Annual
Report
2024
To Our Fellow Shareholders
As we reflect on another year of outstanding performance at Regency Centers, we take great
pride in our growth and accomplishments over the past 60+ years. Our success as a national
owner, operator, and developer of premier neighborhood and community shopping centers
reflects our dedication to excellence and shareholder value creation. Regency offers its investors
a combination of income generation and capital appreciation through passive real estate
ownership, prioritizing stable cash flows and long-term earnings and dividend growth.
Regency’s strategy of owning and operating grocery-anchored shopping centers has
demonstrated remarkable stability and growth while operating in an everchanging retail
environment. The dependability of grocery stores and other essential retail at our centers,
supported by the compelling demographic profile of the trade areas in which we operate,
provides a consistent flow of foot traffic and makes our cash flows more resilient to
macroeconomic fluctuations compared to other real estate sectors. Our well-conceived strategy
has been further proven in recent years as the shopping center sector has benefited from
favorable structural tailwinds, including:
East Greenwich Square | East Greenwich, RI | 2024 Acquisition
•
Strong population and income growth in suburban U.S. markets, driving demand for
Regency’s shopping centers;
•
A prevalence of hybrid work post-pandemic, amplifying local shopping activity as
consumers spend more time in their neighborhoods;
•
A renewed appreciation for brick-and-mortar retail and the in-person shopping
experience by consumers, and by retailers given more favorable profitability as a
distribution channel;
•
Limited new supply of high-quality retail centers over the past 15 years, including a new
supply growth rate in 2024 that equated to less than 1% of the existing retail supply,
considerably lower than other major real estate sectors.
Eastgate Plaza | Bellevue, WA
We have leveraged these advantageous
trends, together with our more than 60 years of
experience and relationships, to drive
considerable growth and opportunities within
our operating and investment platforms. That
said, we attribute our long track record of
success to Regency’s unequaled strategic
advantages:
High-Quality Portfolio
Our nearly 500 properties in major markets around the country are in top trade areas with favorable
demographics, driving robust tenant demand, leading to high occupancy rates and strong rent
growth. Our assets are in locations supported by a resilient consumer base with above average levels
of disposable income, more able to absorb macroeconomic pressures. More than 80% of Regency’s
centers are anchored by market-leading, highly productive grocery stores, complemented by best-
in-class tenant merchandising. Our focus on necessity, service, convenience, and value retailers has
resulted in a robust tenant mix less vulnerable to e-commerce competition.
Experienced Team
A key to Regency’s success has always been our
amazing people. Our management team has a
proven track record of delivering consistent
financial performance, driven by disciplined
investment strategies and operational excellence.
Our team’s comprehensive asset management
model, applied at both the national and local
levels, facilitates strong relationships with tenants,
service providers, and community partners. And
our dedicated team of experienced professionals
in more than 20 offices around the country are
passionate about creating spaces that not only
serve our tenants, but also enhance the quality of
life for the surrounding communities where their
families and friends live and work.
International Women’s Day Celebration | Jacksonville, FL
Nareit REITweek Conference
Cambridge Square | Atlanta, GA
In-Process Redevelopment
Leading Development Platform
Regency’s roots as a local retail development
company in Jacksonville, FL in 1963 laid the
foundation for our national development program
that today differentiates us from other shopping
center REITs. We have developed more than 250
shopping centers from the ground up since 2000 and
currently have nearly $500 million of development
and redevelopment projects in process, together with
an expansive shadow pipeline for future projects.
Regency’s combination of experience and expertise,
established industry relationships with leading
national grocers, access to capital, and long track
record of developing well-curated, successful centers
has enabled us to deliver viable development
projects where others have been unable to do so.
Looking ahead, we expect that demand for high-
quality space in our markets will continue to support
attractive returns on new development and
redevelopment projects.
Balance Sheet
With decades of strategic and thoughtful capital management, Regency has a sector-leading
balance sheet with low leverage, a well-laddered debt maturity schedule, and the only “A” credit
ratings in the shopping center REIT sector from either Moody’s (A3) or S&P (A-). Our strong balance
sheet and liquidity position, including nearly full availability of our line of credit, ample annual free
cash flow and plentiful access to additional capital, enable us to confidently pursue strategic
investment opportunities that drive growth and enhance value.
Dividend Growth
Regency has a record of maintaining and raising our dividend, including being one of only two
shopping center REITs to maintain its dividend throughout the pandemic in 2020. Since 2014, we have
achieved a compounded annual dividend growth rate of nearly 4%.
The Shops at SunVet | Holbrook, NY | In-Process Ground-up Development
Corporate Responsibility
Corporate responsibility has been a foundational
strategy for Regency for decades and is integral to the
long-term success and sustainability of our business,
creating value for our shareholders and key
stakeholders, as well as addressing the potential long-
term environmental risks to our business. We have a
track record of implementing and executing key
corporate responsibility initiatives that enable us to:
o Build on our strong culture, driving a high level of
employee engagement and productivity
o Support philanthropic ideals to strengthen our
local communities
o Promote best-in-class corporate governance
o Reduce emissions through initiatives to both
reduce energy consumption and decrease our
use of fossil fuels, reducing operating costs and
increasing tenant retention
o Assess and implement plans to mitigate the
potential impacts of climate risk on our business, to
enhance its long-term sustainability
Powell Street Plaza | Emeryville, CA
We take pride in our strategic advantages that help us drive growth and create shareholder value over
the long term. Over the past year, Regency has continued its trajectory of excellence, delivering
outstanding performance. Some of our key accomplishments in 2024 included:
Leasing Activity – Executed a record-high 9.4 million square feet of new and renewal leases, with
blended cash rent spreads exceeding 9% on comparable leasing activity
Occupancy – Achieved a record-high Same Property leased rate of 96.7% at year-end, reflecting
healthy demand for our high-quality, well-located shopping centers
Re/Development – Started more than $250 million of value-add development and redevelopment
projects with anticipated blended returns on investment of more than 9%. We also completed more
than $230 million of projects, representing more than $18 million of incremental annualized NOI
Portfolio Expansion – Acquired more than $90 million of high-quality properties in strategic markets,
adding over 450,000 square feet of prime retail space to our portfolio
Financial Performance – Grew Same Property Net Operating Income by 3.6% and Core Operating
Earnings per share by more than 5%, both metrics excluding collections of receivables reserved during
2020-2021
Dividend Growth – Increased our common stock dividend in the fourth quarter of 2024 by 5.2%,
reflecting our strong operating results and confidence in the future
Valencia Crossroads | Valencia, CA
United Way Volunteering | Jacksonville, FL
As we look ahead, Regency remains committed to delivering industry-leading value to our
shareholders, tenants, and communities, just as we did in 2024 and have done consistently over the
last 60+ years. Through acquisitions, ground-up developments, property redevelopments and
strategic partnerships, we have continued to grow our footprint of high-quality shopping centers in
top suburban trade areas while maintaining a strong balance sheet, fostering a commitment to
sustainability, and creating long-term shareholder value for our investors. We are well-positioned to
capitalize on the evolving retail landscape and the enduring demand for grocery-anchored
shopping centers. We thank you for your continued trust and support of Regency, and we look
forward to celebrating continued success in the coming years.
Baybrook East | Webster, TX
LISA PALMER
President and Chief Executive Officer
MARTIN E. (HAP) STEIN, JR.
Executive Chairman
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number 1-12298 (Regency Centers Corporation)
Commission File Number 0-24763 (Regency Centers, L.P.)
REGENCY CENTERS CORPORATION
REGENCY CENTERS, L.P.
(Exact name of registrant as specified in its charter)
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)
Securities registered pursuant to Section 12(b) of the Act:
Regency Centers Corporation
Title of each class
Trading Symbol
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
Regency Centers, L.P.
Title of each class
Trading Symbol
Name of each exchange on which registered
None
N/A
N/A
Securities registered pursuant to Section 12(g) of the Act:
Regency Centers Corporation: None
Regency Centers, L.P.: Units of Partnership Interest
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Regency Centers Corporation
Yes
☒
No
☐
Regency Centers, L.P.
Yes
☒
No
☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act
Regency Centers Corporation
Yes
☐
No
☒
Regency Centers, L.P.
Yes
☐
No
☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Regency Centers Corporation
Yes
☒
No
☐
Regency Centers, L.P.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
Regency Centers Corporation
Yes
☒
No
☐
Regency Centers, L.P.
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or
an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging
growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Regency Centers Corporation:
Large accelerated filer
☒
Accelerated filer
☐
Emerging growth company
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Regency Centers, L.P.:
Large accelerated filer
☐
Accelerated filer
☐
Emerging growth company
☐
Non-accelerated filer
☒
Smaller reporting company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Regency Centers Corporation
☐
Regency Centers, L.P.
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report.
Regency Centers Corporation
☒
Regency Centers, L.P.
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in
the filing reflect the correction of an error to previously issued financial statements.
Regency Centers Corporation
☐
Regency Centers, L.P.
☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).
Regency Centers Corporation
☐
Regency Centers, L.P.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Regency Centers Corporation
Yes
☐
No
☒
Regency Centers, L.P.
Yes
☐
No
☒
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the
common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently
completed second fiscal quarter.
Regency Centers Corporation
$11.2 billion
Regency Centers, L.P.
N/A
The number of shares outstanding of the Regency Centers Corporation’s common stock was 181,365,237 as of February 11, 2025.
Documents Incorporated by Reference
Portions of Regency Centers Corporation's proxy statement, prepared in connection with its upcoming 2025 Annual Meeting of Shareholders, are
incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.
EXPLANATORY NOTE
This Annual Report on Form 10-K (this "Report") combines the annual reports on Form 10-K for the year ended December 31, 2024,
of Regency Centers Corporation and Regency Centers, L.P. Unless stated otherwise or the context otherwise requires, references to
"Regency Centers Corporation" or the "Parent Company" mean Regency Centers Corporation and its controlled subsidiaries and
references to "Regency Centers, L.P." or the "Operating Partnership" mean Regency Centers, L.P. and its controlled subsidiaries. The
terms "the Company," "Regency Centers," "Regency," "we," "our," and "us" as used in this Report mean the Parent Company, the
Operating Partnership and their controlled subsidiaries, collectively.
The Parent Company is a real estate investment trust ("REIT") and the general partner of the Operating Partnership. As the sole
general partner of the Operating Partnership, the Parent Company has exclusive control of the Operating Partnership's day-to-day
management. The Operating Partnership's capital includes general and limited common partnership units ("Common Units"). As of
December 31, 2024, the Parent Company owned approximately 99.4% of the Common Units in the Operating Partnership. The
remaining Common Units, which are all limited Common Units, are owned by third party investors. In addition to the Common
Units, the Operating Partnership has also issued two series of preferred units: the 6.250% Series A Cumulative Redeemable Preferred
Units (the "Series A Preferred Units") and the 5.875% Series B Cumulative Redeemable Preferred Units (the "Series B Preferred
Units"). The Parent Company currently owns all of the Series A Preferred Units and Series B Preferred Units. The Series A Preferred
Units and Series B Preferred Units are sometimes referred to collectively as the "Preferred Units."
The Company believes combining the annual reports on Form 10-K of the Parent Company and the Operating Partnership into this
single report provides the following benefits:
Enhances investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the
business as a whole in the same manner as management views and operates the business;
Eliminates duplicative disclosure and provides a more streamlined and readable presentation; and
Creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
Management operates the Parent Company and the Operating Partnership as one business. The management of the Parent Company
consists of the same individuals as the management of the Operating Partnership. These individuals are officers of the Parent
Company, and officers and employees of the Operating Partnership.
The Company believes it is important to understand the key differences between the Parent Company and the Operating Partnership in
the context of how the Parent Company and the Operating Partnership operate as a consolidated company. The Parent Company is a
REIT, whose only material asset is its ownership of Common and Preferred Units of the Operating Partnership. As a result, the Parent
Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public
equity from time to time and guaranteeing certain debt of the Operating Partnership. Except for $200 million of unsecured private
placement debt, the Parent Company does not directly hold any indebtedness, but guarantees all of the unsecured debt of the Operating
Partnership. The Operating Partnership, directly or indirectly, is also the co-issuer and guarantor of the $200 million Parent
Company’s unsecured private placement debt referenced above. The Operating Partnership holds all the assets of the Company and
ownership of the Company's subsidiaries and equity interests in its joint ventures. Except for net proceeds from public equity
issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for Common Units or Preferred
Units, the Operating Partnership generates all other capital required by the Company's business. These sources include the Operating
Partnership's operations, its direct or indirect incurrence of indebtedness, and the issuance of Common Units and Preferred Units.
Shareholders' equity, partners' capital, and noncontrolling interests are the main areas of difference between the Consolidated
Financial Statements of the Parent Company and those of the Operating Partnership. The Operating Partnership's capital includes the
Common Units and the Preferred Units. The limited partners' Common Units in the Operating Partnership owned by third parties are
accounted for in partners' capital in the Operating Partnership's financial statements and outside of shareholders' equity in
noncontrolling interests in the Parent Company's financial statements. The Preferred Units owned by the Parent Company are
eliminated in consolidation in the accompanying consolidated financial statements of the Parent Company and are classified as
preferred units of the general partner in the accompanying consolidated financial statements of the Operating Partnership.
In order to highlight the differences between the Parent Company and the Operating Partnership, there are sections in this Report that
separately discuss the Parent Company and the Operating Partnership, including separate financial statements, controls and procedures
sections, and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure for the Parent Company and the
Operating Partnership, this Report refers to actions or holdings as being actions or holdings of the Company.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial
reporting purposes, and the Parent Company does not have assets other than its investment in the Operating Partnership. Therefore,
while shareholders' equity and partners' capital differ as discussed above, the assets and liabilities of the Parent Company and the
Operating Partnership are the same on their respective financial statements.
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TABLE OF CONTENTS
Item No.
Form 10-K
Report Page
PART I
1.
Business
2
1A.
Risk Factors
8
1B.
Unresolved Staff Comments
22
1C.
Cybersecurity
22
2.
Properties
24
3.
Legal Proceedings
41
4.
Mine Safety Disclosures
41
PART II
5.
Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity
Securities
41
6.
Reserved
42
7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
43
7A.
Quantitative and Qualitative Disclosures About Market Risk
58
8.
Financial Statements and Supplementary Data
61
9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
132
9A.
Controls and Procedures
132
9B.
Other Information
133
9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspection
133
PART III
10.
Directors, Executive Officers and Corporate Governance
133
11.
Executive Compensation
134
12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
134
13.
Certain Relationships and Related Transactions, and Director Independence
134
14.
Principal Accountant Fees and Services
134
PART IV
15.
Exhibits and Financial Statement Schedules
135
16.
Form 10-K Summary
138
SIGNATURES
17.
Signatures
139
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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 "Item 1A. Risk Factors" of this Report. When considering an investment in our securities, you
should carefully read the risk factors described in Item 1A and consider these risks, together with all other information in our Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, and our other filings with and submissions to the Securities and Exchange
Commission ("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.
Certain forward-looking and other statements in this Annual Report on Form 10-K, or other locations, such as on our corporate
website, may also contain references to various environmental, social, and governance ("ESG") standards and frameworks, which are
followed by certain of our investors. These ESG standards and frameworks are often reliant on third-party information or
methodologies that are subject to evolving expectations and practices, and our approach to and discussion of these matters may
continue to evolve as well. For example, our disclosures may change due to changes in the expectations of our investors, the
requirements of these standards and frameworks, availability of information, our business, and applicable governmental policies, or
other factors, some of which may be beyond our control.
1
PART I
Item 1. Business
Regency Centers Corporation is a fully integrated real estate company and self-administered and self-managed real estate investment
trust that began its operations as a publicly-traded REIT in 1993. Our corporate headquarters are located at One Independent Drive,
Suite 114, Jacksonville, Florida. Regency Centers, L.P. is a subsidiary through which Regency Centers Corporation conducts
substantially all of its operations, and which owns, directly or indirectly, substantially all of its assets. Our business consists of
acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with
compelling demographics within the United States of America ("USA" or "United States"). We generate revenues by leasing space to
necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P
500 Index member since 2017.
As of December 31, 2024, we had full or partial equity ownership interests in 482 properties, primarily anchored by market leading
grocery stores, encompassing 57.3 million square feet ("SF") of gross leasable area ("GLA"). Our Pro-rata share of this GLA is 48.8
million square feet, including our share of properties owned through unconsolidated real estate partnerships.
We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly
located in suburban trade areas with compelling demographics, formats and locations. 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 net operating income ("NOI");
Create shareholder value by increasing earnings and dividends per share that generate total returns at or near the top of our
shopping center peers;
Maintain an industry leading, disciplined development and redevelopment platform to create exceptional retail centers that
deliver favorable returns;
Support our business activities with a conservative capital structure, including a strong balance sheet with sufficient liquidity
to meet our capital needs together with a carefully constructed debt maturity profile; and
Implement ESG practices through our Corporate Responsibility program to support and enhance our business goals and
objectives.
Key strategies to achieve our goals are to:
Generate same property NOI growth that over the long-term consistently ranks at or near the top of our shopping center
peers;
Reinvest free cash flow and portfolio enhancement disposition proceeds into high-quality developments, redevelopments and
acquisitions in a long term accretive manner;
2
Maintain a conservative balance sheet that provides liquidity, financial flexibility and cost-effective funding of investment
opportunities, while also managing debt maturities that enable us to weather economic downturns;
Pursue investor and business-driven ESG-related practices; and
Attract, retain, and engage an exceptional team with a range of skills and experiences that is guided by our values while
fostering an environment of innovation and continuous improvement.
Competition
We are among the largest owners of shopping centers in the USA based on revenues, number of properties, GLA, and market
capitalization. There are numerous companies and individuals engaged in our line of business that compete with us in our targeted
markets, including grocery store chains that own shopping centers and also anchor some of our shopping centers. This dynamic
results in competition for attracting tenants as well as acquiring existing shopping centers and new development sites. In addition,
brick and mortar shopping centers face continued competition from alternative shopping and delivery methods. We believe that our
competitive advantages are driven by:
the market areas in which we operate, and the locations of our shopping centers within those trade areas;
the quality of our shopping centers including our strategy of maintaining and renovating these centers to our high standards;
the compelling demographics surrounding our shopping centers;
our relationships with our anchor, shop, and out-parcel tenants;
our experienced leadership team and cycle-tested expertise; and
our ability to successfully develop, redevelop, and acquire shopping centers.
Corporate Responsibility and Human Capital
We strive to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and
communities. This is essential for our business and our tenants' businesses. For this reason, corporate responsibility is a foundational
strategy of Regency. We believe that alignment of strategy and business sustainability is critical to the long-term success of our
Company, our shareholders, the environment, and the communities in which we operate. To achieve this alignment, our corporate
responsibility strategy and practices are built on four pillars:
Our People;
Our Communities;
Ethics and Governance; and
Environmental Stewardship.
These practices are guided by three overarching concepts: long-term value creation, our Regency brand and reputation, and the
importance of maintaining our culture, which has been a crucial driver of our long-term success. Our continued commitment to these
concepts helps to guide our business strategy, and identify and focus on key corporate responsibility-related drivers that we expect to
contribute to our future success.
We regularly review our corporate responsibility strategies, goals, and objectives under these four pillars with our Board of Directors
(or the "Board") and its committees, which oversee our programs. More information about our corporate responsibility strategy,
goals, performance, and reporting, including our annual Corporate Responsibility Report, and our policies and practices related to
corporate responsibility, is available on our website at www.regencycenters.com. The content of our website and other information
contained therein, including relating to corporate responsibility, is not incorporated by reference into this Report or in any other report
or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
With respect to each of these four pillars:
Our People – Our people are our most important asset, and we strive to ensure that they are engaged, passionate about their work,
connected to their teams, and supported to deliver their best performance. Regency recognizes and values the importance to the
Company's success of attracting and retaining talented individuals with different skills, backgrounds, and experiences to encourage
diversity of thought and ideas. In addition, we strive to maintain a safe and healthy workspace, promote employee well-being, and
empower our employees by focusing on their personal and professional development through training and education opportunities.
As of December 31, 2024, we had 500 employees, including 5 part-time employees. We presently maintain 24 market offices
nationwide, including our corporate headquarters in Jacksonville, Florida. None of our employees are represented by a collective
bargaining unit, and we believe our relationship with our employees is good.
3
Our strategy focuses on promoting and advancing high-quality skills and experiences across our organization. The goals of this
strategy are to attract, recruit, and retain a talented group of employees to grow, develop, and succeed, as we collectively work to
implement our mission and contribute to the long-term strategic, operational and financial success of the organization. Furthermore,
aligned with our near-and long-term human capital goals, we remained focused on employee engagement, leveraging our annual
employee survey to identify opportunities to improve and further engage our people.
Culture - We believe that much of our success is rooted in our teams and our commitment to a vibrant and welcoming culture.
We continue to foster a culture in which everyone is respected, valued, and has an opportunity to contribute and thrive.
Human Rights – Regency is committed to a workplace free from discrimination and harassment and is focused on advancing
fundamental human rights. Anti-discrimination and anti-harassment training is provided to all employees at orientation, and
annually thereafter.
Talent Attraction and Retention – Our core values place a strong importance on our people, which are our greatest asset and
whom we believe make us an employer of choice. We understand the importance of attracting and retaining the best talent to
sustain our history of success and build long-term value. We strive to offer some of the most competitive pay and benefits in the
industry in which we operate and are continually looking for new opportunities to ensure that we attract and retain our people.
Training and Development – We strive to provide an environment where our people are connected to their teams, passionate
about what they do, and supported to deliver their best efforts and results. From individual contributors to managers and senior
leaders, we want to empower our employees to take control of their career growth and realize their full potential through
meaningful training and development opportunities.
Health, Safety, and Well-Being – The safety, health, and well-being of our people are a top priority for Regency. We strive to
provide a benefit package that is comprehensive, competitive, and thoughtfully designed to attract and retain the best in the
business. We prioritize employee safety at our centers and offices, and require contractors working at our sites to engage in safe
work practices.
Our Communities – Our predominately grocery-anchored neighborhood and community shopping centers provide many benefits to
the communities in which we live and work, including significant local economic impact in the form of investment, jobs, and taxes.
Our local teams are passionate about investing in and engaging with our communities as they customize and curate our centers to
create a distinctive environment to bring our tenants and shoppers together for the best retail experience. We are continually
reinvesting in our centers, to enhance placemaking and the overall environment for our tenants and shoppers.
We believe philanthropy and charitable giving are important elements of our corporate responsibility commitment to the communities
in which we operate. Throughout 2024, Regency supported its employees to serve and invest in community organizations through
volunteer and financial support. Charitable contributions were made directly by the Company, as well as by the vast majority of our
employees who donated their time and money to local non-profits directly serving their communities.
Ethics and Governance – As long-term stewards of our investors’ capital, we are committed to best-in-class corporate governance. To
create long-term value for our stakeholders, we place great emphasis on our culture and core values, the integrity and transparency of
our reporting practices, and our overall governance structure in respect of oversight and shareholder rights.
To continue to strive for the best achievable mix of skills, experience, backgrounds, tenures, competencies, and other personal and
professional attributes, Regency’s Board of Directors annually reviews its overall composition and succession planning process to
ensure that it aligns with Regency’s ongoing commitment to board refreshment and best-in-class corporate governance.
Environmental Stewardship – We believe sustainability of our assets, business, and the environment for the long term is in the best
interest of our investors, tenants, employees, and the communities in which we operate. We continue to integrate sustainable practices
that aim to promote environmental stewardship and resilience throughout our business operations.
We have identified specific strategic priorities intended to foster sustainable business practices and minimize both our environmental
impact and the long-term risks to Regency’s business: green building, energy efficiency, electric vehicle charging stations, renewable
energy, greenhouse gas emissions ("GHG") reduction, water conservation, waste management, and climate change as it applies to our
real estate portfolio. We believe these strategic priorities are not only the right thing to do to address environmental concerns such as
climate change, resource scarcity and pollution (including GHG emissions reduction), but also support our achievement of key
strategic financial and business objectives relating to our operations and development and redevelopment projects.
Throughout 2024, we continued to make progress towards our target to reduce GHG emissions and collaborate closely with our
tenants to minimize their operational environmental impact. Aligned with the Science Based Targets initiative (SBTi), our target aims
to reduce our absolute Scope 1 and 2 GHG emissions by 28% by 2030, measured against a 2019 baseline year, and to achieve net-zero
Scope 1 and 2 GHG emissions across all operations by 2050. In addition, the Company has established targets to enhance energy
4
efficiency, manage water and waste responsibly and invest in renewable energy sources and electric vehicle charging stations. These
targets reflect input from our investors and tenants, and our stance in addressing environmental challenges and contributing to a
sustainable future. Regency’s progress towards these targets, together with our overall sustainability strategy, are further described in
our 2023 Corporate Responsibility Report, which report is not incorporated by reference hereto. Based on our current estimates and
asset base, we do not expect the pursuit of these targets to materially impact our operating results and financial condition in the near
term.
As a long-term owner, operator, and developer of real estate, we acknowledge the potential for climate change to have a material
impact on our properties, people, and long-term success. Regency wants to ensure that our properties can safely, sustainably,
responsibly and profitably withstand the test of time. We continue to refine our understanding of our exposure to climate-related
impacts by conducting ongoing property-level analysis as well as the risks that climate change may pose to our business.
Compliance with Governmental Regulations
We are subject to various regulatory and tax-related requirements within the jurisdictions in which we operate. Changes to such
requirements, or the interpretation of such requirements by applicable regulatory bodies or the judiciary, may result in unanticipated
material financial impacts or adverse tax consequences and could materially affect our operating results and financial condition.
Significant regulatory requirements include the laws and regulations described below.
REIT Laws and Regulations
We have elected to be taxed as a REIT under the federal income tax laws. As a REIT, we are generally not subject to federal income
tax on taxable income that we distribute to our shareholders. Under the Internal Revenue Code (the "Code"), REITs are subject to
numerous regulatory requirements, including the requirement to generally distribute at least 90% of taxable income each year,
excluding any net capital gains. We will be subject to federal income tax on our taxable income at regular corporate rates if we fail to
qualify as a REIT for tax purposes in any taxable year, or to the extent we distribute less than 100% of our taxable income. We will
also generally not qualify for treatment as a REIT for federal income tax purposes for four years following the year during which
qualification is lost. Even if we qualify as a REIT for federal income tax purposes, we may be subject to certain state and local
income and franchise taxes and to federal income and excise taxes on our undistributed taxable income.
We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries ("TRS"). In general, a TRS may engage in any real
estate business and certain non-real estate businesses, subject to certain limitations under the Code. A TRS is subject to federal and
state income taxes which, to date, have not been material to us.
Environmental Laws and Regulations
Under various federal, state and local laws, ordinances and regulations (collectively, "environmental laws"), we may be liable for
some or all of the cost to assess and remediate certain hazardous substances at our shopping centers. To the extent any environmental
issues arise, they most typically stem from the historic practices of current and former dry cleaners, gas stations, automotive repair
shops, and other similar businesses at our centers, as well as the presence of asbestos in some structures. These environmental laws
often impose liability without regard to whether the owner knew of, or committed the acts or omissions that caused the presence of the
hazardous substances. The presence of such substances, or the failure to properly address contamination caused by such substances,
may adversely affect our ability to sell or lease the property or borrow using the property as collateral, and could result in claims by
and liabilities to third parties relating to contamination that emanated from our properties. Although we have a number of properties
that could require or are currently undergoing varying levels of assessment and remediation, known environmental liabilities are not
currently expected to have a material impact on our financial condition.
5
Information About Our Executive Officers
Our executive officers are appointed by our Board of Directors and each of our executive officers has been employed by us for more
than five years. As of the date of this Report, our executive officers are:
Name
Age
Title
Executive Officer in
Position Shown Since
Martin E. Stein, Jr.
72
Executive Chairman of the Board of Directors
2020 (1)
Lisa Palmer
57
President and Chief Executive Officer
2020 (2)
Michael J. Mas
49
Executive Vice President, Chief Financial Officer
2019 (3)
Alan T. Roth
49
East Region President & Chief Operating Officer
2023 (4)
Nicholas A. Wibbenmeyer
44
West Region President & Chief Investment Officer
2023(5)
(1)
Mr. Stein was appointed Executive Chairman of the Board of Directors effective January 1, 2020. Prior to this
appointment, Mr. Stein served as Chief Executive Officer from 1993 through December 31, 2019 and Chairman of the
Board since 1999.
(2)
Ms. Palmer was named Chief Executive Officer effective January 1, 2020, in addition to her responsibilities as
President, a position she has held since January 2016. Prior to this appointment, Ms. Palmer served as Chief Financial
Officer since January 2013. Prior to that, Ms. Palmer served as Senior Vice President of Capital Markets since 2003
and has been with the Company since 1996.
(3)
Mr. Mas was named Executive Vice President, Chief Financial Officer effective August 2019. Prior to this
appointment, Mr. Mas served as Managing Director, Finance, since February 2017, and Senior Vice President, Capital
Markets, since 2013, and has been with the Company since 2003.
(4)
Mr. Roth was named East Region President & Chief Operating Officer, effective January 1, 2024. Prior to this
appointment, Mr. Roth served as Executive Vice President, National Property Operations and East Region President,
since 2023, and Senior Managing Director, East Region since 2020. Prior to that, he served as Managing Director
Northeast Region since 2016 and has been with the Company since 1997.
(5)
Mr. Wibbenmeyer was named West Region President & Chief Investment Officer, effective January 1, 2024. Prior to
this appointment, Mr. Wibbenmeyer served as Executive Vice President, West Region President since 2023 and Senior
Managing Director, West Region since 2020. Prior to that, he served as Managing Director of Florida and the Midwest
Region since 2016, and has been with the Company since 2005.
Company Website Access and SEC Filings
Our website may be accessed at www.regencycenters.com. Our filings with the SEC can be accessed free of charge through our
website promptly after filing; however, in the event that the website is inaccessible, we will provide paper copies of our most recent
annual report on Form 10-K, the most recent quarterly report on Form 10-Q, current reports filed or furnished on Form 8-K, and all
related amendments, excluding exhibits, free of charge upon request. These filings are also accessible on the SEC's website at
www.sec.gov. The content of our website is not incorporated by reference into this Annual Report on Form 10-K or in any other
report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
General Information
Our registrar and stock transfer agent is Broadridge Corporate Issuer Solutions, LLC ("Broadridge"), Edgewood, NY.
The Company's stock is listed on the NASDAQ Global Select Market, with its common stock traded under the ticker symbol "REG,"
and the Company's 6.250% Series A Cumulative Redeemable Preferred Stock, and 5.875% Series B Cumulative Redeemable
Preferred Stock trade under the ticker symbols "REGCP," and "REGCO," respectively.
Our independent registered public accounting firm is KPMG LLP, Jacksonville, Florida, Firm ID 185.
Non-GAAP Measures
In addition to the required Generally Accepted Accounting Principles ("GAAP") presentations, we use and report certain non-GAAP
measures as we believe these measures improve the understanding of our operational results. We believe these non-GAAP 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 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 measures could change.
6
We do not consider non-GAAP 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 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 measures. In order to compensate for these
limitations, reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided. Non-
GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future prospects of the
Company.
Our non-GAAP measures include the following:
Adjusted Funds From Operations ("AFFO") is an additional performance measure we use that reflects cash available to fund the
Company’s business needs and distribution to shareholders. AFFO is calculated by adjusting Core Operating Earnings ("COE")
for (i) capital expenditures necessary to maintain and lease our portfolio of properties, (ii) debt cost and derivative adjustments
and (iii) stock-based compensation.
Core Operating Earnings is an additional performance measure we use because the computation of Nareit Funds from Operations
("Nareit FFO") includes certain non-comparable items that affect our period-over-period performance. Core Operating Earnings
excludes from Nareit FFO: (i) transaction related income or expenses, (ii) gains or losses from the early extinguishment of debt,
(iii) certain non-cash components of earnings derived from straight-line rents, above and below market rent amortization, and debt
and derivative mark-to-market amortization, and (iv) other amounts as they occur. We provide reconciliations of both Net
Income Attributable to Common Shareholders to Nareit FFO and Nareit FFO to Core Operating Earnings.
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. We provide a reconciliation of Net Income Attributable to Common Shareholders to Nareit FFO.
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 measures, makes comparisons of our operating results to those of other REITs more meaningful. The Pro-rata information
provided is not, nor is it intended to be, presented in accordance with GAAP. The Pro-rata supplemental details of assets and
liabilities and supplemental details of operations reflect our proportionate economic ownership of the assets, liabilities, and operating
results of the properties in our portfolio
The Pro-rata information is prepared on a basis consistent with the comparable consolidated amounts and is intended to more
accurately reflect our proportionate economic interest in the assets, liabilities, and operating results of properties in our portfolio. We
do not control the unconsolidated real estate partnerships, and the Pro-rata presentations of the assets and liabilities, and revenues and
7
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:
o
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
o
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.
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:
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.
Item 1A. Risk Factors
Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering
an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and
submissions to the SEC, which provide additional information and detail. If any of the events described in the following risk factors
actually occur, our business, financial condition and/ or operating results, as well as the market price of our securities, could be
materially adversely affected.
Risk Factors Related to the Current Economic and Geopolitical Environments
Interest rates in the current economic environment may adversely impact our cost to borrow, real estate valuation, and stock
price.
The Board of Governors of the Federal Reserve System ("the U.S. Federal Reserve") rapidly increased its benchmark interest rate
from 2021 through 2023 in response to sustained elevated inflation, which has since moderated. Higher interest rates may negatively
impact consumer spending, our tenants' businesses, and/or future demand for space in our shopping centers.
Additionally, high interest rates adversely impact our cost of borrowing. Our exposure to high interest rates in the short term includes
our variable-rate debt, which consist of borrowings under our unsecured senior line of credit and variable rate-based secured notes
8
payable. Increases in interest rates could increase our financing costs over time, either through near-term borrowings on our floating-
rate line of credit or refinancing of our existing borrowings that may incur high interest expense related to the issuance of new debt.
Prolonged periods of high interest rates may also negatively impact the valuation of our real estate asset portfolio and could result in a
decline of our stock price and market capitalization, which may adversely impact our ability to raise equity capital on favorable terms
through sales of our common shares, including through our At the Market ("ATM") program.
Although the extent of any prolonged periods of high interest rates remains unknown at this time, negative impacts to our cost of
capital may also adversely affect our future business plans and growth, at least in the near term.
Economic challenges and policy changes may adversely impact our tenants and our business.
The success of our tenants in operating their businesses and their corresponding ability to pay us rent continue to be significantly
impacted by many current economic challenges, which impact their cost of doing business, including, but not limited to, inflation,
labor shortages, supply chain constraints, the potential impact of tariffs, decreasing consumer confidence and discretionary spending,
increasing energy prices, and volatile interest rates. Changes in immigration policies or restrictions, as well as shifts in labor
availability due to immigration trends, may further contribute to labor shortages, impacting our tenants' operations and profitability.
Additionally, macroeconomic and geopolitical risks create challenges that may exacerbate current market conditions in the United
States, including the potential for a recession.
These economic challenges could adversely impact our volume of leasing activity, which could include tenant move outs and/or
higher levels of uncollectible lease income, as well as negatively affect the business and financial results of our tenants. The
aggregate impacts of these current economic challenges may also negatively affect the overall market for retail space, resulting in
decreased demand for space in our centers. This, in turn, could result in pricing pressure on rent that we are able to charge to new or
renewing tenants, such that future rent spreads could be adversely impacted. Further, we may experience higher costs for tenant
buildouts, as costs of materials and labor may increase and supply and availability of both may become more limited.
Unfavorable developments that may affect the banking and financial services industry could adversely affect our business,
liquidity and financial condition, and overall results of operations.
Liquidity constraints or lack of available credit, the failure of individual institutions, or the inability of individual institutions or the
banking and financial service industry generally to meet their contractual obligations, could significantly impair our access to capital,
delay access to deposits or other financial assets, or cause actual loss of funds subject to cash management arrangements. Similarly,
these events, concerns or speculation could result in less favorable commercial financing terms, including higher interest rates or costs
and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more
difficult for us and our tenants to acquire financing on acceptable terms or at all. Additionally, our critical vendors and business
partners also could be adversely affected by these risks as described above, which in turn could result in their committing a breach or
default under their contractual agreements with us, their insolvency or bankruptcy, or other adverse effects.
Any decline in available funding, lack of credit in the commercial real estate market, or access to cash and liquidity resources, or non-
compliance of banking and financial services counterparties with their contractual commitments to us, our tenants or our critical
vendors and business partners could, among other risks, have material adverse impacts on our ability to meet our operating expenses
and other financial needs, could result in breaches of our financial and/or contractual obligations, and could have material adverse
impacts on our business, financial condition and results of operations.
Current geopolitical challenges could impact the U.S. economy and consumer spending and our results of operations and
financial condition.
The success of our business, and the businesses of our tenants, largely depends on consumer spending. While we currently own no
shopping centers or other assets outside of the U.S. nor have meaningful direct international supply chain exposure, geopolitical
challenges and their potential impact on the global macroeconomic environment, including the war involving Russia and Ukraine,
Middle East conflicts, instability and wars, and the economic and other possible conflicts involving China (including any slowing of
its economy), could impact aspects of the U.S. economy and, therefore, consumer spending. In addition, these geopolitical challenges
could impact other areas of the U.S. economy, which could impact our business and the businesses of our tenants through rising
inflation and interest rates (and, hence, reduced availability and/or increased costs of borrowing), increased energy prices, labor
shortages, supply chain constraints and, potentially, a U.S. economic recession. It is unclear whether and when these geopolitical
challenges and uncertainties will be mitigated or resolved, and what effects they may have on global political and economic conditions
over the long term. However, a substantial delay in or lack of resolution of any of these challenges could have an adverse impact on
the U.S. economy and consumer spending and, therefore, an adverse effect on our results of operations and the financial condition of
the Company.
9
Risk Factors Related to Pandemics or other Public Health Crises
Pandemics or other public health crises, may adversely affect our tenants' financial condition, the profitability of our
properties, and our access to the capital markets and could have a material adverse effect on our business, results of
operations, cash flows and financial condition.
Although the vast majority of our lease income is derived from contractual rent payments, the ability of certain of our tenants to meet
their lease obligations could be negatively impacted by the disruptions and uncertainties of a pandemic, such as COVID-19, or other
public health crises. Our tenants' ability to respond to these disruptions and uncertainties, including adjusting to governmental orders
and changes in their customers' shopping habits and behaviors, may impact their ability to survive, and as it relates to the Company,
their ability to comply with their lease obligations. Therefore, our future results of operations and overall financial performance could
be uncertain should a pandemic or other public health crises occur.
Risk Factors Related to Operating Retail-Based Shopping Centers
Economic and market conditions may adversely affect the retail industry and consequently reduce our revenues and cash flow,
and increase our operating expenses.
Our properties are leased primarily to retail tenants from whom we derive most of our revenue in the form of base rent, expense
recoveries and other income. Therefore, our performance and operating results are directly linked to the economic and market
conditions occurring in the retail industry. We are subject to the risks that, upon expiration, leases for space in our properties are not
renewed by existing tenants, vacant space is not leased to new tenants, and/or tenants demand modified lease terms, including reduced
rents. payment for costs of renovations, or other monetary concessions. The economic and market conditions potentially affecting the
retail industry and our properties specifically include the following:
changes in national, regional and local economic conditions;
changes in population and migration patterns to/from the markets in which we operate;
deterioration in the competitiveness and creditworthiness of our retail tenants;
increased competition from the use of e-commerce by retailers and consumers as well as other concepts that could impact more
traditional retail;
labor challenges and supply delays and shortages due to a variety of macroeconomic factors, including disruptions to global
supply chains as a result of wars and geopolitical events, including those involving Russia and Ukraine and Middle East conflicts,
as well as the slowing of China's economy, tariffs, pandemics, and/or inflationary pressures;
tenant bankruptcies and subsequent rejections of our leases;
reductions in consumer spending and retail sales, including inflationary impacts on consumer behavior;
reduced tenant demand for retail space;
oversupply of retail space;
reduced consumer demand for certain retail categories;
consolidation within the retail sector;
increased operating costs attendant to owning and operating retail shopping centers;
perceptions by retailers and shoppers of the safety, convenience and attractiveness of our properties; and
other factors which could alter shopping habits or otherwise deter customers from visiting our shopping centers, such as actual or
anticipated criminal activity, including civil unrest, acts of terrorism, or other types of violent crimes.
To the extent that any or a combination of these conditions occur, they are likely to impact the retail industry, our retail tenants, the
emergence of new tenants, the demand for retail space, market rents and rent growth, capital expenditures, the percent leased levels of
our properties, the value of our properties, our ability to sell, acquire or develop properties, our operating results and our cash flows.
Shifts in retail trends, sales, and delivery methods between brick and mortar stores, e-commerce, home delivery, and curbside
pick-up may adversely impact our revenues, results of operations, and cash flows.
Retailers with brick and mortar stores face the risk of the impact of e-commerce and changes in customer buying habits, including
shopping from home and the delivery or curbside pick-up of items ordered online. Retailers are constantly considering these customer
buying habits and other trends when making decisions regarding their brick and mortar stores and how they will compete and innovate
in a rapidly changing retail environment. Many retailers in our shopping centers provide services or sell goods which have historically
been less likely to be purchased online; however, the continuing change in customer buying habits, including e-commerce sales in all
retail categories may cause retailers to adjust the size or number of their retail locations in the future or close stores. For example, our
grocer tenants are incorporating e-commerce concepts through home delivery and curbside pick-up, which could reduce foot traffic at
our centers. These alternative delivery methods are more likely to impact foot traffic at our centers in certain higher-income markets
10
where consumers are willing to pay premiums for such services. Changes in customer buying habits and shopping trends may also
impact the profitability and financial condition of retailers that do not adapt to changes in market conditions, and therefore may impact
their ability to pay rent. This shift may adversely impact our percent leased and rental rates, which would impact our results of
operations and cash flows.
Changing economic and retail market conditions in geographic areas where our properties are concentrated may reduce our
revenues and cash flow.
Economic conditions in markets where our properties are concentrated can greatly influence our financial performance. Our real
estate properties located in California, Florida and the New York-Newark-Jersey City core-based statistical area accounted for 23.4%
20.5%, and 12.3% of our annualized base rent ("ABR"), respectively. Our revenues and cash flow may be adversely affected by this
geographic concentration if market conditions, such as supply of or demand for retail space, deteriorate more significantly in these
states compared to other geographic areas. Additionally, there is a risk that businesses and residents in major metropolitan cities may
relocate to different states or suburban markets.
Our success depends on the continued presence and success of our "anchor" tenants.
"Anchor Tenants" (tenants occupying 10,000 square feet or more) operate large stores in our shopping centers, pay a significant
portion of the total rent at a property and contribute to the attraction and success of other tenants by drawing shoppers to the property.
Our net income and cash flow may be adversely affected by the loss of revenues and incurrence of additional costs in the event a
significant Anchor Tenant:
becomes bankrupt or insolvent;
experiences a downturn in its business;
shifts its capital allocation away from brick and mortar formats;
materially defaults on its leases;
does not renew its leases as they expire;
renews at lower rental rates and/or requires a tenant improvement allowance; or
renews but reduces its store size, which results in down-time and additional tenant improvement costs to the landlord to re-lease
the vacated space.
Due to their desirability as tenants, sought-after anchors often exercise considerable leverage in lease negotiations and may obtain
favorable provisions relative to other tenants. For example, some anchors have the right to vacate their space and may prevent us from
re-tenanting by continuing to comply and pay rent in accordance with their lease agreement. Vacated "Anchor Space" (spaces 10,000
square feet or more), including space that may be owned by the anchor (as discussed below), can reduce rental revenues generated by
the shopping center in other spaces because of the loss of the departed anchor's customer drawing power. In addition, if a significant
tenant vacates a property, so-called "co-tenancy clauses" in select leases may allow other tenants to modify or terminate their rent
payment or other lease obligations. Co-tenancy clauses have several variants: they may allow a tenant to postpone a store opening if
certain other tenants fail to open their stores; they may allow a tenant to close its store prior to lease expiration if another tenant closes
its store prior to lease expiration; or more commonly, they may allow a tenant to pay reduced levels of rent until a certain number of
tenants open their stores within the same shopping center.
Additionally, some of our shopping centers are anchored by retailers who own their space in a location that is not strictly within the
boundaries of, or is immediately adjacent to, our shopping center ("shadow anchors"). In those cases, the shadow anchors appear to
the consumer as a retail tenant of the shopping center and, as a result, attract additional consumer traffic to the center. In the event that
a shadow Anchor Space becomes vacant, it could negatively impact our center as consumer traffic would likely be reduced.
A percentage of our revenues are derived from "local" tenants and our net income may be adversely impacted if these tenants
are not successful, or if the demand for the types or mix of tenants significantly change.
At December 31, 2024, tenants with less than three locations ("Local Tenants") represent approximately 22% of annualized base rent.
