Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from Debt [USD, Thousands]

Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

695aefbe034e82a12318e04a94a91ea49823ff58872824d6c0361562587064b2

| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------|---------|---------|---------|---------|---------|---------|---------|---------|
| Estimated / Actual Net Development Costs (USD) | $55,914,000 **[0000950170-23-002408_reg-ex99_2.htm:56]** | $55,914,000 **[0000950170-23-018317_reg-20230331.htm:43]** | $152,569,000 **[0000950170-23-038453_reg-20230630.htm:53]** | $152,687,000 **[0000950170-23-059213_reg-20230930.htm:60]** | $152,837,000 **[0000950170-24-016260_reg-20231231.htm:84]** | $220,224,000 **[0000950170-24-052749_reg-20240331.htm:45]** | $220,522,000 **[0000950170-24-089720_reg-20240630.htm:53]** | $236,627,000 **[0000950170-24-120019_reg-20240930.htm:60]** |
| GLA (thousand sq ft) | 51,145 **[0000950170-23-002408_reg-ex99_2.htm:15]** | 51,100 **[0000950170-23-018022_reg-ex99_2.htm:14]** | 51,325 **[0000950170-23-038075_reg-ex99_2.htm:15]** | 56,735 **[0000950170-23-058418_reg-ex99_2.htm:15]** | 56,831 **[0000950170-24-012895_reg-ex99_2.htm:15]** | 57,013 **[0000950170-24-052255_reg-ex99_2.htm:14]** | 56,880 **[0000950170-24-089334_reg-ex99_2.htm:14]** | 57,172 **[0000950170-24-117764_reg-ex99_2.htm:15]** |
| % of Costs Incurred (%) | 44% **[0000950170-23-002408_reg-ex99_2.htm:56]** | 51% **[0000950170-23-018022_reg-ex99_2.htm:54]** | 40% **[0000950170-23-038075_reg-ex99_2.htm:57]** | 46% **[0000950170-23-058418_reg-ex99_2.htm:66]** | 46% **[0000950170-24-012895_reg-ex99_2.htm:69]** | 43% **[0000950170-24-052255_reg-ex99_2.htm:70]** | 49% **[0000950170-24-089720_reg-20240630.htm:53]** | 38% **[0000950170-24-120019_reg-20240930.htm:60]** |
| % Leased – Operating and Development (%) | 94.8% **[0000950170-23-002408_reg-ex99_1.htm:2]** **[0000950170-23-002408_reg-ex99_2.htm:6]** | 94.8% **[0000950170-23-018317_reg-20230331.htm:32]** | 94.5% **[0000950170-23-038453_reg-20230630.htm:39]** | 94.6% **[0000950170-23-059213_reg-20230930.htm:44]** | 95.0% **[0000950170-24-052749_reg-20240331.htm:34]** | 95.0% **[0000950170-24-052749_reg-20240331.htm:34]** | 95.0% **[0000950170-24-089720_reg-20240630.htm:39]** | 95.5% **[0000950170-24-120019_reg-20240930.htm:44]** |
| % Leased – Operating (%) | 94.9% **[0000950170-23-002408_reg-ex99_2.htm:15]** | 94.9% **[0000950170-23-018317_reg-20230331.htm:32]** | 95.0% **[0000950170-23-038453_reg-20230630.htm:39]** | 94.9% **[0000950170-23-059213_reg-20230930.htm:44]** | 95.3% **[0000950170-24-012895_reg-ex99_2.htm:15]** | 95.0% **[0000950170-24-052255_reg-ex99_2.htm:34]** | 95.3% **[0000950170-24-089720_reg-20240630.htm:39]** | 95.8% **[0000950170-24-120019_reg-20240930.htm:44]** |
| Weighted Avg Rent PSF (USD) | $23.95 **[0000950170-23-018317_reg-20230331.htm:32]** | $24.13 **[0000950170-23-018317_reg-20230331.htm:32]** | $24.21 **[0000950170-23-038453_reg-20230630.htm:39]** | $24.55 **[0000950170-23-059213_reg-20230930.htm:45]** | $24.67 **[0000950170-24-052749_reg-20240331.htm:34]** | $24.74 **[0000950170-24-052749_reg-20240331.htm:35]** | $25.15 **[0000950170-24-089720_reg-20240630.htm:39]** | $25.41 **[0000950170-24-120019_reg-20240930.htm:44]** |
| Pro-rata Occupancy Rates (%) | 94.8% **[0000950170-23-002408_reg-ex99_2.htm:6]** | 94.9% **[0000950170-23-018317_reg-20230331.htm:32]** | 94.6% **[0000950170-23-038453_reg-20230630.htm:39]** | 94.6% **[0000950170-23-059213_reg-20230930.htm:45]** | 95.1% **[0000950170-24-016260_reg-20231231.htm:71]** | 95.0% **[0000950170-24-052749_reg-20240331.htm:34]** | 95.0% **[0000950170-24-089720_reg-20240630.htm:39]** | 95.6% **[0000950170-24-120019_reg-20240930.htm:44]** |
| Positive Rent Spreads (%) | 7.2 **[0000950170-23-002408_reg-ex99_2.htm:34]** | 5.5 **[0000950170-23-018317_reg-20230331.htm:31]** | 11.7 **[0000950170-23-038075_reg-ex99_2.htm:34]** | 9.3 **[0000950170-23-058418_reg-ex99_2.htm:34]** | 12.0 **[REG_3372909_2]** | 8.5 **[0000950170-24-052255_reg-ex99_2.htm:33]** | 9.2 **[0000950170-24-089334_reg-ex99_2.htm:33]** | 9.3 **[0000950170-24-117764_reg-ex99_2.htm:35]** |
| Total Property Portfolio Leased (%) | 94.8% **[0000950170-23-002408_reg-ex99_2.htm:6]** | 94.9% **[0000950170-23-018317_reg-20230331.htm:32]** | 94.6% **[0000950170-23-038453_reg-20230630.htm:38]** | 94.6% **[0000950170-23-059213_reg-20230930.htm:44]** | 95.1% **[0000950170-24-016260_reg-20231231.htm:71]** | 95.0% **[0000950170-24-052749_reg-20240331.htm:33]** | 95.0% **[0000950170-24-089334_reg-ex99_2.htm:14]** | 95.6% **[0000950170-24-120019_reg-20240930.htm:43]** |
