(2)

The interest rate is SOFR plus a 0.100% market adjustment ("Adjusted SOFR") plus our applicable margin of 0.685%. Rate applies to drawn balance only. Additional annual facility fee of 0.115% applies to entire $1.5 billion line of credit. Expiration is subject to two additional six-month periods at the Company’s option.

Supplemental Information 12

Summary of Unsecured Debt Covenants and Leverage Ratios

September 30, 2026

(in thousands)

Outstanding Unsecured Public Debt:

Origination

Maturity

Rate

Balance

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

05/13/25

07/15/32

5.000%

$400,000

02/23/26

03/15/33

4.500%

$450,000

01/18/24

01/15/34

5.250%

$400,000

08/15/24

01/15/35

5.100%

$325,000

01/17/17

02/01/47

4.400%

$425,000

03/06/19

03/15/49

4.650%

$300,000

Unsecured Public Debt Covenants:

Required

9/30/2026

6/30/2026

3/31/2026

12/31/2025

9/30/2025

Fair Market Value Calculation Method Covenants(1)(2)

Total Consolidated Debt to Total Consolidated Assets

≤ 65%

27%

28%

27%

28%

Secured Consolidated Debt to Total Consolidated Assets

≤ 40%

Consolidated Income for Debt Service to Consolidated Debt Service

≥ 1.5x

4.8x

4.7x

4.5x

4.8x

4.5x

Unencumbered Consolidated Assets to Unsecured Consolidated Debt

>150%

388%

384%

372%

396%

378%

Ratios:

9/30/2026

6/30/2026

3/31/2026

12/31/2025

9/30/2025

Consolidated Only

Net debt to total market capitalization

25.8%

23.7%

25.3%

26.0%

25.5%

Net debt to real estate assets, before depreciation

31.5%

31.1%

32.3%

30.9%

31.8%

Net debt to total assets, before depreciation

28.9%

28.8%

29.9%

28.6%

29.4%

Net debt and preferreds to Operating EBITDAre - TTM

4.8x

4.9x

4.6x

4.8x

Fixed charge coverage

4.6x

Interest coverage

5.2x

5.1x

5.2x

Unsecured assets to total real estate assets

88.6%

88.5%

87.3%

86.9%

Unsecured NOI to total NOI - TTM

89.1%

89.2%

89.7%

89.2%

89.5%

Unencumbered assets to unsecured debt

308%

306%

297%

317%

300%

Total Pro-Rata Share

Net debt to total market capitalization

27.9%

25.8%

27.3%

28.2%

27.7%

Net debt to real estate assets, before depreciation

33.0%

32.6%

33.7%

32.4%

33.4%

Net debt to total assets, before depreciation

30.2%

30.1%

31.1%

29.9%

30.7%

Net debt and preferreds to Operating EBITDAre - TTM

4.9x

5.0x

5.2x

5.1x

5.3x

Fixed charge coverage

4.3x

4.2x

Interest coverage

4.8x

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

September 30, 2026 and December 31, 2025

(in thousands)

Total Debt Outstanding:

9/30/2026

12/31/2025

Mortgage loans payable:

Fixed rate secured loans

1,485,357

1,442,870

Variable rate secured loans

69,958

60,080

Unsecured credit facility variable rate

13,000

20,000

Total

1,568,315

1,522,950

Schedule of Maturities by Year:

Scheduled Principal Payments

Mortgage Loan Maturities

Unsecured Maturities

Total

Weighted Average Contractual Interest Rate on Maturities

Regency's Pro Rata Share

Regency's Pro Rata Weighted Average Contractual Interest Rate on Maturities

2026

2,084

158,461

160,545

6.33%

56,081

6.33%

2027

8,571

32,800

41,371

2.60%

13,670

2.41%

2028

5,416

232,735

238,151

4.88%

82,380

4.99%

2029

4,226

104,434

108,660

5.00%

37,431

5.26%

2030

3,774

215,893

13,000

232,667

3.50%

80,771

3.24%

2031

2,440

363,100

365,540

3.29%

141,905

3.29%

2032

585

243,197

243,782

3.62%

78,571

3.44%

2033

406

60,000

60,406

5.10%

12,081

5.10%

2034

210

37,497

37,707

6.12%

13,941

6.28%

2035

0.00%

>10 Years

90,500

5.27%

36,200

5.27%

Unamortized debt premium/(discount) and issuance costs (2)

(11,014

)

(11,014

)

(3,281

)

27,712

1,527,603

13,000

1,568,315

4.27%

549,750

4.22%

Percentage of Total Debt:

9/30/2026

12/31/2025

Fixed

94.7%

Variable

5.3%

Current Weighted Average Contractual Interest Rates:(1)

Fixed

4.2%

4.0%

Variable

6.1%

Combined

4.3%

4.2%

Current Weighted Average Effective Interest Rates:(2)

Combined

4.5%

4.3%

Average Years to Maturity:

Fixed

4.1

4.2

Variable

0.9

(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 Real Estate Partnerships

September 30, 2026

(in thousands)

Regency

Investment Partner and

Number of

Total

Ownership

Investment

Equity

Portfolio Summary Abbreviation

Properties

GLA

Assets

Debt

Interest

of Debt

9/30/2026

in Income

State of Oregon

(JV-C2)

2,980

$757,793

$350,983

20.00%

$70,197

$72,269

$3,078

(JV-CCV)

603

96,904

74,874

30.00%

22,462

5,900

1,807

3,583

854,697

425,857

GRI

(JV-GRI) (1)

7,564

1,317,989

880,276

40.00%

352,110

109,727

32,092

Individual Investors

Ballard Blocks

249

110,956

49.90%

56,924

806

Bloom on Third

293,265

159,855

35.00%

55,949

48,163

724

Others

1,076

201,902

102,327

11.80% - 83.00%

49,032

70,014

13,994

12,563

$2,778,809

$1,568,315

$549,750

$362,997

$52,501

(1)

Effective January 1, 2026, Regency purchased its partner's ownership interest in a property held within unconsolidated real estate partnership. Upon acquisition, this property was consolidated into Regency's financial statements.

