JACKSONVILLE, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation ("Regency", "Regency Centers" or the "Company") (NASDAQ:REG) today announced that Lisa Palmer, President and Chief Executive Officer, is scheduled to present at the Nareit REITweek Investor Conference on Wednesday, June 5, 2024, at 11:00 am ET. To listen to the presentation, please use the webcast information provided below. A link to the webcast will be available for replay on the Investor Relations page of the Company's websi ...

Date: Wednesday, June 5, 2024 Time: 11:00 am – 11:30 am ET Speaker: Lisa Palmer, President & CEO Webcast Link: Regency Centers Presentation Link 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 t ...

JACKSONVILLE, Fla., May 16, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation ("Regency", "Regency Centers" or the "Company") (Nasdaq:REG) today released its 2023 Corporate Responsibility Report highlighting the Company's environmental, social, and governance progress and achievements. The report can be found on the Corporate Responsibility page of Regency's website. "As a foundational strategy for Regency, embodied responsibility will continue to enable our business's long- term sustainability and succe ...

JACKSONVILLE, Fla., May 16, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation ("Regency", "Regency Centers" or the "Company") (Nasdaq:REG) today released its 2023 Corporate Responsibility Report highlighting the Company's environmental, social, and governance progress and achievements. The report can be found on the Corporate Responsibility page of Regency's website. "As a foundational strategy for Regency, embodied responsibility will continue to enable our business's long- term sustainability and succe ...

Financial Performance & Guidance - The company projects Net Income Attributable to Common Shareholders per diluted share to be between $1.96 and $2.02 for the full year 2024[22] - Nareit Funds From Operations (FFO) per diluted share is guided between $4.15 and $4.21 for 2024[22] - Core Operating Earnings (COE) per diluted share is expected to be between $4.02 and $4.08 in 2024[22] - Same property NOI growth without termination fees or collection of 2020/2021 reserves is projected at +2.0% to +2.5%[22] - The company anticipates approximately $4-5 million in Lease Termination Fee Income in 2024, aligning with the historical average[24] Investment & Capital Allocation - Development and Redevelopment spend is estimated at +/- $180 million[22] - Dispositions are projected at +/- $125 million with a cap rate of +/- 5.5%[22] - The company's in-process development & redevelopment projects totaled $547 million as of March 31, 2024, with estimated stabilized yields of approximately 9%[28,42] Capital Structure & Debt - Total Pro Rata Debt Outstanding is $5.0 billion[26] - The company aims to maintain less than 15% of total debt maturing in any given year[26] - The company has revolver availability of approximately $1.5 billion[18] Risk Factors - The company highlights various risk factors, including those related to operating retail-based shopping centers, partnerships and joint ventures, funding strategies and capital structure, information management and technology, and the market price for its securities[3,4,5]

Regency Centers Corporation (NASDAQ:REG) Q1 2024 Earnings Conference Call May 3, 2024 11:00 AM ET Company Participants Christy McElroy - Senior Vice President, Capital Markets Lisa Palmer - President and CEO Mike Mas - Chief Financial Officer Alan Roth - East Region President and COO Nick Wibbenmeyer - West Region President and CIO Conference Call Participants Lizzy Doykan - Bank of America Michael Goldsmith - UBS Juan Sanabria - BMO Capital Markets Viktor Fediv - Scotiabank Ronald Kamdem - Morgan Stanley R ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12298 (Regency Centers Corporation) Commission File Number 0-24763 (Regency Centers, L.P.) REGENCY CENTERS CORPORATION REGENCY CENTERS, L.P. | ...

[Forward-Looking Statements & Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The company's forward-looking statements are not guarantees of future performance and are subject to risks, advising investors to review SEC filings - Statements regarding anticipated financial, business, legal, or other outcomes, including **2024 Guidance**, are forward-looking and subject to risks and uncertainties[4](index=4&type=chunk)[47](index=47&type=chunk) - Investors should not place undue reliance on these statements and should review risk factors in SEC filings (Form 10-K, 10-Q)[4](index=4&type=chunk)[47](index=47&type=chunk) - Regency undertakes no duty to update forward-looking statements unless required by law[4](index=4&type=chunk)[47](index=47&type=chunk) [Risk Factors](index=3&type=section&id=Risk%20Factors) Various economic, geopolitical, industry, real estate, and corporate risks could materially impact the company's business and stock price - Current economic and geopolitical environments, including **interest rates**, potential recession, and banking industry challenges, may adversely impact borrowing costs, real estate valuation, and stock price[5](index=5&type=chunk)[48](index=48&type=chunk) - Risks related to operating retail-based shopping centers include adverse economic/market conditions, shifts in retail trends (**e-commerce**), geographic concentration, dependence on anchor and local tenants, and compliance with regulations (e.g., ADA)[7](index=7&type=chunk)[51](index=51&type=chunk) - Real estate investment risks involve potential decline in asset value, impairment losses, and challenges associated with development, redevelopment, acquisition, and disposition of properties[8](index=8&type=chunk)[52](index=52&type=chunk) - Funding and capital structure risks include reliance on external capital, adverse effects of debt financing, restrictive debt covenants, and increased borrowing costs due to **rising interest rates**[12](index=12&type=chunk)[56](index=56&type=chunk) - Technology risks include unauthorized access to data, and the use of **artificial intelligence** presents risks related to confidentiality, inaccurate outputs, and emerging regulatory challenges[13](index=13&type=chunk)[57](index=57&type=chunk) - Failure to qualify as a **REIT** could result in federal income tax at corporate rates, and compliance with REIT requirements may limit hedging ability and incur tax liabilities[15](index=15&type=chunk)[59](index=59&type=chunk) [Earnings Press Release](index=4&type=section&id=Earnings%20Press%20Release) [First Quarter 2024 Results Overview](index=4&type=section&id=First%20Quarter%202024%20Results%20Overview) Regency Centers reported **Q1 2024 Net Income** of **$0.58 per diluted share**, driven by strong tenant demand and development activity Q1 2024 Key Financial Highlights | Metric | Q1 2024 | Q1 2023 | | :----------------------------------- | :------ | :------ | | Net Income per diluted share ($) | $0.58 | $0.57 | | Nareit FFO per diluted share ($) | $1.08 | $1.08 | | Core Operating Earnings per diluted share ($) | $1.04 | $1.03 | | Same Property NOI growth (excl. fees/reserves) (%) | 2.1% | | | Same Property percent leased (%) | 95.8% | 94.9% | | Same Property shop percent leased (%) | 93.5% | 92.0% | | Blended rent spreads (cash basis) (%) | +8.5% | | | Blended rent spreads (straight-lined basis) (%) | +17.4% | | - Regency's Board of Directors declared a quarterly cash dividend of **$0.67 per share** on common stock, payable July 3, 2024[21](index=21&type=chunk)[29](index=29&type=chunk) - The company started approximately **$80 million** in new development and redevelopment projects, including The Shops at Stone Bridge (**$67 million Whole Foods anchored development**)[22](index=22&type=chunk)[29](index=29&type=chunk) - Moody's Investors Service upgraded Regency's credit rating to **A3 with a stable outlook** in February[22](index=22&type=chunk)[29](index=29&type=chunk) [Financial Results](index=5&type=section&id=Financial%20Results) Regency's Q1 2024 Net Income rose to **$106.4 million** (**$0.58 per diluted share**), with stable Nareit FFO and increased Core Operating Earnings Q1 2024 Financial Performance | Metric | Q1 2024 (millions) | Q1 2023 (millions) | YoY Change (millions) | | :----------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Net Income Attributable to Common Shareholders (millions) | $106.4 | $97.3 | +$9.1 | | Net Income per diluted share ($) | $0.58 | $0.57 | +$0.01 | | Nareit FFO (millions) | $200.0 | $186.5 | +$13.5 | | Nareit FFO per diluted share ($) | $1.08 | $1.08 | $0.00 | | Core Operating Earnings (millions) | $193.1 | $177.8 | +$15.3 | | Core Operating Earnings per diluted share ($) | $1.04 | $1.03 | +$0.01 | [Portfolio Performance](index=5&type=section&id=Portfolio%20Performance) Q1 2024 Same Property NOI grew **2.1%**, driven by base rents, with Same Property percent leased at **95.8%** and shop percent leased at **93.5%** Q1 2024 Portfolio Performance Metrics | Metric | Q1 2024 | YoY Change | | :----------------------------------- | :------ | :--------- | | Same Property NOI growth (excl. fees/reserves) (%) | 2.1% | +2.1% | | Same Property base rents contribution to NOI growth (%) | 2.7% | | | Same Property percent leased (%) | 95.8% | +90 bps | | Same Property anchor percent leased (%) | 97.2% | +50 bps | | Same Property shop percent leased (%) | 93.5% | +150 bps | | Same Property commenced (%) | 92.1% | -50 bps | - Regency executed **1.8 million square feet** of comparable new and renewal leases in Q1 2024, with blended cash rent spreads of **+8.5%** and straight-lined rent spreads of **+17.4%**[27](index=27&type=chunk) - For the trailing twelve months ended March 31, 2024, comparable new and renewal leases totaled **7.7 million square feet**, with blended cash rent spreads of **+10.3%** and straight-lined rent spreads of **+18.9%**[27](index=27&type=chunk) [Capital Allocation and Balance Sheet](index=6&type=section&id=Capital%20Allocation%20and%20Balance%20Sheet) Regency initiated **$80 million** in Q1 2024 development, bringing total in-process projects to **$547 million**, and boosted liquidity to over **$1.7 billion** - Started **$80 million** in developments and redevelopments in Q1 2024, including The Shops at Stone Bridge (**$67 million**, anchored by Whole Foods and TJ Maxx)[29](index=29&type=chunk) - In-process development and redevelopment projects totaled **$547 million** as of March 31, 2024, with **46%** of costs incurred[29](index=29&type=chunk) - Completed the disposition of Glengary Shoppes for **$31 million** in January 2024 and Tamarac Town Square for **$23 million** in April 2024[29](index=29&type=chunk) - Liquidity exceeded **$1.7 billion** as of March 31, 2024, including **$1.5 billion** capacity under its revolving credit facility and **$230 million** cash[29](index=29&type=chunk) - Priced **$400 million** of senior unsecured notes due 2034 with a **5.25% coupon**, with proceeds intended to repay existing debt and for general corporate purposes[29](index=29&type=chunk) Debt Metrics (Pro-Rata, TTM) | Metric | As of March 31, 2024 | | :----------------------------------- | :------------------- | | Net debt and preferred stock to operating EBITDAre (x) | 5.4x | | Net debt and preferred stock to operating EBITDAre (adjusted for Urstadt Biddle) (x) | 5.2x | [Common and Preferred Dividends](index=6&type=section&id=Common%20and%20Preferred%20Dividends) Regency's Board declared a quarterly cash dividend of **$0.67 per share** for common stock, plus dividends for Series A and B preferred stock - Quarterly cash dividend of **$0.67 per share** declared for common stock, payable July 3, 2024[29](index=29&type=chunk) - Quarterly cash dividend of **$0.390625 per share** declared for Series A preferred stock, payable July 31, 2024[29](index=29&type=chunk) - Quarterly cash dividend of **$0.367200 per share** declared for Series B preferred stock, payable July 31, 2024[29](index=29&type=chunk) [2024 Guidance](index=7&type=section&id=2024%20Guidance) Regency updated its full-year 2024 guidance, raising Net Income per diluted share to **$1.96-$2.02** and Nareit FFO to **$4.15-$4.21** Full Year 2024 Guidance Update | Metric | 1Q 2024 Actual | Current Guidance | Previous Guidance | | :----------------------------------- | :------------- | :--------------- | :---------------- | | Net Income per diluted share ($) | $0.58 | $1.96-$2.02 | $1.87-$1.93 | | Nareit FFO per diluted share ($) | $1.08 | $4.15-$4.21 | $4.14-$4.20 | | Core Operating Earnings per diluted share ($) | $1.04 | $4.02-$4.08 | $4.02-$4.08 | | Same property NOI growth (excl. fees/reserves) (%) | 2.1% | +2.0% to +2.5% | +2.0% to +2.5% | | Acquisitions ($) | $0 | +/-$46,000 | $0 | | Dispositions ($) | $30,500 | +/-$125,000 | +/-$100,000 | - Development and Redevelopment spend is projected at approximately **$180 million** for the full year 2024[31](index=31&type=chunk) - Weighted average cap rate for dispositions is projected at **+/- 5.5%**[31](index=31&type=chunk) [Company Overview](index=8&type=section&id=Company%20Overview) [About Regency Centers Corporation](index=8&type=section&id=About%20Regency%20Centers%20Corporation) Regency Centers is a leading national owner, operator, and developer of grocer-anchored suburban shopping centers, an **S&P 500 REIT** - Regency Centers is a preeminent national owner, operator, and developer of shopping centers in suburban trade areas[36](index=36&type=chunk) - Its portfolio includes properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers[36](index=36&type=chunk) - Regency Centers is a qualified real estate investment trust (**REIT**), self-administered, self-managed, and an **S&P 500 Index** member[36](index=36&type=chunk) [Summary Information](index=12&type=section&id=Summary%20Information) [Summary