| Same Property Portfolio Leased (%) | 95.1% **[0000950170-23-002408_reg-ex99_2.htm:6]** | 95.1% **[0000950170-23-018022_reg-ex99_2.htm:4]** | 95.2% **[0000950170-23-038075_reg-ex99_2.htm:5]** | 95.4% **[0000950170-23-058418_reg-ex99_2.htm:5]** | 95.7% **[0000950170-24-012895_reg-ex99_2.htm:5]** | 95.8% **[0000950170-24-052255_reg-ex99_1.htm:1]** | 95.8% **[0000950170-24-089334_reg-ex99_2.htm:5]** | 96.1% **[0000950170-24-117764_reg-ex99_2.htm:5]** |
| Estimated Pro-rata Project Costs (USD) | $301 million **[0000950170-23-002408_reg-ex99_1.htm:2]** **[0000950170-23-002408_reg-ex99_2.htm:6]** | $302.5 million **[0000950170-23-018317_reg-20230331.htm:31]** | $410.6 million **[0000950170-23-038453_reg-20230630.htm:38]** | $440.0 million **[0000950170-23-059213_reg-20230930.htm:44]** | $468.1 million **[0000950170-24-016260_reg-20231231.htm:70]** | $547.1 million **[0000950170-24-052749_reg-20240331.htm:33]** | $577.6 million **[0000950170-24-089720_reg-20240630.htm:38]** | $618 million **[0000950170-24-120019_reg-20240930.htm:43]** **[0000950170-24-117764_reg-ex99_2.htm:5]** |
| Development and Redevelopment Projects Completed Costs (USD) | $101 million **[0000950170-23-002408_reg-ex99_2.htm:6]** | $1.6 million **[0000950170-23-018317_reg-20230331.htm:31]** | $68 million **[0000950170-23-038075_reg-ex99_2.htm:6]** **[0000950170-23-038075_reg-ex99_1.htm:2]** | $74 million **[0000950170-23-058418_reg-ex99_2.htm:33]** | $88.024 million **[0000950170-24-016260_reg-20231231.htm:84]** | $3 million **[0000950170-24-052255_reg-ex99_2.htm:32]** | $13 million **[0000950170-24-089334_reg-ex99_2.htm:32]** | $31.3 million **[0000950170-24-120019_reg-20240930.htm:43]** |
| Average Stabilized Yield of Completed Projects (%) | 7% **[0000950170-23-002408_reg-ex99_2.htm:33]** | 21% **[0000950170-23-018317_reg-20230331.htm:31]** | 8.3% **[0000950170-23-038453_reg-20230630.htm:38]** | 8.2% **[0000950170-23-059213_reg-20230930.htm:44]** | 8.7% **[0000950170-24-016260_reg-20231231.htm:70]** | 9.8% **[0000950170-24-052749_reg-20240331.htm:33]** | 10.6% **[0000950170-24-089720_reg-20240630.htm:38]** | 8% **[0000950170-24-117764_reg-ex99_2.htm:34]** |
| Fixed Lease Income (USD) | N/A | $219,641,000 **[0000950170-23-018317_reg-20230331.htm:22]** | $220,191,000 **[0000950170-23-038453_reg-20230630.htm:27]** | $235,489,000 **[0000950170-23-059213_reg-20230930.htm:31]** | $256,626,000 **[0000950170-24-052749_reg-20240331.htm:23]** | $256,626,000 **[0000950170-24-052749_reg-20240331.htm:23]** | $256,991,000 **[0000950170-24-089720_reg-20240630.htm:28]** | $258,185,000 **[0000950170-24-120019_reg-20240930.htm:33]** |
| Variable Lease Income (USD) | N/A | $80,780,000 **[0000950170-23-018317_reg-20230331.htm:22]** | $74,337,000 **[0000950170-23-038453_reg-20230630.htm:27]** | $77,901,000 **[0000950170-23-059213_reg-20230930.htm:31]** | N/A | $92,290,000 **[0000950170-24-052749_reg-20240331.htm:23]** | $86,082,000 **[0000950170-24-089720_reg-20240630.htm:28]** | $85,617,000 **[0000950170-24-120019_reg-20240930.htm:33]** |
| Percentage Rent (USD) | $2,052,000 **[0000950170-23-002408_reg-ex99_2.htm:18]** | $7,030,000 **[0000950170-23-018317_reg-20230331.htm:34]** | $1,380,000 **[0000950170-23-038453_reg-20230630.htm:41]** | $1,868,000 **[0000950170-23-058418_reg-ex99_2.htm:18]** | $2,685,000 **[0000950170-24-012895_reg-ex99_2.htm:18]** | $7,807,000 **[0000950170-24-052749_reg-20240331.htm:36]** | $1,996,000 **[0000950170-24-089720_reg-20240630.htm:28]** | $2,155,000 **[0000950170-24-120019_reg-20240930.htm:47]** |
| Recoveries from Tenants (USD) | $75,044,000 **[0000950170-23-002408_reg-ex99_2.htm:18]** | $71,226,000 **[0000950170-23-018317_reg-20230331.htm:34]** | $74,748,000 **[0000950170-23-038453_reg-20230630.htm:41]** | $76,973,000 **[0000950170-23-059213_reg-20230930.htm:47]** | $88,828,000 **[0000950170-24-012895_reg-ex99_2.htm:18]** | $85,023,000 **[0000950170-24-052749_reg-20240331.htm:36]** | $84,805,000 **[0000950170-24-089720_reg-20240630.htm:42]** | $84,795,000 **[0000950170-24-120019_reg-20240930.htm:47]** |
| Percentage of Company-owned GLA (%) | N/A | 43.7% **[0000950170-23-018317_reg-20230331.htm:33]** | 42.7% **[0000950170-23-038075_reg-ex99_2.htm:39]** | 43.0% **[0000950170-23-058418_reg-ex99_2.htm:40]** | N/A | 41.0% **[0000950170-24-052255_reg-ex99_2.htm:38]** | N/A | 39.4% **[0000950170-24-120019_reg-20240930.htm:45]** |
| Base Rent PSF (USD) | $23.95 **[0000950170-23-018317_reg-20230331.htm:32]** | $24.13 **[0000950170-23-018317_reg-20230331.htm:32]** | $24.21 **[0000950170-23-038453_reg-20230630.htm:39]** | $24.55 **[0000950170-23-059213_reg-20230930.htm:45]** | $24.67 **[0000950170-24-052749_reg-20240331.htm:34]** | $24.74 **[0000950170-24-052749_reg-20240331.htm:35]** | $25.15 **[0000950170-24-089720_reg-20240630.htm:39]** | $25.41 **[0000950170-24-120019_reg-20240930.htm:44]** |

