8-K

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

August 3, 2023

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

(Address of principal executive offices) (Zip Code)

(904) 598-7000

(Registrant's telephone number, including area code)

Not Applicable

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

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

Regency Centers Corporation

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.01 par value	REG	The Nasdaq Stock Market LLC

Regency Centers, L.P.

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

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

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

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Item 2.02 Disclosure of Results of Operations and Financial Condition

On August 3, 2023, Regency Centers Corporation ("Regency") issued an earnings release for the three and six months ended June 30, 2023, which is attached as Exhibit 99.1.

On August 3, 2023, Regency posted on its website, at investors.regencycenters.com, certain supplemental information for the three and six months ended June 30, 2023, which are attached as Exhibit 99.2 and Exhibit 99.3, respectively.

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

Item 7.01 Regulation FD Disclosures

On August 3, 2023, Regency posted on its website, at investors.regencycenters.com, the Regency Centers August 2023 Earnings Presentation.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1	Earnings release issued by Regency on August 3, 2023, for the three and six months ended June 30, 2023.
Exhibit 99.2	Supplemental information posted on its website on August 3, 2023, for the three and six months ended June 30, 2023.
Exhibit 99.3	Fixed income supplemental information posted on its website on August 3, 2023, for the three and six months ended June 30, 2023.
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
August 3, 2023	By:	/s/ Terah L. Devereaux
		Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)
	REGENCY CENTERS, L.P.
	By: Regency Centers Corporation, its general partner
August 3, 2023	By:	/s/ Terah L. Devereaux
		Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)

EX-99.1

Exhibit 99.1

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

Regency Centers Reports Second Quarter 2023 Results

JACKSONVILLE, Fla. (August 3, 2023) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three months ended June 30, 2023 and 2022, Net Income was $0.51 per diluted share and $0.61 per diluted share, respectively.

Second Quarter 2023 Highlights

•Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter

•Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share

•The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021

•Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021

•Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%

•Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%

•Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis

•Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share

•As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million

•Issued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESG

•Pro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023

•On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock

Subsequent Highlights

•On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share

"Regency’s second quarter was one of the strongest and most active in our history, reflected in tremendous leasing progress, robust development starts, and the announcement of our merger with Urstadt Biddle,” said Lisa Palmer, President and Chief Executive Officer. “Our success revolves around the hard work of our exceptional teams, the quality of our portfolio, and the strength of our balance sheet. And importantly, we remain well positioned to continue to drive sustainable cash flow growth."

Financial Results

Net Income

•For the three months ended June 30, 2023, Net Income Attributable to Common Shareholders (“Net Income”) was $86.8 million, or $0.51 per diluted share, compared to Net Income of $104.8 million, or $0.61 per diluted share, for the same period in 2022.

Nareit FFO

•For the three months ended June 30, 2023, Nareit Funds From Operations (“Nareit FFO”) was $176.8 million, or $1.03 per diluted share, compared to $173.9 million, or $1.00 per diluted share, for the same period in 2022.

oNareit FFO in the second quarter of 2023 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $1.2 million, or $0.01 per diluted share, compared to $5.8 million, or $0.03 per diluted share, in the second quarter of 2022.

oNareit FFO in the second quarter of 2023 also benefitted from the reinstatement of straight-line rent receivables of $1.7 million, or approximately $0.01 per diluted share, due to the conversion of certain cash basis tenants back to accrual basis accounting, compared to $3.5 million, or $0.02 per diluted share, in the second quarter of 2022.

Core Operating Earnings

•For the three months ended June 30, 2023, Core Operating Earnings was $164.7 million, or $0.96 per diluted share, compared to $163.1 million, or $0.94 per diluted share, for the same period in 2022.

oCore Operating Earnings in the second quarter of 2023 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.01 per diluted share, compared to $0.03 per diluted share in second quarter 2022.

Portfolio Performance

Same Property NOI

•Second quarter 2023 Same Property NOI, excluding lease termination fees and collection of receivables reserved during 2020 and 2021, increased by 3.6% compared to the same period in 2022.

oSecond quarter 2023 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 1.5% compared to the same period in 2022.

oGrowth in Same Property base rents contributed 3.8% to Same Property NOI growth in the second quarter of 2023.

Occupancy

•As of June 30, 2023, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.6% leased.

•As of June 30, 2023, Regency’s Same Property portfolio was 95.2% leased, an increase of 10 basis points sequentially and an increase of 70 basis points compared to June 30, 2022.

oSame Property shop percent leased, which includes spaces less than 10,000 square feet, was 92.7%, an increase of 60 basis points sequentially and an increase of 170 basis points compared to June 30, 2022.

oSame Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.6%, a decline of 30 basis points sequentially and a decline of 10 basis points compared to June 30, 2022.

•As of June 30, 2023, Regency’s Same Property portfolio was 92.7% commenced, a decline of 10 basis points sequentially and an increase of 50 basis points compared to June 30, 2022.

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Leasing Activity

•During the three months ended June 30, 2023, Regency executed approximately 2.0 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.7% and a blended straight-lined rent spread of +20.0%.

•During the trailing twelve months ended June 30, 2023, the Company executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +15.8%.

Corporate Responsibility

•On May 25, 2023, Regency issued its annual Corporate Responsibility Report, illustrating the Company’s continued commitment to and leadership in ESG, as well as describing its key environmental, social and governance initiatives and achievements. The report can be found on Regency’s Corporate Responsibility website.

•Regency remains committed to its short-term (2030) greenhouse gas emissions reduction target, which was endorsed by the Science Based Targets initiative (SBTi), as well as its long-term (2050) target to achieve net zero emissions.

Capital Allocation and Balance Sheet

Developments and Redevelopments

•During the second quarter, Regency started approximately $175 million of development and redevelopment projects, at the Company’s share.

oAs previously announced, during the second quarter the Company started the ground-up development SunVet in Holbook, Long Island, NY. The project will convert a vacant mall into a new 168,000 square foot Whole Foods-anchored open-air shopping center. Total project costs are estimated at $87 million.

oAs previously announced, during the second quarter the Company started Phase 3 of the redevelopment of Serramonte Center in Daly City, CA, featuring a world-class Asian food market in the former JC Penney space and the addition of small shop buildings adjacent to Macy’s.

•During the second quarter, the Company completed redevelopment projects with combined costs of approximately $68 million, at the Company’s share, including the $56 million redevelopment of The Crossing Clarendon in Arlington, VA.

•As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $410 million at the Company’s share, 44% of which have been incurred to date.

Balance Sheet

•On May 18, 2023, in conjunction with the purchase of the SunVet development project, Regency issued 338,704 operating partnership (“OP”) units at a price of $59.05 per share, for a total of $20.0 million. As previously announced, in anticipation of this OP unit issuance, Regency repurchased 349,519 shares of common stock in late March 2023 at an average price of $57.22 per share, for $20.0 million.

•As of June 30, 2023, Regency had approximately $1.2 billion of capacity under its revolving credit facility.

•As of June 30, 2023, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 4.9x on a trailing 12-month basis.

Urstadt Biddle Merger

•As previously announced, the Company and Urstadt Biddle entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock.

•The transaction is expected to close mid-to-late August 2023, subject to shareholder approval at the currently scheduled August 16, 2023 Urstadt Biddle shareholder meeting, as well as the satisfaction of other closing conditions.

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Dividend

•On August 1, 2023, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. The dividend is payable on October 4, 2023, to shareholders of record as of September 14, 2023.

2023 Guidance

Regency Centers has updated its 2023 guidance, as summarized in the table below. The 2023 guidance ranges and assumptions remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts from the pending Urstadt Biddle transaction. Please refer to the Company’s Earnings Presentation for additional detail, as well as in the Company’s second quarter 2023 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

Full Year 2023 Guidance (in thousands, except per share data)	2Q YTD	Current Guidance	Previous Guidance
Net Income Attributable to Common Shareholders per diluted share	$1.07	$2.05-$2.09	$2.01-$2.09
Nareit Funds From Operations ("Nareit FFO") per diluted share	$2.11	$4.11-$4.15	$4.07-$4.15
Core Operating Earnings per diluted share (1)	$1.99	$3.89-$3.93	$3.87-$3.93
Same property NOI growth without termination fees	2.0%	+1.0% to +1.5%	+0.5% to +1.5%
Same property NOI growth without termination fees or collection of 2020/2021 reserves	5.0%	+3.0% to +3.5%	+2.5% to +3.5%
Collection of 2020/2021 reserves (2)	$2,687	+/-$4,000	+/-$4,000
Certain non-cash items (3)	$20,842	+/-$37,500	$34,500-$37,500
G&A expense, net (4)	$47,563	$88,000-$91,000	$88,000-$91,000
Interest expense, net	$82,905	+/-$168,000	+/-$168,000
Recurring third party fees & commissions	$12,663	+/-$25,000	+/-$25,000
Development and Redevelopment spend	$84,768	+/-$130,000	+/-$130,000
Acquisitions	$0	$0	$0
Cap rate (weighted average)	0.0%	0%	0%
Dispositions	$0	+/-$65,000	+/-$65,000
Cap rate (weighted average)	0.0%	+/- 7.0%	+/- 7.0%
Unit issuance (gross)	$20,000	$20,000	$20,000
Share Repurchase settlement (gross)	$20,000	$20,000	$20,000

Note: The 2023 guidance ranges and assumptions above remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts for the pending Urstadt Biddle transaction. With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(1)Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.

(2)Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.

(3)Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.

(4)Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.

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Conference Call Information

To discuss Regency’s second quarter results and provide further business updates, management will host a conference call on Friday, August 4th, at 11:00 a.m. ET. Dial-in and webcast information is below.

Second Quarter 2023 Earnings Conference Call

Date:	Friday, August 4, 2023
Time:	11:00 a.m. ET
Dial#:	877-407-0789 or 201-689-8562
Webcast:	2nd Quarter 2023 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 and Core Operating Earnings – Actual (in thousands, except per share amounts)

For the Periods Ended June 30, 2023 and 2022	Three Months Ended						Year to Date
	2023			2022			2023			2022
Reconciliation of Net Income to Nareit FFO:
Net Income Attributable to Common Shareholders	$	86,782			104,796		$	184,063			300,024
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		89,505			85,738			178,540			169,868
Gain on sale of real estate		(64	)		(17,089	)		(305	)		(119,099	)
Exchangeable operating partnership units		550			452			970			1,315
Nareit Funds From Operations	$	176,773			173,897		$	363,268			352,108
Nareit FFO per share (diluted)	$	1.03			1.00		$	2.11			2.04
Weighted average shares (diluted)		172,176			173,165			172,192			172,791
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations	$	176,773			173,897		$	363,268			352,108
Adjustments to reconcile to Core Operating Earnings (1):
Non Comparable Items
Early extinguishment of debt	-			176			-			176
Certain Non-Cash Items
Straight-line rent		(1,784	)		(2,534	)		(4,173	)		(6,012	)
Uncollectible straight-line rent		(1,755	)		(3,071	)		(2,390	)		(5,454	)
Above/below market rent amortization, net		(8,554	)		(5,323	)		(14,219	)		(10,715	)
Debt premium/discount amortization		8			(51	)		-			(157	)
Core Operating Earnings	$	164,688			163,094			342,486			329,946
Core Operating Earnings per share (diluted)	$	0.96			0.94		$	1.99			1.91
Weighted average shares (diluted)		172,176			173,165			172,192			172,791
Weighted Average Shares For Diluted Earnings per Share		171,275			172,424			171,369			172,036
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		172,176			173,165			172,192			172,791

(1)Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

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

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

For the Periods Ended June 30, 2023 and 2022	Three Months Ended						Year to Date
	2023			2022			2023			2022
Net income attributable to common shareholders	$	86,782			104,796		$	184,063			300,024
Less:
Management, transaction, and other fees		(7,106	)		(6,499	)		(13,144	)		(13,183	)
Other(1)		(12,799	)		(12,110	)		(22,301	)		(24,731	)
Plus:
Depreciation and amortization		83,161			79,350			165,868			157,192
General and administrative		25,065			17,645			50,345			36,437
Other operating expense		1,682			617			1,185			2,790
Other expense		35,133			37,876			69,549			(24,840	)
Equity in income of investments in real estate excluded from NOI (2)		11,813			(375	)		23,598			12,013
Net income attributable to noncontrolling interests		1,390			1,191			2,597			2,779
NOI		225,121			222,491			461,760			448,481
Less non-same property NOI (3)		(1,245	)		(1,528	)		(3,486	)		(1,589	)
Same Property NOI	$	223,876			220,963		$	458,274			446,892
% change		1.3	%					2.5	%
Same Property NOI without Termination Fees	$	223,225			220,023		$	452,905			444,004
% change		1.5	%					2.0	%
Same Property NOI without Termination Fees or Redevelopments	$	188,874			188,758		$	383,794			378,963
% change		0.1	%					1.3	%
Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves	$	222,059			214,267		$	450,218			428,971
% change		3.6	%					5.0	%

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

(2)Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.

(3)Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

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

The Company has published forward-looking statements and additional financial information in its second quarter 2023 supplemental package that may help investors estimate earnings. A copy of the Company’s second quarter 2023 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 June 30, 2023. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

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Non-GAAP Disclosure

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

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

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

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

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 2023 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, 2022 (“2022 Form 10-K”) under Item 1A. “Risk Factors” and on Form 10-Q for the three months ended March 31, 2023 under Part II, Item 1A. “Risk Factors”. 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:

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Risk Factors Related to the Company’s Pending Acquisition of Urstadt Biddle

Please refer to disclosures in our 424(b)(3) prospectus, filed with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition.

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting 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 Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, 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 and regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

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

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors 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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

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

8

Risk Factors Related to Funding Strategies and Capital Structure

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

Risk Factors Related to the Market Price for Our Securities

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

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

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign shareholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

9

EX-99.2

Exhibit 99.2

 

Table of Contents

June 30, 2023

Forward-Looking Statements	i
Earnings Press Release	iii
Summary Information:
Summary Financial Information	1
Summary Real Estate Information	2
Financial Information:
Consolidated Balance Sheets	3
Consolidated Statements of Operations	4
Supplemental Details of Operations (Consolidated Only)	5
Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)	6
Supplemental Details of Operations (Real Estate Partnerships Only)	7
Supplemental Details of Same Property NOI (Pro-Rata)	8
Reconciliations of Non-GAAP Financial Measures	9
Capital Expenditures and Additional Disclosures	10
Summary of Consolidated Debt	11
Summary of Consolidated Debt Detail	12
Summary of Unsecured Debt Covenants and Leverage Ratios	13
Summary of Unconsolidated Debt	14
Unconsolidated Investments	15
Investment Activity:
Property Transactions	16
Summary of In-Process Developments and Redevelopments	17
Development and Redevelopment Current Year Completions	18
Real Estate Information:
Leasing Statistics	19
New Lease Net Effective Rent and Leases Signed Not Yet Commenced	20
Annual Base Rent by State	21
Annual Base Rent by CBSA	22
Annual Base Rent by Tenant Category	23
Significant Tenant Rents	24
Tenant Lease Expirations	25
Portfolio Summary Report by State	26
Additional Disclosures and Forward-Looking Information:
Components of NAV	41
Earnings Guidance	42
Glossary of Terms	43

Safe Harbor Language

June 30, 2023

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 2023 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 SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with 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 Company’s Pending Acquisition of Urstadt Biddle

Please refer to disclosures in our 424(b)(3) prospectus, filed, with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition.

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting 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 Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results from 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 and regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

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

Supplemental Information i

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors 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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial, or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

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

Risk Factors Related to Funding Strategies and Capital Structure

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

Risk Factors Related to the Market Price for Our Securities

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

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

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign shareholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

Supplemental Information ii

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

Regency Centers Reports Second Quarter 2023 Results

JACKSONVILLE, Fla. (August 3, 2023) – Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today reported financial and operating results for the period ended June 30, 2023 and provided updated 2023 earnings guidance. For the three months ended June 30, 2023 and 2022, Net Income was $0.51 per diluted share and $0.61 per diluted share, respectively.

Second Quarter 2023 Highlights

•Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter

•Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share

•The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021

•Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021

•Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%

•Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%

•Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis

•Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share

•As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million

•Issued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESG

•Pro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023

•On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock

Subsequent Highlights

•On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share

"Regency’s second quarter was one of the strongest and most active in our history, reflected in tremendous leasing progress, robust development starts, and the announcement of our merger with Urstadt Biddle,” said Lisa Palmer, President and Chief Executive Officer. “Our success revolves around the hard work of our exceptional teams, the quality of our portfolio, and the strength of our balance sheet. And importantly, we remain well positioned to continue to drive sustainable cash flow growth."

Supplemental Information iii

Financial Results

Net Income

•For the three months ended June 30, 2023, Net Income Attributable to Common Shareholders (“Net Income”) was $86.8 million, or $0.51 per diluted share, compared to Net Income of $104.8 million, or $0.61 per diluted share, for the same period in 2022.

Nareit FFO

•For the three months ended June 30, 2023, Nareit Funds From Operations (“Nareit FFO”) was $176.8 million, or $1.03 per diluted share, compared to $173.9 million, or $1.00 per diluted share, for the same period in 2022.

oNareit FFO in the second quarter of 2023 was favorably impacted by the collection of receivables reserved during 2020 and 2021 of $1.2 million, or $0.01 per diluted share, compared to $5.8 million, or $0.03 per diluted share, in the second quarter of 2022.

oNareit FFO in the second quarter of 2023 also benefitted from the reinstatement of straight-line rent receivables of $1.7 million, or approximately $0.01 per diluted share, due to the conversion of certain cash basis tenants back to accrual basis accounting, compared to $3.5 million, or $0.02 per diluted share, in the second quarter of 2022.

Core Operating Earnings

•For the three months ended June 30, 2023, Core Operating Earnings was $164.7 million, or $0.96 per diluted share, compared to $163.1 million, or $0.94 per diluted share, for the same period in 2022.

oCore Operating Earnings in the second quarter of 2023 was also favorably impacted by the collection of receivables reserved during 2020 and 2021 of $0.01 per diluted share, compared to $0.03 per diluted share in second quarter 2022.

Portfolio Performance

Same Property NOI

•Second quarter 2023 Same Property NOI, excluding lease termination fees and collection of receivables reserved during 2020 and 2021, increased by 3.6% compared to the same period in 2022.

oSecond quarter 2023 Same Property Net Operating Income (“NOI”), excluding lease termination fees, increased by 1.5% compared to the same period in 2022.

oGrowth in Same Property base rents contributed 3.8% to Same Property NOI growth in the second quarter of 2023.

Occupancy

•As of June 30, 2023, Regency’s wholly-owned portfolio plus its pro-rata share of co-investment partnerships, was 94.6% leased.

•As of June 30, 2023, Regency’s Same Property portfolio was 95.2% leased, an increase of 10 basis points sequentially and an increase of 70 basis points compared to June 30, 2022.

oSame Property shop percent leased, which includes spaces less than 10,000 square feet, was 92.7%, an increase of 60 basis points sequentially and an increase of 170 basis points compared to June 30, 2022.

oSame Property anchor percent leased, which includes spaces greater than or equal to 10,000 square feet, was 96.6%, a decline of 30 basis points sequentially and a decline of 10 basis points compared to June 30, 2022.

•As of June 30, 2023, Regency’s Same Property portfolio was 92.7% commenced, a decline of 10 basis points sequentially and an increase of 50 basis points compared to June 30, 2022.

Supplemental Information iv

Leasing Activity

•During the three months ended June 30, 2023, Regency executed approximately 2.0 million square feet of comparable new and renewal leases at a blended cash rent spread of +11.7% and a blended straight-lined rent spread of +20.0%.

•During the trailing twelve months ended June 30, 2023, the Company executed approximately 6.9 million square feet of comparable new and renewal leases at a blended cash rent spread of +8.1% and a blended straight-lined rent spread of +15.8%.

Corporate Responsibility

•On May 25, 2023, Regency issued its annual Corporate Responsibility Report, illustrating the Company’s continued commitment to and leadership in ESG, as well as describing its key environmental, social and governance initiatives and achievements. The report can be found on Regency’s Corporate Responsibility website.

•Regency remains committed to its short-term (2030) greenhouse gas emissions reduction target, which was endorsed by the Science Based Targets initiative (SBTi), as well as its long-term (2050) target to achieve net zero emissions.

Capital Allocation and Balance Sheet

Developments and Redevelopments

•During the second quarter, Regency started approximately $175 million of development and redevelopment projects, at the Company’s share.

oAs previously announced, during the second quarter the Company started the ground-up development SunVet in Holbook, Long Island, NY. The project will convert a vacant mall into a new 168,000 square foot Whole Foods-anchored open-air shopping center. Total project costs are estimated at $87 million.

oAs previously announced, during the second quarter the Company started Phase 3 of the redevelopment of Serramonte Center in Daly City, CA, featuring a world-class Asian food market in the former JC Penney space and the addition of small shop buildings adjacent to Macy’s.

•During the second quarter, the Company completed redevelopment projects with combined costs of approximately $68 million, at the Company’s share, including the $56 million redevelopment of The Crossing Clarendon in Arlington, VA.

•As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of approximately $410 million at the Company’s share, 44% of which have been incurred to date.

Balance Sheet

•On May 18, 2023, in conjunction with the purchase of the SunVet development project, Regency issued 338,704 operating partnership (“OP”) units at a price of $59.05 per share, for a total of $20.0 million. As previously announced, in anticipation of this OP unit issuance, Regency repurchased 349,519 shares of common stock in late March 2023 at an average price of $57.22 per share, for $20.0 million.

•As of June 30, 2023, Regency had approximately $1.2 billion of capacity under its revolving credit facility.

•As of June 30, 2023, Regency’s pro-rata net debt-to-operating EBITDAre ratio was 4.9x on a trailing 12-month basis.

Urstadt Biddle Merger

•As previously announced, the Company and Urstadt Biddle entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock.

•The transaction is expected to close mid-to-late August 2023, subject to shareholder approval at the currently scheduled August 16, 2023 Urstadt Biddle shareholder meeting, as well as the satisfaction of other closing conditions.

Supplemental Information v

Dividend

•On August 1, 2023, Regency’s Board declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. The dividend is payable on October 4, 2023, to shareholders of record as of September 14, 2023.