Supplemental Information 15

Property Transactions

September 30, 2026

(in thousands)

Acquisitions:

Date

Property Name

Real Estate Partner

(REG %)

Market

Total GLA

REG Share of Purchase Price

Weighted Average Cap Rate

Anchor(s)

Jan-26

Haddon Commons

60% Partner Buyout

Haddon Township, NJ

$6,300

Acme Markets

May-26

Berkshire Place (Outparcel)

Naples, FL

$9,000

Retail

Jun-26

Shops at Highland Walk

State of Oregon (20%)

Denver, CO

$7,420

King Soopers

Jul-26

Franklin Crossing

Franklin Lakes, NJ

$27,000

Stop & Shop

Jul-26

Cornerstone at Westford

State of Oregon (20%)

Westford, MA

236

$14,800

Market Basket

Dec-99

All Other Acquisitions (each individually less than $2.5M)

$2,300

Dec-99

Property Acquisitions

497

$66,820

6.3%

Dispositions:

Date

Property Name

Real Estate Partner

(REG %)

Market

Total GLA

REG Share of Purchase Price

Weighted Average Cap Rate

Anchor(s)

Jun-26

Shops at Hampton Oaks

Atlanta, GA

$2,925

Retail

Dec-99

All Other Dispositions (each individually less than $2.5M)

$1,625

Dec-99

Property Dispositions

$4,550

6.2%

Supplemental Information 16

Summary of Developments and Redevelopments

September 30, 2026

(in thousands)

In-Process Developments and Redevelopments (1)

Shopping Center

Market

Grocer/Anchor Tenant

Center % Leased

Project Start

Est Initial Rent Commencement (a)

Est Stabilization Year (b)

Net Project Costs (c)

% of Costs Incurred

Stabilized Yield (d)

Ground-up Developments

73%

$366M

36%

7% +/-

Sienna Grande Shops (2)(3)

Houston, TX

Retail

65%

Q2-2023

1H-2025

2027

$9M

97%

8% +/-

The Village at Seven Pines (2)

Jacksonville, FL

Publix

74%

Q3-2025

1H-2027

2028

$112M

39%

8% +/-

Ellis Village Center - Phase 1 (2)

Bay Area, CA

Sprouts

100%

Q3-2025

2H-2026

2027

$30M

63%

7% +/-

Culver Commons (2)

Los Angeles, CA

Retail

73%

Q4-2025

1H-2027

2028

$16M

32%

7% +/-

Lone Tree Village (2)

Denver, CO

King Soopers

86%

Q4-2025

1H-2027

2028

$29M

64%

7% +/-

Oak Valley Village (2)(3)

Los Angeles, CA

Target, Sprouts

84%

Q4-2025

2H-2027

2028

$45M

35%

7% +/-

The Berkeley at Durbin Park (2)

Jacksonville, FL

Whole Foods

61%

Q2-2026

2H-2028

2028

$55M

17%

7% +/-

Redlands Marketplace (2)

Los Angeles, CA

Whole Foods

52%

Q3-2026

2H-2028

2029

$46M

13%

7% +/-

The Shops at Fall Hill (2)

Metro DC

Specialty Grocer

Q3-2026

1H-2028

2029

$24M

18%

7% +/-

Redevelopments

91%

$316M

57%

10% +/-

Bloom on Third (3)

Los Angeles, CA

Whole Foods

99%

Q4-2022

2H-2026

2027

$26M

83%

16% +/-

Serramonte Center - Phase 3

San Francisco, CA

Jagalchi

99%

Q2-2023

1H-2025

2026

$43M

70%

11% +/-

West Chester Plaza

Cincinnati, OH

Kroger

89%

Q4-2024

2H-2027

2028

$15M

34%

8% +/-

Willows Shopping Center

Bay Area, CA

Retail

85%

Q4-2024

1H-2026

2027

$17M

77%

9% +/-

The Crossing Clarendon

Metro DC

Whole Foods

93%

Q2-2025

1H-2026

2027

$14M

60%

7% +/-

East Meadow Plaza - Phase 2A

Long Island, NY

Lidl

90%

Q3-2025

2H-2026

2027

$16M

81%

8% +/-

Crystal Brook Corner (2)

Long Island, NY

Whole Foods

69%

Q1-2026

1H-2027

2028

$59M

65%

7% +/-

Ryanwood Square

Palm Beach, FL

Publix

91%

Q2-2026

2H-2026

2028

$12M

8% +/-

Country Walk Plaza

Miami, FL

Publix

97%

Q3-2026

2H-2026

2028

$12M

8% +/-

Various Redevelopments (est costs < $10 million individually)

89%

$104M

51%

13% +/-

Total In-Process (In Construction)

$682M

46%

9% +/-

Current Year Development and Redevelopment Completions

Shopping Center

Market

Project Start

Est Initial Rent Commencement(a)

Est Stabilization Year(b)

Net Project Costs(c)

% of Costs Incurred

Stabilized Yield(d)

Ground-up Developments

$132M

96%

7% +/-

Oakley Shops at Laurel Fields (2)

Bay Area, CA

Q3-2024

2H-2025

2026

$36M

96%

7% +/-

The Shops at SunVet (2)

Long Island, NY

Q2-2023

1H-2026

2027

$96M

96%

7% +/-

Redevelopments

$26M

94%

13% +/-

East Meadow Plaza - Phase 1

Long Island, NY

Q3-2024

2H-2025

2026

$12M

90%

17% +/-

Redevelopment Completions (est costs < $10 million individually)

$14M

97%

10% +/-

Total Completions

$158M

96%

8% +/-

(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 year that the project will reach the stated stabilized yield on an annualized basis.

(c)

Represents Regency's pro-rata share of net project costs.

(d)

A stabilized yield for a redevelopment property represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

(1)

Scope, economics and timing of development and redevelopment projects can change materially from estimates provided.

(2)

Ground-up development or redevelopment that is excluded from the Same Property NOI pool.

(3)

Estimated costs represent Regency's pro-rata share: Sienna Grande Shops (75%); Oak Valley Village (75%); and Bloom on Third (35%)

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, is $755M for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 46% for Ground-up Developments and Redevelopments In-Process.

Supplemental Information 17

Summary of In-Process Developments and Redevelopments

September 30, 2026

(in thousands)

In-Process Development and Redevelopment Descriptions

Ground-up Developments

Sienna Grande Shops

Phase 1 features approximately 30K SF of shop space and outparcels in a master-planned development outside of Houston, TX, ranked among the top-selling communities nationally.