df1cd919068ca075171d1a94719016d2d60cc47d5d5c24424db9615b070d04cd

5ad8e242701a22f4a0078ed10473dd9c7b2c4e74b04d8e21f2cc2a733bedadd1

| Metric (USD Thousands)                      | Q4 2022       | Q1 2023       | Q2 2023       | Q3 2023       | Q4 2023 | Q1 2024       | Q2 2024       | Q3 2024       |
|---------------------------------------------|---------------|---------------|---------------|---------------|---------|---------------|---------------|---------------|
| Lease Income                                | 305,187  **[0000950170-23-002408_reg-ex99_2.htm:17]**  | 308,801  **[0000950170-23-018022_reg-ex99_2.htm:16]**  | 304,458  **[0000950170-23-038075_reg-ex99_2.htm:17]**  | 320,921  **[0000950170-23-058418_reg-ex99_2.htm:17]**  | N/A     | 353,106  **[0000950170-24-052255_reg-ex99_2.htm:16]**  | 347,845  **[0000950170-24-089334_reg-ex99_2.htm:16]**  | 349,057  **[0000950170-24-117764_reg-ex99_2.htm:17]**  |
| Other Property Income                       | 2,429  **[0000950170-23-002408_reg-ex99_2.htm:17]**    | 3,138  **[0000950170-23-018022_reg-ex99_2.htm:16]**    | 2,683  **[0000950170-23-038075_reg-ex99_2.htm:17]**    | 2,638  **[0000950170-23-058418_reg-ex99_2.htm:17]**    | N/A     | 4,350  **[0000950170-24-052255_reg-ex99_2.htm:16]**    | 2,670  **[0000950170-24-089334_reg-ex99_2.htm:16]**    | 4,444  **[0000950170-24-117764_reg-ex99_2.htm:17]**    |
| Management, Transaction, and Other Fees     | 6,901  **[0000950170-23-002408_reg-ex99_2.htm:17]**    | 6,038  **[0000950170-23-018022_reg-ex99_2.htm:16]**    | 7,106  **[0000950170-23-038075_reg-ex99_2.htm:17]**    | 7,079  **[0000950170-23-058418_reg-ex99_2.htm:17]**    | N/A     | 6,396  **[0000950170-24-052255_reg-ex99_2.htm:16]**    | 6,735  **[0000950170-24-089334_reg-ex99_2.htm:16]**    | 6,765  **[0000950170-24-117764_reg-ex99_2.htm:17]**    |
| Total Revenue                               | 314,517  **[0000950170-23-002408_reg-ex99_2.htm:17]**  | 317,977  **[0000950170-23-018022_reg-ex99_2.htm:16]**  | 314,247  **[0000950170-23-038075_reg-ex99_2.htm:17]**  | 330,638  **[0000950170-23-058418_reg-ex99_2.htm:17]**  | N/A     | 363,852  **[0000950170-24-052255_reg-ex99_2.htm:16]**  | 357,250  **[0000950170-24-089334_reg-ex99_2.htm:16]**  | 360,266  **[0000950170-24-117764_reg-ex99_2.htm:17]**  |

0affa5fd82d0b86532b5d1b37b045e754804c44bf11fa2e8b5a431f977193234

Regency Centers Corporation is a fully integrated real estate company and a self-administered and self-managed real estate investment trust (REIT) that primarily focuses on acquiring, developing, owning, and operating income-producing retail real estate **[0000950170-24-016260_reg-20231231.htm:5]** **[0000950170-24-016260_reg-20231231.htm:6]**. The company's portfolio consists of neighborhood and community shopping centers predominantly located in suburban trade areas across the United States, with a strong emphasis on properties anchored by market-leading grocery stores **[0000950170-24-016260_reg-20231231.htm:5]** **[0000950170-24-016260_reg-20231231.htm:6]**. Regency Centers generates revenue primarily through leasing space to necessity, service, convenience, and value-based retailers, which serve the essential needs of communities **[0000950170-24-016260_reg-20231231.htm:5]**.

1. **Retail Shopping Centers** - Owns and operates neighborhood and community shopping centers, focusing on properties anchored by market-leading grocery stores.
   - **Direct Ownership** - Holds direct ownership interests in retail shopping centers, actively managing and optimizing the portfolio.
   - **Partnership Interests** - Engages in joint ventures to own and manage shopping centers, earning fees for management and leasing services.
2. **Leasing Services** - Leases space to necessity, service, convenience, and value-based retailers, ensuring a diverse tenant mix that serves essential community needs.
3. **Portfolio Management** - Actively manages the portfolio by selling lower-performing properties and reinvesting in higher-quality centers to enhance net operating income (NOI).