2023 Guidance

Regency Centers has updated its 2023 guidance, as summarized in the table below. The 2023 guidance ranges and assumptions remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts from the pending Urstadt Biddle transaction. Please refer to the Company’s Earnings Presentation for additional detail, as well as in the Company’s second quarter 2023 supplemental package. All materials are posted on the Company’s website at investors.regencycenters.com.

Full Year 2023 Guidance (in thousands, except per share data)	2Q YTD	Current Guidance	Previous Guidance
Net Income Attributable to Common Shareholders per diluted share	$1.07	$2.05-$2.09	$2.01-$2.09
Nareit Funds From Operations ("Nareit FFO") per diluted share	$2.11	$4.11-$4.15	$4.07-$4.15
Core Operating Earnings per diluted share (1)	$1.99	$3.89-$3.93	$3.87-$3.93
Same property NOI growth without termination fees	2.0%	+1.0% to +1.5%	+0.5% to +1.5%
Same property NOI growth without termination fees or collection of 2020/2021 reserves	5.0%	+3.0% to +3.5%	+2.5% to +3.5%
Collection of 2020/2021 reserves (2)	$2,687	+/-$4,000	+/-$4,000
Certain non-cash items (3)	$20,842	+/-$37,500	$34,500-$37,500
G&A expense, net (4)	$47,563	$88,000-$91,000	$88,000-$91,000
Interest expense, net	$82,905	+/-$168,000	+/-$168,000
Recurring third party fees & commissions	$12,663	+/-$25,000	+/-$25,000
Development and Redevelopment spend	$84,768	+/-$130,000	+/-$130,000
Acquisitions	$0	$0	$0
Cap rate (weighted average)	0.0%	0%	0%
Dispositions	$0	+/-$65,000	+/-$65,000
Cap rate (weighted average)	0.0%	+/- 7.0%	+/- 7.0%
Unit issuance (gross)	$20,000	$20,000	$20,000
Share Repurchase settlement (gross)	$20,000	$20,000	$20,000

Note: The 2023 guidance ranges and assumptions above remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts for the pending Urstadt Biddle transaction. With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(1)Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.

(2)Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.

(3)Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.

(4)Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.

Supplemental Information vi

Conference Call Information

To discuss Regency’s second quarter results and provide further business updates, management will host a conference call on Friday, August 4th, at 11:00 a.m. ET. Dial-in and webcast information is below.

Second Quarter 2023 Earnings Conference Call

Date:	Friday, August 4, 2023
Time:	11:00 a.m. ET
Dial#:	877-407-0789 or 201-689-8562
Webcast:	2nd Quarter 2023 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 and Core Operating Earnings – Actual (in thousands, except per share amounts)

For the Periods Ended June 30, 2023 and 2022	Three Months Ended						Year to Date
	2023			2022			2023			2022
Reconciliation of Net Income to Nareit FFO:
Net Income Attributable to Common Shareholders	$	86,782			104,796		$	184,063			300,024
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		89,505			85,738			178,540			169,868
Gain on sale of real estate		(64	)		(17,089	)		(305	)		(119,099	)
Exchangeable operating partnership units		550			452			970			1,315
Nareit Funds From Operations	$	176,773			173,897		$	363,268			352,108
Nareit FFO per share (diluted)	$	1.03			1.00		$	2.11			2.04
Weighted average shares (diluted)		172,176			173,165			172,192			172,791
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations	$	176,773			173,897		$	363,268			352,108
Adjustments to reconcile to Core Operating Earnings (1):
Not Comparable Items
Early extinguishment of debt		-			176			-			176
Certain Non-Cash Items
Straight-line rent		(1,784	)		(2,534	)		(4,173	)		(6,012	)
Uncollectible straight-line rent		(1,755	)		(3,071	)		(2,390	)		(5,454	)
Above/below market rent amortization, net		(8,554	)		(5,323	)		(14,219	)		(10,715	)
Debt premium/discount amortization		8			(51	)		-			(157	)
Core Operating Earnings	$	164,688			163,094			342,486			329,946
Core Operating Earnings per share (diluted)	$	0.96			0.94		$	1.99			1.91
Weighted average shares (diluted)		172,176			173,165			172,192			172,791
Weighted Average Shares For Diluted Earnings per Share		171,275			172,424			171,369			172,036
Weighted Average Shares For Diluted FFO and Core Operating Earnings per Share		172,176			173,165			172,192			172,791

(1)Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests.

Supplemental Information vii

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

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

For the Periods Ended June 30, 2023 and 2022	Three Months Ended						Year to Date
	2023			2022			2023			2022
Net income attributable to common shareholders	$	86,782			104,796		$	184,063			300,024
Less:
Management, transaction, and other fees		(7,106	)		(6,499	)		(13,144	)		(13,183	)
Other(1)		(12,799	)		(12,110	)		(22,301	)		(24,731	)
Plus:
Depreciation and amortization		83,161			79,350			165,868			157,192
General and administrative		25,065			17,645			50,345			36,437
Other operating expense		1,682			617			1,185			2,790
Other expense		35,133			37,876			69,549			(24,840	)
Equity in income of investments in real estate excluded from NOI (2)		11,813			(375	)		23,598			12,013
Net income attributable to noncontrolling interests		1,390			1,191			2,597			2,779
NOI		225,121			222,491			461,760			448,481
Less non-same property NOI (3)		(1,245	)		(1,528	)		(3,486	)		(1,589	)
Same Property NOI	$	223,876			220,963		$	458,274			446,892
% change		1.3	%					2.5	%
Same Property NOI without Termination Fees	$	223,225			220,023		$	452,905			444,004
% change		1.5	%					2.0	%
Same Property NOI without Termination Fees or Redevelopments	$	188,874			188,758		$	383,794			378,963
% change		0.1	%					1.3	%
Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves	$	222,059			214,267		$	450,218			428,971
% change		3.6	%					5.0	%

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

(2)Includes non-NOI expenses incurred at our unconsolidated real estate partnerships, such as, but not limited to, straight-line rental income, above and below market rent amortization, depreciation and amortization, interest expense, and real estate gains and impairments.

(3)Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests.

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

The Company has published forward-looking statements and additional financial information in its second quarter 2023 supplemental package that may help investors estimate earnings. A copy of the Company’s second quarter 2023 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 June 30, 2023. Regency may, but assumes no obligation to, update information in the supplemental package from time to time.

###

Supplemental Information viii

Non-GAAP Disclosure

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

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

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

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

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 2023 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, 2022 (“2022 Form 10-K”) under Item 1A. “Risk Factors” and on Form 10-Q for the three months ended March 31, 2023 under Part II, Item 1A. “Risk Factors”. 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:

Supplemental Information ix

Risk Factors Related to the Company’s Pending Acquisition of Urstadt Biddle

Please refer to disclosures in our 424(b)(3) prospectus, filed with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition.

Risk Factors Related to the Current Economic Environment

Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including the potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting 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 Health Crises

Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Risk Factors Related to Operating Retail-Based Shopping Centers

Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, 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 and regulations may have a material negative effect on us.

Risk Factors Related to Real Estate Investments

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

Risk Factors Related to the Environment Affecting Our Properties

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

Risk Factors Related to Corporate Matters

An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors 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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues.

Risk Factors Related to Our Partnerships and Joint Ventures

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

Supplemental Information x

Risk Factors Related to Funding Strategies and Capital Structure

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

Risk Factors Related to the Market Price for Our Securities

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

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

If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign shareholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Risk Factors Related to the Company’s Common Stock

Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future.

Supplemental Information xi

Summary Financial Information

June 30, 2023

(in thousands, except per share data)

	Three Months Ended		Year to Date
	2023	2022	2023	2022
Financial Results
Net income attributable to common shareholders (page 4)	$86,782	$104,796	$184,063	$300,024
Net income per diluted share	$0.51	$0.61	$1.07	$1.74
Nareit Funds From Operations (Nareit FFO) (page 9)	$176,773	$173,897	$363,268	$352,108
Nareit FFO per diluted share	$1.03	$1.00	$2.11	$2.04
Core Operating Earnings (page 9)	$164,688	$163,094	$342,486	$329,946
Core Operating Earnings per diluted share	$0.96	$0.94	$1.99	$1.91
Same Property NOI without termination fees (page 8)	$223,225	$220,023	$452,905	$444,004
% growth	1.5%		2.0%
Same Property NOI without termination fees or collection of 2020/2021 reserves (page 8)	$222,059	$214,267	$450,218	$428,971
% growth	3.6%		5.0%
Operating EBITDAre (page 9)	$209,102	$206,565	$430,581	$417,185
Dividends declared per share and unit	$0.650	$0.625	$1.300	$1.250
Payout ratio of Core Operating Earnings per share (diluted)	67.7%	66.5%	65.3%	65.4%
Diluted share and unit count
Weighted average shares (diluted) - Net income	171,275	172,424	171,369	172,036
Weighted average shares (diluted) - Nareit FFO and Core Operating Earnings	172,176	173,165	172,192	172,791

_________________________________________________________________________________________________

	As of	As of	As of	As of
	6/30/2023	12/31/2022	12/31/2021	12/31/2020
Capital Information
Market price per common share	$61.77	$62.50	$75.35	$45.59
Common shares outstanding	170,998	171,125	171,213	169,680
Exchangeable units held by noncontrolling interests	1,080	741	760	765
Common shares and equivalents issued and outstanding	172,078	171,866	171,973	170,445
Market equity value of common and convertible shares	$10,629,267	$10,741,627	$12,958,170	$7,770,596
Outstanding debt	$4,214,544	$4,225,014	$4,235,735	$4,457,742
Less: cash	(43,108)	(68,776)	(95,027)	(378,450)
Net debt	$4,171,436	$4,156,238	$4,140,708	$4,079,292
Total market capitalization	$14,800,703	$14,897,865	$17,098,878	$11,849,888
Debt metrics (pro-rata; trailing 12 months "TTM")
Net Debt-to-Operating EBITDAre	4.9x	5.0x	5.1x	6.0x
Fixed charge coverage	4.8x	4.7x	4.5x	3.6x

Supplemental Information1

Summary Real Estate Information

June 30, 2023

(GLA in thousands)

Wholly Owned and 100% of Co-investment Partnerships	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Number of properties	406	404	404	404	404
Number of retail operating properties	402	402	401	399	399
Number of same properties	395	395	389	390	390
Number of properties in redevelopment	6	6	6	6	6
Number of properties in development (1)	4	2	2	4	4
Gross Leasable Area (GLA) - All properties	51,325	51,137	51,145	51,115	51,102
GLA including retailer-owned stores - All properties	55,072	54,884	54,891	54,862	54,849
GLA - Retail operating properties	50,618	50,628	50,634	50,429	50,416
GLA - Same properties	49,807	49,808	49,043	49,218	49,205
GLA - Properties in redevelopment (2)	1,623	1,914	1,913	1,958	1,958
GLA - Properties in development (1)	707	509	511	686	686
Wholly Owned and Pro-Rata Share of Co-investment Partnerships
GLA - All properties	43,491	43,307	43,314	43,183	43,173
GLA including retailer-owned stores - All properties	47,238	47,053	47,061	46,929	46,919
GLA - Retail operating properties	42,862	42,876	42,882	42,575	42,565
GLA - Same properties (3)	42,143	42,148	42,153	42,222	42,212
Spaces > 10,000 sf (3)	26,303	26,313	26,319	26,357	26,348
Spaces < 10,000 sf (3)	15,841	15,835	15,834	15,865	15,863
GLA - Properties in redevelopment (2)	1,576	1,867	1,866	1,958	1,958
GLA - Properties in development (1)	629	431	433	608	608
% leased - All properties	94.6%	94.9%	94.8%	94.6%	94.2%
% leased - Retail operating properties	95.0%	95.0%	94.9%	94.8%	94.5%
% leased - Same properties (3)	95.2%	95.1%	95.1%	94.7%	94.5%
Spaces ≥ 10,000 sf (3)	96.6%	96.9%	97.0%	96.8%	96.7%
Spaces < 10,000 sf (3)	92.7%	92.1%	91.9%	91.4%	91.0%
% commenced - Same properties (3) (4)	92.7%	92.8%	92.8%	92.3%	92.2%
Same property NOI Growth - YTD (see page 8)	2.5%	3.7%	2.7%	2.4%	4.1%
Same property NOI Growth without Termination Fees - YTD (see page 8)	2.0%	2.5%	2.9%	2.5%	4.1%
Same property NOI Growth without Termination Fees or Redevelopments - YTD (see page 8)	1.3%	2.5%	2.5%	2.2%	3.4%
Same property NOI Growth without Termination Fees or Collection of 2020/2021 Reserves - YTD (see page 8)	5.0%	6.3%	6.3%	6.5%	8.6%
Rent spreads - Trailing 12 months (5) (see page 19)	8.1%	7.3%	7.4%	8.8%	8.3%

(1)Includes current ground-up developments.

(2)Represents entire center GLA rather than redevelopment portion only. Included in Same Property pool unless noted otherwise.

(3)Prior periods adjusted for current same property pool.

(4)Excludes leases that are signed but have not yet commenced.

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

Amounts may not foot due to rounding.

Supplemental Information2

Consolidated Balance Sheets

June 30, 2023 and December 31, 2022

(in thousands)

	2023			2022
	(unaudited)
Assets:
Net real estate investments:
Real estate assets at cost	$	11,953,086		$	11,858,064
Less: accumulated depreciation		2,549,937			2,415,860
Real estate assets, net		9,403,149			9,442,204
Investments in real estate partnerships		342,439			350,377
Net real estate investments		9,745,588			9,792,581
Cash, cash equivalents, and restricted cash		43,108			68,776
Tenant receivables, net		28,239			31,486
Straight-line rent receivables, net		133,690			128,214
Other receivables		44,124			29,163
Tenant and other receivables		206,053			188,863
Deferred leasing costs, net		69,788			68,945
Acquired lease intangible assets, net		178,849			197,745
Right of use assets		303,716			275,513
Other assets		280,843			267,797
Total assets	$	10,827,945		$	10,860,220
Liabilities and Equity:
Liabilities:
Notes payable	$	3,709,074		$	3,726,754
Accounts payable and other liabilities		317,894			317,259
Acquired lease intangible liabilities, net		336,636			354,204
Lease liabilities		243,462			213,722
Tenants' security, escrow deposits, and prepaid rent		77,093			70,242
Total liabilities		4,684,159			4,682,181
Equity:
Shareholders' Equity:
Common stock, $.01 par		1,710			1,711
Additional paid in capital		7,834,573			7,852,691
Accumulated other comprehensive loss		7,336			7,560
Distributions in excess of net income		(1,803,406	)		(1,764,977	)
Total shareholders' equity		6,040,213			6,096,985
Noncontrolling Interests:
Exchangeable operating partnership units		54,281			34,489
Limited partners' interest		49,292			46,565
Total noncontrolling interests		103,573			81,054
Total equity		6,143,786			6,178,039
Total liabilities and equity	$	10,827,945		$	10,860,220

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 Information3

Consolidated Statements of Operations

For the Periods Ended June 30, 2023 and 2022

(in thousands)

(unaudited)

	Three Months Ended						Year to Date
	2023			2022			2023			2022
Revenues:
Lease income	$	304,458			292,864		$	613,259			586,509
Other property income		2,683			2,720			5,821			5,824
Management, transaction, and other fees		7,106			6,499			13,144			13,183
Total revenues		314,247			302,083			632,224			605,516
Operating Expenses:
Depreciation and amortization		83,161			79,350			165,868			157,192
Property operating expense		54,394			47,750			105,416			94,211
Real estate taxes		38,509			36,700			76,986			73,569
General and administrative		25,065			17,645			50,345			36,437
Other operating expense		1,682			617			1,185			2,790
Total operating expenses		202,811			182,062			399,800			364,199
Other Expense (Income):
Interest expense, net		36,956			36,699			73,349			73,437
Gain on sale of real estate, net of tax		(81	)		(4,291	)		(331	)		(106,239	)
Net investment (income) loss		(1,742	)		5,468			(3,469	)		7,962
Total other expense (income)		35,133			37,876			69,549			(24,840	)
Income from operations before equity in income of
investments in real estate partnerships		76,303			82,145			162,875			266,157
Equity in income of investments in real estate partnerships		11,869			23,842			23,785			36,646
Net income		88,172			105,987			186,660			302,803
Noncontrolling Interests:
Exchangeable operating partnership units		(550	)		(452	)		(970	)		(1,315	)
Limited partners' interests in consolidated partnerships		(840	)		(739	)		(1,627	)		(1,464	)
Income attributable to noncontrolling interests		(1,390	)		(1,191	)		(2,597	)		(2,779	)
Net income attributable to common shareholders	$	86,782			104,796		$	184,063			300,024

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 Information4

Supplemental Details of Operations (Consolidated Only)

For the Periods Ended June 30, 2023 and 2022

(in thousands)

		Three Months Ended						Year to Date
		2023			2022			2023			2022
	Revenues:
*	Base rent	$	213,977			204,353		$	426,907			403,605
*	Recoveries from tenants		74,748			68,464			145,974			136,238
*	Percentage rent		1,380			751			8,410			5,699
*	Termination Fees		504			838			5,221			2,328
*	Uncollectible lease income		(343	)		4,900			1,594			11,046
*	Other lease income		2,562			2,472			5,061			4,807
	Straight-line rent on lease income		2,879			5,473			5,476			11,484
	Above/below market rent amortization		8,751			5,613			14,616			11,302
	Lease income		304,458			292,864			613,259			586,509
*	Other property income		2,683			2,720			5,821			5,824
	Property management fees		3,487			3,310			6,945			6,928
	Asset management fees		1,648			1,670			3,277			3,425
	Leasing commissions and other fees		1,971			1,519			2,922			2,830
	Management, transaction, and other fees		7,106			6,499			13,144			13,183
	Total revenues		314,247			302,083			632,224			605,516
	Operating Expenses:
	Depreciation and amortization (including FF&E)		83,161			79,350			165,868			157,192
*	Operating and maintenance		50,584			44,000			97,529			86,660
*	Ground rent		3,077			2,962			6,394			5,970
	Straight-line rent on ground rent		346			401			719			807
	Above/below market ground rent amortization		387			387			774			774
	Property operating expense		54,394			47,750			105,416			94,211
*	Real estate taxes		38,509			36,700			76,986			73,569
	Gross general & administrative		22,189			20,625			42,964			39,876
	Stock-based compensation		4,105			4,366			8,924			8,574
	Capitalized direct development compensation costs		(2,721	)		(2,595	)		(4,483	)		(5,006	)
	General & administrative, net		23,573			22,396			47,405			43,444
	Loss (gain) on deferred compensation plan (1)		1,492			(4,751	)		2,940			(7,007	)
	General & administrative		25,065			17,645			50,345			36,437
	Other expenses		1,361			773			2,334			2,781
	Development pursuit costs, net		321			(156	)		(1,149	)		9
	Other operating expenses		1,682			617			1,185			2,790
	Total operating expenses		202,811			182,062			399,800			364,199
	Other Expense (Income):
	Gross interest expense		37,127			36,430			73,638			72,723
	Derivative amortization		110			110			219			219
	Debt cost amortization		1,382			1,396			2,777			2,786
	Debt premium/discount amortization		9			(58	)		-			(173	)
	Capitalized interest		(1,284	)		(1,019	)		(2,534	)		(1,815	)
	Interest income		(388	)		(160	)		(751	)		(303	)
	Interest expense, net		36,956			36,699			73,349			73,437
	Gain on sale of real estate, net of tax		(81	)		(4,291	)		(331	)		(106,239	)
	Net investment (income) loss (1)		(1,742	)		5,468			(3,469	)		7,962
	Total other expense (income)		35,133			37,876			69,549			(24,840	)

* Component of Net Operating Income

(1)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.

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 Information5

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

June 30, 2023 and December 31, 2022

(in thousands)

	Noncontrolling Interests						Share of JVs
	2023			2022			2023		2022
Assets:
Real estate assets at cost	$	(100,945	)		(101,127	)	$	1,210,630		1,200,127
Less: accumulated depreciation		(17,263	)		(16,173	)		461,017		447,002
Real estate assets, net		(83,682	)		(84,954	)		749,613		753,125
Investments in sales-type lease, net		-			-			32,409		31,538
Net real estate investments		(83,682	)		(84,954	)		782,022		784,663
Cash, cash equivalents, and restricted cash		(2,995	)		(3,549	)		20,972		18,064
Tenant recivables, net		(120	)		(174	)		2,804		3,700
Straight-line rent receivables, net		(1,984	)		(1,883	)		20,770		19,836
Other receivables		(64	)		(77	)		742		842
Tenant and other receivables		(2,168	)		(2,134	)		24,316		24,378
Deferred leasing costs, net		(1,333	)		(1,315	)		15,439		15,113
Acquired lease intangible assets, net		(1,305	)		(1,396	)		4,163		4,654
Right of use assets		(1,749	)		(1,590	)		4,930		5,043
Other assets		(1,221	)		(1,198	)		31,342		29,378
Total assets	$	(94,453	)		(96,136	)	$	883,184		881,293
Liabilities:
Notes payable	$	(39,204	)		(40,012	)	$	505,470		498,260
Accounts payable and other liabilities		(3,252	)		(6,983	)		20,416		20,031
Acquired lease intangible liabilities, net		(269	)		(290	)		4,403		4,865
Lease liabilities		(2,119	)		(1,932	)		4,226		4,259
Tenants' security, escrow deposits, and prepaid rent		(317	)		(354	)		6,230		3,501
Total liabilities	$	(45,161	)		(49,571	)	$	540,745		530,916

Note

Noncontrolling interests represent limited partners' interests in consolidated partnerships' activities and Share of JVs represents the Company's share of co-investment partnerships' activities, of which each are included on a single line presentation in the Company's consolidated financial statements in accordance with GAAP.

