10-Q

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY CENTERS CORPORATION

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025

(in thousands, except per share data)


	2026			2025
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	14,657,529			14,561,924
Less: accumulated depreciation		3,352,228			3,267,728
Real estate assets, net		11,305,301			11,294,196
Investments in sales-type leases, net		16,788			16,727
Investments in real estate partnerships		358,620			349,856
Net real estate investments		11,680,709			11,660,779
Cash, cash equivalents, and restricted cash, including $4,462 and $16,004 of restricted cash at March 31, 2026 and December 31, 2025, respectively		145,560			120,661
Tenant and other receivables, net		267,639			273,862
Deferred leasing costs, less accumulated amortization of $140,264 and $138,391 at March 31, 2026 and December 31, 2025, respectively		99,462			97,253
Acquired lease intangible assets, less accumulated amortization of $431,633 and $421,433 at March 31, 2026 and December 31, 2025, respectively		244,876			254,201
Right of use assets, net		313,508			315,804
Other assets		294,730			278,723
Total assets	$	13,046,484			13,001,283
Liabilities and Equity
Liabilities:
Notes payable, net	$	4,973,934			4,619,301
Unsecured credit facility		30,000			120,000
Accounts payable and other liabilities		200,885			391,847
Acquired lease intangible liabilities, less accumulated amortization of $249,699 and $243,040 at March 31, 2026 and December 31, 2025, respectively		352,202			356,454
Lease liabilities		241,012			242,368
Tenants' security, escrow deposits and prepaid rent		83,544			89,707
Total liabilities		5,881,577			5,819,677
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 March 31, 2026 and December 31, 2025		225,000			225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 183,088,061 and 182,902,234 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		1,831			1,829
Treasury stock at cost, 501,159 and 494,307 shares held at March 31, 2026 and December 31, 2025, respectively		(32,207	)		(31,075	)
Additional paid-in-capital		8,702,768			8,704,138
Accumulated other comprehensive loss		(2,687	)		(4,220	)
Distributions in excess of net income		(2,001,870	)		(1,988,782	)
Total shareholders' equity		6,892,835			6,906,890
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $290,397 and $264,950 at March 31, 2026 and December 31, 2025, respectively		144,705			144,940
Limited partners' interests in consolidated partnerships		127,367			129,776
Total noncontrolling interests		272,072			274,716
Total equity		7,164,907			7,181,606
Total liabilities and equity	$	13,046,484			13,001,283

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Operations

For the periods ended March 31, 2026, and 2025

(in thousands, except per share data)

(unaudited)


	Three months ended March 31,
	2026			2025
Revenues:
Lease income	$	402,613			371,079
Other property income		2,907			3,021
Management, transaction, and other fees		6,933			6,812
Total revenues		412,453			380,912
Operating expenses:
Depreciation and amortization		106,422			96,774
Property operating expense		73,300			68,459
Real estate taxes		51,410			46,360
General and administrative		25,606			21,600
Other operating expenses		1,001			1,688
Total operating expenses		257,739			234,881
Other expense, net:
Interest expense, net		52,185			48,013
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Net investment (income) expense		(695	)		761
Total other expense, net		44,296			48,673
Income before equity in income of investments in real estate partnerships		110,418			97,358
Equity in income of investments in real estate partnerships		22,380			14,495
Net income		132,798			111,853
Noncontrolling interests:
Exchangeable operating partnership units		(2,617	)		(642	)
Limited partners' interests in consolidated partnerships		(1,632	)		(1,624	)
Net income attributable to noncontrolling interests		(4,249	)		(2,266	)
Net income attributable to the Company		128,549			109,587
Preferred stock dividends		(3,413	)		(3,413	)
Net income attributable to common shareholders	$	125,136			106,174

Net income attributable to common shareholders:
Per common share - basic	$	0.68			0.59
Per common share - diluted	$	0.68			0.58

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Comprehensive Income

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Net income	$	132,798			111,853
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		2,178			(2,648	)
Reclassification adjustment of derivative instruments included in net income		(465	)		(1,745	)
Unrealized (loss) gain on available-for-sale debt securities		(77	)		194
Other comprehensive income (loss)		1,636			(4,199	)
Comprehensive income		134,434			107,654
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		4,249			2,266
Other comprehensive income (loss) attributable to noncontrolling interests		103			(258	)
Comprehensive income attributable to noncontrolling interests		4,352			2,008
Comprehensive income attributable to the Company	$	130,082			105,646

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Equity

For the three months ended March 31, 2026 and 2025

(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, 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		—		—		—			—			—			109,587			109,587			642			1,624			2,266			111,853
Other comprehensive loss
Other comprehensive loss before reclassification		—		—		—			—			(2,289	)		—			(2,289	)		(20	)		(145	)		(165	)		(2,454	)
Amounts reclassified from accumulated other comprehensive loss		—		—		—			—			(1,652	)		—			(1,652	)		(8	)		(85	)		(93	)		(1,745	)
Adjustment for noncontrolling interests		—		—		—			2,210			—			—			2,210			(2,210	)		—			(2,210	)		—
Deferred compensation plan, net		—		—		(1,088	)		1,088			—			—			—			—			—			—			—
Amortization of equity awards		—		1		—			5,547			—			—			5,548			—			—			—			5,548
Tax withholding on stock-based compensation		—		—		—			(6,760	)		—			—			(6,760	)		—			—			—			(6,760	)
Common stock issued under dividend reinvestment plan		—		—		—			177			—			—			177			—			—			—			177
Contributions from partners		—		—		—			—			—			—			—			2,210			2,977			5,187			5,187
Distributions to partners		—		—		—			—			—			—			—			—			(3,510	)		(3,510	)		(3,510	)
Dividends declared:
Preferred stock		—		—		—			—			—			(3,413	)		(3,413	)		—			—			—			(3,413	)
Common stock/unit		—		—		—			—			—			(127,976	)		(127,976	)		(774	)		—			(774	)		(128,750	)
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

Balance at December 31, 2025	$	225,000		1,829		(31,075	)		8,704,138			(4,220	)		(1,988,782	)		6,906,890			144,940			129,776			274,716			7,181,606
Net income		—		—		—			—			—			128,549			128,549			2,617			1,632			4,249			132,798
Other comprehensive income
Other comprehensive income before reclassification		—		—		—			—			1,955			—			1,955			43			103			146			2,101
Amounts reclassified from accumulated other comprehensive income		—		—		—			—			(422	)		—			(422	)		2			(45	)		(43	)		(465	)
Deferred compensation plan, net		—		—		(1,132	)		1,129			—			—			(3	)		—			—			—			(3	)
Amortization of equity awards		—		2		—			5,980			—			—			5,982			—			—			—			5,982
Tax withholding on stock-based compensation		—		—		—			(8,672	)		—			—			(8,672	)		—			—			—			(8,672	)
Common stock issued under dividend reinvestment plan		—		—		—			193			—			—			193			—			—			—			193
Contributions from partners		—		—		—			—			—			—			—			—			237			237			237
Distributions to partners		—		—		—			—			—			—			—			—			(4,336	)		(4,336	)		(4,336	)
Dividends declared:
Preferred stock		—		—		—			—			—			(3,413	)		(3,413	)		—			—			—			(3,413	)
Common stock/unit		—		—		—			—			—			(138,224	)		(138,224	)		(2,897	)		—			(2,897	)		(141,121	)
Balance at March 31, 2026	$	225,000		1,831		(32,207	)		8,702,768			(2,687	)		(2,001,870	)		6,892,835			144,705			127,367			272,072			7,164,907