4899302deaf78181443f41eb0bd32726718a3d634c1e9e7b6f85bbd1fe737aec

1. In the latest quarter, small shop occupancy ticked down sequentially; could you elaborate on the factors behind this decline, and are there any signs of stress among local mom-and-pop tenants that could impact future occupancy levels?  **[REG_3396320_9]** 

2. With your recent share repurchase at an implied cap rate of 7%, does this indicate a scarcity of attractive acquisition opportunities, and how does this align with your capital allocation priorities moving forward?  **[REG_3396320_8]** **[REG_3396320_7]** 

3. Considering the uncertain macro environment and inflationary pressures on consumers, how confident are you that your current sales and traffic trends are sustainable, and what strategies do you have in place to address potential shifts in consumer behavior?  **[REG_3396320_1]** 

4. Given your expectations that cap rates may not rise and could potentially decrease due to more capital entering the sector, how might this affect your investment strategy and asset valuations in the coming quarters?  **[REG_3396320_17]** 

5. With $300 million currently drawn on your revolver to fund recent investments, can you discuss your plans for managing liquidity and debt, particularly if capital market conditions become more volatile?  **[REG_3396320_10]** 

fbad68edce08b788818dde3fa72c51e333c00548996b3be0ef7314e86f8c60a0

193a5d599e1ecc65f79b11fda33c15f89e0e4c1a1363a76b37707b6bb3c07954

Lease Income

- Base Rent

- Recoveries from Tenants

- Percentage Rent

- Uncollectible Lease Income

- Other Lease Income

- Straight-line Rent

- Above/Below Market Rent Amort.

Other Property Income

Management, Transaction, and Other Fees

Total Revenue

88e65299e0d742aff6b52792698aa72637397b3d467fd0d8da39489ec7cd2540

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

1ef63e1c2328e07d8dfb2e02d6c4bc3e581cef349849e7fa04acd0126f872460

Estimated / Actual Net Development Costs (USD)

GLA (thousand sq ft)

% of Costs Incurred (%)

% Leased – Operating and Development (%)

% Leased – Operating (%)

Weighted Avg Rent PSF (USD)

Pro-rata Occupancy Rates (%)

Positive Rent Spreads (%)

Same Property Portfolio Leased (%)

Estimated Pro-rata Project Costs (USD)

Development and Redevelopment Projects Completed Costs (USD)

Average Stabilized Yield of Completed Projects (%)

Fixed Lease Income (USD)

Variable Lease Income (USD)

Percentage Rent (USD)

Recoveries from Tenants (USD)

Percentage of Company-owned GLA (%)

Base Rent PSF (USD)

c4ae714fc78b894cad6a2ff5b4a577b7f8eaee9c194ff3d80e7920e18bcd5832

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Core Operating Earnings**: Increased midpoint by **$0.03 per share**, implying close to **4% growth** for the year at the midpoint, excluding COVID period reserve collections  **[REG_3396320_5]** .
  2. **Same-Property NOI Growth**: Increased by **25 basis points** to **2.25% to 2.75%**  **[REG_3396320_5]** .
  3. **NAREIT FFO**: Increased by **$0.05 per share** at the midpoint  **[REG_3396320_5]** .
  4. **Net Debt and Preferred to EBITDA**: Expected to end the year around the midpoint of **5x to 5.5x**  **[REG_3396320_5]** .
  5. **Free Cash Flow**: Expected to generate more than **$160 million annually**  **[REG_3396320_5]** .
  6. **Redevelopment Pipeline**: Anticipated benefit to same-property NOI growth in 2025, likely exceeding **100 basis points**  **[REG_3396320_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Nareit FFO**: Raised by **$0.01 at the midpoint**  **[REG_3384433_5]** .
  2. **Same-Property NOI Growth**: Unchanged at **2% to 2.5%**  **[REG_3384433_5]** .
  3. **Core Operating Earnings Per Share**: Growth of more than **3% at the midpoint**  **[REG_3384433_5]** .
  4. **Acquisition and Dispositions**: Includes an asset in Westport; dispositions guidance modestly increased  **[REG_3384433_5]** .
  5. **Redevelopment Activity**: Expected to exceed **100 basis points** next year  **[REG_3384433_6]** .
  6. **Liquidity and Balance Sheet**: Expected free cash flow of more than **$160 million**  **[REG_3384433_7]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Core Operating Earnings Growth**: More than **3%** at the midpoint  **[REG_3372909_4]** .
  2. **Same-Property NOI Growth**: **2% to 2.5%**  **[REG_3372909_4]** .
  3. **Commenced Occupancy Rate**: Down by about **50 basis points**  **[REG_3372909_4]** .
  4. **Interest Expense and Preferred Dividends**: Shown net of expected interest income  **[REG_3372909_4]** .
  5. **Dispositions**: **$100 million** at approximately a **5.5%** cap rate  **[REG_3372909_27]** .
  6. **Credit Loss**: **75 to 100 basis points** on billed revenues  **[REG_3372909_18]** .
  7. **Same-Property NOI Growth for UBP Portfolio**: Slightly additive, contributing about **25 basis points**  **[REG_3372909_7]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the guidance for Q3 2024. They only include details from the Q2 2024 earnings call. Therefore, I cannot provide the guidance for Q3 2024.

a95d67b4b6de3ad5f597e1b4dd2ae59d11efaa065057db41b0e1da42742aa259

| Name                  | Position                                              | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|-------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Martin E. Stein, Jr.  | Executive Chairman of the Board of Directors          | January 1, 2020     | Martin E. Stein, Jr. has been serving as the Executive Chairman since January 1, 2020. He has been a director since 1993 and its Chairman since 1998. He was the CEO from 1993 until December 31, 2019  **[0000950170-24-016260_reg-20231231.htm:12]** **[0001193125-24-072099_d577182ddef14a.htm:15]** .                                  |
| Lisa Palmer           | President and Chief Executive Officer                 | January 1, 2020     | Lisa Palmer is the President and CEO since January 1, 2020, and President since January 1, 2016. She was the CFO from January 2013 to August 12, 2019. She joined the company in 1996  **[0001193125-24-072099_d577182ddef14a.htm:14]** **[0000950170-24-016260_reg-20231231.htm:12]** .                                                  |
| Michael J. Mas        | Executive Vice President, Chief Financial Officer     | August 12, 2019     | Michael J. Mas has been the Executive Vice President, CFO since August 12, 2019. He joined the company in 2003 and previously worked with Deloitte & Touche LLP  **[0001193125-24-072099_d577182ddef14a.htm:28]** **[0000950170-24-016260_reg-20231231.htm:12]** .                                                                         |
| Alan T. Roth          | East Region President & Chief Operating Officer       | January 1, 2024     | Alan T. Roth is the East Region President and COO since January 1, 2024. He has been with the company since 1997, starting as a leasing agent  **[0000950170-24-016260_reg-20231231.htm:12]** **[0001193125-24-072099_d577182ddef14a.htm:28]** .                                                                                           |
| Nicholas A. Wibbenmeyer| West Region President & Chief Investment Officer     | January 1, 2024     | Nicholas A. Wibbenmeyer has been the West Region President and CIO since January 1, 2024. He joined Regency Centers in 2005 as Manager of Investments, Upper Midwest  **[0001193125-24-072099_d577182ddef14a.htm:28]** **[0000950170-24-016260_reg-20231231.htm:12]** .                                                                   |