Supplemental Information6

Supplemental Details of Operations (Real Estate Partnerships Only)

For the Periods Ended June 30, 2023 and 2022

(in thousands)

		Noncontrolling Interests												Share of JVs
		Three Months Ended						Year to Date						Three Months Ended						Year to Date
		2023			2022			2023			2022			2023			2022			2023			2022
	Revenues:
*	Base rent	$	(2,046	)		(1,967	)	$	(4,045	)		(3,954	)	$	24,160			24,085		$	48,299			48,861
*	Recoveries from tenants		(601	)		(549	)		(1,118	)		(1,086	)		8,373			7,686			16,351			16,211
*	Percentage rent		(10	)		-			(11	)		(1	)		380			265			1,021			836
*	Termination Fees		(1	)		(11	)		(11	)		(11	)		182			103			197			562
*	Uncollectible lease income		(8	)		(40	)		(44	)		(53	)		(25	)		443			41			992
*	Other lease income		(37	)		(34	)		(74	)		(66	)		373			350			719			651
	Straight-line rent on lease income		(47	)		(120	)		(123	)		(159	)		1,002			714			1,805			1,038
	Above/below market rent amortization		1			-			2			(2	)		198			106			394			208
	Lease income		(2,749	)		(2,721	)		(5,424	)		(5,332	)		34,643			33,752			68,827			69,359
*	Other property income		(1	)		(1	)		(11	)		(4	)		133			201			380			327
	Asset management fees		-			-			-			-			(242	)		(250	)		(481	)		(529	)
	Management, transaction, and other fees		-			-			-			-			(242	)		(250	)		(481	)		(529	)
	Total revenues		(2,750	)		(2,722	)		(5,435	)		(5,336	)		34,534			33,703			68,726			69,157
	Operating Expenses:
	Depreciation and amortization (including FF&E)		(650	)		(688	)		(1,306	)		(1,333	)		7,519			7,611			14,941			15,033
*	Operating and maintenance		(438	)		(402	)		(865	)		(894	)		5,813			5,280			11,183			10,879
*	Ground rent		(31	)		(30	)		(62	)		(59	)		85			86			169			154
	Straight-line rent on ground rent		(13	)		(15	)		(26	)		(30	)		30			30			60			60
	Above/below market ground rent amortization		-			-			-			-			9			9			19			19
	Property operating expense		(482	)		(447	)		(953	)		(983	)		5,937			5,405			11,431			11,112
*	Real estate taxes		(333	)		(358	)		(685	)		(696	)		3,996			4,300			8,273			8,748
	General & administrative, net		-			-			-			-			92			94			158			154
	Other expenses		(5	)		(23	)		(26	)		(55	)		271			268			556			514
	Development pursuit costs		-			-			-			-			-			4			-			5
	Other operating expenses		(5	)		(23	)		(26	)		(55	)		271			272			556			519
	Total operating expenses		(1,470	)		(1,516	)		(2,970	)		(3,067	)		17,815			17,682			35,359			35,566
	Other Expense (Income):
	Gross interest expense		(411	)		(360	)		(777	)		(688	)		4,701			4,618			9,284			9,259
	Debt cost amortization		(13	)		(13	)		(28	)		(23	)		207			82			390			260
	Debt premium/discount amortization		(18	)		(12	)		(35	)		(12	)		17			19			35			28
	Interest income		2			-			2			-			(92	)		-			(153	)		-
	Interest expense, net		(440	)		(385	)		(838	)		(723	)		4,833			4,719			9,556			9,547
	Gain on sale of real estate		-			(82	)		-			(82	)		17			(12,716	)		26			(12,778	)
	Early extinguishment of debt		-			-			-			-			-			176			-			176
	Total other expense (income)		(440	)		(467	)		(838	)		(805	)		4,850			(7,821	)		9,582			(3,055	)

* Component of Net Operating Income

Note

Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and Share of JVs represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.

Supplemental Information7

Supplemental Details of Same Property NOI (Pro-Rata)

For the Periods Ended June 30, 2023 and 2022

(in thousands)

	Three Months Ended						Year to Date
	2023			2022			2023			2022
Same Property NOI Detail:
Real Estate Revenues:
Base rent	$	234,199			225,891		$	467,119			449,156
Recoveries from tenants		82,213			75,332			160,544			151,556
Percentage rent		1,721			1,015			9,392			6,530
Termination fees		651			940			5,369			2,888
Uncollectible lease income		(353	)		5,257			1,506			11,891
Other lease income		2,931			2,895			5,780			5,524
Other property income		2,117			2,221			4,780			4,750
Total real estate revenues		323,479			313,551			654,490			632,295
Real Estate Operating Expenses:
Operating and maintenance		55,044			49,349			106,838			98,181
Real estate taxes		41,631			40,288			83,406			81,358
Ground rent		2,928			2,951			5,972			5,864
Total real estate operating expenses		99,603			92,588			196,216			185,403
Same Property NOI	$	223,876			220,963		$	458,274			446,892
% change		1.3	%					2.5	%
Same Property NOI without Termination Fees	$	223,225			220,023		$	452,905			444,004
% change		1.5	%					2.0	%
Same Property NOI without Termination Fees or Redevelopments	$	188,874			188,758		$	383,794			378,963
% change		0.1	%					1.3	%
Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves	$	222,059			214,267		$	450,218			428,971
% change		3.6	%					5.0	%
Percent Contribution to Same Property NOI Performance:
Base rent		3.8	%					4.0	%
Uncollectible lease income (1)		-0.5	%					0.4	%
Collection of 2020/2021 reserves		-2.1	%					-2.8	%
Net expense recoveries		-0.1	%					-0.4	%
Other lease / property income		0.0	%					0.1	%
Percentage rent		0.3	%					0.6	%
Same Property NOI without Termination Fees (% impact)		1.5	%					2.0	%
Reconciliation of Net Income Attributable to Common Shareholders to Same Property NOI:
Net income attributable to common shareholders	$	86,782			104,796		$	184,063			300,024
Less:
Management, transaction, and other fees		(7,106	)		(6,499	)		(13,144	)		(13,183	)
Other (2)		(12,799	)		(12,110	)		(22,301	)		(24,731	)
Plus:
Depreciation and amortization		83,161			79,350			165,868			157,192
General and administrative		25,065			17,645			50,345			36,437
Other operating expense		1,682			617			1,185			2,790
Other expense		35,133			37,876			69,549			(24,840	)
Equity in income of investments in real estate excluded from NOI (3)		11,813			(375	)		23,598			12,013
Net income attributable to noncontrolling interests		1,390			1,191			2,597			2,779
NOI		225,121			222,491			461,760			448,481
Less non-same property NOI (4)		(1,245	)		(1,528	)		(3,486	)		(1,589	)
Same Property NOI	$	223,876			220,963		$	458,274			446,892

(1)Excludes the impact of collection on '20/'21 reserves or write offs.

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

(3)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.

(4)Includes revenues and expenses attributable to Non-Same Property, Projects in Development, corporate activities, and noncontrolling interests. Also includes adjustments for earnings at the four properties we acquired from our former unconsolidated RegCal partnership in 2022 in order to calculate growth on a comparable basis for the periods presented.

Supplemental Information8

Reconciliations of Non-GAAP Financial Measures

For the Periods Ended June 30, 2023 and 2022

(in thousands, except per share data)

	Three Months Ended						Year to Date
	2023			2022			2023			2022
Reconciliation of Net Income to Nareit FFO:
Net Income Attributable to Common Shareholders	$	86,782			104,796		$	184,063			300,024
Adjustments to reconcile to Nareit Funds From Operations (1):
Depreciation and amortization (excluding FF&E)		89,505			85,738			178,540			169,868
Gain on sale of real estate		(64	)		(17,089	)		(305	)		(119,099	)
Exchangeable operating partnership units		550			452			970			1,315
Nareit Funds From Operations	$	176,773			173,897		$	363,268			352,108
Nareit FFO per share (diluted)	$	1.03			1.00		$	2.11			2.04
Weighted average shares (diluted)		172,176			173,165			172,192			172,791
Reconciliation of Nareit FFO to Core Operating Earnings:
Nareit Funds From Operations	$	176,773			173,897		$	363,268			352,108
Adjustments to reconcile to Core Operating Earnings (1):
Not Comparable Items
Early extinguishment of debt		-			176			-			176
Certain Non Cash Items
Straight-line rent		(1,784	)		(2,534	)		(4,173	)		(6,012	)
Uncollectible straight-line rent		(1,755	)		(3,071	)		(2,390	)		(5,454	)
Above/below market rent amortization, net		(8,554	)		(5,323	)		(14,219	)		(10,715	)
Debt premium/discount amortization		8			(51	)		-			(157	)
Core Operating Earnings	$	164,688			163,094		$	342,486			329,946
Core Operating Earnings per share (diluted)	$	0.96			0.94		$	1.99			1.91
Weighted average shares (diluted)		172,176			173,165			172,192			172,791
Reconciliation of Net Income to Nareit EBITDAre:
Net Income	$	88,172			105,987		$	186,660			302,803
Adjustments to reconcile to Nareit EBITDAre (2):
Interest expense		42,269			41,578			83,809			83,287
Income tax expense		171			(97	)		485			23
Depreciation and amortization		90,680			86,961			180,809			172,225
Gain on sale of real estate		(64	)		(17,007	)		(305	)		(119,017	)
Nareit EBITDAre	$	221,228			217,422		$	451,458			439,321
Reconciliation of Nareit EBITDAre to Operating EBITDAre:
Nareit EBITDAre	$	221,228			217,422		$	451,458			439,321
Adjustments to reconcile to Operating EBITDAre (2):
Early extinguishment of debt		-			176			-			176
Straight-line rent, net		(3,573	)		(5,710	)		(6,660	)		(11,595	)
Above/below market rent amortization, net		(8,553	)		(5,323	)		(14,217	)		(10,717	)
Operating EBITDAre	$	209,102			206,565		$	430,581			417,185

(1)Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

(2)Includes Regency’s consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

Supplemental Information9

Capital Expenditures and Additional Disclosures

For the Periods Ended June 30, 2023 and 2022

(in thousands)

	Three Months Ended				Year to Date
	2023		2022		2023		2022
Capital Expenditures:
Operating Properties (1)
Tenant allowance and landlord work	$	9,969		14,995	$	19,403		24,890
Leasing commissions		5,240		4,172		8,491		7,086
Leasing Capital Expenditures		15,209		19,167		27,894		31,976
Building improvements		5,877		6,905		10,651		13,135
Operating Capital Expenditures	$	21,086		26,072	$	38,545		45,111
Development & Redevelopment Properties (1)
Ground-up development	$	33,655		10,168	$	39,725		26,597
Redevelopment		26,368		15,311		45,043		31,375
Development & Redevelopment Expenditures	$	60,023		25,479	$	84,768		57,972
Additional Disclosures:
Other Non Cash Expense (2)
Derivative amortization	$	110		109	$	219		219
Debt cost amortization		1,576		1,465		3,139		3,022
Stock-based compensation		4,105		4,366		8,924		8,574
Other Non Cash Expense	$	5,791		5,940	$	12,282		11,815

(1)Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(2)Includes Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships, net of pro-rata share attributable to noncontrolling interests, which can be found on page 7.

Supplemental Information10

Summary of Consolidated Debt

June 30, 2023 and December 31, 2022

(in thousands)

Total Debt Outstanding:	6/30/2023		12/31/2022
Notes Payable:
Fixed rate mortgage loans	$	454,808	$	474,193
Variable rate mortgage loans		3,702		4,188
Fixed rate unsecured public debt		3,055,008		3,053,550
Fixed rate unsecured private debt		195,556		194,823
Total	$	3,709,074	$	3,726,754

Schedule of Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities		Unsecured Maturities (1)			Total			Weighted Average Contractual Interest Rate on Maturities
2023	$	4,490		30,592		-			35,082		3.35%
2024		5,044		90,742		250,000			345,786		3.70%
2025		3,942		43,750		250,000			297,692		3.82%
2026		4,127		127,096		200,000			331,223		3.89%
2027		3,788		137,915		525,000			666,703		3.66%
2028		2,799		170		300,000			302,969		4.13%
2029		22		146		425,000			425,168		2.95%
2030		24		-		600,000			600,024		3.70%
2031		26		-		-			26		0.00%
2032		2		3		-			5		8.00%
>10 years		-		-		725,000			725,000		4.56%
Unamortized debt premium/(discount), net of issuance costs		-		3,832		(24,436	)		(20,604	)
	$	24,264		434,246		3,250,564			3,709,074		3.83%

Percentage of Total Debt:	6/30/2023	12/31/2022
Fixed	99.9%	99.9%
Variable	0.1%	0.1%
Current Weighted Average Contractual Interest Rates:(2)
Fixed	3.8%	3.8%
Variable	6.5%	5.7%
Combined	3.8%	3.8%
Current Weighted Average Effective Interest Rate:(3)
Combined	4.0%	4.0%
Average Years to Maturity:
Fixed	8.2	8.6
Variable	1.7	2.2

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

(2)Interest rates are calculated as of the quarter end.

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

Supplemental Information11

Summary of Consolidated Debt

June 30, 2023 and December 31, 2022

(in thousands)

		Contractual		Effective
Lender	Collateral	Rate		Rate(1)	Maturity	6/30/2023			12/31/2022
Secured Debt - Fixed Rate Mortqaqe Loans
TD Bank	Brick Walk Shopping Center	3.35%			11/01/23	$	30,805		$	31,131
Genworth Life Insurance Company	Aventura, Oakbrook & Treasure Coast	6.50%			02/28/24		2,378			3,916
Prudential Insurance Company of America	4S Commons Town Center	3.50%			06/05/24		79,930			80,811
Ellis Partners	Pruneyard	4.25%			06/30/24		2,200			2,200
Great-West Life & Annuity Insurance Co	Erwin Square	3.78%			09/01/24		10,000			10,000
PNC Bank	Circle Marina Center	2.54%			03/17/25		24,000			24,000
Prudential Insurance Company of America	Country Walk Plaza	3.91%			11/05/25		16,000			16,000
Metropolitan Life Insurance Company	Westbury Plaza	3.76%			02/01/26		88,000			88,000
Santander Bank	Baederwood Shoppes	3.28%			12/19/26		24,365			24,365
TD Bank	Black Rock Shopping Center	6.03%			12/31/26		15,435			18,637
The Guardian Life Insurance of America	Willa Springs	3.81%			03/01/27		16,700			16,700
The Guardian Life Insurance of America	Alden Bridge	3.81%			03/01/27		26,000			26,000
The Guardian Life Insurance of America	Bethany Park Place	3.81%			03/01/27		10,200			10,200
The Guardian Life Insurance of America	Blossom Valley	3.81%			03/01/27		22,300			22,300
The Guardian Life Insurance of America	Dunwoody Hall	3.81%			03/01/27		13,800			13,800
The Guardian Life Insurance of America	Hasley Canyon Village	3.81%			03/01/27		16,000			16,000
PNC Bank	Fellsway Plaza	4.06%			06/02/27		35,159			35,446
New York Life Insurance	Oak Shade Town Center	6.05%			05/10/28		4,483			4,869
New York Life Insurance	Von's Circle Center	5.20%			10/10/28		4,657			5,031
New York Life Insurance	Copps Hill Plaza	6.06%			01/01/29		8,343			8,962
City of Rollingwood	Shops at Mira Vista	8.00%			03/01/32		173			180
Wells Fargo	Hewlett I	4.41%			01/06/23		-			8,879
State Farm Life Insurance Company	Tech Ridge Center	5.83%			06/01/23		-			715
American United Life Insurance Company	Westport Plaza	7.49%			08/01/23		-			1,457
Unamortized premiums on assumed debt of acquired properties, net of issuance costs							3,880			4,594
Total Fixed Rate Mortgage Loans		3.81%		3.51%		$	454,808		$	474,193
Unsecured Debt
Debt Offering (5/16/14)	Fixed-rate unsecured	3.75%			06/15/24	$	250,000		$	250,000
Debt Offering (8/17/15)	Fixed-rate unsecured	3.90%			11/01/25		250,000			250,000
Debt Placement (5/11/16)	Fixed-rate unsecured	3.81%			05/11/26		100,000			100,000
Debt Placement (8/11/16)	Fixed-rate unsecured	3.91%			08/11/26		100,000			100,000
Debt Offering (1/17/17)	Fixed-rate unsecured	3.60%			02/01/27		525,000			525,000
Debt Offering (3/9/18)	Fixed-rate unsecured	4.13%			03/15/28		300,000			300,000
Debt Offering (8/13/19)	Fixed-rate unsecured	2.95%			09/15/29		425,000			425,000
Debt Offering (5/13/20)	Fixed-rate unsecured	3.70%			06/15/30		600,000			600,000
Debt Offering (1/17/17)	Fixed-rate unsecured				02/01/47		425,000			425,000
Debt Offering (3/6/19)	Fixed-rate unsecured	4.65%			03/15/49		300,000			300,000
Revolving Line of Credit	Variable-rate unsecured	Adjusted SOFR + 0.865%	(2)		03/23/25		-			-
Unamortized debt discount and issuance costs							(24,436	)		(26,627	)
Total Unsecured Debt, Net of Discounts		3.83%		3.98%		$	3,250,564		$	3,248,373
Variable Rate Mortgage Loans
PNC Bank	Market at Springwoods Village	SOFR + 1.40%			03/28/25	$	3,750		$	4,250
Unamortized debt discount and issuance costs							(48	)		(62	)
Total Variable Rate Mortgage Loans		6.48%		7.21%		$	3,702		$	4,188
Total		3.83%		4.04%		$	3,709,074		$	3,726,754

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

(2)Rate applies to drawn balance only. Additional annual facility fee of 0.15% applies to entire $1.25 billion line of credit. Maturity is subject to two additional six-month periods at the Company’s option. Effective 1/12/23, the interest rate has been amended to SOFR plus a 0.10% market adjustment ("Adjusted SOFR") plus our current applicable margin of 0.865%.

Supplemental Information12

Summary of Unsecured Debt Covenants and Leverage Ratios

June 30, 2023

(in thousands)

Outstanding Unsecured Public Debt:	Origination	Maturity	Rate	Balance
	05/16/14	06/15/24	3.750%	$	250,000
	08/17/15	11/01/25	3.900%	$	250,000
	01/17/17	02/01/27	3.600%	$	525,000
	03/09/18	03/15/28	4.125%	$	300,000
	08/20/19	09/15/29	2.950%	$	425,000
	05/13/20	06/15/30	3.700%	$	600,000
	01/17/17	02/01/47	4.400%	$	425,000
	03/06/19	03/15/49	4.650%	$	300,000

Unsecured Public Debt Covenants:	Required	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Fair Market Value Calculation Method Covenants (1) (2)
Total Consolidated Debt to Total Consolidated Assets	≤ 65%	26%	26%	26%	26%	26%
Secured Consolidated Debt to Total Consolidated Assets	≤ 40%	3%	3%	3%	3%	3%
Consolidated Income for Debt Service to Consolidated Debt Service	≥ 1.5x	5.6x	5.7x	5.6x	5.7x	5.8x
Unencumbered Consolidated Assets to Unsecured Consolidated Debt	>150%	407%	400%	400%	399%	397%
Ratios:		6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Consolidated Only
Net debt to total market capitalization		25.6%	25.9%	25.4%	27.9%	26.2%
Net debt to real estate assets, before depreciation		29.8%	30.0%	30.0%	29.5%	29.9%
Net debt to total assets, before depreciation		27.5%	27.8%	27.7%	27.3%	27.6%
Net debt to Operating EBITDAre - TTM		4.4x	4.4x	4.5x	4.4x	4.5x
Fixed charge coverage		5.3x	5.3x	5.2x	5.2x	5.2x
Interest coverage		5.7x	5.7x	5.6x	5.6x	5.6x
Unsecured assets to total real estate assets		90.4%	90.2%	89.5%	89.4%	89.2%
Unsecured NOI to total NOI - TTM		91.6%	91.6%	90.9%	91.0%	90.9%
Unencumbered assets to unsecured debt		332%	326%	326%	324%	323%
Total Pro-Rata Share
Net debt to total market capitalization		28.2%	28.4%	27.9%	30.7%	28.8%
Net debt to real estate assets, before depreciation		31.6%	31.8%	31.8%	31.5%	31.8%
Net debt to total assets, before depreciation		29.1%	29.4%	29.3%	29.0%	29.4%
Net debt to Operating EBITDAre - TTM		4.9x	4.9x	5.0x	5.0x	5.0x
Fixed charge coverage		4.8x	4.7x	4.7x	4.6x	4.6x
Interest coverage		5.1x	5.1x	5.1x	5.0x	5.0x

(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 Information13

Summary of Unconsolidated Debt

June 30, 2023 and December 31, 2022

(in thousands)

Total Debt Outstanding:	6/30/2023		12/31/2022
Mortgage loans payable:
Fixed rate secured loans	$	1,376,413	$	1,368,330
Variable rate secured loans		14,763		6,167
Unsecured credit facilities variable rate		25,800		23,800
Total	$	1,416,976	$	1,398,297

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
2023	$	1,037		-			-		1,037		-		340		-
2024		2,205		33,690			-		35,895		3.86%		14,298		3.75%
2025		4,506		143,636			-		148,142		3.74%		46,314		3.82%
2026		5,728		223,608			25,800		255,136		5.09%		82,563		5.10%
2027		5,829		32,800			-		38,629		2.60%		13,231		2.41%
2028		3,935		213,674			-		217,609		4.86%		79,489		4.98%
2029		2,724		60,000			-		62,724		4.34%		12,959		4.34%
2030		1,860		179,317			-		181,177		2.86%		70,399		2.88%
2031		370		352,240			-		352,610		3.14%		137,070		3.13%
2032		388		129,000			-		129,388		2.97%		51,678		2.97%
>10 Years		617		5,497			-		6,114		4.72%		1,223		4.72%
Unamortized debt premium / (discount) and issuance costs (2)		-		(11,485	)		-		(11,485	)			(4,094	)
	$	29,199		1,361,977			25,800		1,416,976		3.82%		505,470		3.79%

Percentage of Total Debt:	6/30/2023	12/31/2022
Fixed	97.1%	97.9%
Variable	2.9%	2.1%
Current Weighted Average Contractual Interest Rates:(1)
Fixed	3.7%	3.7%
Variable	7.0%	5.9%
Combined	3.8%	3.7%
Current Weighted Average Effective Interest Rates:(2)
Combined	4.0%	3.9%
Average Years to Maturity:
Fixed	5.7	5.5
Variable	3.0	3.1

(1)Interest rates are calculated as of the quarter end.

