10-Q

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

June 30, 2025 and December 31, 2024

(in thousands, except share data)


	2025			2024
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	13,988,815			13,698,419
Less: accumulated depreciation		3,107,560			2,960,399
Real estate assets, net		10,881,255			10,738,020
Investments in sales-type leases, net		16,609			16,291
Investments in real estate partnerships		389,828			399,044
Net real estate investments		11,287,692			11,153,355
Properties held for sale, net		15,553			—
Cash, cash equivalents, and restricted cash, including $4,133 and $5,601 of restricted cash at June 30, 2025 and December 31, 2024, respectively		154,819			61,884
Tenant and other receivables, net		260,824			255,495
Deferred leasing costs, less accumulated amortization of $134,870 and $131,080 at June 30, 2025 and December 31, 2024, respectively		87,027			79,911
Acquired lease intangible assets, less accumulated amortization of $410,383 and $395,209 at June 30, 2025 and December 31, 2024, respectively		218,995			229,983
Right of use assets, net		319,091			322,287
Other assets		386,473			289,046
Total assets	$	12,730,474			12,391,961
Liabilities and Equity
Liabilities:
Notes payable, net	$	4,769,182			4,343,700
Unsecured credit facility		30,000			65,000
Accounts payable and other liabilities		381,549			392,302
Acquired lease intangible liabilities, less accumulated amortization of $233,778 and $222,052 at June 30, 2025 and December 31, 2024, respectively		366,625			364,608
Lease liabilities		243,704			244,861
Tenants' security, escrow deposits and prepaid rent		82,474			81,183
Total liabilities		5,873,534			5,491,654
Commitments and contingencies		—			—
Equity:
Shareholders' equity:
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at June 30, 2025 and December 31, 2024		225,000			225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 181,550,531 and 181,361,454 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		1,816			1,814
Treasury stock at cost, 490,769 and 479,251 shares held at June 30, 2025 and December 31, 2024, respectively		(30,210	)		(28,045	)
Additional paid-in-capital		8,512,308			8,503,227
Accumulated other comprehensive (loss) income		(3,788	)		2,226
Distributions in excess of net income		(2,027,254	)		(1,980,076	)
Total shareholders' equity		6,677,872			6,724,146
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $76,063 and $81,076 at June 30, 2025 and December 31, 2024, respectively		38,359			40,744
Limited partners' interests in consolidated partnerships		140,709			135,417
Total noncontrolling interests		179,068			176,161
Total equity		6,856,940			6,900,307
Total liabilities and equity	$	12,730,474			12,391,961

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

For the periods ended June 30, 2025, and 2024

(in thousands, except per share data)

(unaudited)


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Lease income	$	369,105			347,845		$	740,184			700,951
Other property income		4,499			2,670			7,520			7,020
Management, transaction, and other fees		7,244			6,735			14,056			13,131
Total revenues		380,848			357,250			761,760			721,102
Operating expenses:
Depreciation and amortization		99,535			100,968			196,309			198,553
Property operating expense		60,759			59,491			129,218			122,765
Real estate taxes		47,500			45,478			93,860			89,785
General and administrative		25,480			24,238			47,080			50,370
Other operating expenses		1,944			3,066			3,632			5,709
Total operating expenses		235,218			233,241			470,099			467,182
Other expense, net:
Interest expense, net		50,272			43,178			98,285			86,046
Provision for impairment of real estate		1,262			—			1,262			—
Loss (Gain) on sale of real estate, net of tax		294			(11,081	)		193			(22,484	)
Loss on early extinguishment of debt		—			—			—			180
Net investment income		(788	)		(703	)		(27	)		(3,134	)
Total other expense, net		51,040			31,394			99,713			60,608
Income before equity in income of investments in real estate partnerships		94,590			92,615			191,948			193,312
Equity in income of investments in real estate partnerships		13,759			12,314			28,254			24,275
Net income		108,349			104,929			220,202			217,587
Noncontrolling interests:
Exchangeable operating partnership units		(586	)		(601	)		(1,228	)		(1,243	)
Limited partners' interests in consolidated partnerships		(1,742	)		(1,660	)		(3,366	)		(3,902	)
Net income attributable to noncontrolling interests		(2,328	)		(2,261	)		(4,594	)		(5,145	)
Net income attributable to the Company		106,021			102,668			215,608			212,442
Preferred stock dividends		(3,413	)		(3,413	)		(6,826	)		(6,826	)
Net income attributable to common shareholders	$	102,608			99,255		$	208,782			205,616

Net income attributable to common shareholders:
Per common share - basic	$	0.57			0.54		$	1.15			1.12
Per common share - diluted	$	0.56			0.54		$	1.15			1.12

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the periods ended June 30, 2025, and 2024

(in thousands)

(unaudited)


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Net income	$	108,349			104,929		$	220,202			217,587
Other comprehensive (loss) income:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		(1,295	)		3,124			(3,943	)		11,717
Reclassification adjustment of derivative instruments included in net income		(1,015	)		(2,440	)		(2,760	)		(4,807	)
Unrealized gain (loss) on available-for-sale debt securities		94			(1	)		288			(120	)
Other comprehensive (loss) income		(2,216	)		683			(6,415	)		6,790
Comprehensive income		106,133			105,612			213,787			224,377
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		2,328			2,261			4,594			5,145
Other comprehensive (loss) income attributable to noncontrolling interests		(143	)		13			(401	)		347
Comprehensive income attributable to noncontrolling interests		2,185			2,274			4,193			5,492
Comprehensive income attributable to the Company	$	103,948			103,338		$	209,594			218,885

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended June 30, 2025 and 2024

(in thousands, except per share data)

(unaudited)


																					Noncontrolling Interests
	Preferred Stock		Common Stock			Treasury Stock			Additional Paid In Capital			Accumulated Other Comprehensive Income			Distributions in Excess of Net Income			Total Shareholders' Equity			Exchangeable Operating Partnership Units			Limited Partners' Interest in Consolidated Partnerships			Total Noncontrolling Interests			Total Equity
Balance at March 31, 2024	$	225,000		1,848			(26,321	)		8,703,756			4,465			(1,889,037	)		7,019,711			41,606			116,702			158,308			7,178,019
Net income		—		—			—			—			—			102,668			102,668			601			1,660			2,261			104,929
Other comprehensive income
Other comprehensive income before reclassification		—		—			—			—			2,955			—			2,955			18			150			168			3,123
Amounts reclassified from accumulated other comprehensive income		—		—			—			—			(2,285	)		—			(2,285	)		(14	)		(141	)		(155	)		(2,440	)
Adjustment for noncontrolling interests		—		—			—			(8,694	)		—			—			(8,694	)		—			8,694			8,694			—
Deferred compensation plan, net		—		—			(913	)		913			—			—			—			—			—			—			—
Amortization of equity awards		—		—			—			6,561			—			—			6,561			—			—			—			6,561
Tax withholding on stock-based compensation		—		—			—			84			—			—			84			—			—			—			84
Common stock repurchased and retired		—		(33	)		—			(200,033	)		—			—			(200,066	)		—			—			—			(200,066	)
Common stock issued under dividend reinvestment plan		—		—			—			166			—			—			166			—			—			—			166
Contributions from partners		—		—			—			—			—			—			—			—			1,529			1,529			1,529
Distributions to partners		—		—			—			—			—			—			—			—			(1,890	)		(1,890	)		(1,890	)
Dividends declared:
Preferred stock (Series A: $0.390625 per share/unit; Series B: $0.367200 per share/unit)		—		—			—			—			—			(3,413	)		(3,413	)		—			—			—			(3,413	)
Common stock/unit ($0.670 per share/unit)		—		—			—			—			—			(121,959	)		(121,959	)		(1,473	)		—			(1,473	)		(123,432	)
Balance at June 30, 2024	$	225,000		1,815			(27,234	)		8,502,753			5,135			(1,911,741	)		6,795,728			40,738			126,704			167,442			6,963,170

Balance at March 31, 2025	$	225,000		1,815			(29,133	)		8,505,489			(1,715	)		(2,001,878	)		6,699,578			40,584			136,278			176,862			6,876,440
Net income		—		—			—			—			—			106,021			106,021			586			1,742			2,328			108,349
Other comprehensive income
Other comprehensive income before reclassification		—		—			—			—			(1,146	)		—			(1,146	)		(7	)		(48	)		(55	)		(1,201	)
Amounts reclassified from accumulated other comprehensive income		—		—			—			—			(927	)		—			(927	)		(6	)		(82	)		(88	)		(1,015	)
Deferred compensation plan, net		—		—			(1,077	)		1,077			—			—			—			—			—			—			—
Amortization of equity awards		—		1			—			5,569			—			—			5,570			—			—			—			5,570
Tax withholding on stock-based compensation		—		—			—			(23	)		—			—			(23	)		—			—			—			(23	)
Repurchase of exchangeable operating partnership units		—		—			—			—			—			—			—			(2,046	)		—			(2,046	)		(2,046	)
Common stock issued under dividend reinvestment plan		—		—			—			196			—			—			196			—			—			—			196
Contributions from partners		—		—			—			—			—			—			—			—			5,439			5,439			5,439
Distributions to partners		—		—			—			—			—			—			—			—			(2,620	)		(2,620	)		(2,620	)
Dividends declared:
Preferred stock (Series A: $0.390625 per share/unit; Series B: $0.367200 per share/unit)		—		—			—			—			—			(3,413	)		(3,413	)		—			—			—			(3,413	)
Common stock/unit ($0.705 per share/unit)		—		—			—			—			—			(127,984	)		(127,984	)		(752	)		—			(752	)		(128,736	)
Balance at June 30, 2025	$	225,000		1,816			(30,210	)		8,512,308			(3,788	)		(2,027,254	)		6,677,872			38,359			140,709			179,068			6,856,940

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the six months ended June 30, 2025 and 2024

(in thousands, except per share data)

(unaudited)


																					Noncontrolling Interests
	Preferred Stock		Common Stock			Treasury Stock			Additional Paid In Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Net Income			Total Shareholders' Equity			Exchangeable Operating Partnership Units			Limited Partners' Interest in Consolidated Partnerships			Total Noncontrolling Interests			Total Equity
Balance at December 31, 2023	$	225,000		1,846			(25,488	)		8,704,240			(1,308	)		(1,871,603	)		7,032,687			42,195			117,053			159,248			7,191,935
Net income		—		—			—			—			—			212,442			212,442			1,243			3,902			5,145			217,587
Other comprehensive income
Other comprehensive income before reclassification		—		—			—			—			10,942			—			10,942			66			589			655			11,597
Amounts reclassified from accumulated other comprehensive income		—		—			—			—			(4,499	)		—			(4,499	)		(27	)		(281	)		(308	)		(4,807	)
Adjustment for noncontrolling interests		—		—			—			(8,694	)		—			—			(8,694	)		—			8,694			8,694			—
Deferred compensation plan, net		—		—			(1,746	)		1,746			—			—			—			—			—			—			—
Amortization of equity awards		—		2			—			13,135			—			—			13,137			—			—			—			13,137
Tax withholding on stock-based compensation		—		—			—			(8,494	)		—			—			(8,494	)		—			—			—			(8,494	)
Common stock repurchased and retired		—		(33	)		—			(200,033	)		—			—			(200,066	)		—			—			—			(200,066	)
Common stock issued under dividend reinvestment plan		—		—			—			324			—			—			324			—			—			—			324
Common stock issued for exchangeable units exchanged		—		—			—			529			—			—			529			(529	)		—			(529	)		—
Contributions from partners		—		—			—			—			—			—			—			—			3,001			3,001			3,001
Distributions to partners		—		—			—			—			—			—			—			—			(6,254	)		(6,254	)		(6,254	)
Dividends declared:
Preferred stock stock/unit (Series A: $0.781250 per share/unit; Series B: $0.734400 per share/unit)		—		—			—			—			—			(6,826	)		(6,826	)		—			—			—			(6,826	)
Common stock/unit ($1.340 per share/unit)		—		—			—			—			—			(245,754	)		(245,754	)		(2,210	)		—			(2,210	)		(247,964	)
Balance at June 30, 2024	$	225,000		1,815			(27,234	)		8,502,753			5,135			(1,911,741	)		6,795,728			40,738			126,704			167,442			6,963,170

Balance at December 31, 2024	$	225,000		1,814			(28,045	)		8,503,227			2,226			(1,980,076	)		6,724,146			40,744			135,417			176,161			6,900,307
Net income		—		—			—			—			—			215,608			215,608			1,228			3,366			4,594			220,202
Other comprehensive income
Other comprehensive income before reclassification		—		—			—			—			(3,435	)		—			(3,435	)		(27	)		(193	)		(220	)		(3,655	)
Amounts reclassified from accumulated other comprehensive income		—		—			—			—			(2,579	)		—			(2,579	)		(14	)		(167	)		(181	)		(2,760	)
Adjustment for noncontrolling interests		—		—			—			2,210			—			—			2,210			(2,210	)		—			(2,210	)		—
Deferred compensation plan, net		—		—			(2,165	)		2,165			—			—			—			—			—			—			—
Amortization of equity awards		—		2			—			11,116			—			—			11,118			—			—			—			11,118
Tax withholding on stock-based compensation		—		—			—			(6,783	)		—			—			(6,783	)		—			—			—			(6,783	)
Repurchase of exchangeable operating partnership units		—		—			—			—			—			—			—			(2,046	)		—			(2,046	)		(2,046	)
Common stock issued under dividend reinvestment plan		—		—			—			373			—			—			373			—			—			—			373
Contributions from partners		—		—			—			—			—			—			—			2,210			8,416			10,626			10,626
Distributions to partners		—		—			—			—			—			—			—			—			(6,130	)		(6,130	)		(6,130	)
Dividends declared:
Preferred stock stock/unit (Series A: $0.781250 per share/unit; Series B: $0.734400 per share/unit)		—		—			—			—			—			(6,826	)		(6,826	)		—			—			—			(6,826	)
Common stock/unit ($1.410 per share/unit)		—		—			—			—			—			(255,960	)		(255,960	)		(1,526	)		—			(1,526	)		(257,486	)
Balance at June 30, 2025	$	225,000		1,816			(30,210	)		8,512,308			(3,788	)		(2,027,254	)		6,677,872			38,359			140,709			179,068			6,856,940

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the periods ended June 30, 2025, and 2024

(in thousands)

(unaudited)