278b6dd46912d7d251e7f4e6bca89546600b5c0768372d0ce42ae456e0ea09b7

**Annual guidance for FY 2024:**
- **Same-Property NOI Growth**: 3.5%  **[REG_3404368_4]** **[REG_3404368_1]** **[REG_3404368_2]**  (raised from 2.25%–2.75%  **[REG_3396320_5]** )  
- **Core Operating Earnings Per Share Growth**: nearly 5%  **[REG_3404368_4]** **[REG_3404368_1]**  (raised from ~4%  **[REG_3396320_5]** )  
- **Credit Loss**: 50–75 bps  **[REG_3404368_4]**  (no prior guidance)  
- **Debt to EBITDA**: 5x–5.5x  **[REG_3404368_4]**  (no change from prior guidance  **[REG_3396320_5]** )  
- **Free Cash Flow**: exceeds $160 million  **[REG_3404368_4]**  (no change from prior guidance  **[REG_3396320_5]** )  
- **Development and Redevelopment Starts**: $200–$250 million  **[REG_3404368_1]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **NAREIT FFO Growth**: at least 5%  **[REG_3404368_4]**  (no prior guidance)  
- **Same-Property NOI Growth**: ~3.5%  **[REG_3404368_4]** **[REG_3404368_11]**  (no prior guidance)  
- **Credit Loss**: 75–100 bps  **[REG_3404368_4]** **[REG_3404368_9]** **[REG_3404368_18]**  (no prior guidance)  
- **Debt Maturities**: $300 million  **[REG_3404368_13]**  (no prior guidance)  
- **UBP Portfolio Integration**: no material difference expected  **[REG_3404368_10]**  (no prior guidance)  

39b81f21c24cf72d56c7c125d1814e5a1cdf2a094410dc5a8a266427fa206ad8

| Program Details          | Program 1          | Program 2          |
|--------------------------|--------------------|--------------------|
| Approval Date            | February 8, 2023  **[0000950170-24-120019_reg-20240930.htm:36]**  | July 31, 2024  **[0000950170-24-120019_reg-20240930.htm:36]**   |
| End Date/Duration        | February 7, 2025  **[0000950170-24-120019_reg-20240930.htm:36]**  | June 30, 2026  **[0000950170-24-120019_reg-20240930.htm:36]**   |
| Total additional amount  | $250 million  **[0000950170-24-120019_reg-20240930.htm:36]**    | $250 million  **[0000950170-24-120019_reg-20240930.htm:36]**    |
| Remaining authorization  | N/A                | $250 million  **[0000950170-24-120019_reg-20240930.htm:68]**    |
| Details                  | Replaced by new program  **[0000950170-24-120019_reg-20240930.htm:36]**  | Active, executed through open market purchases  **[0000950170-24-089720_reg-20240630.htm:61]** **[0000950170-24-089720_reg-20240630.htm:31]**  |

c37200a1bda9dd207a063be3e43824db01c5407b674a3842a5017f06da08dcef

| Name       | Start Date | End Date | Reason for Change |
|------------|------------|----------|-------------------|
| KPMG LLP   | 1993  **[0000950170-24-016260_reg-20231231.htm:96]**    | Present  | Current auditor   |

003ccec39773b35abcab3602878e52d8bc9c18f9975a442bb33af6174d853357

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $360.266 million (+9% YoY)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-23-059213_reg-20230930.htm:15]** **[0000950170-24-120019_reg-20240930.htm:19]**   
- Lease Income: $349.057 million (+9% YoY)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-24-120019_reg-20240930.htm:6]** **[0000950170-24-120019_reg-20240930.htm:47]**   
- Other Property Income: $4.444 million (**+69% YoY**)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-24-120019_reg-20240930.htm:6]** **[0000950170-24-120019_reg-20240930.htm:47]**   
- Net Income: $103.576 million (+12% YoY)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-23-059213_reg-20230930.htm:15]** **[0000950170-24-120019_reg-20240930.htm:19]** **[0000950170-23-059213_reg-20230930.htm:7]** **[0000950170-23-059213_reg-20230930.htm:16]**   
- EPS (Diluted): $0.54 (+10% YoY)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-23-059213_reg-20230930.htm:15]** **[0000950170-24-120019_reg-20240930.htm:19]**   
- D&A: $100.955 million (+15% YoY)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-23-059213_reg-20230930.htm:15]** **[0000950170-24-120019_reg-20240930.htm:19]**   
- Interest Expense: $47.022 million (+21% YoY)  **[0000950170-23-059213_reg-20230930.htm:6]** **[0000950170-23-059213_reg-20230930.htm:15]** **[0000950170-24-120019_reg-20240930.htm:19]**   

cd0354678280e2248c580cf0a1f5bd9d70317e9b6342db4870cc196a8f9db8d3

e49f092805cece24a2c508372d4cf12e0a1d85c950afeda62f932367e39723dc

802d7451c55312d6b82db5496a98ed8927e6b351132515912ec95343cd48465b

| Year | Amount Due (in billions) | Debt Type           | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|-------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | 0.033                        | Scheduled Principal + Mortgage Loans | 3.9 - 4.2  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**  | 0.8% = (0.033 / 4.395) * 100  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**                                           |
| 2025     | 0.312                        | Scheduled Principal + Mortgage + Unsecured | 3.9 - 4.1  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**  | 7.1% = (0.312 / 4.395) * 100  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**                                           |
| 2026     | 0.358                        | Mortgage + Unsecured    | 3.9 - 4.1  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**  | 8.1% = (0.358 / 4.395) * 100  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**                                           |
| 2027     | 0.755                        | Mortgage + Unsecured    | 3.9 - 4.1  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**  | 17.2% = (0.755 / 4.395) * 100  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**                                          |
| 2028     | 0.372                        | Mortgage + Unsecured    | 3.9 - 5.8  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**  | 8.5% = (0.372 / 4.395) * 100  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**                                           |
| Beyond 2028 | 2.601                     | Mortgage + Unsecured    | 3.9 - 5.25  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**  | 59.2% = (2.601 / 4.395) * 100  **[0000950170-24-120019_reg-20240930.htm:30]**   **[0000950170-24-120019_reg-20240930.htm:29]**                                          |