The Village at Seven Pines

239K SF center anchored by Publix, leading restaurants and retailers, and Class A office space that will serve as Regency’s new corporate headquarters.

Ellis Village Center - Phase 1

Located in the Bay Area, 49K SF shopping center anchored by Sprouts and multiple shop buildings.

Culver Commons

14K SF retail center in extremely high barrier to entry West L.A. submarket.

Lone Tree Village

157K SF development in a high-growth corridor of Denver, CO, featuring a best-in-class grocer.

Oak Valley Village

Located east of L.A., the 230K SF ground-up development will feature Target and Sprouts.

The Berkeley at Durbin Park

Premier Whole Foods anchored development in Jacksonville, featuring a 106K SF center strategically positioned in one of the region's most affluent and fastest-growing markets.

Redlands Marketplace

New ground-up development in Redlands, CA that features a new 69K SF shopping center anchored by Whole Foods.

The Shops at Fall Hill

40K SF shopping center anchored by a specialty grocer within the master planned community in Fredericksburg, VA.

Redevelopments

Bloom on Third

Redevelopment in Los Angeles, CA, which includes new retail space and a ground lease for mid-rise luxury apartments constructed and operated by a leading multifamily developer.

Serramonte Center - Phase 3

Former J.C. Penney box and two exterior pads. The former J.C. Penney box will feature Jagalchi, a leading Asian grocer with locations in South Korea, China, and the US.

West Chester Plaza

Redevelopment includes a new 123K SF Kroger and multiple shop buildings. The project will be staggered to accommodate continuous operation of Kroger in its existing location.

Willows Shopping Center

Redevelopment will revitalize the existing shopping center and include extensive site reconfiguration, construction of a new 14K SF building, and enhanced façades.

The Crossing Clarendon

Reconfiguration of a two-level junior anchor box, with multiple leading retailers, plus façade enhancements and other site improvements.

East Meadow Plaza - Phase 2A

Acquired in 2022 with the intention of redevelopment. Phase 2A includes demolition of a vacant office building, the addition of multiple outparcel buildings and other site enhancements.

Crystal Brook Corner

125K SF major redevelopment that will feature a new 36K SF Whole Foods, shop space, and multiple outparcels. The redevelopment will include new façades and extensive sitework.

Ryanwood Square

Redevelopment featuring a new 55K SF Publix and renovation of the entire façade, including significant sitework improvements.

Country Walk Plaza

Teardown and rebuild of the existing Publix, plus extensive renovations to the remainder of the shopping center.

Various Redevelopments (est costs < $10 million individually)

Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

Supplemental Information 18

Leasing Statistics

September 30, 2026

(Retail Operating Properties Only)

Leasing Statistics - Comparable

Total

Leasing Transactions

GLA

(in 000s)

New Base Rent/Sq. Ft

Rent Spread % (Cash)

Rent Spread % (Straight-lined)

Weighted Avg. Lease Term

Tenant Allowance & Landlord Work /Sq. Ft.

3rd Quarter 2026

372

1,716

$31.04

11.9%

21.8%

5.4

$6.43

2nd Quarter 2026

396

2,098

25.60

10.4%

19.5%

5.7

7.42

1st Quarter 2026

354

1,494

32.10

12.1%

24.3%

6.3

9.41

4th Quarter 2025

377

1,652

29.22

12.0%

24.5%

6.8

8.92

Total - 12 months

1,499

6,960

$29.17

11.5%

22.4%

6.0

$8.00

New Leases

Leasing Transactions

GLA

(in 000s)

New Base Rent/Sq. Ft

Rent Spread % (Cash)

Rent Spread % (Straight-lined)

Weighted Avg. Lease Term

Tenant Allowance & Landlord Work /Sq. Ft.

3rd Quarter 2026

258

$38.15

13.9%

30.7%

8.7

$42.29

2nd Quarter 2026

228

38.33

15.8%

27.0%

7.7

61.82

1st Quarter 2026

261

38.54

26.6%

43.1%

11.3

46.07

4th Quarter 2025

106

366

37.21

10.2%

24.6%

8.9

39.99

Total - 12 months

359

1,112

$37.98

16.1%

30.8%

9.2

$46.75

Renewals

Leasing Transactions

GLA

(in 000s)

New Base Rent/Sq. Ft

Rent Spread % (Cash)

Rent Spread % (Straight-lined)

Weighted Avg. Lease Term

Tenant Allowance & Landlord Work /Sq. Ft.

3rd Quarter 2026

280

1,458

$29.87

11.4%

19.9%

4.9

$0.51

2nd Quarter 2026

317

1,871

23.99

9.4%

18.0%

5.5

0.54

1st Quarter 2026

272

1,233

30.69

8.6%

19.7%

5.2

1.41

4th Quarter 2025

271

1,286

27.08

12.6%

24.5%

6.2

0.59

Total - 12 months

1,140

5,848

$27.52

10.4%

20.3%

5.4

$0.73

Leasing Statistics - Comparable and Non-comparable

Total

Leasing Transactions

GLA

(in 000s)

New Base Rent/Sq. Ft

Weighted Avg. Lease Term

Tenant Allowance & Landlord Work /Sq. Ft.

3rd Quarter 2026

426

1,855

$31.62

5.7

$8.66

2nd Quarter 2026

471

2,383

25.50

5.8

10.84

1st Quarter 2026

433

1,788

31.22

7.0

17.90

4th Quarter 2025

448

1,959

29.84

7.2

16.79

Total - 12 months

1,778

7,985

$29.24

6.4

$13.49

Notes:

•

Represents Regency's consolidated and pro-rata share of real estate partnerships. Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.

•

All amounts reported at execution.

•

Rent Spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all leasing transactions, including spaces vacant > 12 months.

•

Rent Spreads % (Cash) represent the percentage change between the initial 12 months of rent of the executed lease and the last contractual rent as of the move out date of the prior lease.

•

Rent Spreads % (Straight-lined) represent the percentage change between the average rent over the duration of the executed lease and the average rent over the duration of the prior lease.

•

Tenant Allowance & Landlord Work includes costs for landlord work required to return space to a baseline condition, as well as tenant allowances and improvements as it relates to a specific lease.