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

REGENCY CENTERS CORPORATION

Consolidated Statements of Cash Flows

For the periods ended March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	132,798			111,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		106,422			96,774
Amortization of deferred financing costs and debt premiums		3,979			3,334
Amortization of above and below market lease intangibles, net		(5,051	)		(6,215	)
Stock-based compensation, net of capitalization		5,279			4,966
Equity in income of investments in real estate partnerships		(22,380	)		(14,495	)
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Distribution of earnings from investments in real estate partnerships		16,149			16,076
Deferred compensation expense (income)		766			(521	)
Realized and unrealized (gain) loss on investments		(682	)		686
Changes in assets and liabilities:
Tenant and other receivables		5,646			9,051
Deferred leasing costs		(5,299	)		(1,748	)
Other assets		(25,405	)		(16,176	)
Accounts payable and other liabilities		(45,946	)		(43,735	)
Tenants' security, escrow deposits and prepaid rent		(6,353	)		1,282
Net cash provided by operating activities		152,729			161,031
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025		(21,478	)		(83,232	)
Real estate development and capital improvements		(105,071	)		(101,386	)
Proceeds from sale of real estate		11,830			—
Proceeds from property insurance casualty claims		3,281			—
Collection of notes receivable		1,069			120
Investments in real estate partnerships		(22,839	)		(230	)
Return of capital from investments in real estate partnerships		34,679			—
Dividends on investment securities		1,555			988
Purchase of investment securities		(3,135	)		(2,233	)
Proceeds from sale of investment securities		5,182			5,825
Net cash used in investing activities		(94,927	)		(180,148	)


	Three months ended March 31,
	2026			2025
Cash flows from financing activities:
Tax withholding on stock-based compensation		(8,672	)		(6,760	)
Proceeds from sale of treasury stock		8			462
Contributions from noncontrolling interests		237			2,977
Distributions to and redemptions of noncontrolling interests		(4,336	)		(3,510	)
Distributions to exchangeable operating partnership unit holders		(2,898	)		(773	)
Dividends paid to common shareholders		(275,915	)		(127,684	)
Dividends paid to preferred shareholders		(3,413	)		(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		447,192			—
Proceeds from unsecured credit facilities		255,000			280,000
Repayment of unsecured credit facilities		(345,000	)		(80,000	)
Proceeds from notes payable		—			10,000
Repayment of notes payable		(88,000	)		(32,787	)
Scheduled principal payments		(3,207	)		(2,548	)
Payment of financing costs		(3,899	)		(194	)
Net cash (used in) provided by financing activities		(32,903	)		35,770
Net increase in cash and cash equivalents and restricted cash		24,899			16,653
Cash and cash equivalents and restricted cash at beginning of the period		120,661			61,884
Cash and cash equivalents and restricted cash at end of the period	$	145,560			78,537

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,713 and $2,112 in 2026 and 2025, respectively)	$	80,288			64,540
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	5,376			131,020
Acquisition of operating real estate:
Acquired lease intangible assets	$	2,245			9,725
Notes payable assumed in acquisition, at fair value	$	—			40,060
Intangible liabilities, Accounts payable and other liabilities	$	2,272			18,957
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets	$	1,329			4,308
Notes payable assumed in acquisition, at fair value	$	—			16,749
Intangible liabilities, Accounts payable and other liabilities	$	1,258			1,119
Change in accrued capital expenditures	$	7,823			13,144
Contributions to investments in real estate partnerships	$	14,045			257

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

REGENCY CENTERS, L.P.

Consolidated Balance Sheets

March 31, 2026 and December 31, 2025

(in thousands, except unit data)


	2026			2025
Assets	(unaudited)
Net real estate investments:
Real estate assets, at cost	$	14,657,529			14,561,924
Less: accumulated depreciation		3,352,228			3,267,728
Real estate assets, net		11,305,301			11,294,196
Investments in sales-type leases, net		16,788			16,727
Investments in real estate partnerships		358,620			349,856
Net real estate investments		11,680,709			11,660,779
Cash, cash equivalents, and restricted cash, including $4,462 and $16,004 of restricted cash at March 31, 2026 and December 31, 2025, respectively		145,560			120,661
Tenant and other receivables, net		267,639			273,862
Deferred leasing costs, less accumulated amortization of $140,264 and $138,391 at March 31, 2026 and December 31, 2025, respectively		99,462			97,253
Acquired lease intangible assets, less accumulated amortization of $431,633 and $421,433 at March 31, 2026 and December 31, 2025, respectively		244,876			254,201
Right of use assets, net		313,508			315,804
Other assets		294,730			278,723
Total assets	$	13,046,484			13,001,283
Liabilities and Capital
Liabilities:
Notes payable, net	$	4,973,934			4,619,301
Unsecured credit facility		30,000			120,000
Accounts payable and other liabilities		200,885			391,847
Acquired lease intangible liabilities, less accumulated amortization of $249,699 and $243,040 at March 31, 2026 and December 31, 2025, respectively		352,202			356,454
Lease liabilities		241,012			242,368
Tenants' security, escrow deposits and prepaid rent		83,544			89,707
Total liabilities		5,881,577			5,819,677
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 March 31, 2026 and December 31, 2025		225,000			225,000
General partner's common units, 183,088,061 and 182,902,234 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively		6,670,522			6,686,110
Limited partners' common units, 3,838,188 and 3,838,188 units issued and outstanding at March 31, 2026 and December 31, 2025 respectively		144,705			144,940
Accumulated other comprehensive loss		(2,687	)		(4,220	)
Total partners' capital		7,037,540			7,051,830
Noncontrolling interest: Limited partners' interests in consolidated partnerships		127,367			129,776
Total capital		7,164,907			7,181,606
Total liabilities and capital	$	13,046,484			13,001,283

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

REGENCY CENTERS, L.P.

Consolidated Statements of Operations

For the periods ended March 31, 2026, and 2025

(in thousands, except per unit data)

(unaudited)


	Three months ended March 31,
	2026			2025
Revenues:
Lease income	$	402,613			371,079
Other property income		2,907			3,021
Management, transaction, and other fees		6,933			6,812
Total revenues		412,453			380,912
Operating expenses:
Depreciation and amortization		106,422			96,774
Property operating expense		73,300			68,459
Real estate taxes		51,410			46,360
General and administrative		25,606			21,600
Other operating expenses		1,001			1,688
Total operating expenses		257,739			234,881
Other expense, net:
Interest expense, net		52,185			48,013
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Net investment (income) expense		(695	)		761
Total other expense, net		44,296			48,673
Income before equity in income of investments in real estate partnerships		110,418			97,358
Equity in income of investments in real estate partnerships		22,380			14,495
Net income		132,798			111,853
Limited partners' interests in consolidated partnerships		(1,632	)		(1,624	)
Net income attributable to the Partnership		131,166			110,229
Preferred unit distributions		(3,413	)		(3,413	)
Net income attributable to common unit holders	$	127,753			106,816

Net income attributable to common unit holders:
Per common unit - basic	$	0.68			0.59
Per common unit - diluted	$	0.68			0.58

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 March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Net income	$	132,798			111,853
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments		2,178			(2,648	)
Reclassification adjustment of derivative instruments included in net income		(465	)		(1,745	)
Unrealized (loss) gain on available-for-sale debt securities		(77	)		194
Other comprehensive income (loss)		1,636			(4,199	)
Comprehensive income		134,434			107,654
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests		1,632			1,624
Other comprehensive income (loss) attributable to noncontrolling interests		58			(230	)
Comprehensive income attributable to noncontrolling interests		1,690			1,394
Comprehensive income attributable to the Partnership	$	132,744			106,260

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 March 31, 2026 and 2025

(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, 2024	$	6,721,920			40,744			2,226			6,764,890			135,417			6,900,307
Net income		109,587			642			—			110,229			1,624			111,853
Other comprehensive loss
Other comprehensive loss before reclassification		—			(20	)		(2,289	)		(2,309	)		(145	)		(2,454	)
Amounts reclassified from accumulated other comprehensive loss		—			(8	)		(1,652	)		(1,660	)		(85	)		(1,745	)
Adjustment for noncontrolling interests in the Operating Partnership		2,210			(2,210	)		—			—			—			—
Contributions from partners		—			2,210			—			2,210			2,977			5,187
Distributions to partners		(127,976	)		(774	)		—			(128,750	)		(3,510	)		(132,260	)
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		5,548			—			—			5,548			—			5,548
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		(6,583	)		—			—			(6,583	)		—			(6,583	)
Balance at March 31, 2025	$	6,701,293			40,584			(1,715	)		6,740,162			136,278			6,876,440