	Six months ended June 30,
	2025			2024
Cash flows from operating activities:
Net income	$	220,202			217,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		196,309			198,553
Amortization of deferred financing costs and debt premiums		6,922			6,232
Amortization of above and below market lease intangibles, net		(11,414	)		(12,193	)
Stock-based compensation, net of capitalization		9,864			12,539
Equity in income of investments in real estate partnerships		(28,254	)		(24,275	)
Loss (gain) on sale of real estate, net of tax		193			(22,484	)
Provision for impairment of real estate, net of tax		1,262			—
Loss on early extinguishment of debt		—			180
Distribution of earnings from investments in real estate partnerships		34,502			32,440
Deferred compensation (income) expense		(253	)		2,695
Realized and unrealized gain on investments		(87	)		(3,013	)
Changes in assets and liabilities:
Tenant and other receivables		(1,670	)		(3,565	)
Deferred leasing costs		(8,802	)		(6,311	)
Other assets		(15,123	)		(13,793	)
Accounts payable and other liabilities		464			(9,776	)
Tenants' security, escrow deposits and prepaid rent		964			(3,602	)
Net cash provided by operating activities		405,079			371,214
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025		(83,261	)		(45,208	)
Real estate development and capital improvements		(204,657	)		(141,775	)
Proceeds from sale of real estate		7,165			92,159
Proceeds from property insurance casualty claims		—			4,638
Issuance of notes receivable		—			(32,651	)
Collection of notes receivable		180			3,004
Investments in real estate partnerships		(6,217	)		(8,582	)
Return of capital from investments in real estate partnerships		—			10,038
Dividends on investment securities		1,081			263
Purchase of investment securities		(96,226	)		(95,519	)
Proceeds from sale of investment securities		9,242			99,490
Net cash used in investing activities		(372,693	)		(114,143	)


	Six months ended June 30,
	2025			2024
Cash flows from financing activities:
Tax withholding on stock-based compensation		(6,783	)		(8,776	)
Common shares repurchased through share repurchase program		—			(200,066	)
Repurchase of exchangeable operating partnership units		(2,046	)		—
Proceeds from sale of treasury stock		462			210
Contributions from noncontrolling interests		8,416			3,001
Distributions to and redemptions of noncontrolling interests		(6,130	)		(6,254	)
Distributions to exchangeable operating partnership unit holders		(1,546	)		(1,479	)
Dividends paid to common shareholders		(255,455	)		(247,138	)
Dividends paid to preferred shareholders		(6,826	)		(6,825	)
Repayment of fixed rate unsecured notes		—			(250,000	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		397,116			398,468
Proceeds from unsecured credit facilities		395,000			422,419
Repayment of unsecured credit facilities		(430,000	)		(264,419	)
Proceeds from notes payable		10,000			—
Repayment of notes payable		(32,787	)		(88,069	)
Scheduled principal payments		(5,060	)		(6,121	)
Payment of financing costs		(3,812	)		(13,453	)
Net cash provided by (used in) financing activities		60,549			(268,502	)
Net increase (decrease) in cash and cash equivalents and restricted cash		92,935			(11,431	)
Cash and cash equivalents and restricted cash at beginning of the period		61,884			91,354
Cash and cash equivalents and restricted cash at end of the period	$	154,819			79,923

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $4,534 and $3,176 in 2025 and 2024, respectively)	$	90,174			77,408
Cash paid for income taxes, net of refunds	$	387			6,405
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	131,017			125,709
Sale of leased asset in exchange for net investment in sales-type lease	$	—			2,808
Acquisition of operating real estate:
Tenant and other receivable and other assets	$	593			—
Acquired lease intangible assets	$	9,725			—
Notes payable assumed in acquisition, at fair value	$	40,060			—
Intangible liabilities, Accounts payable and other liabilities	$	18,945			—
Acquisition of unconsolidated real estate investments:
Tenant and other receivable and other assets	$	941			—
Acquired lease intangible assets	$	4,308			—
Notes payable assumed in acquisition, at fair value	$	16,749			—
Intangible liabilities, Accounts payable and other liabilities	$	1,119			—
Reallocation of equity upon acquisition of non-controlling interest	$	—			8,694
Change in accrued capital expenditures	$	15,244			3,094
Stock-based compensation capitalized	$	1,254			880

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Balance Sheets

June 30, 2025 and December 31, 2024

(in thousands, except unit data)


	2025			2024
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	13,988,815			13,698,419
Less: accumulated depreciation		3,107,560			2,960,399
Real estate assets, net		10,881,255			10,738,020
Investments in sales-type leases, net		16,609			16,291
Investments in real estate partnerships		389,828			399,044
Net real estate investments		11,287,692			11,153,355
Properties held for sale, net		15,553			—
Cash, cash equivalents, and restricted cash, including $4,133 and $5,601 of restricted cash at June 30, 2025 and December 31, 2024, respectively		154,819			61,884
Tenant and other receivables, net		260,824			255,495
Deferred leasing costs, less accumulated amortization of $134,870 and $131,080 at June 30, 2025 and December 31, 2024, respectively		87,027			79,911
Acquired lease intangible assets, less accumulated amortization of $410,383 and $395,209 at June 30, 2025 and December 31, 2024, respectively		218,995			229,983
Right of use assets, net		319,091			322,287
Other assets		386,473			289,046
Total assets	$	12,730,474			12,391,961
Liabilities and Capital
Liabilities:
Notes payable, net	$	4,769,182			4,343,700
Unsecured credit facility		30,000			65,000
Accounts payable and other liabilities		381,549			392,302
Acquired lease intangible liabilities, less accumulated amortization of $233,778 and $222,052 at June 30, 2025 and December 31, 2024, respectively		366,625			364,608
Lease liabilities		243,704			244,861
Tenants' security, escrow deposits and prepaid rent		82,474			81,183
Total liabilities		5,873,534			5,491,654
Commitments and contingencies		—			—
Capital:
Partners' capital:
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at June 30, 2025 and December 31, 2024		225,000			225,000
General partner's common units, 181,550,531 and 181,361,454 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively		6,456,660			6,496,920
Limited partners' common units, 1,067,844 and 1,096,659 units issued and outstanding at June 30, 2025 and December 31, 2024 respectively		38,359			40,744
Accumulated other comprehensive (loss) income		(3,788	)		2,226
Total partners' capital		6,716,231			6,764,890
Noncontrolling interest: Limited partners' interests in consolidated partnerships		140,709			135,417
Total capital		6,856,940			6,900,307
Total liabilities and capital	$	12,730,474			12,391,961

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Operations

For the periods ended June 30, 2025, and 2024

(in thousands, except per unit data)

(unaudited)


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Revenues:
Lease income	$	369,105			347,845		$	740,184			700,951
Other property income		4,499			2,670			7,520			7,020
Management, transaction, and other fees		7,244			6,735			14,056			13,131
Total revenues		380,848			357,250			761,760			721,102
Operating expenses:
Depreciation and amortization		99,535			100,968			196,309			198,553
Property operating expense		60,759			59,491			129,218			122,765
Real estate taxes		47,500			45,478			93,860			89,785
General and administrative		25,480			24,238			47,080			50,370
Other operating expenses		1,944			3,066			3,632			5,709
Total operating expenses		235,218			233,241			470,099			467,182
Other expense, net:
Interest expense, net		50,272			43,178			98,285			86,046
Provision for impairment of real estate		1,262			—			1,262			—
Loss (Gain) on sale of real estate, net of tax		294			(11,081	)		193			(22,484	)
Loss on early extinguishment of debt		—			—			—			180
Net investment income		(788	)		(703	)		(27	)		(3,134	)
Total other expense, net		51,040			31,394			99,713			60,608
Income before equity in income of investments in real estate partnerships		94,590			92,615			191,948			193,312
Equity in income of investments in real estate partnerships		13,759			12,314			28,254			24,275
Net income		108,349			104,929			220,202			217,587
Limited partners' interests in consolidated partnerships		(1,742	)		(1,660	)		(3,366	)		(3,902	)
Net income attributable to the Partnership		106,607			103,269			216,836			213,685
Preferred unit distributions		(3,413	)		(3,413	)		(6,826	)		(6,826	)
Net income attributable to common unit holders	$	103,194			99,856		$	210,010			206,859

Net income attributable to common unit holders:
Per common unit - basic	$	0.57			0.54		$	1.15			1.12
Per common unit - diluted	$	0.56			0.54		$	1.15			1.12

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Comprehensive Income

For the periods ended June 30, 2025, and 2024

(in thousands)

(unaudited)


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Net income	$	108,349			104,929		$	220,202			217,587
Other comprehensive (loss) income:
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		(1,295	)		3,124			(3,943	)		11,717
Reclassification adjustment of derivative instruments included in net income		(1,015	)		(2,440	)		(2,760	)		(4,807	)
Unrealized gain (loss) on available-for-sale debt securities		94			(1	)		288			(120	)
Other comprehensive (loss) income		(2,216	)		683			(6,415	)		6,790
Comprehensive income		106,133			105,612			213,787			224,377
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		1,742			1,660			3,366			3,902
Other comprehensive (loss) income attributable to noncontrolling interests		(130	)		9			(360	)		308
Comprehensive income attributable to noncontrolling interests		1,612			1,669			3,006			4,210
Comprehensive income attributable to the Partnership	$	104,521			103,943		$	210,781			220,167

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the three months ended June 30, 2025 and 2024

(in thousands)

(unaudited)


	General Partner Preferred and Common Units			Limited Partners			Accumulated Other Comprehensive Income			Total Partners’ Capital			Noncontrolling Interests in Limited Partners’ Interest in Consolidated Partnerships			Total Capital
Balance at March 31, 2024	$	7,015,246			41,606			4,465			7,061,317			116,702			7,178,019
Net income		102,668			601			—			103,269			1,660			104,929
Other comprehensive income
Other comprehensive income before reclassification		—			18			2,955			2,973			150			3,123
Amounts reclassified from accumulated other comprehensive loss		—			(14	)		(2,285	)		(2,299	)		(141	)		(2,440	)
Adjustment for noncontrolling interests in the Operating Partnership		(8,694	)		—			—			(8,694	)		8,694			—
Contributions from partners		—			—			—			—			1,529			1,529
Distributions to partners		(121,959	)		(1,473	)		—			(123,432	)		(1,890	)		(125,322	)
Preferred unit distributions		(3,413	)		—			—			(3,413	)		—			(3,413	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization		6,561			—			—			6,561			—			6,561
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company		(200,066	)		—			—			(200,066	)		—			(200,066	)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		250			—			—			250			—			250
Balance at June 30, 2024	$	6,790,593			40,738			5,135			6,836,466			126,704			6,963,170

Balance at March 31, 2025	$	6,701,293			40,584			(1,715	)		6,740,162			136,278			6,876,440
Net income		106,021			586			—			106,607			1,742			108,349
Other comprehensive income
Other comprehensive income before reclassification		—			(7	)		(1,146	)		(1,153	)		(48	)		(1,201	)
Amounts reclassified from accumulated other comprehensive loss		—			(6	)		(927	)		(933	)		(82	)		(1,015	)
Contributions from partners		—			—			—			—			5,439			5,439
Distributions to partners		(127,984	)		(752	)		—			(128,736	)		(2,620	)		(131,356	)
Preferred unit distributions		(3,413	)		—			—			(3,413	)		—			(3,413	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization		5,570			—			—			5,570			—			5,570
Repurchase of exchangeable operating partnership units		—			(2,046	)		—			(2,046	)		—			(2,046	)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		173			—			—			173			—			173
Balance at June 30, 2025	$	6,681,660			38,359			(3,788	)		6,716,231			140,709			6,856,940

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Capital

For the six months ended June 30, 2025 and 2024

(in thousands)

(unaudited)


	General Partner Preferred and Common Units			Limited Partners			Accumulated Other Comprehensive Income (Loss)			Total Partners' Capital			Noncontrolling Interests in Limited Partners' Interest in Consolidated Partnerships			Total Capital
Balance at December 31, 2023	$	7,033,995			42,195			(1,308	)		7,074,882			117,053			7,191,935
Net income		212,442			1,243			—			213,685			3,902			217,587
Other comprehensive income
Other comprehensive income before reclassification		—			66			10,942			11,008			589			11,597
Amounts reclassified from accumulated other comprehensive income		—			(27	)		(4,499	)		(4,526	)		(281	)		(4,807	)
Adjustment for noncontrolling interests in the Operating Partnership		(8,694	)		—			—			(8,694	)		8,694			—
Contributions from partners		—			—			—			—			3,001			3,001
Distributions to partners		(245,754	)		(2,210	)		—			(247,964	)		(6,254	)		(254,218	)
Preferred unit distributions		(6,826	)		—			—			(6,826	)		—			(6,826	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization		13,137			—			—			13,137			—			13,137
Common units repurchased and retired as a result of common stock repurchased and retired by Parent Company		(200,066	)		—			—			(200,066	)		—			(200,066	)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		(8,170	)		—			—			(8,170	)		—			(8,170	)
Exchangeable operating partnership units exchanged for common stock of Parent Company		529			(529	)		—			—			—			—
Balance at June 30, 2024	$	6,790,593			40,738			5,135			6,836,466			126,704			6,963,170

Balance at December 31, 2024	$	6,721,920			40,744			2,226			6,764,890			135,417			6,900,307
Net income		215,608			1,228			—			216,836			3,366			220,202
Other comprehensive income
Other comprehensive income before reclassification		—			(27	)		(3,435	)		(3,462	)		(193	)		(3,655	)
Amounts reclassified from accumulated other comprehensive income		—			(14	)		(2,579	)		(2,593	)		(167	)		(2,760	)
Adjustment for noncontrolling interests in the Operating Partnership		2,210			(2,210	)		—			—			—			—
Contributions from partners		—			2,210			—			2,210			8,416			10,626
Distributions to partners		(255,960	)		(1,526	)		—			(257,486	)		(6,130	)		(263,616	)
Preferred unit distributions		(6,826	)		—			—			(6,826	)		—			(6,826	)
Restricted units issued as a result of restricted stock issued by Parent Company, net of amortization		11,118			—			—			11,118			—			11,118
Repurchase of exchangeable operating partnership units		—			(2,046	)		—			(2,046	)		—			(2,046	)
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		(6,410	)		—			—			(6,410	)		—			(6,410	)
Balance at June 30, 2025	$	6,681,660			38,359			(3,788	)		6,716,231			140,709			6,856,940

The accompanying notes are an integral part of the consolidated financial statements.

REGENCY CENTERS, L.P.