Supplemental Information 19

New Lease Net Effective Rent and Leases Signed Not Yet Commenced

September 30, 2026

(Retail Operating Properties Only)

New Lease Net Effective Rent (1)

Trailing Twelve Months

Three Months Ended

9/30/2026

6/30/2026

3/31/2026

12/31/2025

9/30/2025

New Leases weighted avg. over lease term:

Base rent

$39.26

$41.64

$39.16

$36.48

$40.50

$30.29

Tenant allowance and landlord work (2)

(5.74)

(5.26)

(5.90)

(5.49)

(6.14)

(3.25)

Third party leasing commissions

(1.31)

(1.55)

(1.39)

(1.11)

(1.30)

(0.82)

Net Effective Rent

$32.20

$34.84

$31.88

$29.87

$33.06

$26.22

Net effective rent/base rent

82%

84%

81%

82%

87%

Weighted avg. lease term (years)

9.7

8.9

8.2

11.3

9.6

12.8

Percent of New Leases by Anchor & Shop

Anchor

40%

33%

32%

46%

44%

56%

Shop

60%

67%

68%

54%

56%

44%

Leases Signed Not Yet Commenced (3)

As of 9/30/2026:

Leases

GLA

(in 000s)

Annual ABR

($ in 000s)

Annual ABR

($ PSF)

Anchor

485

$9,117

$22.33

Shop

261

669

26,846

44.57

Total

282

1,154

$35,963

$35.59

(1)

Includes comparable and non-comparable leasing transactions.

(2)

Tenant Allowance & Landlord Work includes costs for landlord work required to return space to a baseline condition, as well as tenant allowances and improvements as it relates to a specific lease.

(3)

Only represents leases on spaces that are currently vacant.

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

Supplemental Information 20

Annual Base Rent by State

September 30, 2026

(in thousands)

State

Number of Properties

GLA

% Leased(1)

ABR

ABR/Sq. Ft.

% of Number of Properties

% of GLA

% of ABR

California

10,271

95.7%

$318,888

$32.61

16.3%

20.1%

24.5%

Florida

10,977

96.5%

242,329

23.05

18.9%

21.5%

18.6%

New York

3,797

95.6%

116,630

32.22

9.7%

7.4%

9.0%

Connecticut

3,954

96.7%

108,138

28.81

8.6%

7.7%

8.3%

Texas

3,926

97.4%

85,273

22.47

6.8%

7.7%

6.5%

Georgia

2,131

98.2%

53,247

26.02

4.3%

4.2%

4.1%

Virginia

1,671

96.0%

50,825

32.03

3.9%

3.3%

3.9%

New Jersey

1,817

96.7%

44,493

25.32

4.3%

3.6%

3.4%

North Carolina

1,611

98.1%

38,537

24.44

3.5%

3.2%

3.0%

Washington

1,268

96.1%

36,830

30.76

3.5%

2.5%

2.8%

Illinois

1,362

98.5%

30,608

22.81

2.3%

2.7%

2.3%

Massachusetts

953

96.3%

29,564

33.78

1.9%

2.3%

Colorado

1,559

96.4%

26,601

17.70

4.1%

3.0%

2.0%

Pennsylvania

747

97.0%

20,511

28.33

1.6%

1.5%

1.6%

Maryland

642

96.7%

19,854

32.49

2.3%

1.3%

1.5%

Ohio

1,296

97.2%

17,956

14.35

1.6%

2.5%

1.4%

Oregon

784

96.2%

17,109

22.66

1.6%

1.5%

1.3%

Tennessee

638

99.6%

12,915

20.38

0.8%

1.2%

1.0%

Indiana

428

97.9%

8,338

20.19

0.6%

0.8%

0.6%

Minnesota

384

91.4%

7,552

21.54

1.0%

0.8%

0.6%

Delaware

256

96.0%

5,161

20.96

0.4%

0.5%

0.4%

Missouri

408

99.7%

4,653

11.43

0.8%

0.4%

Rhode Island

111

100.0%

2,466

22.19

0.2%

South Carolina

100.0%

2,352

28.37

0.4%

0.2%

Washington, D.C.

100.0%

1,685

56.99

0.4%

0.1%

Total All Properties

486

51,104

96.6%

$1,302,515

$26.60

100%

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

(1)

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

Supplemental Information 21

Annual Base Rent by CBSA

September 30, 2026

(in thousands)

Largest CBSAs by Population(1)

Number of Properties

GLA

% Leased(2)

ABR

ABR/Sq. Ft.