45b59839f25f8e793c136d6cd9c321fa3a69acd27ec26d796de11187db77f2af

f2aa05af78f44d9b7b3b7c886b16f56d6817b6664b43cd2c0e6c9ece4288c861

- **Increased Operating Expenses**: Regency Centers is facing higher operating expenses due to **rising insurance costs and inflation**, which could pressure margins and impact NOI growth.  **[REG_3372909_20]**
- **Anchor Space Vacancies Impacting Occupancy Rates**: The company expects that **anchor space recaptures and bankruptcies** will lower their commenced occupancy rate in 2024, leading to **lower same-property NOI growth** in the near term.  **[REG_3372909_7]** **[REG_3372909_22]**
- **Uncertainty in Sustaining Rent Growth**: As **inflation moderates**, there may be **pushback on sustaining high market rent growth** into 2025, potentially reducing the company's ability to increase rents and affecting future revenue growth.  **[REG_3372909_11]**

10d89c40393a826a1afd1992b3ac31760cce317e10f918c9eb7ce07adc245021

- The company is experiencing **increased competition in the acquisition market**, with **deeper bidding pools** and **lower cap rates**, making it challenging to find accretive acquisition opportunities at favorable prices.  **[REG_3396320_7]**
- **Small shop occupancy ticked down** sequentially, which could indicate potential stress in the local mom-and-pop tenant segment, even though management believes the underlying fundamentals are strong.  **[REG_3396320_9]**
- The company's decision to **repurchase shares at an implied cap rate of 7%** suggests a **disconnect between public and private market pricing** and may imply fewer attractive investment opportunities available.  **[REG_3396320_7]**

2bde03387bb3fba4fb8d1a71650873fd167c51e77cec8a04d0b3ce4d5c394d12

- **Regency Centers expects same-property NOI growth to remain modest at 2% to 2.5% in 2024, representing a temporary dip from historical growth rates, with expectations of acceleration only in 2025.** This reliance on future growth could be risky if economic conditions worsen.  **[REG_3384433_10]** **[REG_3384433_4]**
- **The company's strategy of proactively recapturing leases to improve tenant mix may lead to short-term occupancy disruptions and earnings impact.** While aiming for long-term benefits, this approach can temporarily offset growth, affecting near-term financial performance.  **[REG_3384433_12]** **[REG_3384433_8]**
- **There is an increase in tenant allowances and landlord work as a percentage of new base rents, particularly for new leases.** This may indicate rising costs to attract tenants, which could pressure cash flows and affect AFFO growth.  **[REG_3384433_14]**

edad8202b9ac428b3eee90c9f59e98c80bf402dc21b39fb757206b042720f124

- **Strong Expected Growth in 2025 Due to Redevelopment Projects**: Regency Centers anticipates same-property NOI growth to **accelerate into 2025**, with a **positive contribution exceeding 100 basis points**, significantly higher than the usual 50 basis points from redevelopments. This confidence stems from a robust pipeline and successful leasing, indicating strong future earnings potential.  **[REG_3384433_10]**
- **Proactive Asset Management Driving Rent Growth**: The company is enhancing its portfolio by **replacing less desirable tenants with high-quality ones**, such as upgrading from office supply stores to **Sprouts, HomeSense, and Baptist Health medical facilities**. This strategy improves occupancy durability and tenant credit quality, resulting in **significant rent growth** and strengthening long-term asset value.  **[REG_3384433_12]**
- **Unique Competitive Advantage in Development**: With an **experienced national development team** and strong capital position, Regency Centers continues to excel in both redevelopment and **ground-up development projects**. This capability is a **differentiator in the sector**, allowing them to capitalize on accretive opportunities and drive future growth without choosing between enhancing existing assets or pursuing new developments.  **[REG_3384433_25]**

0f319c125880682489a1d55cdf8e2adaaa0f09a7da73eefa49c1e2b8c6619251

1. **Same-Store NOI Growth**  
   **Q:** What's driving same-store NOI growth to 3.5%?  
   **A:** The acceleration to **3.5%** same-store NOI growth is due to higher commenced occupancy and accelerated rent commencements from our SNO pipeline, leading to increased recoveries. This growth is sustainable and serves as a launching point into 2025.  **[REG_3404368_6]** **[REG_3404368_11]** 

2. **Capital Deployment and Funding**  
   **Q:** Will you increase acquisitions, and how will you fund them?  
   **A:** We have capacity to pursue acquisitions that meet our criteria, using balance sheet capacity and various capital sources, including partnerships like the recent **$150 million** equity commitment from Oregon. We'll remain disciplined in capital allocation, considering share repurchases and equity issuance when appropriate.  **[REG_3404368_7]** **[REG_3404368_5]** 

3. **Leverage and Financing Plans**  
   **Q:** What's your appetite for leveraging up to fund growth?  
   **A:** We're comfortable operating between **5x and 5.5x** debt-to-EBITDA. We'll utilize balance sheet capacity when we see compelling opportunities, potentially taking leverage to the upper end of our range, but remain committed to operating within our target leverage despite interest rate changes.  **[REG_3404368_5]** 

4. **Bad Debt and Credit Losses**  
   **Q:** Are you expecting normalization in bad debt next year?  
   **A:** Yes, we plan for a return to historical average bad debt expense and credit loss next year, about **75 to 100 basis points**. Despite retailer bankruptcies, our portfolio has minimal exposure due to our focus on quality tenants.  **[REG_3404368_8]** **[REG_3404368_9]** 