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

Supplemental Information14

Unconsolidated Investments

June 30, 2023

(in thousands)

									Regency
Investment Partner and	Number of		Total		Total		Total		Ownership	Share		Investment		Equity
Portfolio Summary Abbreviation	Properties		GLA		Assets		Debt		Interest	of Debt		June 30, 2023		Pick-up
State of Oregon
(JV-C, JV-C2)		20		2,274	$	541,476	$	269,864	20.00%	$	53,973	$	48,545	$	1,791
(JV-CCV)		1		559		96,139		74,787	30.00%		22,436		5,635		757
		21		2,833		637,615		344,651
GRI
(JV-GRI)		66		8,436		1,493,785		925,713	40.00%		370,285		148,545		18,241
CalSTRS
(JV-RC)		1		108		23,619		-	25.00%		-		5,572		241
NYSCRF
(JV-NYC) (1)		0		0		553		-	30.00%		-		116		25
Publix
(JV-O)		2		215		26,055		-	50.00%		-		12,796		746
Individual Investors
Ballard Blocks		2		249		125,133		-	49.90%		-		61,894		692
Bloom on Third (fka Town and Country Center)		1		73		214,466		96,870	35.00%		33,904		41,703		561
Others		3		402		84,482		49,742	50.00%		24,872		17,633		731
		96		12,316	$	2,605,708	$	1,416,976		$	505,470	$	342,439	$	23,785

(1)The NYC partnership has no remaining properties since selling the final two in May 2022.

Supplemental Information15

Property Transactions

June 30, 2023

(in thousands)

Acquisitions:

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

Dispositions:

Date	Property Name	Co-investment Partner (REG %)	Market	Total GLA	Regency's Share of Sales Price		Weighted Average Cap Rate	Anchor(s)
	None
	Property/Outparcel(s) Total			-	-
	Non-Income Producing Land Total				$	1,920

Supplemental Information16

Summary of In-Process Developments and Redevelopments

June 30, 2023

(in thousands)

In-Process Developments and Redevelopments (1)
Shopping Centers	Market	Grocer/Anchor Tenant	Center GLA(a)		Center % Leased	Project Start	Est Initial Rent Commencement(b)	Est Stabilization Year(c)	Net Project Costs(d)	% of Costs Incurred	Stabilized Yield(e)
Ground-up Developments			707		71%				$152M	40%	7% +/-
Glenwood Green (2)(3)	Metro NYC	ShopRite / Target		353	91%	Q1-2022	1H-2024	2025	$46M	59%	7% +/-
Baybrook East - Phase 1B (2)(3)	Houston, TX	H-E-B		156	94%	Q2-2022	2H-2023	2025	$10M	59%	8% +/-
Sienna - Phase 1 (2)(3)	Houston, TX	Retail		30	19%	Q2-2023	2H-2024	2027	$9M	25%	8% +/-
SunVet (2)	Long Island, NY	Whole Foods		168	26%	Q2-2023	2H-2025	2027	$87M	29%	7% +/-
Redevelopments				3,638	85%				$258M	46%	9% +/-
The Abbot	Boston, MA	Retail / Office Users		64	77%	Q2-2019	2H-2022	2025	$59M	46%	9% +/-
Westbard Square Phase I (4)(5)	Bethesda, MD	Giant		123	68%	Q2-2021	2H-2023	2025	$37M	90%	6% +/-
Buckhead Landing	Atlanta, GA	Publix		152	73%	Q2-2022	2H-2024	2025	$28M	68%	6% +/-
Bloom on Third (fka Town & Country Center) (4)	Los Angeles, CA	Whole Foods		147	60%	Q4-2022	1H-2026	2027	$25M	19%	15% +/-
Mandarin Landing (4)	Jacksonville, FL	Whole Foods		136	88%	Q2-2023	1H-2024	2025	$15M	10%	8% +/-
Serramonte Center - Phase 3	San Francisco, CA	Jagalchi		1,072	97%	Q2-2023	1H-2025	2025	$37M	3%	11% +/-
Various Redevelopments (est costs < $10 million individually)				1,944	80%				$57M	33%	9% +/-
Total In-Process (In Construction)				4,345	83%				$410M	44%	8% +/-

In Process Development and Redevelopment Descriptions
Ground-up Developments
Glenwood Green	Located in Old Bridge, NJ (Metro NYC) and situated on Route 9, Glenwood Green is a 353k SF ground-up development anchored by Target, ShopRite and a medical office building; and includes approximately 70k SF of in-line shop space and leased outparcels.
Baybrook East - Phase 1B	Phase 1B of ground-up development in Houston, TX. The scope for Phase 1B calls for in-line shop space & outparcels for ground lease, representing approximately 50K SF. Combined with the previously completed Phase 1A, which features the market's leading grocer, H.E.B., Baybrook East will be approximately 156K SF.
Sienna - Phase 1	Located approximately 20 miles southwest of Houston, TX, in a 10,500-acre master-planned development that is consistently among the top-selling communities in the United States, Phase 1 will feature approximately 30k SF of shop space and outparcels.
SunVet	Located in Long Island, NY, SunVet will include the development of a vacant enclosed mall into a 168k open-air shopping center, anchored by Whole Foods and other leading retailers in a mix of junior anchors, shop space, and outparcels.
Redevelopments
The Abbot	Generational redevelopment and modernization of three historic buildings in the heart of Harvard Square into an unparalleled mixed-use project with flagship retail and Class A office space.
Westbard Square Phase I	Existing property includes a Giant-anchored retail center, a 3-level office building, two gas stations, and a vacant senior housing building. Phase I of the redevelopment will include construction of a 123k SF retail building anchored by a 70k SF Giant, and realignment of Westbard Avenue at the intersection with River Road. Regency will also participate in a joint venture whereby the partner will construct a ~100-unit senior living building.
Buckhead Landing	Buckhead Landing will be anchored by a 55k SF Publix with 38k SF of junior anchors and 57k SF of restaurant & retail space. This redevelopment will include the complete scrape and rebuild of the existing anchor box, in addition to delivering extensive site improvements and enhanced placemaking.
Bloom on Third (fka Town & Country Center)	Located in Los Angeles, CA, directly across from The Grove and The Original Farmers Market, this transformational redevelopment will include the demolition of a former Kmart building into new retail space and approximately 300 luxury mid-rise apartments. Regency has partnered with a leading multifamily developer, who will construct the apartments on a ground lease.
Mandarin Landing	The redevelopment will transform a Whole Foods-anchored site in Jacksonville, FL into a modern healthy-living center, featuring a 25k SF medical care facility to replace a vacant, former Office Depot space. The project also features a reconfiguration of adjacent shop space, an additional two-tenant pad building, and a full façade renovation.
Serramonte Center - Phase 3	Redevelopment of the northeastern portion of the site, including a backfill of the former J.C. Penney box with a world class Asian food market, as well as the development of two new small shop buildings adjacent to Macy’s.
Various Redevelopments (est costs < $10 million individually)	Various Redevelopment properties where estimated incremental costs at each project are less than $10 million.

See next page for footnotes

Supplemental Information17

Development and Redevelopment Current Year Completions

June 30, 2023

(in thousands)

Current Year Development and Redevelopment Completions
Shopping Center Name	Market	Center GLA(a)		Center % Leased	Project Start	Est Initial Rent Commencement(b)	Est Stabilization Year(c)	Net Project Costs(d)	% of Costs Incurred	Stabilized Yield(e)
Ground-up Developments								-
None
Redevelopments			1,602	98%				$70M	90%	8% +/-
The Crossing Clarendon (4)	Metro DC		129	100%	Q4-2018	1H-2022	2024	$56M	90%	8% +/-
Redevelopment Completion (est costs < $10 million individually)			1,473	98%				$14M	92%	8% +/-
Total Completions			1,602	98%				$70M	90%	8% +/-

(a)Center GLA represents 100% of the owned GLA at the property, unless footnoted otherwise.

(b)Estimated Initial Rent Commencement represents the estimated date that the anchor or first tenants at each project will rent commence.

(c)Estimated Stabilization Year represents the estimated year that the project will reach the stated stabilized yield on an annualized basis.

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

(e)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 could 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: Glenwood Green (70%); Baybrook East - Phase 1B (50%); Sienna Phase 1 (anticipated 75%)

(4)GLA and % Leased represents: Westbard Square – Phase I only; Bloom on Third – fully redeveloped center (existing center is 73k SF and 100% leased); Mandarin Landing – fully redeveloped center (existing center is 129k SF and 93% leased); and The Crossing Clarendon – only includes the former office building now leased to Life Time Fitness and ground floor retail.

(5)Estimated costs are net of expected land sale proceeds of $50m. Combined net project costs for phase I and future phases are expected to be $80m - $90m with an incremental yield of 6% - 7%. Future phase(s) will include ~200 units of apartments, 44k SF of additional retail, and ~100 for-sale townhomes.

Note: Regency’s Estimate of Net GAAP Project Costs, after additional interest and overhead capitalization, are $528,600 for Ground-up Developments and Redevelopments In-Process. Percent of costs incurred is 39% for Ground-up Developments and Redevelopments In-Process.

Supplemental Information18

Leasing Statistics

June 30, 2023

(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.
2nd Quarter 2023		369		1,960	$	25.29	11.7%	20.0%		6.7	$	10.97
1st Quarter 2023		350		1,076		28.00	5.5%	14.1%		5.5		6.41
4th Quarter 2022		433		1,692		26.80	7.2%	15.1%		6.6		6.15
3rd Quarter 2022		459		2,191		23.08	7.3%	13.8%		5.8		4.46
Total - 12 months		1,611		6,920	$	25.39	8.1%	15.8%		6.2	$	6.97
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.
2nd Quarter 2023		106		497	$	28.83	29.3%	44.0%		11.3	$	43.02
1st Quarter 2023		89		192		34.77	4.8%	16.1%		8.4		33.77
4th Quarter 2022		102		279		32.01	5.9%	16.7%		8.8		32.20
3rd Quarter 2022		105		270		34.64	14.1%	26.3%		8.7		32.96
Total - 12 months		402		1,238	$	31.77	15.2%	27.7%		9.7	$	36.93
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.
2nd Quarter 2023		263		1,463	$	24.14	6.1%	12.2%		5.2	$	0.56
1st Quarter 2023		261		884		26.55	5.7%	13.5%		4.9		0.55
4th Quarter 2022		331		1,413		25.90	7.5%	14.7%		6.2		1.63
3rd Quarter 2022		354		1,921		21.55	5.9%	11.3%		5.4		0.71
Total - 12 months		1,209		5,681	$	24.09	6.3%	12.8%		5.5	$	0.88
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.
2nd Quarter 2023		425		2,184	$	26.52				6.6	$	14.40
1st Quarter 2023		404		1,326		27.03				5.7		9.26
4th Quarter 2022		498		2,020		25.67				6.4		9.91
3rd Quarter 2022		528		2,497		23.37				5.5		6.01
Total - 12 months		1,855		8,027	$	25.39				6.1	$	9.76

Notes:

•Represents Regency's wholly owned and pro-rata share of co-investment partnerships.

•All amounts reported at execution.

•Number of leasing transactions and GLA leased reported at 100%; All other statistics reported at pro-rata share.

•Rent Spreads are calculated on a comparable-space, cash basis for new and renewal leases executed and include all 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 rent over the last 12 months 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

June 30, 2023

(Retail Operating Properties Only)

New Lease Net Effective Rent (1)
	Trailing Twelve Months			Three Months Ended
	6/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022			6/30/2022
New Leases weighted avg. over lease term:
Base rent	$	34.97		$	35.73		$	34.06		$	31.64		$	38.36		$	37.30
Tenant allowance and landlord work (2)		(4.70	)		(5.03	)		(4.10	)		(4.57	)		(4.86	)		(3.76	)
Third party leasing commissions		(0.89	)		(0.90	)		(1.05	)		(0.81	)		(0.82	)		(0.70	)
Net Effective Rent	$	29.39		$	29.80		$	28.92		$	26.27		$	32.68		$	32.84
Net effective rent / base rent		84	%		83	%		85	%		83	%		85	%		88	%
Weighted avg. lease term (years)		9.4			10.6			8.8			9.0			8.6			10.3
Percent of New Leases by Anchor & Shop
≥ 10,000 SF		34	%		41	%		32	%		36	%		20	%		23	%
< 10,000 SF		66	%		59	%		68	%		64	%		80	%		77	%
Leases Signed Not Yet Commenced (3)
As of 6/30/2023:	Leases			GLA (in 000s)			Annual ABR ($ in 000s)			Annual ABR ($ PSF)
≥ 10,000 SF		20			528		$	7,505		$	17.98
< 10,000 SF		280			717			23,878			38.78
Total		300			1,246		$	31,384		$	30.38

(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 co-investment partnerships, except GLA which is shown at 100%.

Supplemental Information 20

Annual Base Rent by State

June 30, 2023

(in thousands)

State	Number of Properties		GLA		% Leased (1)			ABR		ABR/Sq. Ft.		% of Number of Properties			% of GLA			% of ABR
California		69		9,052		95.3	%	$	260,472	$	29.97		17.0	%		20.8	%		26.1	%
Florida		94		10,992		95.2	%		212,255		20.26		23.2	%		25.3	%		21.3	%
Texas		32		3,610		97.3	%		73,788		21.21		7.9	%		8.3	%		7.4	%
New York		18		2,168		81.6	%		62,577		35.38		4.4	%		5.0	%		6.3	%
Georgia		22		2,115		94.0	%		46,865		23.85		5.4	%		4.9	%		4.7	%
Virginia		21		1,670		92.1	%		46,158		29.31		5.2	%		3.8	%		4.6	%
Connecticut		15		1,529		90.4	%		36,690		26.41		3.7	%		3.5	%		3.7	%
North Carolina		17		1,593		97.9	%		34,954		22.48		4.2	%		3.7	%		3.5	%
Washington		17		1,267		97.4	%		34,463		27.92		4.2	%		2.9	%		3.5	%
Illinois		10		1,338		98.4	%		26,859		21.35		2.5	%		3.1	%		2.7	%
Massachusetts		8		897		93.7	%		26,265		29.66		2.0	%		2.1	%		2.6	%
Colorado		19		1,408		96.7	%		22,957		16.76		4.7	%		3.2	%		2.3	%
Pennsylvania		10		711		96.4	%		18,773		26.97		2.5	%		1.6	%		1.9	%
Maryland		11		583		98.4	%		16,263		29.50		2.7	%		1.3	%		1.6	%
Ohio		8		1,221		95.3	%		16,225		13.47		2.0	%		2.8	%		1.6	%
Oregon		8		779		89.7	%		15,158		21.54		2.0	%		1.8	%		1.5	%
New Jersey		5		648		90.0	%		13,816		23.70		1.2	%		1.5	%		1.4	%
Minnesota		5		390		99.3	%		7,366		19.05		1.2	%		0.9	%		0.7	%
Indiana		3		335		96.8	%		5,600		17.30		0.7	%		0.8	%		0.6	%
Tennessee		3		314		99.1	%		5,506		17.49		0.7	%		0.7	%		0.6	%
Missouri		4		408		99.5	%		4,526		11.14		1.0	%		0.9	%		0.5	%
Delaware		2		255		96.0	%		4,401		17.98		0.5	%		0.6	%		0.4	%
South Carolina		2		83		100.0	%		2,140		25.81		0.5	%		0.2	%		0.2	%
Washington, D.C.		2		30		89.0	%		1,517		57.62		0.5	%		0.1	%		0.2	%
Michigan		1		97		74.0	%		630		8.76		0.2	%		0.2	%		0.1	%
Total All Properties		406		43,491		94.6	%	$	996,225	$	24.16		100	%		100	%		100	%

Note: Represents Regency's wholly owned and pro-rata share of co-investment partnerships.

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

Supplemental Information 21

Annual Base Rent by CBSA

June 30, 2023

(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	21			2,442		82.3	%	$	71,390	$	35.51		5.2	%		5.6	%		7.2	%
2) Los Angeles-Long Beach-Anaheim	24			2,443		97.5	%	$	73,299	$	30.79		5.9	%		5.6	%		7.4	%
3) Chicago-Naperville-Elgin	11			1,617		94.8	%	$	31,467	$	20.53		2.7	%		3.7	%		3.2	%
4) Dallas-Fort Worth-Arlington	11			913		97.5	%	$	20,181	$	22.67		2.7	%		2.1	%		2.0	%
5) Houston-Woodlands-Sugar Land	15			1,827		96.7	%	$	35,769	$	20.26		3.7	%		4.2	%		3.6	%
6) Washington-Arlington-Alexandri	27			1,817		94.8	%	$	52,832	$	30.68		6.7	%		4.2	%		5.3	%
7) Philadelphia-Camden-Wilmington	10			1,165		94.7	%	$	24,128	$	21.86		2.5	%		2.7	%		2.4	%
8) Atlanta-SandySprings-Alpharett	22			2,115		92.1	%	$	46,865	$	24.06		5.4	%		4.9	%		4.7	%
9) Miami-Ft Lauderdale-PompanoBch	41			5,308		93.0	%	$	110,845	$	22.44		10.1	%		12.2	%		11.1	%
10) Phoenix-Mesa-Chandler	-		-		-			-		-		-			-			-
11) Boston-Cambridge-Newton	8			897		98.4	%	$	26,265	$	29.77		2.0	%		2.1	%		2.6	%
12) Rvrside-San Bernardino-Ontario	1			99		97.0	%	$	3,069	$	32.04		0.2	%		0.2	%		0.3	%
13) San Francisco-Oakland-Berkeley	18			3,343		93.9	%	$	96,096	$	30.61		4.4	%		7.7	%		9.6	%
14) Detroit-Warren-Dearborn	-		-		-			-		-		-			-			-
15) Seattle-Tacoma-Bellevue	17			1,267		97.4	%	$	34,463	$	27.93		4.2	%		2.9	%		3.5	%
16) Minneapol-St. Paul-Bloomington	5			390		99.3	%	$	7,366	$	19.04		1.2	%		0.9	%		0.7	%
17) San Diego-Chula Vista-Carlsbad	10			1,370		96.8	%	$	41,569	$	31.37		2.5	%		3.1	%		4.2	%
18) Tampa-St Petersburg-Clearwater	9			1,296		98.5	%	$	26,170	$	20.50		2.2	%		3.0	%		2.6	%
19) Denver-Aurora-Lakewood	11			940		96.4	%	$	15,120	$	16.69		2.7	%		2.2	%		1.5	%
20) Baltimore-Columbia-Towson	4			267		93.3	%	$	6,840	$	27.49		1.0	%		0.6	%		0.7	%
21) St. Louis	4			408		99.5	%	$	4,526	$	11.14		1.0	%		0.9	%		0.5	%
22) Charlotte-Concord-Gastonia	4			604		97.4	%	$	14,808	$	25.18		1.0	%		1.4	%		1.5	%
23) Orlando-Kissimmee-Sanford	7			833		96.0	%	$	15,848	$	19.81		1.7	%		1.9	%		1.6	%
24) San Antonio-New Braunfels	-		-		-			-		-		-			-			-
25) Portland-Vancouver-Hillsboro	5			436		84.4	%	$	8,331	$	22.62		1.2	%		1.0	%		0.8	%
26) Austin-Round Rock-Georgetown	5			834		98.5	%	$	17,839	$	21.74		1.2	%		1.9	%		1.8	%
27) Sacramento-Roseville-Folsom	4			318		99.8	%	$	7,670	$	24.20		1.0	%		0.7	%		0.8	%
28) Pittsburgh	-		-		-			-		-		-			-			-
29) Las Vegas-Henderson-Paradise	-		-		-			-		-		-			-			-
30) Cincinnati	5			899		97.8	%	$	12,263	$	13.95		1.2	%		2.1	%		1.2	%
31) Kansas City	-		-		-			-		-		-			-			-
32) Columbus	3			322		100.0	%	$	3,963	$	12.30		0.7	%		0.7	%		0.4	%
33) Indianapolis-Carmel-Anderson	2			56		80.8	%	$	993	$	22.13		0.5	%		0.1	%		0.1	%
34) Cleveland-Elyria	-		-		-			-		-		-			-			-
35) Nashvil-Davdsn-Murfree-Frankln	3			314		99.1	%	$	5,506	$	17.68		0.7	%		0.7	%		0.6	%
36) San Jose-Sunnyvale-Santa Clara	6			645		97.0	%	$	19,658	$	31.40		1.5	%		1.5	%		2.0	%
37) Virginia Beach-Norfolk-Newport News	-		-		-			-		-		-			-			-
38) Providence-Warwick	-		-		-			-		-		-			-			-
39) Jacksonville	20			1,913		97.4	%	$	32,056	$	17.20		4.9	%		4.4	%		3.2	%
40) Milwaukee-Waukesha	-		-		-			-		-		-			-			-
41) Raleigh-Cary	9			691		97.8	%	$	14,951	$	22.14		2.2	%		1.6	%		1.5	%
42) Oklahoma City	-		-		-			-		-		-			-			-
43) Memphis	-		-		-			-		-		-			-			-
44) Richmond	3			199		90.6	%	$	4,266	$	23.70		0.7	%		0.5	%		0.4	%
45) Louisville/Jefferson County	-		-		-			-		-		-			-			-
46) Salt Lake City	-		-		-			-		-		-			-			-
47) New Orleans-Metairie	-		-		-			-		-		-			-			-
48) Hartford-E Hartford-Middletown	2			302		88.1	%	$	5,579	$	20.95		0.5	%		0.7	%		0.6	%
49) Buffalo-Cheektowaga	-		-		-			-		-		-			-			-
50) Birmingham-Hoover	-		-		-			-		-		-			-			-
Top 50 CBSAs by Population		347		38,287		94.7	%	$	891,989	$	24.55		85.5	%		88.0	%		89.5	%
CBSAs Ranked 51 - 75 by Population	22			1,941		93.3	%		51,750		28.27		5.4	%		4.5	%		5.2	%
CBSAs Ranked 76 - 100 by Population	14			885		93.5	%		14,711		17.77		3.4	%		2.0	%		1.5	%
Other CBSAs	23			2,377		94.4	%		37,775		16.80		5.7	%		5.5	%		3.8	%
Total All Properties		406		43,491		94.6	%	$	996,225	$	24.16		100	%		100	%		100	%

Note: Represents Regency's wholly owned and pro-rata share of co-investments partnerships.