% of Number of Properties

% of GLA

% of ABR

1) New York-Newark-Jersey City

5,560

95.9%

$160,248

$30.11

13.8%

10.9%

12.3%

2) Los Angeles-Long Beach-Anaheim

3,184

98.0%

$109,460

$35.42

6.2%

8.4%

3) Chicago-Naperville-Elgin

1,651

98.8%

$36,059

$22.11

2.5%

3.2%

2.8%

4) Dallas-Fort Worth-Arlington

917

99.5%

$22,222

$24.50

2.3%

1.8%

1.7%

5) Houston-Woodlands-Sugar Land

2,128

96.2%

$43,371

$21.32

3.3%

4.2%

3.3%

6) Atlanta-SandySprings-Alpharett

2,131

98.2%

$53,247

$26.02

4.3%

4.2%

4.1%

7) Washington-Arlington-Alexandri

1,914

96.3%

$60,594

$33.36

5.3%

3.7%

4.7%

8) Philadelphia-Camden-Wilmington

807

96.4%

$21,553

$27.71

1.6%

1.7%

9) Miami-Ft Lauderdale-PompanoBch

4,995

95.9%

$123,515

$25.85

8.0%

9.8%

9.5%

10) Phoenix-Mesa-Chandler

11) Boston-Cambridge-Newton

854

97.0%

$26,399

$33.58

1.6%

1.7%

2.0%

12) San Francisco-Oakland-Berkeley

3,450

93.4%

$106,162

$32.96

3.9%

6.8%

8.2%

13) Rvrside-San Bernardino-Ontario

413

84.2%

$7,580

$21.78

0.6%

0.8%

0.6%

14) Detroit-Warren-Dearborn

15) Seattle-Tacoma-Bellevue

1,268

96.1%

$36,830

$30.76

3.5%

2.5%

2.8%

16) Minneapol-St. Paul-Bloomington

384

91.4%

$7,552

$21.54

1.0%

0.8%

0.6%

17) Tampa-St Petersburg-Clearwater

1,309

98.9%

$28,641

$22.21

1.9%

2.6%

2.2%

18) San Diego-Chula Vista-Carlsbad

1,383

98.3%

$44,745

$33.00

2.1%

2.7%

3.4%

19) Denver-Aurora-Lakewood

1,091

96.1%

$18,105

$17.27

2.5%

2.1%

1.4%

20) Orlando-Kissimmee-Sanford

833

97.2%

$17,593

$21.80

1.4%

1.6%

1.4%

21) Charlotte-Concord-Gastonia

609

99.2%

$16,162

$26.77

0.8%

1.2%

22) Baltimore-Columbia-Towson

267

96.3%

$7,355

$28.65

0.8%

0.5%

0.6%

23) St. Louis

408

99.7%

$4,653

$11.43

0.8%

0.4%

24) San Antonio-New Braunfels

25) Austin-Round Rock-Georgetown

881

98.3%

$19,679

$23.04

1.2%

1.7%

1.5%

26) Portland-Vancouver-Hillsboro

442

95.0%

$9,941

$23.66

1.0%

0.9%

0.8%

27) Sacramento-Roseville-Folsom

318

99.4%

$7,749

$24.54

0.8%

0.6%

28) Pittsburgh

29) Las Vegas-Henderson-Paradise

30) Cincinnati

968

96.6%

$13,804

$14.82

1.0%

1.9%

1.1%

31) Kansas City

32) Nashvil-Davdsn-Murfree-Frankln

638

99.6%

$12,915

$20.38

0.8%

1.2%

1.0%

33) Indianapolis-Carmel-Anderson

139

93.6%

$2,886

$23.25

0.4%

0.3%

0.2%

34) Cleveland-Elyria

35) San Jose-Sunnyvale-Santa Clara

653

97.6%

$21,701

$34.17

1.2%

1.3%

1.7%

36) Virginia Beach-Norfolk-Newport News

37) Jacksonville

2,266

95.6%

$43,934

$20.83

4.3%

4.4%

3.4%

38) Providence-Warwick

111

100.0%

$2,466

$22.19

0.2%

39) Raleigh-Cary

704

98.1%

$16,830

$24.51

1.9%

1.4%

1.3%

40) Milwaukee-Waukesha

41) Oklahoma City

42) Louisville/Jefferson County

43) Memphis

44) Salt Lake City

45) Birmingham-Hoover

46) Fresno

47) Grand Rapids-Kentwood

48) Buffalo-Cheektowaga

49) Hartford-E Hartford-Middletown

304

98.7%

$6,455

$21.51

0.4%

0.6%

0.5%

50) Tucson

Top 50 CBSAs by Population

397

42,978

96.6%

$1,110,408

$26.95

81.7%

84.1%

85.3%

CBSAs Ranked 51 - 75 by Population

4,093

96.7%

$116,868

$30.12

9.7%

8.0%

9.0%

CBSAs Ranked 76 - 100 by Population

2,015

97.0%

$39,814

$20.37

4.5%

3.9%

3.1%

Other CBSAs

2,019

96.0%

$35,425

$18.35

4.1%

3.9%

2.7%

Total All Properties

486

51,104

96.6%

$1,302,515

$26.60

100.0%

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

(1)

Population Data Source: ESRI

(2)

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

Supplemental Information 22

Annual Base Rent By Tenant Category

September 30, 2026

Tenant Category Exposure

% of ABR(1)

Grocery

20%

Restaurant - Quick Service/Fast Casual

14%

Personal Services

Medical

Restaurant - Full Service

Fitness

Off-Price

Apparel/Accessories

Banks

Business Services

Hobby/Sports

Pet

Other

Home

Pharmacy

Office/Communications

Home Improvement/Auto

Liquor/Wine/Beer

Beauty/Cosmetics

Entertainment

Anchor/Shop Exposure

% of ABR

Shop

58%

Anchor

42%

(1)

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

Supplemental Information 23

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

September 30, 2026

(in thousands)

Tenant

Tenant GLA

% of Company-Owned GLA

Total Annualized Base Rent

% of Total Annualized Base Rent

Total # of Leased Stores

Publix

2,936

5.7%

$36,135

2.8%

Amazon/Whole Foods(1)

1,413

2.8%

35,296

2.7%

TJX Companies, Inc.(2)

1,865

3.6%

34,820

2.7%

Albertsons Companies, Inc.(3)

2,074

4.1%

34,756

2.7%

Kroger Co.(4)

3,042

6.0%

32,348

2.5%

Ahold Delhaize(5)

973

1.9%

24,149

1.9%

CVS

790

1.5%

21,623

1.7%

JPMorgan Chase Bank

231

0.5%

12,985

1.0%

Trader Joe's

346

0.7%

12,405

1.0%

Ross Dress For Less

627

1.2%

11,271

0.9%

Nordstrom(6)

402

0.8%

11,134

0.9%

L.A. Fitness Sports Club

482

0.9%

10,888

0.8%

Starbucks

162

0.3%

10,588

0.8%

H.E. Butt Grocery Company(7)

699

1.4%

10,374

0.8%

Target

919

1.8%

9,412

0.7%

Bank of America

158

0.3%

9,114

0.7%

Wells Fargo Bank

152

0.3%

8,890

0.7%

Gap, Inc.(8)

259

0.5%

8,792

0.7%

JAB Holding Company(9)

163

0.3%

7,225

0.6%

Walgreens Boots Alliance(10)

255

0.5%

6,804

0.5%

Ulta

224

0.4%

6,771

0.5%

Petco Health & Wellness Company, Inc.(11)

278

0.5%

6,735

0.5%

Kohl's

526

1.0%

6,419

0.5%

Xponential Fitness(12)

152

0.3%

6,357

0.5%

Chipotle Mexican Grill, Inc.