Local Tenants vary from retail shops and restaurants to service providers. These Local Tenants may be more vulnerable to
unfavorable economic conditions and changing customer buying habits and retail trends than larger tenants, and may have more
limited resources and access to capital than other tenants. As such, in the event of a downturn in economic conditions or adversely
changing retail habits and trends, they may suffer disproportionately greater impacts and be at greater risk of lease default than other
tenants.
We may be unable to collect balances due from tenants in bankruptcy.
Although lease income is supported by long-term lease contracts, tenants who file for bankruptcy have the legal right to reject any or
all of their leases and close related stores. In addition, any unsecured claim we hold against a bankrupt tenant for unpaid rent may be
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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, 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 recover our claim and 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 may experience a significant reduction in our revenues
and may not be able to collect all pre-petition amounts owed by the bankrupt tenant.
Many of our costs and expenses associated with operating our properties may remain constant or increase, even if our lease
income decreases.
Certain costs and expenses associated with operating our properties, such as real estate taxes, insurance, utilities and common area
expenses, generally do not decrease in the event of reduced occupancy or rental rates, non-payment of rents by tenants, general
economic downturns, pandemics or other similar circumstances. As such, we may not be able to lower the operating expenses of our
properties sufficiently to fully offset such adverse circumstances and may not be able to fully recoup these costs from our tenants. In
such cases, our cash flows, operating results and financial performance may be adversely impacted.
Compliance with the Americans with Disabilities Act and other building, fire, and safety regulations may have a material
negative effect on us.
All of our properties are required to comply with the Americans with Disabilities Act ("ADA"), which generally requires that
buildings be made accessible to people with disabilities. Compliance with ADA requirements may require removal of access barriers,
and noncompliance may result in imposition of fines by the U.S. government or an award of damages to private litigants, or both.
While the tenants to whom we lease space in our properties are obligated by law to comply with the ADA provisions, and typically
under tenant leases are obligated to cover costs associated with compliance, if required changes involve greater expenditures than
anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these tenants to cover costs may
be adversely affected. In addition, we are required to operate the properties in compliance with fire and safety regulations and
building codes as they may be adopted by governmental entities and become applicable to the properties. Costs to be in compliance
with the ADA or any other building, fire, and safety regulations could have a material negative impact on our results of operations.
Risk Factors Related to Real Estate Investments
Our real estate assets may decline in value and be subject to impairment losses which may reduce our net income.
Our real estate properties are carried at cost unless circumstances indicate that the carrying value of these assets may not be
recoverable, which may result in impairment. We periodically evaluate whether there are any indicators, including declines in
property operating performance and general market conditions, such that the value of the real estate properties (including any related
tangible or intangible assets or liabilities, including goodwill) may not be recoverable and therefore may be impaired. Our evaluation
includes several key assumptions, including rental rates, costs of tenant improvements, leasing commissions, anticipated holding
periods, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key assumptions
are subjective in nature and may differ materially from actual results. Changes in our investment, redevelopment, and disposition
strategies or changes in the market where an asset is located may alter management's intended holding period of an asset or asset
group, which may result in an impairment loss and such loss may be material to our financial condition or operating performance.
The fair value of real estate assets is subjective and is determined through the use of comparable sales information and other market
data if available, or through use of an income approach such as the direct capitalization method or the discounted cash flow approach.
Such cash flow projections take into account expected future operating income, trends and prospects, as well as the effects of demand,
competition and other relevant criteria, and therefore are subject to management judgment. In estimating the fair value of
undeveloped land, we generally use market data and comparable sales information.
These subjective assessments have a direct impact on our net income because recording an impairment charge results in an immediate
negative adjustment to net income, which may be material. There can be no assurance that we will not record impairment charges in
the future related to our assets.
We face risks associated with development, redevelopment, and expansion of properties.
We actively pursue opportunities for new retail development and existing property redevelopment and/or expansion. Development
and redevelopment activities frequently require various government and other approvals for land use entitlements, and any delay in
receiving such approvals may significantly delay development and redevelopment projects. We may not recover our investment in
our projects for which approvals are not received, and delays may adversely impact our expected returns. Additionally, changes in
political leaders due to elections and/or in governmental policies relating to development may impact our ability to obtain favorable
approvals for in-process and future developments and redevelopment projects.
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We are subject to other risks associated with development and redevelopment projects, including the following:
we may be unable to lease newly developed or redeveloped projects to full occupancy on a timely basis;
the occupancy rates and rents of a completed project may not be sufficient to make the project profitable, or otherwise not meet
our investment return expectations;
actual costs of a project may exceed original estimates, possibly making the project unprofitable, or not meet our investment
return expectations;
delays in the development or construction process, including supply chain disruption, may increase our costs;
construction cost increases may reduce investment returns on development and redevelopment opportunities, or require us to
postpone or abandon a project or projects;
we may abandon development or redevelopment opportunities and lose our investment due to adverse market conditions;
the size of our development and redevelopment pipeline may strain our labor or capital capacity to complete the development and
redevelopment projects within targeted timelines and may reduce our investment returns;
a reduction in the demand for new retail space may reduce our future development and redevelopment activities, which in turn
may reduce our NOI; and
changes in the level of future development and redevelopment activity may adversely impact our results of operations by reducing
the amount of internal overhead costs that may be capitalized.
We face risks associated with the development of mixed-use commercial properties.
If we engage in more complex acquisitions and mixed-use development and redevelopment projects, there could be more unique risks
to our return on investment. Mixed-use projects refer to real estate projects that, in addition to retail space, may also include space for
residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate
than we do retail real estate. As a result, if a development or redevelopment project includes a non-retail use, we may seek to develop
that component ourselves, sell the rights to that component to a third-party developer, or partner with a developer.
If we decide to develop the non-retail components ourselves, we would be exposed not only to those risks typically associated
with the development of commercial real estate, but also to risks associated with developing, owning, operating or selling non-
retail real estate, including but not limited to more complex entitlement processes and multiple-story buildings. These unique risks
may adversely impact our return on investment in these mixed-use development projects.
If we sell the non-retail components, our retail component will be impacted by the decisions made by the other owners, and
actions of those occupying the non-retail spaces in these mixed-use properties.
If we partner with a developer, it makes us dependent upon the partner's ability to perform and to agree on major decisions that
impact our investment returns of the project. In addition, there is a risk that the non-retail developer may default on its
obligations necessitating that we complete the other components ourselves, including providing necessary financing.
We face risks associated with the acquisition of properties.
Our investment strategy includes investing in high-quality shopping centers that are leased to market-leading grocers, category-leading
anchors, specialty retailers, and/or restaurants located in areas with above average household incomes and population densities. The
acquisition of properties and/or real estate entities entails risks that include, but are not limited to, the following, any of which may
adversely affect our results of operations and cash flows:
properties we acquire may fail to achieve the occupancy or rental rates we project, within the time frames we estimate, which may
result in the properties' failure to achieve expected investment returns;
we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties,
into our existing operations and platform;
our investigation of an entity, property or building prior to our acquisition, and any representation we may have received
from such seller, may fail to reveal various liabilities including defects, necessary repairs or environmental matters requiring
corrective action, which may increase our costs;
our estimate of the costs to improve, reposition or redevelop a property may prove to be too low, or the time we estimate to
complete the improvement, repositioning or redevelopment may be too short, either of which may result in the property failing to
achieve our projected return, either temporarily or permanently;
we may not recover our costs from an unsuccessful acquisition;
our acquisition activities may distract or strain our management capacity; and
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acquired properties may be located in markets where we may face risks associated with a lack of market knowledge or
understanding of the local economy, lack of business relationships in the area, costs associated with opening a new regional office
and unfamiliarity with local governmental and permitting procedures.
We may be unable to sell properties when desired because of market conditions.
Our properties, including their related tangible and intangible assets, represent the majority of our total consolidated assets and they
may not be readily convertible to cash. Market conditions, including macroeconomic events, interest rate changes, capital availability,
and pandemics and other health crises, may impact our ability to sell properties on our preferred timing and at prices and returns we
deem acceptable. As a result, our ability to sell one or more of our properties, including properties held in joint ventures, in response
to changes in economic, industry, financial market, or other conditions may be limited. The real estate market is affected by many
factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and
demand for space, that are beyond our control. There may be less demand for lower quality properties that we have identified for
ultimate disposition in markets with uncertain economic or retail environments, and where buyers are more reliant on the availability
of third party mortgage financing. If we want to sell a property, we can provide no assurance that we will be able to dispose of it in
the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying
value of our investment.
Changes in tax laws could impact our acquisition or disposition of real estate.
Certain properties we own have a low tax basis, which may result in a meaningful taxable gain in the event of a sale. Where
appropriate and available, we utilize, and intend to continue to utilize, Code Section 1031 like-kind exchanges to tax-efficiently buy
and sell properties; however, there can be no assurance that we will identify properties that meet our investment objectives for
acquisitions or that changes to the tax laws do not eliminate the benefits of effectuating 1031 exchanges or significantly modify the
requirements for a transaction to qualify for 1031 exchange treatment. In the event that we cannot or do not utilize 1031 exchanges
when we sell certain properties, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may
reduce our cash flow available to fund our commitments or other priorities.
Risk Factors Related to the Environment Affecting Our Properties
Climate change may adversely impact our properties, some of which may be more vulnerable due to their geographic location,
and may lead to additional compliance obligations and costs.
We work with experts to plan for the potential physical, operational and financial impacts of climate change on our business, and we
cannot reliably predict the extent, rate, timing, or impact of climate change. To the extent climate change causes adverse changes in
weather patterns and natural disasters, our properties in certain markets may experience increases in frequency and intensity of severe
weather events, natural disasters and rising sea-levels. Further, population migration may occur in response to these or other factors
and negatively impact our centers. For example, climate and other environmental changes may result in more unpredictable or
decreased demand for retail space and in shopper traffic at certain of our properties, reduced rent and/or, in extreme cases, our
inability to operate certain properties at all.
In addition, a significant number of our properties are located in areas that are susceptible to earthquakes, tropical storms, hurricanes,
floods, tornadoes, wildfires, droughts, extreme temperatures, sea-level rise, and other natural disasters and severe weather events that
could be exacerbated by climate change. At December 31, 2024, 18.9% of the GLA of our portfolio is located in the state of
California, including a number of properties in the San Francisco Bay and Los Angeles areas. Additionally, 22.1% and 7.9% of the
GLA of our portfolio is located in the states of Florida and Texas, respectively. Insurance premiums and other related costs for
properties in these areas have increased significantly in recent years, and more frequent and intense weather conditions and natural
disasters may cause property insurance premiums and other related costs to further increase significantly in the future. We recognize
that the frequency and/or intensity of extreme weather events and other natural disasters may continue to increase, and as a result, our
exposure to these events may increase, especially in these particularly susceptible locations. Severe weather conditions and other
natural disasters may disrupt our business and the business of our tenants, which may affect the ability of some tenants to pay rent and
may reduce the ability or willingness of tenants and residents to remain in or move to these affected areas.
In addition to the potential physical, operational and financial impacts to our business, we also cannot reliably predict how the federal
government and the state and local governments in the areas in which we operate will legislatively respond to the risks associated with
climate change. Certain states in which we own and operate shopping centers, including California, Massachusetts and New York,
have passed legislation that may require, for example, overall reductions by the state of greenhouse gas ("GHG") emissions (which
may, in turn, result in future legal obligations on business operators like us), and certification and disclosure of estimated direct and
indirect GHG emissions by individual companies. The SEC has also proposed rules requiring, among other things, disclosures relating
to estimated GHG emissions, potential financial exposure relating to climate change, and company-specific governance of climate-
related risks. Litigation has been filed challenging the proposed SEC rules and California legislation, and it is possible that litigation
may be filed in respect of other climate-related laws and rules. Additional state and federal laws and rules with respect to climate
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change may be enacted in the future and the extent and scope of their requirements and impact on companies like Regency are
unknown. Compliance with various and potentially fragmented current and future laws and regulations related to climate change may
also require us to make additional investments in or for our properties and incur additional costs, as well as to implement new or
additional processes and controls to facilitate compliance.
In sum, taking these risks and potential impacts together, climate change may materially and adversely impact our business by
increasing the cost to operate our properties, for example, with respect to infrastructure and facilities construction and maintenance,
energy, insurance (and, potentially, the incurrence of uninsured losses), taxes, consultants and advisors, and other unforeseen fees,
costs and expenses. We may also face disruptions to our business and the businesses of our tenants, which may result in higher costs
or even some tenants being unable to conduct business in certain locations. In addition, we face the risk of the impacts of current,
proposed and future legislative and regulatory requirements in response to the perceived risks of climate change. At this time, there
can be no assurance that we can anticipate all potential material impacts of climate change, or that climate change will not have a
material and adverse effect on the value of our properties and our operational and financial performance in the future.
Costs of environmental remediation may adversely impact our financial performance and reduce our cash flow.
Under various federal, state, and local laws, an owner or manager of real property may be liable for some or all the costs to assess and
remediate the presence of hazardous substances on the property, which in our case most typically arise from current or former dry
cleaners, gas stations, automotive repair shops, asbestos usage, and historic land use practices. These laws often impose liability
without regard to whether the owner knew of, or was responsible for, the presence of hazardous substances, which may adversely
impact our financial performance and reduce our cash flow. The presence of, or the failure to properly address the presence of,
hazardous substances may adversely affect our ability to sell or lease the property, or borrow using the property as collateral. We can
provide no assurance that we are aware of all potential environmental liabilities or their ultimate cost to address; that our properties
will not be affected by tenants or nearby properties or other unrelated third parties; and that future uses or conditions, or changes in
environmental laws and regulations, or their interpretation, will not result in additional material environmental liabilities to us.
Risk Factors Related to Corporate Matters
An increased focus on metrics and reporting related to environmental, social and governance ("ESG") factors by investors
and other stakeholders may impose additional costs and expose us to new risks.
Investors and other stakeholders have become more focused on understanding how companies address a variety of ESG factors,
including institutional investors who hold a significant amount of the equity of the Company. As they evaluate investment decisions,
many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow
ESG comparisons between companies. Although we participate in a number of these ratings systems, we do not participate in all such
systems, and may not score as well in all of the available ratings systems as other REITs and real estate operators. Further, the criteria
used in these ratings systems may conflict with each other and change frequently, and we cannot guarantee that we will be able to
score well in the future. We supplement our participation in ratings systems by disclosing on our website information about our ESG
activities, but some investors may desire additional disclosures that we do not provide. Failure to participate in certain of the third-
party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures could adversely
impact us when investors compare us against similar companies in our industry, and could cause certain investors to be unwilling to
invest in our stock, which could adversely impact our stock price and our ability to raise capital. ESG disclosures may reflect
aspirational goals, targets, and other expectations and assumptions, which are necessarily uncertain and may not be realized. Failure to
realize (or timely achieve progress on) aspirational goals and targets could adversely affect the views of our investors, third-party ESG
ratings organizations and other stakeholders, thereby potentially adversely impacting our reputation, our business and stock price.
Failure to comply with government climate and other ESG-related regulations could also subject us to significant fines and penalties,
including risk of litigation. In addition, both advocates and opponents of certain ESG matters are increasingly resorting to a range of
activism forms, including media campaigns, shareholder proposals, and litigation, to advance their objectives. To the extent we are
subject to such activism, it may adversely impact our business.
An uninsured loss or a loss that exceeds the insurance coverage on our properties may subject us to loss of capital and revenue
on those properties.
We carry liability, fire, flood, terrorism, business interruption, and environmental insurance for our properties. Some types of losses,
such as losses from named windstorms, hurricanes, earthquakes, terrorism, or wars may have more limited coverage, or in some cases,
can be excluded from insurance coverage. In addition, it is possible that the availability of insurance coverage in certain geographic
areas may decrease in the future or become unavailable to us, and the cost to procure such insurance may increase due to lack of
market availability or other factors beyond our control. As a result, we may reduce the insurance we procure or we may elect or be
compelled to self-insure or otherwise assume some or all of this risk. Should a loss occur at any of our properties that is in excess of
the insurance limits of our policies, we may lose part or all of our invested capital and revenues from the impacted property or
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properties, which may have a material adverse impact on our operating results, financial condition, and our ability to make
distributions to stock and unit holders.
Terrorist activities or violence occurring at our properties also may directly affect the value of our properties through damage,
destruction or loss. Insurance for such acts may be unavailable or cost more resulting in an increase to our operating expenses and
adversely affect our results of operations. To the extent that our tenants are affected by such attacks and threats of violence, their
businesses may be adversely affected, including their ability to continue to meet obligations under their existing leases.
Failure to attract and retain key personnel may adversely affect our business and operations.
The success of our business depends, in significant part, on the leadership and performance of our executive management team and
other key personnel, and our ability to attract, retain and motivate talented employees may significantly impact our future
performance. Competition for these individuals is intense, and we cannot be assured that we will retain all of our executive
management team and other key personnel or that we will be able to attract and retain other highly qualified individuals for these
positions in the future. Losing any key personnel may have an adverse effect on us.
Risk Factors Related to Our Partnerships and Joint Ventures
We do not have voting control over all of the properties owned in our real estate partnerships and joint ventures, so we are
unable to ensure that our objectives will be pursued.
We have invested substantial capital as a partner in a number of partnerships and joint ventures to acquire, own, lease, develop or
redevelop properties. These activities are subject to the same risks as our investments in our wholly-owned properties. However,
these investments, and other future similar investments may involve risks that would not be present were a third party not involved,
including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to
fund their share of required capital contributions. Partners or other owners may have economic or other business interests or goals that
are inconsistent with our own business interests or goals, and may be in a position to take actions contrary to our policies or
objectives.
These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale
or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes
between us and partners or other owners might result in a premature termination of the applicable partnership or joint venture, or
potentially litigation or arbitration, that may increase our investment and related risk as well as our costs and expenses associated with
the investment, and distract management from sufficiently focusing their time and efforts on others areas of our business. In addition,
we risk the possibility of being held liable for the actions of our partners or other owners. These factors may limit the return that we
receive from such investments or cause our cash flows to be lower than our estimates.
The termination of our partnerships may adversely affect our cash flow, operating results, and our ability to make
distributions to stock and unit holders.
If partnerships owning a significant number of properties were dissolved for any reason, we could lose the asset, property
management, leasing and construction management fees from these partnerships as well as the operating income of the properties,
which may adversely affect our operating results and our cash available for distribution to stock and unit holders. Certain of our
partnership operating agreements provide either member the ability to elect buy/sell clauses. The election of these dissolution
provisions could require us to invest additional capital to acquire the partners’ interest or to sell our share of the property thereby
losing the operating income and cash flow.
Risk Factors Related to Funding Strategies and Capital Structure
Our ability to sell properties and fund acquisitions and developments may be adversely impacted by higher market
capitalization rates and lower NOI at our properties which may adversely affect results of operations and financial condition.
As part of our funding strategy, we sell properties that no longer meet our strategic objectives or investment standards and/or those
with a limited future growth profile. These sales proceeds are used to fund debt repayment, acquisition of other properties, and new
developments and redevelopments. An increase in market capitalization rates (which may or may not be driven by an increase in
interest rates) or a decline in NOI may cause a reduction in the value of centers identified for sale, which would have an adverse
impact on the amount of cash generated. Additionally, the sale of properties resulting in significant tax gains may require higher
distributions to our stockholders or payment of additional income taxes in order to maintain our REIT status.
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We depend on external sources of capital, which may not be available in the future on favorable terms or at all.
To qualify as a REIT, the Parent Company must, among other things, distribute to its stockholders each year at least 90% of its REIT
taxable income (excluding any net capital gains). Because of these distribution requirements, we may not be able to fund all future
capital needs with income from operations. In such instances, we would rely on third-party sources of capital, which may or may not
be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the
market's perception of our growth potential and our current and potential future earnings. Our access to debt depends on our credit
rating, the willingness of creditors to lend to us and conditions in the capital markets. In addition to finding lenders willing to lend to
us, we are dependent upon our joint venture partners to contribute their pro rata share of any amount needed to repay or refinance
existing debt when lenders reduce the amount of debt our partnerships and joint ventures are eligible to refinance.
In addition, our existing debt arrangements also impose covenants that limit our flexibility in obtaining other financing. Additional
equity offerings may result in substantial dilution of stockholders' interests and additional debt financing may substantially increase
our degree of leverage.
Without access to external sources of capital, we would be required to pay outstanding debt with our operating cash flows and
proceeds from property sales. Our operating cash flows may not be sufficient to pay our outstanding debt as it comes due and real
estate investments generally cannot be sold quickly at a return we believe is appropriate. If we are required to deleverage our business
with operating cash flows and proceeds from property sales, we may be forced to reduce the amount of, or eliminate altogether, our
distributions to stock and unit holders or refrain from making investments in our business.
Our debt financing may adversely affect our business and financial condition.
Our ability to make scheduled payments or to refinance our indebtedness will depend primarily on our future performance, which to a
certain extent is subject to economic, financial, competitive and other factors beyond our control. In addition, we do not expect to
generate sufficient operating cash flow to make balloon principal payments on our debt when due. If we are unable to refinance our
debt on acceptable terms, we may be forced (i) to dispose of properties, which might result in losses, or (ii) to obtain financing at
unfavorable terms, either of which may reduce the cash flow available for distributions to stock and unit holders. If we cannot make
required mortgage loan payments, the mortgagee may foreclose on the property securing the mortgage.
Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition.
Our unsecured notes and unsecured line of credit (the "Line") contain customary covenants, including compliance with financial
ratios, such as ratio of indebtedness to total asset value and fixed charge coverage ratio. These covenants may limit our operational
flexibility and our investment activities. Moreover, if we breach any of the covenants in our debt agreements, and do not cure the
breach within the applicable cure period, our lenders may require us to repay the debt immediately, even in the absence of a payment
default. Many of our debt arrangements, including our unsecured notes and the Line, are cross-defaulted, which means that the
lenders under those debt arrangements can require immediate repayment of their debt if we breach and fail to cure a default under
certain of our other material debt obligations. As a result, any default under our debt covenants may have an adverse effect on our
financial condition, our results of operations, our ability to meet our obligations, and the market value of our stock.
Increases in interest rates would cause our borrowing costs to rise and negatively impact our results of operations.
Although a significant amount of our outstanding debt has fixed interest rates, we do borrow funds at variable interest rates under our
credit facility, and certain secured borrowings. As of December 31, 2024, less than 1.0% of our outstanding debt was variable rate
debt not hedged to fixed rate debt. Increases in interest rates would increase our interest expense on any variable rate debt to the
extent we have not hedged our exposure to changes in interest rates. In addition, increases in interest rates will affect the terms under
which we refinance our existing debt as it matures, to the extent we have not hedged our exposure to changes in interest rates. This
would reduce our future earnings and cash flows, which may adversely affect our ability to service our debt and meet our other
obligations and also may reduce the amount we are able to distribute to our stock and unit holders.
Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not
yield the economic benefits we anticipate, which may adversely affect us.
We manage our exposure to interest rate volatility by using interest rate hedging arrangements. These arrangements involve risk, such
as the risk that counterparties may fail to honor their obligations under these arrangements, and that these arrangements may not be
effective in reducing our exposure to interest rate changes. There can be no assurance that our hedging arrangements will qualify for
hedge accounting or that our hedging activities will have the desired beneficial impact on our results of operations. Should we desire
to terminate a hedging arrangement, there may be significant costs and cash requirements involved to fulfill our obligations under the
hedging arrangement. In addition, failure to effectively hedge against interest rate changes may adversely affect our results of
operations.
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Risk Factors Related to Information Management and Technology
The unauthorized access, use, theft or destruction of tenant or employee personal, financial or other data, or of Regency's
proprietary or confidential information stored in our information systems or by third parties on our behalf, could impact
operations, and expose us to potential liabilities and material adverse financial impact.
Many of our information technology systems (including the systems of our real estate partners and other third-party business partners
and service providers) contain personal, financial or other information that is entrusted to us by our tenants, employees and business
partners. Many of our information technology systems contain our proprietary information and other confidential information related
to our business.
Like all companies, we face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of
our information technology systems and confidential information, including from diverse threat actors, such as state-sponsored
organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing,
malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of malicious code embedded
in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our
suppliers’ or service providers’) information technology systems, products or services. To the extent we or a third party were to
experience a material breach of our information technology systems that results in the unauthorized access, theft, use, manipulation,
destruction or other compromises of our confidential information stored in such systems, including through cyber-attacks such as
ransomware, denial of service or other methods, such a breach may cause us to lose tenants and employees, result in adverse financial
impact, incur third party claims and cause disruption to our business and plans. Despite planning, preparation, and preventative and
risk-management measures, our business may be significantly disrupted if unable to quickly recover. Such security breaches also
could subject us to litigation and governmental investigations and proceedings into potential violations of applicable U.S. privacy or
other laws. Any of these events could result in our exposure to material civil or criminal liability, and we may not be able to fully
recover these expenses from our service providers, responsible parties, or insurance carriers, or that applicable insurance will be
available to us in the future on economically reasonable terms or at all. We can provide no assurance that the ongoing significant
investments in technology and training we make relating to cybersecurity will avoid or prevent such breaches or attacks.
Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly
sophisticated in using techniques and tools—including artificial intelligence—that circumvent security controls, evade detection and
remove forensic evidence. Despite the implementation of security measures for our disaster recovery and business continuity plans,
our information systems may be vulnerable to damage or other adverse impact from multiple sources other than cybersecurity risks,
including computer viruses, energy blackouts, natural disasters, terrorism, war, and telecommunication failure. Any system failure or
accident that causes disruption or interruptions to our information systems could result in a material disruption to our operations and
business, and cause us to incur material costs to remedy such damages or adverse impacts.
Any actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the
privacy, security and processing of personal information could adversely affect our business, results of operations, or financial
condition.
In connection with running our business, we receive, store, use and otherwise process information that relates to individuals, including
from and about our tenants, employees and business partners. We are therefore subject to laws, regulations and other requirements
relating to the privacy, security and handling of personal information. These laws require us to adhere to certain disclosure restrictions
and deletion obligations with respect to the personal information, and allow for penalties for violations and, in some cases, a private
right of action. These laws also impose transparency and other obligations with respect to personal information of and provide rights
with respect to personal information. The application and interpretation of such requirements are evolving and are subject to change,
creating a complex compliance environment. There has been a substantial increase in legislative activity and regulatory focus on data
privacy and security, including in relation to cybersecurity incidents.
It is possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws,
regulations and other requirements, may require us to incur significant costs, implement new processes, or change our handling of
information and business operations. In addition, any failure or perceived failure by us to comply with laws, regulations and other
requirements relating to the privacy, security and handling of information could result in legal claims or proceedings (including class
actions), regulatory investigations or enforcement actions. We could incur costs in investigating and defending such claims and, if
found liable, pay damages or fines or be required to make changes to our business. These proceedings and any subsequent adverse
outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business,
results of operations, and financial condition could be materially adversely affected.
18
The use of technology based on artificial intelligence presents risks relating to confidentiality, creation of inaccurate and
flawed outputs and emerging regulatory risk, any or all of which may adversely affect our business and results of operations.
As with many technological innovations, artificial intelligence (“AI") presents great promise but also risks and challenges that could
adversely affect our business. Sensitive, proprietary, or confidential information of the Company, our tenants, employees and business
partners could be leaked, disclosed, or revealed as a result of or in connection with the use of generative AI technologies by our
employees or vendors. Any such information input into a third-party generative AI or machine learning platform could be revealed to
others, including if information is used to train the third party's generative AI or machine learning models. Additionally, where a
generative AI or machine learning model ingests personal information and makes connections using such data, those technologies may
reveal other sensitive, proprietary, or confidential information generated by the model. Moreover, generative AI or machine learning
models may create incomplete, inaccurate, or otherwise flawed outputs, which may appear correct. Due to these issues, these models
could lead us to make flawed decisions that could result in adverse consequences to us, including exposure to reputational and
competitive harm, customer loss, and legal liability. In addition, uncertainty in the legal and regulatory regime relating to AI may
require significant resources to modify and maintain business practices to comply with applicable law, the nature of which cannot be
determined at this time. Several jurisdictions have already proposed or enacted laws governing AI and may decide to adopt similar or
more restrictive legislation that may render the use of such technologies challenging. These obligations may prevent or limit our
ability to use AI in our business, lead to regulatory fines or penalties, or require us to change our business practices. If we cannot use
AI, or that use is restricted, our business may be less efficient, or we may be at a competitive disadvantage. Any of these factors could
adversely affect our business, financial condition, and results of operations.
Risk Factors Related to Taxes and the Parent Company's Qualification as a REIT
If the Parent Company fails to qualify as a REIT for federal income tax purposes, it would be subject to federal income tax at
regular corporate rates.
We believe that the Parent Company qualifies for taxation as a REIT for federal income tax purposes, and we plan to operate so that
the Parent Company can continue to meet the requirements for taxation as a REIT. If the Parent Company continues to qualify as a
REIT, it generally will not be subject to federal income tax on income that it distributes to its stockholders. Many REIT requirements,
however, are highly technical and complex. The determination that the Parent Company is a REIT requires an analysis of various
factual matters and circumstances, some of which may not be totally within our control and some of which involve questions of
interpretation. For example, to qualify as a REIT, at least 95% of our gross income must come from specific passive sources, like
rent, that are itemized in the REIT tax laws. There can be no assurance that the Internal Revenue Service ("IRS") or a court would
agree with the positions we have taken in interpreting the REIT requirements. The Parent Company is also required to distribute to
the stockholders at least 90% of its REIT taxable income, excluding net capital gains. The Parent Company will be subject to U.S.
federal income tax on undistributed taxable income and net capital gains and to a 4% nondeductible excise tax on any amount by
which distributions the Parent Company pays with respect to any calendar year are less than the sum of 85% of our ordinary income,
95% of our capital gain net income and 100% of our undistributed income from prior years. The fact that we hold many of our assets
through real estate partnerships and their subsidiaries further complicates the application of the REIT requirements. Furthermore,
Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings, that make it more
difficult for the Parent Company to remain qualified as a REIT.
Also, unless the IRS granted relief under certain statutory provisions, the Parent Company would remain disqualified as a REIT for
four years following the year it first failed to qualify. If the Parent Company failed to qualify as a REIT (currently and/or with respect
to any tax years for which the statute of limitations has not expired), the Parent Company would have to pay significant income taxes,
reducing cash available to pay dividends, which would likely have a significant adverse effect on the value of our securities. In
addition, the Parent Company would no longer be required to pay any dividends to stockholders in order to maintain its REIT status,
and we could be subject to a federal alternative minimum tax and possibly increased state and local taxes. Although we believe that
the Parent Company qualifies as a REIT, we cannot be assured that the Parent Company will continue to qualify or remain qualified as
a REIT for tax purposes.
Even if the Parent Company qualifies as a REIT for federal income tax purposes, the Parent Company is required to pay certain
federal, state, and local taxes on its income and property. For example, if we have net income from "prohibited transactions," that
income will be subject to a 100% tax. In general, prohibited transactions include sales or other dispositions of property held primarily
for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction
depends on the facts and circumstances related to that sale. While we have undertaken a number of asset sales in recent years, we do
not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend
otherwise.
New legislation, as well as new regulations, administrative interpretations, or court decisions may be introduced, enacted, or
promulgated from time to time, that may change the tax laws or interpretations of the tax laws regarding qualification as a REIT, or
the federal income tax consequences of that qualification, in a manner that is adverse to our stockholders.
19
Dividends paid by REITs generally do not qualify for reduced tax rates.
Subject to limited exceptions, dividends paid by REITs (other than distributions designated as capital gain dividends, qualified
dividends or returns of capital) are not eligible for reduced rates for qualified dividends paid by "C" corporations and are taxable at
ordinary income tax rates. However, domestic shareholders that are individuals, trusts, and estates generally may deduct up to 20% of
the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT
for taxable years beginning before January 1, 2026. Although these rules do not adversely affect the taxation of REITs or dividends
payable by REITs, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive
than investments in the stocks of non-REIT corporations that pay dividends, which may adversely affect the value of the shares of
REITs, including the per share trading price of the Parent Company's capital stock.
Certain non-U.S. stockholders may be subject to U.S. federal income tax on gain recognized on a disposition of our common
stock if the Parent Company does not qualify as a "domestically controlled" REIT.
A non-U.S. person, other than certain "qualified shareholders" or "qualified foreign pension funds," as each is defined for purposes of
the Code, disposing of a U.S. real property interest, including shares of a U.S. corporation whose assets consist principally of U.S. real
property interests is generally subject to U.S. federal income tax on the gain recognized on the disposition. This tax does not apply,
however, to the disposition of stock in a REIT if the REIT is "domestically controlled." In general, the Parent Company will be a
domestically controlled REIT if, at all times during the five-year period ending on the applicable stockholder’s disposition of our
stock, less than 50% in value of our stock was held directly or indirectly by non-U.S. persons. If the Parent Company were to fail to
qualify as a domestically controlled REIT, gain recognized by a non-U.S. stockholder on a disposition of our common stock would be
subject to U.S. federal income tax unless our common stock was traded on an established securities market and the non-U.S.
stockholder did not at any time during a specified testing period actually or constructively own more than 10% of our outstanding
common stock.
We seek to act in the best interests of the Parent Company as a whole and do not take into consideration the particular tax
consequences to any specific holder of our stock. Non-U.S. persons should inform themselves as to the U.S. tax consequences, and
the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the purchase,
ownership, and disposition of shares of our common stock.
Legislative or other actions affecting REITs may have a negative effect on us or our investors.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the
IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, may adversely affect
the Parent Company or our investors. We cannot predict how changes in the tax laws might affect the Parent Company or our
investors. New legislation, Treasury Regulations, administrative interpretations or court decisions may significantly and negatively
affect the Parent Company's ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal
income tax consequences of an investment in us. There is also a risk that REIT status may be adversely impacted by a change in tax
or other laws. Also, the law relating to the tax treatment of other entities, or an investment in other entities, may change, making an
investment in such other entities more attractive relative to an investment in a REIT.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
The REIT provisions of the Code limit our ability to enter into hedging transactions. Generally, income from certain hedging
transactions, generally including transactions to manage interest rate changes with respect to borrowings to acquire or carry real estate
assets, does not constitute "gross income" for purposes of the 75% or 95% gross income tests, provided that we properly identify the
hedging transaction pursuant to the applicable sections of the Code and Treasury Regulations. To the extent that we enter into other
types of hedging transactions, or fail to make the proper tax identifications, the income from those transactions is likely to be treated
as non-qualifying income for purposes of both gross income tests. As a result of these rules, we may need to limit our use of
otherwise advantageous hedging techniques or implement those hedges through a TRS.
Partnership tax audit rules could have a material adverse effect.
Under current federal partnership tax audit rules, subject to certain exceptions, any audit adjustment to items of income, gain, loss,
deduction, or credit of a partnership (and a partner’s allocable share thereof) is determined, and taxes, interest, and penalties
attributable thereto are assessed and collected, at the partnership level. With respect to any partnership in which we invest, unless such
partnership makes an election or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment,
it is possible that such partnership would be required to pay additional taxes, interest, and penalties as a result of an audit adjustment.
We could be required to bear the economic burden of those taxes, interest, and penalties even though we may not otherwise have been
required to pay additional taxes had we owned the assets of the partnership directly.
20
Risk Factors Related to the Company's Stock
Restrictions on the ownership of the Parent Company's capital stock to preserve its REIT status may delay or prevent a
change in control.
Ownership of more than 7% by value of our outstanding capital stock is prohibited, with certain exceptions, by the Parent Company's
articles of incorporation, for the purpose of maintaining its qualification as a REIT. This 7% limitation may discourage a change in
control and may also (i) deter tender offers for our capital stock, which offers may be attractive to our stockholders, or (ii) limit the
opportunity for our stockholders to receive a premium for their capital stock that might otherwise exist if an investor attempted to
assemble a block in excess of 7% of our outstanding capital stock or to affect a change in control.
The issuance of the Parent Company's capital stock may delay or prevent a change in control.
The Parent Company's articles of incorporation authorize our Board of Directors to issue up to 30,000,000 shares of preferred stock
(less the shares of preferred stock already issued and outstanding) and 10,000,000 shares of special common stock and to establish the
preferences and rights of any shares issued. The issuance of preferred stock or special common stock may have the effect of delaying
or preventing a change in control. The provisions of the Florida Business Corporation Act regarding affiliated transactions may also
deter potential acquisitions by preventing the acquiring party from consummating a merger or other extraordinary corporate
transaction without the approval of our disinterested stockholders.
Ownership in the Parent Company may be diluted in the future.
In the future, a stockholder's percentage ownership in the Company may be diluted because of equity issuances for acquisitions,
capital market transactions or other corporate purposes, including equity awards we will grant to our directors, officers and employees.
In the past we have issued equity in the secondary market (including in connection with our At the Market ["ATM"] program) and
may do so again in the future, depending on the price of our stock and other factors.
In addition, our restated articles of incorporation, as amended, authorizes our Board of Directors to issue, without the approval of our
stockholders, one or more classes or series of preferred stock having such preferences, limitations, and relative rights, including
preferences over our common stock respecting dividends and distributions, as our Board of Directors generally may determine. The
terms of one or more classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For
example, we could grant the holders of preferred stock the right to elect some number of our directors in all events or on the
happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation
preferences we could assign to holders of preferred stock could affect the residual value of the common stock.
The Parent Company’s amended and restated bylaws provides that the courts located in the State of Florida will be the sole
and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability
to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
The Parent Company’s amended and restated bylaws provide that, unless the Parent Company consents in writing to the selection of
an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Parent
Company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director or officer or other employee of the
Parent Company to the Parent Company or its shareholders, (iii) any action asserting a claim against the Parent Company or any
director or officer or other employee of the Parent Company arising pursuant to any provision of the Florida Business Corporation Act
or the articles of incorporation or bylaws of the Parent Company, or (iv) any action asserting a claim against the corporation or any
director or officer or other employee of the corporation governed by the internal affairs doctrine shall be the Federal District Court for
the Middle District of Florida, Jacksonville Division (or, if such court does not have jurisdiction, a state court located within the State
of Florida, County of Duval).
By becoming a shareholder in our Parent Company, you will be deemed to have notice of and have consented to the provisions of the
amended and restated bylaws of our Parent Company related to choice of forum. The choice of forum provisions in the amended and
restated bylaws may limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us. Additionally, the
enforceability of choice of forum provisions in other companies’ governing documents has been challenged in legal proceedings, and
it is possible that, in connection with any applicable action brought against us, a court could find the choice of forum provisions
contained in the amended and restated bylaws of the Parent Company to be inapplicable or unenforceable in such action. If so, we may
incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of
operations, and financial condition.
21
There is no assurance that we will continue to pay dividends at current or historical rates.
Our ability to continue to pay dividends at current or historical rates or to increase our dividend rate will depend on a number of
factors, including, among others, the following:
our financial condition and results of future operations;
the terms of our loan covenants; and
our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates.
If we do not maintain or periodically increase the dividend on our common stock, or if we do not pay dividends on our preferred stock,
it may have an adverse effect on the market price of our common stock and other securities.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Cybersecurity Risk Management and Strategy
The Company employs a tiered structure of management and oversight for cybersecurity, characterized by distinct layers of
responsibility and decision making, which includes operation staff, management, and senior management and board-level governance.
As discussed in more detail below under "Cybersecurity Governance," this involves management responsibility through a specialized
Cyber Risk Committee (the "CRC") and oversight of that committee by a group of the most senior leaders of the Company, which
comprise the Company’s Executive Committee. At the Company’s Board of Directors (the "Board") level, the Audit Committee
oversees our cybersecurity risk management program.
Our strategy for managing cybersecurity risk is integrated into the Company’s overall risk management program and structure, as
depicted in the Corporate Governance section of our Proxy under "Risk Oversight."
The Company, through its Chief Information Security Officer ("CISO"), other Company employees experienced in information
network security, and the use of third-party expertise, references various recognized cybersecurity frameworks, such as the National
Institute of Standards and Technology Cybersecurity Framework. These frameworks are used to benchmark and tailor the Company’s
cybersecurity strategies and program to our risk profile and specific operational needs and goals. Our core cybersecurity strategy
focuses on five key pillars: identification, protection, detection, response, and recovery, each tailored to meet the specific challenges
and needs of our business. The primary goal of this strategy is to proactively safeguard the confidentiality, security, and availability of
the information we collect and store. This proactive approach includes attempts to identify, prevent, and mitigate cybersecurity threats,
as well as preparing to quickly respond to cybersecurity incidents to minimize their impact. Under the leadership of our CISO and
CRC, we regularly evaluate and enhance our cybersecurity practices to facilitate adaptation to the constantly evolving landscape of
cybersecurity threats.
We have adopted a risk-based strategy to manage cybersecurity risks associated with third parties. We prioritize our cybersecurity
efforts relating to third parties based on the likelihood and potential impact of cybersecurity threats. This includes reviewing the
security protocols of key vendors, service providers, and external users of our systems.
The CRC engages third-party expertise from time to time as it deems necessary or appropriate to test our cybersecurity defenses, to
evaluate the cybersecurity programs of current and potential vendors and service providers, and to seek specialized legal advice
regarding cybersecurity.
Since at least January 1, 2022, we are not aware of any cybersecurity incidents that have materially affected the Company. Based on
our current understanding of the cyber risk environment and our preparedness level, we do not believe it to be reasonably likely in the
near term that a cybersecurity threat will materially impact our business strategy, results of operations or financial condition.
Nonetheless, we face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our
operations, business strategy, results of operations, or financial condition. See "Risk Factors – The unauthorized access, use, theft or
destruction of tenant or employee personal, financial or other data, or of Regency's proprietary or confidential information stored in
our information systems or by third parties on our behalf, could impact operations, and expose us to potential liabilities and material
adverse financial impact."
Cybersecurity Governance
The Audit Committee of the Board is charged with overseeing our cybersecurity risk management program. The CRC Chair and the
CISO provide the Audit Committee with regular updates. These updates cover the overall status of the Company’s cybersecurity
program, as well as developments and potential new risks and trends. In the event of a significant cybersecurity threat or incident, the
CRC would escalate communication frequency and intensity with the Audit Committee, Board, and the Company’s Executive
Committee (discussed below).
22
As designated by the Company’s Executive Committee and the Audit Committee, our CRC leads Regency's cybersecurity risk
management program. This includes risk identification, assessment, management, prevention and mitigation, as well as securing
necessary resources and reporting on cybersecurity preparedness to the Executive Committee (which is currently comprised of the
CEO, CFO, and several of the Company’s other senior leaders) and the Audit Committee.
CRC membership, which is subject to change from time to time, includes management leadership possessing a diverse range of
education, experience and expertise, and is currently comprised of Company’s CISO, chief accounting officer, head of internal audit,
general counsel and chief compliance officer, head of litigation, head of human resources, head of IT operations and the manager of
network security. The collective experience of this committee encompasses areas such as IT, network security, change and incident
management, public company governance, accounting, financial controls, insurance, risk management, communications, human
capital, and legal matters including securities, privacy and technology contracting.
23
Item 2. Properties
The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties,
presented for consolidated properties (excludes properties owned by unconsolidated real estate partnerships):
December 31, 2024
December 31, 2023
Location
Number of
Properties
GLA (in
thousands)
Percent of
Total
GLA
Percent
Leased
Number of
Properties
GLA (in
thousands)
Percent of
Total
GLA
Percent
Leased
Florida
86
10,558
24.2%
96.5%
88
10,767
24.6%
95.1%
California
55
8,355
19.0%
96.0%
54
8,300
19.0%
94.9%
Connecticut
43
3,924
8.9%
94.1%
43
3,702
8.5%
92.5%
Texas
27
3,518
8.0%
96.9%
26
3,288
7.5%
97.3%
New York
42
3,339
7.6%
93.3%
42
3,399
7.8%
88.7%
Georgia
22
2,125
4.8%
97.3%
22
2,121
4.8%
94.2%
New Jersey
17
1,585
3.6%
97.0%
17
1,585
3.6%
93.3%
North Carolina
10
1,226
2.8%
98.5%
10
1,221
2.8%
98.1%
Ohio
8
1,224
2.8%
98.7%
8
1,221
2.8%
98.8%
Colorado
13
1,097
2.5%
97.9%
13
1,097
2.5%
97.7%
Illinois
6
1,085
2.5%
94.8%
6
1,085
2.5%
94.1%
Washington
10
962
2.2%
96.3%
10
962
2.2%
96.0%
Virginia
6
943
2.1%
98.3%
6
939
2.1%
97.7%
Massachusetts
8
898
2.0%
97.4%
9
996
2.3%
98.5%
Oregon
7
741
1.7%
95.3%
7
741
1.7%
95.0%
Pennsylvania
4
447
1.0%
97.3%
4
443
1.0%
99.5%
Missouri
4
408
0.9%
98.9%
4
408
0.9%
98.9%
Tennessee
3
314
0.7%
100.0%
3
314
0.7%
99.5%
Maryland
2
289
0.7%
89.9%
2
244
0.6%
89.9%
Indiana
1
289
0.7%
100.0%
1
279
0.6%
100.0%
Minnesota
2
246
0.6%
84.4%
2
246
0.6%
100.0%
Delaware
1
229
0.5%
97.1%
1
229
0.5%
96.2%
South Carolina
1
51
0.1%
100.0%
1
51
0.1%
100.0%
District of Columbia
1
23
0.1%
100.0%
1
23
0.1%
100.0%
Michigan
—
—
0.0%
0.0%
1
97
0.2%
74.0%
Total
379
43,876
100.0%
96.2%
381
43,758
100.0%
94.8%
The weighted average annual effective rent for the consolidated portfolio of properties, net of tenant concessions, is $25.56 and $24.67
per square foot ("PSF") as of December 31, 2024 and 2023, respectively.