Consolidated Statements of Cash Flows

For the periods ended June 30, 2025, and 2024

(in thousands)

(unaudited)


	Six months ended June 30,
	2025			2024
Cash flows from operating activities:
Net income	$	220,202			217,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		196,309			198,553
Amortization of deferred financing costs and debt premiums		6,922			6,232
Amortization of above and below market lease intangibles, net		(11,414	)		(12,193	)
Stock-based compensation, net of capitalization		9,864			12,539
Equity in income of investments in real estate partnerships		(28,254	)		(24,275	)
Loss (gain) on sale of real estate, net of tax		193			(22,484	)
Provision for impairment of real estate, net of tax		1,262			—
Loss on early extinguishment of debt		—			180
Distribution of earnings from investments in real estate partnerships		34,502			32,440
Deferred compensation (income) expense		(253	)		2,695
Realized and unrealized gain on investments		(87	)		(3,013	)
Changes in assets and liabilities:
Tenant and other receivables		(1,670	)		(3,565	)
Deferred leasing costs		(8,802	)		(6,311	)
Other assets		(15,123	)		(13,793	)
Accounts payable and other liabilities		464			(9,776	)
Tenants' security, escrow deposits and prepaid rent		964			(3,602	)
Net cash provided by operating activities		405,079			371,214
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025		(83,261	)		(45,208	)
Real estate development and capital improvements		(204,657	)		(141,775	)
Proceeds from sale of real estate		7,165			92,159
Proceeds from property insurance casualty claims		—			4,638
Issuance of notes receivable		—			(32,651	)
Collection of notes receivable		180			3,004
Investments in real estate partnerships		(6,217	)		(8,582	)
Return of capital from investments in real estate partnerships		—			10,038
Dividends on investment securities		1,081			263
Acquisition of investment securities		(96,226	)		(95,519	)
Proceeds from sale of investment securities		9,242			99,490
Net cash used in investing activities		(372,693	)		(114,143	)


	Six months ended June 30,
	2025			2024
Cash flows from financing activities:
Tax withholding on stock-based compensation		(6,783	)		(8,776	)
Common units repurchased through share repurchase program		—			(200,066	)
Repurchase of exchangeable operating partnership units		(2,046	)		—
Proceeds from sale of treasury stock		462			210
Contributions from noncontrolling interests		8,416			3,001
Distributions to and redemptions of noncontrolling interests		(6,130	)		(6,254	)
Distributions to partners		(257,001	)		(248,617	)
Dividends paid to preferred unit holders		(6,826	)		(6,825	)
Repayment of fixed rate unsecured notes		—			(250,000	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		397,116			398,468
Proceeds from unsecured credit facilities		395,000			422,419
Repayment of unsecured credit facilities		(430,000	)		(264,419	)
Proceeds from notes payable		10,000			—
Repayment of notes payable		(32,787	)		(88,069	)
Scheduled principal payments		(5,060	)		(6,121	)
Payment of financing costs		(3,812	)		(13,453	)
Net cash provided by (used in) financing activities		60,549			(268,502	)
Net increase (decrease) in cash and cash equivalents and restricted cash		92,935			(11,431	)
Cash and cash equivalents and restricted cash at beginning of the period		61,884			91,354
Cash and cash equivalents and restricted cash at end of the period	$	154,819			79,923

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $4,534 and $3,176 in 2025 and 2024, respectively)	$	90,174			77,408
Cash paid for income taxes, net of refunds	$	387			6,405
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	131,017			125,709
Right of use assets obtained in exchange for new operating lease liabilities	$	—			—
Sale of leased asset in exchange for net investment in sales-type lease	$	—			2,808
Acquisition of operating real estate:
Tenant and other receivable and other assets	$	593			—
Acquired lease intangible assets	$	9,725			—
Notes payable assumed in acquisition, at fair value	$	40,060			—
Intangible liabilities, Accounts payable and other liabilities	$	18,945			—
Acquisition of unconsolidated real estate investments:
Tenant and other receivable and other assets	$	941			—
Acquired lease intangible assets	$	4,308			—
Notes payable assumed in acquisition, at fair value	$	16,749			—
Intangible liabilities, Accounts payable and other liabilities	$	1,119			—
Change in accrued capital expenditures	$	15,244			3,094
Stock-based compensation capitalized	$	1,254			880

The accompanying notes are an integral part of the consolidated financial statements.


1.	Organization and Significant Accounting Policies

General

Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership, management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $200 million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of June 30, 2025, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 380 properties and held partial interests in an additional 103 properties through unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").

Basis of Presentation

The information included in this Report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report on Form 10-K”), as certain disclosures in this Report that would duplicate those included in such Annual Report on Form 10-K are not included in these consolidated financial statements. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. These adjustments are considered to be of a normal recurring nature.

Estimates, Risks and Uncertainties

The preparation of the Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates in the Company's financial statements relate to the net carrying values of its real estate investments, collectibility of lease income, and acquired lease intangible assets and liabilities. It is possible that the estimates and assumptions that have been utilized in the preparation of the Consolidated Financial Statements could change significantly if economic conditions were to change.

The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent may be influenced by evolving political, economic, trade, tax and immigration policies and macroeconomic uncertainties, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These issues include, but are not limited to, the potential for impacts from tariffs, tax and other regulatory changes and potential trade disputes, retaliatory actions by other countries, inflation, the cost and availability of labor, including labor shortages related to deportations or threat of deportations, increasing energy prices and interest rates, supply chain disruptions, and access to and cost of capital. Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, the Middle East conflicts and wars, and economic conflicts with China, as well as the slowing of its economy, could impact aspects of the U.S. economy and, therefore, consumer confidence and spending.

The policies implemented by the U.S. government to address these and related issues, including changes by the Board of Governors of the Federal Reserve System of its benchmark federal funds rate, increases or decreases in federal government spending, and economic sanctions and tariffs, could result in adverse impacts on the U.S. economy, including inflation, reduction in consumer confidence and spending, a slowing of growth, and potentially a recession, thereby adversely impacting the costs to our tenants of operating their businesses, demand for their products and services, and their ability to pay rent, and/or decreasing future demand for space in shopping centers, which could adversely impact occupancy rates and rents. The potential impact of current macroeconomic and geopolitical challenges on the Company's financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these risks and uncertainties. See Item 1A of Part I of the Company's Annual Report on Form 10-K, as supplemented by the discussion in Item 1A of Part II of this Quarterly Report on Form 10-Q, for a more detailed discussion of the Risk Factors potentially impacting the Company's business and results of operations.

Investment Risk Concentrations

As of June 30, 2025, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of June 30, 2025, the Company had three geographic concentrations that individually accounted for at least 10% of its aggregate ABR. Real estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 23.1%, 20.5% and 12.5% of ABR respectively. This geographic concentration makes those portions of the portfolio more susceptible to adverse weather, natural disasters or economic events that may specifically and disproportionately impact these areas. None of the Regency's shopping centers are located outside the United States.

Consolidation

The Company consolidates properties that are wholly-owned and properties where it owns less than 100% but holds a controlling financial interest in the entity. Controlling financial interest is determined using an evaluation based on accounting standards related to the consolidation of Variable Interest Entities ("VIEs") and voting interest entities.

Ownership of the Parent Company

The Parent Company currently has a single class of common stock and two series of preferred stock outstanding.

Ownership of the Operating Partnership

The Operating Partnership's capital includes Common Units and Preferred Units. As of June 30, 2025, the Parent Company owned approximately 99.4% of the outstanding Common Units, with the remaining limited partners' Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units"). The Parent Company currently owns all of the Preferred Units.

Real Estate Partnerships

As of June 30, 2025, the Company held partial ownership interests in 122 properties through various real estate partnerships, of which 19 are consolidated. These partnerships were formed for the purpose of owning and operating real estate properties. The Company's partners in these arrangements include institutional investors, real estate developers or operators, and passive investors (collectively, the "Partners" or "Limited Partners"). The Company’s involvement in these partnerships is through its ownership of its equity interests and its role in property-level management.

The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general creditors of the Company. Similarly, the obligations of the partnerships are backed by, and can only be settled through the assets of these partnerships or by additional capital contributions by the partners, except to the extent that the Company has provided contractual payment guarantees.

Some of these entities have been determined to be variable interest entities ("VIEs") under applicable accounting guidelines. This determination is primarily based on the assessment that the Limited Partners lack substantive kick-out rights (i.e., the ability to remove the general or managing partner with a simple majority vote or less) and do not possess substantive participating rights.

For those VIE partnerships in which the Company is deemed to be the primary beneficiary in accordance with GAAP, the Company consolidates the entity in its financial statements and the Limited Partners’ ownership interests in such entities are reported as noncontrolling interests.

The carrying amounts of VIEs' assets and liabilities included in the Company's consolidated financial statements, exclusive of the Operating Partnership, are as follows:


(in thousands)	June 30, 2025		December 31, 2024
Assets
Real estate assets, net	$	465,659		312,873
Cash, cash equivalents and restricted cash		23,101		16,687
Tenant and other receivables, net		6,239		5,833
Deferred costs, net		5,973		3,178
Acquired lease intangible assets, net		14,316		6,293
Right of use assets, net		17,901		18,148
Other assets		1,294		597
Total Assets	$	534,483		363,609
Liabilities
Notes payable	$	73,365		32,653
Accounts payable and other liabilities		90,616		16,149
Acquired lease intangible liabilities, net		28,224		10,627
Tenants' security, escrow deposits and prepaid rent		1,397		1,260
Lease liabilities		19,463		19,370
Total Liabilities	$	213,065		80,059

For partnerships in which the Company is not the primary beneficiary and does not hold a controlling financial interest but is able to exercise significant influence, the Company accounts for its investments using the equity method of accounting.

Revenues, and Tenant and other Receivables

Income within Management, transaction, and other fees is primarily derived from contracts with the Company's investments in real estate partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and amounts are as follows:


		Three months ended June 30,				Six months ended June 30,
(in thousands)	Timing of satisfaction of performance obligations	2025		2024		2025		2024
Management, transaction, and other fees:
Property management services	Over time	$	4,151		3,895	$	8,261		7,856
Asset management services	Over time		1,746		1,620		3,463		3,222
Leasing services	Point in time		1,003		1,016		1,875		1,591
Other transaction fees	Point in time		344		204		457		462
Total management, transaction, and other fees		$	7,244		6,735	$	14,056		13,131

The accounts receivable for total management, transactions, and other fees, which are included within Tenant and other receivables in the accompanying Consolidated Balance Sheets, are $17.9 million and $19.7 million, as of June 30, 2025 and December 31, 2024, respectively.

Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements and the expected impact on our financial statements:


Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Recently issued:
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.	ASU 2023-09 requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.	January 1, 2025	This is an annual disclosure requirement in the Form 10-K and the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.


ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses		ASU 2024-03 requires public business entities to provide additional disclosures that disaggregate certain income statement expense captions into specified categories. The ASU does not impact the presentation of expenses on the face of the income statement but requires additional footnote disclosures to provide users of the financial statements with greater insight into the nature and composition of reported expenses.		January 1, 2027		The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. While the adoption of this standard is not expected to have a material impact on the financial position or results of operations, it will require enhanced footnote disclosures related to the disaggregation of income statement expenses.


ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments		ASU 2024-04 clarifies guidance on the accounting for inducements offered to holders of convertible debt instruments to encourage them to convert the debt into equity securities. Specifically, the ASU clarifies the recognition and measurement of inducement costs and their impact on the issuer’s financial statements.		January 1, 2026		The Company is assessing the impact this ASU will have on the Company’s financial statement disclosures. The adoption is not expected to have a material impact on the financial position or results of operations, as the Company currently does not have any convertible debt instruments in our financing arrangements.

           ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

           ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. 

           January 1, 2027

           The Company is currently evaluating the impact of this ASU, but it is not expected to materially affect the company's consolidated financial statements.


2.	Real Estate Investments

The following tables detail the properties acquired for the periods set forth below:


(in thousands)		Six months ended June 30, 2025
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (Premium) (1)		Intangible Assets (1)		Intangible Liabilities (1)
Consolidated
1/1/2025	Putnam Plaza (2)	Carmel Hamlet, NY	Operating	100%	$	31,000		16,749		4,308		460
1/10/2025	Orange Meadows	Orange, CT	Outparcel	100%		4,200		—		354		299
3/14/2025	Brentwood Place	Nashville, TN	Operating	100%		118,500		40,060		9,371		18,295
Total consolidated					$	153,700		56,809		14,033		19,054
Unconsolidated
5/12/2025	Armonk Square	Armonk, NY	Operating	20%		26,250		11,884		2,405		5,498
Total unconsolidated					$	26,250		11,884		2,405		5,498
Total property acquisitions					$	179,950		68,693		16,438		24,552

(1)

Amounts for purchase price and allocation are reflected at 100%.

(2)

This property was held within a single property unconsolidated real estate partnership, in which the Company held a 66.7% ownership interest. Effective January 1, 2025, the Company purchased its partner's remaining 33.3% ownership interest.

In July 2025, the Company completed a $357 million acquisition of five operating properties, all located in Orange County, California. The purchase price was funded through a combination of units of the Operating Partnership issued at $72 per unit, the assumption of $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and an average remaining term of approximately 12 years, and $7 million in cash used to pay off an existing secured loan.


(in thousands)		Six months ended June 30, 2024
Date Purchased	Property Name	City/State	Property Type	Regency's Ownership	Purchase Price (1)		Debt Assumed, Net of Discounts (Premium) (1)		Intangible Assets (1)		Intangible Liabilities (1)
2/23/2024	The Shops at Stone Bridge	Cheshire, CT	Development	100%	$	8,000		—		—		—
5/3/2024	Compo Acres North shopping center	Westport, CT	Operating	100%		45,500		—		5,360		2,175
Total property acquisitions					$	53,500		—		5,360		2,175

(1)

Amounts for purchase price and allocation are reflected at 100%.


3.	Property Dispositions and Assets Held for Sale

The following table provides a summary of consolidated operating properties and land parcels sold during the periods set forth below:


	Three months ended June 30,					Six months ended June 30,
(in thousands, except number sold data)	2025			2024		2025			2024
Net proceeds from sale of real estate investments	$	7,165			62,126	$	7,165			92,159
(Loss) Gain on sale of real estate, net of tax		(294	)		11,081		(193	)		22,484
Provision for impairment of real estate sold (1)		554			—		554			—
Number of operating properties sold		1			2		1			3
Percent interest sold	100%			100%		100%			100%

(1)

The Company recognized a total Provision for impairment of $1.3 million during the three and six months ended June 30, 2025 which includes a $0.7 million impairment charge related to the operating property held for sale as of June 30, 2025 and subsequently sold in July 2025.