Balance at December 31, 2025	$	6,911,110			144,940			(4,220	)		7,051,830			129,776			7,181,606
Net income		128,549			2,617			—			131,166			1,632			132,798
Other comprehensive income
Other comprehensive income before reclassification		—			43			1,955			1,998			103			2,101
Amounts reclassified from accumulated other comprehensive income		—			2			(422	)		(420	)		(45	)		(465	)
Deferred compensation plan, net		(3	)		—			—			(3	)		—			(3	)
Contributions from partners		—			—			—			—			237			237
Distributions to partners		(138,224	)		(2,897	)		—			(141,121	)		(4,336	)		(145,457	)
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		5,982			—			—			5,982			—			5,982
Common units repurchased as a result of common stock repurchased by Parent Company, net of issuances		(8,479	)		—			—			(8,479	)		—			(8,479	)
Balance at March 31, 2026	$	6,895,522			144,705			(2,687	)		7,037,540			127,367			7,164,907

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 March 31, 2026, and 2025

(in thousands)

(unaudited)


	Three months ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	132,798			111,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		106,422			96,774
Amortization of deferred financing costs and debt premiums		3,979			3,334
Amortization of above and below market lease intangibles, net		(5,051	)		(6,215	)
Stock-based compensation, net of capitalization		5,279			4,966
Equity in income of investments in real estate partnerships		(22,380	)		(14,495	)
Gain on sale of real estate, net of tax		(7,194	)		(101	)
Distribution of earnings from investments in real estate partnerships		16,149			16,076
Deferred compensation expense (income)		766			(521	)
Realized and unrealized (gain) loss on investments		(682	)		686
Changes in assets and liabilities:
Tenant and other receivables		5,646			9,051
Deferred leasing costs		(5,299	)		(1,748	)
Other assets		(25,405	)		(16,176	)
Accounts payable and other liabilities		(45,946	)		(43,735	)
Tenants' security, escrow deposits and prepaid rent		(6,353	)		1,282
Net cash provided by operating activities		152,729			161,031
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025		(21,478	)		(83,232	)
Real estate development and capital improvements		(105,071	)		(101,386	)
Proceeds from sale of real estate		11,830			—
Proceeds from property insurance casualty claims		3,281			—
Collection of notes receivable		1,069			120
Investments in real estate partnerships		(22,839	)		(230	)
Return of capital from investments in real estate partnerships		34,679			—
Dividends on investment securities		1,555			988
Acquisition of investment securities		(3,135	)		(2,233	)
Proceeds from sale of investment securities		5,182			5,825
Net cash used in investing activities		(94,927	)		(180,148	)


	Three months ended March 31,
	2026			2025
Cash flows from financing activities:
Tax withholding on stock-based compensation		(8,672	)		(6,760	)
Proceeds from sale of treasury stock		8			462
Contributions from noncontrolling interests		237			2,977
Distributions to and redemptions of noncontrolling interests		(4,336	)		(3,510	)
Distributions to partners		(278,813	)		(128,457	)
Dividends paid to preferred unit holders		(3,413	)		(3,413	)
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		447,192			—
Proceeds from unsecured credit facilities		255,000			280,000
Repayment of unsecured credit facilities		(345,000	)		(80,000	)
Proceeds from notes payable		—			10,000
Repayment of notes payable		(88,000	)		(32,787	)
Scheduled principal payments		(3,207	)		(2,548	)
Payment of financing costs		(3,899	)		(194	)
Net cash (used in) provided by financing activities		(32,903	)		35,770
Net increase in cash and cash equivalents and restricted cash		24,899			16,653
Cash and cash equivalents and restricted cash at beginning of the period		120,661			61,884
Cash and cash equivalents and restricted cash at end of the period	$	145,560			78,537

Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $2,713 and $2,112 in 2026 and 2025, respectively)	$	80,288			64,540
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends declared but not paid	$	5,376			131,020
Acquisition of operating real estate:
Acquired lease intangible assets	$	2,245			9,725
Notes payable assumed in acquisition, at fair value	$	—			40,060
Intangible liabilities, Accounts payable and other liabilities	$	2,272			18,957
Acquisition of previously unconsolidated real estate investments:
Acquired lease intangible assets	$	1,329			4,308
Notes payable assumed in acquisition, at fair value	$	—			16,749
Intangible liabilities, Accounts payable and other liabilities	$	1,258			1,119
Change in accrued capital expenditures	$	7,823			13,144
Contributions to investments in real estate partnerships	$	14,045			257

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 guaranteed by the Operating Partnership, which the Company plans to payoff at maturity in 2026. The Parent Company guarantees all of the unsecured debt of the Operating Partnership.

As of March 31, 2026, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis (the "Company" or "Regency") owned 392 properties and held partial interests in an additional 89 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, 2025 (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 uncertainty, and the success of the Company's tenants, in the aggregate, is important to the operating and financial success of the Company. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. Additionally, geopolitical and macroeconomic challenges, including the wars involving Russia and Ukraine, the U.S. and Iran, other conflicts and instability in the Middle East and in other parts of the world, 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 March 31, 2026, no single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of March 31, 2026, 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 New York-Newark-Jersey City core-based statistical area accounted for 24.8%, 19.7% and 12.8% of ABR, respectively. As a result, this geographic concentration of our portfolio makes it potentially more susceptible to adverse weather, natural disasters or economic events that may impact these locations. None of 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 March 31, 2026, the Parent Company owned approximately 97.9% 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 March 31, 2026, the Company held partial ownership interests in 107 properties through various real estate partnerships, of which 18 are consolidated partnerships. 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)	March 31, 2026		December 31, 2025
Assets
Real estate assets, net	$	339,321		332,759
Cash, cash equivalents and restricted cash		18,158		21,890
Tenant and other receivables, net		7,533		7,614
Deferred costs, net		6,607		6,715
Acquired lease intangible assets, net		4,067		4,328
Right of use assets, net		17,535		17,656
Other assets		1,241		775
Total Assets	$	394,462		391,737
Liabilities
Notes payable	$	23,692		23,771
Accounts payable and other liabilities		10,063		12,758
Acquired lease intangible liabilities, net		10,030		10,119
Tenants' security, escrow deposits and prepaid rent		1,060		960
Lease liabilities		19,608		19,559
Total Liabilities	$	64,453		67,167

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 March 31,
(in thousands)	Timing of satisfaction of performance obligations	2026		2025
Management, transaction, and other fees:
Property management services	Over time	$	4,082		4,110
Asset management services	Over time		1,775		1,717
Leasing services	Point in time		828		872
Other transaction fees	Point in time		248		113
Total management, transaction, and other fees		$	6,933		6,812

The accounts receivable for total management, transactions, and other fees, which are included within Tenant and other receivables, net in the accompanying Consolidated Balance Sheets, are $16.5 million and $17.8 million, as of March 31, 2026 and December 31, 2025, 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	Effective date	Effect on the financial statements or other significant matters
Recently issued:

           ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
 
ASU 2025-01, Income Statement - Reporting Comprehensive, Income -Expense Disaggregation Disclosures (Subtopic 220-40), Clarifying the Effective Date

           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.

           Fiscal years beginning January 1, 2027, and interim periods for fiscal years beginning January 1, 2028; Early adoption permitted. 

           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 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; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company's financial position or results of operations.

           ASU 2025-06, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
 
           ASU 2025-06 amends certain aspects of the accounting for and disclosure of software costs and makes targeted improvements for accounting for internally developed software to be sold or marketed externally.

           January 1, 2028; Early adoption is permitted. 

           The Company is currently evaluating the impact of this ASU, but the adoption will not have a material effect on the Company’s financial position or results of operations.


2.	Real Estate Investments

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


(in thousands)		Three months ended March 31, 2026
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)
1/1/2026	Haddon Commons (2)	Westmont, NJ	Operating	100%	$	10,500		—		1,329		1,217
1/28/2026	Crystal Brook Corner	Brookhaven, NY	Redevelopment	100%		30,000		—		2,245		2,068
Total property acquisitions					$	40,500		—		3,574		3,285

(1)

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

(2)

This property was held within an unconsolidated real estate partnership, in which the Company held a 40% interest. Effective January 1, 2026, the Company purchased its partner's remaining 60% ownership interest in this property. Upon acquisition, this property was consolidated into Regency's financial statements.


(in thousands)		Three months ended March 31, 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)
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 property acquisitions					$	153,700		56,809		14,033		19,054

(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. Upon acquisition, this property was consolidated into Regency's financial statements.