24
The following table is a list of our shopping centers, summarized by state and in order of largest holdings by number of properties,
presented for unconsolidated properties (properties owned by our unconsolidated real estate partnerships):
December 31, 2024
December 31, 2023
Location
Number of
Properties
GLA (in
thousands)
Percent
of
Total
GLA
Percent
Leased
Number of
Properties
GLA (in
thousands)
Percent
of
Total
GLA
Percent
Leased
California
17
2,319
17.4%
98.4 %
17
2,320
17.8%
98.4%
Virginia
14
1,982
14.8%
94.1 %
14
1,982
15.2%
92.7%
North Carolina
7
1,240
9.2%
98.3 %
7
1,237
9.5%
97.9%
Texas
6
959
7.1%
95.4 %
5
741
5.7%
97.1%
Washington
7
874
6.5%
95.6 %
7
874
6.7%
98.0%
Colorado
6
858
6.4%
96.9 %
6
858
6.6%
95.5%
Maryland
9
848
6.3%
96.1 %
9
848
6.5%
96.0%
New York
5
786
5.8%
96.6 %
5
786
6.0%
98.0%
Illinois
5
777
5.8%
99.7 %
5
777
5.9%
98.6%
Florida
6
669
5.0%
98.4 %
6
669
5.1%
99.0%
Pennsylvania
6
664
4.9%
97.3 %
6
669
5.1%
96.0%
Minnesota
3
422
3.1%
99.2 %
3
423
3.2%
98.7%
New Jersey
4
300
2.2%
91.1 %
4
301
2.3%
85.4%
Connecticut
1
189
1.4%
98.1 %
1
189
1.4%
98.1%
Rhode Island
1
159
1.2%
97.0 %
—
—
0.0%
0.0%
Indiana
2
139
1.0%
91.6 %
2
139
1.1%
93.0%
Oregon
1
93
0.7%
97.5 %
1
93
0.7%
100.0%
South Carolina
1
80
0.6%
100.0 %
1
80
0.6%
100.0%
Delaware
1
64
0.5%
94.6 %
1
64
0.5%
94.6%
District of Columbia
1
17
0.1%
100.0 %
1
17
0.1%
100.0%
Total
103
13,439
100.0%
96.8 %
101
13,067
100.0%
94.8%
The weighted average annual effective rent for the unconsolidated portfolio of properties, net of tenant concessions, is $24.51 and
$24.04 PSF as of December 31, 2024 and 2023, respectively.
25
The following table summarizes our top tenants occupying our shopping centers for consolidated properties plus our Pro-rata share of
unconsolidated properties, as of December 31, 2024, based upon a percentage of total annualized base rent (GLA and dollars in
thousands):
Tenant
GLA
Percent of
Company
Owned GLA
Annualized
Base Rent
Percent of
Annualized
Base Rent
Number of
Leased Stores
Publix
2,925
6.0% $
34,154
2.9%
67
Albertsons Companies, Inc.
2,112
4.3%
33,169
2.8%
52
TJX Companies, Inc.
1,760
3.6%
32,405
2.7%
74
Amazon/Whole Foods
1,296
2.7%
31,102
2.6%
39
Kroger Co.
2,933
6.0%
30,658
2.6%
52
Ahold Delhaize
924
1.9%
22,920
1.9%
20
CVS
762
1.6%
20,507
1.7%
63
L.A. Fitness Sports Club
516
1.1%
11,242
0.9%
14
Trader Joe's
311
0.6%
11,194
0.9%
30
JPMorgan Chase Bank
179
0.4%
11,109
0.9%
58
Nordstrom
366
0.7%
10,080
0.8%
11
Starbucks
151
0.3%
9,531
0.8%
96
H.E. Butt Grocery Company
656
1.3%
9,400
0.8%
8
Ross Dress For Less
534
1.1%
9,374
0.8%
24
Gap, Inc
277
0.6%
8,984
0.8%
23
Bank of America
149
0.3%
8,487
0.7%
40
Target
771
1.6%
8,485
0.7%
7
Wells Fargo Bank
138
0.3%
7,937
0.7%
46
Petco Health and Wellness Company
303
0.6%
7,426
0.6%
29
JAB Holding Company
170
0.3%
7,080
0.6%
59
Walgreens Boots Alliance
266
0.5%
6,961
0.6%
24
Kohl's
526
1.1%
6,381
0.5%
7
Xponential Fitness
153
0.3%
6,066
0.5%
92
Ulta
199
0.4%
6,046
0.5%
23
Five Below
182
0.4%
5,470
0.5%
23
Walmart
677
1.4%
5,371
0.5%
7
Top Tenants
19,236
39.4% $
361,539
30.3%
988
Our leases for tenant space under 10,000 square feet generally have initial terms ranging from three to seven years. Leases greater
than 10,000 square feet ("Anchor Leases") generally have initial lease terms in excess of five years and are mostly comprised of
Anchor Tenants. Many of the leases contain provisions allowing the tenant the option of extending the term of the lease at expiration.
Our leases typically provide for the payment of fixed base rent, the tenant’s Pro-rata share of real estate taxes, insurance, and common
area maintenance ("CAM") expenses, and reimbursement for utility costs if not directly metered.
26
The following table summarizes Pro-rata lease expirations (per their terms) for the next ten years and thereafter, for our consolidated
and unconsolidated properties, assuming no tenants renew their leases (GLA and dollars of In Place Annual Base Rent Expiring Under
Leases in thousands):
Lease
Expiration
Year
Number of
Tenants with
Expiring Leases
Pro-rata
Expiring GLA
Percent of Total
Company GLA
In Place Annual
Base Rent Expiring
Under Leases
Percent of In
Place Annual
Base Rent
Pro-rata Expiring
Average Annual
Base Rent PSF
(1)
138
246
0.5% $
6,606
0.6% $
26.90
2025
1,252
3,200
7.0%
83,958
7.3%
26.24
2026
1,266
5,117
11.1%
127,533
11.1%
24.93
2027
1,373
6,180
13.4%
157,864
13.7%
25.54
2028
1,247
5,940
12.9%
155,907
13.5%
26.25
2029
1,201
6,612
14.4%
155,483
13.5%
23.51
2030
558
4,389
9.5%
108,352
9.4%
24.69
2031
446
2,344
5.1%
62,216
5.4%
26.55
2032
445
2,007
4.4%
58,689
5.1%
29.24
2033
477
2,093
4.6%
60,652
5.3%
28.97
2034
—
1,787
3.9%
51,389
4.5%
28.75
Thereafter
821
6,040
13.1%
122,195
10.6%
20.23
Total
9,224
45,955
99.9% $
1,150,844
100.0% $
25.04
(1)
Leases currently under month-to-month rent or in process of renewal.
During 2025, we have a total of 1,252 leases expiring by their terms, representing 3.2 million square feet of GLA. These expiring
leases have an average base rent of $26.24 PSF. The average base rent of new leases signed during 2024 was $34.58 PSF. During
periods of macroeconomic uncertainty or weakness, when the percent of our space leased is low, and/or when supply of retail space
for lease generally exceeds demand, tenants have more bargaining power, which may result in rental rate declines on new or renewal
leases. In periods of macroeconomic strength, when the percent of space leased is relatively high, and/or when supply/demand metrics
for retail space favor landlords, we have more bargaining power, which generally results in rental rate growth on new and renewal
leases.
Demand for retail space in high quality, community centers located in trade areas with compelling demographics remained strong in
2024 and into early 2025, especially among business operators with a history of success and growing innovative business concepts.
However, inflationary challenges and the potential for macroeconomic uncertainty or weakness could result in pressure on base rent
growth for new and renewal leases as businesses seek to manage these challenges and uncertainties.
27
The following table lists information about our consolidated and unconsolidated properties. For further information, see "Item 7, Management's Discussion and Analysis of
Financial Condition and Results of Operations" of this Report.
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Amerige Heights Town Center
Los Angeles-Long Beach-Anaheim
CA
2000
2000
$
—
97
96.0%
$
32.58
Albertsons, (Target)
Bloom on Third
Los Angeles-Long Beach-Anaheim
CA
35%
2018
1992
134,146
73
100.0%
60.42
Whole Foods, CVS, Citibank
Brea Marketplace
Los Angeles-Long Beach-Anaheim
CA
40%
2005
1987
—
352
97.8%
21.15
24 Hour Fitness, Big 5 Sporting Goods,
Childtime Childcare, Old Navy, Sprout's,
Target, Smart Parke
Circle Center West
Los Angeles-Long Beach-Anaheim
CA
2017
1989
—
63
100.0%
40.17
Marshalls
Circle Marina Center
Los Angeles-Long Beach-Anaheim
CA
2019
1994
24,000
112
90.1%
37.88
Sprouts, Big 5 Sporting Goods, Centinela
Feed & Pet Supplies
Culver Center
Los Angeles-Long Beach-Anaheim
CA
2017
2000
—
217
94.2%
33.71
Ralphs, Best Buy, LA Fitness, Sit N'
Sleep
El Camino Shopping Center
Los Angeles-Long Beach-Anaheim
CA
1999
2017
—
136
98.8%
43.75
Bristol Farms, CVS
Granada Village
Los Angeles-Long Beach-Anaheim
CA
40%
2005
2012
50,000
226
99.1%
28.82
Sprout's Markets, Rite Aid, PETCO,
Homegoods, Burlington, TJ Maxx
Hasley Canyon Village
Los Angeles-Long Beach-Anaheim
CA
2003
2003
16,000
70
93.0%
25.74
Ralphs
Heritage Plaza
Los Angeles-Long Beach-Anaheim
CA
1999
2012
—
230
99.8%
45.09
Ralphs, CVS, Daiso, Mitsuwa
Marketplace, Big 5 Sporting Goods
Laguna Niguel Plaza
Los Angeles-Long Beach-Anaheim
CA
40%
2005
1985
—
42
100.0%
33.32
CVS,(Albertsons)
Morningside Plaza
Los Angeles-Long Beach-Anaheim
CA
1999
1996
—
91
100.0%
26.63
Stater Bros.
Newland Center
Los Angeles-Long Beach-Anaheim
CA
1999
2016
—
152
100.0%
33.00
Albertsons
Nohl Plaza(6)
Los Angeles-Long Beach-Anaheim
CA
2023
1966
—
104
91.9%
16.96
Vons
Plaza Hermosa
Los Angeles-Long Beach-Anaheim
CA
1999
2013
—
95
100.0%
32.49
Von's, CVS
Ralphs Circle Center
Los Angeles-Long Beach-Anaheim
CA
2017
1983
—
60
98.5%
21.38
Ralphs
Rona Plaza
Los Angeles-Long Beach-Anaheim
CA
1999
1989
—
52
95.9%
22.36
Superior Super Warehouse
Seal Beach
Los Angeles-Long Beach-Anaheim
CA
20%
2002
1966
—
97
98.5%
28.21
Pavilions, CVS
Talega Village Center
Los Angeles-Long Beach-Anaheim
CA
2017
2007
—
102
93.9%
22.85
Ralphs
Tustin Legacy
Los Angeles-Long Beach-Anaheim
CA
2016
2017
—
112
100.0%
36.22
Stater Bros, CVS
Twin Oaks Shopping Center
Los Angeles-Long Beach-Anaheim
CA
40%
2005
2019
19,000
98
100.0%
26.34
Ralphs, Ace Hardware
Valencia Crossroads
Los Angeles-Long Beach-Anaheim
CA
2002
2003
—
173
100.0%
29.83
Whole Foods, Kohl's
Village at La Floresta
Los Angeles-Long Beach-Anaheim
CA
2014
2014
—
87
100.0%
39.08
Whole Foods
Von's Circle Center
Los Angeles-Long Beach-Anaheim
CA
2017
1972
3,475
151
100.0%
28.70
Von's, Ross Dress for Less, Planet Fitness
Woodman Van Nuys
Los Angeles-Long Beach-Anaheim
CA
1999
1992
—
108
100.0%
18.13
El Super
Silverado Plaza
Napa
CA
40%
2005
1974
15,600
85
95.7%
27.05
Nob Hill, CVS
Gelson's Westlake Market
Plaza
Oxnard-Thousand Oaks-Ventura
CA
2002
2016
—
85
97.5%
32.91
Gelson's Markets, John of Italy Salon &
Spa
Oakbrook Plaza
Oxnard-Thousand Oaks-Ventura
CA
1999
2017
—
83
91.3%
21.83
Gelson's Markets, (CVS), (Ace
Hardware)
Westlake Village Plaza and
Center
Oxnard-Thousand Oaks-Ventura
CA
1999
2015
—
201
97.3%
43.41
Von's, Sprouts, (CVS)
French Valley Village Center
Rvrside-San Bernardino-Ontario
CA
2004
2004
—
99
100.0%
28.72
Stater Bros, CVS
Oakshade Town Center
Sacramento-Roseville-Folsom
CA
2011
1998
3,253
104
81.4%
21.61
Safeway, Sierra
Prairie City Crossing
Sacramento-Roseville-Folsom
CA
1999
1999
—
90
100.0%
23.12
Safeway
Raley's Supermarket
Sacramento-Roseville-Folsom
CA
20%
2007
1964
—
63
100.0%
15.68
Raley's
The Marketplace
Sacramento-Roseville-Folsom
CA
2017
1990
—
111
100.0%
27.90
Safeway, CVS, Petco
4S Commons Town Center
San Diego-Chula Vista-Carlsbad
CA
93%
2004
2004
—
252
100.0%
35.25
Restoration Hardware Outlet, Ace
Hardware, Cost Plus World Market, CVS,
Jimbo's…Naturally!, Ralphs, ULTA
Balboa Mesa Shopping Center
San Diego-Chula Vista-Carlsbad
CA
2012
2014
—
207
100.0%
30.86
CVS, Kohl's, Von's
El Norte Pkwy Plaza
San Diego-Chula Vista-Carlsbad
CA
1999
2013
—
91
97.3%
20.91
Von's, Children's Paradise, ACE
Hardware
Friars Mission Center
San Diego-Chula Vista-Carlsbad
CA
1999
1989
—
147
100.0%
41.16
Ralphs, CVS
Navajo Shopping Center
San Diego-Chula Vista-Carlsbad
CA
40%
2005
1964
11,000
102
96.4%
17.81
Albertsons, O'Reilly Auto Parts, Dollar
Tree
Point Loma Plaza
San Diego-Chula Vista-Carlsbad
CA
40%
2005
1987
38,900
205
98.6%
23.08
Von's, Jo-Ann Fabrics, Marshalls, UFC
Gym
28
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Rancho San Diego Village
San Diego-Chula Vista-Carlsbad
CA
40%
2005
1981
—
153
95.4%
26.54
Smart & Final, 24 Hour Fitness, (Longs
Drug)
Scripps Ranch Marketplace
San Diego-Chula Vista-Carlsbad
CA
2017
2017
—
132
99.1%
36.63
Vons, CVS
The Hub Hillcrest Market
San Diego-Chula Vista-Carlsbad
CA
2012
2015
—
149
90.2%
45.71
Ralphs, Trader Joe's
Twin Peaks
San Diego-Chula Vista-Carlsbad
CA
1999
1988
—
208
99.1%
24.09
Target, Grocer
200 Potrero
San Francisco-Oakland-Berkeley
CA
2017
1928
—
30
100.0%
12.27
Gizmo Art Production, INC.
Bayhill Shopping Center
San Francisco-Oakland-Berkeley
CA
40%
2005
2019
28,800
122
98.9%
29.14
CVS, Mollie Stone's Market
Clayton Valley Shopping
Center
San Francisco-Oakland-Berkeley
CA
2003
2004
—
260
91.5%
23.82
Grocery Outlet, Central, CVS, Dollar
Tree, Ross Dress For Less
Diablo Plaza
San Francisco-Oakland-Berkeley
CA
1999
1982
—
63
98.3%
43.48
Bevmo!, (Safeway), (CVS)
El Cerrito Plaza
San Francisco-Oakland-Berkeley
CA
2000
2000
—
256
95.1%
29.76
Barnes & Noble, Jo-Ann Fabrics,
PETCO, Ross Dress For Less, Trader
Joe's, Marshalls, (CVS)
Encina Grande
San Francisco-Oakland-Berkeley
CA
1999
2016
—
106
100.0%
36.85
Whole Foods, Walgreens
Oakley Shops at Laurel
Fields(7)
San Francisco-Oakland-Berkeley
CA
2024
2024
—
78
80.5%
29.02
Safeway
Persimmon Place
San Francisco-Oakland-Berkeley
CA
2014
2014
—
153
97.5%
38.02
Whole Foods, Nordstrom Rack,
Homegoods
Plaza Escuela
San Francisco-Oakland-Berkeley
CA
2017
2002
—
154
92.5%
43.89
The Container Store, Trufusion, Talbots,
The Cheesecake Factory, Barnes & Noble
Pleasant Hill Shopping Center
San Francisco-Oakland-Berkeley
CA
40%
2005
2016
49,367
227
100.0%
24.93
Target, Burlington, Ross Dress for Less,
Homegoods
Potrero Center
San Francisco-Oakland-Berkeley
CA
2017
1997
—
227
70.9%
34.88
Safeway, 24 Hour Fitness, Ross Dress for
Less, Petco
Powell Street Plaza
San Francisco-Oakland-Berkeley
CA
2001
1987
—
166
98.1%
37.19
Trader Joe's, Bevmo!, Ross Dress For
Less, Marshalls, Old Navy
San Carlos Marketplace
San Francisco-Oakland-Berkeley
CA
2017
2007
—
154
97.3%
36.80
TJ Maxx, Best Buy, PetSmart, Bassett
Furniture, Salon Republic
San Leandro Plaza
San Francisco-Oakland-Berkeley
CA
1999
1982
—
50
95.3%
39.75
(Safeway), (CVS)
Serramonte Center
San Francisco-Oakland-Berkeley
CA
2017
2018
—
1,074
98.0%
27.87
Buy Buy Baby, Cost Plus World Market,
Crunch Fitness, DAISO, Dave & Buster's,
Dick's Sporting Goods, Divano Homes,
H&M, Macy's, Nordstrom Rack, Old
Navy, Party City, Ross Dress for Less,
Target, TJ Maxx, Uniqlo, Jagalchi, Koi
Palace
Tassajara Crossing
San Francisco-Oakland-Berkeley
CA
1999
1990
—
146
98.3%
26.72
Safeway, CVS, Alamo Hardware
Willows Shopping Center(6)
San Francisco-Oakland-Berkeley
CA
2017
2015
—
233
96.4%
29.41
REI, UFC Gym, Old Navy, Ulta, Five
Below, Airport Home Appliance
Woodside Central
San Francisco-Oakland-Berkeley
CA
1999
1993
—
81
98.7%
30.27
Chuck E. Cheese, Marshalls, (Target)
Ygnacio Plaza
San Francisco-Oakland-Berkeley
CA
40%
2005
1968
25,850
110
100.0%
41.81
Sports Basement,TJ Maxx
Blossom Valley
San Jose-Sunnyvale-Santa Clara
CA
1999
1990
22,300
93
87.4%
29.28
Safeway
Mariposa Shopping Center
San Jose-Sunnyvale-Santa Clara
CA
40%
2005
2020
26,950
127
97.4%
23.75
Safeway, CVS, Ross Dress for Less
Shoppes at Homestead
San Jose-Sunnyvale-Santa Clara
CA
1999
1983
—
116
98.2%
27.08
CVS, Crunch Fitness, (Orchard Supply
Hardware)
Snell & Branham Plaza
San Jose-Sunnyvale-Santa Clara
CA
40%
2005
1988
19,200
92
98.5%
22.46
Safeway
The Pruneyard
San Jose-Sunnyvale-Santa Clara
CA
2019
2014
—
260
95.5%
44.12
Trader Joe's, The Sports Basement,
Camera Cinemas, Marshalls
West Park Plaza
San Jose-Sunnyvale-Santa Clara
CA
1999
1996
—
88
100.0%
23.13
Safeway, Crunch Fitness
Golden Hills Plaza
San Luis Obispo-Paso Robles
CA
2006
2017
—
244
87.8%
7.31
Lowe's, TJ Maxx
Five Points Shopping Center
Santa Maria-Santa Barbara
CA
40%
2005
2014
—
145
97.6%
32.77
Smart & Final, CVS, Ross Dress for Less,
Big 5 Sporting Goods, PETCO
Corral Hollow
Stockton
CA
2000
2000
—
153
100.0%
19.21
Safeway, CVS, Crunch Fitness
29
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Alcove On Arapahoe
Boulder
CO
40%
2005
1957/2019
26,700
159
94.9%
20.27
Petco, HomeGoods, Jo-Ann Fabrics,
Safeway, Ulta Salon
Crossroads Commons
Boulder
CO
20%
2001
1986
34,500
143
95.8%
30.98
Whole Foods, Barnes & Noble
Crossroads Commons II
Boulder
CO
20%
2018
1995
5,500
18
100.0%
43.00
(Whole Foods), (Barnes & Noble)
Falcon Marketplace
Colorado Springs
CO
2005
2005
—
22
100.0%
27.59
(Wal-Mart)
Marketplace at Briargate
Colorado Springs
CO
2006
2006
—
29
100.0%
37.28
(King Soopers)
Monument Jackson Creek
Colorado Springs
CO
1998
1999
—
85
100.0%
13.36
King Soopers
Woodmen Plaza
Colorado Springs
CO
1998
1998
—
116
95.6%
14.11
King Soopers
Applewood Shopping Ctr
Denver-Aurora-Lakewood
CO
40%
2005
2017/2020
—
360
97.0%
17.20
Applejack Liquors, Hobby Lobby,
Homegoods, King Soopers, PetSmart,
Sierra Trading Post, Ulta, Three Little
Mingos
Belleview Square
Denver-Aurora-Lakewood
CO
2004
2013
—
117
97.9%
22.68
King Soopers
Boulevard Center
Denver-Aurora-Lakewood
CO
1999
1986
—
77
94.5%
33.57
Eye Care Specialists, (Safeway)
Buckley Square
Denver-Aurora-Lakewood
CO
1999
1978
—
116
96.4%
12.59
Ace Hardware, King Soopers
Cherrywood Square Shop Ctr
Denver-Aurora-Lakewood
CO
40%
2005
1978
9,650
97
100.0%
13.29
King Soopers
Hilltop Village
Denver-Aurora-Lakewood
CO
2002
2018
—
101
97.3%
13.30
King Soopers
Littleton Square
Denver-Aurora-Lakewood
CO
1999
2015
—
99
96.0%
11.35
King Soopers
Lloyd King Center
Denver-Aurora-Lakewood
CO
1998
1998
—
83
100.0%
12.79
King Soopers
Ralston Square Shopping
Center
Denver-Aurora-Lakewood
CO
40%
2005
1977
—
83
98.5%
17.26
King Soopers
Shops at Quail Creek
Denver-Aurora-Lakewood
CO
2008
2008
—
38
100.0%
28.49
(King Soopers)
Stroh Ranch
Denver-Aurora-Lakewood
CO
1998
1998
—
93
100.0%
14.66
King Soopers
Centerplace of Greeley III
Greeley
CO
2007
2007
—
119
100.0%
13.11
Hobby Lobby, Best Buy, TJ Maxx
22 Crescent Road
Bridgeport-Stamford-Norwalk
CT
2017
1984
—
4
100.0%
69.00
-
25 Valley Drive
Bridgeport-Stamford-Norwalk
CT
2023
1977
—
18
100.0%
47.57
-
321-323 Railroad Ave
Bridgeport-Stamford-Norwalk
CT
2023
1983
—
21
100.0%
38.85
-
470 Main Street
Bridgeport-Stamford-Norwalk
CT
2023
1972
—
22
100.0%
31.12
-
91 Danbury Road
Bridgeport-Stamford-Norwalk
CT
2017
1965
—
5
100.0%
30.96
0
970 High Ridge Center
Bridgeport-Stamford-Norwalk
CT
2023
1960
—
27
89.6%
36.55
BevMax
Airport Plaza
Bridgeport-Stamford-Norwalk
CT
2023
1974
—
33
96.3%
31.20
-
Bethel Hub Center
Bridgeport-Stamford-Norwalk
CT
2023
1957
—
31
60.8%
15.03
La Placita Bethel Market
Black Rock
Bridgeport-Stamford-Norwalk
CT
80%
2014
1996
15,148
98
97.8%
30.18
Old Navy, The Clubhouse
Brick Walk(6)
Bridgeport-Stamford-Norwalk
CT
80%
2014
2007
30,591
122
97.2%
47.49
-
Compo Acres Shopping Center
Bridgeport-Stamford-Norwalk
CT
2017
2011
—
43
95.9%
57.62
Trader Joe's
Compo Shopping Center
Bridgeport-Stamford-Norwalk
CT
2024
1953
—
76
86.2%
53.75
CVS
Copps Hill Plaza
Bridgeport-Stamford-Norwalk
CT
2017
2002
—
173
87.3%
22.42
Stop & Shop, Homegoods, Marshalls,
Rite Aid, Michael's
Cos Cob Commons
Bridgeport-Stamford-Norwalk
CT
2023
1986
—
48
84.3%
54.36
CVS
Cos Cob Plaza
Bridgeport-Stamford-Norwalk
CT
2023
1947
3,742
15
93.4%
54.62
-
Danbury Green
Bridgeport-Stamford-Norwalk
CT
2017
2006
—
124
100.0%
27.12
Trader Joe's, Hilton Garden Inn, DSW,
Staples, Rite Aid, Warehouse Wines &
Liquors
Danbury Square
Bridgeport-Stamford-Norwalk
CT
2023
1987
—
194
94.9%
13.03
Ocean State Job Lot, Planet Fitness, Elicit
Brewing Company, Hobby Lobby
Darinor Plaza(6)
Bridgeport-Stamford-Norwalk
CT
2017
1978
—
153
100.0%
20.54
Kohl's, Old Navy, Party City
Fairfield Center(6)
Bridgeport-Stamford-Norwalk
CT
80%
2014
2000
—
95
87.1%
34.74
Fairfield University Bookstore, Merril
Lynch
Fairfield Crossroads
Bridgeport-Stamford-Norwalk
CT
2023
1995
—
62
100.0%
25.28
Marshalls, DSW
Greenwich Commons
Bridgeport-Stamford-Norwalk
CT
2023
1961
4,667
10
100.0%
90.67
-
High Ridge Center
Bridgeport-Stamford-Norwalk
CT
100%
2023
1968
8,825
93
99.9%
49.95
Trader Joe's, Barnes & Noble
Knotts Landing
Bridgeport-Stamford-Norwalk
CT
2023
1994
—
6
100.0%
75.43
-
Main & Bailey
Bridgeport-Stamford-Norwalk
CT
2023
1950
—
62
78.4%
28.15
-
30
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Newfield Green
Bridgeport-Stamford-Norwalk
CT
2023
1966
18,737
74
96.1%
41.78
Grade A Market, CVS
Old Greenwich CVS
Bridgeport-Stamford-Norwalk
CT
100%
2023
1941
846
8
100.0%
45.00
-
Old Kings Market (fka
Goodwives Shopping Center)
Bridgeport-Stamford-Norwalk
CT
2023
1955
22,607
96
93.2%
41.61
Stop & Shop
Post Road Plaza
Bridgeport-Stamford-Norwalk
CT
2017
1978
—
20
100.0%
59.79
Trader Joe's
Ridgeway Shopping Center
Bridgeport-Stamford-Norwalk
CT
2023
1952
41,940
365
92.0%
31.53
Stop & Shop, LA Fitness, Marshalls,
Michael's, Staples, Old Navy, ULTA,
Party City
Shelton Square
Bridgeport-Stamford-Norwalk
CT
2023
1982
—
189
98.4%
19.65
Stop & Shop, Homegoods, Hawley Lane,
Edge Fitness
Station Centre @ Old
Greenwich
Bridgeport-Stamford-Norwalk
CT
2023
1952
—
39
93.9%
37.26
Kings Food Markets
The Dock-Dockside
Bridgeport-Stamford-Norwalk
CT
2023
1974
32,908
278
99.5%
19.82
Stop & Shop, BJ's Whole Sale, Edge
Fitness, West Marine, Petco, Dollar Tree,
Osaka Hibachi
The Hub at Norwalk (fka
Walmart Norwalk)
Bridgeport-Stamford-Norwalk
CT
2017
2003
—
146
100.0%
23.66
HomeGoods, Target
Westport Collection (fka
Greens Farms Plaza)
Bridgeport-Stamford-Norwalk
CT
2023
1958
—
40
51.3%
26.64
BevMax
Westport Row
Bridgeport-Stamford-Norwalk
CT
2017
2010/2020
—
95
100.0%
45.62
The Fresh Market, Pottery Barn
Brookside Plaza
Hartford-E Hartford-Middletown
CT
2017
2006
—
226
96.5%
16.59
Burlington Coat Factory, PetSmart,
ShopRite, Staples, TJ Maxx, LL Bean
Corbin's Corner
Hartford-E Hartford-Middletown
CT
40%
2005
2015
53,000
189
98.1%
32.70
Best Buy, Edge Fitness, Old Navy, The
Tile Shop, Total Wine and More, Trader
Joe's
Aldi Square
New Haven-Milford
CT
2023
2014
—
38
100.0%
16.80
Aldi
Orange Meadows
New Haven-Milford
CT
2023
1990
—
78
100.0%
24.17
Trader Joe's, TJMaxx, Bob's Discount
Furniture, Ulta
Southbury Green
New Haven-Milford
CT
2017
2002
—
156
88.7%
22.63
ShopRite, Homegoods
The Shops at Stone Bridge(7)
New Haven-Milford
CT
2024
2024
—
155
79.1%
29.79
Whole Foods, TJ Maxx, Barnes & Noble
New Milford Plaza
Torrington
CT
2023
1970
—
235
98.9%
9.09
Walmart, Stop & Shop, Club 24, Dollar
Tree
Sunny Valley Shops
Torrington
CT
2023
2003
—
72
93.3%
12.58
Staples, Planet Fitness
Veterans Plaza
Torrington
CT
2023
1966
—
80
100.0%
12.79
Big Y World Class Market, BevMax
Shops at The Columbia
Washington-Arlington-Alexandri
DC
2006
2006
—
23
100.0%
40.18
Trader Joe's
Spring Valley Shopping Center
Washington-Arlington-Alexandri
DC
40%
2005
1930
13,000
17
100.0%
103.05
-
Pike Creek
Philadelphia-Camden-Wilmington
DE
1998
2013
—
229
97.1%
17.72
Acme Markets, Edge Fitness, Pike Creek
Community Hardware
Shoppes of Graylyn
Philadelphia-Camden-Wilmington
DE
40%
2005
1971
—
64
94.6%
25.82
Rite Aid
Corkscrew Village
Cape Coral-Fort Myers
FL
2007
1997
—
82
97.8%
15.89
Publix
Shoppes of Grande Oak
Cape Coral-Fort Myers
FL
2000
2000
—
79
100.0%
18.77
Publix
Millhopper Shopping Center
Gainesville
FL
1993
2017
—
80
97.7%
19.59
Publix
Newberry Square
Gainesville
FL
1994
1986
—
181
88.8%
10.67
Publix, Floor & Décor, Dollar Tree
Anastasia Plaza
Jacksonville
FL
1993
1988
—
102
98.8%
17.63
Publix
Atlantic Village
Jacksonville
FL
2017
2014
—
110
100.0%
19.50
LA Fitness, Pet Supplies Plus
Brooklyn Station on Riverside
Jacksonville
FL
2013
2013
—
50
100.0%
29.45
The Fresh Market
Courtyard Shopping Center
Jacksonville
FL
1993
1987
—
137
100.0%
3.68
Target, (Publix)
East San Marco
Jacksonville
FL
2007
2022
—
59
100.0%
28.53
Publix
Fleming Island
Jacksonville
FL
1998
2000
—
136
99.2%
18.22
Publix, PETCO, Planet Fitness, (Target)
Hibernia Pavilion
Jacksonville
FL
2006
2006
—
51
100.0%
16.72
Publix
John's Creek Center
Jacksonville
FL
20%
2003
2004
9,000
82
100.0%
17.51
Publix
Julington Village
Jacksonville
FL
20%
1999
1999
10,000
82
100.0%
18.04
Publix, (CVS)
Mandarin Landing
Jacksonville
FL
2017
2024
—
140
100.0%
22.70
Whole Foods, Aveda Institute, Baptist
Health, Cooper's Hawk
31
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Nocatee Town Center
Jacksonville
FL
2007
2017
—
114
100.0%
23.94
Publix
Oakleaf Commons
Jacksonville
FL
2006
2006
—
77
96.3%
16.15
Publix
Old St Augustine Plaza
Jacksonville
FL
1996
2017/2020
—
248
100.0%
11.54
Publix, Burlington Coat Factory, Hobby
Lobby, LA Fitness, Ross Dress for Less
Pablo Plaza
Jacksonville
FL
2017
2020
—
162
100.0%
19.32
Whole Foods, Office Depot, Marshalls,
HomeGoods, PetSmart
Pine Tree Plaza
Jacksonville
FL
1997
1999
—
63
100.0%
15.82
Publix
Seminole Shoppes
Jacksonville
FL
50%
2009
2018
7,500
87
97.6%
24.72
Publix
Shoppes at Bartram Park
Jacksonville
FL
50%
2005
2017
—
135
100.0%
23.43
Publix, (Kohl's), (Tutor Time)
Shops at John's Creek
Jacksonville
FL
2003
2004
—
15
100.0%
28.57
-
South Beach Regional
Jacksonville
FL
2017
1990
—
305
98.4%
18.88
Trader Joe's, Home Depot, Ross Dress for
Less, Staples, Nordstrom Rack, TJ Maxx
Starke(6)
Jacksonville
FL
2000
2000
—
13
100.0%
27.05
CVS
Avenida Biscayne
Miami-Ft Lauderdale-PompanoBch
FL
2017
1991
—
142
90.4%
57.09
DSW, Jewelry Exchange, Old Navy, The
Fresh Market
Aventura Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
1994
2017
—
97
98.9%
39.73
CVS, Publix
Banco Popular Building
Miami-Ft Lauderdale-PompanoBch
FL
2017
1971
—
5
100.0%
92.31
-
Bird 107 Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
1990
—
40
100.0%
22.87
Walgreens
Bird Ludlam
Miami-Ft Lauderdale-PompanoBch
FL
2017
1998
—
192
98.1%
26.95
CVS, Goodwill, Winn-Dixie
Boca Village Square
Miami-Ft Lauderdale-PompanoBch
FL
2017
2014
—
92
100.0%
48.27
CVS, Publix
Boynton Lakes Plaza
Miami-Ft Lauderdale-PompanoBch
FL
1997
2012
—
110
95.9%
17.82
Citi Trends, Pet Supermarket, Publix
Boynton Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
2015
—
105
100.0%
21.85
CVS, Publix
Caligo Crossing
Miami-Ft Lauderdale-PompanoBch
FL
2007
2007
—
11
100.0%
46.60
(Kohl's)
Chasewood Plaza
Miami-Ft Lauderdale-PompanoBch
FL
1993
2015
—
152
96.2%
28.96
Publix, Pet Smart
Concord Shopping Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
1993
—
309
100.0%
15.10
Big Lots, Dollar Tree, Home Depot,
Winn-Dixie, YouFit Health Club
Coral Reef Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
2017
1990
—
75
98.7%
34.22
Aldi, Walgreens
Country Walk Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
2008
16,000
101
96.5%
27.18
Publix, CVS
Countryside Shops
Miami-Ft Lauderdale-PompanoBch
FL
2017
1991/2018
—
186
98.0%
23.84
Publix, Ross Dress for Less, Painted Tree
Boutique
Fountain Square
Miami-Ft Lauderdale-PompanoBch
FL
2013
2013
—
177
99.2%
29.78
Publix, Ross Dress for Less, TJ Maxx,
Ulta, (Target)
Gardens Square
Miami-Ft Lauderdale-PompanoBch
FL
1997
1991
—
90
100.0%
20.14
Publix
Greenwood Shopping Centre
Miami-Ft Lauderdale-PompanoBch
FL
2017
1994
—
133
100.0%
18.41
Publix, Bealls
Hammocks Town Center
Miami-Ft Lauderdale-PompanoBch
FL
2017
1993
—
187
99.5%
20.37
CVS, Goodwill, Publix, Metro-Dade
Public Library, YouFit Health Club,
(Kendall Ice Arena)
Pine Island
Miami-Ft Lauderdale-PompanoBch
FL
2017
1999
—
255
92.5%
16.79
Publix, YouFit Health Club, Floor and
Décor, Advanced Veterinary Care Center
Pine Ridge Square
Miami-Ft Lauderdale-PompanoBch
FL
2017
2013
—
118
98.7%
22.70
The Fresh Market, Marshalls, Ulta,
Nordstrom Rack
Pinecrest Place(6)
Miami-Ft Lauderdale-PompanoBch
FL
2017
2017
—
70
98.3%
44.04
Whole Foods, (Target)
Point Royale Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
2017
2018
—
202
99.1%
17.21
Winn-Dixie, Burlington Coat Factory,
Pasteur Medical Center, Planet Fitness,
Rana Furniture
Prosperity Centre
Miami-Ft Lauderdale-PompanoBch
FL
2017
1993
—
124
69.6%
25.45
Office Depot, TJ Maxx, CVS
Sawgrass Promenade
Miami-Ft Lauderdale-PompanoBch
FL
2017
1998
—
107
89.9%
15.72
Publix, Walgreens, Dollar Tree
Sheridan Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
1991/2022
—
507
92.6%
21.00
Publix, Kohl's, LA Fitness, Ross Dress
for Less, Pet Supplies Plus, Burlington,
Marshalls
Shoppes @ 104
Miami-Ft Lauderdale-PompanoBch
FL
1998
2018
—
121
98.5%
21.04
Fresco y Mas, CVS
Shoppes at Lago Mar
Miami-Ft Lauderdale-PompanoBch
FL
2017
1995
—
83
94.3%
17.13
Publix, YouFit Health Club
Shoppes of Jonathan's Landing
Miami-Ft Lauderdale-PompanoBch
FL
2017
1997
—
27
100.0%
32.51
(Publix)
Shoppes of Oakbrook
Miami-Ft Lauderdale-PompanoBch
FL
2017
2003
—
183
58.6%
22.33
Publix, Duffy's Sports Bar, CVS
32
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Shoppes of Silver Lakes
Miami-Ft Lauderdale-PompanoBch
FL
2017
1997
—
127
100.0%
21.93
Publix, Goodwill
Shoppes of Sunset
Miami-Ft Lauderdale-PompanoBch
FL
2017
2009
—
22
81.9%
29.24
-
Shoppes of Sunset II
Miami-Ft Lauderdale-PompanoBch
FL
2017
2009
—
28
93.4%
25.33
-
Shops at Skylake
Miami-Ft Lauderdale-PompanoBch
FL
2017
2006
—
287
97.6%
19.13
Publix, LA Fitness, TJ Maxx, Goodwill,
Pasteur Medical
University Commons(6)
Miami-Ft Lauderdale-PompanoBch
FL
2015
2001
—
180
100.0%
34.86
Whole Foods, Nordstrom Rack, Barnes &
Noble, Bed Bath & Beyond
Waterstone Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
2005
—
61
100.0%
18.79
Publix
Welleby Plaza
Miami-Ft Lauderdale-PompanoBch
FL
1996
1982
—
110
94.4%
15.44
Publix, Dollar Tree
Wellington Town Square
Miami-Ft Lauderdale-PompanoBch
FL
1996
2022
—
108
97.4%
25.44
Publix, CVS
West Bird Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
2000/2021
—
99
97.9%
27.20
Publix
West Lake Shopping Center
Miami-Ft Lauderdale-PompanoBch
FL
2017
2000
—
101
98.6%
23.62
Fresco y Mas, CVS
Westport Plaza
Miami-Ft Lauderdale-PompanoBch
FL
2017
2002
—
47
100.0%
23.59
Publix
Berkshire Commons
Naples-Marco Island
FL
1994
1992
—
110
100.0%
16.53
Publix, Walgreens
Naples Walk
Naples-Marco Island
FL
2007
1999
—
125
92.8%
19.54
Publix
Pavilion
Naples-Marco Island
FL
2017
2011
—
168
95.2%
24.34
LA Fitness, Paragon Theaters, J. Lee
Salon Suites
Shoppes of Pebblebrook Plaza
Naples-Marco Island
FL
50%
2000
2000
—
80
97.0%
16.96
Publix, (Walgreens)
Alafaya Village
Orlando-Kissimmee-Sanford
FL
2017
1986
—
39
87.3%
27.54
-
Kirkman Shoppes
Orlando-Kissimmee-Sanford
FL
2017
2015
—
116
100.0%
27.21
LA Fitness, Walgreens
Lake Mary Centre
Orlando-Kissimmee-Sanford
FL
2017
2015
—
356
95.0%
18.61
The Fresh Market, Academy Sports,
Hobby Lobby, LA Fitness, Ross Dress for
Less, Office Depot
Plaza Venezia
Orlando-Kissimmee-Sanford
FL
20%
2016
2000
36,500
203
97.1%
35.13
Publix, Eddie V's
Town and Country
Orlando-Kissimmee-Sanford
FL
2017
1993
—
78
100.0%
11.98
Ross Dress for Less
Unigold Shopping Center
Orlando-Kissimmee-Sanford
FL
2017
1987
—
115
90.1%
16.19
YouFit Health Club, Ross Dress for Less
Willa Springs
Orlando-Kissimmee-Sanford
FL
2000
2000
16,700
90
100.0%
25.25
Publix
Cashmere Corners
Port St. Lucie
FL
2017
2016
—
86
100.0%
17.64
WalMart
The Plaza at St. Lucie West
Port St. Lucie
FL
2017
2006
—
27
100.0%
27.78
-
Charlotte Square
Punta Gorda
FL
2017
1980
—
91
92.1%
12.08
WalMart, Buffet City
Ryanwood Square
Sebastian-Vero Beach
FL
2017
1987
—
115
94.3%
13.13
Publix, Beall's, Harbor Freight Tools
South Point
Sebastian-Vero Beach
FL
2017
2003
—
72
100.0%
16.14
Publix
Treasure Coast Plaza
Sebastian-Vero Beach
FL
2017
1983
—
134
99.0%
19.36
Publix, TJ Maxx
Carriage Gate
Tallahassee
FL
1994
2013
—
73
100.0%
30.01
Trader Joe's, TJ Maxx
Ocala Corners(6)
Tallahassee
FL
2000
2000
—
93
92.9%
43.62
Publix
Bloomingdale Square
Tampa-St Petersburg-Clearwater
FL
1998
2021
—
252
99.5%
21.31
Bealls, Dollar Tree, Home Centric, LA
Fitness, Publix
Northgate Square
Tampa-St Petersburg-Clearwater
FL
2007
1995
—
75
100.0%
17.26
Publix
Regency Square
Tampa-St Petersburg-Clearwater
FL
1993
2013
—
352
98.4%
21.30
AMC Theater, Dollar Tree, Five Below,
Marshalls, Michael's, PETCO, Shoe
Carnival, TJ Maxx, Ulta, Old Navy, (Best
Buy), (Macdill)
Shoppes at Sunlake Centre
Tampa-St Petersburg-Clearwater
FL
2017
2008
—
117
100.0%
26.31
Publix
Suncoast Crossing(6)
Tampa-St Petersburg-Clearwater
FL
2007
2007
—
118
100.0%
7.65
Kohl's, (Target)
The Village at Hunter's Lake
Tampa-St Petersburg-Clearwater
FL
2018
2018
—
72
100.0%
28.89
Sprouts
Town Square
Tampa-St Petersburg-Clearwater
FL
1997
1999
—
44
100.0%
36.30
PETCO, Barnes & Noble
Village Center
Tampa-St Petersburg-Clearwater
FL
1995
2014
—
186
100.0%
23.45
Publix, PGA Tour Superstore, Walgreens
Westchase
Tampa-St Petersburg-Clearwater
FL
2007
1998
—
79
100.0%
18.31
Publix
Ashford Place
Atlanta-SandySprings-Alpharett
GA
1997
1993
—
53
100.0%
26.58
Harbor Freight Tools
Briarcliff La Vista
Atlanta-SandySprings-Alpharett
GA
1997
1962
—
43
80.0%
19.82
Michael's
Briarcliff Village
Atlanta-SandySprings-Alpharett
GA
1997
1990
—
189
99.1%
17.48
Burlington, Party City, Publix, Shoe
Carnival, TJ Maxx
Bridgemill Market
Atlanta-SandySprings-Alpharett
GA
2017
2000
—
89
95.0%
19.62
Publix
33
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Brighten Park
Atlanta-SandySprings-Alpharett
GA
1997
2016
—
137
94.4%
28.84
Lidl, Big Blue Swim School, Kohl's
Buckhead Court
Atlanta-SandySprings-Alpharett
GA
1997
1984
—
49
98.1%
33.46
-
Buckhead Landing
Atlanta-SandySprings-Alpharett
GA
2017
1998/2024
—
152
97.6%
34.08
Binders Art Supplies & Frames, Publix,
Golf Galaxy
Buckhead Station
Atlanta-SandySprings-Alpharett
GA
2017
1996
—
234
93.2%
27.35
Cost Plus World Market, DSW
Warehouse, Nordstrom Rack, Old Navy,
Saks Off 5th, TJ Maxx, Ulta,
Bloomingdale's Outlet
Cambridge Square
Atlanta-SandySprings-Alpharett
GA
1996
1979
—
73
98.7%
24.17
Publix
Chastain Square
Atlanta-SandySprings-Alpharett
GA
2017
2001
—
92
100.0%
25.43
Publix
Cornerstone Square
Atlanta-SandySprings-Alpharett
GA
1997
1990
—
80
100.0%
19.53
Aldi, Barking Hound Village, CVS,
HealthMarkets Insurance
Dunwoody Hall
Atlanta-SandySprings-Alpharett
GA
1997
1986
13,800
86
100.0%
22.16
Publix
Dunwoody Village
Atlanta-SandySprings-Alpharett
GA
1997
1975
—
121
97.2%
23.47
The Fresh Market, Walgreens, Dunwoody
Prep
Howell Mill Village
Atlanta-SandySprings-Alpharett
GA
2004
1984
—
92
100.0%
25.79
Publix
Paces Ferry Plaza
Atlanta-SandySprings-Alpharett
GA
1997
2018
—
82
100.0%
42.70
Whole Foods
Powers Ferry Square
Atlanta-SandySprings-Alpharett
GA
1997
2013
—
99
100.0%
36.79
HomeGoods, PETCO