As of June 30, 2025 the Company had one operating property and one land parcel classified as held for sale. There were no liabilities associated with these properties. The operating property was subsequently sold in July 2025. As of December 31, 2024 the Company did not have any of its properties classified as held for sale. The following table presents the assets associated with the properties classified as held for sale as of June 30, 2025:


(in thousands)	June 30, 2025
Land and improvements	$	11,916
Buildings and improvements		4,561
Less: accumulated depreciation		(924	)
Assets associated with real estate assets held for sale	$	15,553


4.	Other Assets

The following table represents the components of Other assets in the accompanying Consolidated Balance Sheets as of the periods set forth below:


(in thousands)	June 30, 2025		December 31, 2024
Goodwill	$	166,739		166,739
Investments (1)		138,087		51,820
Prepaid and other		56,451		40,240
Derivative assets		8,402		12,781
Furniture, fixtures, and equipment, net ("FF&E")		8,784		7,954
Deferred financing costs, net		8,010		9,512
Total other assets	$	386,473		289,046

(1)

During the three months ended June 30, 2025, the Company invested approximately $90 million in commercial time deposits.


5.	Notes Payable and Unsecured Credit Facilities

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


(in thousands)	Scheduled Maturity Date	Weighted Average Contractual Rate	Weighted Average Effective Rate	June 30, 2025		December 31, 2024
Notes payable:
Fixed rate mortgage loans	11/5/2025 - 6/1/2037	3.9%	4.4%	$	366,886		337,703
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.5%	4.6%		282,311		282,117
Fixed rate unsecured debt	11/1/2025 - 3/15/2049	4.2%	4.4%		4,119,985		3,723,880
Total notes payable, net					4,769,182		4,343,700
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (1)(2)	3/23/2028	5.1%	5.5%		30,000		65,000
Total unsecured credit facility					30,000		65,000
Total debt outstanding				$	4,799,182		4,408,700

(1)

As of June 30, 2025, 96.5% of the variable rate debt are fixed through interest rate swaps.

(2)

The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Significant financing activity during 2025 includes:

On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").

Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:


(in thousands)	June 30, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2025 (2)	$	5,117		16,000			250,000			271,117
2026		10,445		147,850			200,000			358,295
2027		7,558		226,308			525,000			758,866
2028		5,734		57,374			330,000			393,108
2029		2,786		97,120			425,000			524,906
Beyond 5 Years		5,172		78,468			2,450,000			2,533,640
Unamortized debt premium/(discount) and issuance costs		—		(10,735	)		(30,015	)		(40,750	)
Total	$	36,812		612,385			4,149,985			4,799,182

(1)

Includes unsecured public and private debt and unsecured credit facilities.

(2)

Reflects scheduled principal payments and maturities for the remainder of the year.

The Company was in compliance as of June 30, 2025, with all debt covenants.


6.	Derivative Instruments

The Company may use derivative financial instruments, including interest swaps, caps, options, floors, and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The Company does not intend to utilize derivative instruments for speculative transactions or purposes other than mitigation of interest rate risk. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that have high credit ratings. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

Detail on the Company's interest rate derivatives outstanding as of June 30, 2025 and December 31, 2024 is as follows:


(in thousands, except number of instruments data)
Interest Rate Swaps	June 30, 2025		December 31, 2024
Notional amount	$	301,885		301,444
Number of instruments		15		14

Detail on the fair value of the Company's interest rate derivatives as of June 30, 2025 and December 31, 2024 is as follows:


(in thousands)
Interest rate swaps classified as:	June 30, 2025			December 31, 2024
Derivative assets	$	8,402			12,781
Derivative liabilities		(1,735	)		(423	)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

These derivative financial instruments are all interest rate swaps, which are designated and qualify as cash flow hedges. The Company does not enter into derivative instruments for trading or speculative purposes. As of June 30, 2025, all of the Company's derivatives are designated as cash flow hedges.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Accumulated other comprehensive income ("AOCI") and subsequently reclassified into earnings in the period that the hedged interest payments affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial Statements:


Location and Amount of (Loss) Gain Recognized in OCI on Derivative						Location and Amount of Gain Reclassified from AOCI into Net Income							Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
	Three months ended June 30,						Three months ended June 30,							Three months ended June 30,
(in thousands)	2025			2024			2025			2024				2025		2024
Interest rate swaps	$	(1,295	)		3,124	Interest expense, net	$	(1,015	)		(2,440	)	Interest expense, net	$	50,272		43,178

	Six months ended June 30,						Six months ended June 30,							Six months ended June 30,
(in thousands)	2025			2024			2025			2024				2025		2024
Interest rate swaps	$	(3,943	)		11,717	Interest expense, net	$	(2,760	)		(4,807	)	Interest expense, net	$	98,285		86,046

As of June 30, 2025, the Company expects approximately $1.3 million of accumulated comprehensive income on derivative instruments, including the Company's share from its Investments in real estate partnerships, to be reclassified into earnings during the next 12 months.


7.	Leases

Substantially all of the Company's leases are classified as operating leases. The Company's Lease income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per lease contracts, which are primarily related to base rent, and in some cases stated amounts for common area maintenance ("CAM"), real estate taxes, and insurance (collectively, "Recoverable Costs"). Income for these amounts is recognized on a straight-line basis.

Variable lease income includes the following two main items in the lease contracts:

•

Recoveries from tenants represent the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. Generally, the Company's leases provide for the tenants to reimburse the Company based on the tenants' share of the actual costs incurred in proportion to the tenants' share of leased space in the property.

•

Percentage rent represents amounts billable to tenants based on the tenants' actual sales volume in excess of levels specified in the lease contract.

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:


(in thousands)	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Operating lease income
Fixed and in-substance fixed lease income	$	271,608			256,991		$	538,344			513,616
Variable lease income		93,762			86,082			192,141			178,372
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		5,731			7,441			12,481			13,264
Uncollectible straight-line rent (1)		(423	)		(811	)		(823	)		(1,210	)
Uncollectible lease income		(1,573	)		(1,858	)		(1,959	)		(3,091	)
Total lease income	$	369,105			347,845		$	740,184			700,951

(1)

The amounts include straight-line rent adjustments associated with converting between cash basis and accrual basis of accounting for certain leases.

The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets:


(in thousands)	June 30, 2025		December 31, 2024
Tenant receivables	$	30,166		35,306
Straight-line rent receivables		168,555		157,507
Other receivables (1)		62,103		62,682
Total tenant and other receivables	$	260,824		255,495

(1)

Other receivables include notes receivable, construction receivables, insurance receivables, and amounts due from real estate partnerships for Management, transaction, and other fee income.


8.	Fair Value Measurements

(a) Disclosure of Fair Value of Financial Instruments

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, reasonably approximate their fair values, except those instruments listed below:


	June 30, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	31,650		31,723	$	31,790		31,755
Financial liabilities:
Notes payable, net	$	4,769,182		4,658,270	$	4,343,700		4,141,096
Unsecured credit facilities (1)	$	30,000		30,000	$	65,000		65,000

(1)

The carrying amounts approximated its fair values due to the variable nature of the terms.

The above fair values represent management's estimate of the amounts that would be received from selling those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants as of June 30, 2025, and December 31, 2024, respectively. These fair value measurements maximize the use of observable inputs which are classified within Level 2 of the fair value hierarchy. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company's own judgments about the assumptions that market participants would use in pricing the asset or liability.

The Company develops its judgments based on the best information available at the measurement date, including expected cash flows, appropriate risk-adjusted discount rates, and available observable and unobservable inputs. Service providers involved in fair value measurements are evaluated for competency and qualifications on an ongoing basis. As considerable judgment is often necessary to estimate the fair value of these financial instruments, the fair values presented above are not necessarily indicative of amounts that will be realized upon disposition of the financial instruments.

(b) Fair Value Measurements

The following financial instruments are measured at fair value on a recurring basis:

Securities

The Company has investments in marketable securities and commercial time deposits that are included within Other assets on the accompanying Consolidated Balance Sheets. The marketable securities, which include mutual funds and exchange-traded funds, are measured at fair value using quoted prices in active markets and are classified as Level 1 inputs of the fair value hierarchy. During the three months ended June 30, 2025, the Company invested $90 million in commercial time deposits, consisting of two tranches with original maturities of five months and four months, respectively. These deposits are classified as Level 2 within the fair value hierarchy.

Changes in the value of securities are recorded within Net investment income in the accompanying Consolidated Statements of Operations, and include the following:


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025			2024
Unrealized Gain (Loss)		62		703		(2,385	)		3,134

Available-for-Sale Debt Securities

Available-for-sale debt securities consist of investments in corporate bonds and agency mortgage-backed securities. These securities are recorded at fair value, which is determined using either recent trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer credit rating, duration and security type. The fair value measurements for these are considered Level 2 inputs of the fair value hierarchy. Unrealized gains and losses on these available-for-sale debt securities are recognized through Other comprehensive income.

Interest Rate Derivatives

The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps. As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair value hierarchy.

The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis:


	Fair Value Measurements as of June 30, 2025
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	126,217			36,217		90,000			—
Available-for-sale debt securities		11,870			—		11,870			—
Interest rate derivatives		8,402			—		8,402			—
Total	$	146,489			36,217		110,272			—
Liabilities:
Interest rate derivatives	$	(1,735	)		—		(1,735	)		—


	Fair Value Measurements as of December 31, 2024
				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
(in thousands)	Balance			(Level 1)		(Level 2)			(Level 3)
Assets:
Securities	$	39,419			39,419		—			—
Available-for-sale debt securities		12,401			—		12,401			—
Interest rate derivatives		12,781			—		12,781			—
Total	$	64,601			39,419		25,182			—
Liabilities:
Interest rate derivatives	$	(423	)		—		(423	)		—


9.	Equity and Capital

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:


	Preferred Stock Outstanding as of June 30, 2025 and December 31, 2024
	Date of Issuance	Shares Issued and Outstanding		Liquidation Preference		Distribution Rate	Callable By Company
Series A	8/18/2023		4,600,000	$	115,000,000	6.250%	On demand
Series B	8/18/2023		4,400,000		110,000,000	5.875%	On demand
			9,000,000	$	225,000,000

Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Company's Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Company's Articles of Incorporation, the holders of the Preferred Stock will have the right to convert all or part of the shares of the Preferred Stock held by such holders on the applicable conversion date into a number of shares of common stock.

Common Stock of the Parent Company

At the Market ("ATM") Program

Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $500 million of common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on market conditions and other factors.

During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company expects to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses.  The shares under the forward sales agreements must be settled within one year of their trade dates, which vary by agreement, and range from November 26, 2025, to December 5, 2025.  Upon settlement, subject to certain exceptions, the Company may elect, in its sole discretion, to physically settle, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement.

No shares to be issued under the 2024 forward sales agreements have been settled as of June 30, 2025. Proceeds from the issuance of shares are expected to be approximately $100.0 million before any underwriting discount and offering expenses and are expected to be used to fund acquisitions of operating properties, fund developments and redevelopments, and for general corporate purposes.

As of June 30, 2025, and after giving effect to the aforementioned forward equity offering, $400 million of common stock remained available for issuance under this ATM Program.

Stock Repurchase Program

On July 31, 2024, the Board authorized a common stock repurchase program under which the Company may purchase up to a maximum of $250 million of its outstanding common stock through open market transactions, and/or in privately negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, are dependent upon market conditions and other factors. The stock repurchased, if not retired, is treated as treasury stock. The Board's authorization for the Repurchase Program expires on June 30, 2026, unless modified, extended or earlier terminated by the Board in its discretion.

During the six months ended June 30, 2025, the Company made no repurchases and $250 million remained available under the Repurchase Program.

Preferred Units of the Operating Partnership

The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.

Common Units of the Operating Partnership

Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or retired, as described above, in each case at the Parent Company's election. During the six months ended June 30, 2025, unitholders exchanged 28,815 Partnership Units for $2.0 million in cash. During the same period ended June 30, 2024, 7,938 Partnership Units were exchanged for Parent Company common stock. These exchanges were completed at market value at the time of the transactions.

In July 2025, the Operating Partnership issued 2,773,087 EOP units, valued at $199.7 million based on the market price at the time of issuance, to unrelated third-party sellers as partial purchase price consideration for the acquisition of five properties.


10.	Stock-Based Compensation

The Company granted 321,704 shares of restricted stock with a weighted-average grant-date fair value of $77.32 per share and 343,014 shares of restricted stock with a weighted-average grant-date fair value of $60.25 per share during the six months ended June 30, 2025 and June 30, 2024, respectively. The Company records stock-based compensation expense within General and administrative expenses in the accompanying Consolidated Statements of Operations, and recognizes forfeitures as they occur.


	Three months ended June 30,						Six months ended June 30,
(in thousands)	2025			2024			2025			2024
Restricted stock (1)	$	5,455			4,662		$	10,898			9,302
Directors' fees paid in common stock and other employee stock grants		115			130			220			282
Capitalized stock-based compensation		(671	)		(446	)		(1,254	)		(880	)
Stock-based compensation, net of capitalization	$	4,899			4,346		$	9,864			8,704

(1)

In addition, during the three and six months ended June 30, 2024, the Company expensed $1.9 million and $3.8 million, respectively, within Other operating expenses in connection with vesting of restricted stock units related to the 2023 acquisition of Urstadt Biddle Properties ("UBP").


11.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Numerator:
Net income attributable to common shareholders - basic	$	102,608		99,255	$	208,782		205,616
Net income attributable to common shareholders - diluted	$	102,608		99,255	$	208,782		205,616
Denominator:
Weighted average common shares outstanding for basic EPS		181,543		183,703		181,497		184,188
Weighted average common shares outstanding for diluted EPS (1)		181,955		183,868		181,877		184,332
Net income per common share – basic	$	0.57		0.54	$	1.15		1.12
Net income per common share – diluted	$	0.56		0.54	$	1.15		1.12

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP units outstanding were 1,067,844 and 1,099,516 for the three months ended June 30, 2025 and 2024, respectively, and 1,088,815 and 1,100,305 for the six months ended June 30, 2025 and 2024, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per unit data)	2025		2024		2025		2024
Numerator:
Net income attributable to common unit holders - basic	$	103,194		99,856	$	210,010		206,859
Net income attributable to common unit holders - diluted	$	103,194		99,856	$	210,010		206,859
Denominator:
Weighted average common units outstanding for basic EPU		182,611		184,803		182,586		185,288
Weighted average common units outstanding for diluted EPU (1)		183,023		184,968		182,966		185,433
Net income per common unit – basic	$	0.57		0.54	$	1.15		1.12
Net income per common unit – diluted	$	0.56		0.54	$	1.15		1.12

(1)

Includes the dilutive impact of unvested restricted stock.

The effect of the assumed exchange of certain other exchangeable units had an anti-dilutive effect upon the calculation of net income attributable to the common unit holders per share. Accordingly, the impact of such assumed exchanges has not been included in the determination of diluted net income per unit calculations.