116

0.2%

6,328

0.5%

Top Tenants

19,244

37.5%

$381,619

29.3%

1,037

(1)

Whole Foods 37 / Amazon Fresh 4 / Amazon 1

(2)

TJ Maxx 29 / Marshalls 24 / Homegoods 21 / Homesense 2 / Sierra Trading Post 1

(3)

Safeway 20 / VONS 7 / Acme 7 / Albertson's 4 / Shaw's 3 / Tom Thumb 3 / Pavilions 2 / King's Food Market 2 / Randalls 1 / Star Market 1 / Jewel-Osco 1

(4)

Kroger 18 / King Soopers 12 / Ralphs 9 / Harris Teeter 8 / Mariano's Fresh Market 3 / Quality Food Centers 2

(5)

Stop & Shop 11 / Giant 9 / Food Lion 1

(6)

Nordstrom Rack 12

(7)

H.E.B. 7 / Central Market 1

(8)

Old Navy 12 / Athleta 2 / The Gap 4 / Banana Republic 2

(9)

Panera 27 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger's Bagel 4 / Krispy Kreme 3 / Noah's NY Bagels 3

(10)

Walgreens 22

(11)

Petco 24 / Unleashed by Petco 3

(12)

Club Pilates 52 / Pure Barre 18 / Stretchlab 13 / Yoga Six 9 / BFT 2

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

Supplemental Information 24

Tenant Lease Expirations

September 30, 2026

(GLA in thousands)

Anchor Tenants

Year

GLA

Percent of

GLA

Percent of

Total ABR(1)

ABR

MTM(2)

0.0%

$6.72

2026

142

0.3%

24.67

2027

2,437

5.0%

3.1%

16.27

2028

3,427

7.0%

4.7%

17.63

2029

4,529

9.3%

5.5%

15.64

2030

3,761

7.7%

5.4%

18.48

2031

3,670

7.5%

4.9%

17.08

2032

2,211

4.5%

3.1%

18.23

2033

1,245

2.6%

2.0%

21.09

2034

1,052

2.2%

1.5%

18.64

2035

1,415

2.9%

2.0%

17.81

10 Year Total

23,908

49.2%

32.6%

$17.49

Thereafter

6,477

13.3%

8.9%

17.55

30,385

62.5%

41.5%

$17.50

Shop Tenants

Year

GLA

Percent of

GLA

Percent of

Total ABR(1)

ABR

MTM(2)

175

0.4%

0.5%

$34.22

2026

337

0.7%

1.0%

39.57

2027

2,239

4.6%

6.8%

38.68

2028

2,575

5.3%

8.2%

40.58

2029

2,434

5.0%

7.6%

40.25

2030

2,299

4.7%

7.4%

41.45

2031

2,335

4.8%

7.3%

40.16

2032

1,323

2.7%

4.2%

40.77

2033

1,071

2.2%

3.5%

42.17

2034

877

1.8%

3.0%

43.14

2035

995

2.0%

3.3%

43.03

10 Year Total

16,663

34.3%

52.9%

$40.65

Thereafter

1,595

3.3%

5.6%

45.01

18,258

37.5%

58.5%

$41.03

All Tenants

Year

GLA

Percent of

GLA

Percent of

Total ABR(1)

ABR

MTM(2)

194

0.4%

0.5%

$31.64

2026

479

1.0%

1.3%

35.15

2027

4,676

9.6%

9.9%

27.00

2028

6,002

12.3%

12.9%

27.48

2029

6,964

14.3%

13.2%

24.25

2030

6,060

12.5%

12.9%

27.19

2031

6,005

12.3%

12.2%

26.05

2032

3,535

7.3%

7.4%

26.67

2033

2,316

4.8%

5.6%

30.84

2034

1,930

4.0%

4.5%

29.78

2035

2,410

5.0%

5.3%

28.22

10 Year Total

40,571

83.4%

85.5%

$27.00

Thereafter

8,072

16.6%

14.5%

22.98

48,643

100%

$26.33

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

(1)

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

(2)

Month to month lease or in process of renewal.

Supplemental Information 25

Components of Net Asset Value (NAV)

As of September 30, 2026

(unaudited and in thousands)

Current Quarter Net Operating Income (NOI)

Three Months Ended 9/30/2026

Consolidated NOI (page 6)

$278,798

Share of Unconsolidated JV NOI (page 7)

$26,779

Less: Noncontrolling Interests (page 7)

(2,391)

NOI

$303,186

Current Quarter Fee Income

Third-Party Management Fees and Commissions (page 6)

$7,140

Less: Unconsolidated JV share of Fee Income (page 7)

(302)

Quarterly Base Rent From Leases Signed But Not Yet Commenced (page 20)

Retail Operating Properties Excluding In-Process Redevelopments (Quarterly)

$7,005

Retail Operating Properties Including In-Process Redevelopments (Quarterly)

$8,991

In-Process Ground-Up Developments (page 17)

REG's Estimated Net Project Costs

$366,000

% of Costs Incurred

36%

Construction in Progress

$131,760

Estimated Stabilized Yield

Annualized Proforma Stabilized NOI

$25,620

Current Quarter In-Place NOI from In-Process Projects

$193

Current Quarter In-Place NOI from YTD Completions

$1,590

In-Process Redevelopments (page 17)

REG's Estimated Net Project Costs

$316,000

% of Costs Incurred

57%

Construction in Progress

$180,120

Estimated Stabilized Yield

10%

Annualized Proforma Stabilized NOI

$31,600

Current Quarter In-Place NOI from In-Process Projects

$1,142

Current Quarter In-Place NOI from YTD Completions

$219

Estimated Market Value of Land

Land held for sale or future development

$12,036

Vacant outparcels at retail operating properties

$5,741

Other Balance Sheet Items (pages 3-4) (1)

Cash and Cash Equivalents

$112,195

Tenant and other receivables, excluding Straight line rent receivables

$114,579

Other Assets, excluding Goodwill

$158,602

Notes payable

(5,411,543)

Accounts payable and other liabilities

(422,358)

Tenants' security, escrow deposits

($95,238)

Preferred Stock

($225,000)

Common Shares and Equivalents Outstanding (page 1)

186,960

Note: While we disclose components of our business that are relevant in calculating NAV for our Company, each individual investor must determine the specific methodology and assumptions used to calculate an estimated NAV. The components of NAV do not consider potential changes in our portfolio. The components include non-GAAP financial measures, such as NOI. Although these measures are not presented in accordance with GAAP, investors can use these non-GAAP financial measures as supplemental information to evaluate our business. Investors should refer to the non-GAAP reconciliation on page 8 for a reconciliation of NOI to its most directly comparable GAAP financial measure.