Powers Ferry Village
Atlanta-SandySprings-Alpharett
GA
1997
1994
—
69
100.0%
10.81
Publix, Barrel Town
Russell Ridge
Atlanta-SandySprings-Alpharett
GA
1994
1995
—
108
98.7%
13.57
Kroger
Sandy Springs
Atlanta-SandySprings-Alpharett
GA
2012
2006
—
113
97.8%
28.46
Trader Joe's, Fox's, Peter Glenn Ski &
Sports
Sope Creek Crossing
Atlanta-SandySprings-Alpharett
GA
1998
2016
—
99
98.1%
17.71
Publix
The Shops at Hampton Oaks
Atlanta-SandySprings-Alpharett
GA
2017
2009
—
21
93.3%
13.74
(CVS)
Williamsburg at Dunwoody
Atlanta-SandySprings-Alpharett
GA
2017
1983
—
45
95.3%
26.48
-
Civic Center Plaza
Chicago-Naperville-Elgin
IL
40%
2005
1989
22,000
265
100.0%
11.47
Super H Mart, Home Depot, O'Reilly
Automotive, King Spa
Clybourn Commons
Chicago-Naperville-Elgin
IL
2014
1999
—
32
89.9%
38.45
PETCO
Glen Oak Plaza
Chicago-Naperville-Elgin
IL
2010
1967
—
63
100.0%
28.06
Trader Joe's, Walgreens, Northshore
University Healthsystems
Hinsdale Lake Commons
Chicago-Naperville-Elgin
IL
1998
2015
—
185
96.7%
17.10
Whole Foods, Goodwill, Charter Fitness,
Petco
Mellody Farm
Chicago-Naperville-Elgin
IL
2017
2017
—
259
98.6%
31.98
Whole Foods, Nordstrom Rack, REI,
HomeGoods, Barnes & Noble, West Elm
Naperville Plaza
Chicago-Naperville-Elgin
IL
20%
2023
1961
22,588
115
100.0%
27.85
Casey's Foods, Trader Joe's, Oswald's
Pharmacy
Old Town Square
Chicago-Naperville-Elgin
IL
20%
2023
1998
14,000
87
97.5%
27.27
Jewel-Osco
Riverside Sq & River's Edge
Chicago-Naperville-Elgin
IL
40%
2005
1986
—
169
100.0%
19.18
Mariano's Fresh Market, Dollar Tree,
Party City, Blink Fitness
Roscoe Square
Chicago-Naperville-Elgin
IL
40%
2005
2012
24,500
140
100.0%
24.93
Mariano's Fresh Market, Walgreens,
Altitude Trampoline Park
Westchester Commons
Chicago-Naperville-Elgin
IL
2001
2014
—
143
93.5%
19.62
Mariano's Fresh Market, Goodwill
Willow Festival(6)
Chicago-Naperville-Elgin
IL
2010
2007
—
404
91.6%
19.52
Whole Foods, Lowe's, CVS,
HomeGoods, REI, Ulta
Shops on Main
Chicago-Naperville-Elgin
IN
94%
2007
2017/2020
—
289
100.0%
17.83
Whole Foods, Dick's Sporting Goods,
Ross Dress for Less, HomeGoods, DSW,
Nordstrom Rack, Marshalls
Willow Lake Shopping Center
Indianapolis-Carmel-Anderson
IN
40%
2005
1987
—
86
86.4%
18.12
Indiana Bureau of Motor Vehicles, Snipes
USA, (Kroger)
Willow Lake West Shopping
Center
Indianapolis-Carmel-Anderson
IN
40%
2005
2001
10,000
53
100.0%
28.57
Trader Joe's
Fellsway Plaza
Boston-Cambridge-Newton
MA
75%
2013
2016
34,300
161
98.0%
27.44
Stop & Shop, Planet Fitness, BioLife
Plasma Services
Shaw's at Plymouth
Boston-Cambridge-Newton
MA
2017
1993
—
60
100.0%
19.34
Shaw's
34
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Shops at Saugus
Boston-Cambridge-Newton
MA
2006
2006
—
87
100.0%
32.10
Trader Joe's, La-Z-Boy, PetSmart
Star's at Cambridge
Boston-Cambridge-Newton
MA
2017
1997
—
66
100.0%
41.18
Star Market
Star's at West Roxbury
Boston-Cambridge-Newton
MA
2017
2006
—
76
98.7%
27.65
Shaw's
The Abbot
Boston-Cambridge-Newton
MA
2017
1912/2024
—
64
71.9%
98.23
Center for Effective Alturism
Twin City Plaza
Boston-Cambridge-Newton
MA
2006
2004
—
285
100.0%
23.59
Shaw's, Marshall's, Extra Space Storage,
Walgreens, K&G Fashion, Dollar Tree,
Everfitness, Formlabs
The Longmeadow Shops
Springfield, MA
MA
2023
1962
13,000
99
98.9%
31.79
CVS
Festival at Woodholme
Baltimore-Columbia-Towson
MD
40%
2005
1986
18,510
81
93.7%
41.59
Trader Joe's
Parkville Shopping Center
Baltimore-Columbia-Towson
MD
40%
2005
2013
23,200
165
96.4%
17.83
Giant, Parkville Lanes, Dollar Tree,
Petco, The Cellar Parkville
Southside Marketplace
Baltimore-Columbia-Towson
MD
40%
2005
2011
24,800
125
94.7%
25.86
Giant
Village at Lee Airpark(6)
Baltimore-Columbia-Towson
MD
2005
2014
—
118
100.0%
31.87
Giant, (Sunrise)
Burnt Mills
Washington-Arlington-Alexandri
MD
20%
2013
2004
—
31
100.0%
41.66
Trader Joe's
Cloppers Mill Village
Washington-Arlington-Alexandri
MD
40%
2005
1995
—
137
94.5%
19.53
Shoppers Food Warehouse, Dollar Tree
Firstfield Shopping Center
Washington-Arlington-Alexandri
MD
40%
2005
2014
—
22
100.0%
45.97
-
Takoma Park
Washington-Arlington-Alexandri
MD
40%
2005
1960
—
107
98.2%
15.48
Planet Fitness
Watkins Park Plaza
Washington-Arlington-Alexandri
MD
40%
2005
1985
—
111
98.6%
30.37
LA Fitness, CVS
Westbard Square
Washington-Arlington-Alexandri
MD
2017
2001/2024
—
171
98.4%
39.44
Giant, Bowlmor AMF
Woodmoor Shopping Center
Washington-Arlington-Alexandri
MD
40%
2005
1954
18,783
68
93.3%
38.65
CVS
Apple Valley Square
Minneapol-St. Paul-Bloomington
MN
2006
1998
—
179
78.7%
19.17
Jo-Ann Fabrics, PETCO,
Savers,(Burlington Coat Factory), (Aldi)
Cedar Commons
Minneapol-St. Paul-Bloomington
MN
2011
1999
—
66
100.0%
30.87
Whole Foods
Colonial Square
Minneapol-St. Paul-Bloomington
MN
40%
2005
2014
19,700
93
100.0%
28.26
Lund's
Rockford Road Plaza
Minneapol-St. Paul-Bloomington
MN
40%
2005
1991
20,000
204
99.4%
14.62
Kohl's, PetSmart, HomeGoods, TJ Maxx,
ULTA
Rockridge Center
Minneapol-St. Paul-Bloomington
MN
20%
2011
2006
14,500
125
98.3%
14.85
CUB Foods
Brentwood Plaza
St. Louis
MO
2007
2002
—
60
92.6%
10.45
Schnucks
Bridgeton
St. Louis
MO
2007
2005
—
71
100.0%
12.96
Schnucks, (Home Depot)
Dardenne Crossing
St. Louis
MO
2007
1996
—
67
100.0%
11.85
Schnucks
Kirkwood Commons
St. Louis
MO
2007
2000
—
210
100.0%
10.42
Walmart, TJ Maxx, HomeGoods, Famous
Footwear, (Target), (Lowe's)
Blakeney Town Center
Charlotte-Concord-Gastonia
NC
2021
2006
—
384
97.9%
27.47
Harris Teeter, Marshalls, Best Buy,
Petsmart, Off Broadway Shoes, Old
Navy, (Target)
Carmel Commons
Charlotte-Concord-Gastonia
NC
1997
2012
—
146
100.0%
24.60
Chuck E. Cheese, The Fresh Market,
Party City, Edwin Watts Golf
Cochran Commons
Charlotte-Concord-Gastonia
NC
20%
2007
2003
—
66
100.0%
17.58
Harris Teeter, (Walgreens)
Willow Oaks
Charlotte-Concord-Gastonia
NC
2014
2014
—
65
100.0%
18.27
Publix
Shops at Erwin Mill
Durham-Chapel Hill
NC
55%
2012
2012
12,000
91
100.0%
21.04
Harris Teeter
Southpoint Crossing
Durham-Chapel Hill
NC
1998
1998
—
103
96.1%
18.02
Harris Teeter
Village Plaza
Durham-Chapel Hill
NC
20%
2012
2020
11,515
73
93.4%
26.20
Whole Foods
Woodcroft Shopping Center
Durham-Chapel Hill
NC
1996
1984
—
90
97.1%
15.02
Food Lion, ACE Hardware
Glenwood Village
Raleigh-Cary
NC
1997
1983
—
43
94.4%
19.49
Harris Teeter
Holly Park
Raleigh-Cary
NC
2013
1969
—
158
99.0%
21.59
DSW Warehouse, Trader Joe's, Ross
Dress For Less, Staples, US Fitness
Products, Jerry's Artarama, Pet Supplies
Plus, Ulta
Lake Pine Plaza
Raleigh-Cary
NC
1998
1997
—
88
100.0%
14.77
Harris Teeter
Market at Colonnade Center
Raleigh-Cary
NC
2009
2009
—
58
100.0%
29.08
Whole Foods
Midtown East
Raleigh-Cary
NC
50%
2017
2017
36,000
159
100.0%
26.43
Wegmans
Ridgewood Shopping Center
Raleigh-Cary
NC
20%
2018
1951
8,759
94
91.3%
31.17
Whole Foods, Walgreens
Shoppes of Kildaire
Raleigh-Cary
NC
40%
2005
1986
20,000
145
100.0%
21.87
Trader Joe's, Aldi, Staples, Barnes &
Noble
35
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Sutton Square
Raleigh-Cary
NC
20%
2006
1985
—
101
97.0%
22.61
The Fresh Market
Village District
Raleigh-Cary
NC
30%
2004
2018
75,000
602
99.1%
26.52
Harris Teeter, The Fresh Market, The
Oberlin, Wake Public Library,
Walgreens, Talbots, Great Outdoor
Provision Co., York Properties,The
Cheshire Cat Gallery, Crunch Fitness
Select Club, Bailey's Fine Jewelry,
Sephora, Barnes & Noble, Goodnight's
Comedy Club, Ballard Designs
Bloomfield Crossing
New York-Newark-Jersey City
NJ
2023
0
—
59
100.0%
16.03
Superfresh
Boonton ACME Shopping
Center
New York-Newark-Jersey City
NJ
2023
1999
10,358
63
100.0%
25.54
Acme Markets
Cedar Hill Shopping Center
New York-Newark-Jersey City
NJ
2023
1971
6,815
43
100.0%
31.17
Walgreens
Chestnut Ridge Shopping
Center
New York-Newark-Jersey City
NJ
50%
2023
1965
—
76
92.2%
30.97
Fresh Market, Drop Fitness
Chimney Rock(6)
New York-Newark-Jersey City
NJ
2016
2016
—
218
100.0%
38.34
Whole Foods, Nordstrom Rack, Saks Off
5th, The Container Store, Ulta, LL Bean
District at Metuchen
New York-Newark-Jersey City
NJ
20%
2018
2017
16,000
67
100.0%
33.14
Whole Foods
Emerson Plaza
New York-Newark-Jersey City
NJ
2023
1981
—
85
95.3%
14.50
Shoprite, K-9 Resorts Luxury Pet Hotel
Ferry Street Plaza
New York-Newark-Jersey City
NJ
2023
1995
8,471
108
100.0%
23.41
Seabra Foods, Flaming Grill
H Mart Plaza
New York-Newark-Jersey City
NJ
2023
1967
—
7
100.0%
46.32
-
Meadtown Shopping Center
New York-Newark-Jersey City
NJ
2023
1961
9,070
77
100.0%
26.71
Marshalls, Petco, Walgreens
Midland Park Shopping Center
New York-Newark-Jersey City
NJ
2023
1966
17,166
129
91.9%
25.08
Kings Food Markets, Crunch Fitness
Plaza Square
New York-Newark-Jersey City
NJ
40%
2005
1990
—
103
80.0%
18.05
Grocer, Retro Fitness
Pompton Lakes Towne Square
New York-Newark-Jersey City
NJ
2023
2000
—
66
92.2%
26.29
Planet Fitness
Rite Aid Plaza-Waldwick
Plaza
New York-Newark-Jersey City
NJ
2023
1953
—
20
100.0%
30.42
Rite Aid
South Pass Village
New York-Newark-Jersey City
NJ
2023
1965
19,705
109
100.0%
32.06
Acme Markets
Valley Ridge Shopping Center
New York-Newark-Jersey City
NJ
2023
1962
16,249
103
93.0%
27.33
Whole Foods
Van Houten Plaza
New York-Newark-Jersey City
NJ
2023
1974
—
42
100.0%
11.05
Dollar Tree
Waldwick Plaza
New York-Newark-Jersey City
NJ
2023
1960
—
27
100.0%
28.19
-
Washington Commons
New York-Newark-Jersey City
NJ
100%
2023
1992
8,494
74
94.2%
23.95
Stop & Shop
Glenwood Green
Philadelphia-Camden-Wilmington
NJ
70%
2023
2024
—
355
95.6%
16.84
ShopRite, Target, Rendina
Haddon Commons
Philadelphia-Camden-Wilmington
NJ
40%
2005
1985
—
54
100.0%
18.29
Acme Markets
101 7th Avenue
New York-Newark-Jersey City
NY
2017
1930
—
57
0.0%
-
-
111 Kraft Avenue
New York-Newark-Jersey City
NY
2023
1902
—
9
74.1%
50.80
-
1175 Third Avenue
New York-Newark-Jersey City
NY
2017
1995
—
23
100.0%
112.26
Whole Foods, Five Below
1225-1239 Second Ave
New York-Newark-Jersey City
NY
2017
1987
—
19
100.0%
83.90
Dumbo Market
260-270 Sawmill Road
New York-Newark-Jersey City
NY
2023
1953
—
3
100.0%
1.69
-
27 Purchase Street
New York-Newark-Jersey City
NY
2023
0
—
10
100.0%
39.59
-
410 South Broadway
New York-Newark-Jersey City
NY
2023
1936
—
7
100.0%
1.21
-
48 Purchase Street
New York-Newark-Jersey City
NY
2023
0
—
6
100.0%
82.38
-
90 - 30 Metropolitan Avenue
New York-Newark-Jersey City
NY
2017
2007
—
60
100.0%
36.15
Michaels, Staples, Trader Joe's
Arcadian Shopping Center
New York-Newark-Jersey City
NY
2023
1978
—
166
97.9%
24.78
Stop & Shop, Westchester Community
College, The 19th Hole
Biltmore Shopping Center
New York-Newark-Jersey City
NY
2023
1967
—
17
100.0%
39.90
-
Broadway Plaza(6)
New York-Newark-Jersey City
NY
2017
2014
—
147
93.2%
41.90
Aldi, Best Buy, Bob's Discount Furniture,
TJ Maxx, Blink Fitness
Carmel ShopRite Plaza
New York-Newark-Jersey City
NY
2023
1981
—
142
96.9%
14.50
Shoprite, Carmel Cinema, Gold's Gyn,
Rite Aid
Chilmark Shopping Center
New York-Newark-Jersey City
NY
2023
1963
—
47
100.0%
32.98
CVS
Clocktower Plaza Shopping
Ctr(6)
New York-Newark-Jersey City
NY
2017
1995
—
79
96.9%
48.76
Stop & Shop
DeCicco's Plaza
New York-Newark-Jersey City
NY
2023
1978
—
70
97.0%
40.53
Decicco & Sons
36
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
District Shops of Pelham
Manor (fka Pelham Manor
Plaza)
New York-Newark-Jersey City
NY
2023
1960
—
25
74.5%
36.02
Manor Market
East Meadow Plaza
New York-Newark-Jersey City
NY
2023
1971
—
139
85.6%
25.93
Lidl, Dollar Deal
Eastchester Plaza
New York-Newark-Jersey City
NY
2023
1963
—
24
100.0%
37.50
CVS
Eastport
New York-Newark-Jersey City
NY
2021
1980
—
48
94.0%
13.04
King Kullen, Rite Aid
Gateway Plaza
New York-Newark-Jersey City
NY
50%
2023
0
14,000
198
100.0%
9.78
Walmart, Bob's Discount Furniture
Harrison Shopping Square
New York-Newark-Jersey City
NY
2023
1958
—
26
95.2%
23.68
The Goddard School
Heritage 202 Center
New York-Newark-Jersey City
NY
2023
1989
—
19
93.8%
36.54
-
Hewlett Crossing I & II
New York-Newark-Jersey City
NY
2018
1954
—
52
100.0%
39.55
-
Lake Grove Commons
New York-Newark-Jersey City
NY
40%
2012
2008
49,246
141
100.0%
37.39
Whole Foods, LA Fitness
Lakeview Shopping Center
New York-Newark-Jersey City
NY
2023
1981
10,680
165
97.9%
18.55
Acme, Planet Fitness, Montclare
Children's School, Rite Aid
McLean Plaza
New York-Newark-Jersey City
NY
100%
2023
1982
5,000
58
88.4%
19.92
Acme Markets
Midway Shopping Center
New York-Newark-Jersey City
NY
12%
2023
1958
21,346
244
97.4%
26.83
Shoprite, JoAnn, Amazing Savings, CVS,
Planet Fitness, Denny's Kids, Ulta
New City PCSB Bank Pad
New York-Newark-Jersey City
NY
2023
1973
—
3
100.0%
102.08
-
Orangetown Shopping Center
New York-Newark-Jersey City
NY
100%
2023
1966
5,885
76
91.5%
22.26
CVS
Purchase Street Shops
New York-Newark-Jersey City
NY
2023
0
—
6
100.0%
37.74
-
Putnam Plaza
New York-Newark-Jersey City
NY
67%
2023
1971
16,916
189
89.1%
17.62
Tops, Dollar World, Rite Aid, Harbor
Freight Tools
Riverhead Plaza
New York-Newark-Jersey City
NY
50%
2023
0
—
13
100.0%
39.46
-
Rivertowns Square
New York-Newark-Jersey City
NY
2018
2016
—
116
93.9%
27.79
Ulta, The Learning Experience, Mom's
Organic Market, Look Cinemas
Somers Commons
New York-Newark-Jersey City
NY
2023
2003
—
135
89.9%
17.79
Level Fitness, Tractor Supply, Goodwill
Staples Plaza-Yorktown
Heights
New York-Newark-Jersey City
NY
2023
1970
—
125
100.0%
11.45
Level Fitness, Staples, Party City, Extra
Space Storage
Tanglewood Shopping Center
New York-Newark-Jersey City
NY
2023
1953
2,163
28
96.6%
44.02
-
The Gallery at Westbury Plaza
New York-Newark-Jersey City
NY
2017
2013
—
312
98.4%
53.54
Trader Joe's, Nordstrom Rack, Saks Fifth
Avenue, Bloomingdale's, The Container
Store, HomeGoods, Old Navy, Gap
Outlet, Bassett Home Furnishings,
Famous Footwear
The Meadows (fka East
Meadow)
New York-Newark-Jersey City
NY
2021
1980
—
141
94.8%
16.48
Marshalls, Stew Leonard's, Net Cost
Market, Catch Air
The Point at Garden City
Park(6)
New York-Newark-Jersey City
NY
2016
2018
—
105
100.0%
31.29
King Kullen, Ace Hardware
The Shops at SunVet (fka
SunVet)(6)(7)
New York-Newark-Jersey City
NY
100%
2023
2023
—
172
73.3%
45.92
Whole Foods, Nordstrom Rack
Towne Centre at Somers
New York-Newark-Jersey City
NY
2023
1988
—
84
98.2%
31.74
CVS
Valley Stream
New York-Newark-Jersey City
NY
2021
1950
—
99
95.0%
31.10
King Kullen
Village Commons
New York-Newark-Jersey City
NY
2023
1980
—
28
87.6%
39.47
-
Wading River
New York-Newark-Jersey City
NY
2021
2002
—
99
96.4%
24.56
King Kullen, CVS, Ace Hardware
Westbury Plaza
New York-Newark-Jersey City
NY
2017
2004
88,000
390
100.0%
28.10
WalMart, Costco, Marshalls, Total Wine
and More, Olive Garden
Marine's Taste of Italy
Torrington
NY
2023
1988
—
3
100.0%
28.73
-
Cherry Grove
Cincinnati
OH
1998
2012
—
203
96.0%
13.34
Kroger, Shoe Carnival, TJ Maxx,
Tuesday Morning
Hyde Park
Cincinnati
OH
1997
1995
—
398
100.0%
17.41
Kroger, Kohl's, Walgreens, Ace
Hardware, Staples, Marshalls, Five Below
Red Bank Village
Cincinnati
OH
2006
2018
—
176
100.0%
8.00
WalMart
Regency Commons
Cincinnati
OH
2004
2004
—
34
84.0%
27.58
-
West Chester Plaza
Cincinnati
OH
1998
1988
—
88
96.8%
10.20
Kroger
East Pointe
Columbus
OH
1998
2014
—
111
100.0%
11.65
Kroger
37
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Kroger New Albany Center
Columbus
OH
1999
1999
—
96
100.0%
14.12
Kroger
Northgate Plaza (Maxtown
Road)
Columbus
OH
1998
2017
—
117
100.0%
12.51
Kroger, (Home Depot)
Corvallis Market Center
Corvallis
OR
2006
2006
—
85
100.0%
22.79
Michaels, TJ Maxx, Trader Joe's
Northgate Marketplace
Medford
OR
2011
2011
—
81
96.3%
25.26
Trader Joe's, REI, PETCO
Northgate Marketplace Ph II
Medford
OR
2015
2015
—
177
96.4%
18.12
Dick's Sporting Goods, Homegoods,
Marshalls
Greenway Town Center
Portland-Vancouver-Hillsboro
OR
40%
2005
2014
—
93
97.5%
17.00
Dollar Tree, Rite Aid, Whole Foods
Murrayhill Marketplace
Portland-Vancouver-Hillsboro
OR
1999
2016
—
150
90.4%
22.03
Safeway, Planet Fitness
Sherwood Crossroads
Portland-Vancouver-Hillsboro
OR
1999
1999
—
88
91.9%
12.40
Safeway
Tanasbourne Market(6)
Portland-Vancouver-Hillsboro
OR
2006
2006
—
71
100.0%
33.11
Whole Foods
Walker Center
Portland-Vancouver-Hillsboro
OR
1999
1987
—
89
95.7%
28.64
REI
Allen Street Shopping Ctr
Allentown-Bethlehem-Easton
PA
40%
2005
1958
—
46
100.0%
19.71
Grocery Outlet Bargain Market
Lower Nazareth Commons
Allentown-Bethlehem-Easton
PA
2007
2012
—
101
100.0%
28.73
Burlington Coat Factory, PETCO,
(Wegmans), (Target)
Stefko Boulevard Shopping
Center
Allentown-Bethlehem-Easton
PA
40%
2005
1976
—
134
97.9%
11.44
Valley Farm Market, Dollar Tree, Muscle
Inc. Gym
Hershey(6)
Harrisburg-Carlisle
PA
2000
2000
—
6
100.0%
30.00
-
Baederwood Shopping Center
Philadelphia-Camden-Wilmington
PA
80%
2023
1999
24,365
117
97.4%
28.52
Whole Foods, Planet Fitness
City Avenue Shopping Center
Philadelphia-Camden-Wilmington
PA
40%
2005
1960
—
157
96.1%
21.97
Ross Dress for Less, TJ Maxx, Dollar
Tree
Gateway Shopping Center
Philadelphia-Camden-Wilmington
PA
2004
2016
—
224
96.0%
36.71
Trader Joe's, Staples, TJ Maxx, Jo-Ann
Fabrics
Mercer Square Shopping
Center
Philadelphia-Camden-Wilmington
PA
40%
2005
1988
—
91
100.0%
23.43
Weis Markets
Newtown Square Shopping
Center
Philadelphia-Camden-Wilmington
PA
40%
2005
2020
20,000
142
96.5%
20.87
Acme Markets, Michael's
Warwick Square Shopping
Center
Philadelphia-Camden-Wilmington
PA
40%
2005
1999
—
93
95.6%
17.47
Grocery Outlet Bargain Market, Planet
Fitness
East Greenwich Square
Boston-Cambridge-Newton
RI
70%
2024
1990
26,000
159
97.0%
20.00
Dave's Fresh Marketplace, Les Isle Rose
Indigo Square
Charleston-North Charleston
SC
2017
2017
—
51
100.0%
32.01
Greenwise (Vac 8/29/20)
Merchants Village
Charleston-North Charleston
SC
40%
1997
1997
9,000
80
100.0%
19.16
Publix
Harpeth Village Fieldstone
Nashvil-Davdsn-Murfree-Frankln
TN
1997
1998
—
70
100.0%
17.43
Publix
Northlake Village
Nashvil-Davdsn-Murfree-Frankln
TN
2000
2013
—
135
100.0%
16.14
Kroger
Peartree Village
Nashvil-Davdsn-Murfree-Frankln
TN
1997
1997
—
110
100.0%
20.52
Kroger, PETCO
Hancock
Austin-Round Rock-Georgetown
TX
1999
1998
—
263
99.2%
20.53
24 Hour Fitness, Firestone Complete
Auto Care, H.E.B, PETCO, Twin Liquors
Market at Round Rock
Austin-Round Rock-Georgetown
TX
1999
1987
—
123
85.6%
21.63
Sprout's Markets, Office Depot
North Hills
Austin-Round Rock-Georgetown
TX
1999
1995
—
164
98.8%
23.70
H.E.B.
Shops at Mira Vista
Austin-Round Rock-Georgetown
TX
2014
2002
151
68
100.0%
27.16
Trader Joe's, Champions Westlake
Gymnastics & Cheer
Tech Ridge Center
Austin-Round Rock-Georgetown
TX
2011
2020
—
243
98.3%
21.47
H.E.B., Pinstack, Baylor Scott & White
University Commons - Austin
Austin-Round Rock-Georgetown
TX
20%
2024
2024
—
218
93.8%
21.03
HEB
Bethany Park Place
Dallas-Fort Worth-Arlington
TX
1998
1998
10,200
99
98.6%
12.07
Kroger
CityLine Market
Dallas-Fort Worth-Arlington
TX
2014
2014
—
81
100.0%
30.87
Whole Foods
CityLine Market Phase II
Dallas-Fort Worth-Arlington
TX
2015
2015
—
22
100.0%
28.99
CVS
Hillcrest Village
Dallas-Fort Worth-Arlington
TX
1999
1991
—
15
100.0%
51.47
-
Keller Town Center
Dallas-Fort Worth-Arlington
TX
1999
2014
—
120
95.9%
17.00
Tom Thumb
Lebanon/Legacy Center
Dallas-Fort Worth-Arlington
TX
2000
2002
—
56
97.0%
31.71
(WalMart)
Market at Preston Forest
Dallas-Fort Worth-Arlington
TX
1999
1990
—
96
100.0%
23.28
Tom Thumb
Mockingbird Commons
Dallas-Fort Worth-Arlington
TX
1999
1987
—
120
100.0%
22.21
Tom Thumb, Ogle School of Hair Design
Preston Oaks(6)
Dallas-Fort Worth-Arlington
TX
2013
2022
—
103
96.2%
41.60
Central Market, Talbots
Prestonbrook
Dallas-Fort Worth-Arlington
TX
1998
1998
—
92
98.9%
15.73
Kroger
38
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Shiloh Springs
Dallas-Fort Worth-Arlington
TX
1998
1998
—
110
100.0%
15.84
Kroger
Alden Bridge
Houston-Woodlands-Sugar Land
TX
2002
1998
26,000
139
97.4%
21.80
Kroger, Walgreens
Baybrook East(7)
Houston-Woodlands-Sugar Land
TX
50%
2020
2021
11,778
155
91.3%
12.73
H.E.B
Cochran's Crossing
Houston-Woodlands-Sugar Land
TX
2002
1994
—
138
93.7%
21.16
Kroger
Indian Springs Center
Houston-Woodlands-Sugar Land
TX
2002
2003
—
140
100.0%
26.92
H.E.B.
Jordan Ranch(7)
Houston-Woodlands-Sugar Land
TX
50%
2024
2024
—
162
83.2%
14.81
HEB
Market at Springwoods Village
Houston-Woodlands-Sugar Land
TX
53%
2016
2018
3,750
167
98.9%
18.44
Kroger
Panther Creek
Houston-Woodlands-Sugar Land
TX
2002
1994
—
166
99.0%
25.47
CVS, The Woodlands Childrens
Museum, Fitness Project
Sienna Grande Shops (fka
Sienna)(7)
Houston-Woodlands-Sugar Land
TX
75%
2023
2023
—
30
58.6%
35.60
-
Southpark at Cinco Ranch
Houston-Woodlands-Sugar Land
TX
2012
2017
—
265
100.0%
14.85
Kroger, Academy Sports, PETCO, Spec's
Liquor and Finer Foods
Sterling Ridge
Houston-Woodlands-Sugar Land
TX
2002
2000
—
129
100.0%
22.98
Kroger, CVS
Sweetwater Plaza
Houston-Woodlands-Sugar Land
TX
20%
2001
2000
20,000
135
93.7%
18.81
Kroger, Walgreens
The Village at Riverstone
Houston-Woodlands-Sugar Land
TX
2016
2016
—
165
95.0%
17.44
Kroger
Weslayan Plaza East
Houston-Woodlands-Sugar Land
TX
40%
2005
1969
—
169
100.0%
22.37
Berings, Ross Dress for Less, Michaels,
The Next Level Fitness, Spec's Liquor,
Trek Bicycle
Weslayan Plaza West
Houston-Woodlands-Sugar Land
TX
40%
2005
1969
—
186
98.1%
22.38
Randalls Food, Walgreens, PETCO,
Homegoods, Barnes & Noble
Westwood Village
Houston-Woodlands-Sugar Land
TX
2006
2006
—
242
97.5%
19.60
Fitness Project, PetSmart, Office Max,
Ross Dress For Less, TJ Maxx, Kelsey
Seybold,(Target)
Woodway Collection
Houston-Woodlands-Sugar Land
TX
40%
2005
2012
25,900
97
94.2%
32.52
Whole Foods
Carytown Exchange
Richmond
VA
69%
2018
2022
—
116
100.0%
29.09
Publix, CVS
Hanover Village Shopping
Center
Richmond
VA
40%
2005
1971
—
90
100.0%
10.35
Aldi, Tractor Supply Company, Harbor
Freight Tools, Dollar Tree
Village Shopping Center
Richmond
VA
40%
2005
1948
24,250
116
83.8%
26.94
Publix, CVS
Ashburn Farm Village Center
Washington-Arlington-Alexandri
VA
40%
2005
1996
—
92
100.0%
18.24
Patel Brothers, The Shop Gym
Belmont Chase
Washington-Arlington-Alexandri
VA
2014
2014
—
91
100.0%
35.19
Cooper's Hawk Winery, Whole Foods
Centre Ridge Marketplace
Washington-Arlington-Alexandri
VA
40%
2005
1996
11,640
107
96.2%
20.21
United States Coast Guard Ex, Planet
Fitness
Festival at Manchester Lakes
Washington-Arlington-Alexandri
VA
40%
2005
2021
—
169
96.2%
31.39
Amazon Fresh, Homesense, Hyper Kidz
Fox Mill Shopping Center
Washington-Arlington-Alexandri
VA
40%
2005
2013
22,500
103
97.6%
27.74
Giant
Greenbriar Town Center
Washington-Arlington-Alexandri
VA
40%
2005
1972
76,200
340
97.2%
29.79
Big Blue Swim School, Bob's Discount
Furniture, CVS, Giant, Marshalls, Planet
Fitness, Ross Dress for Less, Total Wine
and More
Kamp Washington Shopping
Center
Washington-Arlington-Alexandri
VA
40%
2005
1960
—
71
100.0%
35.50
PGA Tour Superstore
Kings Park Shopping Center
Washington-Arlington-Alexandri
VA
40%
2005
2015
21,800
96
100.0%
34.87
Giant, CVS
Lorton Station Marketplace
Washington-Arlington-Alexandri
VA
20%
2006
2005
7,300
136
91.4%
26.76
Amazon Fresh, Planet Fitness, Five
Below, LLC
Point 50
Washington-Arlington-Alexandri
VA
2007
2021
—
48
100.0%
33.27
Amazon Fresh
Saratoga Shopping Center
Washington-Arlington-Alexandri
VA
40%
2005
1977
22,800
113
95.1%
22.48
Giant
Shops at County Center
Washington-Arlington-Alexandri
VA
2005
2005
—
101
100.0%
21.74
Harris Teeter, Planet Fitness
The Crossing Clarendon
Washington-Arlington-Alexandri
VA
2016
2023
—
420
96.2%
39.71
Whole Foods, Crate & Barrel, The
Container Store, Barnes & Noble, Pottery
Barn, Ethan Allen, The Cheesecake
Factory, LifeTime, Corobus Sports, Three
Notch'd Brewing Company
The Field at Commonwealth
Washington-Arlington-Alexandri
VA
2017
2018
—
167
100.0%
23.89
Wegmans
39
Property Name
CBSA (1)
State
Owner-
ship
Interest (2)
Year
Acquired
Year
Constructed
or Last Major
Renovation
Mortgages or
Encumbrances
(in 000's)
Gross
Leasable
Area
(GLA)
(in 000's)
Percent
Leased (3)
Average
Base Rent
PSF (4)
MajorTenant(s) (5)
Village Center at Dulles
Washington-Arlington-Alexandri
VA
20%
2002
1991
46,000
307
85.5%
30.62
Giant, CVS, Advance Auto Parts, Chuck
E. Cheese, HomeGoods, Goodwill,
Furniture Max
Willston Centre I
Washington-Arlington-Alexandri
VA
40%
2005
1952
—
105
86.5%
30.38
Fashion K City
Willston Centre II
Washington-Arlington-Alexandri
VA
40%
2005
2010
32,000
136
100.0%
28.50
Safeway, (Target), (PetSmart)
6401 Roosevelt
Seattle-Tacoma-Bellevue
WA
2019
1929
—
8
100.0%
27.92
-
Aurora Marketplace
Seattle-Tacoma-Bellevue
WA
40%
2005
1991
13,400
107
100.0%
19.13
Safeway, TJ Maxx
Ballard Blocks I
Seattle-Tacoma-Bellevue
WA
50%
2018
2007
—
132
98.4%
27.71
LA Fitness, Ross Dress for Less, Trader
Joe's
Ballard Blocks II
Seattle-Tacoma-Bellevue
WA
50%
2018
2018
—
117
99.0%
35.03
Bright Horizons, Kaiser Permanente,
PCC Community Markets, Prokarma,
Trufusion, West Marine
Broadway Market
Seattle-Tacoma-Bellevue
WA
20%
2014
1988
21,500
140
94.3%
29.42
Gold's Gym, Mosaic Salon Group,
Quality Food Centers
Cascade Plaza
Seattle-Tacoma-Bellevue
WA
20%
1999
1999
—
206
86.9%
13.24
Big 5 Sporting Goods, Dollar Tree, Jo-
Ann Fabrics, Planet Fitness, Ross Dress
For Less, Safeway, Aaron's
Eastgate Plaza
Seattle-Tacoma-Bellevue
WA
40%
2005
2018/2021
22,000
85
100.0%
32.47
Safeway, Rite Aid
Grand Ridge Plaza
Seattle-Tacoma-Bellevue
WA
2012
2018
—
331
99.5%
27.53
Bevmo!, Dick's Sporting Goods,
Marshalls, Regal Cinemas,Safeway, Ulta
Inglewood Plaza
Seattle-Tacoma-Bellevue
WA
1999
1985
—
17
100.0%
48.11
-
Island Village
Seattle-Tacoma-Bellevue
WA
2023
2013
—
106
98.7%
16.47
Safeway, Rite Aid
Klahanie Shopping Center
Seattle-Tacoma-Bellevue
WA
2016
1998
—
67
89.6%
39.15
(QFC)
Melrose Market
Seattle-Tacoma-Bellevue
WA
2019
2009
—
21
92.7%
37.57
-
Overlake Fashion Plaza
Seattle-Tacoma-Bellevue
WA
40%
2005
2020
—
87
100.0%
30.71
Marshalls, Bevmo!, Amazon Go Grocery
Pine Lake Village
Seattle-Tacoma-Bellevue
WA
1999
1989
—
103
98.6%
27.82
Quality Food Centers, Rite Aid
Roosevelt Square
Seattle-Tacoma-Bellevue
WA
2017
2017
—
150
84.7%
28.96
Whole Foods, Guitar Center, LA Fitness
Sammamish-Highlands
Seattle-Tacoma-Bellevue
WA
1999
2013
—
101
100.0%
39.83
Trader Joe's, Bartell Drugs, (Safeway)
Southcenter
Seattle-Tacoma-Bellevue
WA
1999
1990
—
57
100.0%
36.04
(Target)
Regency Centers Total
$
2,186,955
57,315
96.3%
$
25.16
(1)
CBSA refers to Core-Based Statistical Area (e.g. metropolitan area).
(2)
Represents our percentage ownership interest in the property, if not wholly-owned.
(3)
Percentages also include properties where we have not yet incurred at least 90% of the expected costs to complete development and the property is not yet 95% occupied or the anchor has not yet
been open for at least two years ("development properties" or "properties in development"). However, if development properties were excluded, the total percent leased would be 94.9% for our
Combined Portfolio of shopping centers.
(4)
Average base rent PSF is calculated based on annual minimum contractual base rent per the tenant lease, excluding percentage rent and recovery revenue.
(5)
Retailers in parenthesis are "shadow anchors" at our shopping centers (as described in Item 1A, "Risk Factors"). We have no ownership or leasehold interest in their space, which is adjacent to
our property or on a parcel owned by the shadow anchor that appears to be part of our center.
(6)
The ground underlying the building and improvements is not owned by Regency or its unconsolidated real estate partnerships, but is subject to a ground lease.
(7)
Property in development.
40
Item 3. Legal Proceedings
We are a party to various legal proceedings that arise in the ordinary course of our business. We are not currently involved in any
litigation, nor, to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on
information currently available to us, have a material adverse effect on our financial position or results of operations. However, no
assurances can be given as to the outcome of any threatened or pending legal proceedings.
See Note 17 - Commitments and Contingencies in the Notes for discussion regarding material legal proceeds and contingencies.
Item 4. Mine Safety Disclosures
Not applicable.
PART II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Our common stock is listed on the NASDAQ Global Select Market under the symbol "REG."
As of February 07, 2025, there were 140,467 holders of our common stock.
We intend to pay regular quarterly distributions to Regency Centers Corporation's common shareholders. Future distributions will be
declared and paid at the discretion of our Board of Directors and will depend upon cash generated by our operating results, our
financial condition, cash flows, capital requirements, future business prospects, annual dividend requirements under the REIT
provisions of the Internal Revenue Code of 1986, as amended, and such other factors as our Board of Directors deems relevant. In
order to maintain Regency Centers Corporation's qualification as a REIT for federal income tax purposes, we are generally required to
make annual distributions equal to at least 90% of our real estate investment trust taxable income for the taxable year, excluding any
net capital gains. Under certain circumstances we could be required to make distributions in excess of cash available for distributions
in order to meet such requirements. We have a dividend reinvestment plan under which our shareholders may elect to reinvest their
dividends automatically in common stock. Under the plan, we may elect to purchase common stock in the open market on behalf of
shareholders or may issue new common stock to such shareholders.
Under the terms of our Line, in the event of any monetary default, we may not make distributions to shareholders except to the extent
necessary to maintain our REIT status.
There were no unregistered sales of equity securities during the quarter ended December 31, 2024.
The following table represents information with respect to purchases by Regency of its common stock by month during the three
month period ended December 31, 2024:
Period
Total number of
shares
purchased (1)
Total number of shares
purchased as part of
publicly announced plans
or programs (2)
Average price
paid per share
Maximum number or approximate
dollar value of shares that may yet be
purchased under the plans or
programs (2)
October 1, 2024, through
October 31, 2024
—
—
$
—
$
250,000,000
November 1, 2024, through
November 30, 2024
145,257
—
$
73.77
$
250,000,000
December 1, 2024, through
December 31, 2024
—
—
$
—
$
250,000,000
(1)
Represents shares purchased to cover payment of withholding taxes in connection with restricted stock vesting by participants under Regency's
Long-Term Omnibus Plan.
(2)
On July 31, 2024, we announced that our Board has authorized a common stock repurchase program under which we may purchase up to a
maximum of $250 million of our outstanding common stock through open market purchases, and/or in privately negotiated transactions. The
timing and price of stock repurchases will be dependent upon market conditions and other factors. Any stock repurchased, if not retired, will be
treated as treasury stock. This program will expire on June 30, 2026, unless modified, extended or earlier terminated by the Board in its
discretion.
41
The performance graph furnished below shows Regency's cumulative total shareholder return relative to the S&P 500 Index, the FTSE
Nareit Equity REIT Index, and the FTSE Nareit Equity Shopping Centers index since December 31, 2019. The following
performance graph and table do not constitute soliciting material and should not be deemed filed or incorporated by reference into any
other previous or future filings by us under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange
Act of 1934, as amended (the "Exchange Act").
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
Regency Centers Corporation
$
100.00
76.09
130.41
112.72
125.99
144.73
S&P 500
100.00
118.40
152.39
124.79
157.59
197.02
FTSE NAREIT Equity REITs
100.00
92.00
131.78
99.67
113.35
123.25
FTSE NAREIT Equity Shopping Centers
100.00
72.36
119.43
104.46
117.03
136.97
Item 6. [Reserved]
42
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executing on our Strategy
During the year ended December 31, 2024, we had Net income attributable to common shareholders of $386.7 million as compared to
$359.5 million during the year ended December 31, 2023 with the increase primarily related to the 2023 acquisition of UBP.
During the year ended December 31, 2024:
Our Pro-rata same property NOI, excluding termination fees, grew 3.1%, primarily attributable to improvements in base rent
from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on new
and renewal leases.
We executed 2,032 new and renewal leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of
9.5% during 2024, compared to 1,839 such transactions representing 6.9 million Pro-rata SF with positive rent spreads of
10.0% in 2023. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property
spaces, including spaces vacant greater than 12 months.
At December 31, 2024, our total property portfolio was 96.3% leased while our same property portfolio was 96.7% leased,
compared to 95.1% and 95.7%, respectively, at December 31, 2023.
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 $497.3 million
compared to $468.1 million at December 31, 2023.