3.	Property Dispositions

The following table provides a summary of consolidated operating properties and land parcels sold during the current period:


	Three months ended March 31,
(in thousands, except number sold data)	2026
Net proceeds from sale of real estate investments	$	11,830
Gain on sale of real estate, net of tax		7,194
Number of land parcels sold		2
Percent interest sold	100%

There were no property dispositions during the three months ended March 31, 2025.


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)	March 31, 2026		December 31, 2025
Goodwill	$	166,739		166,739
Investments		48,397		51,373
Prepaid and other		49,149		34,575
Derivative assets		6,989		6,778
Furniture, fixtures, and equipment, net ("FF&E")		17,679		12,728
Deferred financing costs, net		5,777		6,530
Total other assets	$	294,730		278,723


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	March 31, 2026		December 31, 2025
Notes payable:
Fixed rate mortgage loans	1/1/2027 - 10/1/2038	4.0%	4.9%	$	387,000		475,948
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.4%	4.6%		269,287		270,489
Fixed rate unsecured debt	5/11/2026 - 3/15/2049	4.2%	4.4%		4,317,647		3,872,864
Total notes payable, net					4,973,934		4,619,301
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (1)(2)	3/23/2028	4.4%	4.7%		30,000		120,000
Total unsecured credit facility					30,000		120,000
Total debt outstanding				$	5,003,934		4,739,301

(1)

As of March 31, 2026, 99.5% 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 beyond the Scheduled Maturity Date in the table above. 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 2026 includes:

On February 2, 2026, $88.0 million of a fixed rate mortgage loan was repaid at maturity.

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


(in thousands)	March 31, 2026
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2026 (2)	$	9,634		59,849			200,000			269,483
2027		10,051		222,558			525,000			757,609
2028		8,365		51,939			330,000			390,304
2029		5,619		97,120			425,000			527,739
2030		5,445		2,163			600,000			607,608
Beyond 5 Years		24,208		190,675			2,300,000			2,514,883
Unamortized debt premium/(discount) and issuance costs		—		(31,339	)		(32,353	)		(63,692	)
Total	$	63,322		592,965			4,347,647			5,003,934

(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 March 31, 2026, 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 meet the Company's stringent standards for creditworthiness. 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 is as follows:


(in thousands, except number of instruments data)
Interest Rate Swaps	March 31, 2026		December 31, 2025
Notional amount	$	298,084		299,375
Number of instruments		15		15

Detail on the fair value of the Company's interest rate derivatives is as follows:


(in thousands)
Interest rate swaps classified as:	March 31, 2026			December 31, 2025
Derivative assets	$	6,989			6,778
Derivative liabilities		(1,039	)		(1,606	)

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 March 31, 2026, 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 affect 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 March 31,						Three months ended March 31,							Three months ended March 31,
(in thousands)	2026		2025				2026			2025				2026		2025
Interest rate swaps	$	2,178		(2,648	)	Interest expense, net	$	(465	)		(1,745	)	Interest expense, net	$	52,185		48,013

As of March 31, 2026, the Company expects approximately $0.8 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, 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:


	Three months ended March 31,
(in thousands)	2026			2025
Operating lease income
Fixed and in-substance fixed lease income	$	289,347			266,737
Variable lease income		111,205			98,378
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		5,588			6,750
Uncollectible straight-line rent (1)		(2,028	)		(400	)
Uncollectible amounts billable in lease income		(1,499	)		(386	)
Total lease income	$	402,613			371,079

(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)	March 31, 2026		December 31, 2025
Tenant receivables	$	22,947		29,578
Straight-line rent receivables		185,366		180,871
Other receivables (1)		59,326		63,413
Total tenant and other receivables	$	267,639		273,862

(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:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Notes receivable	$	30,928		31,005	$	31,987		32,173
Financial liabilities:
Notes payable, net	$	4,973,934		4,846,390	$	4,619,301		4,554,628
Unsecured credit facilities (1)	$	30,000		30,000	$	120,000		120,000

(1)

The carrying amount approximates its fair value 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 March 31, 2026, and December 31, 2025, 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 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.

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


	Three months ended March 31,
(in thousands)	2026			2025
Unrealized Loss		(1,495	)		(2,447	)

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 measured at fair value on a recurring basis:


	Fair Value Measurements as of March 31, 2026
				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	$	37,150			37,150		—			—
Available-for-sale debt securities		11,247			—		11,247			—
Interest rate derivatives		6,989			—		6,989			—
Total	$	55,386			37,150		18,236			—
Liabilities:
Interest rate derivatives	$	(1,039	)		—		(1,039	)		—


	Fair Value Measurements as of December 31, 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	$	39,887			39,887		—			—
Available-for-sale debt securities		11,486			—		11,486			—
Interest rate derivatives		6,778			—		6,778			—
Total	$	58,151			39,887		18,264			—
Liabilities:
Interest rate derivatives	$	(1,606	)		—		(1,606	)		—


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 March 31, 2026 and December 31, 2025
	Date of Issuance (1)	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

(1)

Issued in connection with the August 18, 2023 merger at terms consistent with their original issuance.

Except under certain limited conditions, 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. 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 reauthorized by the Board in February 2026, 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.

As of March 31, 2026, $500 million of common stock remained available for issuance under this ATM Program.

Stock Repurchase Program

On February 4, 2026, the Board authorized a common stock repurchase program under which the Company may purchase up to $500 million shares of its outstanding common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may repurchase shares through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The Repurchase Program expires on February 28, 2029, unless modified, extended or earlier terminated by the Board in its discretion. Any common stock repurchased, if not retired, will be treated as treasury stock.

During the three months ended March 31, 2026, the Company made no repurchases and $500 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, redeemed, or retired on a one-for-one basis with shares of the Parent Company’s common stock, as described above.

Dividends Declared

The following table provides a summary of dividends declared per share for the periods presented:


	Three months ended March 31,
	2026		2025
Common Stock	$	0.755000	$	0.705000
Series A Preferred Stock	$	0.390625	$	0.390625
Series B Preferred Stock	$	0.367200	$	0.367200


10.	Stock-Based Compensation

The Company granted 315,026 shares of restricted stock with a weighted-average grant-date fair value of $81.02 per share and 305,041 shares of restricted stock with a weighted-average grant-date fair value of $77.61 per share during the three months ended March 31, 2026 and March 31, 2025, 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 March 31,
(in thousands)	2026			2025
Restricted stock	$	5,868			5,443
Directors' fees paid in common stock and other employee stock grants		114			105
Capitalized stock-based compensation		(703	)		(583	)
Stock-based compensation, net of capitalization	$	5,279			4,965


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 March 31,
(in thousands, except per share data)	2026		2025
Numerator:
Net income attributable to common shareholders - basic	$	125,136		106,174
Net income attributable to common shareholders - diluted	$	125,136		106,174
Denominator:
Weighted average common shares outstanding for basic EPS		182,998		181,449
Weighted average common shares outstanding for diluted EPS (1)		183,382		181,813
Net income per common share – basic	$	0.68		0.59
Net income per common share – diluted	$	0.68		0.58

(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 3,838,188 and 1,096,659 for the three months ended March 31, 2026 and 2025, respectively.

