REGENCY CENTERS CORP

Previous wording

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, 2025 ("2025 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 2025 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.

Current wording

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, 2025 ("2025 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 2025 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.

Previous wording

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, 2026, we had full or partial ownership interests in 482 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 58.8 million square feet ("SF") of 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.

Current wording

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 September 30, 2026, we had full or partial ownership interests in 486 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 59.2 million square feet ("SF") of 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.

Previous wording

Our Same property NOI grew 4.1%, as compared to the six months ended June 30, 2025, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.

Current wording

Our Same property NOI grew 4.4%, as compared to the nine months ended September 30, 2025, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases.

Previous wording

We executed 933 new and renewal leasing transactions representing 3.9 million Pro-rata SF with positive rent spreads of 11.2% during the six months ended June 30, 2026, compared to 944 leasing transactions representing 3.2 million Pro-rata SF with positive rent spreads of 9.1% during the six months ended June 30, 2025. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.

Current wording

We executed 1,378 new and renewal leasing transactions representing 5.5 million Pro-rata SF with positive rent spreads of 11.4% during the nine months ended September 30, 2026, compared to 1,418 leasing transactions representing 5.3 million Pro-rata SF with positive rent spreads of 10.4% during the nine months ended September 30, 2025. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.

Previous wording

At June 30, 2026, December 31, 2025, and June 30, 2025, our total property portfolio was 96.5%, 96.1%, and 96.2% leased, respectively. At June 30, 2026, December 31, 2025, and June 30, 2025 our same property portfolio was 96.9%, 96.5%, and 96.5% leased, respectively.

Current wording

At September 30, 2026, December 31, 2025, and September 30, 2025, our total property portfolio was 96.6%, 96.1%, and 96.0% leased, respectively. At September 30, 2026, December 31, 2025, and September 30, 2025 our same property portfolio was 97.0%, 96.5%, and 96.4% leased, respectively.

Previous wording

Development and redevelopment projects completed during the six months ended June 30, 2026 represented $62.6 million of estimated net project costs, with an average stabilized yield of 9.6%. 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.

Current wording

Development and redevelopment projects completed during the nine months ended September 30, 2026 represented $158.2 million of estimated net project costs, with an average stabilized yield of 7.8%. 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.

Previous wording

Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $679.7 million at June 30, 2026, compared to $597.4 million at December 31, 2025.

Current wording

Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $681.9 million at September 30, 2026, compared to $597.4 million at December 31, 2025.

Previous wording

We maintain a credit rating A- with a stable outlook from S&P Global Ratings, and an A3 rating with a stable outlook from Moody's Investors Service.

Current wording

We maintain a credit rating of A- with a stable outlook from S&P Global Ratings, and an A3 rating with a stable outlook from Moody's Investors Service.

Previous wording

On February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum. The net proceeds were used to reduce the outstanding balance on the Line, and the remaining proceeds were used for the repayment of $100 million of 3.81% unsecured private placement notes due May 11, 2026, upon its maturity, as well as for general corporate purposes.

Current wording

On February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum. The net proceeds were used to reduce the outstanding balance on the Line, and the remaining proceeds were used for repayment of $200 million of unsecured private placement notes at maturity, as well as for general corporate purposes.

Previous wording

As of June 30, 2026, we had $933.2 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships which we intend to refinance or pay-off as they mature.

Current wording

As of September 30, 2026, we had $862.8 million of loans maturing during the next 12 months, including Regency's share of maturities within our unconsolidated real estate partnerships which we intend to refinance or pay-off as they mature.

Previous wording

At June 30, 2026, 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 the first of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.

Current wording

At September 30, 2026, we had $1.37 billion available on the Line, which expires on March 23, 2028 unless we exercise the available options to extend the expiration for the first of two additional consecutive six-month periods, in which case the term will be extended in accordance with any such option exercise.

Previous wording

The weighted-average base rent PSF on signed Shop Space leases for the six months ended June 30, 2026 is $41.29 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 $39.48 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 11.2% for the six months ended June 30, 2026, compared to 9.1% for the six months ended June 30, 2025.

Current wording

The weighted-average base rent PSF on Shop Space leases signed during the nine months ended September 30, 2026 is $42.24 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 $39.24 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 11.4% for the nine months ended September 30, 2026, compared to 10.4% for the nine months ended September 30, 2025.

Previous wording

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, 2026, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.2% of our Pro-rata annual base rent.

Current wording

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 September 30, 2026, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.3% of our Pro-rata annual base rent.