Development and redevelopment projects completed during 2024 represented $236.6 million of estimated net project costs,
with an average stabilized yield of 8.0%. 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 engaged in successful capital markets transactions and related activity that enabled us to maintain liquidity and the financial
flexibility to cost effectively fund investment opportunities and debt maturities:
We received a credit rating upgrade to A3 with a stable outlook from Moody's Investors Service, and S&P Global upgraded
our outlook to 'Positive' and affirmed the Company's BBB+ credit rating.
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034, with a coupon of
5.25% . We used a portion of the net proceeds to reduce the outstanding balance on the Line and invested the remaining net
proceeds in certificates of deposit and short-term U.S. Treasury mutual funds until required for general corporate purposes
including the repayment of outstanding debt, as further described below. All such investments matured within the year.
On June 17, 2024, we repaid $250 million of maturing senior unsecured notes.
On August 12, 2024, we priced a public offering of $325 million of senior unsecured notes due in 2035, with a coupon of
5.1%. We used the net proceeds from this offering to reduce the outstanding balance on the Line.
We have $101.6 million of secured loans maturing during the next 12 months, including Regency's pro-rata share of
maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
At December 31, 2024, we had $1.4 billion available on the Line, which expires on March 23, 2028 unless we exercise the
available options to extend the maturity for two additional six-month periods, in which case the term will be extended in
accordance with any such option exercise.
During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were
purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and
offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade
dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. Proceeds from the
issuance of shares are expected to be used to fund acquisitions of operating properties, to fund developments and
redevelopments, and for general corporate purposes. No shares have been settled through December 31, 2024.
43
Leasing Activity and Significant Tenants
We believe our high-quality, neighborhood and community shopping centers located in suburban trade areas with compelling
demographics create attractive spaces for retail and service providers to operate their businesses.
Pro-rata Percent Leased
The following table summarizes Pro-rata percent leased of our combined consolidated and unconsolidated shopping center portfolio:
December 31, 2024
December 31, 2023
Percent Leased – All properties
96.3%
95.1%
Anchor Space (spaces ≥10,000 SF)
98.4%
96.7%
Shop Space (spaces < 10,000 SF)
93.0%
92.4%
Our percent leased increased primarily due to favorable leasing activity in both our Anchor and Shop Space categories during 2024.
Pro-rata Leasing Activity
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):
Year Ended December 31, 2024
Leasing
Transactions
SF
(in thousands)
Base
Rent PSF
Tenant
Allowance
and Landlord
Work PSF
Leasing
Commissions
PSF
Anchor Space Leases
New
39
952
$
20.06
$
61.64
$
6.77
Renewal
153
4,778
18.48
0.72
0.09
Total Anchor Space Leases
192
5,730
$
18.76
$
11.74
$
1.30
Shop Space Leases
New
598
1,415
$
39.91
$
44.11
$
14.58
Renewal
1,242
2,714
38.39
2.52
0.65
Total Shop Space Leases
1,840
4,129
$
38.92
$
16.98
$
5.49
Total Leases
2,032
9,859
$
27.19
$
13.93
$
3.05
Year Ended December 31, 2023
Leasing
Transactions
SF
(in thousands)
Base
Rent PSF
Tenant
Allowance
and Landlord
Work PSF
Leasing
Commissions
PSF
Anchor Space Leases
New
41
859
$
20.37
$
45.96
$
5.38
Renewal
110
2,916
18.06
0.39
0.10
Total Anchor Space Leases
151
3,775
$
18.58
$
10.77
$
1.30
Shop Space Leases
New
583
1,179
$
38.25
$
41.71
$
13.28
Renewal
1,105
1,952
37.55
1.73
0.73
Total Shop Space Leases
1,688
3,131
$
37.82
$
16.79
$
5.45
Total Leases
1,839
6,906
$
27.30
$
13.50
$
3.19
The weighted-average base rent PSF on signed Shop Space leases during 2024 was $38.92 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 $35.98 PSF. New and renewal rent
spreads, compared to prior rents on these same spaces leased, were positive at 9.5% for the 12 months ended December 31, 2024,
compared to 10.0% for the 12 months ended December 31, 2023.
44
Diversification and Concentration of Tenant Risk
We seek to reduce our risk by limiting concentration. For example, we utilize geographic diversification, as described in "Item 2.
Properties" of this Report, and also seek to avoid 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:
December 31, 2024
Anchor
Number of
Stores
Percentage of
Company-
owned GLA (1)
Percentage of
Annual
Base Rent (1)
Publix
67
6.0%
2.9%
Albertsons Companies, Inc. (2)
52
4.3%
2.8%
TJX Companies, Inc.
74
3.6%
2.7%
Amazon/Whole Foods
39
2.7%
2.6%
Kroger Co. (2)
52
6.0%
2.6%
(1)
Includes Regency's Pro-rata share of unconsolidated properties and excludes those owned by
anchors.
(2)
In October 2022, Kroger Co. and Albertsons Companies, Inc. announced a proposed merger, and in
September 2023, an agreement for a separate transaction was announced to divest certain assets of
each company to a third party, C&S Wholesale Grocers. The proposed merger was terminated in the
fourth quarter of 2024 after adverse court rulings that enjoined the transaction primarily due to
antitrust issues.
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. The potential for a recession and the severity and duration of any
economic downturn could negatively impact our existing tenants and their ability to continue to meet their lease obligations.
Although base rent is derived from long-term lease contracts, tenants that file for bankruptcy generally have the legal right to reject
any or all of their leases and close related stores. Any unsecured claim we hold against a bankrupt tenant for unpaid rent might be
paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims. As
a result, in a tenant bankruptcy situation it is likely that we would recover substantially less than the full value of any unsecured claims
we hold. Additionally, we may incur significant expense to adjudicate our claim and significant downtime to re-lease the vacated
space. In the event that a tenant with a significant number of leases in our shopping centers files for bankruptcy and rejects its leases,
we could experience a significant reduction in our revenues. As of December 31, 2024, the tenants who are currently in bankruptcy
and which continue to occupy space in our shopping centers represent an aggregate of 0.7% of our Pro-rata annual base rent with no
single tenant exceeding 0.5% of Pro-rata annual base rent.
For a discussion and analysis of the year ended December 31, 2023, compared to the same period in 2022, see "Part II, Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for
the year ended December 31, 2023, filed with the SEC on February 16, 2024.
45
Results of Operations
The results of operations for the year ended December 31, 2024, include a full year of results from our acquisition of UBP on August
18, 2023 as compared to a partial year in 2023.
Comparison of the years ended December 31, 2024 and 2023:
The changes in revenues are summarized in the following table:
(in thousands)
2024
2023
Change
Lease income
Base rent
$
986,916
897,451
89,465
Recoveries from tenants
345,145
311,775
33,370
Percentage rent
13,777
12,963
814
Uncollectible lease income
(3,324)
(549)
(2,775)
Other lease income
23,722
20,685
3,037
Straight-line rent
20,300
10,788
9,512
Above/below market rent amortization, net
24,843
30,826
(5,983)
Total lease income
$ 1,411,379
1,283,939
127,440
Other property income
14,651
11,573
3,078
Management, transaction, and other fees
27,874
26,954
920
Total revenues
$ 1,453,904
1,322,466
131,438
Lease income increased by $127.4 million primarily due to the following:
$89.5 million increase in Base rent, mainly driven by the following:
$63.0 million increase resulting from the acquisition of UBP;
$22.5 million increase resulting from same properties, including:
$15.1 million increase due to increases from occupancy, rent steps in existing leases, and positive rental
spreads on new and renewal leases; and
$7.4 million increase due to redevelopment projects that commenced operations in 2024.
$6.5 million increase from acquisitions of other operating properties in 2024 and 2023;
$1.9 million increase from rent commencements at completed development properties; partially offset by
$4.4 million decrease due to dispositions of operating properties.
$33.4 million increase in 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:
$23.5 million increase from the acquisition of UBP;
$8.6 million increase from same properties primarily due to higher operating costs in the current year coupled with
higher expense recovery rates;
$2.3 million increase driven by the acquisition of other operating properties in 2023 and 2024 and rent
commencements at development properties; partially offset by
$1.0 million decrease from dispositions of operating properties.
$2.8 million change in Uncollectible lease income primarily driven by elevated collections in 2023 of previously reserved
amounts, which reduced our adjustment in the comparative period.
$3.0 million increase in Other lease income primarily due to:
$5.1 million increase driven by acquisition of UBP; partially offset by
$2.1 million decrease mainly due to lease termination fee income recognized in the comparative period.
$9.5 million increase in Straight-line rent mainly due to:
$4.3 million due to timing and degree of contractual rent steps and new lease commencements within same
properties;
$3.4 million increase from the acquisition of UBP, and
$1.8 million increase from lease commencements at development properties and acquisitions of other operating
properties.
46
$6.0 million decrease in Above and below market rent, net primarily due to:
$8.9 million decrease from same properties mainly driven by accelerated below market rent amortization from an
early tenant move-out in 2023; partially offset by
$2.9 million increase from the acquisition of UBP and other operating properties.
Other property income increased by $3.1 million primarily due to business interruption insurance proceeds received in 2024.
There were no significant changes in Management, transaction, and other fees.
Changes in our operating expenses are summarized in the following table:
(in thousands)
2024
2023
Change
Depreciation and amortization
$
394,714
352,282
42,432
Property operating expense
248,637
229,209
19,428
Real estate taxes
184,415
165,560
18,855
General and administrative
101,465
97,806
3,659
Other operating expenses
10,867
9,459
1,408
Total operating expenses
$
940,098
854,316
85,782
Depreciation and amortization increased by $42.4 million, mainly due to the following:
$33.4 million increase from the acquisition of UBP;
$6.4 million increase from acquisitions of other operating properties and development properties becoming available for
occupancy;
$3.2 million increase from same properties mainly driven by the timing of capital expenditures being placed in service
within our redevelopment projects and accelerated amortization of certain early tenant move-outs; partially offset by
$1.1 million decrease from dispositions of operating properties.
Property operating expense increased by $19.4 million, mainly due to the following:
$18.1 million increase from the acquisition of UBP; and
$1.3 million increase from same properties primarily attributable to higher recoverable common area maintenance and
other tenant-related costs.
Real estate taxes increased by $18.9 million, mainly due to the following:
$14.9 million increase from acquisition of UBP; and
$3.5 million net increase from same properties primarily due to increases in real estate tax assessments across the
portfolio.
$1.2 million increase from the acquisitions of other operating properties and development properties; offset by
$0.7 million decrease from dispositions of operating properties.
General and administrative costs increased by $3.7 million, mainly due to the following:
$6.9 million increase in compensation costs primarily driven by salary increases and performance-based incentive
compensation;
$1.6 million increase primarily attributable to higher costs in technology related spending and professional fees;
$0.5 million increase due to changes in the value of participant obligations within the deferred compensation plan, which
were attributable to increases in the market values of those investments recognized in Net investment income; partially
offset by
$5.3 million change in overhead capitalization due to the number, timing and status of our development and
redevelopment projects.
Other operating expenses increased by $1.4 million, mainly due to the acquisition of UBP.
47
Changes in Other expense, net are summarized in the following table:
(in thousands)
2024
2023
Change
Interest expense, net
Interest on notes payable
$
187,084
154,647
32,437
Interest on unsecured credit facilities
8,566
6,824
1,742
Capitalized interest
(6,627)
(5,695)
(932 )
Hedge expense
728
438
290
Interest income
(9,632)
(1,965)
(7,667)
Interest expense, net
180,119
154,249
25,870
Provision for impairment of real estate
14,304
—
14,304
Gain on sale of real estate, net of tax
(34,162)
(661 )
(33,501)
Loss (gain) on early extinguishment of debt
180
(99 )
279
Net investment income
(6,181)
(5,665)
(516 )
Total other expense, net
$
154,260
147,824
6,436
Interest expense, net increased by $25.9 million primarily due to the following:
$32.4 million increase in Interest on notes payable is primarily due to:
$21.8 million increase due to a higher weighted average outstanding balance, coupled with incrementally higher
weighted average contractual interest rates, and
$10.6 million increase related to the loans assumed with the UBP acquisition;
$1.7 million increase in Interest on unsecured credit facilities is primarily due to a higher weighted average outstanding
balance under our Line coupled with incrementally higher weighted average contractual interest rates; partially offset by
$7.7 million increase in interest income primarily due to maintaining higher levels of excess cash in short term
investments.
Provision for impairment of real estate of $14.3 million was recognized in 2024 related to the sale of one operating property and the
change in expected hold period of another operating property.
During 2024, we recognized gains on sale of $34.2 million mainly from the sale of five operating properties and recognition of two
sales type leases. During 2023, we recognized gains on sale of we recognized gains on sale of $0.7 million from three land parcels.
There were no significant changes in Loss (gain) on early extinguishments of debt, Net investment income and Equity in income of
investments in real estate partnerships.
The following represents the remaining components that comprise Net income attributable to common shareholders and unit holders:
(in thousands)
2024
2023
Change
Net income
$
409,840
370,867
38,973
Income attributable to noncontrolling interests
(9,452)
(6,310)
(3,142)
Net income attributable to the Company
400,388
364,557
35,831
Preferred stock dividends
(13,650)
(5,057)
(8,593)
Net income attributable to common shareholders
$
386,738
359,500
27,238
Net income attributable to exchangeable operating partnership
units ("EOP")
2,338
2,008
330
Net income attributable to common unit holders
$
389,076
361,508
27,568
The $3.1 million increase in Income attributable to noncontrolling interests is mainly due to the acquisition of UBP.
The $8.6 million increase in Preferred stock dividends is related to the preferred stock issued in connection with the UBP acquisition.
The current period includes a full year of dividends as compared to a partial year in 2023, as the UBP acquisition was completed on
August 18, 2023.
48
Supplemental Earnings Information on Non-GAAP Measures
We use certain non-GAAP 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 measures provide useful information to
our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations.
Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of
determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro-rata financial
information because we believe it assists investors and analysts in estimating our economic interest in our consolidated and
unconsolidated real estate partnerships, when read in conjunction with our reported results under GAAP. We believe presenting our
Pro-rata share of operating results, along with other non-GAAP measures, may assist in comparing our operating results to other
REITs. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP measures to
determine how best to provide relevant information to the public, and thus such reported non-GAAP measures could change. See
"Non-GAAP Measures" in "Item 1. Business" for additional information regarding the definition of and other information regarding
the non-GAAP measures we present in this Report.
We do not consider non-GAAP 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 measures is 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 measures. In order to compensate for these limitations,
reconciliations of the non-GAAP measures we use to their most directly comparable GAAP measures are provided, including as set
forth below. Non-GAAP measures should not be relied upon in evaluating the financial condition, results of operations, or future
prospects.
Pro-rata Same Property NOI:
Pro-rata same property NOI, excluding termination fees/expenses, increased $27.8 million from the following major components:
(Pro-rata in thousands)
2024
2023
Change
Base rent
$
976,833
950,572
26,261
Recoveries from tenants
339,865
330,909
8,956
Percentage rent
14,515
14,484
31
Termination fees
4,879
7,870
(2,991)
Uncollectible lease income
(3,912)
(242 )
(3,670)
Other lease income
13,557
12,488
1,069
Other property income
10,749
9,245
1,504
Total real estate revenue
1,356,486
1,325,326
31,160
Operating and maintenance
226,489
224,837
1,652
Termination expense
5
—
5
Real estate taxes
175,975
171,737
4,238
Ground rent
14,169
13,710
459
Total real estate operating expenses
416,638
410,284
6,354
Pro-rata same property NOI
$
939,848
915,042
24,806
Less: Termination fees
4,874
7,870
(2,996)
Pro-rata same property NOI, excluding termination fees
$
934,974
907,172
27,802
Pro-rata same property NOI growth, excluding termination fees
3.1%
Total real estate revenue increased by $31.2 million, on a net basis, as follows:
Base rent increased by $26.3 million due to 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 $9.0 million due to increases in recoverable expenses, expense recovery rates and
increased occupancy.
Termination fees decreased by $3.0 million due to higher termination fees recognized in 2023 due to early tenant move
outs.
Uncollectible lease income adjustment decreased by $3.7 million primarily driven by favorable collections in 2023 of
previously reserved amounts, reducing our adjustment in the comparable period.
Other lease income increased by $1.1 million primarily due to sustainability income and other fees.
49
Other property income increased by $1.5 million primarily due to business interruption insurance proceeds received in
2024.
Total real estate operating expenses increased by $6.4 million, on a net basis, as follows:
Operating and maintenance increased by $1.7 million primary due to increases in common area maintenance and other
tenant-recoverable costs.
Real estate taxes increased by $4.2 million primary due to an increase in real estate assessments across the portfolio.
Reconciliation of Pro-rata Same Property NOI to Net Income Attributable to Common Shareholders:
Our reconciliation of Net income attributable to common shareholders to Same Property NOI, on a Pro-rata basis, is as follows:
(in thousands)
2024
2023
Net income attributable to common shareholders
$
386,738
359,500
Less:
Management, transaction, and other fees
27,874
26,954
Other (1)
49,944
46,084
Plus:
Depreciation and amortization
394,714
352,282
General and administrative
101,465
97,806
Other operating expense
10,867
9,459
Other expense, net
154,260
147,824
Equity in income of investments in real estate excluded from NOI (2)
54,040
46,088
Net income attributable to noncontrolling interests
9,452
6,310
Preferred stock dividends and issuance costs
13,650
5,057
NOI
1,047,368
951,288
Less non-same property NOI
(107,520)
(36,246)
Same property NOI
$
939,848
915,042
(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.
Same Property Roll-forward:
Our same property pool includes the following property count, Pro-rata GLA, and changes therein:
2024
2023
(GLA in thousands)
Property
Count
GLA
Property
Count
GLA
Beginning same property count
394
42,135
389
41,383
Acquired properties owned for entirety of comparable periods
4
441
5
771
Developments that reached completion by beginning of earliest
comparable period presented
3
278
—
—
Disposed properties
(4 )
(415 )
(1 )
(27 )
SF adjustments (1)
—
71
—
8
Change in intended property use
—
—
1
—
Ending same property count
397
42,510
394
42,135
(1)
SF adjustments arising from re-measurements or redevelopments.
50
Nareit FFO, Core Operating Earnings and AFFO:
Our reconciliation of net income attributable to common shareholders to Nareit FFO, to Core Operating Earnings, and to AFFO is as
follows:
(in thousands, except share information)
2024
2023
Reconciliation of Net income attributable to common shareholders to Nareit FFO
Net income attributable to common shareholders
$
386,738
359,500
Adjustments to reconcile to Nareit FFO:(1)
Depreciation and amortization (excluding FF&E)
422,581
378,400
Gain on sale of real estate, net of tax
(35,069)
(3,822)
Provision for impairment of real estate
14,304
—
EOP units
2,338
2,008
Nareit FFO attributable to common stock and unit holders
$
790,892
736,086
Reconciliation of Nareit FFO to Core Operating Earnings
Nareit Funds From Operations
$
790,892
736,086
Adjustments to reconcile to Core Operating Earnings:(1)
Not Comparable Items
Merger transition costs
7,718
4,620
Loss (gain) on early extinguishment of debt
180
(99 )
Certain Non Cash Items
Straight-line rent
(22,980)
(11,060)
Uncollectible straight-line rent
2,446
(1,174)
Above/below market rent amortization, net
(23,431)
(29,869)
Debt and derivative mark-to-market amortization
5,837
2,352
Core Operating Earnings
$
760,662
700,856
Reconciliation of Core Operating Earnings to AFFO:
Core Operating Earnings
$
760,662
700,856
Adjustments to reconcile to AFFO:(1)
Operating capital expenditures
(138,229)
(112,694)
Debt cost and derivative adjustments
8,391
6,739
Stock-based compensation
18,549
17,277
AFFO
$
649,373
612,178
(1) Includes Regency's consolidated entities and its Pro-rata share of unconsolidated investment partnerships, net of Pro-rata share
attributable to noncontrolling interests.
Liquidity and Capital Resources
General
We use cash flows generated from operating, investing, and financing activities to strengthen our balance sheet, finance our
development and redevelopment projects, fund our investment activities, and maintain financial flexibility. A significant portion of
our cash from operations is distributed to our common shareholders in the form of dividends in order to maintain our status as a REIT.
Except for $200 million of private placement debt, our Parent Company has no capital commitments other than its guarantees of the
commitments of our Operating Partnership. All remaining debt is held by our Operating Partnership, its subsidiaries, or by our real
estate partnerships. The Operating Partnership is a co-issuer and a guarantor of the $200 million of outstanding debt of our Parent
Company. The Parent Company will from time to time access the capital markets for the purpose of issuing new equity and will
simultaneously contribute all of the offering proceeds to the Operating Partnership in exchange for additional partnership units.
We continually assess our available liquidity and our expected cash requirements, including monitoring our tenant rent collections.
We have access to and draw on multiple financing sources to fund our operations and our long-term capital needs, including the
requirements of our in process and planned developments, redevelopments, other capital expenditures, and the repayment of debt. We
expect to meet these needs for the next 12 months and beyond by using a combination of the following: cash flow 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.
51
On January 8, 2024, we priced a public offering of $400 million of senior unsecured notes due in 2034 (the "January 2024 Notes")
under our existing shelf registration statement filed with the SEC. The January 2024 Notes were issued at 99.617% of par value with
a coupon of 5.25%, and will mature on January 15, 2034. Additionally, on August 12, 2024, we priced a public offering of $325
million of senior unsecured notes due in 2035 (the "August 2024 Notes") under our existing shelf registration statement filed with the
SEC. The August 2024 Notes were issued at 99.813% of par value with a coupon of 5.10%, and will mature on January 15, 2035.
We redeemed $250 million of senior unsecured notes that matured in June 2024, and our next maturity of senior unsecured notes
occurs in November 2025. We have $101.6 million of secured loan maturities during the next 12 months, including Regency's pro-
rata share of maturities within our unconsolidated real estate partnerships, which we intend to refinance or pay-off as they mature.
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 $56.3 million of unrestricted cash, we have the following additional sources of capital available:
(in thousands)
December 31, 2024
ATM program (see note 12 to our Consolidated Financial Statements)
Original offering amount
$
500,000
Available capacity (1)
$
400,000
Line of Credit (see note 9 to our Consolidated Financial Statements)
Total commitment amount
$
1,500,000
Available capacity (2)
$
1,424,940
Maturity(3)
March 23, 2028
(1)
During November and December 2024, we entered into forward sale agreements with respect to 1,339,377 shares that were
purchased in several tranches at a weighted average offering price of $74.66 per share before any underwriting discount and
offering expenses. These shares are pledged under forward sale agreements and must be settled within one year of their trade
dates, which vary by agreement and are expected to result in net proceeds of approximately $100 million. After giving effect to
this forward equity offering as of December 31, 2024, $400 million of common stock remains available for issuance under the
ATM program authorized by the Company's Board of Directors, which is subject to change in the discretion of the Board.
(2)
Net of letters of credit issued against our Line.
(3)
The Company has the option under its Line to extend the maturity for two additional six-month periods, subject to the terms of the
Line.
The declaration of dividends is determined quarterly by our Board of Directors. On February 4, 2025, our Board of Directors:
Declared a common stock dividend of $0.705 per share, payable on April 2, 2025, to shareholders of record as of March
12, 2025;
Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30,
2025. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on
April 15, 2025; and
Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30,
2025. The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on
April 15, 2025.
While future dividends 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 years ended December 31, 2024 and 2023, we generated cash flows from operating activities of $790.2 million and $719.6 million,
respectively, and paid $507.0 million and $458.8 million in dividends to our common and preferred stock and unit holders, in the same
respective periods.
We currently have development and redevelopment projects in various stages of planning, design and construction, along with a
pipeline of potential projects for future development or redevelopment. After funding our common and preferred stock dividend
payments in January 2025, we estimate that we will require capital during the next 12 months of approximately $544.9 million related
to leasing commissions, tenant improvements, in-process developments and redevelopments, capital contributions to our real estate
partnerships, and repaying maturing debt. These capital requirements are being impacted by inflation resulting in increased costs of
construction materials, labor, and services from third party contractors and suppliers. In response, we have implemented mitigation
strategies such as 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.
52
If we start new developments or redevelopments, commit to property acquisitions, repay debt prior to maturity, declare future
dividends, or repurchase shares of our common stock, our cash requirements will increase. If we refinance maturing debt, our cash
requirements will decrease.
We endeavor to maintain a high percentage of unencumbered assets. As of December 31, 2024, 88.6% of our wholly-owned real
estate assets were unencumbered. Our low level of encumbered assets allows us to more readily access the secured and unsecured
debt markets and to maintain borrowing capacity on the Line.
Our Line and unsecured debt require that we remain in compliance with various financial covenants customary for debt of this type,
which are described in Note 9 of the Consolidated Financial Statements. We were in compliance with these covenants at
December 31, 2024, 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:
(in thousands)
2024
2023
Change
Net cash provided by operating activities
$
790,198
719,591
70,607
Net cash used in investing activities
(326,644)
(341,978)
15,334
Net cash used in financing activities
(493,024)
(355,035)
(137,989)
Net change in cash and cash equivalents and restricted cash
(29,470)
22,578
(52,048)
Total cash, cash equivalents, and restricted cash
$
61,884
91,354
(29,470)
Net cash provided by operating activities:
Net cash provided by operating activities changed by $70.6 million due to:
$68.0 million increase in cash from operations due to the acquisition of UBP, and timing of receipts and payments
$2.6 million increase in operating cash flow distributions from Investments in real estate partnerships.
Net cash used in investing activities:
Net cash used in investing activities changed by $15.3 million as follows:
(in thousands)
2024
2023
Change
Cash flows from investing activities:
Acquisition of operating real estate
$
(45,405)
(45,386)
(19 )
Acquisition of UBP, net of cash acquired of $14,143
—
(82,389)
82,389
Real estate development and capital improvements
(343,368)
(232,855)
(110,513)
Proceeds from sale of real estate
108,615
11,167
97,448
Proceeds from property insurance casualty claims
5,286
—
5,286
Issuance of notes receivable
(32,651)
(4,000)
(28,651)
Collection of notes receivable
3,115
4,000
(885 )
Investments in real estate partnerships
(41,345)
(13,119)
(28,226)
Return of capital from investments in real estate partnerships
13,034
11,308
1,726
Dividends on investment securities
453
1,283
(830 )
Acquisition of investment securities
(101,044)
(7,990)
(93,054)
Proceeds from sale of investment securities
106,666
16,003
90,663
Net cash used in investing activities
$ (326,644)
(341,978)
15,334
Significant changes in investing activities include:
We paid $45.4 million in 2024 to purchase one operating property. In 2023, we paid $45.4 million to purchase two operating
properties.
During 2023, we invested $82.4 million, net of $14.1 million in cash acquired, for the acquisition of UBP, including $39.3
million for UBP debt repaid at closing, and $57.2 million in direct transaction and other costs.
During 2024, we invested $110.5 million more on real estate development, redevelopment, and capital improvements, as
further detailed in a table below.
We sold six operating properties in 2024 for proceeds of $108.6 million compared to five land parcels and one development
project interest in 2023 for proceeds of $11.2 million.
53
We received additional property insurance claim proceeds of $5.3 million in 2024 primarily attributable to a single property
that was impacted by a weather event in 2019.
During 2024, in connection with a secured lending transaction entered into by the Company, we issued a note receivable in
the amount of $29.8 million at an interest rate of 6.8% maturing in January 2027, secured by a mortgage and the related
grocery-anchored shopping center. In addition, we issued $2.9 million short-term notes receivable to real estate partners in
2024, as compared to the issuance of a $4.0 million in 2023.
We collected $3.1 million in notes receivable during 2024, and collected $4.0 million during 2023.
Investments in real estate partnerships:
o
In 2024, we invested $41.3 million to fund our share of acquiring one operating property within an existing real
estate partnership, and for our share of development and redevelopment activities, including investing in two new
ground up development projects,
o
In 2023, we invested $13.1 million, including $2.8 million to fund our share of acquiring one operating property
within an existing real estate partnership, and $10.3 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:
o
During 2024, we received $13.0 million, which represents our share of proceeds from debt financing activities and
the sale of an ownership interest in a real estate partnership.
o
During 2023, we received $11.3 million, including $3.6 million from our share of proceeds from debt financing
activities and $7.7 million from our share of proceeds from real estate sales.
Acquisition of securities and proceeds from sale of securities pertain to investment activities held in our captive insurance
company and our deferred compensation plan. Additionally, we invested approximately $90 million in commercial deposits
with proceeds received from the sale of the January 2024 Notes. The commercial deposits were subsequently settled at
maturity during the second quarter of 2024.
We plan to continue developing and redeveloping shopping centers for long-term investment. During 2024, we deployed capital of
$343.4 million for the development, redevelopment, and improvement of our real estate properties, comprised of the following:
(in thousands)
2024
2023
Change
Capital expenditures:
Land acquisitions
$
16,885
2,580
14,305
Building and tenant improvements
113,550
92,609
20,941
Redevelopment costs
129,553
88,426
41,127
Development costs
61,902
34,981
26,921
Capitalized interest
6,487
5,505
982
Capitalized direct compensation
14,991
8,754
6,237
Real estate development and capital improvements
$
343,368
232,855
110,513
In 2024, we acquired three land parcels for development and two income-producing outparcels, compared to one land parcel
for development in 2023.
Building and tenant improvements increased $20.9 million in 2024, primarily related to the timing and volume of capital
projects.
Redevelopment costs are $41.1 million higher than prior year. We intend to continuously improve our portfolio of shopping
centers through redevelopment which can include adjacent land acquisition, existing building expansion, facade renovation,
new out-parcel building construction, and redevelopment related tenant improvement costs. The size and magnitude of each
redevelopment project varies with each redevelopment plan. The timing and duration of these projects could also result in
volatility in NOI. See the tables below for more details about our redevelopment projects.
Development costs are higher in 2024 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 expended. 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 staff of employees who directly manage and support our development and redevelopment program. Internal
compensation costs directly attributable to these activities are capitalized as part of each project.
54
The following table summarizes our development projects in-process and completed:
(in thousands, except cost PSF)
December 31, 2024
Property Name
Market
Ownership (3)
Start
Date
Estimated
Stabilization
Year (1)
Estimated /
Actual Net
Development
Costs (2) (3)
GLA (3)
Cost PSF
of GLA (2) (3)
% of Costs
Incurred
Developments In-Process
Baybrook East - Phase 1B
Houston, TX
50%
Q2-2022
2026
9,792
77
127
88 %
Sienna Grande - Phase 1
Houston, TX
75%
Q2-2023
2027
9,409
23
409
79 %
The Shops at SunVet
Long Island, NY
100%
Q2-2023
2027
92,863
172
540
56 %
The Shops at Stone Bridge
Cheshire, CT
100%
Q1-2024
2027
68,277
155
440
37 %
Jordan Ranch Market
Houston, TX
50%
Q3-2024
2027
23,006
81
284
28 %
Oakley Shops at Laurel Fields
Bay Area, CA
100%
Q3-2024
2027
34,982
78
448
20 %
Total Developments In-Process
$
238,329
586
$
407
45 %
Developments Completed
Glenwood Green
Metro NYC
70%
Q1-2022
2025
45,880
249
184
Total Developments Completed
$
45,880
249
$
184
(1)
Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
(2)
Includes leasing costs and is net of tenant reimbursements.
(3)
Estimated Net Development Costs and GLA are reported based on Regency’s ownership interest in the real estate partnership at completion.
The following table summarizes our redevelopment projects in process and completed:
(in thousands)
December 31, 2024
Property Name
Market
Ownership (3)
Start Date
Estimated
Stabilization
Year (1)
Estimated Net
Project Costs (2) (3)
% of Costs
Incurred
Redevelopments In-Process
Bloom on Third
Los Angeles, CA
35%
Q4-2022
2027
$
24,525
49 %
Serramonte Center - Phase 3
San Francisco, CA
100%
Q2-2023
2025
36,989
24 %
Circle Marina Center
Los Angeles, CA
100%
Q3-2023
2025
14,986
79 %
Avenida Biscayne
Miami, FL
100%
Q4-2023
2026
22,743
43 %
Cambridge Square
Atlanta, GA
100%
Q4-2023
2026
15,002
42 %
Anastasia Plaza
St. Augustine, FL
100%
Q3-2024
2026
15,607
6 %
East Meadow Plaza - Phase 1
Long Island, NY
100%
Q3-2024
2026
11,736
39 %
West Chester Plaza
Cincinnati, OH
100%
Q4-2024
2028
15,442
34 %
Willows Shopping Center
Bay Area, CA
100%
Q4-2024
2027
16,807
6 %
Various Redevelopments
Various
20% - 100%
Various
Various
85,120
32 %
Total Redevelopments In-Process
$
258,957
34 %
Redevelopments Completed
The Abbot
Boston, MA
100%
Q2-2019
2026
59,854
95 %
Westbard Square Phase I
Bethesda, MD
100%
Q2-2021
2025
38,826
92 %
Buckhead Landing
Atlanta, GA
100%
Q2-2022
2025
30,634
93 %
Mandarin Landing
Jacksonville, FL
100%
Q2-2023
2025
16,422
93 %
Various Properties
Various
20% - 100%
Various
Various
45,009
96 %
Total Redevelopments Completed
$
190,745
(1)
Estimated Stabilization Year represents the estimated first full calendar year that the project will reach our expected stabilized yield.
(2)
Includes leasing costs and is net of tenant reimbursements.
(3)
Estimated Net Development Costs are reported based on Regency’s ownership interest in the real estate partnership at completion.
55
Net cash used in financing activities:
Net cash flows from financing activities increased by $138.0 million during 2024, as follows:
(in thousands)
2024
2023
Change
Cash flows from financing activities:
Net proceeds from common stock issuances
$
—
(33 )
33
Repurchase of common shares in conjunction with equity award
plans
(19,540)
(7,662)
(11,878)
Common shares repurchased through share repurchase program
(200,066)
(20,006)
(180,060)
Contributions from noncontrolling interests
6,789
10,238
(3,449)
Distributions to and redemptions of noncontrolling interests
(12,185)
(7,813)
(4,372)
Dividend payments and operating partnership distributions
(506,967)
(458,846)
(48,121)
(Repayments of) proceeds from unsecured credit facilities, net
(87,000)
152,000
(239,000)
Proceeds from issuance of fixed rate unsecured notes, net of debt
discount
722,860
—
722,860
Proceeds from notes payable
12,000
59,500
(47,500)
Debt repayment
(392,470)
(72,827)
(319,643)
Payment of financing costs
(16,655)
(526 )
(16,129)
Proceeds from sale of treasury stock
210
103
107
Redemption of EOP units
—
(9,163)
9,163
Net cash used in financing activities
$ (493,024)
(355,035)
(137,989)
Significant changes in financing activities include the following:
We repurchased a portion of the common stock granted to employees for stock-based compensation to satisfy employee tax
withholding requirements, which totaled $19.5 million and $7.7 million during the years ended December 31, 2024 and 2023,
respectively. The 2024 period includes $10.7 million of these repurchases to satisfy employee tax withholding obligations
related to the UBP acquisition.
During 2024, we paid $200.1 million to repurchase 3,306,709 shares of our common stock under our Repurchase Program, as
compared to $20.0 million to repurchase 349,519 shares of our common stock during 2023.
During 2024, we received $6.8 million in contributions for the limited partners' share of development funding. During 2023,
we received $10.2 million of contributions from limited partners for their share of debt repayments and development funding.
During 2024, we distributed $12.2 million to limited partners, including proceeds to partially redeem a noncontrolling
interest in one real estate partnership. During 2023, we distributed $7.8 million in operating distributions.
We paid $48.1 million more in dividends as a result of an increase in our dividend rate per share and the number of shares of
our common stock outstanding, as well as preferred dividends which commenced in late 2023 as a result of the UBP
acquisition.
We had the following debt related activity during 2024:
o
We repaid $87.0 million in net proceeds from our Line,
o
We received $722.9 million in proceeds from issuing unsecured public debt
o
We received $12.0 million in proceeds from issuance of a mortgage loan
o
We paid $392.5 million for debt repayments, including:
$250.0 million in unsecured public debt repayments,
$131.3 million for repaying seven mortgage loans at maturity, and
$11.2 million in principal mortgage payments.
o
We paid $16.7 million in loan costs relating to the recast of the Line as well as the unsecured public debt offerings.
We had the following debt related activity during 2023:
o
We received $59.5 million in proceeds from issuance of a mortgage refinancing,
o
We paid $72.8 million for debt repayments, including:
$11.2 million in principal mortgage payments, and
$61.6 million for a combination of repaying or refinancing six mortgage loans at maturity.
We paid $9.2 million in 2023 for the redemption of exchangable operating partnership units.
56
Contractual Obligations and Other Commitments
We have material obligations at December 31, 2024, which are discussed in our notes to Consolidated Financial Statements and
include:
Mortgage loans, unsecured notes, and unsecured credit facilities as discussed in note 9, and related interest rate swaps as
discussed in note 10;
We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased
the underlying land to us to construct and/or operate a shopping center. We also have non-cancelable operating leases
pertaining to office space from which we conduct our business. These lease obligations are discussed in note 7;
Our share of mortgage loans within our Investments in real estate partnerships, as discussed in note 4;
Letters of credit of $10.9 million issued to cover our captive insurance program and performance obligations on certain
development projects, the latter of which will be satisfied upon completion of the development projects;
Obligations for retirement savings plans due to uncertainty around timing of participant withdrawals, which are solely within
the control of the participant, and are further discussed in note 14; and
We will also incur obligations related to construction or development contracts on projects in process; however, future
amounts under these construction contracts are not due until future satisfactory performance under the contracts.
Critical Accounting Estimates
Knowledge about our significant accounting policies is necessary for a complete understanding of our Consolidated Financial
Statements. The preparation of our Consolidated Financial Statements requires that we make certain estimates, judgments, and
assumptions that impact the balance of assets and liabilities as of the financial statement date and the reported amount of income and
expenses during the financial reporting period. These accounting estimates, judgments and assumptions are based upon, but not
limited to historical experience, current trends, expected future results, current market conditions, and interpretation of industry
accounting standards. While the following is not intended to be a comprehensive list of our accounting estimates, the estimates
discussed below are believed to be critical because of their significance to the Consolidated Financial Statements and the possibility
that future events may differ from those judgments, or that the use of different assumptions could result in materially different
estimates. We review these estimates on a periodic basis to ensure reasonableness; however, the amounts we may ultimately realize
could differ from such estimates.
Impairment of Real Estate Investments
In accordance with GAAP, we evaluate our real estate for impairment whenever there are events or changes in circumstances,
including property operating performance, general market conditions or changes in expected hold periods, that indicate that the
carrying value of our real estate properties (including any related amortizable intangible assets or liabilities) may not be recoverable.
If such events or changes occur, we compare the current carrying value of the asset to the estimated undiscounted cash flows that are
directly associated with the use and ultimate disposition of the asset. Our estimated cash flows are based on several key assumptions,
including rental rates, expected leasing activity, costs of tenant improvements, leasing commissions, expected hold period, comparable
sales information, and assumptions regarding the residual value upon disposition, including the exit capitalization rate. These key
assumptions are subjective in nature and the resulting impairment, if any, could differ from the actual gain or loss recognized upon
ultimate sale in an arm's length transaction. If the carrying value of the asset exceeds the estimated undiscounted cash flows, an
impairment loss is recognized equal to the excess of carrying value over the estimated fair value.
The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other market data
if available, as well as the use of an income approach such as the direct capitalization method or the discounted cash flow approach.
The discounted cash flow method uses similar assumptions to the undiscounted cash flow method above, as well as a discount rate.
Such cash flow projections and rates are subject to management judgment and changes in those assumptions could impact the
estimation of fair value. In estimating the fair value of undeveloped land, we generally use market data and comparable sales
information. Changes in events or changes in circumstances may alter the expected hold period of an asset or asset group, which may
result in an impairment loss and such loss could be material to the Company's financial condition or operating performance.
Recent Accounting Pronouncements
See note 1 to Consolidated Financial Statements.
57
Environmental Matters
We are subject to numerous environmental laws and regulations, which primarily pertain to chemicals historically used by certain
current and former dry cleaning and gas station tenants and the existence of asbestos in older shopping centers. We believe that the
relatively few tenants who currently operate dry cleaning plants or gas stations do so in accordance with current laws and regulations.
Generally, we endeavor to require tenants to remove dry cleaning plants from our shopping centers or convert them to more
environmentally friendly systems, in accordance with the terms of our leases. We carry an environmental insurance policy for certain
third-party liabilities and, in certain circumstances, remediation costs on shopping centers for currently unknown contamination. We
have also secured environmental insurance policies, where appropriate, on a relatively small number of specific properties with known
contamination, in order to mitigate our environmental risk. We monitor the shopping centers containing environmental issues and in
certain cases voluntarily remediate the sites. We also have legal obligations to remediate certain sites and we are in the process of
doing so.
The Company had accrued liabilities of $17.3 million for environmental remediation, which are included in Accounts payable, and
other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 2024. We believe that the ultimate remediation of
currently known environmental matters will not have a material effect on our financial position, cash flows, or results of operations.
We can give no assurance that existing environmental studies on our shopping centers have revealed all potential environmental
contamination; that our 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 us; 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;
or that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental
liability to us.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to two significant components of interest rate risk:
Under the Line, as further described in note 9 to the Consolidated Financial Statements, we have a variable interest rate that,
as of December 31, 2024, was based upon an annual rate of Secured Overnight Financing Rate ("SOFR") plus a 0.10%
market adjustment ("Adjusted SOFR") plus an applicable margin of 0.715%. SOFR rates charged on our Line change
monthly, and the applicable margin on the Line was dependent upon maintaining specific credit ratings or leverage targets, as
well as meeting specific sustainability target thresholds. If our credit ratings were downgraded or if we fail to meet the
leverage targets or sustainability target thresholds, the applicable margin on the Line would increase, resulting in higher
interest costs. As of December 31, 2024 the interest rate plus applicable margin based on our credit rating ranged from
Adjusted SOFR plus 0.640% to Adjusted SOFR plus 1.390%.
We are also exposed to changes in interest rates when we refinance our existing long-term fixed rate debt. The objective of
our interest rate risk management program is to limit the impact of interest rate changes on earnings and cash flows. To
achieve these objectives, we borrow primarily at fixed interest rates and may enter into derivative financial instruments such
as interest rate swaps, caps, or treasury locks in order to mitigate our interest rate risk on a related financial instrument. We
do not enter into derivative or interest rate transactions for speculative purposes. Our interest rate swaps are structured solely
for the purpose of interest rate protection.
We continuously monitor the capital markets and evaluate our ability to issue new debt, to repay maturing debt, or to fund our
commitments. We continue to believe, in light of our credit ratings, the available capacity under our unsecured credit facility, and the
number of high quality, unencumbered properties that we own which could collateralize borrowings, we will be able to successfully
issue new secured or unsecured debt to fund maturing debt obligations. It is uncertain the degree to which capital market volatility
and higher interest rates will adversely impact the interest rates on any new debt that we may issue.
The table below presents the principal cash flows, weighted average interest rates of remaining debt, and the fair value of total debt as
of December 31, 2024. For variable rate mortgages and unsecured credit facilities for which we have interest rate swaps in place to
fix the interest rate, they are included in the Fixed rate debt section below at their all-in fixed rate. The table is presented by year of
expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes. Although the average interest rate for
variable rate debt is included in the table, those rates represent rates that existed as of December 31, 2024, and are subject to change.
In addition, we continually assess the market risk for floating rate debt and believe that an increase of 100 basis points in interest rates
would decrease future earnings and cash flows by approximately $0.7 million per year based on $74.6 million of floating rate
mortgage debt and floating rate line of credit balances outstanding at December 31, 2024.
Further, the table below incorporates only those exposures that exist as of December 31, 2024, and does not consider exposures or
positions that could arise after that date or obligations repaid before maturity. Since firm commitments are not presented, the table has
limited predictive value. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the
exposures that arise during the period, our hedging strategies at that time, and actual interest rates.
58
The table below presents the principal cash flow payments associated with our outstanding debt by year, weighted average interest
rates on debt outstanding at each year-end, and fair value of total debt as of December 31, 2024:
(dollars in thousands)
2025
2026
2027
2028
2029
Thereafter
Total
Fair Value
Fixed rate debt (1)
$
308,465
357,768
754,572
341,882
481,406
2,123,633
4,367,726
4,131,301
Average interest rate for all fixed rate
debt (2)
4.09%
4.11%
4.13%
4.25%
4.23%
4.47%
Variable rate SOFR debt (1)
$
3,870
120
120
70,525
—
—
74,635
74,795
Average interest rate for all variable
rate debt (2)
5.55%
5.49%
5.48%
5.48%
—%
—%
(1)
Reflects amount of debt maturities during each of the years presented as of December 31, 2024.
(2)
Reflects weighted average interest rates of debt outstanding at the end of each year presented. For variable rate debt, the rate as of December 31, 2024, was used to
determine the average interest rate for all future periods.
59
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60
Item 8. Financial Statements and Supplementary Data
Regency Centers Corporation and Regency Centers, L.P.