12.	Segment Information

The Company's portfolio is located throughout the United States. Management does not distinguish or group its operations on a geographical basis for purposes of allocating resources or capital. The Company’s chief operating decision maker ("CODM") evaluates operating and financial performance for each property on an individual property level; therefore, the Company defines an operating segment as its individual properties. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term average financial performance.

The following tables provide information about the Company's reportable segment's revenues, significant expenses, net operating income ("NOI") and the reconciliation of NOI to the Company’s consolidated Net income:


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Lease income	$	405,915			381,232		$	814,003			767,581
Other property income		4,613			2,778			7,992			7,372
Less:
Straight-line rent on lease income		(6,332	)		(4,303	)		(12,783	)		(9,814	)
Above/below market rent amortization, net		(5,919	)		(7,617	)		(12,924	)		(13,629	)
Total real estate revenues		398,277			372,090			796,288			751,510
Operating expenses (1)		(65,664	)		(64,087	)		(139,128	)		(132,159	)
Real estate taxes		(51,680	)		(49,611	)		(102,689	)		(98,021	)
NOI	$	280,933			258,392		$	554,471			521,330

(1)

Operating expenses include Operating and maintenance, Ground rent and Termination expense


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Reconciliation of NOI to Net income:
NOI	$	280,933			258,392		$	554,471			521,330
Consolidated:
Straight-line rent on lease income		5,787			4,120			11,394			9,714
Above/below market rent amortization, net		5,731			7,441			12,481			13,264
Management, transaction, and other fees		7,244			6,735			14,056			13,131
Straight-line rent on ground rent		(336	)		(336	)		(673	)		(677	)
Above/below market ground rent amortization		(532	)		(535	)		(1,067	)		(1,070	)
Depreciation and amortization		(99,535	)		(100,968	)		(196,309	)		(198,553	)
General and administrative		(25,480	)		(24,238	)		(47,080	)		(50,370	)
Other operating expenses		(1,944	)		(3,066	)		(3,632	)		(5,709	)
Other expense, net		(51,040	)		(31,394	)		(99,713	)		(60,608	)
Add: Share of noncontrolling interests excluded from NOI		2,200			2,036			4,404			4,082
Less: Equity in income of investments in real estate excluded from NOI		(14,679	)		(13,258	)		(28,130	)		(26,947	)
Net income	$	108,349			104,929		$	220,202			217,587


13.	Commitments and Contingencies

Litigation

The Company is a party to litigation and other disputes that arise in the ordinary course of business. While the outcome of any particular lawsuit or dispute cannot be predicted with certainty, in the opinion of management, the Company's currently pending litigation and disputes are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. Legal fees are expensed as incurred.

Environmental

The Company is subject to numerous environmental laws and regulations. With respect to applicability to the Company, these pertain primarily to chemicals historically used by certain current and former dry cleaning tenants, the existence of asbestos in older shopping centers, underground petroleum storage tanks and other historic land uses. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that existing environmental studies with respect to its shopping centers have revealed all potential environmental contamination; that its estimate of liabilities will not change as more information becomes available; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the shopping centers will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

The Company had accrued liabilities of $16.6 million and $17.3 million for environmental remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.

Letters of Credit

The Company has the right to issue letters of credit under the Line up to an aggregate amount not to exceed $50.0 million, which reduces the credit availability under the Line. These letters of credit are primarily issued as collateral on behalf of its captive insurance subsidiary and to facilitate the construction of development projects. The Company had $13.4 million and $10.9 million in letters of credit outstanding as of June 30, 2025 and December 31, 2024, respectively.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "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 risk factors, including, without limitation, risk factors relating to:

•

the current economic and geopolitical environments

•

pandemics or other health crises

•

operating retail-based shopping centers

•

real estate investments

•

the environment affecting our properties

•

corporate matters

•

our partnerships and joint ventures

•

funding strategies and capital structure

•

information management and technology

•

taxes and the Parent Company’s qualification as a REIT

•

the Company’s stock price.

As more specifically described in Part I, Item 1A. “Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K") and in Part II, Item 1A. "Risk Factors" in this Report. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our most recent 2024 Form 10-K, subsequent 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 and to the extent required by law.

Non-GAAP Financial Measures

In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP financial measures as we believe these measures improve the understanding of our operational results. We believe these non-GAAP financial measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP financial measures to determine how best to provide relevant information to the public, and thus such reported measures could change.

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

Our non-GAAP financial measures include the following:

•

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

•

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

•

Nareit Funds from Operations ("Nareit FFO") is a commonly used measure of REIT performance, which Nareit defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after adjustments for unconsolidated real estate investment partnerships and joint ventures. We compute Nareit FFO for all periods presented in accordance with Nareit's definition.

Companies use different depreciable lives and methods, and real estate values historically fluctuate with market conditions. Since Nareit FFO excludes depreciation and amortization and gains on sale and impairments of real estate, it provides a performance measure that, when compared year over year, reflects the impact on operations from trends in percent leased, rental rates, operating costs, acquisition and development activities, and financing costs. This provides a perspective of our financial performance not immediately apparent from net income determined in accordance with GAAP. Thus, Nareit FFO is a supplemental non-GAAP financial measure of our 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.

•

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

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

•

Pro-rata information includes 100% of our consolidated properties plus our economic share (based on our ownership interest) in our unconsolidated real estate investment partnerships.

We provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate investment partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of assets, liabilities, operating results, and other metrics, along with certain other non-GAAP financial measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information provided is not, nor is it intended to be, presented in accordance with GAAP. The Pro-rata supplemental details of assets and liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating results of the properties in our portfolio.

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

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

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

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

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

•

Pro-rata Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. It is calculated on a proportionate ownership basis for properties held during the comparable reporting periods, excluding revenue and expenses related to non-same properties during the periods.

Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Pro-rata Same Property NOI as a supplemental measure to assess property-level performance, excluding the effects of corporate-level expenses, financing costs, and non-operating activities. This measure allows investors to evaluate trends in revenue and expense growth for properties that have been consistently operated during the periods.

Other Defined Terms

The following terms, as defined, are commonly used by management and the investing public to understand and evaluate our operational results, and are included in this document:

•

Anchor Space is a space equal to or greater than 10,000 SF.

•

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

•

A Non-Same Property is any property, during either calendar year period being compared, that was acquired, sold, a Property in Development, a Development Completion, or a property under, or being positioned for, significant redevelopment that distorts comparability between periods. Non-retail properties and corporate activities, including the captive insurance program, are part of Non-Same Property.

•

Property In Development includes properties in various stages of ground-up development.

•

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

•

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

•

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

•

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

•

Shop Space is a space under 10,000 SF.

Overview of Our Strategy

Regency Centers Corporation began operations as a publicly-traded REIT in 1993. All of our operating, investing, and financing activities are performed through our Operating Partnership, Regency Centers, L.P. and its wholly-owned subsidiaries, and through our real estate partnerships. As of June 30, 2025, the Parent Company owned approximately 99.4% of the outstanding Common Units and 100% of the Preferred Units of the Operating Partnership.

We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. As of June 30, 2025, we had full or partial ownership interests in 483 retail properties. Our properties are high-quality neighborhood and community shopping centers primarily anchored by market leading grocers and principally located in suburban markets within the country's most desirable metro areas, and contain approximately 57.6 million square feet ("SF") of gross leasable area ("GLA"). Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers.

Our values:

•

We are our people: Our people are our greatest asset, and we believe that our highly skilled and talented team makes us better.

•

We do what is right: We act with unwavering standards of honesty and integrity.

•

We connect with our communities: We promote philanthropic ideas and strive for the betterment of our neighborhoods by giving our time and financial support.

•

We are responsible: Our duty is to balance purpose and profit, being good stewards of capital and the environment for the benefit of all our stakeholders.

•

We strive for excellence: When we are passionate about what we do, it is reflected in our performance.

•

We are better together: When we listen to each other and our customers, we will succeed together.

Our goals are to:

•

Own and manage a portfolio of high-quality neighborhood and community shopping centers anchored primarily by market leading grocers and principally located in suburban trade areas in the most desirable metro areas in the United States. We believe that this strategy will result in highly desirable and attractive centers with best-in-class retailers. These centers should command higher rental and occupancy rates resulting in excellent prospects to grow NOI;

•

Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our shopping center peers;

•

Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that deliver favorable returns;

•

Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity to meet our capital needs together with a carefully constructed debt maturity profile; and

•

Implement sustainability and governance practices through our Corporate Responsibility program to support and enhance our business goals and objectives.

Executing on our Strategy

During the six months ended June 30, 2025, we had Net income attributable to common shareholders of $208.8 million as compared to $205.6 million during the six months ended June 30, 2024.

During the six months ended June 30, 2025:

•

Our Pro-rata same property NOI, excluding termination fees, grew 5.8%, as compared to the six months ended June 30, 2024, primarily attributable to improvements in base rent from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.

•

We executed 944 new and renewal leasing transactions representing 3.2 million Pro-rata SF with positive rent spreads of 9.1% during the six months ended June 30, 2025, compared to 984 leasing transactions representing 4.1 million Pro-rata SF with positive rent spreads of 8.9% during the six months ended June 30, 2024. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.

•

At June 30, 2025, December 31, 2024, and June 30, 2024 our total property portfolio was 96.2%, 96.3%, and 95.0% leased, respectively. At June 30, 2025, December 31, 2024, and June 30, 2024 our same property portfolio was 96.5%, 96.5%, and 95.5% leased, respectively.

We continued our development and redevelopment of high quality shopping centers:

•

Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $517.7 million at June 30, 2025, compared to $497.3 million at December 31, 2024.

•

Development and redevelopment projects completed during the six months ended June 30, 2025 represented $26.6 million of estimated net project costs, with an average stabilized yield of 17.7%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs.

We maintained liquidity and the financial flexibility to cost effectively fund investment opportunities and debt maturities:

•

In February 2025, we received a credit rating upgrade to A- with a stable outlook from S&P Global Ratings.

•

On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").

•

We have $556.4 million of loans maturing during the next 12 months, including Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.

•

At June 30, 2025, we had $1.46 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for either or both of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.

•

In July 2025, in connection with the acquisition of five operating properties, the Company issued 2,773,087 exchangeable operating partnership units and assumed $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and an average remaining term of approximately 12 years.

Economic Conditions

Refer to the Estimated Risks and Uncertainties section in Note 1 — Organization and Significant Accounting Policies, as these risks and uncertainties could have a material impact on future results of operations and trends.

Property Portfolio

The following table summarizes general information related to the consolidated properties in our portfolio:


(GLA in thousands)	June 30, 2025			December 31, 2024
Number of Properties	380			379
GLA		44,343			43,876
% Leased – Operating and Development		96.2	%		96.2	%
% Leased – Operating		96.4	%		96.5	%
Weighted average annual effective rent per square foot ("PSF"), net of tenant concessions.	$26.01			$25.56

The following table summarizes general information related to the unconsolidated properties owned in real estate investment partnerships in our portfolio:


(GLA in thousands)	June 30, 2025			December 31, 2024
Number of Properties	103			103
GLA		13,300			13,439
% Leased – Operating and Development		96.7	%		96.8	%
% Leased –Operating		96.7	%		96.8	%
Weighted average annual effective rent PSF, net of tenant concessions	$25.05			$24.51

The following table summarizes Pro-rata occupancy rates of our combined consolidated and unconsolidated shopping center portfolio:


	June 30, 2025			December 31, 2024
Percent Leased – All Properties		96.2	%		96.3	%
Anchor Space (spaces ≥ 10,000 SF)		98.0	%		98.4	%
Shop Space (spaces < 10,000 SF)		93.4	%		93.0	%

The following table summarizes leasing activity, including our Pro-rata share of activity within the portfolio of our real estate partnerships (totals as a weighted average PSF):


	Six months ended June 30, 2025
	Leasing Transactions		SF (in thousands)		Base Rent PSF		Tenant Allowance and Landlord Work PSF		Leasing Commissions PSF
Anchor Space Leases
New		8		156	$	20.34	$	63.92	$	6.22
Renewal		48		1,430		13.83		0.49		0.19
Total Anchor Space Leases		56		1,586	$	14.47	$	6.75	$	0.78
Shop Space Leases
New		263		475	$	42.40	$	52.43	$	16.72
Renewal		625		1,184		40.45		1.40		1.31
Total Shop Space Leases		888		1,659	$	41.00	$	16.00	$	5.72
Total Leases		944		3,245	$	28.03	$	11.48	$	3.30


	Six months ended June 30, 2024
	Leasing Transactions		SF (in thousands)		Base Rent PSF		Tenant Allowance and Landlord Work PSF		Leasing Commissions PSF
Anchor Space Leases
New		16		307	$	21.76	$	69.01	$	8.09
Renewal		62		1,911		19.56		0.13		0.09
Total Anchor Space Leases		78		2,218	$	19.86	$	9.65	$	1.20
Shop Space Leases
New		282		592	$	39.42	$	39.95	$	13.69
Renewal		624		1,258		36.89		2.65		0.57
Total Shop Space Leases		906		1,850	$	37.70	$	14.59	$	4.77
Total Leases		984		4,068	$	27.98	$	11.90	$	2.82

The weighted-average base rent PSF on signed Shop Space leases during 2025 was $41.00 PSF, which is higher than the weighted average annual base rent PSF of all Shop Space leases due to expire during the next 12 months of $36.49 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 9.1% for the six months ended June 30, 2025, compared to 8.9% for the six months ended June 30, 2024.

Diversification and Concentration of Tenant Risk

We seek to reduce our risk by limiting dependence on any single tenant. Based on percentage of annualized base rent, the following table summarizes our most significant tenants, of which four of the top five are grocers:


	June 30, 2025
Tenant	Number of Stores		Percentage of Company- owned GLA (1)	Percentage of Annual Base Rent (1)
Publix		67	5.9%	2.8%
TJX Companies, Inc.		75	3.7%	2.8%
Albertsons Companies, Inc.		52	4.2%	2.7%
Amazon/Whole Foods		39	2.6%	2.6%
Kroger Co.		52	6.0%	2.6%

(1)

Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by anchors.

Bankruptcies and Credit Concerns

Our management team devotes significant time to researching and monitoring consumer preferences and trends, customer shopping behaviors, changes in delivery methods, shifts to e-commerce, and changing demographics in order to anticipate the challenges and opportunities impacting our industry. We seek to mitigate potentially adverse impacts through maintaining a high quality portfolio, diversifying our geographic and tenant mix, replacing less successful tenants with stronger operators, anchoring our centers with market leading grocery stores that drive customer traffic, and investing in suburban trade areas with compelling demographic populations benefiting from high levels of disposal income.