(1)

Figures represent Regency's consolidated entities net of noncontrolling interests, plus its share of unconsolidated real estate partnerships

Supplemental Information 26

2026 Earnings Guidance

Full Year 2026 Guidance (in thousands, except per share data)

YTD Actual

Current

2026 Guidance

Prior

2026 Guidance

Net Income Attributable to Common Shareholders per diluted share

$1.70

$2.31 - $2.33

$2.48 - $2.52

Nareit Funds From Operations (“Nareit FFO”) per diluted share

$3.64

$4.86 - $4.88

$4.84 - $4.88

Core Operating Earnings per diluted share(1)

$3.50

$4.65 - $4.67

$4.62 - $4.66

Same property NOI growth

4.4%

4.25% +

+3.7% to +4.1%

Non-cash revenues(2)

$32,077

+/-$46,000

$46,000 - $49,000

G&A expense, net(3)

$75,237

+/-$100,000

$98,000-$100,000

Interest expense, net and Preferred stock dividends(4)

$186,325

+/-$250,000

$250,000-$252,000

Management, transaction and other fees

$20,407

+/-$27,000

Development and Redevelopment spend

$240,506

+/-$350,000

Acquisitions

$66,820

+/-$80,000

+/-$70,000

Cap rate (weighted average)

6.3%

+/- 6.4%

+/- 6.3%

Dispositions

$4,550

+/-$5,000

Cap rate (weighted average)

6.2%

+/- 6.2%

Reconciliation of Net Income to Earnings Guidance (per diluted share)

Full Year 2026

Low

High

Net income attributable to common shareholders

$2.31

2.33

Adjustments to reconcile net income to Nareit FFO:

Depreciation and amortization (excluding FF&E)

2.39

Provision for impairment

0.35

Gain on sale of real estate, net of tax

(0.24)

Exchangeable operating partnership units

0.05

Nareit Funds From Operations

$4.86

4.88

Adjustments to reconcile Nareit FFO to Core Operating Earnings:

Straight line rent, net

(0.14)

Above/below market rent amortization, net

(0.11)

Debt and derivative mark-to-market amortization

0.04

Core Operating Earnings

$4.65

4.67

(1)

(2)

Includes above and below market rent amortization and straight-line rents, and excludes debt and derivative mark to market amortization.

(3)

Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 6 and 7 and calculated on a pro -rata basis.

(4)

Includes debt and derivative mark to market amortization, and is net of interest income.

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

Supplemental Information 27

Glossary of Terms

September 30, 2026

Non-GAAP Financial Measures

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

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

Core Operating Earnings: An additional non-GAAP performance measure that adjusts Nareit Funds from Operations (“Nareit FFO”) to exclude certain non-cash and other items that impact the comparability of the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other non-cash or non-comparable amounts as they occur.

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

Nareit Funds From Operations (Nareit FFO): Nareit FFO is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations.

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

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

Supplemental Information 28

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

The presentation of Pro-rata information has limitations which include, but are not limited to, the following:

•

Other companies in our industry may calculate their Pro-rata interest differently, limiting the comparability of Pro-rata information.

Same Property NOI: a key non-GAAP financial measure commonly used by real estate investment trusts (REITs) to evaluate operating performance. It is calculated on a Pro-rata ownership basis for properties owned and operated for the entirety of both the current and prior comparable reporting periods.

Same Property NOI includes revenues and operating expenses associated with these properties but excludes items that are not indicative of ongoing operating performance. These include, without limitation, termination fees, as well as corporate-level expenses, financing costs, and other non-operating items.

Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.

Supplemental Information 29

Other Defined Terms

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

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

Expense Recovery Ratio: Represents the percentage of real estate operating expenses, excluding ground rent, that is reimbursed by tenants. Expense Recovery Ratio is calculated as recoveries from tenants divided by total real estate operating expenses, excluding ground rent.

NOI Margin: The ratio of Same Property NOI to total real estate revenues.

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

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

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

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

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

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

Retail Operating Property: Any retail property not termed a Property In Development. A retail property is any property where the majority of the income is generated from retail uses.

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

Shop Space: A space under 10,000 SF.

Supplemental Information 30

EX-99.3

Filename: reg-ex99_3.htm · Sequence: 4

EX-99.3

Exhibit 99.3

Woodmoor Shopping Center | Silver Springs, MD Shoppes of Oakbrook | Palm Beach Gardens, FL Shops at Stone Bridge | Cheshire, CT 2026 Fixed Income

Supplemental THIRD QUARTER Hancock | Austin, TX Applewood Shopping Center | Wheat Ridge, CO Highlights Third Quarter 2026 Reported Nareit Funds From Operations ("FFO") of $1.23 per diluted share and Core Operating Earnings of $1.18 per diluted share Increased quarterly Same Property Net Operating Income ("NOI") year-over-year by 5.1% Raised full year 2026 Nareit FFO guidance to a range of $4.86 to $4.88 per diluted share and 2026 Core Operating Earnings guidance to a range of $4.65 to $4.67 per diluted share The midpoint of 2026 Core Operating Earnings guidance now represents year-over-year growth of 5.7% Raised full year 2026 guidance for Same Property NOI growth to 4.25%+ year-over-year Same Property percent leased ended the quarter at 97.0%, up 60 basis points year-over-year, and Same Property percent commenced ended the quarter at 95.1%, up 80 basis points year-over-year Executed 1.7 million square feet of comparable new and renewal leases during the quarter at blended rent spreads of 11.9% on a cash basis and 21.8% on a straight-lined basis Started $101 million of ground-up development and redevelopment projects, bringing year-to-date total project starts to approximately $241 million As of September 30, 2026, Regency's in-process development and redevelopment projects had estimated net project costs of $682 million at a blended estimated yield of approximately 9% As previously disclosed, acquired two shopping centers for $101 million, or $42 million at Regency's share Pro-rata net debt and preferred stock to TTM operating EBITDAre at September 30, 2026 was 4.9x Subsequent to quarter end, on November 3, 2026, Regency's Board of Directors (the "Board") declared a quarterly cash dividend on the Company's common stock of $0.800 per share, an increase of 6% FIXED INCOME SUPPLEMENTAL | NOVEMBER 2026 2