5. **Impact of UBP Acquisition**  
   **Q:** How will UBP assets affect growth in 2025?  
   **A:** UBP assets will enter our same-store pool in Q1 next year, contributing to the **3.5%** growth outlook for 2025. They're performing as expected, with opportunities for leasing gains, exemplified by Danbury Square improving from **50%** to **96%** leased.  **[REG_3404368_10]** 

6. **Tenant Demand and Occupancy**  
   **Q:** How is tenant demand affecting future occupancy?  
   **A:** Tenant demand remains strong, with shop leasing reaching a record **93.7%**. We expect to continue increasing both shop and anchor occupancy, pushing percent leased higher over the next 12 to 24 months.  **[REG_3404368_14]** 

1bf61c753badae7ec55cdeff802f37aa67f0603ca830831a9142fca48557dfa2

- **REG's higher cost of capital due to increased interest rates may impact their redevelopment and acquisition activities, potentially limiting growth opportunities.**  **[REG_3364397_12]** ,  **[REG_3364397_19]**
- **Increased borrowing costs for tenants could slow their expansion plans, potentially reducing demand for REG's properties.**  **[REG_3364397_20]** ,  **[REG_3364397_22]**
- **Higher interest rates may increase REG's cost of debt for upcoming refinancings, potentially impacting earnings in 2024.**  **[REG_3364397_23]** ,  **[REG_3364397_12]**

f331b73895ad64d669a110fd2da00a7a102fa371706c78b966c4deead67ffeb7

- **Acceleration in the Urstadt Biddle Properties (UBP) portfolio growth**, expected to add about **25 basis points** to same-property NOI growth, showcasing successful integration and leasing opportunities.  **[REG_3372909_7]**
- **Robust development pipeline**, with over **$250 million** in project starts in 2023 and plans to start more than **$1 billion** in development and redevelopment projects over the next five years, indicating strong future growth prospects.  **[REG_3372909_17]**
- **Strong leasing momentum and pricing power**, leveraging high occupancy levels to drive **accretive returns** through remerchandising and redevelopment, supporting long-term same-property NOI growth in the **2.5% to 3%** range.  **[REG_3372909_22]** **[REG_3372909_11]**

4712ec91322f11b4cbd927310163317ab5f1403e5a673bff6997b4774477b726

- **Regency Centers is achieving significant rent increases on anchor tenant replacements**, with rent spreads exceeding **30%** on Bed Bath & Beyond backfills, demonstrating strong leasing demand and pricing power.  **[REG_3364397_12]**
- **The company is experiencing resilient consumer demand with no signs of weakness**, as they are not seeing any slowdown in consumer spending or retailer expansion plans, underscoring the strength of their trade areas and tenant base.  **[REG_3364397_22]**
- **Regency Centers maintains a strong balance sheet and financial flexibility**, allowing them to self-fund growth projects and manage higher interest costs without significant stress from refinancing needs.  **[REG_3364397_23]**

58b9b555b79248cbb375fd531195ecdc3532990f1a8921666f6e892ff6e21383

1. **2025 Same-Property NOI Growth**  
   **Q:** What's driving your conviction in accelerated 2025 SPNOI growth?  
   **A:** The acceleration comes from both our substantial **SNO pipeline** and the health of our portfolio. We've had significant leasing success, increasing our percent leased, and the SNO pipeline provides real visibility to rent commencements. Our successful redevelopment pipeline also adds to 2025 growth.  **[REG_3384433_17]** 

2. **Same-Property NOI Guidance**  
   **Q:** Any factors affecting SPNOI growth comparisons forward?  
   **A:** We reaffirm our **2% to 2.5% SPNOI growth guidance** for 2024. The first quarter had unique anomalies, but we expect consistency throughout the year. Importantly, **redevelopment deliveries** will add **100 basis points** to our SPNOI growth in 2025, higher than the typical 50 basis points contribution.  **[REG_3384433_10]** 

3. **SNO Pipeline Monetization**  
   **Q:** How quickly can you monetize the elevated SNO pipeline?  
   **A:** Our **$50 million SNO pipeline** represents **370 basis points** of growth. Approximately **65%** of those leases will commence by year-end, with around **$14 million** recognized in 2024 earnings. The balance will come online in 2025, bolstering our conviction in next year's growth.  **[REG_3384433_11]** 

4. **Urstadt Biddle Acquisition Performance**  
   **Q:** How is the Urstadt Biddle portfolio performing?  
   **A:** The Urstadt portfolio is performing on plan, delivering the expected **1.5 points of accretion**. If included in same-property numbers, it would have added about **0.25 point** to SPNOI growth. We're focused on leasing up the portfolio and see runway for growth.  **[REG_3384433_13]** 

5. **Capital Allocation and Dispositions**  
   **Q:** Can you provide color on the remaining dispositions?  
   **A:** We're selling non-core assets at attractive cap rates to fortify our growth profile. The dispositions are case-by-case decisions, and we expect to recycle capital into more accretive opportunities. We don't necessarily expect additional assets to be in Florida.  **[REG_3384433_15]** 

6. **Acquisition Opportunities**  
   **Q:** Details on the recent $46 million acquisition?  
   **A:** We acquired a **76,000 sq ft** CVS-anchored shopping center in Westport, CT, across from our existing Trader Joe's asset. We competed in an on-market process, and our reputation helped us secure the deal. We continue to be opportunistic in acquisitions, looking for opportunities to add value.  **[REG_3384433_16]** 

7. **Leasing Capital and Tenant Allowances**  
   **Q:** Are higher TAs and landlord work required to get new leases done?  
   **A:** We're not seeing a material shift, although there was a slight elevation this quarter due to factors like anchor leasing and a turnkey relocation. Our strategy remains judicious with leasing capital, leading to ample free cash flow growth and sector-leading AFFO growth.  **[REG_3384433_14]** 

8. **Proactive Tenant Mix Improvements**  
   **Q:** Could proactive merchandise mix improvements temporarily offset growth?  
   **A:** We focus on long-term asset management, even if it means short-term impacts. For example, we replaced three office supply stores with Sprouts, HomeSense, and a Baptist Health facility, enhancing tenant credit and achieving significant rent growth. This mindset will continue.  **[REG_3384433_12]** 