Index to Financial Statements
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 185)
62
Regency Centers Corporation:
Consolidated Balance Sheets as of December 31, 2024 and 2023
69
Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022
70
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022
71
Consolidated Statements of Equity for the years ended December 31, 2024, 2023, and 2022
72
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022
76
Regency Centers, L.P.:
Consolidated Balance Sheets as of December 31, 2024 and 2023
79
Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022
80
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022
81
Consolidated Statements of Capital for the years ended December 31, 2024, 2023, and 2022
82
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022
84
Notes to Consolidated Financial Statements
86
Financial Statement Schedule
Schedule III - Consolidated Real Estate and Accumulated Depreciation - December 31, 2024
122
All other schedules are omitted because of the absence of conditions under which they are required, materiality or because information
required therein is shown in the Consolidated Financial Statements or notes thereto.
61
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of
Regency Centers Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Regency Centers Corporation and subsidiaries (the Company) as of
December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows for
each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III -
Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31,
2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31,
2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal
Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our
report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial
reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining,
on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are
material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a
whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or
on the accounts or disclosures to which it relates.
Evaluation of expected hold periods for certain real estate assets
As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate
assets, less accumulated depreciation was $10.7 billion as of December 31, 2024. The Company evaluates real estate
properties (including any related amortizable intangible assets or liabilities) for impairment whenever there are events or
changes in circumstances that indicate the carrying value of the real estate properties may not be recoverable.
We identified the Company’s assessment of events or changes in circumstances that could indicate a shortened expected hold
period for certain real estate properties as a critical audit matter. Subjective auditor judgment was required to evaluate the
events or changes in circumstances assessed by the Company that could indicate shortened expected hold periods for certain
real estate properties. A shortening of the expected hold period could indicate a potential impairment.
62
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and
tested the operating effectiveness of a control related to the Company’s assessment of events or changes in circumstances that
could indicate shortened expected hold periods for certain real estate properties. To evaluate relevant events or changes in
circumstances indicating a potential shortening of the expected holding period, we:
inquired of management and obtained written representations regarding potential property disposal plans, if any
read minutes of the meetings of the Company’s board of directors
inquired of the Company’s plans with those in the organization who are responsible for, and have authority over,
potential disposition activities
compared management’s assessment of properties with potential shortened expected hold periods to information
obtained from those in the organization responsible for disposition activity
inspected listings from external sources of real estate properties for sale by the Company.
/s/ KPMG LLP
We have served as the Company's auditor since 1993.
Jacksonville, Florida
February 14, 2025
63
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of
Regency Centers Corporation:
Opinion on Internal Control Over Financial Reporting
We have audited Regency Centers Corporation and subsidiaries' (the Company) internal control over financial reporting as of
December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective
internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of
operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024,
and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the
consolidated financial statements), and our report dated February 14, 2025 expressed an unqualified opinion on those consolidated
financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of
the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control
Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based
on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Jacksonville, Florida
February 14, 2025
64
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Regency Centers Corporation
and the Partners of Regency Centers, L.P.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Regency Centers, L.P. and subsidiaries (the Partnership) as of
December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, capital, and cash flows for
each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III -
Consolidated Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31,
2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31,
2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Partnership’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal
Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our
report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Partnership’s internal control over
financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB
and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining,
on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are
material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The
communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a
whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or
on the accounts or disclosures to which it relates.
Evaluation of expected hold periods for certain real estate assets
As discussed in Note 1 to the consolidated financial statements and presented on the consolidated balance sheet, real estate
assets, less accumulated depreciation was $10.7 billion as of December 31, 2024. The Partnership evaluates real estate
properties (including any related amortizable intangible assets or liabilities) for impairment whenever there are events or
changes in circumstances that indicate the carrying value of the real estate properties may not be recoverable.
We identified the Partnership’s assessment of events or changes in circumstances that could indicate a shortened expected
hold period for certain real estate properties as a critical audit matter. Subjective auditor judgment was required to evaluate
the events or changes in circumstances assessed by the Partnership that could indicate shortened expected hold periods for
certain real estate properties. A shortening of the expected hold period could indicate a potential impairment.
65
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and
tested the operating effectiveness of a control related to the Partnership’s assessment of events or changes in circumstances
that could indicate shortened expected hold periods for certain real estate properties. To evaluate relevant events or changes
in circumstances indicating a potential shortening of the expected holding period, we:
inquired of management and obtained written representations regarding potential property disposal plans, if any
read minutes of the meetings of the general partner’s board of directors
inquired of the Partnership’s plans with those in the organization who are responsible for, and have authority over,
potential disposition activities
compared management’s assessment of properties with potential shortened expected hold periods to information
obtained from those in the organization responsible for disposition activity
inspected listings from external sources of real estate properties for sale by the Partnership.
/s/ KPMG LLP
We have served as the Partnership's auditor since 1998.
Jacksonville, Florida
February 14, 2025
66
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Regency Centers Corporation
and the Partners of Regency Centers, L.P.:
Opinion on Internal Control Over Financial Reporting
We have audited Regency Centers, L.P. and subsidiaries' (the Partnership) internal control over financial reporting as of December 31,
2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. In our opinion, the Partnership maintained, in all material respects, effective internal
control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2024 and 2023, the related consolidated statements
of operations, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2024,
and the related notes and financial statement schedule III - Consolidated Real Estate and Accumulated Depreciation (collectively, the
consolidated financial statements), and our report dated February 14, 2025 expressed an unqualified opinion on those consolidated
financial statements.
Basis for Opinion
The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal
Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with
respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Jacksonville, Florida
February 14, 2025
67
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68
REGENCY CENTERS CORPORATION
Consolidated Balance Sheets
December 31, 2024 and 2023
(in thousands, except share data)
2024
2023
Assets
Net real estate investments:
Real estate assets, at cost
$
13,698,419
13,454,391
Less: accumulated depreciation
2,960,399
2,691,386
Real estate assets, net
10,738,020
10,763,005
Investments in sales-type leases, net
16,291
8,705
Investments in real estate partnerships
399,044
370,605
Net real estate investments
11,153,355
11,142,315
Properties held for sale, net
—
18,878
Cash, cash equivalents, and restricted cash, including $5,601 and $6,383 of restricted cash at
December 31, 2024 and 2023, respectively
61,884
91,354
Tenant and other receivables, net
255,495
206,162
Deferred leasing costs, less accumulated amortization of $131,080 and $124,107 at December 31, 2024
and 2023, respectively
79,911
73,398
Acquired lease intangible assets, less accumulated amortization of $395,209 and $364,413 at
December 31, 2024 and 2023, respectively
229,983
283,375
Right of use assets, net
322,287
328,002
Other assets
289,046
283,429
Total assets
$
12,391,961
12,426,913
Liabilities and Equity
Liabilities:
Notes payable, net
$
4,343,700
4,001,949
Unsecured credit facility
65,000
152,000
Accounts payable and other liabilities
392,302
358,612
Acquired lease intangible liabilities, less accumulated amortization of $222,052 and $211,067 at
December 31, 2024 and 2023, respectively
364,608
398,302
Lease liabilities
244,861
246,063
Tenants' security, escrow deposits and prepaid rent
81,183
78,052
Total liabilities
5,491,654
5,234,978
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 December 31, 2024 and 2023
225,000
225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 181,361,454 and
184,581,070 shares issued and outstanding at December 31, 2024 and 2023, respectively
1,814
1,846
Treasury stock at cost, 479,251 and 448,140 shares held at December 31, 2024 and 2023,
respectively
(28,045)
(25,488)
Additional paid-in-capital
8,503,227
8,704,240
Accumulated other comprehensive gain (loss)
2,226
(1,308)
Distributions in excess of net income
(1,980,076)
(1,871,603)
Total shareholders' equity
6,724,146
7,032,687
Noncontrolling interests:
Exchangeable operating partnership units, aggregate redemption value of $81,076 and $74,199 at
December 31, 2024 and 2023, respectively
40,744
42,195
Limited partners' interests in consolidated partnerships
135,417
117,053
Total noncontrolling interests
176,161
159,248
Total equity
6,900,307
7,191,935
Total liabilities and equity
$
12,391,961
12,426,913
The accompanying notes are an integral part of the consolidated financial statements.
69
REGENCY CENTERS CORPORATION
Consolidated Statements of Operations
For the years ended December 31, 2024, 2023, and 2022
(in thousands, except per share data)
2024
2023
2022
Revenues:
Lease income
$
1,411,379
1,283,939
1,187,452
Other property income
14,651
11,573
10,719
Management, transaction, and other fees
27,874
26,954
25,851
Total revenues
1,453,904
1,322,466
1,224,022
Operating expenses:
Depreciation and amortization
394,714
352,282
319,697
Property operating expense
248,637
229,209
196,148
Real estate taxes
184,415
165,560
149,795
General and administrative
101,465
97,806
79,903
Other operating expenses
10,867
9,459
6,166
Total operating expenses
940,098
854,316
751,709
Other expense, net:
Interest expense, net
180,119
154,249
146,186
Provision for impairment of real estate
14,304
—
—
Gain on sale of real estate, net of tax
(34,162)
(661 )
(109,005 )
Loss (gain) on early extinguishment of debt
180
(99 )
—
Net investment (income) loss
(6,181)
(5,665 )
6,921
Total other expense, net
154,260
147,824
44,102
Income before equity in income of investments in real estate partnerships
359,546
320,326
428,211
Equity in income of investments in real estate partnerships
50,294
50,541
59,824
Net income
409,840
370,867
488,035
Noncontrolling interests:
Exchangeable operating partnership units ("EOP")
(2,338)
(2,008 )
(2,105 )
Limited partners' interests in consolidated partnerships
(7,114)
(4,302 )
(3,065 )
Net income attributable to noncontrolling interests
(9,452)
(6,310 )
(5,170 )
Net income attributable to the Company
400,388
364,557
482,865
Preferred stock dividends
(13,650)
(5,057 )
—
Net income attributable to common shareholders
$
386,738
359,500
482,865
Net income attributable to common shareholders:
Per common share - basic
$
2.12
2.04
2.82
Per common share - diluted
$
2.11
2.04
2.81
The accompanying notes are an integral part of the consolidated financial statements.
70
REGENCY CENTERS CORPORATION
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
2024
2023
2022
Net income
$
409,840
370,867
488,035
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
12,523
(2,448)
20,061
Reclassification adjustment of derivative instruments included in net income
(8,895)
(7,536)
833
Unrealized (loss) gain on available-for-sale debt securities
(32)
337
(1,309)
Other comprehensive income (loss)
3,596
(9,647)
19,585
Comprehensive income
413,436
361,220
507,620
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
9,452
6,310
5,170
Other comprehensive income (loss) attributable to noncontrolling interests
62
(779)
1,798
Comprehensive income attributable to noncontrolling interests
9,514
5,531
6,968
Comprehensive income attributable to the Company
$
403,922
355,689
500,652
The accompanying notes are an integral part of the consolidated financial statements.
71
REGENCY CENTERS CORPORATION
Consolidated Statements of Equity
For the years ended December 31, 2024, 2023, and 2022
(in thousands, except per share data)
Shareholders' Equity
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
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, 2021
$
—
1,712
(22,758)
7,883,458
(10,227)
(1,814,814)
6,037,371
35,447
37,114
72,561
6,109,932
Net income
—
—
—
—
—
482,865
482,865
2,105
3,065
5,170
488,035
Other comprehensive income
Other comprehensive income before
reclassification
—
—
—
—
17,008
—
17,008
80
1,664
1,744
18,752
Amounts reclassified from accumulated other
comprehensive income
—
—
—
—
779
—
779
5
49
54
833
Deferred compensation plan, net
—
—
(1,703)
1,702
—
—
(1)
—
—
—
(1)
Restricted stock issued, net of amortization
—
2
—
16,665
—
—
16,667
—
—
—
16,667
Common stock repurchased for taxes withheld for
stock-based compensation, net
—
—
—
(5,858)
—
—
(5,858)
—
—
—
(5,858)
Common stock repurchased and retired
—
(13)
—
(75,406)
—
—
(75,419)
—
—
—
(75,419)
Common stock issued under dividend
reinvestment plan
—
—
—
524
—
—
524
—
—
—
524
Common stock issued for partnership units
exchanged
—
—
—
1,275
—
—
1,275
(1,275)
—
(1,275)
—
Common stock issued, net of issuance costs
—
10
—
61,274
—
—
61,284
—
—
—
61,284
Reallocation of noncontrolling interests, net of
transaction costs
—
—
—
(6,482)
—
—
(6,482)
—
6,266
6,266
(216)
Contributions from partners
—
—
—
—
—
—
—
—
13,223
13,223
13,223
Distributions to partners
—
—
—
—
—
—
—
—
(14,816)
(14,816)
(14,816)
Dividends declared:
Common stock/unit ($2.525 per share/unit)
—
—
—
—
—
(433,028)
(433,028)
(1,873)
—
(1,873)
(434,901)
Balance at December 31, 2022
$
—
1,711
(24,461)
7,877,152
7,560
(1,764,977)
6,096,985
34,489
46,565
81,054
6,178,039
Shareholders' Equity
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
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, 2022
$
—
1,711
(24,461)
7,877,152
7,560
(1,764,977)
6,096,985
34,489
46,565
81,054
6,178,039
Net income
—
—
—
—
—
364,557
364,557
2,008
4,302
6,310
370,867
Other comprehensive loss
Other comprehensive loss before reclassification
—
—
—
—
(2,063)
—
(2,063)
(9)
(39)
(48)
(2,111)
Amounts reclassified from accumulated other
comprehensive loss
—
—
—
—
(6,805)
—
(6,805)
(39)
(692)
(731)
(7,536)
Adjustment for noncontrolling interests in the
Operating Partnership
—
—
—
13,518
—
—
13,518
(13,518)
—
(13,518)
—
Deferred compensation plan, net
—
—
(1,027)
1,027
—
—
—
—
—
—
—
Restricted stock issued, net of amortization
—
2
—
20,439
—
—
20,441
—
—
—
20,441
Common stock repurchased for taxes withheld for
stock-based compensation, net
—
—
—
(7,074)
—
—
(7,074)
—
—
—
(7,074)
Common stock repurchased and retired
—
(3)
—
(20,003)
—
—
(20,006)
—
—
—
(20,006)
Repurchase of EOP units
—
—
—
—
—
—
—
(9,163)
—
(9,163)
(9,163)
Common stock issued under dividend
reinvestment plan
—
—
—
622
—
—
622
—
—
—
622
Common stock issued for partnership units
exchanged
—
—
—
198
—
—
198
(198)
—
(198)
—
Common stock issued, net of issuance costs
—
136
—
818,361
—
—
818,497
—
—
—
818,497
Issuance of EOP units
—
—
—
—
—
—
—
31,253
—
31,253
31,253
Issuance of preferred stock
225,000
—
—
—
—
—
225,000
—
—
—
225,000
Contributions from partners
—
—
—
—
—
—
—
—
74,730
74,730
74,730
Distributions to partners
—
—
—
—
—
—
—
—
(7,813)
(7,813)
(7,813)
Dividends declared:
Preferred stock (Series A: $0.781250 per
share/unit; Series B: $0.734400 per share/unit)
—
—
—
—
—
(5,057)
(5,057)
—
—
—
(5,057)
Common stock/unit ($2.620 per share/unit)
—
—
—
—
—
(466,126)
(466,126)
(2,628)
—
(2,628)
(468,754)
Balance at December 31, 2023
$ 225,000
1,846
(25,488)
8,704,240
(1,308)
(1,871,603)
7,032,687
42,195
117,053
159,248
7,191,935
Shareholders' Equity
Noncontrolling Interests
Preferred
Stock
Common
Stock
Treasury
Stock
Additional
Paid In
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Net Income
Total
Shareholders'
Equity
Exchangeable
Operating
Partnership
Units
Limited
Partners'
Interest in
Consolidated
Partnerships
Total
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2023
$
225,000
1,846
(25,488 )
8,704,240
(1,308 )
(1,871,603 )
7,032,687
42,195
117,053
159,248
7,191,935
Net income
—
—
—
—
—
400,388
400,388
2,338
7,114
9,452
409,840
Other comprehensive income
Other comprehensive income before
reclassification
—
—
—
—
11,845
—
11,845
70
576
646
12,491
Amounts reclassified from accumulated other
comprehensive income
—
—
—
—
(8,311 )
—
(8,311 )
(50 )
(534 )
(584 )
(8,895 )
Adjustment for noncontrolling interests
—
—
—
(10,833 )
—
—
(10,833 )
2,119
8,714
10,833
—
Deferred compensation plan, net
—
—
(2,557 )
2,557
—
—
—
—
—
—
—
Restricted stock issued, net of amortization
—
1
—
24,916
—
—
24,917
—
—
—
24,917
Common stock repurchased for taxes withheld
for stock-based compensation, net
—
—
—
(19,012 )
—
—
(19,012 )
—
—
—
(19,012 )
Common stock repurchased and retired
—
(33 )
—
(200,033 )
—
—
(200,066 )
—
—
—
(200,066 )
Common stock issued under dividend
reinvestment plan
—
—
—
657
—
—
657
—
—
—
657
Common stock issued for partnership units
exchanged
—
—
—
735
—
—
735
(735 )
—
(735 )
—
Contributions from partners
—
—
—
—
—
—
—
—
14,679
14,679
14,679
Distributions to partners
—
—
—
—
—
—
—
—
(12,185 )
(12,185 )
(12,185 )
Dividends declared:
Preferred stock (Series A: $1.562500 per
share/unit; Series B: $1.468800 per share/unit)
—
—
—
—
—
(13,650 )
(13,650 )
—
—
—
(13,650 )
Common stock/unit ($2.715 per share/unit)
—
—
—
—
—
(495,211 )
(495,211 )
(5,193 )
—
(5,193 )
(500,404 )
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
See accompanying notes to consolidated financial statements.
74
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75
REGENCY CENTERS CORPORATION
Consolidated Statements of Cash Flows
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
2024
2023
2022
Cash flows from operating activities:
Net income
$
409,840
370,867
488,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
394,714
352,282
319,697
Amortization of deferred financing costs and debt premiums
13,096
8,252
5,799
Amortization of above and below market lease intangibles, net
(22,701)
(29,130 )
(20,995 )
Stock-based compensation, net of capitalization
23,504
20,075
16,521
Equity in income of investments in real estate partnerships
(50,294)
(50,541 )
(59,824 )
Gain on sale of real estate, net of tax
(34,162)
(661 )
(109,005 )
Provision for impairment of real estate
14,304
—
—
Loss (gain) on early extinguishment of debt
180
(99 )
—
Distribution of earnings from investments in real estate partnerships
69,156
66,531
61,416
Deferred compensation expense (income)
5,256
4,782
(6,128 )
Realized and unrealized (gain) loss on investments
(5,930)
(5,571 )
7,040
Changes in assets and liabilities:
Tenant and other receivables
(24,219)
(13,904 )
(35,274 )
Deferred leasing costs
(11,703)
(11,156 )
(10,801 )
Other assets
1,818
3,028
1,292
Accounts payable and other liabilities
4,253
5,152
(9,088 )
Tenants' security, escrow deposits and prepaid rent
3,086
(316 )
7,130
Net cash provided by operating activities
790,198
719,591
655,815
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022
(45,405)
(45,386 )
(169,639 )
Acquisition of UBP, net of cash acquired of $14,143
—
(82,389 )
—
Real estate development and capital improvements
(343,368)
(232,855 )
(195,418 )
Proceeds from sale of real estate
108,615
11,167
143,133
Proceeds from property insurance casualty claims
5,286
—
—
Issuance of notes receivable
(32,651)
(4,000 )
—
Collection of notes receivable
3,115
4,000
1,823
Investments in real estate partnerships
(41,345)
(13,119 )
(36,266 )
Return of capital from investments in real estate partnerships
13,034
11,308
48,473
Dividends on investment securities
453
1,283
1,113
Acquisition of investment securities
(101,044)
(7,990 )
(21,112 )
Proceeds from sale of investment securities
106,666
16,003
21,785
Net cash used in investing activities
(326,644)
(341,978 )
(206,108 )
76
2024
2023
2022
Cash flows from financing activities:
Net proceeds from common stock issuance
$
—
(33 )
61,284
Repurchase of common shares in conjunction with equity award plans
(19,540)
(7,662 )
(6,447 )
Common shares repurchased through share repurchase program
(200,066)
(20,006 )
(75,419 )
Proceeds from sale of treasury stock
210
103
64
Contributions from noncontrolling interests
6,789
10,238
—
Distributions to and redemptions of noncontrolling interests
(12,185)
(7,813 )
(7,245 )
Distributions to exchangeable operating partnership unit holders
(2,952)
(2,368 )
(1,867 )
Redemption of EOP units
—
(9,163 )
—
Dividends paid to common shareholders
(490,365)
(453,065 )
(428,276 )
Dividends paid to preferred shareholders
(13,650)
(3,413 )
—
Repayment of fixed rate unsecured notes
(250,000)
—
—
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
722,860
—
—
Proceeds from unsecured credit facilities
722,419
557,000
95,000
Repayment of unsecured credit facilities
(809,419)
(405,000 )
(95,000 )
Proceeds from notes payable
12,000
59,500
—
Repayment of notes payable
(131,261)
(61,592 )
(6,745 )
Scheduled principal payments
(11,209)
(11,235 )
(11,219 )
Payment of financing costs
(16,655)
(526 )
(88 )
Net cash used in financing activities
(493,024)
(355,035 )
(475,958 )
Net change in cash and cash equivalents and restricted cash
(29,470)
22,578
(26,251 )
Cash and cash equivalents and restricted cash at beginning of the year
91,354
68,776
95,027
Cash and cash equivalents and restricted cash at end of the year
$
61,884
$
91,354
68,776
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $6,627, $5,695, and $4,166 in
2024, 2023, and 2022, respectively)
$
161,356
147,176
141,359
Cash paid for income taxes, net of refunds
$
7,724
933
570
Supplemental disclosure of non-cash transactions:
Common and Preferred stock, and exchangeable operating partnership dividends
declared but not paid
$
133,114
126,683
111,709
Previously held equity investments in real estate assets acquired
$
—
—
17,179
Mortgage loans assumed by Company with the acquisition of real estate
$
—
98
22,779
Right of use assets obtained in exchange for new operating lease liabilities
$
1,271
36,577
—
Sale of leased asset in exchange for net investment in sales-type lease
$
2,846
8,510
—
UBP Acquisition:
Notes payable assumed in acquisition, at fair value
$
—
284,706
—
Noncontrolling interest assumed in acquisition, at fair value
$
—
64,492
—
Common stock exchanged for UBP shares
$
—
818,530
—
Preferred stock exchanged for UBP shares
$
—
225,000
—
EOP units issued for acquisition of real estate
$
—
31,253
—
Real estate received in lieu of rental revenue
$
1,853
—
—
Change in accrued capital expenditures
$
14,036
8,877
4,888
Stock-based compensation capitalized
$
1,941
954
735
Contributions to investments in real estate partnerships
$
18,459
920
—
Contributions from limited partners in consolidated partnerships
$
7,890
—
5,436
Change in fair value of securities
$
32
338
1,658
The accompanying notes are an integral part of the consolidated financial statements.
77
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78
REGENCY CENTERS, L.P.
Consolidated Balance Sheets
December 31, 2024 and 2023
(in thousands, except unit data)
2024
2023
Assets
Net real estate investments:
Real estate assets, at cost
$
13,698,419
13,454,391
Less: accumulated depreciation
2,960,399
2,691,386
Real estate assets, net
10,738,020
10,763,005
Investments in sales-type leases, net
16,291
8,705
Investments in real estate partnerships
399,044
370,605
Net real estate investments
11,153,355
11,142,315
Properties held for sale, net
—
18,878
Cash, cash equivalents, and restricted cash, including $5,601 and $6,383 of restricted cash at
December 31, 2024 and 2023, respectively
61,884
91,354
Tenant and other receivables, net
255,495
206,162
Deferred leasing costs, less accumulated amortization of $131,080 and $124,107 at December 31, 2024
and 2023, respectively
79,911
73,398
Acquired lease intangible assets, less accumulated amortization of $395,209 and $364,413 at
December 31, 2024 and 2023, respectively
229,983
283,375
Right of use assets, net
322,287
328,002
Other assets
289,046
283,429
Total assets
$
12,391,961
12,426,913
Liabilities and Capital
Liabilities:
Notes payable, net
$
4,343,700
4,001,949
Unsecured credit facility
65,000
152,000
Accounts payable and other liabilities
392,302
358,612
Acquired lease intangible liabilities, less accumulated amortization of $222,052 and $211,067 at
December 31, 2024 and 2023, respectively
364,608
398,302
Lease liabilities
244,861
246,063
Tenants' security, escrow deposits and prepaid rent
81,183
78,052
Total liabilities
5,491,654
5,234,978
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 outstadning, in the aggregate, in Series A and Series B at December 31, 2024 and 2023
225,000
225,000
General partner's common units, 181,361,454 and 184,581,070 units issued and outstanding at
December 31, 2024 and 2023, respectively
6,496,920
6,808,995
Limited partners' common units, 1,096,659 and 1,107,454 units issued and outstanding at
December 31, 2024 and 2023, respectively
40,744
42,195
Accumulated other comprehensive gain (loss)
2,226
(1,308)
Total partners' capital
6,764,890
7,074,882
Noncontrolling interest: Limited partners' interests in consolidated partnerships
135,417
117,053
Total capital
6,900,307
7,191,935
Total liabilities and capital
$
12,391,961
12,426,913
The accompanying notes are an integral part of the consolidated financial statements.
79
REGENCY CENTERS, L.P.
Consolidated Statements of Operations
For the years ended December 31, 2024, 2023, and 2022
(in thousands, except per unit data)
2024
2023
2022
Revenues:
Lease income
$
1,411,379
1,283,939
1,187,452
Other property income
14,651
11,573
10,719
Management, transaction, and other fees
27,874
26,954
25,851
Total revenues
1,453,904
1,322,466
1,224,022
Operating expenses:
Depreciation and amortization
394,714
352,282
319,697
Property operating expense
248,637
229,209
196,148
Real estate taxes
184,415
165,560
149,795
General and administrative
101,465
97,806
79,903
Other operating expenses
10,867
9,459
6,166
Total operating expenses
940,098
854,316
751,709
Other expense, net:
Interest expense, net
180,119
154,249
146,186
Provision for impairment of real estate
14,304
—
—
Gain on sale of real estate, net of tax
(34,162)
(661 )
(109,005 )
Loss (gain) on early extinguishment of debt
180
(99 )
—
Net investment (income) loss
(6,181)
(5,665 )
6,921
Total other expense, net
154,260
147,824
44,102
Income before equity in income of investments in real estate partnerships
359,546
320,326
428,211
Equity in income of investments in real estate partnerships
50,294
50,541
59,824
Net income
409,840
370,867
488,035
Limited partners' interests in consolidated partnerships
(7,114)
(4,302 )
(3,065 )
Net income attributable to the Partnership
402,726
366,565
484,970
Preferred unit distributions
(13,650)
(5,057 )
—
Net income attributable to common unit holders
$
389,076
361,508
484,970
Net income attributable to common unit holders:
Per common unit - basic
$
2.12
2.04
2.82
Per common unit - diluted
$
2.11
2.04
2.81
The accompanying notes are an integral part of the consolidated financial statements.
80
REGENCY CENTERS, L.P.
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
2024
2023
2022
Net income
$
409,840
370,867
488,035
Other comprehensive income (loss):
Effective portion of change in fair value of derivative instruments:
Effective portion of change in fair value of derivative instruments
12,523
(2,448)
20,061
Reclassification adjustment of derivative instruments included in net income
(8,895)
(7,536)
833
Unrealized (loss) gain on available-for-sale debt securities
(32)
337
(1,309)
Other comprehensive income (loss)
3,596
(9,647)
19,585
Comprehensive income
413,436
361,220
507,620
Less: comprehensive income attributable to noncontrolling interests:
Net income attributable to noncontrolling interests
7,114
4,302
3,065
Other comprehensive income (loss) attributable to noncontrolling interests
42
(731)
1,713
Comprehensive income attributable to noncontrolling interests
7,156
3,571
4,778
Comprehensive income attributable to the Partnership
$
406,280
357,649
502,842
The accompanying notes are an integral part of the consolidated financial statements.
81
REGENCY CENTERS, L.P.
Consolidated Statements of Capital
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
General Partner
Preferred and
Common Units
Limited
Partners
Accumulated
Other
Comprehensive
Loss
Total
Partners'
Capital
Noncontrolling
Interests in
Limited Partners'
Interest in
Consolidated
Partnerships
Total
Capital
Balance at December 31, 2021
$
6,047,598
35,447
(10,227)
6,072,818
37,114
6,109,932
Net income
482,865
2,105
—
484,970
3,065
488,035
Other comprehensive income
—
—
Other comprehensive income before reclassification
—
80
17,008
17,088
1,664
18,752
Amounts reclassified from accumulated other comprehensive income
—
5
779
784
49
833
Deferred compensation plan, net
(1)
—
—
(1)
—
(1)
Contributions from partners
—
—
—
—
13,223
13,223
Distributions to partners
(433,028)
(1,873)
—
(434,901)
(14,816)
(449,717)
Reallocation of limited partners' interest, net of transaction costs
(6,482)
—
—
(6,482)
6,266
(216)
Restricted units issued as a result of restricted stock issued by Parent Company,
net of amortization
16,667
—
—
16,667
—
16,667
Common units repurchased and retired as a result of common stock repurchased
and retired by Parent Company
(75,419)
—
—
(75,419)
—
(75,419)
Common units issued as a result of common stock issued by Parent Company,
net of issuance costs
61,284
—
—
61,284
—
61,284
Common units repurchased as a result of common stock repurchased by Parent
Company, net of issuances
(5,334)
—
—
(5,334)
—
(5,334)
EOP units exchanged for common stock of Parent Company
1,275
(1,275)
—
—
—
—
Balance at December 31, 2022
$
6,089,425
34,489
7,560
6,131,474
46,565
6,178,039
Net income
364,557
2,008
—
366,565
4,302
370,867
Other comprehensive loss
Other comprehensive loss before reclassification
—
(9)
(2,063)
(2,072)
(39)
(2,111)
Amounts reclassified from accumulated other comprehensive loss
—
(39)
(6,805)
(6,844)
(692)
(7,536)
Adjustment for noncontrolling interests in the Operating Partnership
13,518
(13,518)
—
—
—
—
Contributions from partners
—
—
—
—
74,730
74,730
Issuance of EOP units
—
31,253
—
31,253
—
31,253
Distributions to partners
(466,126)
(2,628)
—
(468,754)
(7,813)
(476,567)
Preferred unit distributions
(5,057)
—
—
(5,057)
—
(5,057)
Restricted units issued as a result of restricted stock issued by Parent Company,
net of amortization
20,441
—
—
20,441
—
20,441
Preferred units issued as a result of preferred stock issued by Parent Company,
net of issuance costs
225,000
—
—
225,000
—
225,000
Common units repurchased and retired as a result of common stock repurchased
and retired by Parent Company
(20,006)
—
—
(20,006)
—
(20,006)
Common units issued as a result of common stock issued by Parent Company,
net of issuance costs
818,497
—
—
818,497
—
818,497
Repurchase of EOP units
—
(9,163)
—
(9,163)
—
(9,163)
Common units repurchased as a result of common stock repurchased by Parent
Company, net of issuances
(6,452)
—
—
(6,452)
—
(6,452)
EOP units exchanged for common stock of Parent Company
198
(198)
—
—
—
—
Balance at December 31, 2023
$
7,033,995
42,195
(1,308)
7,074,882
117,053
7,191,935
82
General Partner
Preferred and
Common Units
Limited
Partners
Accumulated
Other
Comprehensive
Loss
Total
Partners'
Capital
Noncontrolling
Interests in
Limited Partners'
Interest in
Consolidated
Partnerships
Total
Capital
Balance at December 31, 2023
$
7,033,995
42,195
(1,308 )
7,074,882
117,053
7,191,935
Net income
400,388
2,338
—
402,726
7,114
409,840
Other comprehensive income
Other comprehensive income before reclassification
—
70
11,845
11,915
576
12,491
Amounts reclassified from accumulated other comprehensive income
—
(50 )
(8,311 )
(8,361 )
(534 )
(8,895 )
Adjustment for noncontrolling interests in the Operating Partnership
(10,833 )
2,119
—
(8,714 )
8,714
—
Contributions from partners
—
—
—
—
14,679
14,679
Issuance of EOP units
—
—
—
—
—
—
Distributions to partners
(495,211 )
(5,193 )
—
(500,404 )
(12,185 )
(512,589 )
Preferred unit distributions
(13,650 )
—
—
(13,650 )
—
(13,650 )
Restricted units issued as a result of restricted stock issued by Parent Company,
net of amortization
24,917
—
—
24,917
—
24,917
Common units repurchased and retired as a result of common stock
repurchased and retired by Parent Company
(200,066 )
—
—
(200,066 )
—
(200,066 )
Common units repurchased as a result of common stock repurchased by Parent
Company, net of issuances
(18,355 )
—
—
(18,355 )
—
(18,355 )
EOP units exchanged for common stock of Parent Company
735
(735 )
—
—
—
—
Balance at December 31, 2024
$
6,721,920
40,744
2,226
6,764,890
135,417
6,900,307
The accompanying notes are an integral part of the consolidated financial statements.
83
REGENCY CENTERS, L.P.
Consolidated Statements of Cash Flows
For the years ended December 31, 2024, 2023, and 2022
(in thousands)
2024
2023
2022
Cash flows from operating activities:
Net income
$
409,840
370,867
488,035
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
394,714
352,282
319,697
Amortization of deferred financing costs and debt premiums
13,096
8,252
5,799
Amortization of above and below market lease intangibles, net
(22,701 )
(29,130)
(20,995)
Stock-based compensation, net of capitalization
23,504
20,075
16,521
Equity in income of investments in real estate partnerships
(50,294 )
(50,541)
(59,824)
Gain on sale of real estate, net of tax
(34,162 )
(661 )
(109,005)
Provision for impairment of real estate
14,304
—
—
Loss (gain) on early extinguishment of debt
180
(99 )
—
Distribution of earnings from investments in real estate partnerships
69,156
66,531
61,416
Deferred compensation expense (income)
5,256
4,782
(6,128)
Realized and unrealized (gain) loss on investments
(5,930 )
(5,571)
7,040
Changes in assets and liabilities:
Tenant and other receivables
(24,219 )
(13,904)
(35,274)
Deferred leasing costs
(11,703 )
(11,156)
(10,801)
Other assets
1,818
3,028
1,292
Accounts payable and other liabilities
4,253
5,152
(9,088)
Tenants' security, escrow deposits and prepaid rent
3,086
(316 )
7,130
Net cash provided by operating activities
790,198
719,591
655,815
Cash flows from investing activities:
Acquisition of operating real estate, net of cash acquired of $3,061 in 2022
(45,405 )
(45,386)
(169,639)
Acquisition of UBP, net of cash acquired of $14,143
—
(82,389)
—
Real estate development and capital improvements
(343,368 )
(232,855)
(195,418)
Proceeds from sale of real estate
108,615
11,167
143,133
Proceeds from property insurance casualty claims
5,286
—
—
Issuance of notes receivable
(32,651 )
(4,000)
—
Collection of notes receivable
3,115
4,000
1,823
Investments in real estate partnerships
(41,345 )
(13,119)
(36,266)
Return of capital from investments in real estate partnerships
13,034
11,308
48,473
Dividends on investment securities
453
1,283
1,113
Acquisition of investment securities
(101,044 )
(7,990)
(21,112)
Proceeds from sale of investment securities
106,666
16,003
21,785
Net cash used in investing activities
(326,644 )
(341,978)
(206,108)
84
2024
2023
2022
Cash flows from financing activities:
Net proceeds from common stock issuance
$
—
(33 )
61,284
Repurchase of common units in conjunction with equity award plans
(19,540)
(7,662 )
(6,447 )
Common units repurchased through share repurchase program
(200,066)
(20,006 )
(75,419 )
Proceeds from sale of treasury stock
210
103
64
Contributions from noncontrolling interests
6,789
10,238
—
Distributions to and redemptions of noncontrolling interests
(12,185)
(7,813 )
(7,245 )
Distributions to partners
(493,317)
(455,433 )
(430,143 )
Dividends paid to preferred unit holders
(13,650)
(3,413 )
—
Redemption of EOP units
—
(9,163 )
—
Repayment of fixed rate unsecured notes
(250,000)
—
—
Proceeds from issuance of fixed rate unsecured notes, net of debt discount
722,860
—
—
Proceeds from unsecured credit facilities
722,419
557,000
95,000
Repayment of unsecured credit facilities
(809,419)
(405,000 )
(95,000 )
Proceeds from notes payable
12,000
59,500
—
Repayment of notes payable
(131,261)
(61,592 )
(6,745 )
Scheduled principal payments
(11,209)
(11,235 )
(11,219 )
Payment of financing costs
(16,655)
(526 )
(88 )
Net cash used in financing activities
(493,024)
(355,035 )
(475,958 )
Net change in cash and cash equivalents and restricted cash
(29,470)
22,578
(26,251 )
Cash and cash equivalents and restricted cash at beginning of the year
91,354
68,776
95,027
Cash and cash equivalents and restricted cash at end of the year
$
61,884
91,354
68,776
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $6,627, $5,695, and $4,166 in
2024, 2023, and 2022, respectively)
$
161,356
147,176
141,359
Cash paid for income taxes, net of refunds
$
7,724
933
570
Supplemental disclosure of non-cash transactions:
Common and Preferred units, and exchangeable operating partnership dividends
declared but not paid
$
133,114
126,683
111,709
Previously held equity investments in real estate assets acquired
$
—
—
17,179
Mortgage loans assumed by Company with the acquisition of real estate
$
—
98
22,779
Right of use assets obtained in exchange for new operating lease liabilities
$
1,271
36,577
—
Sale of leased asset in exchange for net investment in sales-type lease
$
2,846
8,510
—
UBP Acquisition:
Notes payable assumed in acquisition, at fair value
$
—
284,706
—
Noncontrolling interest assumed in acquisition, at fair value
$
—
64,492
—
Common stock exchanged for UBP shares
$
—
818,530
—
Preferred stock exchanged for UBP shares
$
—
225,000
—
EOP units issued for acquisition of real estate
$
—
31,253
—
Real estate received in lieu of rental revenue
$
1,853
—
—
Change in accrued capital expenditures
$
14,036
8,877
4,888
Stock-based compensation capitalized
$
1,941
954
735
Contributions to investments in real estate partnerships
$
18,459
920
—
Contributions from limited partners in consolidated partnerships
$
7,890
—
5,436
Change in fair value of securities
$
32
338
1,658
The accompanying notes are an integral part of the consolidated financial statements.
85
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
1.
Summary of Significant Accounting Policies
(a) Organization and Principles of Consolidation
General
Regency Centers Corporation (the "Parent Company") began its operations as a REIT in 1993 and is the general partner of
Regency Centers, L.P. (the "Operating Partnership"). The Parent Company primarily engages in the ownership,
management, leasing, acquisition, development, and redevelopment of shopping centers through the Operating Partnership
and has no other assets other than through its investment in the Operating Partnership. Its only indebtedness consists of $200
million of unsecured private placement notes, which are co-issued and guaranteed by the Operating Partnership. The Parent
Company guarantees all of the unsecured debt of the Operating Partnership.
As of December 31, 2024, the Parent Company, the Operating Partnership, and their controlled subsidiaries on a consolidated
basis (the "Company" or "Regency") owned 379 properties and held partial interests in an additional 103 properties through
unconsolidated Investments in real estate partnerships (also referred to as "joint ventures" or "investment partnerships").
Acquisition of Urstadt Biddle Properties Inc.
On August 18, 2023, the Company acquired Urstadt Biddle Properties Inc. ("UBP") which was accounted for as an asset
acquisition. Under the terms of the merger agreement, each share of Urstadt Biddle common stock and Urstadt Biddle Class
A common stock was converted into 0.347 of a share of common stock of the Parent Company. Additionally, each share of
UBP’s 6.25% Series H Cumulative Redeemable Preferred Stock and 5.875% Series K Cumulative Redeemable Preferred
Stock was converted into one share of newly issued Parent Company 6.25% Series A Cumulative Redeemable Preferred
Stock ("Parent Company Series A preferred stock") and 5.875% Series B Cumulative Redeemable Preferred Stock ("Parent
Company Series B preferred stock"), respectively (collectively referred to as the "Preferred Stock").
As a result of the acquisition, the Company acquired 74 properties representing 5.3 million square feet of GLA, including 10
properties held through real estate partnerships.
Estimates, Risks, and Uncertainties
The preparation of the Consolidated Financial Statements in conformity with U.S. 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, at 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 weaken.
The success of the Company's tenants in operating their businesses and their corresponding ability to pay rent continue to be
influenced by current economic challenges, which may impact their cost of doing business, including but not limited to the
impact of inflation, the cost and availability of labor, increasing energy prices and interest rates, and access to credit.
Additionally, geopolitical and macroeconomic challenges, including the war involving Russia and Ukraine, the current
Middle East conflicts and wars, and economic conflicts with China, as well as the slowing of its economy, could impact
aspects of the U.S. economy and, therefore, consumer 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 a slowing of growth and potentially a recession, thereby
impacting consumer spending, tenants' businesses, and/or decreasing future demand for space in shopping centers. 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.
86
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Consolidation
The accompanying Consolidated Financial Statements include the accounts of the Parent Company, the Operating
Partnership, its wholly-owned subsidiaries, and consolidated partnerships in which the Company has a controlling financial
interest. Investments in real estate partnerships not controlled by the Company are accounted for under the equity method of
accounting. All significant inter-company balances and transactions are eliminated in the Consolidated Financial Statements.
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. For joint
ventures that are determined to be a VIE, the Company consolidates the entity where it is deemed to be the primary
beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities
of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the
entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be
significant to the VIE.
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 December 31, 2024, the Parent
Company owned approximately 99.4% or 181,361,454 of the 182,458,113 of the outstanding Common Units, with the
remaining limited partner's Common Units held by third parties ("Exchangeable operating partnership units" or "EOP units").
The Parent Company currently owns all of the Preferred Units.
Each EOP unit is exchangeable for cash or one share of common stock of the Parent Company, at the discretion of the Parent
Company, and the unit holder cannot require redemption in cash or common stock (i.e., registered shares of the Parent). The
Parent Company has evaluated the conditions as specified under Accounting Standards Codification ("ASC") Topic 480,
Distinguishing Liabilities from Equity, as it relates to EOP units outstanding and concluded that the Parent Company has the
right to satisfy the redemption requirements of the units by delivering shares of unregistered common stock. Accordingly,
the Parent Company classifies EOP units as permanent equity in the accompanying Consolidated Balance Sheets and
Consolidated Statements of Equity and Comprehensive Income. The Parent Company serves as general partner of the
Operating Partnership. The EOP unit holders have limited rights over the Operating Partnership such that they do not have
the power to direct the activities that most significantly impact the Operating Partnership’s economic performance. As such,
the Operating Partnership is considered a VIE, and the Parent Company, which consolidates it, is the primary beneficiary.
The Parent Company's only investment is the Operating Partnership. Net income and distributions of the Operating
Partnership are allocable to the general and limited common Partnership Units in accordance with their ownership
percentages.
Real Estate Partnerships
As of December 31, 2024, Regency held partial ownership interests in 122 properties through real estate partnerships, of
which 19 are consolidated. Regency's partners include institutional investors, real estate developers and/or operators, and
passive investors (the "Partners" or "Limited Partners"). These partnerships have been established to own and operate real
estate properties. The Company’s involvement with these entities is through its ownership of its equity interest in the
partnerships and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do
not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less, and
they do not have substantive participating rights. Regency has variable interests in these entities through its equity
ownership, with Regency being the primary beneficiary in certain of these real estate partnerships. Regency consolidates the
partnerships into its financial statements for which it is the primary beneficiary and reports the limited partners' interests as
noncontrolling interests. For those partnerships which Regency is not the primary beneficiary and does not have a
controlling financial interest, but has significant influence, Regency recognizes its equity investments in them in accordance
with the equity method of accounting.
87
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The assets of these partnerships are restricted to use by the respective partnerships and cannot be directly reached by general
creditors of the Company, except to the extent that the Company has provided payment guarantees. 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, or, where applicable, by the Company under such guarantees. As managing member, Regency
maintains the books and records and typically provides leasing property and asset management services to the partnerships.
The Partners' level of involvement in these partnerships varies from protective decisions (debt, bankruptcy, selling primary
asset(s) of business) to participating involvement such as approving leases, operating budgets, and capital budgets.
Certain partnerships were deemed VIEs primarily because the unrelated investors do not have substantive kick-out
rights to remove the general or managing partner by a vote of a simple majority or less, and they do not have
substantive participating rights. Those partnerships for which the Partners are involved in the day to day decisions
and do not have any other aspects that would cause them to be considered VIEs, are evaluated for consolidation
using the voting interest model.
o
Those partnerships in which Regency does not have a controlling financial interest are accounted for using
the equity method of accounting and Regency's ownership interest is recognized through single-line
presentation as Investments in real estate partnerships, in the Consolidated Balance Sheet, and Equity in
income of investments in real estate partnerships, in the Consolidated Statements of Operations. Cash
distributions of earnings from operations from Investments in real estate partnerships are presented in Cash
flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Cash
distributions from the sale of a property or loan proceeds received from the placement of debt on a property
included in Investments in real estate partnerships are presented in Cash flows provided by investing
activities in the accompanying Consolidated Statements of Cash Flows. If distributed proceeds from debt
refinancing and real estate sales in excess of Regency's carrying value of its investment results in a negative
investment balance for a partnership, it is recorded within Accounts payable and other liabilities in the
Consolidated Balance Sheets.