(1)Population Data Source: Synergos Technologies, Inc.

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

Supplemental Information 22

Annual Base Rent By Tenant Category

June 30, 2023

Tenant Category Exposure	% of ABR(1)
Grocery	19%
Restaurant - Quick Service/Fast Casual	13%
Personal Services	7%
Medical	6%
Restaurant - Full Service	6%
Off-Price	5%
Apparel/Accessories	5%
Fitness	5%
Banks	5%
Business Services	5%
Hobby/Sports	4%
Home	3%
Pet	3%
Office/Communications	3%
Pharmacy	3%
Other	2%
Beauty/Cosmetics	2%
Home Improvement/Auto	2%
Liquor/Wine/Beer	1%
Entertainment	1%
Anchor/Shop Exposure(2)	% of ABR
Shop	57%
Anchor	43%

(1)Represents Regency's wholly owned and pro-rata share of co-investment partnerships; includes properties in development, includes leases that are executed but have not rent commenced.

(2)Shop tenants defined as <10K SF, Anchor tenants defined as >10K SF.

Supplemental Information 23

Significant Tenant Rents

(Includes Tenants ≥ 0.5% of ABR)

June 30, 2023

(in thousands)

#	Tenant	Tenant GLA	% of Company- Owned GLA	Total Annualized Base Rent	% of Total Annualized Base Rent	Total # of Leased Stores
1	Publix	2,910	7.1%	$32,857	3.3%	67
2	Kroger Co.(1)	2,933	7.1%	30,150	3.0%	52
3	Albertsons Companies, Inc.(2)	1,921	4.7%	29,366	2.9%	46
4	Amazon/Whole Foods	1,194	2.9%	28,124	2.8%	37
5	TJX Companies, Inc.(3)	1,487	3.6%	26,074	2.6%	64
6	CVS	658	1.6%	15,508	1.6%	55
7	Ahold/Delhaize(4)	473	1.2%	12,003	1.2%	13
8	L.A. Fitness Sports Club	474	1.2%	10,130	1.0%	13
9	Trader Joe's	283	0.7%	9,801	1.0%	28
10	JPMorgan Chase Bank	142	0.3%	9,222	0.9%	46
11	Ross Dress For Less	534	1.3%	8,853	0.9%	24
12	Nordstrom(5)	308	0.7%	8,511	0.9%	9
13	Starbucks	137	0.3%	8,033	0.8%	88
14	Gap, Inc.(6)	250	0.6%	7,852	0.8%	21
15	H.E. Butt Grocery Company(7)	482	1.2%	7,376	0.7%	6
16	Petco Health & Wellness Company, Inc.(8)	286	0.7%	6,934	0.7%	30
17	JAB Holding Company(9)	166	0.4%	6,859	0.7%	59
18	Bank of America	119	0.3%	6,855	0.7%	40
19	Target	654	1.6%	6,790	0.7%	6
20	Wells Fargo Bank	122	0.3%	6,741	0.7%	43
21	Kohl's	526	1.3%	6,247	0.6%	7
22	Walgreens Boots Alliance(10)	230	0.6%	5,919	0.6%	21
23	Best Buy	229	0.6%	5,277	0.5%	7
24	Ulta	172	0.4%	4,980	0.5%	19
25	Xponential Fitness(11)	123	0.3%	4,849	0.5%	74
26	Dick's Sporting Goods, Inc.	274	0.7%	4,832	0.5%	4
27	Life Time	111	0.3%	4,700	0.5%	1
28	AT&T, Inc.(12)	100	0.2%	4,630	0.5%	55
29	Barnes & Noble	197	0.5%	4,540	0.5%	14
	Top Tenants	17,495	42.7%	$324,013	32.5%	949

(1)Kroger 19 / King Soopers 11 / Ralphs 9 / Harris Teeter 8 / Mariano's Fresh Market 3 / Quality Food Centers 2

(2)Safeway 20 / VONS 7 / Albertson's 4 / Acme Markets 3 / Shaw's 3 / Tom Thumb 3 / Randalls Food & Drug 2 / Star Market 2 / Dominick's 1 / Pavilions 1

(3)TJ Maxx 24 / Marshalls 20 / Homegoods 18 / Homesense 1 / Sierra Trading Post 1

(4)Giant 9 / Stop & Shop 3 / Food Lion 1

(5)Nordstrom Rack 9

(6)Old Navy 12 / Athleta 4 / The Gap 3 / Banana Republic 2

(7)H.E.B. 5 / Central Market 1

(8)Petco 25 / Unleashed by Petco 5

(9)Panera 28 / Peet's' Coffee & Tea 11 / Einstein Bros Bagels 10 / Bruegger's Bagel 4 / Krispy Kreme 3 / Noah's NY Bagels 3

(10)Walgreens 20 / Duane Reade 1

(11)Club Pilates 31 / Pure Barre 14 / Row House 8 / Cyclebar 7 / Stretchlab 7 / Yoga Six 6 / AKT 1

(12)AT&T 48 / Cricket 7

Note: Represents Regency's wholly owned and pro-rata share of co-investment 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

June 30, 2023

(GLA in thousands)

			Anchor Tenants (1)
Year	GLA		Percent of GLA	Percent of Total ABR (3)	ABR
MTM (4)		18	0.0%	0.0%	$	6.72
2023		280	0.7%	0.2%		7.83
2024		3,093	7.7%	5.0%		15.73
2025		3,002	7.4%	4.8%		15.58
2026		3,057	7.6%	5.0%		15.99
2027		3,567	8.8%	6.0%		16.31
2028		3,223	8.0%	5.9%		17.84
2029		1,743	4.3%	2.5%		13.71
2030		1,304	3.2%	2.4%		17.60
2031		839	2.1%	1.7%		19.10
2032		913	2.3%	1.7%		17.58
10 Year Total		21,039	52.1%	35.2%	$	16.22
Thereafter		4,484	11.1%	7.9%		17.15
		25,523	63.3%	43.1%	$	16.38

			Shop Tenants (2)
Year	GLA		Percent of GLA	Percent of Total ABR (3)	ABR
MTM (4)		211	0.5%	0.6%	$	28.37
2023		683	1.7%	2.4%		34.64
2024		1,997	5.0%	7.3%		35.28
2025		2,171	5.4%	8.1%		36.20
2026		2,009	5.0%	7.6%		36.58
2027		2,205	5.5%	8.4%		37.06
2028		1,790	4.4%	7.1%		38.57
2029		784	1.9%	3.1%		38.60
2030		633	1.6%	2.6%		39.95
2031		687	1.7%	2.8%		39.01
2032		773	1.9%	3.2%		40.14
10 Year Total		13,944	34.6%	53.2%	$	37.03
Thereafter		880	2.2%	3.7%		40.28
		14,824	36.7%	56.9%	$	37.22

			All Tenants
Year	GLA		Percent of GLA	Percent of Total ABR (3)	ABR
MTM (4)		229	0.6%	0.6%	$	26.66
2023		963	2.4%	2.7%		26.84
2024		5,090	12.6%	12.3%		23.40
2025		5,172	12.8%	12.9%		24.23
2026		5,065	12.6%	12.6%		24.15
2027		5,772	14.3%	14.4%		24.24
2028		5,014	12.4%	13.0%		25.24
2029		2,528	6.3%	5.6%		21.43
2030		1,937	4.8%	5.0%		24.90
2031		1,526	3.8%	4.4%		28.07
2032		1,687	4.2%	4.9%		27.92
10 Year Total		34,983	86.7%	88.4%	$	24.51
Thereafter		5,364	13.3%	11.6%		20.94
		40,347	100%	100%	$	24.04

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)Anchor tenants represent any tenant occupying at least 10,000 square feet.

(2)Shop tenants represent any tenant occupying less than 10,000 square feet.

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

(4)Month to month lease or in process of renewal.

Supplemental Information 25

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	200 Potrero			CA	San Francisco-Oakland-Berkeley	31	31	100.0%				Gizmo Art Production, INC.	$11.57
	4S Commons Town Center	M	85%	CA	San Diego-Chula Vista-Carlsbad	252	252	88.3%			68	Ace Hardware, Cost Plus World Market, CVS, Jimbo's…Naturally!, Ralphs, ULTA	$35.83
	Amerige Heights Town Center			CA	Los Angeles-Long Beach-Anaheim	97	97	100.0%		143	58	Albertsons, (Target)	$32.23
	Balboa Mesa Shopping Center			CA	San Diego-Chula Vista-Carlsbad	207	207	100.0%			42	CVS, Kohl's, Von's	$29.20
	Bayhill Shopping Center	GRI	40%	CA	San Francisco-Oakland-Berkeley	122	49	100.0%			32	CVS, Mollie Stone's Market	$28.19
	Bloom on Third (fka Town and Country Center)	O	35%	CA	Los Angeles-Long Beach-Anaheim	73	26	100.0%			41	Whole Foods, CVS, Citibank	$57.60
	Blossom Valley			CA	San Jose-Sunnyvale-Santa Clara	93	93	93.7%			34	Safeway	$27.58
	Brea Marketplace	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	352	141	94.3%			25	24 Hour Fitness, Big 5 Sporting Goods, Childtime Childcare, Old Navy, Sprout's, Target	$20.97
	Circle Center West			CA	Los Angeles-Long Beach-Anaheim	63	63	100.0%				Marshalls	$38.94
	Circle Marina Center			CA	Los Angeles-Long Beach-Anaheim	118	118	87.0%				Staples, Big 5 Sporting Goods, Centinela Feed & Pet Supplies	$31.71
	Clayton Valley Shopping Center			CA	San Francisco-Oakland-Berkeley	260	260	90.8%			14	Grocery Outlet, Central, CVS, Dollar Tree, Ross Dress For Less	$23.62
	Corral Hollow			CA	Stockton	167	167	70.4%			66	Safeway, CVS	$20.74
	Culver Center			CA	Los Angeles-Long Beach-Anaheim	217	217	92.4%			37	Ralphs, Best Buy, LA Fitness, Sit N' Sleep	$33.29
	Diablo Plaza			CA	San Francisco-Oakland-Berkeley	63	63	100.0%		53	53	Bevmo!, (Safeway), (CVS)	$43.04
	El Camino Shopping Center			CA	Los Angeles-Long Beach-Anaheim	136	136	100.0%			31	Bristol Farms, CVS	$42.66
	El Cerrito Plaza			CA	San Francisco-Oakland-Berkeley	256	256	93.8%			78	Barnes & Noble, Jo-Ann Fabrics, PETCO, Ross Dress For Less, Trader Joe's, Marshalls, (CVS)	$29.27
	El Norte Pkwy Plaza			CA	San Diego-Chula Vista-Carlsbad	91	91	99.0%			42	Von's, Children's Paradise, ACE Hardware	$20.32
	Encina Grande			CA	San Francisco-Oakland-Berkeley	106	106	100.0%			38	Whole Foods, Walgreens	$35.93
	Five Points Shopping Center	GRI	40%	CA	Santa Maria-Santa Barbara	145	58	97.6%			35	Smart & Final, CVS, Ross Dress for Less, Big 5 Sporting Goods, PETCO	$30.90
	French Valley Village Center			CA	Rvrside-San Bernardino-Ontario	99	99	97.0%			44	Stater Bros, CVS	$27.81
	Friars Mission Center			CA	San Diego-Chula Vista-Carlsbad	147	147	100.0%			55	Ralphs, CVS	$39.69
	Gelson's Westlake Market Plaza			CA	Oxnard-Thousand Oaks-Ventura	85	85	98.8%			40	Gelson's Markets, John of Italy Salon & Spa	$31.43
	Golden Hills Plaza			CA	San Luis Obispo-Paso Robles	244	244	87.0%				Lowe's, TJ Maxx	$7.10
	Granada Village	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	226	91	99.1%			24	Sprout's Markets, Rite Aid, PETCO, Homegoods, Burlington, TJ Maxx	$27.64
	Hasley Canyon Village			CA	Los Angeles-Long Beach-Anaheim	66	66	100.0%			52	Ralphs	$27.07
	Heritage Plaza			CA	Los Angeles-Long Beach-Anaheim	230	230	100.0%			44	Ralphs, CVS, Daiso, Mitsuwa Marketplace, Big 5 Sporting Goods	$42.51
	Laguna Niguel Plaza	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	42	17	95.8%		39	39	CVS,(Albertsons)	$31.64
	Mariposa Shopping Center	GRI	40%	CA	San Jose-Sunnyvale-Santa Clara	127	51	94.0%			43	Safeway, CVS, Ross Dress for Less	$22.12
	Morningside Plaza			CA	Los Angeles-Long Beach-Anaheim	91	91	100.0%			43	Stater Bros.	$25.36

Supplemental Information 26

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Navajo Shopping Center	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	102	41	98.7%			44	Albertsons, Rite Aid, O'Reilly Auto Parts	$15.42
	Newland Center			CA	Los Angeles-Long Beach-Anaheim	152	152	95.6%			58	Albertsons	$28.69
	Oakshade Town Center			CA	Sacramento-Roseville-Folsom	104	104	99.3%			40	Safeway, Office Max, Rite Aid	$23.38
	Oakbrook Plaza			CA	Oxnard-Thousand Oaks-Ventura	83	83	96.3%			44	Gelson's Markets, (CVS), (Ace Hardware)	$22.48
	Persimmon Place			CA	San Francisco-Oakland-Berkeley	153	153	100.0%			40	Whole Foods, Nordstrom Rack, Homegoods	$37.69
	Plaza Escuela			CA	San Francisco-Oakland-Berkeley	154	154	93.5%				The Container Store, Trufusion, Talbots, The Cheesecake Factory, Barnes & Noble	$43.81
	Plaza Hermosa			CA	Los Angeles-Long Beach-Anaheim	95	95	97.4%			37	Von's, CVS	$27.89
	Pleasant Hill Shopping Center	GRI	40%	CA	San Francisco-Oakland-Berkeley	227	91	98.3%				Target, Burlington, Ross Dress for Less, Homegoods	$24.34
	Point Loma Plaza	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	205	82	99.4%			50	Von's, Jo-Ann Fabrics, Marshalls, UFC Gym	$24.02
	Potrero Center			CA	San Francisco-Oakland-Berkeley	227	227	75.4%			60	Safeway, 24 Hour Fitness, Ross Dress for Less, Petco	$32.52
	Powell Street Plaza			CA	San Francisco-Oakland-Berkeley	166	166	98.4%			10	Trader Joe's, Bevmo!, Ross Dress For Less, Marshalls, Old Navy	$35.84
	Prairie City Crossing			CA	Sacramento-Roseville-Folsom	90	90	100.0%			55	Safeway	$22.59
	Raley's Supermarket	C	20%	CA	Sacramento-Roseville-Folsom	63	13	100.0%			63	Raley's	$14.00
	Ralphs Circle Center			CA	Los Angeles-Long Beach-Anaheim	60	60	98.5%			35	Ralphs	$20.77
	Rancho San Diego Village	GRI	40%	CA	San Diego-Chula Vista-Carlsbad	153	61	97.2%			40	Smart & Final, 24 Hour Fitness, (Longs Drug)	$25.13
	Rona Plaza			CA	Los Angeles-Long Beach-Anaheim	52	52	95.9%			37	Superior Super Warehouse	$21.64
	San Carlos Marketplace			CA	San Francisco-Oakland-Berkeley	154	154	89.9%				TJ Maxx, Best Buy, PetSmart, Bassett Furniture	$39.51
	Scripps Ranch Marketplace			CA	San Diego-Chula Vista-Carlsbad	132	132	99.2%			57	Vons, CVS	$33.85
	San Leandro Plaza			CA	San Francisco-Oakland-Berkeley	50	50	100.0%		38	38	(Safeway), (CVS)	$40.25
	Seal Beach	C	20%	CA	Los Angeles-Long Beach-Anaheim	97	19	96.9%			48	Pavilions, CVS	$26.86
	Serramonte Center			CA	San Francisco-Oakland-Berkeley	1072	1072	97.3%				Buy Buy Baby, Cost Plus World Market, Crunch Fitness, DAISO, Dave & Buster's, Dick's Sporting Goods, Divano Homes, H&M, Macy's, Nordstrom Rack, Old Navy, Party City, Ross Dress for Less, Target, TJ Maxx, Uniqlo, Jagalchi	$27.31
	Shoppes at Homestead			CA	San Jose-Sunnyvale-Santa Clara	116	116	97.8%		53		CVS, Crunch Fitness, (Orchard Supply Hardware)	$26.15
	Silverado Plaza	GRI	40%	CA	Napa	85	34	95.7%			32	Nob Hill, CVS	$21.57
	Snell & Branham Plaza	GRI	40%	CA	San Jose-Sunnyvale-Santa Clara	92	37	98.5%			53	Safeway	$21.62
	Talega Village Center			CA	Los Angeles-Long Beach-Anaheim	102	102	92.9%			46	Ralphs	$21.79
	Tassajara Crossing			CA	San Francisco-Oakland-Berkeley	146	146	98.2%			56	Safeway, CVS, Alamo Hardware	$26.26
	The Hub Hillcrest Market			CA	San Diego-Chula Vista-Carlsbad	149	149	94.1%			52	Ralphs, Trader Joe's	$43.20

Supplemental Information 27

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	The Marketplace			CA	Sacramento-Roseville-Folsom	111	111	100.0%			35	Safeway, CVS, Petco	$27.46
	The Pruneyard			CA	San Jose-Sunnyvale-Santa Clara	260	260	97.3%			13	Trader Joe's, The Sports Basement, Camera Cinemas, Marshalls	$41.57
	Tustin Legacy			CA	Los Angeles-Long Beach-Anaheim	112	112	100.0%			44	Stater Bros, CVS	$35.33
	Twin Oaks Shopping Center	GRI	40%	CA	Los Angeles-Long Beach-Anaheim	98	39	100.0%			41	Ralphs, Rite Aid	$22.52
	Twin Peaks			CA	San Diego-Chula Vista-Carlsbad	208	208	99.4%			45	Target, Grocer	$24.05
	Valencia Crossroads			CA	Los Angeles-Long Beach-Anaheim	173	173	100.0%			35	Whole Foods, Kohl's	$28.93
	Village at La Floresta			CA	Los Angeles-Long Beach-Anaheim	87	87	100.0%			37	Whole Foods	$37.71
	Von's Circle Center			CA	Los Angeles-Long Beach-Anaheim	151	151	100.0%			45	Von's, Ross Dress for Less, Planet Fitness	$27.73
	West Park Plaza			CA	San Jose-Sunnyvale-Santa Clara	88	88	100.0%			25	Safeway, Rite Aid	$20.75
	Westlake Village Plaza and Center			CA	Oxnard-Thousand Oaks-Ventura	201	201	97.1%			72	Von's, Sprouts, (CVS)	$42.39
	Willows Shopping Center			CA	San Francisco-Oakland-Berkeley	241	241	82.7%				REI, UFC Gym, Old Navy, Ulta, Five Below	$30.48
	Woodman Van Nuys			CA	Los Angeles-Long Beach-Anaheim	108	108	99.2%			78	El Super	$17.48
	Woodside Central			CA	San Francisco-Oakland-Berkeley	81	81	93.6%		113		Chuck E. Cheese, Marshalls, (Target)	$26.16
	Ygnacio Plaza	GRI	40%	CA	San Francisco-Oakland-Berkeley	110	44	99.1%				Sports Basement,TJ Maxx	$40.50
				CA		10,517	9,089	95.3%	95.3%	439	2,542		$29.97
	Applewood Shopping Ctr	GRI	40%	CO	Denver-Aurora-Lakewood	360	144	93.4%			71	Applejack Liquors, Hobby Lobby, Homegoods, King Soopers, PetSmart, Sierra Trading Post, Ulta, Three Little Mingos	$16.36
	Alcove On Arapahoe	GRI	40%	CO	Boulder	159	64	89.5%			44	PETCO, HomeGoods, Jo-Ann Fabrics, Safeway, Ulta Salon	$19.57
	Belleview Square			CO	Denver-Aurora-Lakewood	117	117	100.0%			65	King Soopers	$21.66
	Boulevard Center			CO	Denver-Aurora-Lakewood	77	77	90.6%		53	53	Eye Care Specialists, (Safeway)	$32.94
	Buckley Square			CO	Denver-Aurora-Lakewood	116	116	93.7%			62	Ace Hardware, King Soopers	$11.99
	Centerplace of Greeley III			CO	Greeley	119	119	100.0%				Hobby Lobby, Best Buy, TJ Maxx	$12.24
	Cherrywood Square Shop Ctr	GRI	40%	CO	Denver-Aurora-Lakewood	97	39	100.0%			72	King Soopers	$12.86
	Crossroads Commons	C	20%	CO	Boulder	143	29	93.6%			66	Whole Foods, Barnes & Noble	$30.12
	Crossroads Commons II	C	20%	CO	Boulder	18	4	100.0%				(Whole Foods), (Barnes & Noble)	$41.28
	Falcon Marketplace			CO	Colorado Springs	22	22	100.0%		184	50	(Wal-Mart)	$25.79
	Hilltop Village			CO	Denver-Aurora-Lakewood	101	101	100.0%			66	King Soopers	$13.04
	Littleton Square			CO	Denver-Aurora-Lakewood	99	99	100.0%			78	King Soopers	$12.04
	Lloyd King Center			CO	Denver-Aurora-Lakewood	83	83	100.0%			61	King Soopers	$12.23
	Marketplace at Briargate			CO	Colorado Springs	29	29	100.0%		66	66	(King Soopers)	$35.27
	Monument Jackson Creek			CO	Colorado Springs	85	85	98.4%			70	King Soopers	$12.63
	Ralston Square Shopping Center	GRI	40%	CO	Denver-Aurora-Lakewood	83	33	98.5%			55	King Soopers	$16.30