We recognize that current economic conditions including, but not limited to, the potential impacts of tariffs and trade deals, inflation, cost and availability of labor, including potential labor shortages related to deportations or threat of deportations, increasing energy prices and interest rates, supply chain disruptions, access to and cost of credit, and new tax and regulatory changes have introduced additional macroeconomic uncertainty. These economic conditions could place further financial strain on retailers by raising costs and compressing margins. The potential for a recession and the severity and duration of any economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.

Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases, we could experience a significant reduction in our revenues. At June 30, 2025, the tenants who are currently in bankruptcy and which continue to occupy space in our shopping centers represent an aggregate of 0.3% of our Pro-rata annual base rent.

Results of Operations

Comparison of the three months ended June 30, 2025 and 2024:

Changes in revenues are summarized in the following table:


	Three months ended June 30,
(in thousands)	2025			2024			Change
Lease income
Base rent	$	258,371			245,476			12,895
Recoveries from tenants		91,505			84,805			6,700
Percentage rent		2,950			1,996			954
Uncollectible lease income		(1,573	)		(1,858	)		285
Other lease income		6,334			5,865			469
Straight-line rent		5,787			4,120			1,667
Above/below market rent amortization, net		5,731			7,441			(1,710	)
Total lease income	$	369,105			347,845			21,260
Other property income		4,499			2,670			1,829
Management, transaction, and other fees		7,244			6,735			509
Total revenues	$	380,848			357,250			23,598

Total lease income increased by $21.3 million primarily due to the following:

•

$12.9 million increase from billable Base rent, mainly from the following:

$10.8 million net increase from same properties, including:

▪

$7.0 million net increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

▪

$3.1 million increase due to redevelopment projects becoming operational; and

▪

$0.7 million increase related to our acquisition of the remaining ownership interest in and resulting consolidation of an operating property previously held in an unconsolidated real estate partnership;

$1.8 million increase from acquisitions of operating properties in 2025 as compared to 2024 activity; and

$0.9 million increase from rent commencements at completed development properties; partially offset by

$0.7 million decrease due to dispositions of operating properties.

•

$6.7 million increase from contractual Recoveries from tenants which represents their proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:

$5.7 million increase primarily due to higher operating costs and higher recovery rates due to increased occupancy in the current quarter; and

$1.0 million increase driven by the acquisition of operating properties in 2025 as compared to 2024, and rent commencements at development properties.

•

$1.7 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements within same properties partially offset by

•

$1.7 million decrease in Above/below market rent amortization, net primarily due to decrease from same properties driven by accelerated below market rent amortization in the prior quarter due to the timing of tenant terminations.

Other property income increased by $1.8 million primarily due to an increase in business interruption proceeds received in 2025.

There were no significant changes in Management, transaction, and other fees.

Changes in our operating expenses are summarized in the following table:


	Three months ended June 30,
(in thousands)	2025		2024		Change
Depreciation and amortization	$	99,535		100,968		(1,433	)
Property operating expense		60,759		59,491		1,268
Real estate taxes		47,500		45,478		2,022
General and administrative		25,480		24,238		1,242
Other operating expenses		1,944		3,066		(1,122	)
Total operating expenses	$	235,218		233,241		1,977

Depreciation and amortization costs decreased by $1.4 million, mainly due to the following:

•

$3.4 million decrease from same properties mainly driven by the timing of capital expenditures being placed in service within our redevelopment projects; partially offset by

•

$2.0 million increase from acquisitions of operating properties and development properties becoming available for occupancy.

Property operating expense increased by $1.3 million, mainly due to higher recoverable common area maintenance and other tenant-related costs at same properties.

Real estate taxes increased by $2.0 million, mainly due to increases in real estate tax assessments across the same property portfolio.

General and administrative costs increased by $1.2 million, mainly due to the following:

•

$2.5 million increase in compensation costs primarily driven by performance-based incentive compensation;

•

$1.1 million increase primarily attributable to higher costs in business promotion and donation; partially offset by

•

$2.0 million higher overhead capitalization driven by variability in the number, timing and progress of our development and redevelopment projects.

Other operating expenses decreased by $1.1 million, mainly due to the phase-out of transition costs incurred in 2024 related to the acquisition of Urstadt Biddle Properties ("UBP").

Other expense, net are summarized in the following table:


	Three months ended June 30,
(in thousands)	2025			2024			Change
Interest expense, net
Interest on notes payable	$	51,081			46,864			4,217
Interest on unsecured credit facilities		2,735			1,704			1,031
Capitalized interest		(2,422	)		(1,520	)		(902	)
Hedge expense		226			148			78
Interest income		(1,348	)		(4,018	)		2,670
Interest expense, net	$	50,272			43,178			7,094
Provision for impairment of real estate, net of tax		1,262			—			1,262
Loss (Gain) on sale of real estate, net of tax		294			(11,081	)		11,375
Net investment income		(788	)		(703	)		(85	)
Total other expense, net	$	51,040			31,394			19,646

Interest expense, net, increased by $7.1 million primarily due to the following:

•

$4.2 million increase in Interest on notes payable is primarily due to new net public debt issuances in 2025 and 2024;

•

$1.0 million increase in Interest on unsecured credit facilities is primarily due to a higher weighted average outstanding balance and higher average interest rates under our Line; and

•

$2.7 million decrease in interest income primarily due to maintaining higher levels of excess cash in short term investments in the comparative prior period.

Provision for impairment of real estate of $1.3 million was recognized in the three months ended June 30, 2025 related to the sale of one operating property and one property that was held for sale as of June 30, 2025 and subsequently sold in July 2025

During the three months ended June 30, 2024, we recognized gains on sale of $11.1 million mainly from the sale of two operating properties and recognition of one sales-type lease.

There were no significant changes in Net investment income.

Equity in income of investments in real estate partnerships increased $1.4 million mainly due to increases in operating income driven from increased occupancy and positive rental spreads on new and renewal leases at properties held in the unconsolidated real estate partnerships.

The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders:


	Three months ended June 30,
(in thousands)	2025			2024			Change
Net income	$	108,349			104,929			3,420
Income attributable to noncontrolling interests		(2,328	)		(2,261	)		(67	)
Net income attributable to the Company		106,021			102,668			3,353
Preferred stock dividends		(3,413	)		(3,413	)		—
Net income attributable to common shareholders	$	102,608		$	99,255		$	3,353
Net income attributable to exchangeable operating partnership units		(586	)		(601	)		15
Net income attributable to common unit holders	$	103,194			99,856			3,338

There were no significant changes in Income attributable to noncontrolling interests, Preferred stock dividends, and Net income attributable to exchangeable operating partnership units.

Results of Operations

Comparison of the six months ended June 30, 2025 and 2024:

Changes in revenues are summarized in the following table:


	Six months ended June 30,
(in thousands)	2025			2024			Change
Lease income
Base rent	$	512,927			489,611			23,316
Recoveries from tenants		182,986			169,828			13,158
Percentage rent		9,608			9,803			(195	)
Uncollectible lease income		(1,959	)		(3,091	)		1,132
Other lease income		12,747			11,822			925
Straight-line rent		11,394			9,714			1,680
Above / below market rent amortization, net		12,481			13,264			(783	)
Total lease income	$	740,184			700,951			39,233
Other property income		7,520			7,020			500
Management, transaction, and other fees		14,056			13,131			925
Total revenues	$	761,760			721,102			40,658

Lease income increased by $39.2 million primarily due to the following:

•

$23.3 million increase in Base rent, mainly driven by the following:

$20.5 million increase resulting from same properties, including:

▪

$13.6 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

▪

$5.5 million increase due to redevelopment projects that commenced operations; and

▪

$1.4 million increase related to our acquisition of the remaining ownership interest in and resulting consolidation of a property previously held in an unconsolidated real estate partnership;

$3.0 million increase from acquisitions of operating properties in 2025 as compared to 2024 activity; and

$1.8 million increase from rent commencements at completed development properties; partially offset by

$1.9 million decrease due to dispositions of operating properties.

•

$13.2 million increase from contractual Recoveries from tenants which represents their proportionate share of the operating, maintenance, insurance, and real estate tax expenses that we incur to operate our shopping centers. Recoveries from tenants increased, mainly from the following:

$11.7 million increase primarily due to higher operating costs and higher recovery rates due to increased occupancy in the current year; and

$1.8 million increase driven by the acquisition of operating properties in 2025 as compared to 2024, and lease commencements at development properties; partially offset by

$0.3 million decrease due to disposition of operating properties.

•

$1.1 million decrease in Uncollectible lease income primarily driven by higher collection rates in the current period.

•

$1.7 million increase in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.

There were no significant changes in Other property income, and Management, transaction, and other fees.

Changes in our operating expenses are summarized in the following table:


	Six months ended June 30,
(in thousands)	2025		2024		Change
Depreciation and amortization	$	196,309		198,553		(2,244	)
Property operating expense		129,218		122,765		6,453
Real estate taxes		93,860		89,785		4,075
General and administrative		47,080		50,370		(3,290	)
Other operating expenses		3,632		5,709		(2,077	)
Total operating expenses	$	470,099		467,182		2,917

Depreciation and amortization decreased by $2.2 million mainly due to the following:

•

$5.5 million decrease from same properties primarily driven by acquired lease intangibles becoming fully amortized;

•

$0.4 million decrease from dispositions of operating properties; partially offset by

•

$3.7 million increase from acquisitions of operating properties and development properties becoming available for occupancy.

Property operating expense increased by $6.5 million, mainly due to the following:

•

$4.4 million increase from same properties primarily attributable to higher recoverable common area maintenance and other tenant-related costs;

•

$1.3 million increase is attributable to property damage losses resulting from a variety of events; and

•

$0.8 million increase in acquisitions of operating properties and development properties.

Real estate taxes increased by $4.1 million, mainly due to increases in real estate tax assessments across the same property portfolio.

General and administrative costs decreased by $3.3 million mainly due to the following:

•

$2.9 million decrease due to changes in the fair value of participant obligations within the deferred compensation plan, which were attributable to changes in the fair values of those investments recognized in Net investment income;

•

$4.1 million decrease due to higher overhead capitalization driven by variability in the number, timing and progress of our development and redevelopment projects; partially offset by

•

$3.3 million increase in compensation costs primarily driven by performance-based incentive compensation; and

•

$0.4 million increase in other general and administrative expenses.

Other operating expenses decreased by $2.1 million, mainly due to the $4.7 million of transition costs incurred in 2024 related to the UBP acquisition, partially offset by increases in environmental reserve costs and development pursuit costs.

Changes in Other expense, net are summarized in the following table:


	Six months ended June 30,
(in thousands)	2025			2024			Change
Interest expense, net
Interest on notes payable	$	99,411			92,465			6,946
Interest on unsecured credit facilities		5,649			3,143			2,506
Capitalized interest		(4,534	)		(3,176	)		(1,358	)
Hedge expense		451			258			193
Interest income		(2,692	)		(6,644	)		3,952
Interest expense, net	$	98,285			86,046			12,239
Provision for impairment of real estate, net of tax		1,262			—			1,262
Loss (Gain) on sale of real estate, net of tax		193			(22,484	)		22,677
Loss on early extinguishment of debt		—			180			(180	)
Net investment income		(27	)		(3,134	)		3,107
Total other expense, net	$	99,713			60,608			39,105

Interest expense, net increased by $12.2 million primarily due to the following:

•

$6.9 million increase in Interest on notes payable is primarily due to new net public debt issuances in 2025 and 2024;

•

$2.5 million increase in Interest on unsecured credit facilities is primarily due to a higher weighted average outstanding balance and higher average interest rates under our Line;

•

$4.0 million decrease in Interest income primarily due to maintaining higher levels of excess cash in short term investments in the comparative prior period; partially offset by

•

$1.4 million change in Capitalized interest is based on the timing and progress of our development and redevelopment projects.

Provision for impairment of real estate, net of tax of $1.3 million, was recognized in 2025 primarily related to the subsequent sale of a held-for-sale property after period end.

During the six months ended June 30, 2024, we recognized gains on sale of real estate, net of tax of $22.5 million primarily from the sale of three operating properties and recognition of two sales-type leases.

There were no significant changes in Loss on early extinguishments of debt.

Net investment income decreased by $3.1 million primarily driven by market volatility during the current period, including a $2.9 million decrease in returns on investments held in the non-qualified deferred compensation plan and a $0.2 million decrease in returns related to other corporate investments.

Equity in income of investments in real estate partnerships increased by $4.0 million mainly due to increases in operating income driven from increased occupancy and positive rental spreads on new and renewal leases at properties held in the unconsolidated real estate partnerships.

The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders:


	Six months ended June 30,
(in thousands)	2025			2024			Change
Net income	$	220,202			217,587			2,615
Income attributable to noncontrolling interests		(4,594	)		(5,145	)		551
Net income attributable to the Company		215,608			212,442			3,166
Preferred stock dividends		(6,826	)		(6,826	)		—
Net income attributable to common shareholders	$	208,782		$	205,616		$	3,166
Net income attributable to exchangeable operating partnership units		(1,228	)		(1,243	)		15
Net income attributable to common unit holders	$	210,010			206,859			3,151

There were no significant changes in Income attributable to noncontrolling interests, Preferred stock dividends, and Net income attributable to exchangeable operating partnership units.

Supplemental Earnings Information on Non-GAAP Financial Measures

We use certain non-GAAP financial measures, in addition to certain performance metrics determined under GAAP, as we believe these measures improve the understanding of the operating results. We believe these non-GAAP financial 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 provide Pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated real estate partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our Pro-rata share of operating results, along with other non-GAAP financial measures, may assist in comparing our operating results to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP financial measures to determine how best to provide relevant information to the public, and thus such reported non-GAAP financial measures could change. See "Non-GAAP Financial Measures" at the beginning of this Management's Discussion and Analysis.