Financial Information](index=12&type=section&id=Summary%20Financial%20Information) Regency reported Q1 2024 Net Income of **$106.36 million** (**$0.58 per diluted share**), Nareit FFO of **$199.97 million**, and Core Operating Earnings of **$193.07 million** Q1 2024 Summary Financial Results | Metric | Q1 2024 (thousands) | Q1 2023 (thousands) | | :----------------------------------- | :--------------------- | :--------------------- | | Net income attributable to common shareholders (thousands) | $106,361 | $97,281 | | Net income per diluted share ($) | $0.58 | $0.57 | | Nareit FFO (thousands) | $199,967 | $186,495 | | Nareit FFO per diluted share ($) | $1.08 | $1.08 | | Core Operating Earnings (thousands) | $193,068 | $177,798 | | Core Operating Earnings per diluted share ($) | $1.04 | $1.03 | | Same Property NOI without termination fees (thousands) | $235,061 | $231,731 | | Same Property NOI without termination fees or collection of 2020/2021 reserves (thousands) | $235,061 | $230,210 | | Operating EBITDAre (thousands) | $249,596 | $221,479 | | Dividends declared per share and unit ($) | $0.670 | $0.650 | | Payout ratio of Core Operating Earnings per share (diluted) (%) | 64.4% | 63.1% | Capital Information (as of March 31, 2024) | Metric | 3/31/2024 (thousands) | 12/31/2023 (thousands) | | :----------------------------------- | :----------------------- | :------------------------ | | Market price per common share ($) | $60.56 | $67.00 | | Common shares outstanding (thousands) | 184,774 | 184,581 | | Market equity value of common shares and equivalents (thousands) | $11,256,530 | $12,441,131 | | Preferred stock (thousands) | $225,000 | $225,000 | | Outstanding debt (thousands) | $4,957,288 | $4,688,805 | | Net debt and preferred stock (thousands) | $4,952,187 | $4,822,451 | | Total market capitalization (thousands) | $16,208,717 | $17,263,582 | Debt Metrics (Pro-Rata, TTM) | Metric | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Net Debt and Preferreds-to-Operating EBITDAre (x) | 5.4x | 5.4x | | Net Debt and Preferreds-to-Operating EBITDAre, adjusted (x) | 5.2x | 5.1x | | Fixed charge coverage (x) | 4.5x | 4.7x | [Summary Real Estate Information](index=13&type=section&id=Summary%20Real%20Estate%20Information) As of March 31, 2024, Regency owned **482 properties**, with Same Property portfolio **95.8% leased** and total GLA of **57.01 million square feet** Real Estate Portfolio Summary (Consolidated and 100% of Real Estate Partnerships) | Metric | 3/31/2024 | 12/31/2023 | 3/31/2023 | | :----------------------------------- | :-------- | :--------- | :-------- | | Number of properties | 482 | 482 | 404 | | Number of retail operating properties | 473 | 474 | 402 | | Number of same properties | 400 | 394 | 395 | | GLA - All properties (thousands sq ft) | 57,013 | 56,831 | 51,137 | | GLA - Retail operating properties (thousands sq ft) | 56,091 | 56,062 | 50,628 | | GLA - Same properties (thousands sq ft) | 50,597 | 49,754 | 49,808 | | Leased - All properties (%) | 95.0% | 95.1% | 94.9% | | Leased - Retail operating properties (%) | 95.4% | 95.3% | 95.0% | | Leased - Same properties (%) | 95.8% | 95.6% | 94.9% | | Leased - Same properties (Spaces ≥ 10,000 sf) (%) | 97.2% | 96.9% | 96.7% | | Leased - Same properties (Spaces < 10,000 sf) (%) | 93.5% | 93.4% | 92.0% | | Commenced - Same properties (%) | 92.1% | 92.8% | 92.6% | Same Property NOI Growth (YTD) | Metric | 3/31/2024 | 3/31/2023 | | :----------------------------------- | :-------- | :-------- | | Same property NOI Growth without Termination Fees (%) | 1.4% | 2.5% | | Same property NOI Growth without Termination Fees or Redevelopments (%) | 1.1% | 2.5% | | Same property NOI Growth without Termination Fees or Collection of 2020/2021 Reserves (%) | 2.1% | 6.3% | - Rent spreads for the trailing 12 months ended March 31, 2024, were **10.3%** (cash basis), up from **7.3%** a year prior[65](index=65&type=chunk) [Financial Information](index=14&type=section&id=Financial%20Information) [Consolidated Balance Sheets](index=14&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, Regency reported total assets of **$12.65 billion**, net real estate investments at **$11.09 billion**, and total liabilities at **$5.47 billion** Consolidated Balance Sheet Summary (in thousands) | Account | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | **Assets:** | | | | Net real estate investments (thousands) | $11,088,028 | $11,142,315 | | Cash, cash equivalents, and restricted cash (thousands) | $230,101 | $91,354 | | Total assets (thousands) | $12,650,903 | $12,426,913 | | **Liabilities:** | | | | Total notes payable (thousands) | $4,417,181 | $4,153,949 | | Total liabilities (thousands) | $5,472,884 | $5,234,978 | | **Equity:** | | | | Total shareholders' equity (thousands) | $7,019,711 | $7,032,687 | | Total equity (thousands) | $7,178,019 | $7,191,935 | | Total liabilities and equity (thousands) | $12,650,903 | $12,426,913 | - Cash, cash equivalents, and restricted cash significantly increased to **$230.1 million** from **$91.4 million** QoQ[68](index=68&type=chunk) - Notes payable, net, increased to **$4.39 billion** from **$4.00 billion** QoQ[68](index=68&type=chunk) [Consolidated Statements of Operations](index=15&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2024, Regency reported total revenues of **$363.85 million**, up from **$317.98 million** YoY, with net income attributable to common shareholders rising to **$106.36 million** Consolidated Statements of Operations Summary (in thousands) | Account | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Total revenues (thousands) | $363,852 | $317,977 | | Lease income (thousands) | $353,106 | $308,801 | | Total operating expenses (thousands) | $233,941 | $196,989 | | Interest expense, net (thousands) | $42,868 | $36,393 | | Gain on sale of real estate, net of tax (thousands) | $(11,403) | $(250) | | Net income (thousands) | $112,658 | $98,488 | | Net income attributable to common shareholders (thousands) | $106,361 | $97,281 | - Lease income increased by **$44.3 million** YoY, while other property income also saw a rise[71](index=71&type=chunk) - Operating expenses increased by **$36.95 million** YoY, with depreciation and amortization, property operating expense, and real estate taxes being the main contributors[71](index=71&type=chunk) [Supplemental Details of Operations (Consolidated Only)](index=16&type=section&id=Supplemental%20Details%20of%20Operations%20(Consolidated%20Only)) Consolidated operations show base rent as the largest revenue component, increasing to **$244.14 million** in Q1 2024, with operating expenses also rising Consolidated Revenues (in thousands) | Revenue Item | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Base rent (thousands) | $244,135 | $212,930 | | Recoveries from tenants (thousands) | $85,023 | $71,226 | | Percentage