Supplemental Information 28

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Shops at Quail Creek			CO	Denver-Aurora-Lakewood	38	38	74.0%		100	100	(King Soopers)	$27.34
	Stroh Ranch			CO	Denver-Aurora-Lakewood	93	93	99.9%			70	King Soopers	$14.23
	Woodmen Plaza			CO	Colorado Springs	116	116	97.6%			70	King Soopers	$13.89
				CO		1,955	1,408	96.7%	96.7%	403	1,119		$16.76
	22 Crescent Road			CT	Bridgeport-Stamford-Norwalk	4	4	100.0%				-	$69.00
	91 Danbury Road			CT	Bridgeport-Stamford-Norwalk	5	5	100.0%				-	$30.14
	Black Rock	M	80%	CT	Bridgeport-Stamford-Norwalk	95	95	97.7%				Old Navy, The Clubhouse	$29.70
	Brick Walk	M	80%	CT	Bridgeport-Stamford-Norwalk	122	122	98.4%				-	$45.36
	Brookside Plaza			CT	Hartford-E Hartford-Middletown	227	227	84.8%			60	Burlington Coat Factory, PetSmart, ShopRite, Staples, TJ Maxx	$16.45
	Compo Acres Shopping Center			CT	Bridgeport-Stamford-Norwalk	43	43	95.9%			12	Trader Joe's	$55.32
	Copps Hill Plaza			CT	Bridgeport-Stamford-Norwalk	173	173	62.4%			59	Rite Aid, Stop & Shop, Homegoods	$26.12
	Corbin's Corner	GRI	40%	CT	Hartford-E Hartford-Middletown	189	75	98.1%			10	Best Buy, Edge Fitness, Old Navy, The Tile Shop, Total Wine and More, Trader Joe's	$32.03
	Danbury Green			CT	Bridgeport-Stamford-Norwalk	124	124	99.0%			12	Trader Joe's, Hilton Garden Inn, DSW, Staples, Rite Aid, Warehouse Wines & Liquors	$27.05
	Darinor Plaza			CT	Bridgeport-Stamford-Norwalk	153	153	100.0%				Kohl's, Old Navy, Party City	$20.28
	Fairfield Center	M	80%	CT	Bridgeport-Stamford-Norwalk	95	95	84.5%				Fairfield University Bookstore, Merril Lynch	$33.05
	Post Road Plaza			CT	Bridgeport-Stamford-Norwalk	20	20	100.0%			11	Trader Joe's	$58.03
	Southbury Green			CT	New Haven-Milford	156	156	86.7%			60	ShopRite, Homegoods	$22.18
	Westport Row			CT	Bridgeport-Stamford-Norwalk	95	95	96.8%			22	The Fresh Market, Pottery Barn	$43.70
	Walmart Norwalk			CT	Bridgeport-Stamford-Norwalk	142	142	100.0%			112	WalMart, HomeGoods	$0.56
				CT		1,643	1,529	90.4%	90.4%	0	358		$26.41
	Shops at The Columbia			DC	Washington-Arlington-Alexandri	23	23	85.8%			12	Trader Joe's	$42.56
	Spring Valley Shopping Center	GRI	40%	DC	Washington-Arlington-Alexandri	17	7	100.0%				-	$101.25
				DC		40	30	89.0%	89.0%	0	12		$57.62
	Pike Creek			DE	Philadelphia-Camden-Wilmington	229	229	96.2%			49	Acme Markets, Edge Fitness, Pike Creek Community Hardware	$17.14
	Shoppes of Graylyn	GRI	40%	DE	Philadelphia-Camden-Wilmington	64	26	94.6%				Rite Aid	$25.56
				DE		294	255	96.0%	96.0%	0	49		$17.98
	Alafaya Village			FL	Orlando-Kissimmee-Sanford	38	38	93.9%			58	-	$26.08
	Anastasia Plaza			FL	Jacksonville	102	102	92.4%			49	Publix	$14.84
	Atlantic Village			FL	Jacksonville	110	110	99.1%				LA Fitness, Pet Supplies Plus	$18.85
	Aventura Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	97	97	95.7%			49	CVS, Publix	$37.67
	Aventura Square			FL	Miami-Ft Lauderdale-PompanoBch	144	144	78.8%				Bed Bath & Beyond, DSW Warehouse, Jewelry Exchange, Old Navy	$39.74
	Banco Popular Building			FL	Miami-Ft Lauderdale-PompanoBch	0	0	100.0%				-	$0.00

Supplemental Information 29

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Berkshire Commons			FL	Naples-Marco Island	110	110	100.0%			66	Publix, Walgreens	$15.96
	Bird 107 Plaza			FL	Miami-Ft Lauderdale-PompanoBch	40	40	92.9%				Walgreens	$22.00
	Bird Ludlam			FL	Miami-Ft Lauderdale-PompanoBch	192	192	97.6%			44	CVS, Goodwill, Winn-Dixie	$26.02
	Bloomingdale Square			FL	Tampa-St Petersburg-Clearwater	252	252	98.9%			48	Bealls, Dollar Tree, Home Centric, LA Fitness, Publix	$20.56
	Boca Village Square			FL	Miami-Ft Lauderdale-PompanoBch	92	92	100.0%			36	CVS, Publix	$22.85
	Boynton Lakes Plaza			FL	Miami-Ft Lauderdale-PompanoBch	110	110	91.9%			46	Citi Trends, Pet Supermarket, Publix	$16.82
	Boynton Plaza			FL	Miami-Ft Lauderdale-PompanoBch	105	105	100.0%			54	CVS, Publix	$21.44
	Brooklyn Station on Riverside			FL	Jacksonville	50	50	97.2%			20	The Fresh Market	$28.38
	Caligo Crossing			FL	Miami-Ft Lauderdale-PompanoBch	11	11	100.0%		98		(Kohl's)	$46.99
	Carriage Gate			FL	Tallahassee	73	73	100.0%			13	Trader Joe's, TJ Maxx	$25.17
	Cashmere Corners			FL	Port St. Lucie	86	86	96.4%			44	WalMart	$14.94
	Charlotte Square			FL	Punta Gorda	91	91	94.1%			44	WalMart, Buffet City	$11.80
	Chasewood Plaza			FL	Miami-Ft Lauderdale-PompanoBch	152	152	96.3%			54	Publix, Pet Smart	$27.95
	Concord Shopping Plaza			FL	Miami-Ft Lauderdale-PompanoBch	309	309	100.0%			78	Big Lots, Dollar Tree, Home Depot, Winn-Dixie, YouFit Health Club	$14.43
	Coral Reef Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	75	75	88.3%			25	Aldi, Walgreens	$32.09
	Corkscrew Village			FL	Cape Coral-Fort Myers	82	82	97.8%			51	Publix	$15.32
	Country Walk Plaza			FL	Miami-Ft Lauderdale-PompanoBch	101	101	96.7%			40	Publix, CVS	$22.69
	Countryside Shops			FL	Miami-Ft Lauderdale-PompanoBch	193	193	72.6%			46	Publix, Ross Dress for Less	$25.55
	Courtyard Shopping Center			FL	Jacksonville	137	137	100.0%		63	63	Target, (Publix)	$3.68
(2)	East San Marco			FL	Jacksonville	59	59	100.0%			39	Publix	$28.74
	Fleming Island			FL	Jacksonville	132	132	97.4%		130	48	Publix, PETCO, Planet Fitness, (Target)	$17.41
	Fountain Square			FL	Miami-Ft Lauderdale-PompanoBch	177	177	100.0%		140	46	Publix, Ross Dress for Less, TJ Maxx, Ulta, (Target)	$28.94
	Gardens Square			FL	Miami-Ft Lauderdale-PompanoBch	90	90	99.1%			42	Publix	$19.28
	Glengary Shoppes			FL	North Port-Sarasota-Bradenton	93	93	97.0%				Best Buy, Barnes & Noble	$20.42
	Shoppes of Grande Oak			FL	Cape Coral-Fort Myers	79	79	100.0%			54	Publix	$18.10
	Greenwood Shopping Centre			FL	Miami-Ft Lauderdale-PompanoBch	133	133	96.8%			50	Publix, Bealls	$17.15
	Hammocks Town Center			FL	Miami-Ft Lauderdale-PompanoBch	187	187	91.6%		86	40	CVS, Goodwill, Publix, Metro-Dade Public Library, YouFit Health Club, (Kendall Ice Arena)	$18.53
	Hibernia Pavilion			FL	Jacksonville	51	51	89.3%			39	Publix	$16.44
	John's Creek Center	C	20%	FL	Jacksonville	76	15	100.0%			45	Publix	$16.91
	Julington Village	C	20%	FL	Jacksonville	82	16	100.0%			51	Publix, (CVS)	$17.42

Supplemental Information 30

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Kirkman Shoppes			FL	Orlando-Kissimmee-Sanford	116	116	98.5%				LA Fitness, Walgreens	$26.14
	Lake Mary Centre			FL	Orlando-Kissimmee-Sanford	356	356	94.8%			25	The Fresh Market, Academy Sports, Hobby Lobby, LA Fitness, Ross Dress for Less, Office Depot	$17.76
	Mandarin Landing			FL	Jacksonville	129	129	93.5%			50	Whole Foods, Aveda Institute, Baptist Health	$19.65
	Millhopper Shopping Center			FL	Gainesville	80	80	100.0%			46	Publix	$19.77
	Naples Walk			FL	Naples-Marco Island	125	125	96.6%			51	Publix	$19.34
	Newberry Square			FL	Gainesville	181	181	88.3%			40	Publix, Floor & Décor, Dollar Tree	$9.49
	Nocatee Town Center			FL	Jacksonville	114	114	99.0%			54	Publix	$23.23
	Northgate Square			FL	Tampa-St Petersburg-Clearwater	75	75	98.1%			48	Publix	$16.18
	Oakleaf Commons			FL	Jacksonville	77	77	100.0%			46	Publix	$16.81
	Ocala Corners			FL	Tallahassee	93	93	91.7%			61	Publix	$14.38
	Old St Augustine Plaza			FL	Jacksonville	248	248	100.0%			52	Publix, Burlington Coat Factory, Hobby Lobby, LA Fitness, Ross Dress for Less	$11.48
	Pablo Plaza			FL	Jacksonville	161	161	100.0%			34	Whole Foods, Office Depot, Marshalls, HomeGoods, PetSmart	$18.50
	Pavillion			FL	Naples-Marco Island	168	168	100.0%				LA Fitness, Paragon Theaters, J. Lee Salon Suites	$23.98
	Pine Island			FL	Miami-Ft Lauderdale-PompanoBch	255	255	99.5%			40	Publix, Burlington Coat Factory, Beall's Outlet, YouFit Health Club	$15.17
	Pine Ridge Square			FL	Miami-Ft Lauderdale-PompanoBch	118	118	72.7%			17	The Fresh Market, Marshalls, Ulta	$20.35
	Pine Tree Plaza			FL	Jacksonville	63	63	96.9%			38	Publix	$14.77
	Pinecrest Place			FL	Miami-Ft Lauderdale-PompanoBch	70	70	100.0%		173	47	Whole Foods, (Target)	$43.13
	Plaza Venezia	C	20%	FL	Orlando-Kissimmee-Sanford	203	41	99.7%			51	Publix, Eddie V's	$32.66
	Point Royale Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	202	202	100.0%			45	Winn-Dixie, Burlington Coat Factory, Pasteur Medical Center, Planet Fitness, Rana Furniture	$16.87
	Prosperity Centre			FL	Miami-Ft Lauderdale-PompanoBch	124	124	100.0%				Bed Bath & Beyond, Office Depot, TJ Maxx, CVS	$23.99
	Regency Square			FL	Tampa-St Petersburg-Clearwater	352	352	97.4%		66		AMC Theater, Dollar Tree, Five Below, Marshalls, Michael's, PETCO, Shoe Carnival, Staples, TJ Maxx, Ulta, Old Navy, (Best Buy), (Macdill)	$20.31
	Ryanwood Square			FL	Sebastian-Vero Beach	115	115	93.3%			40	Publix, Beall's, Harbor Freight Tools	$12.73
	Sawgrass Promenade			FL	Miami-Ft Lauderdale-PompanoBch	107	107	90.7%			36	Publix, Walgreens, Dollar Tree	$15.30
	Seminole Shoppes	O	50%	FL	Jacksonville	87	44	100.0%			54	Publix	$24.07
	Sheridan Plaza			FL	Miami-Ft Lauderdale-PompanoBch	507	507	95.3%			66	Publix, Kohl's, LA Fitness, Ross Dress for Less, Pet Supplies Plus, Wellmax, Burlington, Marshalls	$19.88
	Shoppes @ 104			FL	Miami-Ft Lauderdale-PompanoBch	112	112	95.0%			46	Winn-Dixie, CVS	$20.51
	Shoppes at Bartram Park	O	50%	FL	Jacksonville	135	67	99.0%		97	45	Publix, (Kohl's), (Tutor Time)	$22.41
	Shoppes at Lago Mar			FL	Miami-Ft Lauderdale-PompanoBch	83	83	92.3%			42	Publix, YouFit Health Club	$16.13
	Shoppes at Sunlake Centre			FL	Tampa-St Petersburg-Clearwater	117	117	100.0%			46	Publix	$24.98
	Shoppes of Jonathan's Landing			FL	Miami-Ft Lauderdale-PompanoBch	27	27	100.0%		54	54	(Publix)	$30.49

Supplemental Information 31

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Shoppes of Oakbrook			FL	Miami-Ft Lauderdale-PompanoBch	200	200	54.0%			44	Publix, Duffy's Sports Bar, CVS	$21.74
	Shoppes of Pebblebrook Plaza	O	50%	FL	Naples-Marco Island	80	40	97.0%			61	Publix, (Walgreens)	$16.63
	Shoppes of Silver Lakes			FL	Miami-Ft Lauderdale-PompanoBch	127	127	97.1%			48	Publix, Goodwill	$20.86
	Shoppes of Sunset			FL	Miami-Ft Lauderdale-PompanoBch	22	22	74.2%				-	$26.01
	Shoppes of Sunset II			FL	Miami-Ft Lauderdale-PompanoBch	28	28	79.0%				-	$23.46
	Shops at John's Creek			FL	Jacksonville	15	15	100.0%				-	$26.89
	Shops at Skylake			FL	Miami-Ft Lauderdale-PompanoBch	287	287	97.4%			51	Publix, LA Fitness, TJ Maxx, Goodwill, Pasteur Medical	$24.96
	South Beach Regional			FL	Jacksonville	308	308	94.2%			13	Trader Joe's, Home Depot, Ross Dress for Less, Bed Bath & Beyond, Staples, Nordstrom Rack	$17.55
	South Point			FL	Sebastian-Vero Beach	65	65	100.0%			45	Publix	$15.81
	Starke			FL	Jacksonville	13	13	100.0%				CVS	$27.05
	Suncoast Crossing			FL	Tampa-St Petersburg-Clearwater	118	118	98.8%		143		Kohl's, (Target)	$7.28
	Tamarac Town Square			FL	Miami-Ft Lauderdale-PompanoBch	125	125	87.0%			38	Publix, Dollar Tree, Retro Fitness	$12.84
	The Plaza at St. Lucie West			FL	Port St. Lucie	27	27	100.0%				-	$26.05
	The Village at Hunter's Lake			FL	Tampa-St Petersburg-Clearwater	72	72	100.0%			29	Sprouts	$28.21
	Town and Country			FL	Orlando-Kissimmee-Sanford	78	78	100.0%				Ross Dress for Less	$11.53
	Town Square			FL	Tampa-St Petersburg-Clearwater	44	44	100.0%				PETCO, Barnes & Noble	$35.27
	Treasure Coast Plaza			FL	Sebastian-Vero Beach	134	134	98.2%			59	Publix, TJ Maxx	$19.00
	Unigold Shopping Center			FL	Orlando-Kissimmee-Sanford	115	115	91.2%			31	YouFit Health Club, Ross Dress for Less	$15.50
	University Commons			FL	Miami-Ft Lauderdale-PompanoBch	180	180	100.0%			51	Whole Foods, Nordstrom Rack, Barnes & Noble, Bed Bath & Beyond	$35.01
	Village Center			FL	Tampa-St Petersburg-Clearwater	186	186	97.4%			50	Publix, PGA Tour Superstore, Walgreens	$22.54
	Waterstone Plaza			FL	Miami-Ft Lauderdale-PompanoBch	61	61	100.0%			46	Publix	$17.83
	Welleby Plaza			FL	Miami-Ft Lauderdale-PompanoBch	110	110	96.8%			47	Publix, Dollar Tree	$15.05
	Wellington Town Square			FL	Miami-Ft Lauderdale-PompanoBch	108	108	94.3%			45	Publix, CVS	$24.87
	West Bird Plaza			FL	Miami-Ft Lauderdale-PompanoBch	99	99	97.9%			38	Publix	$25.69
	West Lake Shopping Center			FL	Miami-Ft Lauderdale-PompanoBch	101	101	98.6%			46	Winn-Dixie, CVS	$22.37
	Westchase			FL	Tampa-St Petersburg-Clearwater	79	79	100.0%			51	Publix	$17.71
	Westport Plaza			FL	Miami-Ft Lauderdale-PompanoBch	47	47	91.6%			28	Publix	$21.30
	Willa Springs			FL	Orlando-Kissimmee-Sanford	90	90	100.0%			44	Publix	$23.41
				FL		11,431	10,992	95.2%		1,049	3,422		$20.26

Supplemental Information 32

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Ashford Place			GA	Atlanta-SandySprings-Alpharett	53	53	100.0%				Harbor Freight Tools	$26.03
	Briarcliff La Vista			GA	Atlanta-SandySprings-Alpharett	43	43	100.0%				Michael's	$22.47
	Briarcliff Village			GA	Atlanta-SandySprings-Alpharett	189	189	100.0%			43	Burlington, Party City, Publix, Shoe Carnival, TJ Maxx	$17.30
	Bridgemill Market			GA	Atlanta-SandySprings-Alpharett	89	89	91.7%			38	Publix	$17.98
	Brighten Park			GA	Atlanta-SandySprings-Alpharett	137	137	100.0%			25	Lidl, Big Blue Swim School, Kohl's	$28.73
	Buckhead Court			GA	Atlanta-SandySprings-Alpharett	49	49	83.5%				-	$31.79
	Buckhead Landing			GA	Atlanta-SandySprings-Alpharett	152	152	72.4%			56	Binders Art Supplies & Frames, Publix	$30.60
	Buckhead Station			GA	Atlanta-SandySprings-Alpharett	234	234	82.9%				Cost Plus World Market, DSW Warehouse, Nordstrom Rack, Old Navy, Saks Off 5th, TJ Maxx, Ulta	$26.45
	Cambridge Square			GA	Atlanta-SandySprings-Alpharett	70	70	37.3%			41	-	$26.17
	Chastain Square			GA	Atlanta-SandySprings-Alpharett	92	92	100.0%			37	Publix	$23.87
	Cornerstone Square			GA	Atlanta-SandySprings-Alpharett	80	80	100.0%			18	Aldi, Barking Hound Village, CVS, HealthMarkets Insurance	$19.16
	Sope Creek Crossing			GA	Atlanta-SandySprings-Alpharett	99	99	95.5%			45	Publix	$16.86
	Dunwoody Hall			GA	Atlanta-SandySprings-Alpharett	86	86	96.2%			44	Publix	$21.15
	Dunwoody Village			GA	Atlanta-SandySprings-Alpharett	121	121	96.6%			18	The Fresh Market, Walgreens, Dunwoody Prep	$22.11
	Howell Mill Village			GA	Atlanta-SandySprings-Alpharett	92	92	100.0%			31	Publix	$25.29
	Paces Ferry Plaza			GA	Atlanta-SandySprings-Alpharett	82	82	99.9%			30	Whole Foods	$40.59
	Powers Ferry Square			GA	Atlanta-SandySprings-Alpharett	97	97	100.0%				HomeGoods, PETCO	$35.64
	Powers Ferry Village			GA	Atlanta-SandySprings-Alpharett	69	69	100.0%			48	Publix, Barrel Town	$10.50
	Russell Ridge			GA	Atlanta-SandySprings-Alpharett	101	101	90.8%			63	Kroger	$13.37
	Sandy Springs			GA	Atlanta-SandySprings-Alpharett	113	113	98.1%			12	Trader Joe's, Fox's, Peter Glenn Ski & Sports	$26.48
	The Shops at Hampton Oaks			GA	Atlanta-SandySprings-Alpharett	21	21	89.8%				(CVS)	$11.86
	Williamsburg at Dunwoody			GA	Atlanta-SandySprings-Alpharett	45	45	100.0%				-	$24.70
				GA		2,115	2,115	92.1%	92.1%	0	551		$23.85
	Civic Center Plaza	GRI	40%	IL	Chicago-Naperville-Elgin	265	106	96.6%			87	Super H Mart, Home Depot, O'Reilly Automotive, King Spa	$10.66
	Clybourn Commons			IL	Chicago-Naperville-Elgin	32	32	95.0%				PETCO	$37.47
	Glen Oak Plaza			IL	Chicago-Naperville-Elgin	63	63	100.0%			12	Trader Joe's, Walgreens, Northshore University Healthsystems	$27.64
	Hinsdale Lake Commons			IL	Chicago-Naperville-Elgin	185	185	94.3%			57	Whole Foods, Goodwill, Charter Fitness, Petco	$16.55
	Mellody Farm			IL	Chicago-Naperville-Elgin	259	259	97.1%			45	Whole Foods, Nordstrom Rack, REI, HomeGoods, Barnes & Noble, West Elm	$29.83
(2)	Naperville Plaza	C	20%	IL	Chicago-Naperville-Elgin	115	23	96.8%			39	Casey's Foods, Trader Joe's, Oswald's Pharmacy	$26.38