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

Pro-rata Same Property NOI (Non-GAAP Financial Measures):


	Three months ended June 30,									Six months ended June 30,
(in thousands)	2025			2024			Change			2025			2024			Change
Base rent	$	281,802			270,323			11,479		$	561,207			539,400			21,807
Recoveries from tenants		99,778			93,527			6,251			199,627			187,064			12,563
Percentage rent		3,491			2,453			1,038			10,904			10,976			(72	)
Termination fees		2,044			1,568			476			4,368			3,410			958
Uncollectible lease income		(1,443	)		(2,148	)		705			(1,964	)		(3,507	)		1,543
Other lease income		4,845			4,824			21			9,528			9,406			122
Other property income		3,901			2,225			1,676			6,613			4,900			1,713
Total real estate revenue		394,418			372,772			21,646			790,283			751,649			38,634
Operating and maintenance		62,800			61,931			869			130,757			126,074			4,683
Termination expense		—			(65	)		65			—			5			(5	)
Real estate taxes		51,188			49,658			1,530			101,682			98,124			3,558
Ground rent		3,542			3,652			(110	)		7,263			7,889			(626	)
Total real estate operating expenses		117,530			115,176			2,354			239,702			232,092			7,610
Pro-rata same property NOI	$	276,888			257,596			19,292		$	550,581			519,557			31,024
Less: Termination fees		2,044			1,633			411			4,368			3,405			963
Pro-rata same property NOI, excluding termination fees	$	274,844			255,963			18,881		$	546,213			516,152			30,061
Pro-rata same property NOI growth, excluding termination fees								7.4	%								5.8	%

Pro-rata same property NOI, excluding termination fees/expenses, changed from the following major components:

Total real estate revenue increased by $21.6 million and $38.6 million, on a net basis, during the three and six months ended June 30, 2025 and 2024, respectively, as follows:

•

Base rent increased by $11.5 million and $21.8 million during the three and six months ended June 30, 2025 and 2024, respectively, due to contractual rent steps in existing leases, positive rental spreads on new and renewal leases, and increases in occupancy, as well as redevelopment projects completing and operating.

•

Recoveries from tenants increased by $6.3 million and $12.6 million during the three and six months ended June 30, 2025 and 2024, respectively, due to higher recoverable expenses and increased occupancy.

•

Percentage rent increased by $1.0 million during the three months ended June 30, 2025 due to fluctuations in tenant sales.

•

Uncollectible lease income increased by $1.5 million during the six months ended June 30, 2025, primarily driven by higher collection rates in the current period resulting in reduced levels of uncollectible lease income.

•

Other property income increased by $1.7 million during both the three and six months ended June 30, 2025 and 2024, due to an increase in business interruption insurance proceeds received in current period.

Total real estate operating expenses increased by $2.4 million and $7.6 million, on a net basis, during the three and six months ended June 30, 2025 and 2024, respectively as follows:

•

Operating and maintenance increased by $4.7 million during the six months ended June 30, 2025, primarily due to increases in common area maintenance and other tenant-recoverable costs.

•

Real estate taxes increased by $1.5 million and $3.6 million during the three and six months ended June 30, 2025 and 2024, respectively, due to an increase in real estate assessments across the portfolio.

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


	Three months ended June 30,						Six months ended June 30,
(in thousands)	2025			2024			2025			2024
Net income attributable to common shareholders	$	102,608			99,255		$	208,782			205,616
Less:
Management, transaction, and other fees		(7,244	)		(6,735	)		(14,056	)		(13,131	)
Other (1)		(12,850	)		(12,726	)		(26,539	)		(25,313	)
Plus:
Depreciation and amortization		99,535			100,968			196,309			198,553
General and administrative		25,480			24,238			47,080			50,370
Other operating expense		1,944			3,066			3,632			5,709
Other expense, net		51,040			31,394			99,713			60,608
Equity in income of investments in real estate excluded from NOI (2)		14,679			13,258			28,130			26,947
Net income attributable to noncontrolling interests		2,328			2,261			4,594			5,145
Preferred stock dividends and issuance costs		3,413			3,413			6,826			6,826
NOI	$	280,933			258,392		$	554,471			521,330
Less non-same property NOI		(4,045	)		(796	)		(3,890	)		(1,773	)
Pro-rata same property NOI	$	276,888			257,596		$	550,581			519,557

(1)

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

(2)

Includes non-NOI income earned and expenses incurred at our unconsolidated real estate partnerships, including those separated out above for our consolidated properties.

Nareit FFO, Core Operating Earnings and AFFO (Non-GAAP Financial Measures):

Our reconciliation of net income attributable to common shareholders to Nareit FFO, to Core Operating Earnings, and to AFFO is as follows:


	Three months ended June 30,						Six months ended June 30,
(in thousands, except share information)	2025			2024			2025			2024
Reconciliation of Net income attributable to common shareholders to Nareit FFO
Net income attributable to common shareholders	$	102,608			99,255		$	208,782			205,616
Adjustments to reconcile to Nareit FFO: (1)
Depreciation and amortization (excluding FF&E)		107,329			107,592			211,363			211,964
Provision for impairment of real estate		1,262			—			1,262			—
Loss (Gain) on sale of real estate, net of tax		346			(11,080	)		245			(22,488	)
Exchangeable operating partnership units		586			601			1,228			1,243
Nareit FFO attributable to common stock and unit holders	$	212,131			196,368		$	422,880			396,335
Reconciliation of Nareit FFO to Core Operating Earnings
Nareit FFO	$	212,131			196,368		$	422,880			396,335
Adjustments to reconcile to Core Operating Earnings: (1)
Not Comparable Items
Merger transition costs		—			2,133			—			4,694
Loss on early extinguishment of debt		—			—			—			180
Certain Non-Cash Items
Straight-line rent		(6,784	)		(5,283	)		(13,297	)		(11,021	)
Uncollectible straight-line rent		744			1,377			1,120			2,033
Above/below market rent amortization, net		(5,376	)		(7,073	)		(11,837	)		(12,540	)
Debt and derivative mark-to-market amortization		1,510			1,731			2,802			2,640
Core Operating Earnings	$	202,225			189,253		$	401,668			382,321
Reconciliation of Core Operating Earnings to AFFO:
Core Operating Earnings	$	202,225			189,253		$	401,668			382,321
Adjustments to reconcile to AFFO (1):
Operating capital expenditures		(32,524	)		(33,886	)		(56,277	)		(54,738	)
Debt cost and derivative adjustments		2,297			2,022			4,426			4,162
Stock-based compensation		5,455			4,662			10,898			9,302
AFFO	$	177,453			162,051		$	360,715			341,047

(1)

Includes Regency's Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share attributable to noncontrolling interests.

Liquidity and Capital Resources

General

We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our development and redevelopment projects, fund our investment activities, and maintain financial flexibility. A significant portion of our cash flows from operations is distributed to our common shareholders in the form of dividends in order to maintain our status as a REIT.

Except for $200 million of private placement debt, our Parent Company has no capital commitments other than its guarantees of the commitments of our Operating Partnership. All remaining debt is held by our Operating Partnership, its subsidiaries, or by our real estate partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent Company. The Parent Company will from time to time access the capital markets for the purpose of issuing new equity, and will simultaneously contribute all of the offering proceeds to the Operating Partnership in exchange for additional partnership units.

We continually assess our available liquidity and our expected cash requirements, including monitoring our tenant rent collections. We have access to and draw on multiple financing sources to fund our operations and our long-term capital needs, including the requirements of our in process and planned developments, redevelopments, other capital expenditures, and the repayment of debt. We expect to meet these needs by using a combination of the following: cash flows from operations after funding our common stock and preferred stock dividends, borrowings from our Line, proceeds from sale of real estate, mortgage loan and unsecured bank financing, distributions received from our real estate partnerships, and when the capital markets are favorable, proceeds from sale of equity securities or the issuance of new unsecured debt. We continually evaluate alternative financing options, and we believe we can obtain new financing on reasonable terms, although likely at higher interest rates than that of our debt currently outstanding, due to the current interest rate environment.

Given the elevated interest rate environment, we are actively monitoring market conditions and evaluating strategies to mitigate interest rate risk. These strategies may include the use of interest rate swaps, caps, or forward-starting hedges to lock in rates on future debt issuances or refinancings. We are also prioritizing refinancing of maturing debt with long-duration fixed-rate debt where appropriate, to minimize future exposure to rate volatility.

On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0%. The intended use of the net proceeds includes (i) to reduce the outstanding balance on the Line, (ii) for the repayment of $250 million of 3.90% unsecured public debt due November 1, 2025, upon it's maturity and (iii) for general corporate purposes, which may include the future repayment of other outstanding debt. Pending the maturity of the November 2025 unsecured public debt, we also temporarily invested a portion of the proceeds in commercial time deposits.

As of June 30, 2025, we had $556.4 million of debt maturing within the next 12 months, including $350 million of unsecured public debt maturing in November 2025, and Regency's pro-rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay off as they mature. We currently expect to address these maturing obligations through a combination of refinancing, available liquidity under our Line, and proceeds from potential property sales. We continually monitor capital markets and proactively manage our debt maturity profile to maintain a strong balance sheet and financial flexibility.

Based upon our available cash balance, sources of capital, our current credit ratings, and the number of high quality, unencumbered properties we own, we believe our available capital resources are sufficient to meet our expected capital needs for the next year, although, in the longer term, we can provide no assurances.

In addition to our $150.7 million of unrestricted cash, we have the following additional sources of capital available:


(in thousands)	June 30, 2025
ATM program
Original offering amount	$	500,000
Available capacity (1)	$	400,000
Line of credit
Total commitment amount	$	1,500,000
Available capacity (2)	$	1,457,440
Maturity (3)	March 23, 2028

(1)

During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were sold in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. After giving effect to this forward equity offering as of June 30, 2025, $400 million of common stock remains available for issuance under the ATM program authorized by the Company's Board of Directors, which is subject to change at the discretion of the Board.

(2)

Net of letters of credit issued against our Line.

(3)

The Company has the option to extend the maturity for two additional six-month periods.

While future dividends on shares of our common stock will be determined at the discretion of our Board of Directors, we plan to continue paying an aggregate amount of distributions to our stock and unit holders that, at a minimum, meet the requirements to continue qualifying as a REIT for federal income tax purposes.

We have historically generated sufficient cash flows from operations to fund our dividend distributions. During the six months ended June 30, 2025 and 2024, we generated cash flows from operations of $405.1 million and $371.2 million, respectively, and paid $263.8 million and $255.4 million in dividends to our common stock, preferred stock and unit holders.

We currently have development and redevelopment projects in various stages of planning, design and construction, along with a pipeline of potential projects for future development or redevelopment. After funding our common and preferred stock and units dividend payment in July 2025, we estimate that we will require capital during the next 12 months of approximately $982.5 million related to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate partnerships, and repaying maturing debt. These capital requirements may be impacted by tariffs and inflation, as well as potential shortages of labor employed by contractors, resulting in increased costs of construction materials, labor, and services from third-party contractors and suppliers. We continue to implement mitigation strategies including, but not limited to, entering into fixed cost construction contracts, pre-ordering materials, and other planning efforts. Further, continued challenges from permitting delays and labor and material shortages may extend the time to completion of these projects.

If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future dividends, or repurchase shares of our common stock, our cash requirements will increase. If we refinance maturing debt, our cash requirements will decrease.

We endeavor to maintain a high percentage of unencumbered assets. As of June 30, 2025, 89.4% of our consolidated real estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured debt markets and to maintain borrowing capacity on the Line.

Our Line and unsecured debt require that we remain in compliance with various customary financial covenants, which are described in the Consolidated Financial Statements included in our 2024 Form 10-K. We were in compliance with these covenants at June 30, 2025, and expect to remain in compliance.

Summary of Cash Flow Activity

The following table summarizes net cash flows related to operating, investing, and financing activities of the Company:


	Six months ended June 30,
(in thousands)	2025			2024			Change
Net cash provided by operating activities	$	405,079			371,214			33,865
Net cash used in investing activities		(372,693	)		(114,143	)		(258,550	)
Net cash provided by (used in) financing activities		60,549			(268,502	)		329,051
Net change in cash, cash equivalents, and restricted cash	$	92,935			(11,431	)		104,366
Total cash, cash equivalents, and restricted cash	$	154,819			79,923			74,896

Net cash provided by operating activities:

Net cash provided by operating activities increased $33.9 million due to:

•

$31.8 million increase in cash from operations due to the timing of receipts and payments

•

$2.1 million increase in operating cash flow distributions from Investments in real estate partnerships.

Net cash used in investing activities:

Net cash used in investing activities changed by $258.6 million as follows:


	Six months ended June 30,
(in thousands)	2025			2024			Change
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025	$	(83,261	)		(45,208	)		(38,053	)
Real estate development and capital improvements		(204,657	)		(141,775	)		(62,882	)
Proceeds from sale of real estate		7,165			92,159			(84,994	)
Proceeds from property insurance casualty claims		—			4,638			(4,638	)
Issuance of notes receivable		—			(32,651	)		32,651
Collection of notes receivable		180			3,004			(2,824	)
Investments in real estate partnerships		(6,217	)		(8,582	)		2,365
Return of capital from investments in real estate partnerships		—			10,038			(10,038	)
Dividends on investment securities		1,081			263			818
Purchase of investment securities		(96,226	)		(95,519	)		(707	)
Proceeds from sale of investment securities		9,242			99,490			(90,248	)
Net cash used in investing activities	$	(372,693	)		(114,143	)		(258,550	)

Significant changes in investing activities include:

•

We paid $83.3 million in 2025 to purchase three operating properties and one operating outparcel. One of the operating properties was previously held in a single property unconsolidated real estate investment partnership in which we held a 66.7% ownership interest. We paid $45.2 million in 2024 to purchase one operating property.

•

During 2025, we invested $62.9 million more on real estate development and capital improvements than the comparable prior year period, as further detailed in a table below.

•

We sold one operating property in 2025 for net proceeds of $7.2 million compared to three operating properties in 2024 for net proceeds of $92.2 million.

•

We received additional property insurance claim proceeds of $4.6 million in 2024 primarily attributable to a single property that was impacted by a weather event in 2019.

•

During 2024, in connection with a secured lending transaction entered into by the Company, we issued a note receivable in the amount of $29.8 million at an interest rate of 6.9% maturing in January 2027, secured by a grocery-anchored shopping center. In addition, we issued $2.9 million of short-term notes receivable to real estate partners in 2024.

•

We collected $3.0 million in short-term note receivables from real estate partners in 2024.

•

Investments in real estate partnerships:

In 2025, we invested $6.2 million, including $3.2 million to fund our share of an acquisition of an operating property, and $3.0 million to fund our share of development and redevelopment activities.

In 2024, we invested $8.6 million, to fund our share of development and redevelopment activities.

•

Return of capital from our unconsolidated investments in real estate partnerships includes sales or financing proceeds.

During 2024, we received $10.0 million from our share of proceeds from debt financing activities.

•

Purchase of investment securities and proceeds from sale of investment securities pertain to investment activities held in our captive insurance company and our deferred compensation plan, as well as:

During 2025, we invested approximately $90 million of proceeds received from the 2025 Notes in commercial time deposits with staggered maturity dates ranging from 4 to 5 months.

During 2024, we invested approximately $90 million in commercial deposits from the proceeds received from the January 2024 public offering of senior unsecured notes. These commercial deposits were subsequently settled at maturity during the second quarter of 2024.