Operating Partnership Earnings per Unit

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


	Three months ended March 31,
(in thousands, except per unit data)	2026		2025
Numerator:
Net income attributable to common unit holders - basic	$	127,753		106,816
Net income attributable to common unit holders - diluted	$	127,753		106,816
Denominator:
Weighted average common units outstanding for basic EPU		186,836		182,546
Weighted average common units outstanding for diluted EPU (1)		187,220		182,910
Net income per common unit – basic	$	0.68		0.59
Net income per common unit – diluted	$	0.68		0.58

(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 March 31,
(in thousands)	2026			2025
Lease income	$	437,095			408,088
Other property income		3,718			3,379
Less:
Straight-line rent on lease income		(4,708	)		(6,451	)
Above/below market rent amortization, net		(5,795	)		(7,005	)
Total real estate revenues		430,310			398,011
Operating expenses (1)		(78,148	)		(73,464	)
Real estate taxes		(55,768	)		(51,009	)
NOI	$	296,394			273,538

(1)

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


	Three months ended March 31,
(in thousands)	2026			2025
Reconciliation of NOI to Net income:
NOI	$	296,394			273,538
Consolidated:
Straight-line rent on lease income		4,556			5,607
Above/below market rent amortization, net		5,588			6,750
Management, transaction, and other fees		6,933			6,812
Straight-line rent on ground rent		(381	)		(337	)
Above/below market ground rent amortization		(536	)		(535	)
Depreciation and amortization		(106,422	)		(96,774	)
General and administrative		(25,606	)		(21,600	)
Other operating expenses		(1,001	)		(1,688	)
Other expense, net		(44,296	)		(48,673	)
Add: Share of noncontrolling interests excluded from NOI		2,169			2,204
Less: Equity in income of investments in real estate excluded from NOI		(4,600	)		(13,451	)
Net income	$	132,798			111,853


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 $17.8 million and $19.2 million for environmental assessment and remediation, which are included in Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, 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 $12.9 million in letters of credit outstanding as of March 31, 2026 and December 31, 2025, 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,

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.

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 non-GAAP performance measure that adjusts Nareit Funds from Operations ("Nareit FFO") to exclude certain non-cash and other items that impact the comparability of the Company's period-over-period performance. Core Operating Earnings excludes from Nareit FFO: (i) certain income or expenses related to non-comparable events and transactions; (ii) gains or losses from the early extinguishment of debt; (iii) certain non-cash items derived from straight-line rents, above and below market rent amortization, and debt and derivative mark-to-market amortization, and (iv) other non-cash or non-comparable 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 investment 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.

•

Same Property NOI is a key non-GAAP financial measure commonly used by REITs to evaluate operating performance. It is calculated on a Pro-rata ownership basis for properties owned and operated for the entirety of both the current and prior comparable reporting periods.
Same property NOI includes revenues and operating expenses associated with these properties but excludes items that are not indicative of ongoing operating performance. These include, without limitation, termination fees, as well as corporate-level expenses, financing costs, and other non-operating items.

Management believes this measure provides investors with a useful and consistent comparison of the Company’s operating performance and trends. Management uses Same Property NOI as a supplemental measure to assess property-level performance and to compare the performance of its stabilized property portfolio across reporting periods. 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 space equal to or greater than 10,000 square feet in a Retail Operating Property.

•

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 space under 10,000 square feet in a Retail Operating Property.

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 March 31, 2026, the Parent Company owned approximately 97.9% 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 March 31, 2026, we had full or partial ownership interests in 481 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 58.5 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; and

•

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.

Executing on our Strategy

During the three months ended March 31, 2026, we had Net income attributable to common shareholders of $125.1 million as compared to $106.2 million during the three months ended March 31, 2025.

During the three months ended March 31, 2026:

•

Our Same property NOI grew 4.4%, as compared to the three months ended March 31, 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.

•

We executed 444 new and renewal leasing transactions representing 1.6 million Pro-rata SF with positive rent spreads of 12.1% during the three months ended March 31, 2026, compared to 450 leasing transactions representing 1.4 million Pro-rata SF with positive rent spreads of 8.1% during the three months ended March 31, 2025. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months.

•

At March 31, 2026, December 31, 2025, and March 31, 2025, our total property portfolio was 96.2%, 96.1%, and 96.3% leased, respectively. At March 31, 2026, December 31, 2025, and March 31, 2025 our same property portfolio was 96.6%, 96.5%, and 96.6% 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 $634.8 million at March 31, 2026, compared to $597.4 million at December 31, 2025.

•

Development and redevelopment projects completed during the three months ended March 31, 2026 represented $42.0 million of estimated net project costs, with an average stabilized yield of 7.9%. 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 financial flexibility to cost effectively fund investment opportunities and debt maturities:

•

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.

•

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 are expected to be used for the repayment of $100 million of 3.81% unsecured public debt due May 11, 2026, upon its maturity, as well as for general corporate purposes.

•

At March 31, 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.

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)	March 31, 2026			December 31, 2025
Number of Properties	392			391
GLA		46,291			46,102
% Leased – Operating and Development		96.2	%		96.0	%
% Leased – Operating		96.6	%		96.6	%
Weighted average annual effective rent per square foot ("PSF"), net of tenant concessions.	$26.81			$26.55

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


(GLA in thousands)	March 31, 2026			December 31, 2025
Number of Properties	89			90
GLA		12,217			12,275
% Leased – Operating and Development		96.4	%		96.8	%
% Leased –Operating		96.4	%		96.8	%
Weighted average annual effective rent PSF, net of tenant concessions	$26.05			$25.87

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


	March 31, 2026			December 31, 2025
Percent Leased – All Properties		96.2	%		96.3	%
Anchor Space (spaces ≥ 10,000 SF)		98.2	%		98.4	%
Shop Space (spaces < 10,000 SF)		93.1	%		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):


	Three months ended March 31, 2026
	Leasing Transactions		SF (in thousands)		Base Rent PSF		Tenant Allowance and Landlord Work PSF		Leasing Commissions PSF
Anchor Space Leases
New		9		199	$	24.74	$	36.18	$	6.57
Renewal		22		577		20.14		0.77		0.19
Total Anchor Space Leases		31		776	$	21.32	$	9.85	$	1.83
Shop Space Leases
New		134		279	$	41.86	$	55.84	$	17.21
Renewal		279		589		40.88		3.60		1.62
Total Shop Space Leases		413		868	$	41.20	$	20.40	$	6.63
Total Leases		444		1,644	$	31.82	$	15.42	$	4.37


	Three months ended March 31, 2025
	Leasing Transactions		SF (in thousands)		Base Rent PSF		Tenant Allowance and Landlord Work PSF		Leasing Commissions PSF
Anchor Space Leases
New		4		85	$	19.82	$	75.50	$	4.98
Renewal		20		557		13.80		0.23		0.15
Total Anchor Space Leases		24		642	$	14.60	$	10.16	$	0.79
Shop Space Leases
New		119		227	$	41.94	$	47.82	$	17.01
Renewal		307		541		40.58		1.41		1.39
Total Shop Space Leases		426		768	$	40.98	$	15.12	$	6.01
Total Leases		450		1,410	$	28.97	$	12.86	$	3.63

The weighted-average base rent PSF on signed Shop Space leases for the three months ended March 31, 2026 is $41.20 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 $37.82 PSF. New and renewal rent spreads, compared to prior rents on these same spaces leased, were positive at 12.1% for the three months ended March 31, 2026, compared to 8.1% for the three months ended March 31, 2025.

Diversification and Concentration of Tenant Risk

We seek to reduce our risk by limiting dependence on any single property, market, or 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:


	March 31, 2026
Tenant	Number of Stores		Percentage of Company- owned GLA (1)	Percentage of Annual Base Rent (1)
Publix		67	5.8%	2.8%
Albertsons Companies, Inc.		52	4.1%	2.7%
TJX Companies, Inc.		76	3.6%	2.7%
Amazon/Whole Foods		40	2.7%	2.6%
Kroger Co.		51	5.9%	2.5%

(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.

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 March 31, 2026, the tenants who are currently in bankruptcy and continue to occupy space in our shopping centers represent an aggregate of 0.4% of our Pro-rata annual base rent.

Results of Operations

Comparison of the three months ended March 31, 2026 and 2025:

Changes in revenues are summarized in the following table:


	Three months ended March 31,
(in thousands)	2026			2025			Change
Lease income
Base rent	$	275,178			254,556			20,622
Recoveries from tenants		103,261			91,481			11,780
Percentage rent		7,435			6,658			777
Uncollectible lease income		(1,499	)		(386	)		(1,113	)
Other lease income		8,094			6,413			1,681
Straight-line rent		4,556			5,607			(1,051	)
Above / below market rent amortization, net		5,588			6,750			(1,162	)
Total lease income	$	402,613			371,079			31,534
Other property income		2,907			3,021			(114	)
Management, transaction, and other fees		6,933			6,812			121
Total revenues	$	412,453			380,912			31,541

Lease income increased by $31.5 million primarily due to the following:

•

$20.6 million increase in Base rent, mainly driven by the following:

$11.6 million increase resulting from same properties, including:

▪

$5.0 million increase due to increases from occupancy, contractual rent steps in existing leases, and positive rental spreads on new and renewal leases;

▪

$4.1 million increase due to redevelopment projects that commenced operations; and

▪

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

$7.1 million increase from acquisitions of operating properties in 2026 as compared to 2025 activity; and

$3.4 million increase from rent commencements at completed development properties; partially offset by

$1.5 million decrease due to dispositions of operating properties.