rent (thousands) | $7,807 | $7,030 | | Termination Fees (thousands) | $1,755 | $4,717 | | Uncollectible lease income (thousands) | $(1,233) | $1,937 | | Other lease income (thousands) | $4,202 | $2,499 | | Straight-line rent on lease income (thousands) | $5,594 | $2,597 | | Above/below market rent amortization (thousands) | $5,823 | $5,865 | | Other property income (thousands) | $4,350 | $3,138 | | Management, transaction, and other fees (thousands) | $6,396 | $6,038 | | Total revenues (thousands) | $363,852 | $317,977 | Consolidated Operating Expenses (in thousands) | Expense Item | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Depreciation and amortization (including FF&E) (thousands) | $97,585 | $82,707 | | Operating and maintenance (thousands) | $58,439 | $46,945 | | Real estate taxes (thousands) | $44,307 | $38,477 | | General & administrative (thousands) | $26,132 | $25,280 | | Other operating expenses (thousands) | $2,643 | $(497) | | Total operating expenses (thousands) | $233,941 | $196,989 | - Gain on sale of real estate, net of tax, was **$(11.40) million** in Q1 2024, compared to **$(0.25) million** in Q1 2023[73](index=73&type=chunk) [Supplemental Details of Assets and Liabilities (Real Estate Partnerships Only)](index=17&type=section&id=Supplemental%20Details%20of%20Assets%20and%20Liabilities%20(Real%20Estate%20Partnerships%20Only)) This section details real estate partnership assets and liabilities, with Regency's share of JV assets totaling **$940.34 million** and liabilities at **$571.63 million** Real Estate Partnerships Assets (in thousands) | Asset | Noncontrolling Interests (2024) | Noncontrolling Interests (2023) | Share of JVs (2024) | Share of JVs (2023) | | :----------------------------------- | :------------------------------ | :------------------------------ | :------------------ | :------------------ | | Real estate assets, net (thousands) | $(86,569) | $(85,972) | $801,908 | $801,101 | | Cash, cash equivalents, and restricted cash (thousands) | $(63,891) | $(66,036) | $17,085 | $14,940 | | Total assets (thousands) | $(162,197) | $(162,135) | $940,342 | $936,427 | Real Estate Partnerships Liabilities (in thousands) | Liability | Noncontrolling Interests (2024) | Noncontrolling Interests (2023) | Share of JVs (2024) | Share of JVs (2023) | | :----------------------------------- | :------------------------------ | :------------------------------ | :------------------ | :------------------ | | Notes payable, net (thousands) | $(38,908) | $(38,982) | $540,107 | $534,856 | | Total liabilities (thousands) | $(45,495) | $(45,082) | $571,633 | $565,822 | [Supplemental Details of Operations (Real Estate Partnerships Only)](index=18&type=section&id=Supplemental%20Details%20of%20Operations%20(Real%20Estate%20Partnerships%20Only)) For Q1 2024, Regency's share of JV revenues totaled **$36.85 million**, with base rent contributing **$26.17 million**, and net income contribution from JVs at **$11.96 million** Share of JVs Revenues (in thousands) | Revenue Item | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Base rent (thousands) | $26,166 | $24,139 | | Recoveries from tenants (thousands) | $8,818 | $7,978 | | Total revenues (thousands) | $36,853 | $34,192 | Share of JVs Operating Expenses (in thousands) | Expense Item | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Depreciation and amortization (thousands) | $8,245 | $7,422 | | Property operating expense (thousands) | $6,219 | $5,494 | | Real estate taxes (thousands) | $4,483 | $4,277 | | Total operating expenses (thousands) | $19,804 | $17,544 | - Interest expense, net, for Regency's share of JVs was **$5.09 million** in Q1 2024, up from **$4.72 million** in Q1 2023[78](index=78&type=chunk) [Supplemental Details of Same Property NOI (Pro-Rata)](index=19&type=section&id=Supplemental%20Details%20of%20Same%20Property%20NOI%20(Pro-Rata)) Same Property NOI (pro-rata) remained stable at **$236.43 million** in Q1 2024, with a **2.1%** increase excluding termination fees and reserves Same Property NOI Detail (in thousands) | Metric | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Total real estate revenues (thousands) | $339,976 | $335,234 | | Total real estate operating expenses (thousands) | $103,542 | $98,786 | | Same Property NOI (thousands) | $236,434 | $236,448 | | Same Property NOI without Termination Fees (thousands) | $235,061 | $231,731 | | Same Property NOI without Termination Fees or Redevelopments (thousands) | $201,279 | $198,998 | | Same Property NOI without Termination Fees or Collection of 2020/2021 Reserves (thousands) | $235,061 | $230,210 | Percent Contribution to Same Property NOI Performance | Contribution Item | % Impact | | :----------------------------------- | :------- | | Base rent (% impact) | 2.7% | | Uncollectible lease income (% impact) | -0.6% | | Collection of 2020/2021 reserves (% impact) | -0.7% | | Net expense recoveries (% impact) | -0.2% | | Other lease / property income (% impact) | 0.1% | | Percentage rent (% impact) | 0.1% | | Same Property NOI without Termination Fees (% impact) | 1.4% | [Reconciliations of Non-GAAP Financial Measures](index=20&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) This section reconciles Net Income to Nareit FFO, Core Operating Earnings, and AFFO, with Q1 2024 Nareit FFO at **$199.97 million** Reconciliation of Net Income to Nareit FFO (in thousands) | Metric | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Net Income Attributable to Common Shareholders (thousands) | $106,361 | $97,281 | | Depreciation and amortization (excluding FF&E) (thousands) | $104,372 | $89,035 | | Gain on sale of real estate, net of tax (thousands) | $(11,408) | $(241) | | Nareit Funds From Operations (thousands) | $199,967 | $186,495 | | Nareit FFO per share (diluted) ($) | $1.08 | $1.08 | Reconciliation of Nareit FFO to Core Operating Earnings (in thousands) | Metric | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Nareit Funds From Operations (thousands) | $199,967 | $186,495 | | Merger transition costs (thousands) | $2,561 | - | | Loss on early extinguishment of debt (thousands) | $180 | - | | Straight-line rent (thousands) | $(5,738) | $(2,389) | | Above/below market rent amortization, net (thousands) | $(5,467) | $(5,665) | | Debt and derivative mark-to-market amortization (thousands) | $909 | $(8) | | Core Operating Earnings (thousands) | $193,068 | $177,798 | | Core Operating Earnings per share (diluted) ($) | $1.04 | $1.03 | Reconciliation of Core Operating Earnings to AFFO (in thousands) | Metric | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Core Operating Earnings (thousands) | $193,068 | $177,798 | | Operating capital expenditures (thousands) | $(20,852) | $(17,459) | | Debt cost and derivative adjustments (thousands) | $2,140 | $1,672 | | Stock-based compensation (thousands) | $4,640 | $4,819 | | Adjusted Funds from Operations (thousands) | $178,996 | $166,830 | [Capital Expenditures and Additional Disclosures](index=21&type=section&id=Capital%20Expenditures%20and%20Additional%20Disclosures) Q1 2024 capital expenditures totaled **$20.85 million** for operating properties and **$41.07 million** for development, with Operating EBITDAre at **$249.60 million** Capital Expenditures (in thousands) | Category | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | **Operating Properties:** | | | | Leasing Capital Expenditures (thousands) | $18,856 | $12,685 | | Building improvements (thousands) | $1,996 | $4,774 | | Operating Capital Expenditures (thousands) | $20,852 | $17,459 | | **Development & Redevelopment Properties:** | | | | Ground-up development (thousands) | $15,875 | $6,070 | | Redevelopment (thousands) | $25,198 | $18,675 | | Development & Redevelopment Expenditures (thousands) | $41,073 | $24,745 | Reconciliation of Net Income to Operating EBITDAre (in thousands) | Metric | Three Months Ended 3/31/2024 | Three Months Ended 3/31/2023 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Net Income (thousands) | $112,658 | $98,488 | | Nareit EBITDAre (thousands) | $258,049 | $230,230 | | Operating EBITDAre (thousands) | $249,596 | $221,479 | - Operating capital expenditures increased by **$3.39 million** YoY, while development and redevelopment expenditures increased by **$16.33 million** YoY[87](index=87&type=chunk) [Summary of Consolidated Debt](index=22&type=section&id=Summary%20of%20Consolidated%20Debt) Regency's total consolidated debt increased to **$4.42 billion** as of March 31, 2024, with fixed-rate unsecured public debt as the largest portion Total Consolidated Debt Outstanding (in thousands) | Debt Type | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Fixed rate mortgage loans (thousands) | $734,516 | $745,478 | | Variable rate mortgage loans (thousands) | $3,723 | $3,716 | | Fixed rate unsecured public debt (thousands) | $3,452,288 | $3,056,467 | | Fixed rate unsecured private debt (thousands) | $196,654 | $196,288 | | Unsecured credit facility (Revolving line of credit) (thousands) | $30,000 | $152,000 | | Total (thousands) | $4,417,181 | $4,153,949 | Schedule of Maturities by Year (in thousands) | Year | Total Debt (thousands) | Weighted Average Contractual Interest Rate (%) | | :--- | :--------------------- | :--------------------------------------- | | 2024 | $391,569 | 3.73% | | 2025 | $312,215 | 3.82% | | 2026 | $357,768 | 3.94% | | 2027 | $754,571 | 3.65% | | 2028 | $371,882 | 4.52% | | 2029 | $464,406 | 3.07% | | 2030 | $605,658 | 3.71% | | >10 years | $1,125,342 | 4.82% | | Total (thousands) | $4,417,181 | 4.00% | Weighted Average Interest Rates and Maturity | Metric | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Percentage of Total Debt (Fixed) (%) | 99.2% | 96.3% | | Percentage of Total Debt (Variable) (%) | 0.8% | 3.7% | | Current Weighted Average Contractual Interest Rates (Combined) (%) | 4.0% | 3.9% | | Current Weighted Average Effective Interest Rate (Combined) (%) | 4.3% | 4.2% | | Average Years to Maturity (Fixed) (years) | 7.2 | 7.1 | | Average Years to Maturity (Variable) (years) | 3.8 | 1.3 | [Summary of Consolidated Debt Detail](index=23&type=section&id=Summary%20of%20Consolidated%20Debt%20Detail) This section details consolidated debt, including secured fixed-rate mortgage loans and unsecured debt offerings, with the largest secured loan at **$88 million** - Secured debt includes **30 fixed-rate mortgage loans** with maturities ranging from 2024 to 2037, and one variable-rate mortgage loan[92](index=92&type=chunk) - Unsecured debt comprises **9 public debt offerings** and **2 private placements**, with maturities from 2024 to 2049[92](index=92&type=chunk) - The unsecured revolving line of credit has a variable rate of **Adjusted SOFR + 0.715%** and matures on March 23, 2028[92](index=92&type=chunk) [Summary of Unsecured Debt Covenants and Leverage Ratios](index=24&type=section&id=Summary%20of%20Unsecured%20Debt%20Covenants%20and%20Leverage%20Ratios) Regency maintains strong compliance with unsecured public debt covenants, with consolidated debt to total assets at **27%** and unencumbered assets at **399%** Unsecured Public Debt Covenants (as of 3/31/2024) | Covenant | Required | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :------- | :-------- | :--------- | | Total Consolidated Debt to Total Consolidated Assets (%) | ≤ 65% | 27% | 26% | | Secured Consolidated Debt to Total Consolidated Assets (%) | ≤ 40% | 4% | 5% | | Consolidated Income for Debt Service to Consolidated Debt Service (x) | ≥ 1.5x | 4.9x | 5.6x | | Unencumbered Consolidated Assets to Unsecured Consolidated Debt (%) | >150% | 399% | 420% | Consolidated Only Ratios (as of 3/31/2024) | Ratio | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Net debt to total market capitalization (%) | 26.7% | 26.7% | | Net debt and preferreds to Operating EBITDAre - TTM (x) | 4.9x | 4.9x | | Fixed charge coverage (x) | 5.0x | 5.1x | | Interest coverage (x) | 5.6x | 5.7x | Total Pro-Rata Share Ratios (as of 3/31/2024) | Ratio | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Net debt to total market capitalization (%) | 29.2% | 29.2% | | Net debt and preferreds to Operating EBITDAre - TTM (x) | 5.4x | 5.4x | | Fixed charge coverage (x) | 4.5x | 4.7x | | Interest coverage (x) | 5.1x | 5.1x | [Summary of Unconsolidated Debt](index=25&type=section&id=Summary%20of%20Unconsolidated%20Debt) Total unconsolidated debt for real estate partnerships increased to **$1.51 billion**, with Regency's pro-rata share at **$540.11 million** Total Unconsolidated Debt Outstanding (in thousands) | Debt Type | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Fixed rate secured loans (thousands) | $1,434,477 | $1,430,030 | | Variable rate secured loans (thousands) | $34,159 | $27,872 | | Unsecured credit facilities variable rate (thousands) | $44,800 | $41,800 | | Total (thousands) | $1,513,436 | $1,499,702 | Regency's Pro Rata Share of Unconsolidated Debt Maturities (in thousands) | Year | Regency's Pro Rata Share (thousands) | Weighted Average Contractual Interest Rate (%) | | :--- | :----------------------- | :--------------------------------------- | | 2024 | $4,312 | 3.41% | | 2025 | $48,443 | 3.98% | | 2026 | $92,308 | 5.36% | | 2027 | $13,669 | 2.41% | | 2028 | $92,027 | 4.96% | | 2029 | $13,017 | 4.34% | | 2030 | $70,522 | 2.88% | | 2031 | $137,198 | 3.13% | | 2032 | $58,369 | 3.10% | | >10 Years | $13,941 | 6.26% | | Total (thousands) | $540,107 | 3.95% | Unconsolidated Debt Interest Rates and Maturity | Metric | 3/31/2024 | 12/31/2023 | | :----------------------------------- | :-------- | :--------- | | Percentage of Total Debt (Fixed) (%) | 94.8% | 95.4% | | Percentage of Total Debt (Variable) (%) | 5.2% | 4.6% | | Current Weighted Average Contractual Interest Rates (Combined) (%) | 4.0% | 3.9% | | Current