Previous wording

$21.9 million increase in Base rent, primarily driven by the following:

Current wording

$18.1 million increase in Base rent, primarily driven by the following:

Previous wording

$12.3 million net increase from same properties, including:

Current wording

$12.6 million net increase from same properties, including:

Previous wording

$6.1 million net increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

Current wording

$6.9 million net increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

Previous wording

$3.7 million increase due to redevelopment projects commencing operations; and

Current wording

$3.5 million increase due to redevelopment projects commencing operations; and

Previous wording

$2.5 million increase related to the acquisitions of remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;

Current wording

$2.2 million increase related to the acquisitions of remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;

Previous wording

$5.8 million increase from acquisitions of operating properties in 2026 as compared to 2025; and

Current wording

$1.9 million increase from acquisitions of operating properties in 2026 as compared to 2025; and

Previous wording

$12.0 million increase from contractual Recoveries from tenants, which represent their proportionate share of operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:

Current wording

$10.3 million increase from contractual Recoveries from tenants, which represent their proportionate share of operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:

Previous wording

$8.8 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year and

Current wording

$7.5 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year; and

Previous wording

$6.8 million increase driven by the acquisition of operating properties in 2026 as compared to 2025, and rent commencements at development properties; partially offset by

Current wording

$2.2 million increase driven by the acquisition of operating properties in 2026 as compared to 2025;

Previous wording

Depreciation and amortization increased by $9.3 million, mainly due to the following:

Current wording

Depreciation and amortization increased by $4.9 million, mainly due to the following:

Previous wording

$5.7 million increase from operating properties acquired and development properties placed in service during the period; and

Current wording

$3.2 million increase from operating properties acquired and development properties placed in service during the period; and

Previous wording

$3.5 million increase from same properties primarily driven by redevelopment projects placed in service.

Current wording

$1.7 million increase from same properties primarily attributable to redevelopment projects placed in service.

Previous wording

Property operating expense increased by $10.2 million, mainly due to the following:

Current wording

Property operating expense increased by $4.3 million, mainly due to the following:

Previous wording

$6.5 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related expenses; and

Current wording

$2.8 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related expenses; and

Previous wording

$4.4 million increase primarily from operating property acquisitions and development properties; partially offset by

Current wording

$2.1 million increase primarily from operating property acquisitions and development properties; partially offset by

Previous wording

Real estate taxes increased by $2.5 million, mainly due to the acquisitions of operating properties and increases in real estate tax assessments across the same property portfolio.

Current wording

$3.0 million increase primarily from increases in real estate tax assessments across the same property portfolio; and

Previous wording

Interest expense, net, increased by $3.3 million primarily due to the following:

Current wording

Interest expense, net, increased by $2.2 million primarily due to the following:

Previous wording

$1.5 million decrease due to dispositions of operating properties.

Current wording

$1.5 million decrease related to the repayment of $200.0 million of unsecured private placement notes in 2026; and

Previous wording

$0.7 million decrease due to dispositions of operating properties.

Current wording

$0.7 million decrease primarily due to lower mortgage interest expense and changes in debt premium and debt issuance cost amortization.

Previous wording

$1.9 million decrease in Interest on unsecured credit facilities primarily due to carrying a lower weighted average outstanding balance under our Line in 2026 as compared to 2025.

Current wording

$0.8 million increase in Interest on unsecured credit facilities primarily due to carrying a higher weighted average outstanding balance under our Line in 2026 compared to 2025; and

Previous wording

$42.5 million increase in Base rent, mainly driven by the following:

Current wording

$60.7 million increase in Base rent, mainly driven by the following:

Previous wording

$23.9 million increase resulting from same properties, including:

Current wording

$36.5 million increase resulting from same properties, including:

Previous wording

$11.0 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

Current wording

$17.9 million due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

Previous wording

$7.8 million increase due to redevelopment projects that commenced operations; and

Current wording

$11.3 million due to redevelopment projects that commenced operations; and

Previous wording

$5.1 million increase related to the acquisitions of the remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;

Current wording

$7.3 million related to the acquisitions of the remaining ownership interests, resulting in consolidation of properties previously held in unconsolidated real estate partnerships;

Previous wording

$23.8 million increase from contractual Recoveries from tenants, which represent their proportionate share of the operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:

Current wording

$34.1 million increase from contractual Recoveries from tenants, which represent their proportionate share of the operating, maintenance, insurance, and real estate tax expenses incurred to operate our shopping centers. Recoveries from tenants increased, mainly from the following:

Previous wording

$18.3 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year; and

Current wording

$25.7 million increase primarily driven by higher recoverable operating expenses and higher recovery rates resulting from increased occupancy in the current year; and