9. **Investment Strategy and Development Focus**  
   **Q:** What opportunities are most interesting today?  
   **A:** Our investment strategy remains unchanged, focusing on high-quality, grocery-anchored properties in great trade areas. We're generating ample free cash flow, best used in our developments and redevelopments. With our experienced team, access to capital, and relationships with top retailers, we continue to find success.  **[REG_3384433_9]** 

10. **Kroger-Albertsons Merger Impact**  
    **Q:** Any concerns about the Kroger-Albertsons merger delays?  
    **A:** We have no new information beyond public reports. The merger's timing doesn't impact our operations. If it goes through, it could create a stronger grocer better able to compete, benefiting us. We're confident in our grocery locations regardless of the merger's outcome.  **[REG_3384433_31]** 

536176853b952f896004b0b8ba190de4033316d5cb0c9cdbe7d3f854dd57733f

- **Regency Centers expects significant NOI growth** in the next 18 to 24 months, driven by a **$49 million SNO pipeline representing 350 basis points**, with **approximately 65% scheduled to commence by the end of this year**.  **[REG_3396320_5]**
- The company executed a **$200 million share repurchase** of approximately **3.3 million shares** at an implied cap rate of **roughly 7%**, which is accretive to earnings and underscores their disciplined capital allocation strategy.  **[REG_3396320_5]** **[REG_3396320_7]** **[REG_3396320_8]**
- **Strong balance sheet and liquidity position**, remaining within their targeted leverage range of **5x to 5.5x net debt and preferred EBITDA**, allows Regency to **invest opportunistically** in acquisitions and developments, positioning the company favorably for long-term outperformance.  **[REG_3396320_5]** **[REG_3396320_1]** **[REG_3396320_7]** **[REG_3396320_4]**

1c573536a342601fef63ed624d9dc88f87c7827d43e4ab7bd859d571a7b1936c

1. **Capital Allocation & Share Repurchase**  
   **Q:** What are your capital allocation priorities and thoughts on share repurchases?  
   **A:** Our objective is to create value for shareholders, utilizing every tool for capital allocation. **[REG_3396320_7]**  We believe the best use of our capital is in development and redevelopment programs. **[REG_3396320_7]**  This quarter, we had the capacity to execute share repurchases at an implied cap rate of **7%**, highlighting the disconnect between public and private market pricing. **[REG_3396320_7]**  In the acquisition market, high-quality grocery-anchored centers trade at cap rates in the **mid-5% range**, making share repurchases an excellent use of capital. **[REG_3396320_7]** 

2. **Cap Rate Outlook**  
   **Q:** Where are cap rates in the shopping center sector headed?  
   **A:** We do not believe cap rates are rising in the future. **[REG_3396320_17]**  With potential decreases in financing costs, our product type offers sustainability and stability of cash flows, keeping cap rates **sticky**. **[REG_3396320_17]**  With more capital entering the sector, cap rates could go **down**, not up. **[REG_3396320_17]** 

3. **Share Repurchase Authorization**  
   **Q:** Is there $250 million left on the repurchase program?  
   **A:** No, our activity this quarter exhausted the previous authorization. **[REG_3396320_8]**  We've refreshed the authorization for another **$250 million** over two years. **[REG_3396320_8]** 

4. **Occupancy Growth Potential**  
   **Q:** How much more can you push occupancy for growth?  
   **A:** We have **220 basis points** of commenced occupancy opportunity compared to our prior peak. **[REG_3396320_12]**  This aligns with a **$50 million** SNO pipeline to be delivered starting Q4 this year and into 2025. **[REG_3396320_12]**  We see no reason we can't replicate past occupancy gains over the near term. **[REG_3396320_12]** 

5. **Institutional Capital & Competition**  
   **Q:** Are you seeing more institutional capital entering the space?  
   **A:** Yes, bidding pools are much deeper now, with **15 to 20 bids** on assets compared to 2 to 5 before. **[REG_3396320_16]**  Many bidders are institutional investors like pension funds and private equity. **[REG_3396320_16]**  There's definitely increased institutional capital pursuing assets. **[REG_3396320_16]** 

6. **Tenant Credit & Watchlist**  
   **Q:** How do you evaluate tenant credit pre-signing?  
   **A:** We have a very rigorous process and do not lease just for occupancy. **[REG_3396320_13]**  Our watch list exposure is roughly **150 basis points** of ABR. **[REG_3396320_13]**  Recent industry bankruptcies had minimal impact on us, reflecting our thoughtful alignment with the right retailers. **[REG_3396320_13]** 

7. **Liquidity & Financing Plans**  
   **Q:** Are you planning to term out the revolver draw?  
   **A:** We're comfortable with our liquidity, having recently recast our revolver to **$1.5 billion** capacity. **[REG_3396320_10]**  With **$300 million** drawn due to investments and repurchases, we're monitoring capital markets and have a bias towards public unsecured financing. **[REG_3396320_10]** 

8. **Development Competition**  
   **Q:** Will lower rates increase competition in development?  
   **A:** If capital becomes available, it may open opportunities for others, but relationships and expertise are crucial. **[REG_3396320_11]**  We have the best relationships with key tenants, brokers, and landowners, and feel confident in securing opportunities regardless of capital markets. **[REG_3396320_11]** 

9. **CapEx and Tenant Improvements**  
   **Q:** Are elevated CapEx and TI levels expected to continue?  
   **A:** We're prudently managing capital, with net effective rent as a percent of GAAP rent in the **80% to 85%** range. **[REG_3396320_14]**  Total comparable capital for the quarter is lower than our trailing twelve months. **[REG_3396320_14]**  We don't see any shift in underlying fundamentals or trends. **[REG_3396320_14]** 

10. **Geographic Opportunities**  
    **Q:** Are acquisition opportunities geographically diverse?  
    **A:** Yes, we're seeing opportunities **coast to coast**. **[REG_3396320_21]**  Recent activity in the Northeast is due to timing, but we have opportunities across all regions, including the Southeast, West, and Central. **[REG_3396320_21]** 

95aa7a7a86aa4768901d8500db00c03b3fd25f7bf832b771e67b74f4ae49d662

Regency Centers Corp (REG)

Financials