Weighted Average Effective Interest Rates (Combined) (%) | 4.2% | 4.1% | | Average Years to Maturity (Fixed) (years) | 5.2 | 5.2 | | Average Years to Maturity (Variable) (years) | 2.3 | 2.6 | [Unconsolidated Investments](index=26&type=section&id=Unconsolidated%20Investments) Regency holds unconsolidated investments across **101 properties** with **$2.70 billion** in total assets, contributing **$11.96 million** in equity income Unconsolidated Investments Summary (in thousands) | Investment Partner | Number of Properties | Total Assets (thousands) | Total Debt (thousands) | Regency Ownership Interest (%) | Regency Share of Debt (thousands) | Investment 3/31/2024 (thousands) | Equity in Income (thousands) | | :----------------------------------- | :------------------- | :----------------------- | :--------------------- | :------------------------- | :-------------------- | :----------------------- | :------------------- | | State of Oregon (JV-C, JV-C2, JV-CCV) | 22 | $660,868 | $360,490 | 20.00% - 30.00% | $79,579 | $56,204 | $1,528 | | GRI (JV-GRI) | 66 | $1,475,102 | $933,805 | 40.00% | $373,522 | $142,238 | $9,126 | | Publix (JV-O) | 2 | $26,274 | - | 50.00% | - | $13,036 | $479 | | Individual Investors (Ballard Blocks, Bloom on Third, Others) | 11 | $535,718 | $219,141 | 11.80% - 49.90% | $87,006 | $157,231 | $828 | | Total | 101 | $2,697,962 | $1,513,436 | | $540,107 | $368,709 | $11,961 | - Regency's total ownership share of debt in unconsolidated investments is **$540.11 million**[98](index=98&type=chunk) [Investment Activity](index=27&type=section&id=Investment%20Activity) [Property Transactions](index=27&type=section&id=Property%20Transactions) In Q1 2024, Regency completed one disposition, Glengary Shoppes, for **$30.5 million** at a **6.0%** cap rate, with no acquisitions Property Dispositions (in thousands) | Anchor(s) | Date Property Name | Market | GLA (thousands sq ft) | Total Sales Price (thousands) | Weighted Average Cap Rate (%) | | :----------------------------------- | :----------------- | :----- | :-------------------- | :---------------------------- | :---------------------------- | | Best Buy, Barnes & Noble | Jan-24 Glengary Shoppes | Tampa | 93 | $30,500 | 6.0% | - No acquisitions were reported for the period[99](index=99&type=chunk) [Summary of In-Process Developments and Redevelopments](index=28&type=section&id=Summary%20of%20In-Process%20Developments%20and%20Redevelopments) Regency has **$547 million** in in-process developments and redevelopments, with **46%** of costs incurred, targeting stabilized yields of **7%+/-** for ground-up In-Process Developments Summary (in thousands) | Project Type | Total GLA (thousands sq ft) | Center Leased (%) | Net Project Costs (thousands) | Costs Incurred (%) | Stabilized Yield (%) | | :----------------------------------- | :-------------------------- | :---------------- | :---------------------------- | :----------------- | :------------------- | | Ground-up Developments | 859 | 64% | $220,000 | 43% | 7% +/- | | Redevelopments | 4,182 | 94% | $327,000 | 47% | 10% +/- | | Total In-Process (In Construction) | 5,041 | 89% | $547,000 | 46% | 9% +/- | - Key ground-up developments include Glenwood Green (Metro NYC, anchored by ShopRite/Target) and The Shops at Stone Bridge (Cheshire, CT, anchored by Whole Foods)[101](index=101&type=chunk) - Significant redevelopments include The Abbot (Boston, MA, retail/office), Westbard Square Phase 1 (Bethesda, MD, Giant-anchored), and Bloom on Third (Los Angeles, CA, Whole Foods-anchored)[101](index=101&type=chunk) [Development and Redevelopment Current Year Completions](index=29&type=section&id=Development%20and%20Redevelopment%20Current%20Year%20Completions) For the current year, Regency completed one redevelopment project with estimated net project costs of **$3 million**, achieving **100% leased** Current Year Development and Redevelopment Completions (in thousands) | Project Type | Center GLA (thousands sq ft) | Center Leased (%) | Net Project Costs (thousands) | Costs Incurred (%) | Stabilized Yield (%) | | :----------------------------------- | :--------------------------- | :---------------- | :---------------------------- | :----------------- | :------------------- | | Redevelopment Completion (est costs < $10 million individually) | 63 | 100% | $3,000 | 90% | 10% +/- | | Total Completions | 63 | 100% | $3,000 | 90% | 10% +/- | - No ground-up development completions were reported for the current year[103](index=103&type=chunk) - Estimated GAAP project costs for in-process developments and redevelopments are **$609.57 million**, with **46%** of costs incurred[103](index=103&type=chunk) [Real Estate Information](index=30&type=section&id=Real%20Estate%20Information) [Leasing Statistics](index=30&type=section&id=Leasing%20Statistics) In Q1 2024, Regency executed **1.81 million square feet** of leases, with blended rent spreads of **+8.5%** cash and **+17.4%** straight-lined Leasing Statistics - Comparable (Q1 2024) | Metric | Total | New Leases | Renewals | | :----------------------------------- | :---- | :--------- | :------- | | Leasing Transactions | 389 | 96 | 293 | | GLA (thousands sq ft) | 1,811 | 274 | 1,537 | | New Base Rent/Sq. Ft. ($) | $28.49 | $33.54 | $27.58 | | Rent Spread (Cash) (%) | 8.5% | 11.7% | 7.8% | | Rent Spread (Straight-lined) (%) | 17.4% | 23.0% | 16.2% | | Weighted Avg. Lease Term (years) | 6.0 | 8.5 | 5.5 | | Tenant Allowance & Landlord Work/Sq. Ft. ($) | $8.53 | $48.51 | $1.34 | - For the trailing 12 months, total comparable leases were **7.66 million square feet** with blended cash rent spreads of **+10.3%** and straight-lined rent spreads of **+18.9%**[105](index=105&type=chunk) - Rent spreads are calculated on a comparable-space, cash basis for new and renewal leases executed, including spaces vacant for over 12 months[107](index=107&type=chunk) [New Lease Net Effective Rent and Leases Signed Not Yet Commenced](index=31&type=section&id=New%20Lease%20Net%20Effective%20Rent%20and%20Leases%20Signed%20Not%20Yet%20Commenced) Weighted average net effective rent for new leases was **$26.95 per square foot**, with **346 leases** (**1.96 million sq ft**) signed but not yet commenced New Lease Net Effective Rent (Trailing Twelve Months Ended 3/31/2024) | Metric | Amount | | :----------------------------------- | :----- | | Base rent ($) | $32.72 | | Tenant allowance and landlord work ($) | $(4.82) | | Third party leasing commissions ($) | $(0.95) | | Net Effective Rent ($) | $26.95 | | Net effective rent / base rent (%) | 82% | | Weighted avg. lease term (years) | 11.3 | Leases Signed Not Yet Commenced (as of 3/31/2024) | Category | Leases | GLA (thousands sq ft) | Annual ABR (thousands) | Annual ABR ($ PSF) | | :----------------------------------- | :----- | :------------ | :--------------------- | :----------------- | | ≥ 10,000 SF | 39 | 1,140 | $21,559 | $21.03 | | < 