•

$11.8 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:

$9.5 million increase primarily driven by higher operating costs and higher recovery rates due to increased occupancy in the current year; and

$2.9 million increase driven by the acquisition of operating properties in 2026 as compared to 2025, and rent commencements at development properties; partially offset by

$0.6 million decrease due to disposition of operating properties.

•

$1.1 million increase in Uncollectible lease income primarily driven by lower collections rates in the current period resulting in increased levels of uncollectible lease income.

•

$1.7 million increase in Other lease income mainly due to increase in lease assignment fee income.

•

$1.1 million decrease in Straight-line rent mainly due to timing and degree of contractual rent steps and new lease commencements.

•

$1.2 million decrease in Above / below market rent amortization, net primarily driven by accelerated amortization recognized in the prior year related to early tenant move-outs.

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:


	Three months ended March 31,
(in thousands)	2026		2025		Change
Depreciation and amortization	$	106,422		96,774		9,648
Property operating expense		73,300		68,459		4,841
Real estate taxes		51,410		46,360		5,050
General and administrative		25,606		21,600		4,006
Other operating expenses		1,001		1,688		(687	)
Total operating expenses	$	257,739		234,881		22,858

Depreciation and amortization increased by $9.6 million mainly due to the following:

•

$7.0 million increase from operating properties acquired and development properties placed in service during the period; and

•

$2.6 million increase from same properties primarily driven by redevelopment activities.

Property operating expense increased by $4.8 million, mainly due to the following:

•

$4.5 million increase from same properties primarily due to higher recoverable common area maintenance and other tenant-related costs; and

•

$2.3 million increase in acquisitions of operating properties and development properties; partially offset by

•

$1.1 million decrease attributable to higher property damage costs incurred in the prior period; and

•

$0.8 million decrease due to disposition of operating properties.

Real estate taxes increased by $5.1 million, mainly due to the acquisition of operating properties and increases in real estate tax assessments across the same property portfolio.

General and administrative costs increased by $4.0 million mainly due to the following:

•

$1.8 million increase in compensation costs driven by both salaries and performance-based incentive compensation;

•

$1.3 million increase 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) expense; and

•

$0.9 million increase primarily attributable to higher costs in communication, professional fees and other general and administrative expenses.

There were no significant changes in Other operating expenses.

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


	Three months ended March 31,
(in thousands)	2026			2025			Change
Interest expense, net
Interest on notes payable	$	54,302			48,330			5,972
Interest on unsecured credit facilities		2,499			2,913			(414	)
Capitalized interest		(2,713	)		(2,112	)		(601	)
Hedge expense		48			226			(178	)
Interest income		(1,951	)		(1,344	)		(607	)
Interest expense, net	$	52,185			48,013			4,172
Gain on sale of real estate, net of tax		(7,194	)		(101	)		(7,093	)
Net investment (income) loss		(695	)		761			(1,456	)
Total other expense, net	$	44,296			48,673			(4,377	)

Interest expense, net increased by $4.2 million primarily due to the following:

•

$6.0 million increase in Interest on notes payable primarily due to new net public debt issuances subsequent to the prior year period; partially offset by

•

$0.6 million increase in Capitalized interest based on the timing and progress of our development and redevelopment projects; and

•

$0.6 million increase in Interest income primarily due to maintaining higher levels of excess cash in short term investments in the current period.

During the three months ended March 31, 2026, we recognized gain on sale of real estate, net of tax of $7.2 million primarily from the sale of two outparcels. During the three months ended March 31, 2025, we recognized gain on sale of real estate, net of tax of $0.1 million.

Net investment (income) loss changed by $1.5 million from $0.8 million in net investment loss in 2025 to $0.7 million in net investment income in 2026 primarily driven by market volatility during the current period, including a $1.3 million increase in returns on investments held in the non-qualified deferred compensation plan and a $0.2 million increase in returns related to other corporate investments.

Equity in income of investments in real estate partnerships increased by $7.9 million mainly due to $6.2 million in gains on partial real estate sales recognized at unconsolidated real estate partnerships during the current period, as well as a $1.8 million increase mainly driven by a gain recognized at an unconsolidated real estate partnership related to the Company’s acquisition of an operating property from that partnership.

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


	Three months ended March 31,
(in thousands)	2026			2025			Change
Net income	$	132,798			111,853			20,945
Income attributable to noncontrolling interests		(4,249	)		(2,266	)		(1,983	)
Net income attributable to the Company		128,549			109,587			18,962
Preferred stock dividends		(3,413	)		(3,413	)		—
Net income attributable to common shareholders	$	125,136		$	106,174		$	18,962
Net income attributable to exchangeable operating partnership units		(2,617	)		(642	)		(1,975	)
Net income attributable to common unit holders	$	127,753			106,816			20,937

Income attributable to noncontrolling interests and net income attributable to exchangeable operating partnership units both increased by $2.0 million, primarily due to the issuance of 2.8 million exchangeable operating partnership units to unrelated third-party sellers in connection with the acquisition of five properties in July 2025.

There was no change in Preferred stock dividends.

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, assets and liabilities, along with other non-GAAP financial measures, may assist in comparing our operating results, assets and liabilities to other REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP 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.

Same Property NOI (Non-GAAP Financial Measures):


	Three months ended March 31,
(in thousands)	2026			2025			Change
Base rent	$	291,166			281,394			9,772
Recoveries from tenants		109,843			100,695			9,148
Percentage rent		8,131			7,319			812
Uncollectible lease income		(1,506	)		(545	)		(961	)
Other lease income		6,257			4,665			1,592
Other property income		3,147			2,714			433
Total real estate revenue		417,038			396,242			20,796
Operating and maintenance		73,058			68,454			4,604
Real estate taxes		54,684			50,427			4,257
Ground rent		3,662			3,688			(26	)
Total real estate operating expenses		131,404			122,569			8,835
Same property NOI	$	285,634			273,673			11,961
Same property NOI growth								4.4	%

Same property NOI changed from the following major components:

Total real estate revenue increased by $20.8 million, on a net basis, during the three months ended March 31, 2026, as follows:

•

Base rent increased by $9.8 million during the three months ended March 31, 2026 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 $9.1 million during the three months ended March 31, 2026 due to higher recoverable expenses and increased occupancy and recovery rates.

•

Uncollectible lease income increased by $1.0 million during the three months ended March 31, 2026, primarily driven by lower collection rates in the current period resulting in increased levels of uncollectible lease income.

Total real estate operating expenses increased by $8.8 million, on a net basis, during the three months ended March 31, 2026, as follows:

•

Operating and maintenance increased by $4.6 million during the three months ended March 31, 2026, primarily due to increases in common area maintenance and other tenant-recoverable costs.

•

Real estate taxes increased by $4.3 million during the three months ended March 31, 2026, primary due to an increase in real estate assessments across the portfolio.

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


	Three months ended March 31,
(in thousands)	2026			2025
Net income attributable to common shareholders	$	125,136			106,174
Less:
Management, transaction, and other fees		(6,933	)		(6,812	)
Other (1)		(11,396	)		(13,689	)
Plus:
Depreciation and amortization		106,422			96,774
General and administrative		25,606			21,600
Other operating expense		1,001			1,688
Other expense, net		44,296			48,673
Equity in income of investments in real estate excluded from NOI (2)		4,600			13,451
Net income attributable to noncontrolling interests		4,249			2,266
Preferred stock dividends		3,413			3,413
NOI		296,394			273,538
Less non-same property NOI (3)		(10,760	)		135
Same property NOI	$	285,634			273,673

(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.

(3)

Includes revenues and expenses attributable to Non-Same Property, Property in Development, termination fees, corporate activities, and noncontrolling interests.