Credit Ratings & Select Ratios (i)(ii) 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. FIXED INCOME SUPPLEMENTAL | NOVEMBER 2026 Unsecured Public Debt Covenants Required 9/30/26 6/30/26 3/31/26 12/31/25 Fair Market Value Calculation Method Covenants Total Consolidated Debt to Total Consolidated Assets 65% 27% 27% 28% 27% Secured Consolidated Debt to Total Consolidated Assets 40% 4% 4% 4% 4% Consolidated Income for Debt Service to Consolidated Debt Service 1.5x 4.8x 4.7x 4.5x 4.8x Unencumbered Consolidated Assets to Unsecured Consolidated Debt 150% 388% 384% 372% 396% Credit Ratings Agency Rating Outlook Last Review Date S&P A- Stable 9/24/26 Moody’s A3 Stable 12/23/25 3

Capital Structure & Liquidity Profile 4 Unsecured Debt - Bonds Secured Fixed Rate Secured Variable Rate Debt Composition (Pro-Rata) <1% Secured vs. Unsecured Unsecured Secured 71% 22% 4% 3% 1% Equity Unsecured Debt - Bonds Consolidated Debt - Secured Unconsolidated Debt - Secured Preferred Equity Line of Credit Capital Structure (% of total capitalization) $19 Billion Total Capitalization <1% FIXED INCOME SUPPLEMENTAL | NOVEMBER 2026 77% 23% 79% 21% Liquidity Profile ($ millions) 9/30/2026 Unsecured Credit Facility - Committed 1,500 Balance Outstanding (115) Undrawn Portion of Credit Facility 1,385 Cash, Cash Equivalents & Marketable Securities 138 Total Liquidity 1,523

A A Well-Laddered Maturity Schedule 5 Pro Rata Debt Maturity Profile as of September 30, 2026 Note: Company Filings as of 9/30/2026; pro rata amounts represent 100% of consolidated and REG’s share of unconsolidated 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 - 2046 2047 2049 $0M $200M $400M $600M $800M $103M $773M $556M $561M $683M $180M $546M $462M $415M $325M $171M $425M $300M FIXED INCOME SUPPLEMENTAL | NOVEMBER 2026 Unsecured Debt - Bonds Line of Credit Consolidated Debt - Secured Unconsolidated Debt - Secured Wtd Avg Interest Rate: 4.5% Wtd Avg Yrs to Maturity: 6.4 Total Pro Rata Debt: $5.5B

Follow Us Third Quarter 2026 Earnings Conference Call Friday, November 6th, 2026, 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 FIXED INCOME SUPPLEMENTAL | NOVEMBER 2026 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 current 2026 guidance, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) under Item 1A, as supplemented by the discussion in Item 1A of Part II of our subsequent Quarterly Reports on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings and submissions to the SEC. If any of the events described in the risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events or developments or otherwise, except as to the extent required by law. These risks and events include, without limitation: Risk Factors Related to the Current Economic and Geopolitical Environments Macroeconomic, political, and geopolitical conditions and governmental policies may adversely impact consumer confidence and spending and the businesses of our tenants and could, in turn, adversely impact our business. Changes in interest rates may adversely impact our cost to borrow, real estate valuation, stock price, and ability to raise capital through issuance of debt and equity. Unfavorable developments that may affect the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations. Risk Factors Related to Pandemics or other Public Health Crises Pandemics or other public health crises may adversely affect our tenants' financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Based Shopping Centers Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside pick-up, as well as autonomous delivery systems, may adversely impact our revenues, results of operations, and cash flows. Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our revenues and cash flow. Our success depends on the continued presence and success of our "anchor" tenants. A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants are not successful, or if the demand for the types or mix of tenants significantly change. We may be unable to collect balances due from tenants in bankruptcy. Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease income decreases. Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have an adverse effect on us. Risk Factors Related to Real Estate Investments Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate. Risk Factors Related to the Environment Affecting Our Properties Climate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location, and may lead to additional compliance obligations and costs. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters An increased and differing focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors, lenders and other stakeholders may impose additional costs and expose us to new risks. An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue on those properties. Failure to attract and retain key personnel may adversely affect our business and operations. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders. Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. Risk Factors Related to Information Management and Technology The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material adverse financial impact. Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of personal information could adversely affect our business, results of operations, or financial condition. The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations. Risk Factors Related to Taxes and the Parent Company’s Qualification as a REIT If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Partnership tax audit rules could have a material adverse effect. Risk Factors Related to the Company’s Stock Restrictions on the ownership of the Parent Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Parent Company's capital stock may delay or prevent a change in control. Ownership in the Parent Company may be diluted in the future. The Parent Company’s amended and restated bylaws provide that the courts located in the State of Florida will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. There is no assurance that we will continue to pay dividends at current or historical rates. Non-GAAP Financial Measures We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP financial 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 financial measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is that 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 sales and impairments of real estate, net of tax, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated real estate 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 Shareholders to Nareit FFO. Core Operating Earnings is an additional non-GAAP performance measure that adjusts Nareit Funds from Operations (“Nareit FFO”) to exclude certain non-cash and other items that impact the comparability of the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization; and (iv) other non-cash or non-comparable amounts as they occur. Adjusted Funds From Operations (“AFFO”) is an additional performance measure used by Regency that reflects cash available to fund the Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings ("COE") for (i) capital expenditures necessary to maintain and lease the Company’s portfolio of properties, (ii) debt cost and derivative adjustments and (iii) stockbased compensation. The Company provides a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO, to Core Operating Earnings, and to Adjusted Funds from Operations. Net Operating Income (NOI) is the sum of base rent, percentage rent, termination fee income, tenant recoveries, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, termination expense, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. Management believes that NOI is a useful measure for investors because it provides insight into the core operations and performance of our properties, independent of the capital structure, financing activities, and non-operating factors. By focusing on property-level performance, NOI allows investors to compare the performance of our real estate assets across periods and with those of other REIT peers in the industry, facilitating a clearer understanding of trends in occupancy, rental income, and operating expense management. In addition to its relevance for investors, management uses NOI as a key performance metric in making operational and strategic decisions. NOI is used to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on capital investments. These decisions may include acquisitions, redevelopments, and investments in capital improvements. 6

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