10,000 SF | 307 | 822 | $28,922 | $41.30 | | Total | 346 | 1,962 | $50,482 | $29.26 | - New leases for spaces less than **10,000 square feet** accounted for **55%** of new leases by anchor & shop, indicating strong demand for smaller retail units[110](index=110&type=chunk) [Annual Base Rent by State](index=32&type=section&id=Annual%20Base%20Rent%20by%20State) California and Florida are top states for Regency's ABR, accounting for **23.3%** and **19.1%** respectively, with California having the highest ABR per square foot Annual Base Rent by Top States (as of 3/31/2024) | State | Number of Properties | GLA (thousands sq ft) | Leased (%) | ABR (thousands) | ABR/Sq. Ft. ($) | ABR (%) | | :----------------------------------- | :------------------- | :-------------------- | :------- | :---------------- | :-------------- | :------- | | California | 71 | 9,192 | 95.1% | $266,581 | $30.37 | 23.3% | | Florida | 93 | 10,928 | 95.3% | $218,640 | $20.98 | 19.1% | | New York | 47 | 3,711 | 89.5% | $98,934 | $28.86 | 8.6% | | Connecticut | 45 | 3,936 | 90.4% | $94,978 | $26.76 | 8.3% | | Texas | 31 | 3,613 | 97.2% | $75,452 | $21.49 | 6.6% | | Total All Properties | 482 | 48,732 | 95.0% | $1,144,079 | $24.63 | 100% | - The total portfolio GLA is **48.73 million square feet**, with an overall **95.0% leased** rate[114](index=114&type=chunk) - States with lower ABR/Sq. Ft. include Ohio (**$13.74**), Colorado (**$17.07**), and Missouri (**$11.05**)[114](index=114&type=chunk) [Annual Base Rent by CBSA](index=33&type=section&id=Annual%20Base%20Rent%20by%20CBSA) The New York-Newark-Jersey City CBSA represents the largest share of Regency's ABR at **11.5%**, with top 50 CBSAs accounting for **84.8%** Annual Base Rent by Largest CBSAs (as of 3/31/2024) | CBSA | Number of Properties | GLA (thousands sq ft) | Leased (%) | ABR (thousands) | ABR/Sq. Ft. ($) | ABR (%) | | :----------------------------------- | :------------------- | :-------------------- | :------- | :---------------- | :-------------- | :------- | | New York-Newark-Jersey City | 65 | 5,033 | 90.2% | $131,988 | $29.06 | 11.5% | | Los Angeles-Long Beach-Anaheim | 25 | 2,546 | 97.9% | $77,444 | $31.09 | 6.8% | | Houston-Woodlands-Sugar Land | 15 | 1,866 | 97.3% | $36,978 | $20.36 | 3.2% | | Washington-Arlington-Alexandria | 26 | 1,830 | 95.8% | $54,292 | $30.97 | 4.7% | | Atlanta-SandySprings-Alpharetta | 22 | 2,121 | 96.1% | $50,502 | $24.78 | 4.4% | | Miami-Ft Lauderdale-PompanoBch | 41 | 5,320 | 92.5% | $115,921 | $23.57 | 10.1% | | San Francisco-Oakland-Berkeley | 18 | 3,342 | 93.5% | $97,090 | $31.06 | 8.5% | | Top 50 CBSAs by Population | 386 | 40,580 | 95.4% | $970,597 | $24.96 | 84.8% | | Total All Properties | 482 | 48,732 | 95.0% | $1,144,079 | $24.63 | 100% | - The highest ABR/Sq. Ft. among the top CBSAs is in San Jose-Sunnyvale-Santa Clara (**$32.45**) and San Diego-Chula Vista-Carlsbad (**$31.47**)[117](index=117&type=chunk) [Annual Base Rent by Tenant Category](index=34&type=section&id=Annual%20Base%20Rent%20by%20Tenant%20Category) Grocery tenants represent the largest ABR category at **20%**, with shop tenants contributing **57%** and anchor tenants **43%** of total ABR Tenant Category Exposure (% of ABR) | Tenant Category | ABR (%) | | :----------------------------------- | :------- | | Grocery | 20% | | Restaurant - Quick Service/Fast Casual | 13% | | Personal Services | 7% | | Medical | 7% | | Restaurant - Full Service | 6% | | Apparel/Accessories | 5% | | Fitness | 5% | | Off-Price | 5% | | Banks | 5% | | Business Services | 4% | | Hobby/Sports | 4% | | Pet | 3% | | Pharmacy | 3% | | Home | 3% | | Office/Communications | 3% | | Other | 2% | | Home Improvement/Auto | 2% | | Liquor/Wine/Beer | 2% | | Beauty/Cosmetics | 1% | | Entertainment | 1% | Anchor/Shop Exposure (% of ABR) | Category | ABR (%) | | :----------------------------------- | :------- | | Shop | 57% | | Anchor | 43% | - Shop tenants are defined as less than **10,000 square feet**, and Anchor tenants are greater than or equal to **10,000 square feet**[119](index=119&type=chunk) [Significant Tenant Rents](index=35&type=section&id=Significant%20Tenant%20Rents) Publix is Regency's largest tenant, contributing **3.0%** of total ABR, with the top 25 tenants collectively representing **30.4%** of total ABR Top 25 Significant Tenants (as of 3/31/2024) | | Tenant | Total GLA (thousands sq ft) | Company Owned GLA (%) | Annualized Base Rent (thousands) | Total Annualized Base Rent (%) | Total of Leased Stores | | :-- | :----------------------------------- | :----------------------- | :--------------------- | :---------------------------------- | :------------------------------ | :----------------------- | | 1 | Publix | 2,960 | 6.4% | $34,071 | 3.0% | 68 | | 2 | Albertsons Companies, Inc. | 2,192 | 4.7% | $33,634 | 2.9% | 53 | | 3 | TJX Companies, Inc. | 1,736 | 3.8% | $31,829 | 2.8% | 73 | | 4 | Amazon/Whole Foods | 1,296 | 2.8% | $30,832 | 2.7% | 39 | | 5 | Kroger Co. | 2,933 | 6.3% | $30,228 | 2.6% | 52 | | 6 | Ahold Delhaize | 924 | 2.0% | $22,876 | 2.0% | 20 | | 7 | CVS | 770 | 1.7% | $19,089 | 1.7% | 65 | | 8 | L.A. Fitness Sports Club | 516 | 1.1% | $11,223 | 1.0% | 14 | | 9 | Trader Joe's | 311 | 0.7% | $11,108 | 1.0% | 30 | | 10 | JPMorgan Chase Bank | 172 | 0.4% | $10,561 | 0.9% | 55 | | ... | ... | ... | ... | ... | ... | ... | | | Top Tenants (Total) | 18,895 | 41.0% | $347,658 | 30.4% | 952 | - The top 25 tenants collectively occupy **41.0%** of Regency's company-owned GLA[121](index=121&type=chunk) - The list includes major grocery chains (Publix, Albertsons, Kroger, Whole Foods), discount retailers (TJX, Ross), pharmacies (CVS), and fitness centers (L.A. Fitness)[121](index=121&type=chunk) [Tenant Lease Expirations](index=36&type=section&id=Tenant%20Lease%20Expirations) Regency's lease expiration schedule shows **4.8%** of GLA and **4.6%** of ABR expiring in 2024, with the largest concentration between 2025 and 2028 Tenant Lease Expirations - All Tenants (as of 3/31/2024) | Year | GLA (thousands sq ft) | GLA (%) | Total ABR (%) | ABR ($ PSF) | | :--- | :-------------------- | :------------- | :------------------- | :---------- | | MTM | 376 | 0.8% | 0.9% | $27.62 | | 2024 | 2,176 | 4.8% | 4.6% | $23.29 | | 2025 | 5,371 | 11.9% | 12.0% | $24.66 | | 2026 | 5,570 | 12.3% | 12.3% | $24.50 | | 2027 | 6,293 | 13.9% | 14.1% | $24.87 | | 2028 | 5,883 | 13.0% | 13.9% | $26.09 | | 2029 | 5,236 | 11.6% | 10.9% | $23.09 | | 2030 | 2,360 | 5.2% | 5.5% | $25.71 | | 2031 | 1,970 | 4.3% | 4.8% | $26.88 | | 2032 | 1,891 | 4.2% | 4.9% | $28.57 | | 2033 | 1,999 | 4.4% | 5.2% | $29.00 | | 10 Year Total | 39,125 | 86.4% | 89.2% | $25.21 | | Thereafter | 6,173 | 13.6% | 10.8% | $19.44 | | Total | 45,298 | 100% | 100% | $24.43 | Tenant Lease Expirations - Anchor vs. Shop (as of 3/31/2024) | Category | Total GLA (thousands sq ft) | Total ABR (%) | ABR ($ PSF) | | :----------------------------------- | :----------------------- | :------------------- | :---------- | | Anchor Tenants | 28,360 | 42.7% | $16.65 | | Shop Tenants | 16,938 | 57.3% | $37.45 | - The data reflects commenced leases only and does not account for contractual rent steps or renewal options[128](index=128&type=chunk) [Portfolio Summary Report by State](index=37&type=section&id=Portfolio%20Summary%20Report%20by%20State) This report details Regency's portfolio properties by state, including GLA, % leased, major tenants, and in-process developments - California properties (**71**) have a total GLA of **9.19 million sq ft**, **95.1% leased**, with major tenants including Ralphs, Albertsons, Whole Foods, and Target[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) - Florida properties (**93**) have a total GLA of **10.93 million sq ft**, **95.3% leased**, with Publix being a dominant grocery anchor[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) - Connecticut properties (**45**) have a total GLA of **3.94 million sq ft**, **90.4% leased**, featuring anchors like ShopRite, Trader Joe's, and Whole Foods[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) - In-process developments like The Shops at Stone Bridge (CT) and Glenwood Green (NJ) are highlighted, indicating future growth areas[135](index=135&type=chunk)[143](index=143&type=chunk) [Additional Disclosures and Forward-Looking Information](index=48&type=section&id=Additional%20Disclosures%20and%20Forward-Looking%20Information) [Components of Net Asset Value (NAV)](index=48&type=section&id=Components%20of%20Net%20Asset%20Value%20(NAV)) As of March 31, 2024, Regency's pro-rata share of operating portfolio cash NOI was **$262.94 million**, detailing valuation components for in-process developments Real Estate - Operating (in thousands) | Metric | Amount | | :----------------------------------- | :----- | | Consolidated NOI (thousands) | $239,334 | | Share of Unconsolidated JV NOI (thousands) | $25,650 | | Less: Noncontrolling Interests (thousands) | $(2,046) | | Pro Rata Share of Operating Portfolio Cash NOI (thousands) | $262,938 | | Retail Operating Properties Including In-Process Redevelopments (Quarterly) (thousands) | $12,620 | Real Estate: In-Process Ground-Up Developments and Redevelopments (in thousands) | Project Type | REG's Estimated Net Project Costs (thousands) | Stabilized Yield (%) | Annualized Proforma Stabilized NOI (thousands) | Costs Incurred (%) | Construction in Progress (thousands) | | :----------------------------------- | :-------------------------------------------- | :------------------- | :--------------------------------------------- | :----------------- | :--------------------------- | | In-Process Ground-Up Development | $220,000 | 7% | $15,400 | 43% | $94,600 | | In-Process Redevelopment Projects | $327,000 | 10% | $32,700 | 47% | $153,690 | Other Assets and Liabilities (Regency's Pro-Rata Share, in thousands) | Category | Amount | | :----------------------------------- | :----- | | Estimated Market Value of Land & Non-income Producing Assets (thousands) | $65,146 | | Cash and Cash Equivalents (thousands) | $183,295 | | Notes payable (thousands) | $4,888,380 | | Preferred Stock (thousands) | $225,000 | | Common Shares and Equivalents Issued and Outstanding | 185,874 | [Earnings Guidance](index=49&type=section&id=Earnings%20Guidance) Regency updated its full-year 2024 guidance, raising Net Income per diluted share to **$1.96-$2.02** and Nareit FFO to **$4.15-$4.21** Full Year 2024 Guidance (in thousands, except per share data) | Metric | 1Q 2024 | Current Guidance | Previous Guidance | | :----------------------------------- | :------ | :--------------- | :---------------- | | Net Income per diluted share ($) | $0.58 | $1.96-$2.02 | $1.87-$1.93 | | Nareit FFO per diluted share ($) | $1.08 | $4.15-$4.21 | $4.14-$4.20 | | Core Operating Earnings per diluted share ($) | $1.04 | $4.02-$4.08 | $4.02-$4.08 | | Same property NOI growth (excl. fees/reserves) (%) | 2.1% | +2.0% to +2.5% | +2.0% to +2.5% | | Acquisitions ($) | $0 | +/-$46,000 | $0 | | Dispositions ($) | $30,500 | +/-$125,000 | +/-$100,000 | Reconciliation of Net Income to Earnings Guidance (per diluted share) | Metric | Full Year 2024 (Low) | Full Year 2024 (High) | | :----------------------------------- | :------------------- | :-------------------- | | Net income attributable to common shareholders ($) | $1.95 | $2.01 | | Nareit Funds From Operations ($) | $4.15 | $4.21 | | Core Operating Earnings ($) | $4.02 | $4.08 | - The guidance figures represent **100%** of Regency's consolidated entities and its pro-rata share of unconsolidated real estate partnerships, except for per share data[156](index=156&type=chunk) [Glossary of Terms](index=50&type=section&id=Glossary%20of%20Terms) [Key Financial and Real Estate Definitions](index=50&type=section&id=Key%20Financial%20and%20Real%20Estate%20Definitions) This section defines key financial and real estate terms, including non-GAAP measures like AFFO, Core Operating Earnings, Nareit FFO, and NOI - **Adjusted Funds From Operations (AFFO)** reflects cash available to fund business needs and distributions, adjusted from Core Operating Earnings for capital expenditures, debt cost, and stock-based compensation[160](index=160&type=chunk) - **Core Operating Earnings** excludes certain non-comparable items from Nareit FFO, such as transaction-related expenses, debt extinguishment gains/losses, and non-cash components like straight-line rents[161](index=161&type=chunk) - **Nareit FFO** is a standard REIT performance measure, defined as net income excluding real estate gains/impairments, plus depreciation and amortization, adjusted for unconsolidated partnerships[163](index=163&type=chunk) - **Net Operating Income (NOI)** is the sum of various real estate revenues less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income, excluding non-cash rent adjustments[164](index=164&type=chunk) - **Same Property** refers to retail operating properties owned and operated for the entirety of both comparative calendar year periods, generally including properties in redevelopment unless otherwise indicated[169](index=169&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12298 (Regency Centers Corporation) Commission File Number 0-24763 (Regency Centers, L.P.) REGENCY CENTERS CORPORATION REGENCY CENTERS, L.P. (Exact ...

Regency Centers Corporation (NASDAQ:REG) Q4 2023 Earnings Conference Call February 9, 2024 11:00 AM ET Company Participants Christy McElroy - Senior Vice President, Capital Markets Lisa Palmer - President and Chief Executive Officer Alan Roth - East Region President and Chief Operating Officer Nick Wibbenmeyer - West Region President and Chief Investment Officer Mike Mas - Executive Vice President and Chief Financial Officer Conference Call Participants Michael Goldsmith - UBS Dori Kesten - Wells Fargo Jeff ...