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 March 31,
(in thousands)	2026			2025
Reconciliation of Net income attributable to common shareholders to Nareit FFO
Net income attributable to common shareholders	$	125,136			106,174
Adjustments to reconcile to Nareit FFO: (1)
Depreciation and amortization (excluding FF&E)		113,562			104,034
Gain on sale of real estate, net of tax		(17,047	)		(101	)
Exchangeable operating partnership units		2,617			642
Nareit FFO attributable to common stock and unit holders	$	224,268			210,749
Reconciliation of Nareit FFO to Core Operating Earnings
Nareit FFO	$	224,268			210,749
Adjustments to reconcile to Core Operating Earnings: (1)
Certain Non-Cash Items
Straight-line rent		(6,618	)		(6,513	)
Uncollectible straight-line rent		2,180			376
Above/below market rent amortization, net		(5,249	)		(6,461	)
Debt and derivative mark-to-market amortization		1,942			1,292
Core Operating Earnings	$	216,523			199,443

(1)

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


	Three months ended March 31,
(in thousands)	2026			2025
Reconciliation of Core Operating Earnings to AFFO:
Core Operating Earnings	$	216,523			199,443
Adjustments to reconcile to AFFO (1):
Operating capital expenditures		(27,087	)		(23,753	)
Debt cost and derivative adjustments		2,230			2,129
Stock-based compensation		5,868			5,443
AFFO	$	197,534			183,262

(1)

Includes Regency's share of unconsolidated investment partnerships, net of amounts 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 guarantor of the $200 million of outstanding debt of our Parent Company, with $100 million maturing in May 2026 and the remaining $100 million maturing in August 2026, both of which we expect to pay off at maturity using available liquidity. 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 the 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 the 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.

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 February 18, 2026, the Company issued $450 million aggregate principal amount of senior unsecured notes due 2033. 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 are expected to be used for the repayment of $100 million of 3.81% unsecured private placement debt due May 11, 2026, upon its maturity, as well as for general corporate purposes.

As of March 31, 2026, we had $1.0 billion 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. We actively monitor the capital markets and maintain flexibility to access them opportunistically, while proactively managing our debt maturity profile to support a strong balance sheet. We currently expect to address these maturing obligations through a combination of cash flows from operations, refinancing at maturity, available liquidity under our Line, or proceeds from potential property sales.

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 $141.1 million of unrestricted cash, we have the following additional sources of capital available:


(in thousands)	March 31, 2026
ATM program
Original offering amount	$	500,000
Available capacity	$	500,000
Line of credit
Total commitment amount	$	1,500,000
Available capacity (1)	$	1,457,940
Maturity (2)	March 23, 2028

(1)

Net of letters of credit issued against our Line.

(2)

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

The declaration of dividends is determined quarterly by, and in the discretion of, our Board of Directors.

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 flow from operations to fund our dividend distributions. During the three months ended March 31, 2026 and 2025, we generated cash flows from operating activities of $152.7 million and $161.0 million, respectively, and paid $282.2 million and $131.9 million in dividends to our common and preferred stock and unit holders, in the same respective periods. Dividends paid during the three months ended March 31, 2026 include both the regular dividend paid in January 2026 and the pre-funding of the April 1, 2026 dividend, which was funded on March 31, 2026 in accordance with the required cash settlement timing with our transfer agent.

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 the April 2026 dividends for our common and preferred stock and Operating Partnership units, we estimate that we will require capital during the next 12 months of approximately $1.5 billion 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 increased costs of construction caused by, without limitation, tariffs and inflation affecting materials, labor, and services from third-party contractors and suppliers. Additionally, current volatility in oil prices can further drive up transportation and operational costs, contributing to overall project expenses. 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 with cash, 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 which enables us to access the secured and unsecured debt markets cost effectively and to maintain borrowing capacity on the Line. As of March 31, 2026, 88.4% of our consolidated real estate assets were unencumbered.

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 2025 Form 10-K. We were in compliance with these covenants at March 31, 2026, 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:


	Three months ended March 31,
(in thousands)	2026			2025			Change
Net cash provided by operating activities	$	152,729			161,031			(8,302	)
Net cash used in investing activities		(94,927	)		(180,148	)		85,221
Net cash (used in) provided by financing activities		(32,903	)		35,770			(68,673	)
Net change in cash, cash equivalents, and restricted cash	$	24,899			16,653			8,246
Total cash, cash equivalents, and restricted cash	$	145,560			78,537			67,023

Net cash provided by operating activities:

Net cash provided by operating activities decreased $8.3 million primarily due to the increase in prepaid insurance and timing of real estate tax payments and tenant receipts.

Net cash used in investing activities:

Net cash used in investing activities changed by $85.2 million as follows:


	Three months ended March 31,
(in thousands)	2026			2025			Change
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $787 in 2025	$	(21,478	)		(83,232	)		61,754
Real estate development and capital improvements		(105,071	)		(101,386	)		(3,685	)
Proceeds from sale of real estate		11,830			—			11,830
Proceeds from property insurance casualty claims		3,281			—			3,281
Collection of notes receivable		1,069			120			949
Investments in real estate partnerships		(22,839	)		(230	)		(22,609	)
Return of capital from investments in real estate partnerships		34,679			—			34,679
Dividends on investment securities		1,555			988			567
Purchase of investment securities		(3,135	)		(2,233	)		(902	)
Proceeds from sale of investment securities		5,182			5,825			(643	)
Net cash used in investing activities	$	(94,927	)		(180,148	)		85,221

Significant changes in investing activities include:

•

We paid $21.5 million in 2026 to purchase one operating property and one property for redevelopment. We paid $83.2 million in 2025 to purchase two operating properties and one operating outparcel.

•

During 2026, we invested $3.7 million more on real estate development and capital improvements than the comparable prior year period, as further detailed in a table below.

•

We sold two land parcels in 2026 for net proceeds of $11.8 million.

•

We received property insurance claim proceeds of $3.3 million in 2026.

•

Investments in real estate partnerships:

In 2026, we invested $22.8 million, including $21.8 million to fund our share of debt repayments, and $0.5 million to fund our share of development and redevelopment activities.

In 2025, we invested $0.2 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 2026, we received $34.7 million from our share of proceeds from debt financing activities and outparcel sales.

We plan to continue developing and redeveloping shopping centers for long-term investment. During the three months ended March 31, 2026, we deployed capital of $105.1 million for the development, redevelopment, and capital improvement of our real estate properties, comprised of the following:


	Three months ended March 31,
(in thousands)	2026		2025		Change
Capital expenditures:
Acquisition of land & improvements - Redevelopment		17,754		—		17,754
Building and tenant improvements		22,870		19,094		3,776
Redevelopment costs		23,836		35,344		(11,508	)
Development costs		30,936		38,721		(7,785	)
Capitalized interest		2,667		1,653		1,014
Capitalized direct compensation		7,008		6,574		434
Real estate development and capital improvements	$	105,071		101,386		3,685

•

We acquired one property for redevelopment in 2026.

•

Building and tenant improvements increased $3.8 million in 2026, primarily related to the timing and volume of capital projects.

•

Redevelopment costs are lower than the prior year. We intend to continuously improve our portfolio of shopping centers through redevelopment which can include adjacent land acquisition, existing building expansions, facade renovations, new out-parcel building construction, and redevelopments related to 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 lower in 2026 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)					March 31, 2026
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	2027		9,391		92	%		23		408
The Shops at SunVet	Long Island, NY	100%	Q2-2023	2027		95,233		91	%		170		560
The Village at Seven Pines	Jacksonville, FL	100%	Q3-2025	2028		112,302		19	%		239		470
Ellis Village Center (South)	Bay Area, CA	100%	Q3-2025	2028		29,592		34	%		49		604
Culver Commons	Los Angeles, CA	100%	Q4-2025	2028		15,852		16	%		14		1,132
Lone Tree Village	Denver, CO	100%	Q4-2025	2028		30,658		30	%		158		194
Oak Valley Village	Los Angeles, CA	75%	Q4-2025	2028		45,097		13	%		173		261
Total Developments In-Process					$	338,125		42	%		826		409

Developments Completed
Oakley Shops at Laurel Fields	Bay Area, CA	100%	Q3-2024	2026		35,815		93	%		78		458
Total Developments Completed					$	35,815		93	%		78		458