The net difference in the carrying amount of investments in real estate partnerships and the underlying
equity in net assets is accreted to earnings and recorded in Equity in income of investments in real estate
partnerships in the accompanying Consolidated Statements of Operations over the expected useful lives of
the properties and other intangible assets, which range from 10 to 40 years.
The majority of the operations of the VIEs are funded with cash flows generated by the properties, or in the case of
developments, with capital contributions or third-party construction loans.
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)
December 31, 2024
December 31, 2023
Assets
Real estate assets, net
$
312,873
270,674
Cash, cash equivalents and restricted cash
16,687
8,201
Tenant and other receivables, net
5,833
3,883
Deferred costs, net
3,178
2,494
Acquired lease intangible assets, net
6,293
12,099
Right of use assets, net
18,148
44,377
Other assets
597
893
Total Assets
$
363,609
342,621
Liabilities
Notes payable
$
32,653
33,211
Accounts payable and other liabilities
16,149
29,919
Acquired lease intangible liabilities, net
10,627
21,456
Tenants' security, escrow deposits and prepaid rent
1,260
1,239
Lease liabilities
19,370
21,433
Total Liabilities
$
80,059
107,258
88
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Noncontrolling Interests
The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing
Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the
Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to partnership
units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These partnership
units have a defined redemption amount and the unit holders generally have the right to redeem their units at any time after a
certain period from issuance. For these partnership units, the Company has the option to settle redemption amounts in cash or
common stock. The Company evaluates the terms of the partnership units issued in accordance with the FASB’s
Distinguishing Liabilities from Equity guidance. The partnership units for which the Company has the option to settle
redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section
on the Company’s Consolidated Balance Sheets.
Noncontrolling Interests of the Parent Company
The Consolidated Financial Statements of the Parent Company include the following ownership interests held by owners
other than the common shareholders of the Parent Company: (i) the EOP units and (ii) the minority-owned interest held by
third parties in consolidated partnerships ("Limited partners' interests in consolidated partnerships"). The Parent Company
has included all of these noncontrolling interests in permanent equity, separate from the Parent Company's shareholders'
equity, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. The portion of net income
or comprehensive income attributable to these noncontrolling interests is included in net income and comprehensive income
in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income of the
Parent Company.
The Parent Company also evaluated its fiduciary duties to itself, its shareholders, and, as the managing general partner of the
Operating Partnership, to the Operating Partnership, and concluded its fiduciary duties are not in conflict with each other or
the underlying agreements. Therefore, the Parent Company classifies such units and interests as permanent equity in the
accompanying Consolidated Balance Sheets and Consolidated Statements of Equity.
Noncontrolling Interests of the Operating Partnership
The Operating Partnership has determined that limited partners' interests in consolidated partnerships are noncontrolling
interests. Subject to certain conditions and pursuant to the terms of the partnership agreements, the Company generally has
the right, but not the obligation, to purchase the other members' interest or sell its own interest in these consolidated
partnerships. The Operating Partnership has included these noncontrolling interests in permanent capital, separate from
partners' capital, in the accompanying Consolidated Balance Sheets and Consolidated Statements of Capital. The portion of
net income (loss) or comprehensive income (loss) attributable to these noncontrolling interests is included in Net income and
Comprehensive income in the accompanying Consolidated Statements of Operations and Consolidated Statements
Comprehensive Income of the Operating Partnership.
(b) Revenues and Tenant Receivable
Leasing Income and Tenant Receivables
The Company leases space to tenants under agreements with varying terms that generally provide for fixed payments of base
rent, with stated increases over the term of the lease. Some of the lease agreements contain provisions that provide for
additional rents based on tenants' sales volume ("percentage rent"), which are recognized when the tenants achieve the
specified targets as defined in their lease agreements. Additionally, most lease agreements contain provisions for
reimbursement of the tenants' share of actual real estate taxes and insurance and common area maintenance ("CAM") costs
(collectively "Recoverable Costs") incurred.
Lease terms generally range from three to seven years for tenant spaces under 10,000 square feet ("Shop Space") and in
excess of five years for spaces greater than 10,000 square feet ("Anchor Space"). Many leases also provide tenants the option
to extend their lease beyond the initial term of the lease. If a tenant does not exercise its option or otherwise negotiate to
renew, the lease expires and the lease contains an obligation for the tenant to relinquish its space, allowing it to be re-leased
to a new tenant. This generally involves some level of cost to prepare the space for re-leasing, which is capitalized and
depreciated over the shorter period of the life of the subsequent lease or the useful life of the improvement.
89
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company accounts for its leases under ASC Topic 842, Leases ("Topic 842"), as follows:
Classification
Under Topic 842, new leases or modifications thereto must be evaluated against specific classification criteria, which,
based on the customary terms of the Company's leases, are classified as operating leases. However, certain longer-term
leases (both lessee and lessor leases) may be classified as direct financing or sales type leases, which may result in
selling profit and an accelerated pattern of earnings recognition. At December 31, 2024, the Company classified three
leases as sales type leases, with all others classified as operating leases.
Recognition and Presentation
Lease income for operating leases with fixed payment terms is recognized on a straight-line basis over the expected term
of the lease for all leases for which collectibility is considered probable. CAM is considered a non-lease component of
the lease contract under Topic 842. However, as the timing and pattern of providing the CAM service to the tenant is the
same as the timing and pattern of the tenant's use of the underlying lease asset, the Company elected, as part of an
available practical expedient, to combine CAM with the remaining lease components, along with tenant's reimbursement
of real estate taxes and insurance, and recognize them together as Lease income in the accompanying Consolidated
Statements of Operations.
For sales type leases, the Company records any selling profit or loss arising from the lease at inception within Gain on
sale of real estate, net of tax in the accompanying Consolidated Statement of Operations, as well as any initial direct
costs recorded as an expense if, at commencement, the fair value of the underlying asset differs from its carrying amount,
otherwise, they are deferred and included in the net investment in the lease. The net investment in the sales-type lease
represents the lease receivable, the components of which are the future lease payments and any guaranteed residual value
for the underlying assets, as well as any unguaranteed residual asset expected at the end of the lease term, each measured
at net present value discounted using a rate implicit in the lease. Interest income is recorded within Lease income in the
accompanying Consolidated Statements of Operations over the lease term so as to produce a constant periodic rate of
return on the Company’s net investment in the leases. At the commencement date, the Company derecognizes the
carrying amount of the underlying asset. When measuring the net investment in a long-term ground lease, the
undiscounted residual value of the land will be limited to its fair value at commencement which will likely equate to its
cost.
Collectibility
At lease commencement, the Company generally expects that collectibility of substantially all payments due under the
lease is probable due to the Company's credit checks on tenants and other creditworthiness analysis undertaken before
entering into a new lease; therefore, income from most operating leases is initially recognized on a straight-line basis.
For operating leases in which collectibility of Lease income is not considered probable, Lease income is recognized on a
cash basis and all previously recognized straight-line rent receivables are reversed in the period in which the Lease
income is determined not to be probable of collection. Should collectibility of Lease income become probable again,
through evaluation of qualitative and quantitative measures on a tenant by tenant basis, accrual basis accounting resumes
and all commencement-to-date straight-line rent is recognized in that period.
In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also recognize a
general reserve, as a reduction to Lease income, for its portfolio of operating lease receivables which are not expected to
be fully collectible based on the Company's historical collection experience. The Company estimates the collectibility of
the accounts receivable related to base rents, straight-line rents, recoveries from tenants, and other revenue taking into
consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and
remaining lease terms. Uncollectible lease income is a direct charge against Lease income. Although we estimate
uncollectible receivables and provide for them through charges against income, actual experience may differ from those
estimates.
90
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The following table represents the components of Tenant and other receivables, net of amounts considered uncollectible,
in the accompanying Consolidated Balance Sheets:
December 31,
(in thousands)
2024
2023
Tenant receivables
$
35,306
34,814
Straight-line rent receivables
157,507
138,590
Other receivables (1)
62,682
32,758
Total tenant and other receivables, net
$
255,495
206,162
(1)
Other receivables include notes receivables, construction receivables, insurance receivables, and
amounts due from real estate partnerships for Management, transaction and other fee income.
As of December 31, 2024, the Company has an outstanding note receivable in the carrying amount of $29.8 million at an
interest rate of 6.8% maturing in January 2027, secured by a grocery-anchored shopping center.
Real Estate Sales
The Company accounts for sales of nonfinancial assets under ASC Subtopic 610-20, Other Income - Gains and Losses from
the Derecognition of Nonfinancial Assets, whereby the Company derecognizes real estate and recognizes a gain or loss on
sales when a contract exists and control of the property has transferred to the buyer. Control of the property, including
controlling financial interest, is generally considered to transfer upon closing through transfer of the legal title and possession
of the property. While generally rare, any retained noncontrolling interest is measured at fair value at that time.
Management Services and Other Property Income
The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), when or as
control of the promised services are transferred to its customers, in an amount that reflects the consideration the Company
expects to be entitled to in exchange for those services. The following is a description of the Company's revenue from
contracts with customers within the scope of Topic 606.
Property and Asset Management Services
The Company is engaged under agreements with its joint venture partnerships, which are generally perpetual in nature
and cancellable through unanimous partner approval, absent an event of default. Under these agreements, the Company
is to provide asset and property management and leasing services for the joint ventures' shopping centers. The fees are
market-based, generally calculated as a percentage of either revenues earned or the estimated values of the properties
managed or the proceeds received, and are recognized over the monthly or quarterly periods as services are rendered.
Property management and asset management services represent a series of distinct daily services. Accordingly, the
Company satisfies its performance obligation as service is rendered each day and the variability associated with that
compensation is resolved each day. Amounts due from the partnerships for such services are paid during the month
following the monthly or quarterly service periods.
Several of the Company's partnership agreements provide for incentive payments, generally referred to as "promotes" or
"earnouts," to Regency for appreciation in property values in Regency's capacity as managing member. The terms of
these promotes are based on appreciation in real estate value over designated time intervals or upon designated events.
The Company evaluates its expected promote payout at each reporting period, which generally does not result in revenue
recognition until the measurement period has completed, when the amount can be reasonably determined and the amount
is not probable of significant reversal.
Leasing Services
Leasing service fees are based on a percentage of the total rent due under the lease. The leasing service is considered
performed upon successful execution of an acceptable tenant lease for the joint ventures' shopping centers, at which time
revenue is recognized. Payment of the first half of the fee is generally due upon lease execution and the second half is
generally due upon tenant opening or the commencement of rent payments.
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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Transaction Services
The Company also receives transaction fees, as contractually agreed upon with each joint venture, which include
acquisition fees, disposition fees, and financing service fees. Control of these services is generally transferred at the time
the related transaction closes, which is the point in time when the Company recognizes the related fee revenue. Any
unpaid amounts related to transaction-based fees are included in Tenant and other receivables within the Consolidated
Balance Sheets.
Other Property Income
Other property income includes parking fees and other incidental income from the properties and is generally recognized
at the point in time that the performance obligation is met.
Income within Management, transaction, and other fees is primarily derived from contracts with the Company's real estate
partnerships. The primary components of these revenue streams, the timing of satisfying the performance obligations, and
amounts are as follows:
Year ended December 31,
(in thousands)
Timing of
satisfaction of
performance
obligations
2024
2023
2022
Management, transaction, and other fees:
Property management services
Over time
$
15,767
14,075
13,470
Asset management services
Over time
6,548
6,542
6,752
Leasing services
Point in time
3,738
3,908
3,945
Other transaction fees
Point in time
1,821
2,429
1,684
Total management, transaction, and other fees
$
27,874
26,954
25,851
The accounts receivable for Total management, transactions, and other fees, which are included within Tenant and other
receivables in the accompanying Consolidated Balance Sheets, are $19.7 million and $18.5 million, as of December 31, 2024
and 2023, respectively.
(c) Real Estate Assets
The following table details the components of Real estate assets in the Consolidated Balance Sheets:
(in thousands)
December 31, 2024
December 31, 2023
Land
$
4,757,704
4,802,583
Land improvements
807,881
758,779
Buildings
6,456,719
6,371,894
Building and tenant improvements
1,461,003
1,302,954
Construction in progress
215,112
218,181
Total real estate assets
$
13,698,419
13,454,391
Capitalization and Depreciation
Real estate assets are stated at cost, less accumulated depreciation, and amortization. The Company periodically assesses the
useful lives of its depreciable real estate assets, including those intended to be redeveloped in the near term, and accounts for
any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as
incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized.
As part of the leasing process, the Company may provide lessees with allowances for the construction of leasehold
improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the
shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a
purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the
improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of
Lease income. Factors considered during this evaluation include, among other things, who holds legal title to the
improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such
costs (e.g. unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting
for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the
individual tenant lease.
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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Depreciation is computed using the straight-line method over estimated useful lives of approximately 15 years for land
improvements, 40 years for buildings and improvements, and the shorter of the useful life or the remaining lease term.
Development and Redevelopment Costs
All specifically identifiable costs related to development and redevelopment activities are capitalized into Real estate assets
in the accompanying Consolidated Balance Sheets, and are included in Construction in progress within the above table. The
capitalized costs include pre-development costs essential to the development or redevelopment of the property, construction
costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other
costs incurred during the period of development or redevelopment.
Pre-development costs represent the costs the Company incurs prior to land acquisition or pursuing a redevelopment
including contract deposits, as well as legal, engineering, and other external professional fees related to evaluating the
feasibility of developing or redeveloping a shopping center. As of December 31, 2024 and 2023, the Company had
nonrefundable deposits and other pre-development costs of approximately $10.2 million and $7.7 million, respectively. If the
Company determines that the development or redevelopment of a particular shopping center is no longer probable, any
related pre-development costs previously capitalized are immediately expensed. During the years ended December 31, 2024,
2023, and 2022, the Company expensed pre-development costs of approximately $0.9 million, $0.1 million, and $0.6 million,
respectively, in Other operating expenses in the accompanying Consolidated Statements of Operations.
Interest costs are capitalized into each development and redevelopment project based upon applying the Company's weighted
average borrowing rate to that portion of the actual development or redevelopment costs incurred. The Company
discontinues interest and real estate tax capitalization when a project is no longer being developed or is available for
occupancy upon substantial completion of tenant improvements, but in no event would the Company capitalize interest on a
project beyond 12 months after substantial completion of the building. During the years ended December 31, 2024, 2023,
and 2022, the Company capitalized interest of $6.6 million, $5.7 million, and $4.2 million, respectively, on our development
and redevelopment projects.
We have a staff of employees directly supporting our development and redevelopment program. All direct internal costs
attributable to these development activities are capitalized as part of each development and redevelopment project. The
capitalization of costs is directly related to the actual level of development activity occurring. During the years ended
December 31, 2024, 2023, and 2022, we capitalized $19.8 million, $13.3 million, and $10.8 million, respectively, of direct
internal costs incurred to support our development and redevelopment program.
Acquisitions
Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets
(consisting of land, land improvements, buildings, building improvements and tenant improvements) and identified intangible
assets and liabilities (consisting of above and below-market leases and in-place leases), assumed debt, and any noncontrolling
interest in the acquiree at the date of acquisition, based on evaluation of information and estimates available at that date.
Based on these estimates, the Company allocates the purchase price of the acquired properties based on their relative fair
value to the applicable assets and liabilities. Acquisitions of operating properties are generally considered asset acquisitions
and therefore transaction costs are capitalized. Fair value is determined based on an exit price approach, which contemplates
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
The Company's methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land,
building, and improvements. In addition, the Company determines the estimated fair value of identifiable intangible assets
and liabilities, considering the following categories: (i) value of in-place leases, and (ii) above and below-market value of in-
place leases.
The value of in-place leases is estimated based on the value associated with the costs avoided in originating leases compared
to the acquired in-place leases as well as the value associated with lost rental and recovery revenue during the assumed lease-
up period. The value of in-place leases is recorded to Depreciation and amortization expense in the Consolidated Statements
of Operations over the remaining expected term of the respective leases.
Above-market and below-market in-place lease values for acquired properties are recorded based on the present value of the
difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of
market lease rates for comparable in-place leases, measured over a period equal to the remaining non-cancelable term of the
lease, including below-market renewal options, if applicable. The value of above-market leases is amortized as a reduction of
Lease income over the remaining terms of the respective leases and the value of below-market leases is accreted to Lease
income over the remaining terms of the respective leases, including below-market renewal options, if applicable.
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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company does not assign value to customer relationship intangibles if it has pre-existing business relationships with
major retailers at the acquired property since they do not provide incremental value over the Company's existing
relationships.
Held for Sale
The Company classifies real estate assets as held-for-sale upon satisfaction of all the following criteria: (i) management
commits to a plan to sell a property (or group of properties), (ii) the property is available for immediate sale in its present
condition subject only to terms that are usual and customary for sales of such properties, (iii) an active program to locate a
buyer and other actions required to complete the plan to sell the property have been initiated, (iv) the sale of the property is
probable and transfer of the asset is expected to be completed within one year, (v) the property is being actively marketed for
sale, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made
or that the plan will be withdrawn. Upon the determination to classify a property as held for sale, the Company ceases
depreciation and amortization on the real estate property held for sale, as well as the amortization of any related intangible
assets. Such properties are recorded at the lesser of the carrying value or estimated fair value less estimated costs to sell.
Valuation of Real Estate Investments and Impairments
The Company continually evaluates whether there are any events or changes in circumstances, that could indicate the
carrying values of the real estate properties (including any related amortizable intangible assets or liabilities) may not be
recoverable. When indicators of potential impairment suggest that the carrying value of real estate assets may not be
recoverable, the Company assesses the recoverability of the asset group by estimating whether the Company will recover the
carrying value of the asset group through its undiscounted future cash flows, including eventual disposition. Based on this
analysis, if the Company does not believe that it will be able to recover the carrying value of the asset group, an impairment
charge will be recorded to the extent that the carrying value exceeds the estimated fair value of the asset group.
Estimated cash flows are based on several key assumptions, including rental rates, expected leasing activity, costs of tenant
improvements, leasing commissions, expected hold period, and assumptions regarding the residual value upon disposition,
including the exit capitalization rate. These key assumptions are subjective in nature and could differ materially from actual
results. Changes in events or changes in circumstances may alter the hold period of an asset or asset group which may result
in an impairment loss and such loss could be material to the Company's financial condition or operating performance. If a
property previously classified as held and used is changed to held for sale, the Company estimates fair value, less expected
costs to sell, which could cause the Company to determine that the property is impaired.
The estimated fair value of real estate assets is subjective and is estimated through comparable sales information and other
market data if available, or through use of an income approach such as the direct capitalization method or the discounted cash
flow approach. The discounted cash flow approach uses similar assumptions to the undiscounted cash flow approach above,
as well as a discount rate. Such cash flow projections and rates are subject to management judgment and changes in those
assumptions could impact the estimate of fair value. In estimating the fair value of undeveloped land, the Company generally
uses market data and comparable sales information.
(d) Cash, Cash Equivalents, and Restricted Cash
Any instruments which have an original maturity of 90 days or less when purchased are considered cash equivalents. As of
December 31, 2024 and 2023, $5.6 million and $6.4 million, respectively, of cash was restricted through escrow agreements
and certain mortgage loans.
(e) Other Assets
Goodwill
Goodwill represents the excess of the purchase price consideration from the Equity One merger in 2017 over the fair value of
the assets acquired and liabilities assumed. The Company accounts for goodwill in accordance with ASC Topic 350,
Intangibles - Goodwill and Other, and allocates its goodwill to its reporting units, which have been determined to be at the
individual property level. The Company performs an impairment evaluation of its goodwill at least annually, in November of
each year, or more frequently as triggers occur. See Note 5.
The goodwill impairment evaluation is completed using either a qualitative or quantitative approach. Under a qualitative
approach, the impairment review for goodwill consists of an assessment of whether it is more-likely-than-not that the
reporting unit's fair value is less than its carrying value, including goodwill. If a qualitative approach indicates it is more
94
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
likely-than-not that the estimated carrying value of a reporting unit (including goodwill) exceeds its fair value, or if the
Company chooses to bypass the qualitative approach for any reporting unit, the Company will perform the quantitative
approach described below.
The quantitative approach consists of estimating the fair value of each reporting unit using discounted projected future cash
flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the
estimated fair value is less than the carrying value, the Company would then recognize a goodwill impairment charge for the
amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill
allocated to that reporting unit.
Investments
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase
and reevaluates such determinations at each balance sheet date. The fair value of securities is determined using quoted
market prices.
Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to
maturity. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as
trading securities and are reported at fair value, with unrealized gains and losses recognized through earnings in Net
investment (income) loss in the Consolidated Statements of Operations. Debt securities not classified as held to maturity or
as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax,
included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive
Income.
Equity securities with readily determinable fair values are measured at fair value with changes in the fair value recognized
through net income and presented within Net investment (income) loss in the Consolidated Statements of Operations.
Derivative Instruments
The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount,
sources, and duration of its debt funding and the use of derivative instruments. Specifically, the Company enters into
derivative instruments to manage exposures that arise from business activities that result in the receipt or future payment of
known and uncertain cash amounts, the amount of which are determined by interest rates. The Company's derivative
instruments are used to manage fluctuations in the amount, timing, and duration of the Company's known or expected cash
payments principally related to the Company's borrowings.
All derivative instruments, whether designated in hedging relationships or not, are recorded on the accompanying
Consolidated Balance Sheets at their fair value. The accounting for changes in the fair value of derivatives depends on the
intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply
hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.
Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types
of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the
timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in
a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks,
even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
The Company uses interest rate swaps to mitigate its interest rate risk on a related financial instrument or forecasted
transaction, and the Company designates these interest rate swaps as cash flow hedges. Interest rate swaps designated as cash
flow hedges generally involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making
fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may
also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances. The gains or
losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in Accumulated
other comprehensive income (loss) ("AOCI"). Upon the settlement of a hedge, gains and losses remaining in AOCI are
amortized through earnings over the underlying term of the hedged transaction. The cash receipts or payments related to
interest rate swaps are presented in cash flows provided by operating activities in the accompanying Consolidated Statements
of Cash Flows.
95
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk
management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at inception
of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in
offsetting changes in the cash flows and/or forecasted cash flows of the hedged items.
In assessing the valuation of the hedges, the Company uses standard market conventions and techniques such as discounted
cash flow analysis, option pricing models, and termination costs at each balance sheet date. All methods of assessing fair
value result in a general approximation of value, and such value may never actually be realized.
(f) Deferred Leasing Costs
Deferred leasing costs consist of costs associated with leasing the Company's shopping centers, and are presented net of
accumulated amortization. Such costs are amortized over the period through lease expiration. If the lease is terminated early,
the remaining leasing costs are written off.
Under ASC Topic 842, the Company, as a lessor, may only defer as initial direct costs the incremental costs of a tenant's
operating lease that would not have been incurred if the lease had not been obtained. These costs generally consist of third
party broker payments. Non-contingent internal leasing and legal costs associated with leasing activities are expensed within
General and administrative expenses.
(g) Income Taxes
The Parent Company believes it qualifies, and intends to continue to qualify, as a REIT under the Code. As a REIT, the
Parent Company will generally not be subject to federal income tax, provided that distributions to its shareholders are at least
equal to REIT taxable income. All wholly-owned corporate subsidiaries of the Operating Partnership have elected to be a
TRS or qualify as a REIT. The TRSs are subject to federal and state income taxes and file separate tax returns. As a pass
through entity, the Operating Partnership generally does not pay taxes, but its taxable income or loss is reported by its
partners, of which the Parent Company, as general partner and approximately 99.4% owner, is allocated its Pro-rata share of
tax attributes.
The Company accounts for income taxes related to its TRSs under the asset and liability approach, which requires the
recognition of the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the
expected future tax consequences of events that have been recognized in the financial statements. Under this method,
deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of
assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The
Company records deferred tax liabilities within Accounts payable and other liabilities in the Consolidated Balance Sheets.
The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be
realized within Other assets in the Consolidated Balance Sheets. A valuation allowance is recorded to reduce deferred tax
assets when it is believed that it is more likely than not that all or some portion of the deferred tax asset will not be realized.
The Company considers all available positive and negative evidence, including forecasts of future taxable income, the
reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent
and projected results of operations in order to make that determination.
In addition, tax positions are initially recognized in the financial statements when it is more likely than not the position will
be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the
largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax
authority assuming full knowledge of the position and relevant facts. The Company believes that it has appropriate support
for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all
open tax years (2021 and forward for federal and state) based on an assessment of many factors including past experience and
interpretations of tax laws applied to the facts of each matter.
(h) Lease Obligations
The Company has certain properties within its consolidated real estate portfolio that are either partially or completely on land
subject to ground leases with third parties, which are all classified as operating leases. Accordingly, the Company owns only
a long-term leasehold or similar interest in these properties. The building and improvements constructed on the leased land
are capitalized as Real estate assets in the accompanying Consolidated Balance Sheets and depreciated over the shorter of the
useful life of the improvements or the lease term.
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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
In addition, the Company has non-cancelable operating leases pertaining to office space from which it conducts its business.
Leasehold improvements are capitalized as tenant improvements, presented in Other assets in the Consolidated Balance
Sheets, and depreciated over the shorter of the useful life of the improvements or the lease term.
Under Topic 842, the Company recognizes Lease liabilities on its Consolidated Balance Sheets for its ground and office
leases and corresponding Right of use assets related to these same ground and office leases which are classified as operating
leases. A key input in estimating the Lease liabilities and resulting Right of use assets is establishing the discount rate in the
lease, which since the rates implicit in the lease contracts are not readily determinable, requires additional inputs for the
longer-term ground leases, including market-based interest rates that correspond with the remaining term of the lease, the
Company's credit spread, and a securitization adjustment necessary to reflect the collateralized payment terms present in the
lease. This discount rate is applied to the remaining unpaid minimum rental payments for each lease to measure the
operating lease liabilities.
The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including
management's estimate of expected optional renewal periods. For ground leases, the Company generally assumes it will
exercise options through the latest option date of that shopping center's anchor tenant lease.
(i)
Forward Equity Sales
Our at-the-market (“ATM”) program allows for the sale of common stock through forward sales contracts. These contracts
meet all conditions for equity classification, and as such, common stock is recorded at the offering price specified in the
contract upon settlement. The Company also accounts for the potential dilution from forward sales contracts in the earnings
per share calculations, using the treasury stock method to determine any dilutive impact before settlement. For further details
on forward equity sales transactions, refer to Note 12 in the consolidated financial statements.
(j)
Earnings per Share and Unit
Basic earnings per share of common stock and unit are computed based upon the weighted average number of common
shares and units, respectively, outstanding during the period. Diluted earnings per share and unit reflect the conversion of
obligations and the assumed exercises of securities including the effects of shares issuable under the Company's share-based
payment arrangements, if dilutive. Dividends paid on the Company's share-based compensation awards are not participating
securities as they are forfeitable.
(k) Stock-Based Compensation
The Company grants stock-based compensation to its employees and directors and recognizes the cost of stock-based
compensation based on the grant-date fair value of the award, which is expensed over the vesting period.
When the Parent Company issues common stock as compensation, it simultaneously receives an equal number of common
units from the Operating Partnership. The Company contributes all deemed proceeds from the share-based awards granted
under the Parent Company's Long-Term Omnibus Plan (the "Plan") to the operating partnership. Consequently, the Parent
Company's ownership in the Operating Partnership increases in proportion to the deemed proceeds contributed in exchange
for the common units received. As a result of the issuance of common units to the Parent Company for stock-based
compensation, the Operating Partnership records the effect of stock-based compensation for awards of equity in the Parent
Company.
(l)
Segment Reporting
The Company's business is investing in retail shopping centers through direct ownership or partnership interests. The
Company actively manages its portfolio of retail shopping centers and may from time to time make decisions to sell lower
performing properties or developments not meeting its long-term investment objectives. The proceeds from sales are
generally reinvested into higher quality retail shopping centers, through acquisitions, new developments, or redevelopment of
existing centers, which management believes will generate sustainable revenue growth and attractive returns. It is
management's intent that all retail shopping centers will be owned or developed for investment purposes; however, the
Company may decide to sell all or a portion of a development upon completion. The Company's revenues and net income
are generated from the operation of its investment portfolio. The Company also earns fees for services provided to manage
and lease retail shopping centers owned through joint ventures.
97
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
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. For further details on segment information, refer
to Note 16 in the consolidated financial statements.
(m) Investment Risk Concentrations
No single tenant comprised 10% or more of our aggregate annualized base rent ("ABR"). As of December 31, 2024, the
Company had three geographic concentrations that individually accounted for at least 10.0% of its aggregate ABR. Real
estate properties located in California, Florida and New York-Newark-Jersey City core-based statistical area accounted for
23.4%, 20.5% and 12.3% of ABR, respectively. As the result, this geographic concentration of our portfolio makes it
potentially more susceptible to adverse weather, natural disasters or economic events that impact these locations. None of the
shopping centers are located outside the United States.
(n) Fair Value of Assets and Liabilities
ASC 820, Fair Value Measurements and Disclosures, or ASC 820, defines fair value, establishes a framework for measuring
fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair
value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined
by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Therefore, a fair value measurement is determined based on the assumptions
that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions
in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant
assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1
and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs
classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the
ability to access at the measurement date. An active market is defined as a market in which transactions for the
assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly or indirectly.
Level 3 - Unobservable inputs for the asset or liability, which are typically based on the Company's own
assumptions, as there is little, if any, related market activity.
The Company also re-measures nonfinancial assets and nonfinancial liabilities, initially measured at fair value in a business
combination or other new basis event, at fair value in subsequent periods if a re-measurement event occurs.
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REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
(n) Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements and expected impact on our financial
statements:
Standard
Description
Date of adoption
Effect on the financial statements
or other significant matters
Recently adopted:
ASU 2023-09,
Income Taxes (Topic 740):
Improvements to Income Tax
Disclosures.
ASU 2023-09 requires public business
entities to disclose additional
information in specified categories with
respect to the reconciliation of the
effective tax rate to the statutory rate for
federal, state, and foreign income taxes.
It also requires greater detail about
individual reconciling items in the rate
reconciliation to the extent the impact
of those items exceeds a specified
threshold.
January 1, 2025
Other than additional disclosure, the
adoption of this ASU is not
expected to have a material impact
on the Company's consolidated
financial statements.
ASU 2024-03, Income
Statement—Reporting
Comprehensive Income—
Expense Disaggregation
Disclosures (Subtopic 220-40):
Disaggregation of Income
Statement Expenses
ASU 2024-03 requires public business
entities to provide additional disclosures
that disaggregate certain income
statement expense captions into
specified categories. The ASU does not
impact the presentation of expenses on
the face of the income statement but
requires additional footnote disclosures
to provide users of the financial
statements with greater insight into the
nature and composition of reported
expenses.
January 1, 2027
The Company is assessing the
impact this ASU will have on the
Company’s financial statement
disclosures. While the adoption of
this standard is not expected to have
a material impact on the financial
position or results of operations, it
will require enhanced footnote
disclosures related to the
disaggregation of income statement
expenses.
ASU 2024-04, Debt—Debt with
Conversion and Other Options
(Subtopic 470-20): Induced
Conversions of Convertible Debt
Instruments
ASU 2024-04 clarifies guidance on the
accounting for inducements offered to
holders of convertible debt instruments
to encourage them to convert the debt
into equity securities. Specifically, the
ASU clarifies the recognition and
measurement of inducement costs and
their impact on the issuer’s financial
statements.
January 1, 2026
The Company is assessing the
impact this ASU will have on the
Company’s financial statement
disclosures. The adoption is not
expected to have a material effect
on our financial position or results
of operations, as the Company
currently does not have any
convertible debt instruments in our
financing arrangements.
99
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
2.
Real Estate Investments
UBP Acquisition
General
With respect to the acquisition of UBP discussed in Note 1 - Acquisition of Urstadt Biddle Properties Inc, the following table
provides the components that make up the total purchase price for the UBP acquisition:
(in thousands, except stock price)
Purchase Price
Shares of common stock issued for acquisition
13,568
Closing stock price on August 17, 2023
$
61.03
Value of common stock issued for acquisition
$
828,025
Other adjustments
(9,495)
Total value of common stock issued
$
818,530
Debt repaid
39,266
Preferred stock converted
225,000
Transaction costs
57,197
Other cash payments
68
Total purchase price
$
1,140,061
Purchase Price Allocation
The acquisition has been accounted for using the asset acquisition method of accounting in accordance with ASC 805,
Business Combinations, which requires, among other things, that the total cost or total consideration exchanged be allocated
to the real estate properties and related lease intangibles on a relative fair value basis. All the other assets acquired, and
liabilities assumed, including notes payable, are recorded at fair value. The total purchase price, including direct transaction
costs capitalized, was allocated as follows:
(in thousands)
Purchase Price Allocation
Real estate assets
$
1,379,835
Investments in unconsolidated real estate partnerships
35,942
Real estate assets
1,415,777
Cash, accounts receivable and other assets
51,902
Lease intangible assets
128,663
Total assets acquired
1,596,342
Notes payable
284,706
Accounts payable, accrued expenses, and other liabilities
37,500
Lease intangible liabilities
69,583
Total liabilities assumed
391,789
Noncontrolling interest
64,492
Total purchase price
$
1,140,061
The acquired assets and assumed liabilities for an acquired operating property generally include, but are not limited to: land,
buildings and improvements, identified tangible and intangible assets and liabilities associated with in-place leases, including
tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases.
This methodology includes estimating an "as-if vacant" fair value of the physical property, which includes land, building, and
improvements and also determines the estimated fair value of identifiable intangible assets and liabilities, considering the
following categories: (i) value of in-place leases, and (ii) above and below-market value of in-place leases. The fair market
value of the acquired operating properties is based on a valuation prepared by Regency with assistance of a third-party
valuation specialist. The third-party specialist utilized stabilized NOI and market specific capitalization rates as the primary
valuation inputs in determining the fair value of the real estate assets. The fair value of land is generally based on relevant
market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being
offered on the market for sale. Management reviews the inputs used by the third-party specialist as well as the allocation of
the purchase price to ensure reasonableness and that the procedures are performed in accordance with management's policy.
Management and the third-party valuation specialist prepared their fair value estimates for each of the operating properties
acquired. The allocation of the purchase price described above requires a significant amount of judgment and represents
management's best estimate of the fair value as of the acquisition date.
100
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The following table details the weighted average amortization and net accretion periods, in years, of the major classes of
intangible assets and intangible liabilities arising from the UBP acquisition:
(in years)
Weighted Average Amortization Period
Assets:
In-place leases
8.0
Above-market leases
7.0
Liabilities:
Below-market leases
18.5
Other Acquisitions
The following tables detail the other properties acquired for the periods set forth below:
(in thousands)
December 31, 2024
Date
Purchased
Property Name
City/State
Property
Type
Regency's
Ownership
Purchase
Price (1)
Debt
Assumed,
Net of
Premiums (1)
Intangible
Assets (1)
Intangible
Liabilities (1)
2/23/2024 The Shops at Stone Bridge
Cheshire, CT
Development
100%
$
8,000
—
—
—
5/3/2024 Compo Acres North Shopping Center
Westport, CT
Operating
100%
45,500
—
5,360
2,175
7/16/2024 Jordan Ranch Market
Houston, TX
Development
50%
15,784
—
—
—
8/21/2024 Oakley Shops at Laurel Fields
Oakley, CA
Development
100%
2,120
—
—
—
Total property acquisitions
$
71,404
—
5,360
2,175
(1)
Amounts for purchase price and allocation are reflected at 100%.
(in thousands)
December 31, 2023
Date
Purchased
Property Name
City/State
Property
Type
Regency's
Ownership
Purchase
Price (1)
Debt
Assumed,
Net of
Premiums (1)
Intangible
Assets (1)
Intangible
Liabilities (1)
5/1/2023 Sienna Phase 1
Houston, TX
Development
75%
$
2,695
—
—
—
5/18/2023 SunVet
Holbrook, NY
Development
100%
24,140
—
—
—
10/11/2023 Nohl Plaza
Orange, CA
Operating
100%
25,328
—
3,940
10,470
12/1/2023 The Longmeadow Shops
Longmeadow, MA
Operating
100%
31,400
—
4,049
1,876
Total property acquisitions
$
83,563
—
7,989
12,346
(1)
Amounts for purchase price and allocation are reflected at 100%.
3.
Property Dispositions
The following table provides a summary of consolidated shopping centers and land parcels sold during the periods set forth
below:
Year ended December 31,
(in thousands, except number sold data)
2024
2023
2022
Net proceeds from sale of real estate investments
$
108,615
11,167
143,133
Gain on sale of real estate, net of tax
$
34,162
661
109,005
Provision for impairment of real estate sold
$
1,330
—
—
Number of operating properties sold
6
—
2
Number of land parcels sold
—
5
5
Percent interest sold
100%
100%
100%
101
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
4.
Investments in Real Estate Partnerships
The Company's investments in real estate partnerships include the following:
December 31, 2024
(in thousands)
Regency's
Ownership
Number of
Properties
Total
Investment
Total Assets of
the Partnership
The Company's
Share of Net
Income of the
Partnership
Net Income of
the
Partnership
GRI - Regency, LLC (GRIR)
40%
66
$
136,972
1,455,471
38,729
91,447
Columbia Regency Partners II, LLC
(Columbia II) (1)
20%
22
63,024
623,655
3,938
20,121
Columbia Village District, LLC
30%
1
6,434
99,236
2,220
7,453
Individual Investors
Ballard Blocks
50%
2
59,596
115,784
1,028
2,380
Town & Country Center
35%
1
44,715
259,218
1,810
5,235
Others (2)
12% - 83%
11
88,303
289,793
2,569
10,027
Total investments in real estate partnerships
103
$
399,044
2,843,157
50,294
136,663
(1)
Effective September 1, 2024, Columbia Regency Retail Partners, LLC (Columbia I) merged with and into Columbia II with Columbia II being
the surviving entity in the merger.
(2)
Effective January 1, 2025, we acquired our partner’s 33.3% share in a single property partnership for a total purchase price of $10.3 million.
Following this acquisition, the Company now owns 100% of this property, and has been consolidated into the Company’s financial statements.
December 31, 2023
(in thousands)
Regency's
Ownership
Number of
Properties
Total
Investment
Total Assets of
the Partnership
The Company's
Share of Net
Income of the
Partnership
Net Income of
the Partnership
GRI - Regency, LLC (GRIR)
40%
66
$
144,371
1,475,611
35,901
84,224
Columbia Regency Retail Partners,
LLC (Columbia I)
20%
7
7,045
139,224
1,630
8,559
Columbia Regency Partners II,
LLC (Columbia II)
20%
14
42,994
424,672
1,743
8,769
Columbia Village District, LLC
30%
1
6,123
97,522
2,199
7,383
Individual Investors
Ballard Blocks
50%
2
62,140
120,379
1,486
3,297
Town & Country Center
35%
1
42,074
224,579
1,075
3,136
Others
12% - 67%
10
65,858
208,006
6,507
19,770
Total investments in real estate partnerships
101
$
370,605
2,689,993
50,541
135,138
The summarized balance sheet information for the investments in real estate partnerships, on a combined basis, is as follows:
December 31,
(in thousands)
2024
2023
Investments in real estate, net
$
2,569,765
2,432,859
Acquired lease intangible assets, net
25,164
16,723
Other assets
248,228
240,411
Total assets
$
2,843,157
2,689,993
Notes payable
$
1,564,551
1,499,702
Acquired lease intangible liabilities, net
19,045
15,112
Other liabilities
92,911
80,457
Capital - Regency
444,354
418,205
Capital - Third parties
722,296
676,517
Total liabilities and capital
$
2,843,157
2,689,993
102
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The following table reconciles the Company's capital recorded by the unconsolidated real estate investment partnerships to
the Company's investments in real estate partnerships reported in the accompanying Consolidated Balance Sheet:
December 31,
(in thousands)
2024
2023
Capital - Regency
$
444,354
418,205
Basis difference
(45,310)
(47,600)
Investments in real estate partnerships
$
399,044
370,605
The revenues and expenses for the investments in real estate partnerships, on a combined basis, are summarized as follows:
Year ended December 31,
(in thousands)
2024
2023
2022
Total revenues
$
420,281
390,843
378,096
Operating expenses:
Depreciation and amortization
96,239
88,974
86,193
Property operating expense
68,289
65,509
61,224
Real estate taxes
51,986
47,529
42,010
General and administrative
5,201
5,008
5,615
Other operating expenses
5,740
3,119
3,851
Total operating expenses
$
227,455
210,139
198,893
Other expense (income):
Interest expense, net
58,451
56,706
54,874
Gain on sale of real estate
(2,288)
(11,140)
(49,424)
Loss on early extinguishment of debt
—
—
587
Total other expense (income)
56,163
45,566
6,037
Net income of the Partnerships
$
136,663
135,138
173,166
The Company's share of net income of the Partnerships
$
50,294
50,541
59,824
Acquisitions
The following table provides a summary of shopping centers and land parcels acquired through our investments in real estate
partnerships for the periods set forth below:
(in thousands)
Year ended December 31, 2024
Date
Purchased
Property
Name
City/State
Property
Type
Real Estate
Partner
Regency's
Ownership
Purchase
Price (1)
Debt
Assumed, Net
of
Premiums (1)
Intangible
Assets (1)
Intangible
Liabilities (1)
8/30/2024 East Greenwich Square
East Greenwich, RI
Operating
Other
70%
46,650
—
5,127
1,877
10/17/2024 University Commons - Austin
Round Rock, TX
Operating Columbia II
20%
68,751
—
6,560
5,120
Total property acquisitions
$ 115,401
—
11,687
6,997
(1)
Amounts reflected for purchase price and allocation are reflected at 100%.
(in thousands)
Year ended December 31, 2023
Date
Purchased
Property
Name
City/State
Property
Type
Real Estate
Partner
Regency's
Ownership
Purchase
Price (1)
Debt
Assumed, Net
of
Premiums (1)
Intangible
Assets (1)
Intangible
Liabilities (1)
9/19/2023 Old Town Square
Chicago, IL
Operating
Other
20%
27,510
—
3,625
503
Total property acquisitions
$
27,510
—
3,625
503
(1)
Amounts reflected for purchase price and allocation are reflected at 100%.
103
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Dispositions
The following table provides a summary of shopping centers and land parcels disposed of through our investments in real
estate partnerships:
Year ended December 31,
(in thousands)
2024
2023
2022
Proceeds from sale of real estate investments
$
2,256
30,659
116,377
Gain on sale of real estate
$
2,288
11,140
49,424
The Company's share of gain on sale of real estate
$
907
3,161
12,748
Number of operating properties sold
—
1
4
Number of land out-parcels sold
1
—
—
Notes Payable
Scheduled principal repayments on notes payable held by our unconsolidated investments in real estate partnerships as of
December 31, 2024, were as follows:
(in thousands)
Scheduled Principal Payments and Maturities by Year:
Scheduled
Principal
Payments
Mortgage
Loan
Maturities
Unsecured
Maturities
Total
Regency's
Pro-Rata
Share
2025
$
6,727
147,512
—
154,239
49,031
2026
7,393
272,963
35,800
316,156
108,765
2027
7,576
32,800
—
40,376
13,669
2028
4,267
246,605
—
250,872
92,027
2029
2,841
93,500
—
96,341
34,967
Beyond 5 Years
3,847
711,324
—
715,171
280,111
Net unamortized loan costs, debt premium / (discount)
—
(8,603)
—
(8,603)
(3,200)
Total notes payable
$
32,651
1,496,101
35,800
1,564,552
575,370
These fixed and variable rate notes payable are all non-recourse to the partnerships, and mature through 2034, with 93.3%
having a weighted average fixed interest rate of 3.9%. The remaining notes payable float with SOFR and had a weighted
average variable interest rate of 6.8% at December 31, 2024.
As notes payable mature, they will be repaid from proceeds from new borrowings and/or partner capital contributions.
Refinancing debt at maturity in the current interest rate environment could result in higher interest expense in future periods
if rates remain elevated. The Company is obligated to contribute its Pro-rata share to fund maturities if the loans are not
refinanced, and it has the capacity to do so from existing cash balances, availability on its line of credit, and operating cash
flows. The Company believes that its partners are financially sound and have sufficient capital or access thereto to fund
future capital requirements. In the event that a real estate partner was unable to fund its share of the capital requirements of
the real estate partnership, the Company would have the right, but not the obligation, to loan the defaulting partner the
amount of its capital call which would be secured by the partner's membership interest.