Supplemental Information 33

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Riverside Sq & River's Edge	GRI	40%	IL	Chicago-Naperville-Elgin	169	68	99.3%			74	Mariano's Fresh Market, Dollar Tree, Party City, Blink Fitness	$17.66
	Roscoe Square	GRI	40%	IL	Chicago-Naperville-Elgin	140	56	70.7%			51	Mariano's Fresh Market, Walgreens	$28.47
	Westchester Commons			IL	Chicago-Naperville-Elgin	143	143	93.1%			80	Mariano's Fresh Market, Goodwill	$18.13
	Willow Festival			IL	Chicago-Naperville-Elgin	404	404	91.7%			60	Whole Foods, Lowe's, CVS, HomeGoods, REI, Ulta	$19.16
				IL		1,775	1,338	93.7%	93.7%	0	505		$21.35
	Shops on Main	M	94%	IN	Chicago-Naperville-Elgin	279	279	100.0%			40	Whole Foods, Dick's Sporting Goods, Ross Dress for Less, HomeGoods, DSW, Nordstrom Rack, Marshalls	$16.52
	Willow Lake Shopping Center	GRI	40%	IN	Indianapolis-Carmel-Anderson	86	34	76.2%		64	64	Indiana Bureau of Motor Vehicles, (Kroger)	$18.75
	Willow Lake West Shopping Center	GRI	40%	IN	Indianapolis-Carmel-Anderson	53	21	88.2%			12	Trader Joe's	$26.86
				IN		418	335	96.8%	96.8%	64	116		$17.30
	Fellsway Plaza	M	75%	MA	Boston-Cambridge-Newton	158	158	100.0%			61	Stop & Shop, Planet Fitness, BioLife Plasma Services	$26.12
	Shaw's at Plymouth			MA	Boston-Cambridge-Newton	60	60	100.0%			60	Shaw's	$19.34
	Shops at Saugus			MA	Boston-Cambridge-Newton	87	87	100.0%			11	Trader Joe's, La-Z-Boy, PetSmart	$30.66
	Star's at Cambridge			MA	Boston-Cambridge-Newton	66	66	100.0%			66	Star Market	$41.18
	Star's at Quincy			MA	Boston-Cambridge-Newton	101	101	100.0%			101	Star Market	$23.63
	Star's at West Roxbury			MA	Boston-Cambridge-Newton	76	76	100.0%			55	Shaw's	$27.58
	The Abbot			MA	Boston-Cambridge-Newton	64	64	77.1%				Center for Effective Alturism	$0.00
	Twin City Plaza			MA	Boston-Cambridge-Newton	285	285	100.0%			63	Shaw's, Marshall's, Extra Space Storage, Walgreens, K&G Fashion, Dollar Tree, Everfitness, Formlabs	$22.52
				MA		897	897	98.4%	98.4%	0	416		$29.66
	Burnt Mills	C	20%	MD	Washington-Arlington-Alexandri	31	6	79.2%			9	Trader Joe's	$42.46
	Cloppers Mill Village	GRI	40%	MD	Washington-Arlington-Alexandri	137	55	95.8%			70	Shoppers Food Warehouse, Dollar Tree	$19.55
	Festival at Woodholme	GRI	40%	MD	Baltimore-Columbia-Towson	81	32	91.6%			10	Trader Joe's	$40.70
	Firstfield Shopping Center	GRI	40%	MD	Washington-Arlington-Alexandri	22	9	100.0%				-	$43.94
	Parkville Shopping Center	GRI	40%	MD	Baltimore-Columbia-Towson	165	66	96.0%			41	Giant, Parkville Lanes, Dollar Tree, Petco, The Cellar Parkville	$17.21
	Southside Marketplace	GRI	40%	MD	Baltimore-Columbia-Towson	125	50	84.3%			44	Giant	$25.52
	Takoma Park	GRI	40%	MD	Washington-Arlington-Alexandri	107	43	99.2%			64	Planet Fitness	$15.79
	Village at Lee Airpark			MD	Baltimore-Columbia-Towson	118	118	96.1%		75	63	Giant, (Sunrise)	$31.34
	Watkins Park Plaza	GRI	40%	MD	Washington-Arlington-Alexandri	111	45	98.5%				LA Fitness, CVS	$29.23
	Westbard Square			MD	Washington-Arlington-Alexandri	132	132	96.7%			55	Giant, Bowlmor AMF	$38.39
	Woodmoor Shopping Center	GRI	40%	MD	Washington-Arlington-Alexandri	68	27	97.9%				CVS	$36.32
				MD		1,098	583	95.3%	95.3%	75	357		$29.50

Supplemental Information 34

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Fenton Marketplace			MI	Flint	97	97	74.0%				Family Farm & Home	$8.76
				MI		97	97	74.0%	74.0%	0	0		$8.76
	Apple Valley Square			MN	Minneapol-St. Paul-Bloomington	179	179	100.0%		87		Jo-Ann Fabrics, PETCO, Savers, Experience Fitness, (Burlington Coat Factory), (Aldi)	$16.94
	Cedar Commons			MN	Minneapol-St. Paul-Bloomington	66	66	100.0%			50	Whole Foods	$28.37
	Colonial Square	GRI	40%	MN	Minneapol-St. Paul-Bloomington	93	37	100.0%			44	Lund's	$26.64
	Rockford Road Plaza	GRI	40%	MN	Minneapol-St. Paul-Bloomington	204	82	96.9%				Kohl's, PetSmart, HomeGoods, TJ Maxx	$13.85
	Rockridge Center	C	20%	MN	Minneapol-St. Paul-Bloomington	125	25	99.4%			89	CUB Foods	$14.73
				MN		668	390	99.3%	99.3%	87	183		$19.05
	Brentwood Plaza			MO	St. Louis	60	60	100.0%			52	Schnucks	$11.54
	Bridgeton			MO	St. Louis	71	71	97.3%		130	63	Schnucks, (Home Depot)	$12.65
	Dardenne Crossing			MO	St. Louis	67	67	100.0%			63	Schnucks	$11.62
	Kirkwood Commons			MO	St. Louis	210	210	100.0%		258	136	Walmart, TJ Maxx, HomeGoods, Famous Footwear, (Target), (Lowe's)	$10.36
				MO		408	408	99.5%	99.5%	388	314		$11.14
	Blakeney Town Center			NC	Charlotte-Concord-Gastonia	384	384	99.1%		124		Harris Teeter, Marshalls, Best Buy, Petsmart, Off Broadway Shoes, Old Navy, (Target)	$26.77
	Carmel Commons			NC	Charlotte-Concord-Gastonia	141	141	91.3%			14	Chuck E. Cheese, The Fresh Market, Party City	$24.93
	Cochran Commons	C	20%	NC	Charlotte-Concord-Gastonia	66	13	100.0%		15	42	Harris Teeter, (Walgreens)	$17.60
	Market at Colonnade Center			NC	Raleigh-Cary	58	58	100.0%			40	Whole Foods	$28.41
	Glenwood Village			NC	Raleigh-Cary	43	43	100.0%			28	Harris Teeter	$18.41
	Holly Park			NC	Raleigh-Cary	158	158	97.7%			12	DSW Warehouse, Trader Joe's, Ross Dress For Less, Staples, US Fitness Products, Jerry's Artarama, Pet Supplies Plus, Ulta	$20.20
	Lake Pine Plaza			NC	Raleigh-Cary	88	88	100.0%			58	Harris Teeter	$14.41
	Midtown East	O	50%	NC	Raleigh-Cary	159	79	100.0%			120	Wegmans	$24.35
	Ridgewood Shopping Center	C	20%	NC	Raleigh-Cary	94	19	88.7%			30	Whole Foods, Walgreens	$21.79
	Shops at Erwin Mill	M	55%	NC	Durham-Chapel Hill	91	91	100.0%			53	Harris Teeter	$19.78
	Shoppes of Kildaire	GRI	40%	NC	Raleigh-Cary	145	58	100.0%			46	Trader Joe's, Aldi, Staples, Barnes & Noble	$21.18
	Southpoint Crossing			NC	Durham-Chapel Hill	103	103	100.0%			59	Harris Teeter	$17.29
	Sutton Square	C	20%	NC	Raleigh-Cary	101	20	82.3%			24	The Fresh Market	$21.39
	Village District	C	30%	NC	Raleigh-Cary	559	168	96.4%			87	Harris Teeter, The Fresh Market, Wake Public Library, Walgreens, Talbots, Great Outdoor Provision Co., York Properties,The Cheshire Cat Gallery, Crunch Fitness Select Club, Bailey's Fine Jewelry, Sephora, Barnes & Noble, Goodnight's Comedy Club, Ballard Designs	$27.07
	Village Plaza	C	20%	NC	Durham-Chapel Hill	73	15	96.7%			42	Whole Foods	$23.25
	Willow Oaks			NC	Charlotte-Concord-Gastonia	65	65	100.0%			49	Publix	$17.91
	Woodcroft Shopping Center			NC	Durham-Chapel Hill	90	90	98.6%			41	Food Lion, ACE Hardware	$14.55

Supplemental Information 35

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
				NC		2,418	1,593	97.9%	97.9%	139	744		$22.48
	Chimney Rock			NJ	New York-Newark-Jersey City	218	218	92.8%			50	Whole Foods, Nordstrom Rack, Saks Off 5th, The Container Store, Ulta	$38.89
	District at Metuchen	C	20%	NJ	New York-Newark-Jersey City	67	13	97.9%			44	Whole Foods	$32.44
(2)	Glenwood Green	M	70%	NJ	Philadelphia-Camden-Wilmington	353	353	90.7%			80	ShopRite, Target, Rendina	$14.61
	Haddon Commons	GRI	40%	NJ	Philadelphia-Camden-Wilmington	54	22	100.0%			34	Acme Markets	$15.18
	Plaza Square	GRI	40%	NJ	New York-Newark-Jersey City	104	42	62.0%			43	Grocer	$19.82
				NJ		796	648	90.0%	89.2%	0	251		$23.70
	101 7th Avenue			NY	New York-Newark-Jersey City	57	57	0.0%				-	$0.00
	1175 Third Avenue			NY	New York-Newark-Jersey City	25	25	35.9%			25	-	$185.00
	1225-1239 Second Ave			NY	New York-Newark-Jersey City	18	18	100.0%				CVS	$137.95
	90 - 30 Metropolitan Avenue			NY	New York-Newark-Jersey City	60	60	93.9%			11	Michaels, Staples, Trader Joe's	$36.87
	Broadway Plaza			NY	New York-Newark-Jersey City	147	147	83.2%			18	Aldi, Best Buy, Bob's Discount Furniture, TJ Maxx, Blink Fitness	$40.78
	Clocktower Plaza Shopping Ctr			NY	New York-Newark-Jersey City	79	79	90.4%			63	Stop & Shop	$50.76
	East Meadow			NY	New York-Newark-Jersey City	141	141	93.3%				Marshalls, Stew Leonard's	$16.06
(2)	East Meadow Plaza			NY	New York-Newark-Jersey City	195	195	55.9%			31	Lidl, Dollar Deal	$24.95
	Eastport			NY	New York-Newark-Jersey City	48	48	94.1%				King Kullen, Rite Aid	$12.61
	The Gallery at Westbury Plaza			NY	New York-Newark-Jersey City	312	312	100.0%			13	Trader Joe's, Nordstrom Rack, Saks Fifth Avenue, Bloomingdale's, The Container Store, HomeGoods, Old Navy, Gap Outlet, Bassett Home Furnishings, Famous Footwear	$52.21
	Hewlett Crossing I & II			NY	New York-Newark-Jersey City	52	52	100.0%				-	$38.52
	Rivertowns Square			NY	New York-Newark-Jersey City	116	116	90.9%			18	Ulta, The Learning Experience, Mom's Organic Market, Look Cinemas	$25.98
	The Point at Garden City Park			NY	New York-Newark-Jersey City	105	105	100.0%			52	King Kullen, Ace Hardware	$30.54
	Lake Grove Commons	GRI	40%	NY	New York-Newark-Jersey City	141	57	100.0%			48	Whole Foods, LA Fitness	$35.78
(2)	SunVet	M	100%	NY	New York-Newark-Jersey City	168	168	7.2%			40	Whole Foods	$60.23
	Valley Stream			NY	New York-Newark-Jersey City	99	99	90.3%				King Kullen	$30.42
	Wading River			NY	New York-Newark-Jersey City	99	99	84.1%				King Kullen, CVS, Ace Hardware	$23.50
	Westbury Plaza			NY	New York-Newark-Jersey City	390	390	100.0%			110	WalMart, Costco, Marshalls, Total Wine and More, Olive Garden	$27.18
				NY		2,253	2,168	81.6%	87.8%	0	428		$27.18
	Cherry Grove			OH	Cincinnati	203	203	99.0%			66	Kroger, Shoe Carnival, TJ Maxx, Tuesday Morning	$12.93
	East Pointe			OH	Columbus	111	111	100.0%			76	Kroger	$11.39
	Hyde Park			OH	Cincinnati	397	397	97.3%			100	Kroger, Kohl's, Walgreens, Jo-Ann Fabrics, Ace Hardware, Staples, Marshalls, Five Below	$17.04

Supplemental Information 36

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Kroger New Albany Center			OH	Columbus	93	93	100.0%			65	Kroger	$13.60
	Northgate Plaza (Maxtown Road)			OH	Columbus	117	117	100.0%		90	91	Kroger, (Home Depot)	$12.16
	Red Bank Village			OH	Cincinnati	176	176	100.0%			152	WalMart	$7.80
	Regency Commons			OH	Cincinnati	34	34	78.8%				-	$27.67
	West Chester Plaza			OH	Cincinnati	88	88	100.0%			67	Kroger	$10.50
				OH		1,221	1,221	98.4%	98.4%	90	616		$13.47
	Corvallis Market Center			OR	Corvallis	85	85	100.0%			12	Michaels, TJ Maxx, Trader Joe's	$23.06
	Greenway Town Center	GRI	40%	OR	Portland-Vancouver-Hillsboro	93	37	100.0%			38	Dollar Tree, Rite Aid, Whole Foods	$16.74
	Murrayhill Marketplace			OR	Portland-Vancouver-Hillsboro	150	150	84.2%			41	Safeway, Planet Fitness	$20.77
	Northgate Marketplace			OR	Medford	81	81	88.9%			13	Trader Joe's, REI, PETCO	$23.80
	Northgate Marketplace Ph II			OR	Medford	177	177	98.4%				Dick's Sporting Goods, Homegoods, Marshalls	$18.19
	Sherwood Crossroads			OR	Portland-Vancouver-Hillsboro	88	88	98.6%			55	Safeway	$12.53
	Tanasbourne Market			OR	Portland-Vancouver-Hillsboro	71	71	100.0%			57	Whole Foods	$32.96
	Walker Center			OR	Portland-Vancouver-Hillsboro	90	90	52.1%				-	$33.28
				OR		834	779	89.7%	89.7%	0	215		$21.54
	Allen Street Shopping Ctr	GRI	40%	PA	Allentown-Bethlehem-Easton	46	18	100.0%			22	Grocery Outlet Bargain Market	$18.95
(2)	Baederwood Shopping Center	M	80%	PA	Philadelphia-Camden-Wilmington	117	117	97.5%			40	Whole Foods, Planet Fitness	$28.04
	City Avenue Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	162	65	91.7%				Ross Dress for Less, TJ Maxx, Dollar Tree	$21.12
	Gateway Shopping Center			PA	Philadelphia-Camden-Wilmington	224	224	99.0%			11	Trader Joe's, Staples, TJ Maxx, Jo-Ann Fabrics	$35.43
	Hershey			PA	Harrisburg-Carlisle	6	6	100.0%				-	$30.00
	Lower Nazareth Commons			PA	Allentown-Bethlehem-Easton	96	96	100.0%		244	111	Burlington Coat Factory, PETCO, (Wegmans), (Target)	$27.73
	Mercer Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	91	37	91.1%			51	Weis Markets	$22.40
	Newtown Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	142	57	93.2%			56	Acme Markets, Michael's	$19.91
	Stefko Boulevard Shopping Center	GRI	40%	PA	Allentown-Bethlehem-Easton	134	54	87.6%			73	Valley Farm Market, Dollar Tree	$11.49
	Warwick Square Shopping Center	GRI	40%	PA	Philadelphia-Camden-Wilmington	93	37	96.7%			25	Grocery Outlet Bargain Market, Planet Fitness	$17.36
				PA		1,112	711	96.4%	96.4%	244	390		$26.97
	Indigo Square			SC	Charleston-North Charleston	51	51	100.0%			22	Greenwise (Vac 8/29/20)	$30.33
	Merchants Village	GRI	40%	SC	Charleston-North Charleston	80	32	100.0%			38	Publix	$18.56
				SC		131	83	100.0%	100.0%	0	59		$25.81
	Harpeth Village Fieldstone			TN	Nashvil-Davdsn-Murfree-Frankln	70	70	97.8%			55	Publix	$16.81
	Northlake Village			TN	Nashvil-Davdsn-Murfree-Frankln	135	135	99.0%			75	Kroger	$15.53
	Peartree Village			TN	Nashvil-Davdsn-Murfree-Frankln	110	110	100.0%			84	Kroger, PETCO	$20.35
				TN		314	314	99.1%	99.1%	0	214		$17.49

Supplemental Information 37

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Alden Bridge			TX	Houston-Woodlands-Sugar Land	139	139	98.4%			68	Kroger, Walgreens	$21.53
(2)	Baybrook East	O	50%	TX	Houston-Woodlands-Sugar Land	156	78	93.9%			106	H.E.B	$13.19
	Bethany Park Place			TX	Dallas-Fort Worth-Arlington	99	99	98.6%			83	Kroger	$11.90
	CityLine Market			TX	Dallas-Fort Worth-Arlington	81	81	100.0%			40	Whole Foods	$30.31
	CityLine Market Phase II			TX	Dallas-Fort Worth-Arlington	22	22	100.0%				CVS	$28.35
	Cochran's Crossing			TX	Houston-Woodlands-Sugar Land	138	138	100.0%			63	Kroger	$20.49
	Hancock			TX	Austin-Round Rock-Georgetown	263	263	98.1%			90	24 Hour Fitness, Firestone Complete Auto Care, H.E.B, PETCO, Twin Liquors	$19.53
	Hillcrest Village			TX	Dallas-Fort Worth-Arlington	15	15	100.0%				-	$51.23
	Indian Springs Center			TX	Houston-Woodlands-Sugar Land	137	137	97.9%			79	H.E.B.	$25.44
	Keller Town Center			TX	Dallas-Fort Worth-Arlington	120	120	99.0%			64	Tom Thumb	$17.38
	Lebanon/Legacy Center			TX	Dallas-Fort Worth-Arlington	56	56	100.0%		63	63	(WalMart)	$29.61
	Market at Preston Forest			TX	Dallas-Fort Worth-Arlington	96	96	97.4%			64	Tom Thumb	$22.26
	Market at Round Rock			TX	Austin-Round Rock-Georgetown	123	123	97.2%			30	Sprout's Markets, Office Depot, Tuesday Morning	$19.92
	Market at Springwoods Village	M	53%	TX	Houston-Woodlands-Sugar Land	167	167	99.1%			100	Kroger	$17.85
	Mockingbird Commons			TX	Dallas-Fort Worth-Arlington	120	120	95.9%			49	Tom Thumb, Ogle School of Hair Design	$21.13
	North Hills			TX	Austin-Round Rock-Georgetown	164	164	98.8%			60	H.E.B.	$22.02
	Panther Creek			TX	Houston-Woodlands-Sugar Land	166	166	100.0%			66	CVS, The Woodlands Childrens Museum, Fitness Project	$24.99
	Prestonbrook			TX	Dallas-Fort Worth-Arlington	92	92	100.0%			64	Kroger	$15.63
(2)	Preston Oaks			TX	Dallas-Fort Worth-Arlington	103	103	100.0%			30	Central Market, Talbots	$40.21
	Shiloh Springs			TX	Dallas-Fort Worth-Arlington	110	110	88.3%			61	Kroger	$14.80
	Shops at Mira Vista			TX	Austin-Round Rock-Georgetown	68	68	100.0%			15	Trader Joe's, Champions Westlake Gymnastics & Cheer	$25.69
(2)	Sienna			TX	Houston-Woodlands-Sugar Land	30	30	19.2%				-	$37.38
	Southpark at Cinco Ranch			TX	Houston-Woodlands-Sugar Land	265	265	98.9%			101	Kroger, Academy Sports, PETCO, Spec's Liquor and Finer Foods	$14.24
	Sterling Ridge			TX	Houston-Woodlands-Sugar Land	129	129	98.9%			63	Kroger, CVS	$22.33
	Sweetwater Plaza	C	20%	TX	Houston-Woodlands-Sugar Land	134	27	95.3%			65	Kroger, Walgreens	$18.67
	Tech Ridge Center			TX	Austin-Round Rock-Georgetown	216	216	98.9%			84	H.E.B., Pinstack, Baylor Scott & White	$23.94
	The Village at Riverstone			TX	Houston-Woodlands-Sugar Land	165	165	96.3%			100	Kroger	$17.22
	Weslayan Plaza East	GRI	40%	TX	Houston-Woodlands-Sugar Land	169	68	100.0%				Berings, Ross Dress for Less, Michaels, The Next Level Fitness, Spec's Liquor, Trek Bicycle	$21.79
	Weslayan Plaza West	GRI	40%	TX	Houston-Woodlands-Sugar Land	186	74	98.1%			52	Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble	$21.44
	Westwood Village			TX	Houston-Woodlands-Sugar Land	206	206	95.3%		127		Fitness Project, PetSmart, Office Max, Ross Dress For Less, TJ Maxx, (Target)	$21.17