(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)					March 31, 2026
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	$	25,323		73	%
Serramonte Center - Phase 3	San Francisco, CA	100%	Q2-2023	2026		42,535		46	%
West Chester Plaza	Cincinnati, OH	100%	Q4-2024	2028		15,442		34	%
Willows Shopping Center	Bay Area, CA	100%	Q4-2024	2027		16,807		48	%
The Crossing Clarendon	Metro DC	100%	Q2-2025	2027		13,679		41	%
East Meadow Plaza - Phase 1	Long Island, NY	100%	Q3-2024	2026		11,736		75	%
East Meadow Plaza - Phase 2A	Long Island, NY	100%	Q3-2025	2027		15,969		52	%
Crystal Brook Corner	Long Island, NY	100%	Q1-2026	2028		58,673		55	%
Various Redevelopments	Various	Various	Various	Various		96,478		44	%
Total Redevelopments In-Process					$	296,642		50	%

Redevelopments Completed
Various Properties	Various	Various	Various	Various		6,192		96	%
Total Redevelopments Completed					$	6,192		96	%

(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 (used in) provided by financing activities:

Net cash flows provided by financing activities increased by $68.7 million during 2026, as follows:


	Three months ended March 31,
(in thousands)	2026			2025			Change
Cash flows from financing activities:
Tax withholding on stock-based compensation	$	(8,672	)		(6,760	)		(1,912	)
Proceeds from sale of treasury stock		8			462			(454	)
Contributions from noncontrolling interests		237			2,977			(2,740	)
Distributions to and redemptions of noncontrolling interests		(4,336	)		(3,510	)		(826	)
Distributions to exchangeable operating partnership unit holders		(2,898	)		(773	)		(2,125	)
Dividends paid to common shareholders		(275,915	)		(127,684	)		(148,231	)
Dividends paid to preferred shareholders		(3,413	)		(3,413	)		—
Proceeds from issuance of fixed rate unsecured notes, net of debt discount		447,192			—			447,192
Proceeds from unsecured credit facilities		255,000			280,000			(25,000	)
Repayment of unsecured credit facilities		(345,000	)		(80,000	)		(265,000	)
Proceeds from notes payable		—			10,000			(10,000	)
Repayment of notes payable		(88,000	)		(32,787	)		(55,213	)
Scheduled principal payments		(3,207	)		(2,548	)		(659	)
Payment of financing costs		(3,899	)		(194	)		(3,705	)
Net cash (used in) provided by financing activities	$	(32,903	)		35,770			(68,673	)

Significant changes in financing activities during the three months ended March 31, 2026 and 2025, include the following:

•

The taxes withheld in conjunction with vesting of equity award plans to satisfy employee tax withholding requirements totaled $8.7 million and $6.8 million during 2026 and 2025, respectively.

•

During 2025, we received $3.0 million in contributions from noncontrolling interests for the limited partners' share of development funding.

•

During 2026, we distributed $4.3 million to limited partners, including proceeds to partially redeem the non-controlling interest in two real estate partnerships. During 2025, we distributed $3.5 million to limited partners, including proceeds to partially redeem a non-controlling interest in one real estate partnership.

We paid $150.4 million more in dividends and exchangeable operating partnership unit distributions during the three months ended March 31, 2026, of which $12.4 million was attributable to an increase in our dividend rate per share and the number of shares of our common stock and operating partnership units outstanding. The remaining $138.0 million increase was due to pre-funding of the April 1, 2026 dividend, which was funded on March 31, 2026 in accordance with the required cash settlement timing with our transfer agent.

•

We had the following debt related activity during 2026:

We received $447.2 million in proceeds from issuing unsecured public debt,

We repaid a net $90.0 million on our Line,

We paid $91.2 million for debt repayments, including:

▪

$88.0 million for repaying one mortgage loan at maturity, and

▪

$3.2 million in principal mortgage payments

We paid $3.9 million in loan costs relating to the unsecured public debt offering.

•

We had the following debt related activity during 2025:

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

We drew a net $200.0 million on our Line,

We paid $35.3 million for debt repayments, including:

▪

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

▪

$2.5 million in principal mortgage payments.

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)
(in thousands, except number of real estate partnerships and number of properties)	March 31, 2026		December 31, 2025		March 31, 2026			December 31, 2025
Number of real estate partnerships		16		16
Regency's ownership	12% - 83%		12% - 83%
Number of properties		89		90
Assets	$	2,662,793		2,667,271	$	974,131			971,786
Liabilities		1,619,045		1,628,610		573,711			580,274
Equity		1,043,748		1,038,661		400,420			391,512
Basis difference						(41,800	)		(41,656	)
Investments in real estate partnerships					$	358,620			349,856

(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	March 31, 2026		December 31, 2025
GRI - Regency, LLC (GRIR)(1)	40%	$	114,334		112,235
Columbia Regency Partners II, LLC (Columbia II)	20%		58,578		60,354
Columbia Village District, LLC	30%		6,213		6,295
Individual Investors
Ballard Blocks	50%		57,543		57,830
Bloom on Third	35%		47,517		46,860
Others	12% - 83%		74,435		66,282
Total Investment in real estate partnerships		$	358,620	$	349,856

(1)

Effective January 1, 2026, the Company purchased its partner's ownership interest in a property held within this unconsolidated real estate partnership. Upon acquisition, this property was consolidated into Regency'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)	March 31, 2026
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities		Total			Regency’s Pro-Rata Share
2026 (1)	$	5,323		171,062			13,000		189,385			65,063
2027		7,303		32,800			—		40,103			13,417
2028		4,097		231,235			—		235,332			81,592
2029		2,855		104,434			—		107,289			37,157
2030		2,349		215,893			—		218,242			77,886
Beyond 5 Years		2,159		735,131			—		737,290			266,069
Net unamortized loan costs, debt premium / (discount)		—		(7,728	)		—		(7,728	)		(2,713	)
Total	$	24,086		1,482,827			13,000		1,519,913			538,471

(1)

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

At March 31, 2026, our investments in unconsolidated real estate partnerships had notes payable of $1.5 billion maturing through 2034, of which 95.0% had a weighted average fixed interest rate of 4.1%. The remaining notes payable float with SOFR and had a weighted average variable interest rate of 6.0%, based on rates as of March 31, 2026. These fixed and variable rate notes payable are all non-recourse, and our Pro-rata share was $538.5 million as of March 31, 2026. As notes payable mature, they will be repaid from proceeds from new borrowings and/or capital contributions.




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 March 31, 2026 and December 31, 2025	1

	Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025	2

	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2026 and 2025	3

	Consolidated Statements of Equity for the periods ended March 31, 2026 and 2025	4

	Consolidated Statements of Cash Flows for the periods ended March 31, 2026 and 2025	5

Regency Centers, L.P.:

	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	7

	Consolidated Statements of Operations for the periods ended March 31, 2026 and 2025	8

	Consolidated Statements of Comprehensive Income for the periods ended March 31, 2026 and 2025	9

	Consolidated Statements of Capital for the periods ended March 31, 2026 and 2025	10

	Consolidated Statements of Cash Flows for the periods ended March 31, 2026 and 2025	11

	Notes to Consolidated Financial Statements	13

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	44

Item 4.	Controls and Procedures	45

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults Upon Senior Securities	46

Item 4.	Mine Safety Disclosures	46

Item 5.	Other Information	47

Item 6.	Exhibits	48

SIGNATURES		49


(dollars in thousands)	2026			2027			2028			2029			2030			Thereafter			Total		Fair Value
Fixed rate debt (1)	$	269,483			757,610			360,304			527,739			607,608			2,514,882			5,037,626		4,846,390
Average interest rate for all fixed rate debt (2)		4.24	%		4.35	%		4.34	%		4.53	%		4.74	%		4.75	%
Variable rate SOFR debt (1)	$	—			—			30,000			—			—			—			30,000		30,000
Average interest rate for all variable rate debt (2)		4.42	%		4.42	%		4.42	%


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)
January 1 through January 31, 2026		—	$	—		—	$	500,000
February 1 through February 28, 2026		115,572	$	73.40		—	$	500,000
March 1 through March 31, 2026		2,732	$	77.07		—	$	500,000


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.


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)


May 4, 2026	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)


May 4, 2026	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)