We plan to continue developing and redeveloping shopping centers for long-term investment. During the six months ended June 30, 2025, we deployed capital of $204.7 million for the development, redevelopment, and capital improvement of our real estate properties, comprised of the following:


	Six months ended June 30,
(in thousands)	2025		2024		Change
Capital expenditures:
Land acquisitions	$	—		11,650		(11,650	)
Building and tenant improvements		48,676		43,918		4,758
Redevelopment costs		69,906		48,364		21,542
Development costs		71,820		27,584		44,236
Capitalized interest		3,614		3,107		507
Capitalized direct compensation		10,641		7,152		3,489
Real estate development and capital improvements	$	204,657		141,775		62,882

•

We acquired one land parcel for development, and two outparcels in 2024.

•

Building and tenant improvements increased $4.8 million in 2025, primarily related to the timing and volume of capital projects.

•

Redevelopment costs are higher than prior year. We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisitions, existing building expansions, facade renovations, new out-parcel building constructions, and redevelopments related tenant improvement costs. The size and magnitude of each redevelopment project varies with each redevelopment plan. The timing and duration of these projects could also result in volatility in NOI. See the tables below for more details about our redevelopment projects.

•

Development costs are higher in 2025 due to the progress towards completion of our development projects in process. See the tables below for more details about our development projects.

•

Interest is capitalized on our development and redevelopment projects and is based on cumulative actual costs incurred. We cease interest capitalization when the property is no longer being developed or is available for occupancy upon substantial completion of tenant improvements, but in no event would we capitalize interest on the project beyond 12 months after the anchor tenant opens for business. If we reduce our development and redevelopment activity, the amount of interest that we capitalize may be lower than historical averages.

•

We have a dedicated staff of employees who directly support our development program, which includes redevelopment of our existing properties. Internal compensation costs directly attributable to these activities are capitalized as part of each project.

The following table summarizes our development projects in-process and completed:


(in thousands, except cost PSF)					June 30, 2025
Property Name	Market	Ownership (1)	Start Date	Estimated Stabilization Year (2)	Estimated / Actual Net Development Costs (1) (3)		% of Costs Incurred			GLA (1)		Cost PSF of GLA (1) (3)

Developments In-Process
Sienna Grande Shops	Houston, TX	75%	Q2-2023	2028		9,393		84	%		23		408
The Shops at SunVet	Long Island, NY	100%	Q2-2023	2027		92,863		79	%		172		540
The Shops at Stone Bridge	Cheshire, CT	100%	Q1-2024	2027		68,277		71	%		155		440
Jordan Ranch Market	Houston, TX	50%	Q3-2024	2027		23,006		51	%		81		284
Oakley Shops at Laurel Fields	Bay Area, CA	100%	Q3-2024	2027		35,500		58	%		78		455
Total Developments In-Process					$	229,039		71	%		509		450

Developments Completed
Baybrook East - Phase 1B	Houston, TX	50%	Q2-2022	2026		9,500		94	%		77		123
Total Developments Completed					$	9,500		94	%		77		123

(1)

Estimated net development costs and GLA are reported based on Regency’s ownership interest in the real estate partnership at completion.

(2)

Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.

(3)

Includes leasing costs and is net of tenant reimbursements.

The following table summarizes our redevelopment projects in process and completed:


(in thousands, except cost PSF)					June 30, 2025
Property Name	Market	Ownership (1)	Start Date	Estimated Stabilization Year (2)	Estimated Net Project Costs (1) (3)		% of Costs Incurred

Redevelopments In-Process
Bloom on Third	Los Angeles, CA	35%	Q4-2022	2027	$	24,525		65	%
Serramonte Center - Phase 3	San Francisco, CA	100%	Q2-2023	2026		36,989		40	%
Circle Marine Shops & Marketplace	Los Angeles, CA	100%	Q3-2023	2025		14,986		87	%
Avenida Biscayne	Miami, FL	100%	Q4-2023	2026		22,493		71	%
Cambridge Square	Atlanta, GA	100%	Q4-2023	2026		13,752		84	%
Anastasia Plaza	Jacksonville, FL	100%	Q3-2024	2026		15,607		61	%
East Meadow Plaza - Phase 1	Long Island, NY	100%	Q3-2024	2026		11,736		53	%
West Chester Plaza	Cincinnati, OH	100%	Q4-2024	2028		15,442		34	%
Willows Shopping Center	Bay Area, CA	100%	Q4-2024	2027		16,807		18	%
The Crossing Clarendon	Metro DC	100%	Q2-2025	2027		13,679		5	%
Various Redevelopments	Various	Various	Various	Various		102,595		37	%
Total Redevelopments In-Process					$	288,611		47	%

Redevelopments Completed
Various Properties	Various	Various	Various	Various		17,128		92	%
Total Redevelopments Completed					$	17,128		92	%

(1)

Estimated net development costs are reported based on Regency’s ownership interest in the real estate partnership at completion.

(2)

Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.

(3)

Includes leasing costs and is net of tenant reimbursements.

Net cash provided by (used in) financing activities:

Net cash flows provided by financing activities increased by $329.1 million during 2025, as follows:


	Six months ended June 30,
(in thousands)	2025			2024			Change
Cash flows from financing activities:
Tax withholding on stock-based compensation	$	(6,783	)		(8,776	)		1,993
Common shares repurchased through share repurchase program		—			(200,066	)		200,066
Repurchase of exchangeable operating partnership units		(2,046	)		—			(2,046	)
Proceeds from sale of treasury stock		462			210			252
Contributions from noncontrolling interests		8,416			3,001			5,415
Distributions to and redemptions of noncontrolling interests		(6,130	)		(6,254	)		124
Distributions to exchangeable operating partnership unit holders		(1,546	)		(1,479	)		(67	)
Dividends paid to common shareholders		(255,455	)		(247,138	)		(8,317	)
Dividends paid to preferred shareholders		(6,826	)		(6,825	)		(1	)
Repayment of fixed rate unsecured notes		—			(250,000	)		250,000
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		397,116			398,468			(1,352	)
Proceeds from unsecured credit facilities		395,000			422,419			(27,419	)
Repayment of unsecured credit facilities		(430,000	)		(264,419	)		(165,581	)
Proceeds from notes payable		10,000			—			10,000
Repayment of notes payable		(32,787	)		(88,069	)		55,282
Scheduled principal payments		(5,060	)		(6,121	)		1,061
Payment of financing costs		(3,812	)		(13,453	)		9,641
Net cash provided by (used in) financing activities	$	60,549			(268,502	)		329,051

Significant financing activities during the six months ended June 30, 2025 and 2024, include the following:

•

The taxes withheld in conjunction with vesting of equity award plans to satisfy employee tax withholding requirements totaled $6.8 million and $8.8 million during 2025 and 2024, respectively.

•

During 2024, we paid $200.0 million to repurchase 3,306,709 shares of our common stock under our Repurchase Program.

•

During 2025, we paid $2.0 million for the redemption of exchangeable operating partnership units.

•

During 2025, we received $8.4 million in contributions for the limited partners' share of development funding compared to $3.0 million in 2024.

•

We paid $8.4 million more in dividends in 2025 as a result of an increase in our dividend rate per share and the number of shares of our common stock outstanding.

•

We had the following debt related activity during 2025:

We received $397.1 million in proceeds from issuing unsecured public debt,

We repaid a net $35.0 million on our Line,

We received $10.0 million in proceeds from a mortgage refinancing,

We paid $37.8 million for debt repayments, including:

▪

$32.8 million for repaying two mortgage loans at maturity, and

▪

$5.1 million in principal mortgage payments

We paid $3.8 million in loan costs relating to the unsecured public debt offering.

•

We had the following debt related activity during 2024:

We repaid $250.0 million in unsecured public debt,

We received $398.5 million in proceeds from issuing unsecured public debt,

We drew $158.0 million in net proceeds from our Line,

We paid $94.2 million for debt repayments, including:

▪

$88.1 million for repaying three mortgage loans at maturity, and

▪

$6.1 million in principal mortgage payments.

We paid $13.5 million in loan costs relating to the recast of the Line as well as the unsecured public debt offering.

Investments in Real Estate Partnerships

The following table is a summary of the unconsolidated combined assets and liabilities of our real estate partnerships and our Pro-rata share:


	Combined				Regency's Share (1)
(dollars in thousands)	June 30, 2025		December 31, 2024		June 30, 2025			December 31, 2024
Number of real estate partnerships		18		19
Regency's ownership	12% - 83%		12% - 83%
Number of properties		103		103
Assets	$	2,847,010		2,843,157	$	1,055,391			1,061,072
Liabilities		1,684,782		1,676,507		619,386			616,718
Equity		1,162,228		1,166,650		436,005			444,354
Basis difference						(46,177	)		(45,310	)
Investments in real estate partnerships					$	389,828			399,044

(1)

Pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. However, management believes that providing such information is useful to investors in assessing the impact of our investments in real estate partnership activities on our operations, which includes such items on a single line presentation under the equity method in our Consolidated Financial Statements.

Our equity method investments in real estate partnerships consist of the following:


(in thousands)	Regency's Ownership	June 30, 2025		December 31, 2024
GRI - Regency, LLC (GRIR)	40%	$	131,529		136,972
Columbia Regency Partners II, LLC (Columbia II)	20%		67,132		63,024
Columbia Village District, LLC	30%		6,329		6,434
Individual Investors
Ballard Blocks	50%		59,685		59,596
Bloom on Third	35%		45,713		44,715
Others (1)	12% - 83%		79,440		88,303
Total Investment in real estate partnerships		$	389,828	$	399,044

(1)

Effective January 1, 2025, we acquired our partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million. Following this acquisition, the Company now owns 100% of this property, and the property has been consolidated into the Company’s financial statements.

Notes Payable - Investments in Real Estate Partnerships

Scheduled principal repayments on notes payable held by our investments in real estate partnerships were as follows:


(in thousands)	June 30, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency’s Pro-Rata Share
2025 (1)	$	3,872		114,234			—		118,106			37,853
2026		7,131		302,583			48,300		358,014			127,471
2027		7,303		32,800			—		40,103			13,417
2028		4,097		231,357			—		235,454			81,640
2029		2,855		104,434			—		107,289			37,157
Beyond 5 Years		4,508		710,664			—		715,172			280,111
Net unamortized loan costs, debt premium / (discount)		—		(6,845	)		—		(6,845	)		(2,619	)
Total	$	29,766		1,489,227			48,300		1,567,293			575,030

(1)

Reflects scheduled principal payments and maturities for the remainder of the year.

At June 30, 2025, our investments in real estate partnerships had notes payable of $1.6 billion maturing through 2034, of which 91.3% had a weighted average fixed interest rate of 3.9%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.6%, based on rates as of June 30, 2025. These fixed and variable rate notes payable are all non-recourse, and our Pro-rata share was $575.0 million as of June 30, 2025. As notes payable mature, they will be repaid from proceeds from new borrowings and/or partner capital contributions. Refinancing debt at maturity in the current interest rate environment could result in higher interest expense in future periods if rates remain elevated.




florida (REGENCY CENTERS CORPORATION)		59-3191743
Delaware (REGENCY CENTERS, L.P)		59-3429602
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Independent Drive, Suite 114 Jacksonville, Florida 32202		(904) 598-7000
(Address of principal executive offices) (zip code)		(Registrant's telephone number, including area code)


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


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


Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐


Large accelerated filer	☐	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☒	Smaller reporting company	☐




		Form 10-Q Report Page
PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

Regency Centers Corporation:

	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	1

	Consolidated Statements of Operations for the periods ended June 30, 2025 and 2024	2

	Consolidated Statements of Comprehensive Income for the periods ended June 30, 2025 and 2024	3

	Consolidated Statements of Equity for the periods ended June 30, 2025 and 2024	4

	Consolidated Statements of Cash Flows for the periods ended June 30, 2025 and 2024	6

Regency Centers, L.P.:

	Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	8

	Consolidated Statements of Operations for the periods ended June 30, 2025 and 2024	9

	Consolidated Statements of Comprehensive Income for the periods ended June 30, 2025 and 2024	10

	Consolidated Statements of Capital for the periods ended June 30, 2025 and 2024	11

	Consolidated Statements of Cash Flows for the periods ended June 30, 2025 and 2024	13

	Notes to Consolidated Financial Statements	15

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	51

Item 4.	Controls and Procedures	53

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54

Item 3.	Defaults Upon Senior Securities	55

Item 4.	Mine Safety Disclosures	55

Item 5.	Other Information	55

Item 6.	Exhibits	56

SIGNATURES		57


Period	Total number of shares purchased (1)		Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs (2)		Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs (in thousands) (2)
April 1 through April 30, 2025		317	$	72.42		—	$	250,000
May 1 through May 31, 2025		—	$	—		—	$	250,000
June 1 through June 30, 2025		—	$	—		—	$	250,000


10.	Material Contracts
		10.1	Second Amendment to Sixth Amended and Restated Credit Agreement, dated as of May 6, 2025, by and among Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative Agent, and certain lenders party thereto.


31.	Rule 13a-14(a)/15d-14(a) Certifications
		31.1	Rule 13a-14 Certification of Chief Executive Officer for Regency Centers Corporation.
		31.2	Rule 13a-14 Certification of Chief Financial Officer for Regency Centers Corporation.
		31.3	Rule 13a-14 Certification of Chief Executive Officer for Regency Centers, L.P.
		31.4	Rule 13a-14 Certification of Chief Financial Officer for Regency Centers, L.P.


32.	Section 1350 Certifications
		32.1 *	18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers Corporation.
		32.2 *	18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers Corporation.
		32.3 *	18 U.S.C. § 1350 Certification of Chief Executive Officer for Regency Centers, L.P.
		32.4 *	18 U.S.C. § 1350 Certification of Chief Financial Officer for Regency Centers, L.P.


99.	Additional exhibits
		99.1	U. S. Federal Income Tax Considerations.


101.	Interactive Data Files
		101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
		101.SCH	Inline XBRL Taxonomy Extension Schema with embedded linkbases document
104.	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


August 4, 2025	REGENCY CENTERS CORPORATION
	By:	/s/ Michael J. Mas
		Michael J. Mas, Executive Vice President and Chief Financial Officer (Principal Financial Officer)

	By:	/s/ Terah L. Devereaux
		Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)


August 4, 2025	REGENCY CENTERS, L.P.
	By:	Regency Centers Corporation, General Partner

	By:	/s/ Michael J. Mas
		Michael J. Mas, Executive Vice President and Chief Financial Officer (Principal Financial Officer)

	By:	/s/ Terah L. Devereaux
		Terah L. Devereaux, Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)