Supplemental Information 38

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Woodway Collection	GRI	40%	TX	Houston-Woodlands-Sugar Land	186	74	98.1%			52	Randalls Food, Walgreens, PETCO, Homegoods, Barnes & Noble	$21.44
				TX		4,029	3,573	97.3%	98.1%	190	1,706		$21.21
	Ashburn Farm Village Center	GRI	40%	VA	Washington-Arlington-Alexandri	92	37	100.0%			27	Patel Brothers, The Shop Gym	$17.69
	Belmont Chase			VA	Washington-Arlington-Alexandri	91	91	98.3%			40	Cooper's Hawk Winery, Whole Foods	$34.18
	Braemar Village Center	RC	25%	VA	Washington-Arlington-Alexandri	108	27	100.0%			58	Safeway	$24.06
(2)	Carytown Exchange	M	67%	VA	Richmond	116	116	94.0%			38	Publix, CVS	$27.10
	Centre Ridge Marketplace	GRI	40%	VA	Washington-Arlington-Alexandri	107	43	100.0%			55	United States Coast Guard Ex, Planet Fitness	$21.01
	Point 50			VA	Washington-Arlington-Alexandri	48	48	100.0%			30	Amazon Fresh	$32.59
	Festival at Manchester Lakes	GRI	40%	VA	Washington-Arlington-Alexandri	168	67	85.4%			32	Amazon Fresh, Homesense	$31.74
	Fox Mill Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	103	41	91.8%			50	Giant	$26.88
	Greenbriar Town Center	GRI	40%	VA	Washington-Arlington-Alexandri	340	136	98.4%			62	Big Blue Swim School, Bob's Discount Furniture, CVS, Giant, Marshalls, Planet Fitness, Ross Dress for Less, Total Wine and More	$29.18
	Hanover Village Shopping Center	GRI	40%	VA	Richmond	90	36	87.8%			18	Aldi, Tractor Supply Company, Harbor Freight Tools	$9.67
	Kamp Washington Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	71	29	89.3%			20	PGA Tour Superstore	$32.53
	Kings Park Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	96	39	100.0%			51	Giant, CVS	$33.74
	Lorton Station Marketplace	C	20%	VA	Washington-Arlington-Alexandri	136	27	84.1%			63	Amazon Fresh, Planet Fitness	$26.44
	Saratoga Shopping Center	GRI	40%	VA	Washington-Arlington-Alexandri	113	45	93.4%			56	Giant	$21.55
	Shops at County Center			VA	Washington-Arlington-Alexandri	97	97	98.3%			52	Harris Teeter, Planet Fitness	$19.06
	The Crossing Clarendon			VA	Washington-Arlington-Alexandri	420	420	90.8%			34	Whole Foods, Crate & Barrel, The Container Store, Barnes & Noble, Pottery Barn, Ethan Allen, The Cheesecake Factory, Life Time Fitness	$39.59
	The Field at Commonwealth			VA	Washington-Arlington-Alexandri	167	167	99.0%			122	Wegmans	$22.41
	Village Center at Dulles	C	20%	VA	Washington-Arlington-Alexandri	304	61	96.0%			48	Giant, Gold's Gym, CVS, Advance Auto Parts, Chuck E. Cheese, HomeGoods, Goodwill, Furniture Max	$26.05
	Village Shopping Center	GRI	40%	VA	Richmond	116	46	84.1%			45	Publix, CVS	$25.55
	Willston Centre I	GRI	40%	VA	Washington-Arlington-Alexandri	105	42	80.6%				Fashion K City	$29.00
	Willston Centre II	GRI	40%	VA	Washington-Arlington-Alexandri	136	54	96.7%		141	59	Safeway, (Target), (PetSmart)	$27.48
				VA		3,026	1,670	94.0%	94.0%	141	960		$29.31
	6401 Roosevelt			WA	Seattle-Tacoma-Bellevue	8	8	100.0%				-	$25.56

Supplemental Information 39

Portfolio Summary Report By State

June 30, 2023

(GLA in thousands)

						JVs at 100%	REG's pro-rata share	REG's pro-rata share	REG's pro-rata share
Property Name		JV	REG %	State	CBSA	GLA	GLA	% Leased	% Leased - Retail Operating Properties	Retailer-Owned GLA	Grocery Anchor GLA	Major Tenants (1)	Avg. Base Rent PSF
	Aurora Marketplace	GRI	40%	WA	Seattle-Tacoma-Bellevue	107	43	100.0%			49	Safeway, TJ Maxx	$18.82
	Ballard Blocks I	O	50%	WA	Seattle-Tacoma-Bellevue	132	66	97.7%			12	LA Fitness, Ross Dress for Less, Trader Joe's	$27.75
	Ballard Blocks II	O	50%	WA	Seattle-Tacoma-Bellevue	117	58	98.4%			25	Bright Horizons, Kaiser Permanente, PCC Community Markets, Prokarma, Trufusion, West Marine	$34.93
	Broadway Market	C	20%	WA	Seattle-Tacoma-Bellevue	140	28	94.8%			64	Gold's Gym, Mosaic Salon Group, Quality Food Centers	$28.94
	Cascade Plaza	C	20%	WA	Seattle-Tacoma-Bellevue	206	41	97.3%			49	Big 5 Sporting Goods, Dollar Tree, Jo-Ann Fabrics, Planet Fitness, Ross Dress For Less, Safeway, Aaron's	$13.13
	Eastgate Plaza	GRI	40%	WA	Seattle-Tacoma-Bellevue	85	34	96.5%			29	Safeway, Rite Aid	$32.45
	Grand Ridge Plaza			WA	Seattle-Tacoma-Bellevue	331	331	99.2%			45	Bevmo!, Dick's Sporting Goods, Marshalls, Regal Cinemas,Safeway, Ulta	$26.04
	Inglewood Plaza			WA	Seattle-Tacoma-Bellevue	17	17	100.0%				-	$46.00
(2)	Island Village			WA	Seattle-Tacoma-Bellevue	106	106	100.0%			49	Safeway, Rite Aid	$16.26
	Klahanie Shopping Center			WA	Seattle-Tacoma-Bellevue	67	67	86.2%		40	40	(QFC)	$38.13
	Melrose Market			WA	Seattle-Tacoma-Bellevue	21	21	59.7%				-	$41.75
	Overlake Fashion Plaza	GRI	40%	WA	Seattle-Tacoma-Bellevue	87	35	97.9%		230	13	Marshalls, Bevmo!, Amazon Go Grocery	$29.27
	Pine Lake Village			WA	Seattle-Tacoma-Bellevue	103	103	98.8%			41	Quality Food Centers, Rite Aid	$26.59
	Roosevelt Square			WA	Seattle-Tacoma-Bellevue	150	150	96.6%			50	Whole Foods, Bartell, Guitar Center, LA Fitness	$27.26
	Sammamish-Highlands			WA	Seattle-Tacoma-Bellevue	101	101	100.0%		55	67	Trader Joe's, Bartell Drugs, (Safeway)	$38.30
	Southcenter			WA	Seattle-Tacoma-Bellevue	58	58	100.0%		112		(Target)	$33.98
				WA		1,836	1,267	97.4%	97.4%	437	532		$27.92
	Regency Centers Total					51,325	43,491	94.6%	95.0%	3,747	16,061		$24.16

(1)Major Tenants are the grocery anchor and any tenant 10,000 square feet or greater. Retailers in parenthesis are a shadow anchor and not a part of the owned property.

(2)Non-Same Property

Note: In-process developments are bolded and italicized.

C: Co-investment Partnership with Oregon

GRI: Co-investment Partnership with GRI

M: Co-investment Partnership with Minority Partner

O: Other, single property co-investment Partnerships

RC: Co-investment Partnership with CalSTRS

Supplemental Information 40

Components of Net Asset Value (NAV)

As of June 30, 2023

(unaudited and in thousands)

Real Estate - Operating
Operating Portfolio NOI Excluding Straight-line Rent and Above/Below Market Rent - Current Quarter
Wholly Owned NOI (page 5)	$	203,341
Share of JV NOI (page 7)	$	23,682
Less: Noncontrolling Interests (page 7)	$	(1,902	)
Quarterly Base Rent From Leases Signed But Not Yet Commenced
Retail Operating Properties Excluding In-Process Redevelopments (Quarterly)	$	5,839
Retail Operating Properties Including In-Process Redevelopments (Quarterly)	$	7,745

Real Estate: In-Process Ground-Up Developments and Redevelopments
In-Process Ground-Up Development
REG's Estimated Net Project Costs (page 17)	$	152,000
Stabilized Yield (page 17)		7	%
Annualized Proforma Stabilized NOI	$	10,640
% of Costs Incurred (page 17)		40	%
Construction in Progress	$	60,800
NOI from In-Process Ground-Up Development - Current Quarter
In-place NOI from Current Year Ground-Up Development Completions	$	-
In-place NOI from In-Process Ground-Up Developments	$	28
In-Process Redevelopment Projects
REG's Estimated Net Project Costs (page 17)	$	258,000
Stabilized Yield (page 17)		9	%
Annualized Proforma Stabilized NOI	$	23,220
% of Costs Incurred (page 17)		46	%
Construction in Progress	$	118,680
NOI from In-Process Redevelopment - Current Quarter
In-place NOI from Current Year Redevelopment Completions	$	503
In-place NOI from In-Process Redevelopments	$	(261	)

Fee Income
Third-Party Management Fees and Commissions - Current Quarter (page 5)	$	7,106
Less: Share of JV's Total fee income - Current Quarter (page 7)	$	(242	)

Other Assets
Estimated Market Value of Land
Land held for sale or future development	$	32,602
Outparcels at retail operating properties		8,448
101 7th Avenue at Book Value, Net		25,000
Total Estimated Market Value of Land	$	66,050
Regency's Pro-Rata Share (page 3 & 6)
Cash and Cash Equivalents	$	61,085
Tenant and other receivables, excluding Straight-line rent receivables	$	75,725
Other Assets, excluding Goodwill	$	143,902

Liabilities
Regency's Pro-Rata Share (page 3 & 6)
Notes payable	$	4,175,340
Accounts payable and other liabilities	$	335,058
Tenants' security, escrow deposits	$	83,006

Common Shares and Equivalents Outstanding
Common Shares and Equivalents Issued and Outstanding (page 1)	172,078

Supplemental Information 41

Earnings Guidance

June 30, 2023

Full Year 2023 Guidance (in thousands, except per share data)	2Q YTD	Current Guidance	Previous Guidance
Net Income Attributable to Common Shareholders per diluted share	$1.07	$2.05-$2.09	$2.01-$2.09
Nareit Funds From Operations ("Nareit FFO") per diluted share	$2.11	$4.11-$4.15	$4.07-$4.15
Core Operating Earnings per diluted share (1)	$1.99	$3.89-$3.93	$3.87-$3.93
Same property NOI growth without termination fees	2.0%	+1.0% to +1.5%	+0.5% to +1.5%
Same property NOI growth without termination fees or collection of 2020/2021 reserves	5.0%	+3.0% to +3.5%	+2.5% to +3.5%
Collection of 2020/2021 Reserves (2)	$2,687	+/-$4,000	+/-$4,000
Certain non-cash items (3)	$20,842	+/-$37,500	$34,500-$37,500
G&A expense, net (4)	$47,563	$88,000-$91,000	$88,000-$91,000
Interest expense, net	$82,905	+/-$168,000	+/-$168,000
Recurring third party fees & commissions	$12,663	+/-$25,000	+/-$25,000
Development and Redevelopment spend	$84,768	+/-$130,000	+/-$130,000
Acquisitions	$0	$0	$0
Cap rate (weighted average)	0.0%	0%	0%
Dispositions	$0	+/-$65,000	+/-$65,000
Cap rate (weighted average)	0.0%	+/- 7.0%	+/- 7.0%
Unit issuance (gross)	$20,000	$20,000	$20,000
Share repurchase settlement (gross)	$20,000	$20,000	$20,000

Reconcilliation of Net Income to Earnings Guidance (per diluted share)	Full Year 2023
	Low			High
Net income attributable to common shareholders	$	2.05			2.09
Adjustments to reconcile net income to Nareit FFO:
Depreciation and amortization		2.05			2.05
Exchangeable operating partnership units		0.01			0.01
Nareit Funds From Operations	$	4.11			4.15
Adjustments to reconcile Nareit FFO to Core Operating Earnings:
Straight-line rent, net		(0.07	)		(0.07	)
Above/below market rent amortization, net		(0.15	)		(0.15	)
Debt premium/discount amortization		0.00			0.00
Core Operating Earnings	$	3.89			3.93

Note: The 2023 guidance ranges and assumptions above remain on a Regency stand-alone basis only, and do not factor in any pro forma impacts for the pending Urstadt Biddle transaction. With the exception of per share data, figures above represent 100% of Regency's consolidated entities and its pro-rata share of unconsolidated co-investment partnerships.

(1)Core Operating Earnings excludes certain non-cash items, including straight-line rents, above/below market rent amortization, and amortization of mark-to-market debt, as well as transaction related income/expenses and debt extinguishment charges.

(2)Represents the collection of receivables in the Same Property portfolio reserved in 2020 and 2021; included in Uncollectible Lease Income.

(3)Includes above and below market rent amortization, straight-line rents, and amortization of mark-to-market debt adjustments.

(4)Represents 'General & administrative, net' before gains or losses on deferred compensation plan, as reported on supplemental pages 5 and 7 and calculated on a pro-rata basis.

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 42

Glossary of Terms

June 30, 2023

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

Development Completion: A Property in Development 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.

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

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

Net Operating Income (NOI): The sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income. NOI excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company also provides disclosure of NOI excluding termination fees, which excludes both termination fee income and expenses.

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

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

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

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

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

Redevelopment Completion: A Property in Redevelopment 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.

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

Supplemental Information 43

EX-99.3

Exhibit 99.3

 

SECOND QUARTER 2023 Fixed Income Supplemental Westlake Plaza and Center Los Angeles, CA Brick Walk New York, NY Village at Tustin Legacy Tustin, CA Market at Springwoods Village Houston, TX Aventura Shopping Center Miami, FL Mellody Farm Chicago, IL Regency Centers

 

Highlights Second Quarter 2023  Reported Nareit FFO of $1.03 per diluted share and Core Operating Earnings of $0.96 per diluted share for the second quarter  Raised 2023 Nareit FFO guidance to a range of $4.11 to $4.15 per diluted share and 2023 Core Operating Earnings guidance to a range of $3.89 to $3.93 per diluted share  The midpoint of 2023 Core Operating Earnings guidance represents approximately 5% year-over-year growth, excluding the collection of receivables reserved during 2020-2021  Increased Same Property NOI year-over-year by 3.6% in the second quarter, excluding lease termination fees and the collection of receivables reserved during 2020-2021  Increased Same Property percent leased by 70 basis points year-over-year to 95.2%, and Same Property percent commenced by 50 basis points year-over-year to 92.7%  Increased Same Property shop percent leased by 170 basis points year-over-year to 92.7%  Executed 2.0 million square feet of comparable new and renewal leases during the second quarter at blended rent spreads of +11.7% on a cash basis and +20.0% on a straight-lined basis  Started approximately $175 million of new development and redevelopment projects and completed approximately $68 million of redevelopment projects in the second quarter, at the Company’s share  As of June 30, 2023, Regency’s in-process development and redevelopment projects had estimated net project costs of $410 million  Issued the Company’s sixth annual Corporate Responsibility Report, illustrating Regency’s continued commitment to and leadership in ESG  Pro-rata net debt-to-operating EBITDAre was 4.9x at June 30, 2023  On May 18, 2023, the Company and Urstadt Biddle Properties Inc. (“Urstadt Biddle”) (NYSE: UBA and UBP) entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction, including the assumption of debt and preferred stock 2 Subsequent Highlights  On August 1, 2023, Regency’s Board of Directors (the “Board”) declared a quarterly cash dividend on the Company’s common stock of $0.65 per share

 

Credit Ratings & Select Ratios Credit Ratings Agency Credit Rating Outlook Last Review Date S&P BBB+ Stable 3/14/23 Moody's Baa1 Positive 9/16/22 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. 3 Unsecured Public Debt Covenants Required 3/31/2023 12/31/2022 9/30/2022 6/30/2022 Fair Market Value Calculation Method Covenants(i)(ii) Total Consolidated Debt to Total Consolidated Assets ≤ 65% 26% 26% 26% 26% Secured Consolidated Debt to Total Consolidated Assets ≤ 40% 3% 3% 3% 3% Consolidated Income for Debt Service to Consolidated Debt Service ≥ 1.5x 5.6x 5.7x 5.6x 5.7x Unencumbered Consolidated Assets to Unsecured Consolidated Debt >150% 407% 400% 400% 399%

 

Capital Structure & Liquidity Profile Capital Structure (% of total capitalization) Debt Composition Pro-Rata Secured vs. Unsecured 4 $14.9 Billion Total Capitalization 23% <1% 77% Secured Fixed Rate Secured Variable Rate Unsecured Debt - Bonds Liquidity Profile ($ millions) Unsecured Credit Facility - Committed 1,250 Balance Outstanding - Undrawn Portion of Credit Facility 1,250 Cash, Cash Equivalents & marketable Securities 43 Total Liquidity 1,293 Equity Unsecured Debt - Bonds Unconsolidated Debt - Secured Consolidated Debt - Secured Credit Facilities Secured Unsecured 22% 3% 72% <1% 23% 77%

 

A Well-Laddered Maturity Schedule Pro Rata Debt Maturity Profile as of June 30, 2023 Regency aims to have < 15% of total debt maturing in any given year Wtd Avg Interest Rate: 3.7% Wtd Avg Yrs to Maturity: 8.0 Years Total Pro Rata Debt: $4.2B 5 $31 2023 $359 2025 $338 2025 $409 2026 $676 2027 $391 2028 $446 2029 $672 2030 $139 2031 $52 2032 $2 2033 - 2046 $425 2047 $300 2049 unsecured debt - bonds consolidated debt secured unconsolidated debt secured

 

Follow us Second Quarter 2023 Earnings Conference Call Friday, August 4th, 2023 Time: 11:00 AM ET Dial#: 877-407-0789 or 201 689-8562 Webcast: investors.regencycenters.com Contact Information: Christy McElroy Senior Vice President, Capital Markets 904-598-7616 ChristyMcElroy@RegencyCenters.com Forward-Looking Statements Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency’s future events, developments, or financial or operational performance or results, such as our 2023 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 SEC filings. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with 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 Relating to the Current Economic Environment Continued rising interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock price. Current economic challenges, including potential for recession, may adversely impact our tenants and our business. Unfavorable developments affecting the banking and financial services industry could adversely affect our business, liquidity and financial condition, and overall results of operations. Risks Related to Pandemics or other Health Crises Pandemics or other health crises, such as the COVID-19 pandemic, may adversely affect our tenants’ financial condition, the profitability of our properties, and our access to the capital markets and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Risk Factors Related to Operating Retail-Based Shopping Centers Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow and increase our operating expenses. Shifts in retail trends, sales, and delivery methods between brick-and-mortar stores, e-commerce, home delivery, and curbside pick-up may adversely impact our revenues, results from 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 and regulations may have a material negative effect on us. Risk Factors Related to Real Estate Investments Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income. We face risks associated with development, redevelopment, and expansion of properties. We face risks associated with the development of mixed-use commercial properties. We face risks associated with the acquisition of properties. We may be unable to sell properties when desired because of market conditions. Changes in tax laws could impact our acquisition or disposition of real estate. Risk Factors Related to the Environment Affecting Our Properties Climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs as well as additional taxes and fees. Geographic concentration of our properties makes our business more vulnerable to natural disasters, severe weather conditions and climate change. Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow. Risk Factors Related to Corporate Matters An increased focus on metrics and reporting relating to environmental, social, and governance (“ESG”) factors 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. The unauthorized access, use, theft or destruction of tenant or employee personal, financial, or other data or of Regency’s proprietary or confidential information stored in our information systems or by third parties on our behalf could impact our reputation and brand and expose us to potential liability and loss of revenues. Risk Factors Related to Our Partnerships and Joint Ventures We do not have voting control over all of the properties owned in our co-investment partnerships and joint ventures, so we are unable to ensure that our objectives will be pursued. The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make distributions to stock and unit holders. Risk Factors Related to Funding Strategies and Capital Structure Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market capitalization rates and lower NOI at our properties which may dilute earnings. We depend on external sources of capital, which may not be available in the future on favorable terms or at all. Our debt financing may adversely affect our business and financial condition. Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition. Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations. Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us. Risk Factors Related to the Market Price for Our Securities Changes in economic and market conditions may adversely affect the market price of our securities. There is no assurance that we will continue to pay dividends at current or historical rates. Risk Factors Related to the Company’s Qualification as a REIT If the Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at regular corporate rates. Dividends paid by REITs generally do not qualify for reduced tax rates. Certain foreign stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common stock if we do not qualify as a “domestically controlled” REIT. Legislative or other actions affecting REITs may have a negative effect on us or our investors. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Risk Factors Related to the Company’s Common Stock Restrictions on the ownership of the Company’s capital stock to preserve its REIT status may delay or prevent a change in control. The issuance of the Company's capital stock may delay or prevent a change in control. Ownership in the Company may be diluted in the future. Risk Factors Related to our Pending Merger with Urstadt Biddle Properties, Inc. Please refer to disclosures in our 424(b)(3) prospectus, filed, with the SEC on July 12, 2023, which contains, among other things, additional risk factors related to such acquisition. Non-GAAP disclosure We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We do not consider non-GAAP measures an alternative to financial measures determined in accordance with GAAP, rather they supplement GAAP measures by providing additional information we believe to be useful to our shareholders. The principal limitation of these non-GAAP financial measures is they may exclude significant expense and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expense and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures are provided. Non- GAAP financial measures should not be relied upon in evaluating the financial condition, results of operations or future prospects of the Company. Nareit FFO is a commonly used measure of REIT performance, which the National Association of Real Estate Investment Trusts (“Nareit”) defines as net income, computed in accordance with GAAP, excluding gains on sale and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Regency computes Nareit FFO for all periods presented in accordance with Nareit's definition. Since Nareit FFO excludes depreciation and amortization and gains on sales and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of the Company’s financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of the Company's operating performance, which does not represent cash generated from operating activities in accordance with GAAP; and, therefore, should not be considered a substitute measure of cash flows from operations. The Company provides a reconciliation of Net Income Attributable to Common Stockholders to Nareit FFO. Core Operating Earnings is an additional performance measure that excludes from Nareit FFO: (i) transaction related income or expenses; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of mark-to-market of debt adjustments; and (iv) other amounts as they occur. The Company provides a reconciliation of Net Income to Nareit FFO to Core Operating Earnings.

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Document and Entity Information	Aug. 03, 2023
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 03, 2023
Entity Registrant Name	REGENCY CENTERS CORPORATION
Entity Central Index Key	0000910606
Entity File Number	001-12298
Entity Incorporation State Country Code	FL
Entity Tax Identification Number	59-3191743
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Security 12b Title	Common Stock, $.01 par value
Trading Symbol	REG
Security Exchange Name	NASDAQ
Partnership Interest [Member]
Document Information [Line Items]
Entity Registrant Name	REGENCY CENTERS, L.P.
Entity Central Index Key	0001066247
Entity File Number	0-24763
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	59-3429602
Entity Address, Address Line One	One Independent Drive
Entity Address, Address Line Two	Suite 114
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	598-7000
Entity Emerging Growth Company	false