Management fee income
In addition to earning our share of net income or loss in each of these real estate partnerships, we receive fees as discussed in
Note 1, as follows:
Year ended December 31,
(in thousands)
2024
2023
2022
Asset management, property management, leasing,
and investment and financing services
$
27,874
26,954
25,851
104
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
5.
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)
December 31, 2024
December 31, 2023
Goodwill
$
166,739
167,062
Investments
51,820
51,992
Prepaid and other
40,240
40,635
Derivative assets
12,781
14,213
Furniture, fixtures, and equipment, net
7,954
6,662
Deferred financing costs, net
9,512
2,865
Total other assets
$
289,046
283,429
The following table presents the goodwill balances and activity during the year ended:
December 31, 2024
December 31, 2023
(in thousands)
Goodwill
Accumulated
Impairment
Losses
Total
Goodwill
Accumulated
Impairment
Losses
Total
Beginning of year balance
$ 294,524
(127,462)
167,062
$ 300,496
(133,434 )
167,062
Goodwill allocated to Properties held for sale
—
—
—
(5,972)
5,972
—
Goodwill associated with disposed reporting units:
Goodwill allocated to Gain on sale of real estate
(1,884)
1,561
(323 )
—
—
—
End of year balance
$ 292,640
(125,901)
166,739
$ 294,524
(127,462 )
167,062
As the Company identifies properties ("reporting units") that no longer meet its investment criteria, it will evaluate the
property for potential sale. A decision to sell a reporting unit results in the need to evaluate its goodwill for recoverability
and may result in impairment. Additionally, other changes impacting a reporting unit may be considered a triggering event.
If events occur that trigger an impairment evaluation at multiple reporting units, a goodwill impairment may be significant.
6.
Acquired Lease Intangibles
The Company had the following acquired lease intangibles as of the periods set forth below:
December 31,
(in thousands)
2024
2023
In-place leases
$
522,117
543,892
Above-market leases
103,075
103,896
Total intangible assets
625,192
647,788
Accumulated amortization
(395,209)
(364,413)
Acquired lease intangible assets, net
$
229,983
283,375
Below-market leases
586,660
609,369
Accumulated amortization
(222,052)
(211,067)
Acquired lease intangible liabilities, net
$
364,608
398,302
The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:
Year ended December 31,
(in thousands)
2024
2023
2022
Line item in Consolidated
Statements of Operations
In-place lease amortization
$
49,169
44,102
34,568
Depreciation and amortization
Above-market lease amortization
8,860
6,571
5,828
Lease income
Acquired lease intangible asset amortization
$
58,029
50,673
40,396
Below-market lease amortization
$
33,883
37,831
28,642
Lease income
105
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as
follows:
(in thousands)
In Process Year Ending
December 31,
Amortization of
In-place lease intangibles
Net accretion of Above
/ Below market lease
intangibles
2025
$
33,173
21,657
2026
26,813
20,878
2027
21,290
19,875
2028
16,909
19,767
2029
14,257
19,091
7.
Leases
Lessor Accounting
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 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:
(i)
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.
(ii)
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:
Year ended December 31,
(in thousands)
2024
2023
2022
Operating lease income
Fixed and in-substance fixed lease income
$
1,035,225
928,364
851,409
Variable lease income
356,520
324,037
287,149
Other lease related income, net:
Above/below market rent and tenant rent
inducement amortization, net
24,843
30,826
22,543
Uncollectible straight-line rent
(1,885)
1,261
12,510
Uncollectible amounts billable in lease income
(3,324)
(549 )
13,841
Total lease income
$
1,411,379
1,283,939
1,187,452
Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December
31, 2024, are as follows:
(in thousands)
For the year ending December 31,
2025
$
1,021,232
2026
942,040
2027
825,189
2028
676,595
2029
536,477
Thereafter
2,006,865
Total
$
6,008,398
106
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
At December 31, 2024, the Company had three leases classified as sales-type leases, with lease income recorded over the
lease term in the form of variable interest income representing the constant periodic rate of return on the Company’s net
investment in the lease, and fixed contractual obligations.
Lessee Accounting
The Company has shopping centers that are subject to non-cancelable, long-term ground leases where a third party owns the
underlying land and has leased the land to the Company to construct and/or operate a shopping center.
The Company has 20 properties within its consolidated real estate portfolio that are either partially or completely on land
subject to ground leases with third parties. Accordingly, the Company owns only a long-term leasehold or similar interest in
these properties. These ground leases expire through the year 2121, and in most cases, provide for renewal options.
In addition, the Company has non-cancelable operating leases for office space used to conduct its business. Office leases
expire through the year 2035, and in certain cases, provide for renewal options.
The ground and office lease expenses are recognized on a straight-line basis over the term of the leases, including
management's estimate of expected optional renewal periods, with ground lease expense presented within Property operating
expense, and office lease expense presented within General and administrative in the accompanying Consolidated Statements
of Operations.
Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense
and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:
Year ended December 31,
(in thousands)
2024
2023
2022
Fixed operating lease expense
Ground leases
$
15,420
14,727
13,759
Office leases
3,689
4,103
4,162
Total fixed operating lease expense
19,109
18,830
17,921
Variable lease expense
Ground leases
1,953
1,586
1,591
Office leases
592
729
611
Total variable lease expense
2,545
2,315
2,202
Total lease expense
$
21,654
21,145
20,123
Cash paid for amounts included in the measurement of
operating lease liabilities
Operating cash flows for operating leases
$
16,212
15,823
14,656
The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for
ground and office leases as of December 31, 2024, and provides a reconciliation to the Lease liabilities included in the
accompanying Consolidated Balance Sheets:
(in thousands)
Lease Liabilities
For the years ending December 31,
Ground Leases
Office Leases
Total
2025
$
12,871
3,904
16,775
2026
12,793
3,947
16,740
2027
12,819
2,748
15,567
2028
12,960
1,899
14,859
2029
12,993
733
13,726
Thereafter
687,963
1,269
689,232
Total undiscounted lease liabilities
$
752,399
14,500
766,899
Present value discount
(520,621)
(1,417)
(522,038)
Lease liabilities
$
231,778
13,083
244,861
Weighted average discount rate
5.5%
4.1%
Weighted average remaining term (in years)
48.7
4.3
107
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
8.
Income Taxes
The Company has elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code with certain of
its subsidiaries treated as taxable REIT subsidiary entities, which are subject to federal and state income taxes. The following
table summarizes the tax status of dividends paid on our common stock:
Year ended December 31,
2024
2023
2022
Dividend per share
$
2.84
(1)
2.56
(2)
2.53
(3)
Ordinary income
99%
100%
100%
Capital gain (4)
1%
—%
—%
Additional tax status information:
Qualified dividend income
—%
—%
—%
Section 199A dividend
99%
100%
100%
Section 897 ordinary dividends
—%
—%
—%
Section 897 capital gains
—%
—%
—%
(1)
During 2024, the Company declared four quarterly dividends, the last of which was paid on January 3, 2025, and
was fully allocated to the 2024 dividend period.
(2)
During 2023, the Company declared four quarterly dividends, the last of which was paid on January 3, 2024, with a
portion allocated to the 2023 dividend period, and the balance allocated to 2024.
(3)
During 2022, the Company declared four quarterly dividends, the last of which was paid on January 4, 2023, with a
portion allocated to the 2022 dividend period, and the balance allocated to 2023.
(4)
For 2024, Pursuant to Treasury Regulation Section 1.1061-6(c), the “One Year Amounts Disclosure” is 100% of
the capital gain distributions allocated to each shareholder and “Three Year Disclosure” is 64.75% of the capital
gain distributions allocated to each shareholder.
The following table summarizes the tax status of dividends paid on our Series A preferred stock:
Year ended December 31,
2024
2023
Dividend per share
$
1.56
0.39
Ordinary income
99 %
100 %
Capital gain
1 %
— %
Additional tax status information:
Qualified dividend income
— %
— %
Section 199A dividend
99 %
100 %
Section 897 ordinary dividends
— %
— %
Section 897 capital gains
— %
— %
The following table summarizes the tax status of dividends paid on our Series B preferred stock:
Year ended December 31,
2024
2023
Dividend per share
$
1.47
0.37
Ordinary income
99 %
100 %
Capital gain
1 %
— %
Additional tax status information:
Qualified dividend income
— %
— %
Section 199A dividend
99 %
100 %
Section 897 ordinary dividends
— %
— %
Section 897 capital gains
— %
— %
108
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Our consolidated expense (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 was as follows:
Year ended December 31,
(in thousands)
2024
2023
2022
Income tax expense (benefit):
Current
$
7,571
796
(332)
Deferred
(3,026)
99
293
Total income tax expense (benefit) (1)
$
4,545
895
(39)
(1)
Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years
ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within
Gain on sale of real estate, net of tax, during the year ended December 31, 2024.
The TRS entities are subject to federal and state income taxes and file separate tax returns. Income tax expense (benefit)
differed from the amounts computed by applying the U.S. Federal income tax rate to pretax income of the TRS entities, as
follows:
Year ended December 31,
(in thousands)
2024
2023
2022
Computed expected tax expense (benefit)
$
2,723
371
504
State income tax, net of federal benefit
1,376
60
52
Valuation allowance
406
227
(323)
Permanent items
2
2
1
All other items
38
235
(273)
Total income tax expense (1)
4,545
895
(39)
Income tax expense attributable to operations (1)
$
4,545
895
(39)
(1)
Includes $924, $895 and $(39) of tax expense (benefit) presented within Other operating expenses during the years
ended December 31, 2024, 2023, and 2022, respectively. Additionally, $3,621 of tax expense is presented within
Gain on sale of real estate, net of tax, during the year ended December 31, 2024.
The tax effects of temporary differences (included in Accounts payable and other liabilities in the accompanying
Consolidated Balance Sheets) are summarized as follows:
December 31,
(in thousands)
2024
2023
Deferred tax assets
Other
2,301
1,893
Deferred tax assets
2,301
1,893
Valuation allowance
(2,301)
(1,893)
Deferred tax assets, net
$
—
—
Deferred tax liabilities
Fixed assets
(9,324)
(12,563)
Other
(972)
(780)
Deferred tax liabilities
(10,296)
(13,343)
Net deferred tax liabilities
$
(10,296)
(13,343)
The Company believes it is more likely than not that the remaining deferred tax assets will not be realized unless tax planning
strategies are implemented.
109
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
9.
Notes Payable and Unsecured Credit Facility
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:
Maturing
Through
Weighted
Average
Contractual
Rate
Weighted
Average
Effective
Rate
December 31,
(in thousands)
2024
2023
Notes payable:
Fixed rate mortgage loans
6/1/2037
3.9%
4.3%
$
337,703
449,615
Variable rate mortgage loans (1)
1/31/2032
4.3%
4.4%
282,117
299,579
Fixed rate unsecured debt
3/15/2049
4.1%
4.3%
3,723,880
3,252,755
Total notes payable, net
4,343,700
4,001,949
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (2)
3/23/2028
5.3%
5.6%
65,000
152,000
Total unsecured credit facility
65,000
152,000
Total debt outstanding
$
4,408,700
4,153,949
(1)
As of December 31, 2024, 96.1% of the Variable rate mortgage loans are fixed through interest rate swaps.
(2)
The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is
calculated based on a fully drawn Line balance using the period end variable rate.
Notes Payable
Notes payable consist of mortgage loans secured by properties and unsecured public and private debt. Mortgage loans may
be repaid before maturity, but could be subject to yield maintenance premiums, and are generally due in monthly installments
of principal and interest or interest only. Unsecured public debt may be repaid before maturity subject to accrued and unpaid
interest through the proposed redemption date and a make-whole premium. Interest on unsecured public and private debt is
payable semi-annually.
On January 8, 2024, the Company priced a public offering of $400 million of senior unsecured notes due in 2034, and the
notes were issued on January 18, 2024 at 99.617% of par value with a coupon of 5.250%.
On June 17, 2024, the Company paid off $250 million of unsecured public debt that had matured, utilizing a portion of the
proceeds from the January 2024 public debt offering, and the Company paid off a $78.3 million fixed rate mortgage loan.
On August 12, 2024, the Company priced a public offering of $325 million of senior unsecured notes due in 2035, and the
notes were issued on August 15, 2024 at 99.813% of par value with a coupon of 5.1%.
The Company is required to comply with certain financial covenants for its unsecured public debt as defined in the indenture
agreements such as the following ratios: Consolidated Debt to Consolidated Assets, Consolidated Secured Debt to
Consolidated Assets, Consolidated Income for Debt Service to Consolidated Debt Service, and Unencumbered Consolidated
Assets to Unsecured Consolidated Debt. As of December 31, 2024, management of the Company believes it is in compliance
with all financial covenants for its unsecured public debt.
Unsecured Credit Facilities
The Company has an unsecured line of credit facility (the "Line") pursuant to the Sixth Amended and Restated Credit
Agreement (the "Credit Agreement"), dated as of January 18, 2024, by and among the Company and financial institutions
party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent. The Credit Agreement
provides for an unsecured revolving credit facility in the amount of $1.50 billion for a term of four years (plus two six-month
extension options) and includes an accordion feature which permits the borrower to request increases in the size of the
revolving loan facility by up to an additional $1.50 billion. The interest rate on the revolving credit facility is equal to SOFR
plus a margin that is determined based on the borrower’s long-term unsecured debt ratings and ratio of indebtedness to total
asset value. The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, which provide for
upward or downward adjustments to the applicable margin if the Company achieves, or fails to achieve, certain specified
targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement.
110
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
At December 31, 2024, the Line had an available capacity of $1.4 billion, which is reduced by the balance of outstanding
borrowings and commitments from issued letters of credit. The Line accrues interest at a variable rate of SOFR plus an
applicable spread of 0.82% and a 0.125% commitment fee.
The Company is required to comply with certain financial covenants as defined in the Credit Agreement, including the Ratio
of Indebtedness to Total Asset Value ("TAV"), Ratio of Unsecured Indebtedness to Unencumbered Asset Value, Ratio of
Adjusted EBITDA to Fixed Charges, Ratio of Secured Indebtedness to TAV, Ratio of Unencumbered Net Operating Income
to Unsecured Interest Expense, and other covenants customary with this type of unsecured financing. As of December 31,
2024, the Company is in compliance with all financial covenants for the Line.
Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands)
December 31, 2024
Scheduled Principal Payments and Maturities by Year:
Scheduled
Principal
Payments
Mortgage
Loan
Maturities
Unsecured
Maturities (1)
Total
2025
$
9,798
52,537
250,000
312,335
2026
10,040
147,847
200,000
357,887
2027
7,133
222,558
525,000
754,691
2028
5,402
42,004
365,000
412,406
2029
2,786
53,620
425,000
481,406
Beyond 5 Years
5,170
68,466
2,050,000
2,123,636
Unamortized debt premium/(discount) and issuance costs
—
(7,541)
(26,120)
(33,661)
Total
$
40,329
579,491
3,788,880
4,408,700
(1)
Includes unsecured public and private debt and unsecured credit facilities.
The Company was in compliance as of December 31, 2024, with all debt covenants.
10. 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 derivatives 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 with quality credit ratings. The Company does not anticipate that any of the
counterparties will fail to meet their obligations.
Detail on the Company's interest rate derivatives outstanding is as follows:
(in thousands, except number of instruments data)
December 31,
Interest Rate Swaps
2024
2023
Notional amount
$
301,444
294,928
Number of instruments
14
15
Detail on the fair value of the Company's interest rate derivatives is as follows:
(in thousands)
December 31,
Interest rate swaps classified as:
2024
2023
Derivative assets
$
12,781
14,213
Derivative liabilities
(423)
(1,335)
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 use derivatives for trading or speculative purposes and, as of December 31, 2024, does not have any
derivatives that are not designated as hedges.
111
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
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 forecasted
transaction affects earnings.
The following table represents the effect of the derivative financial instruments on the accompanying Consolidated Financial
Statements:
Location and Amount of Gain (Loss)
Recognized in OCI on Derivative
Location and Amount of Loss (Gain)
Reclassified from AOCI into Income
Total amounts presented in the Consolidated
Statements of Operations in which the effects
of cash flow hedges are recorded
Year ended December 31,
Year ended December 31,
Year ended December 31,
(in
thousands)
2024
2023
2022
2024
2023
2022
2024
2023
2022
Interest
rate swaps
$ 12,523
(2,448)
20,061
Interest
(income)
expense, net
$ (8,895)
(7,536)
833
Interest
expense, net
$ 180,119
154,249
146,186
Loss (gain) on
early
extinguishment
of debt
$
180
(99)
—
As of December 31, 2024, the Company expects approximately $2.5 million of accumulated comprehensive income on
derivative instruments in AOCI, including the Company's share from its Investments in real estate partnerships, to be
reclassified into earnings during the next 12 months.
11. 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:
December 31,
2024
2023
(in thousands)
Carrying
Amount
Fair Value
Carrying
Amount
Fair Value
Financial assets:
Notes receivable
$
31,790
31,755
$
2,109
2,109
Financial liabilities:
Notes payable, net
$
4,343,700
4,141,096
$
4,001,949
3,763,152
Unsecured credit facilities (1)
$
65,000
65,000
$
152,000
152,000
(1)
The carrying amounts approximated its fair values due to the variable nature of the terms.
The above fair values represent management's estimate of the amounts that would be received from selling those assets or
that would be paid to transfer those liabilities in an orderly transaction between market participants as of December 31, 2024
and 2023, 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.
112
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
(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 fair value of the securities was determined using quoted prices in active markets, which
are considered Level 1 inputs of the fair value hierarchy. Changes in the value of securities are recorded within Net
investment (income) loss in the accompanying Consolidated Statements of Operations, and include unrealized gains of $4.5
million for the year ended December 31, 2024, unrealized gains of $4.2 million for the year ended December 31, 2023 and
unrealized losses of $8.0 million for the year ended December 31, 2022.
Available-for-Sale Debt Securities
Available-for-sale debt securities consist of investments in corporate bonds, and are recorded at fair value using either recent
trade prices for the identical debt instrument or comparable instruments by issuers of similar industry sector, issuer rating,
and size, to estimate fair value, which are considered Level 2 inputs of the fair value hierarchy. Unrealized gains or losses on
these debt securities are recognized through Other comprehensive income.
Interest Rate Derivatives
The fair value of the Company's interest rate derivatives is determined using widely accepted valuation techniques including
discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of
the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and
implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own
nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the
fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates
of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has
assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions
and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swaps.
As a result, the Company determined that its interest rate swaps valuation in its entirety is classified in Level 2 of the fair
value hierarchy.
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value
on a recurring basis:
Fair Value Measurements as of December 31, 2024
(in thousands)
Balance
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Securities
$
39,419
39,419
—
—
Available-for-sale debt securities
12,401
—
12,401
—
Interest rate derivatives
12,781
—
12,781
—
Total
$
64,601
39,419
25,182
—
Liabilities:
Interest rate derivatives
$
(423)
—
(423)
—
113
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Fair Value Measurements as of December 31, 2023
(in thousands)
Balance
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Assets:
Securities
$
37,039
37,039
—
—
Available-for-sale debt securities
14,953
—
14,953
—
Interest rate derivatives
14,213
—
14,213
—
Total
$
66,205
37,039
29,166
—
Liabilities:
Interest rate derivatives
$
(1,335)
—
(1,335)
—
The following tables present the placement in the fair value hierarchy of assets and liabilities that are measured at fair value
on a non-recurring basis:
Fair Value Measurements as of December 31, 2024
(in thousands)
Balance
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total Gains
(Losses)
Real estate assets
$
10,915
—
10,915
—
(12,974)
During the year ended December 31, 2024, the Company recorded a $14.3 million Provision for impairment on two operating
properties. One property was sold within the reporting period with a $1.3 million provision for impairment. The second
property is classified as held and used, and was impaired as a result of management's change in expected hold period and the
carrying value exceeded the estimated fair value. The estimated fair value was based on letters of intent from third-party
offers for the property and is reflected in the table above within the Level 2 fair value hierarchy.
During the year ended December 31, 2023, there were no real estate assets measured at fair value on a nonrecurring basis.
12. 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 December 31, 2024
Date of Issuance
Shares Issued and
Outstanding
Liquidation Preference
Distribution Rate
Callable By Company
Series A
8/18/2023
4,600,000
$
115,000,000
6.250%
On demand
Series B
8/18/2023
4,400,000
110,000,000
5.875%
On demand
9,000,000
$
225,000,000
Preferred Stock Outstanding as of December 31, 2023
Date of Issuance
Shares Issued and
Outstanding
Liquidation Preference
Distribution Rate
Callable By Company
Series A
8/18/2023
4,600,000
$
115,000,000
6.250%
On demand
Series B
8/18/2023
4,400,000
110,000,000
5.875%
On or after 10/1/2024
9,000,000
$
225,000,000
Each series of Preferred Stock is non-voting, has no stated maturity and is redeemable for cash at $25.00 per share at the
Company's option. The holders of the Preferred Stock have general preference rights over common stockholders with respect
to liquidation and quarterly distributions. Except under certain limited conditions, holders of the Preferred Stock will not be
entitled to vote. In the event of a cumulative arrearage equal to six quarterly dividends, holders of the Preferred Stock (voting
as a single class without regard to series) will have the right to elect two additional members to serve on the Company's
Board of Directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the
114
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
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.
Dividends Declared
On February 4, 2025, the Board:
Declared a dividend on the Series A Preferred Stock, which will be paid at a rate of $0.390625 per share on April 30,
2025. The dividend will be payable to holders of record of the Series A Preferred Stock as of the close of business on
April 15, 2025; and
Declared a dividend on the Series B Preferred Stock, which will be paid at a rate of $0.367200 per share on April 30, 2025
The dividend will be payable to holders of record of the Series B Preferred Stock as of the close of business on April 15,
2025.
Common Stock of the Parent Company
Dividends Declared
On February 4, 2025, the Board declared a common stock dividend of $0.705 per share, payable on April 2, 2025, to
shareholders of record as of March 12, 2025.
At the Market ("ATM") Program
Under the Parent Company's ATM Program, as authorized by the Board, the Parent Company may sell up to $500 million of
common stock at prices determined by the market at the time of sale. The timing of sales, if any, will be dependent on
market conditions and other factors.
During 2024, the Company entered into forward sale agreements under its ATM program through which the Parent Company
is obligated to issue 1,339,377 shares of its common stock at a weighted average offering price of $74.66 before any
underwriting discount and offering expenses. The shares under the forward sales agreements must be settled within one
year of their trade dates, which vary by agreement, and range from November 26, 2025, to December 5, 2025. Upon
settlement, subject to certain exceptions, the Company may elect, in its sole discretion, to physically settle, cash settle, or net
share settle all or any portion of our obligations under any forward sale agreement.
No shares have been settled as of December 31, 2024. Proceeds from the issuance of shares are expected to be approximately
$100.0 million before any underwriting discount and offering expenses and are expected to be used to fund acquisitions of
operating properties, fund developments and redevelopments, and for general corporate purposes.
As of December 31, 2024, and after giving effect to the aforementioned forward equity offering, $400 million of common
stock remained available for issuance under this ATM Program.
Stock Repurchase Program
On February 8, 2023, the Board authorized a common stock repurchase program under which the Company may purchase, up
to a maximum of $250.0 million of its outstanding common stock through open market transactions, and/or in privately
negotiated transactions (referred to as the "Repurchase Program"). The timing and price of stock repurchases, if any, are
dependent upon market conditions and other factors. The stock repurchased, if not retired, is treated as treasury stock. The
Board's authorization for the Repurchase Program was set to expire on February 7, 2025, unless modified, extended or
terminated earlier by the Board at its discretion.
During the year ended December 31, 2023, the Company executed multiple trades, repurchasing 349,519 common shares
under the Repurchase Program for a total of $20.0 million at a weighted average price of $57.22 per share. These shares
were repurchased through open market transactions in accordance with applicable federal securities laws, including Rule
10b-18 of the Exchange Act of 1934, as amended (the "Exchange Act"). All repurchased shares were retired on their
respective settlement dates.
115
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
During the second quarter of 2024, the Company executed multiple trades, repurchasing 3.3 million common shares under
the Repurchase Program for a total of $200.0 million at a weighted average price of $60.48 per share. These shares were
repurchased through open market transactions in accordance with applicable federal securities laws, including Rule 10b-18 of
the Exchange Act. All repurchased shares were retired on the respective settlement dates.
On July 31, 2024, the Board authorized a new common stock repurchase program under which the Company may purchase
up to $250.0 million of shares of its outstanding common stock (the "New Repurchase Program"). The New Repurchase
Program replaces and supersedes, in all respects, the Repurchase Program. Under the New 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 Board's authorization for the New Repurchase Program expires on June 30,
2026, 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.
At December 31, 2024, $250.0 million remained available under the New Repurchase Program.
Preferred Units of the Operating Partnership
The number of Series A Preferred Units and Series B Preferred Units, respectively, issued by the Operating Partnership is
equal to the number of Series A Preferred Stock and Series B Preferred Stock, respectively, issued by the Parent Company.
Common Units of the Operating Partnership
Common Units are issued, or redeemed and retired, for each share of the Parent Company stock issued or redeemed, or
retired, as described above. During the year ended December 31, 2024, 10,795 Common Units were exchanged for shares of
Parent Company common stock.
During the year ended December 31, 2023, the Operating Partnership issued 520,589 EOP, valued at $31.3 million, as partial
purchase price consideration for the acquisition of two properties. In addition, 3,340 Common Units were exchanged for
shares of Parent Company common stock, and 151,228 Common Units were redeemed for $9.2 million in cash at the Parent
Company's election.
General Partners
The Parent Company, as general partner, owned the following Common Units outstanding:
December 31,
(in thousands)
2024
2023
Common Units owned by the general partner
181,361
184,581
Common Units owned by the limited partners
1,097
1,108
Total Common Units outstanding
182,458
185,689
Percentage of Common Units owned by the general partner
99.4%
99.4%
13. Stock-Based Compensation
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.
Year ended December 31,
(in thousands)
2024
2023
2022
Restricted stock (1)
$
18,549
17,277
16,667
Directors' fees paid in common stock and other employee stock
grants
528
590
589
Capitalized stock-based compensation
(1,941)
(954)
(735)
Stock-based compensation, net of capitalization (2)
$
17,136
16,913
16,521
(1)
Includes amortization of the grant date fair value of restricted stock awards over the respective vesting periods.
(2)
In addition, the Company expensed within Other operating expenses $6.4 million and $3.2 million during 2024 and 2023,
respectively, in connection with restricted stock units related to the acquisition of UBP.
116
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company established its Omnibus Incentive Plan (the "Plan") under which the Board of Directors may grant stock
options and other stock-based awards to officers, directors, and other key employees. The Plan allows the Company to issue
up to 5.0 million shares in the form of the Parent Company's common stock or stock options. As of December 31, 2024,
there were 3.8 million shares available for grant under the Plan.
Restricted Stock Units
The Company grants restricted stock under the Plan to its employees as a form of long-term compensation and retention. The
terms of each restricted stock grant vary depending upon the participant's responsibilities and position within the Company.
The Company's stock grants can be categorized as either time-based awards, performance-based awards, or market-based
awards. All awards are valued at grant date fair value, earn dividends throughout the vesting period, and have no voting
rights. Fair value is measured using the grant date market price for all time-based and performance-based awards. Market
based awards are valued using a Monte Carlo simulation model to estimate the fair value based on the probability of
satisfying the market conditions and the projected stock price at the time of payout, discounted to the valuation date over a
three year performance period. Assumptions used in the estimate include historic volatility over the previous three year
period, risk-free interest rates, and Regency's historic daily return as compared to the market index. Since the award payout
includes dividend equivalents and the total shareholder return includes the value of dividends, no dividend yield assumption
is required for the valuation. Compensation expense is measured at the grant date and recognized on a straight-line basis
over the requisite service period for the entire award, regardless of whether the market condition is ultimately achieved.
The following table summarizes non-vested restricted stock activity:
Year ended December 31, 2024
Number of
Shares
Intrinsic Value
(in thousands)
Weighted
Average
Grant
Date Fair
Value
Non-vested as of December 31, 2023
754,518
Time-based awards granted (1) (4)
175,396
$
61.98
Performance-based awards granted (2) (4)
17,137
$
62.21
Market-based awards granted (3) (4)
158,807
$
58.36
Change in market-based awards earned for performance (3)
7,306
$
63.42
Vested (5)
(304,785)
$
63.17
Forfeited
(4,590)
$
64.43
Non-vested as of December 31, 2024 (6)
803,789
$
59,424
(1)
Time-based awards vest beginning on the first anniversary following the grant date over a one or four year service
period. These grants are subject only to continued employment and are not dependent on future performance
measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized is reversed.
(2)
Performance-based awards are earned subject to performance measurements. Once the performance criteria are
achieved and the actual number of shares earned is determined, shares vest over a required service period. The
Company considers the likelihood of meeting the performance criteria based upon management's estimates from
which it determines the amounts recognized as expense on a periodic basis.
(3)
Market-based awards are earned dependent upon the Company's total shareholder return in relation to the
shareholder return of a NAREIT index over a three-year period. Once the performance criteria are met and the
actual number of shares earned is determined, the shares are immediately vested and distributed. The probability of
meeting the criteria is considered when calculating the estimated fair value on the date of grant using a Monte
Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost
recognized over the service period, regardless of whether the performance criteria are achieved and the awards are
ultimately earned. The significant assumptions underlying determination of fair values for market-based awards
granted were as follows:
Year ended December 31,
2024
2023
2022
Expected volatility
25.50%
45.50%
43.10%
Risk free interest rate
4.14%
3.75%
1.39%
(4)
The weighted-average grant price for restricted stock granted during the years is summarized below:
117
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Year ended December 31,
2024
2023
2022
Weighted-average grant date fair value for
restricted stock
$
60.36 $
68.28 $
72.86
(5)
The total intrinsic value of restricted stock vested during the years is summarized below (in thousands):
Year ended December 31,
2024
2023
2022
Intrinsic value of restricted stock vested
$
19,254
$
19,717
$
17,797
(6)
As of December 31, 2024, there was $22.7 million of unrecognized compensation cost related to non-vested
restricted stock granted under the Parent Company's Plan. When recognized, this compensation results in
additional paid in capital in the accompanying Consolidated Statements of Equity of the Parent Company and in
general partner preferred and common units in the accompanying Consolidated Statements of Capital of the
Operating Partnership. This unrecognized compensation cost is expected to be recognized over the next three
years. The Company issues new restricted stock from its authorized shares available at the date of grant.
14. Saving and Retirement Plans
401(k) Retirement Plan
The Company maintains a 401(k) retirement plan covering substantially all employees and permits participants to defer
eligible compensation up to the maximum allowable amount determined by the IRS. This deferred compensation, together
with Company matching contributions equal to 100% of employee deferrals up to a maximum of $5,000 of their eligible
compensation, is fully vested and funded as of December 31, 2024. Additionally, an annual profit sharing contribution may
be made, which are fully vested after three years in service. Costs for Company contributions to the plan totaled $5.6
million, $5.3 million, and $4.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Non-Qualified Deferred Compensation Plan ("NQDCP")
The Company maintains a NQDCP which allows select employees and directors to defer part or all of their cash bonus,
director fees, and vested restricted stock units. All contributions into the participants' accounts are fully vested upon
contribution to the NQDCP and are deposited in a Rabbi trust.
The following table reflects the balances of the assets and deferred compensation liabilities of the Rabbi trust and related
participant account obligations in the accompanying Consolidated Balance Sheets, excluding Regency stock:
Year ended December 31,
(in thousands)
2024
2023
Location in Consolidated Balance Sheets
Assets:
Securities
$
33,555
31,852
Other assets
Liabilities:
Deferred compensation obligation
$
33,473
31,770
Accounts payable and other liabilities
Realized and unrealized gains and losses on securities held in the NQDCP are recognized within Net investment (income)
loss in the accompanying Consolidated Statements of Operations. Changes in participant obligations, which is based on
changes in the value of their investment elections, is recognized within General and administrative expenses within the
accompanying Consolidated Statements of Operations.
Investments in shares of the Company's common stock are included, at cost, as Treasury stock in the accompanying
Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the accompanying
Consolidated Balance Sheets of the Operating Partnership. The participant's deferred compensation liability attributable to
the participants' investments in shares of the Company's common stock are included, at cost, within Additional paid in capital
in the accompanying Consolidated Balance Sheets of the Parent Company and as a reduction of General partner capital in the
accompanying Consolidated Balance Sheets of the Operating Partnership. Changes in participant account balances related to
the Regency common stock fund are recorded directly within shareholders' equity.
118
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
15. Earnings per Share and Unit
Parent Company Earnings per Share
The following summarizes the calculation of basic and diluted earnings per share:
Year ended December 31,
(in thousands, except per share data)
2024
2023
2022
Numerator:
Net income attributable to common shareholders - basic
$
386,738
359,500
482,865
Net income attributable to common shareholders - diluted
$
386,738
359,500
482,865
Denominator:
Weighted average common shares outstanding for basic EPS
182,817
176,085
171,404
Weighted average common shares outstanding for diluted EPS (1)
183,040
176,371
171,791
Net income per common share – basic
$
2.12
2.04
2.82
Net income per common share – diluted
$
2.11
2.04
2.81
(1)
Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted stock and shares to be issued under
the forward sale agreements.
The effect of the assumed exchange of the EOP units and certain other exchangeable units had an anti-dilutive effect upon the
calculation of net income attributable to the common shareholders per share. Accordingly, the impact of such assumed
exchanges has not been included in the determination of diluted net income per share calculations. Weighted average EOP
units outstanding were 1,099,187, 953,085 and 748,336 for the year ended December 31, 2024, 2023 and 2022, respectively.
Operating Partnership Earnings per Unit
The following summarizes the calculation of basic and diluted earnings per unit ("EPU"):
Year ended December 31,
(in thousands, except per unit data)
2024
2023
2022
Numerator:
Net income attributable to common unit holders - basic
$
389,076
361,508
484,970
Net income attributable to common unit holders - diluted
$
389,076
361,508
484,970
Denominator:
Weighted average common units outstanding for basic EPU
183,916
177,038
172,152
Weighted average common units outstanding for diluted EPU (1)
184,139
177,324
172,540
Net income per common unit – basic
$
2.12
2.04
2.82
Net income per common unit – diluted
$
2.11
2.04
2.81
(1)
Using the treasury stock method, the calculation includes the dilutive effect of unvested restricted units and units to be issued under
the forward sale agreements.
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.
16. Segment Information
The Company's business consists of acquiring, developing, owning, and operating income-producing retail real estate in the
United States of America ("USA" or "United States"). The Company owns and manages a portfolio of neighborhood and
community shopping centers, anchored primarily by grocers. Nearly all of the Company's consolidated revenues are
generated from real estate investments in shopping centers.
119
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
The Company derives revenue primarily by leasing retail spaces to tenants under long-term leases with varying terms that
generally provide for fixed payments of base rent with stated increases over the lease term. Some leases also include
provisions for additional percentage rent based on tenant sales performance. Additionally, most lease agreements contain
provisions requiring tenants to reimburse their share of actual real estate taxes, insurance and CAM costs incurred by the
Company.
The Company’s CODM is the Executive Committee, which is comprised of the Chief Executive Officer, Chief Financial
Officer, Chief Operating Officer, and the Chief Investment Officer. The CODM evaluates the performance of shopping
centers and allocates resources on an individual property basis. Consequently, the Company defines its operating segments as
individual properties. These operating segments are aggregated into one reportable segment due to similarities in the nature
and economics of the centers, tenant profiles, operating processes, and long-term financial performance. The accounting
policies for the shopping centers segment are consistent with those described in the Summary of Significant Accounting
Policies.
The CODM assesses the performance of each shopping center and allocates resources based on Net Operating Income
(“NOI”). NOI is calculated as 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 items such as straight-line rental income and expense, above and
below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. The Company’s NOI
also includes its share of NOI from unconsolidated real estate investment partnerships. The Company does not report asset
information for the segment because it is not used to evaluate performance or regularly provided to the CODM.
The CODM uses NOI to evaluate income generated from shopping centers (i.e., return on assets) and to guide decisions on
capital investments. These decisions may include acquisitions, investments in real estate developments and/or capital
improvement.
The following tables provide information about the shopping centers segment revenues, significant expenses, NOI and the
reconciliations of these amounts to the Company’s consolidated Net income and Total revenues:
Year ended December 31,
2024
2023
2022
Lease income
$
1,548,929
1,413,079
1,312,532
Other property income
15,450
12,260
11,247
Less:
Straight-line rent on lease income
(22,193)
(13,559 )
(27,220)
Above/below market rent amortization, net
(25,612)
(31,604 )
(23,021)
Total real estate revenues
1,516,574
1,380,176
1,273,538
Operating expenses (1)
(267,660)
(247,792 )
(213,085)
Real estate taxes
(201,546)
(181,096 )
(163,667)
NOI
$
1,047,368
951,288
896,786
Reconciliation of Total real estate revenues to Total revenues:
Total real estate revenues
1,516,574
1,380,176
1,273,538
Consolidated:
Straight-line rent on lease income
20,300
10,788
24,272
Above/below market rent amortization, net
24,843
30,826
22,543
Management, transaction, and other fees
27,874
26,954
25,851
Add: Share of noncontrolling interests
11,859
10,865
10,683
Less: Share of unconsolidated real estate partnerships
(147,546)
(137,143 )
(132,865)
Total revenues
$
1,453,904
1,322,466
1,224,022
(1)
Operating expenses include Operating and maintenance, Ground rent and Termination expense
120
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Notes to Consolidated Financial Statements
December 31, 2024
Year ended December 31,
2024
2023
2022
Reconciliation of NOI to Net income:
NOI
1,047,368
951,288
896,786
Consolidated:
Straight-line rent on lease income
20,300
10,788
24,272
Above/below market rent amortization, net
24,843
30,826
22,543
Management, transaction, and other fees
27,874
26,954
25,851
Straight-line rent on ground rent
(1,350)
(1,405 )
(1,610)
Above/below market ground rent amortization
(2,142)
(1,696 )
(1,548)
Depreciation and amortization
(394,714)
(352,282 )
(319,697)
General and administrative
(101,465)
(97,806 )
(79,903)
Other operating expenses
(10,867)
(9,459 )
(6,166)
Other expense, net
(154,260)
(147,824 )
(44,102)
Add: Share of noncontrolling interests excluded from NOI
8,293
7,571
7,433
Less: Equity in income of investments in real estate excluded from NOI
(54,040)
(46,088 )
(35,824)
Net income
$
409,840
370,867
488,035
17. 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 $17.3 million and $16.5 million for environmental remediation, which are included in
Accounts payable, and other liabilities on the Company’s Consolidated Balance Sheets,, as of December 31, 2024 and 2023,
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 $10.9 million and
$8.5 million in letters of credit outstanding as of December 31, 2024, and 2023, respectively.
121
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
101 7th Avenue
NY
$
—
48,340
34,895
(71,357 )
7,020
4,858
11,878
(962 )
1930
2017
111 Kraft Avenue
NY
—
1,220
3,932
28
1,220
3,960
5,180
(149 )
1902
2023
1175 Third Avenue
NY
—
40,560
25,617
6,071
40,560
31,688
72,248
(5,190 )
1995
2017
1225-1239 Second Ave
NY
—
23,033
17,173
(678 )
23,033
16,495
39,528
(3,400 )
1987
2017
200 Potrero
CA
—
4,860
2,251
135
4,860
2,386
7,246
(620 )
1928
2017
22 Crescent Road
CT
—
2,198
272
(318 )
2,152
—
2,152
—
1984
2017
25 Valley Drive
CT
—
3,141
2,945
15
3,141
2,960
6,101
(151 )
1977
2023
260-270 Sawmill Road
NY
—
3,943
58
—
3,943
58
4,001
(6 )
1953
2023
27 Purchase Street
NY
—
903
2,239
71
903
2,310
3,213
(92 )
2023
321-323 Railroad Ave
CT
—
3,044
2,414
33
3,044
2,447
5,491
(120 )
1983
2023
410 South Broadway
NY
—
2,372
1,603
—
2,372
1,603
3,975
(60 )
1936
2023
470 Main Street
CT
—
1,021
4,361
55
1,021
4,416
5,437
(264 )
1972
2023
48 Purchase Street
NY
—
1,214
4,414
17
1,214
4,431
5,645
(167 )
2023
4S Commons Town Center
CA
—
30,760
35,830
3,983
30,812
39,761
70,573
(32,030 )
2004
2004
6401 Roosevelt
WA
—
2,685
934
362
2,685
1,296
3,981
(199 )
1929
2019
90 - 30 Metropolitan Avenue
NY
—
16,614
24,171
485
16,614
24,656
41,270
(5,627 )
2007
2017
91 Danbury Road
CT
—
732
851
—
732
851
1,583
(220 )
1965
2017
970 High Ridge Center
CT
—
5,695
5,204
62
5,695
5,266
10,961
(268 )
1960
2023
Airport Plaza
CT
—
1,293
11,119
5
1,293
11,124
12,417
(470 )
1974
2023
Alafaya Village
FL
—
3,004
5,852
340
3,004
6,192
9,196
(1,609 )
1986
2017
Alden Bridge
TX
(26,000 )
17,014
21,958
810
17,014
22,768
39,782
(3,275 )
1998
2002
Aldi Square
CT
—
6,394
1,704
—
6,394
1,704
8,098
(163 )
2014
2023
Amerige Heights Town Center
CA
—
10,109
11,288
1,644
10,109
12,932
23,041
(7,250 )
2000
2000
Anastasia Plaza
FL
—
9,065
—
(2,298 )
3,012
3,755
6,767
(2,026 )
1988
1993
Apple Valley Square
MN
—
5,438
21,328
(2,588 )
5,451
18,727
24,178
(3,460 )
1998
2006
Arcadian Shopping Center
NY
—
14,546
26,716
604
14,546
27,320
41,866
(1,207 )
1978
2023
Ashford Place
GA
—
2,584
9,865
1,899
2,584
11,764
14,348
(9,852 )
1993
1997
Atlantic Village
FL
—
4,282
18,827
2,143
4,868
20,384
25,252
(7,102 )
2014
2017
Avenida Biscayne
FL
—
88,098
20,771
2,228
91,150
19,947
111,097
(5,179 )
1991
2017
Aventura Shopping Center
FL
—
2,751
10,459
11,159
9,486
14,883
24,369
(6,247 )
2017
1994
Baederwood Shopping Center
PA
(24,365 )
12,016
33,556
848
12,016
34,404
46,420
(3,420 )
1999
2023
Balboa Mesa Shopping Center
CA
—
23,074
33,838
14,036
27,758
43,190
70,948
(22,430 )
2014
2012
Banco Popular Building
FL
—
2,160
1,137
(1,289 )
2,003
5
2,008
—
1971
2017
Belleview Square
CO
—
8,132
9,756
5,292
8,323
14,857
23,180
(11,312 )
2013
2004
Belmont Chase
VA
—
13,881
17,193
(173 )
14,372
16,529
30,901
(10,378 )
2014
2014
Berkshire Commons
FL
—
2,295
9,551
3,112
2,965
11,993
14,958
(10,213 )
1992
1994
Bethany Park Place
TX
(10,200 )
4,832
12,405
534
4,832
12,939
17,771
(1,941 )
1998
1998
Bethel Hub Center
CT
—
1,738
3,918
144
1,738
4,062
5,800
(199 )
1957
2023
Biltmore Shopping Center
NY
—
4,632
3,766
39
4,632
3,805
8,437
(187 )
1967
2023
Bird 107 Plaza
FL
—
10,371
5,136
152
10,371
5,288
15,659
(1,673 )
1990
2017
Bird Ludlam
FL
—
42,663
38,481
1,353
42,663
39,834
82,497
(10,952 )
1998
2017
Black Rock
CT
(15,148 )
22,251
20,815
702
22,251
21,517
43,768
(8,161 )
1996
2014
Blakeney Town Center
NC
—
82,411
89,165
4,066
82,491
93,151
175,642
(11,316 )
2006
2021
Bloomfield Crossing
NJ
—
3,365
11,453
6
3,365
11,459
14,824
(534 )
2023
Bloomingdale Square
FL
—
3,940
14,912
23,599
8,639
33,812
42,451
(15,482 )
2021
1998
Blossom Valley
CA
(22,300 )
31,988
5,850
737
31,988
6,587
38,575
(1,197 )
1990
1999
122
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Boca Village Square
FL
—
43,888
9,726
419
43,888
10,145
54,033
(3,876 )
2014
2017
Boonton ACME Shopping
Center
NJ
(10,358 )
8,664
9,601
—
8,664
9,601
18,265
(533 )
1999
2023
Boulevard Center
CO
—
3,659
10,787
4,840
3,659
15,627
19,286
(10,223 )
1986
1999
Boynton Lakes Plaza
FL
—
2,628
11,236
5,382
3,606
15,640
19,246
(10,396 )
2012
1997
Boynton Plaza
FL
—
12,879
20,713
810
12,879
21,523
34,402
(6,170 )
2015
2017
Brentwood Plaza
MO
—
2,788
3,473
416
2,788
3,889
6,677
(2,113 )
2002
2007
Briarcliff La Vista
GA
—
694
3,292
1,122
694
4,414
5,108
(3,515 )
1962
1997
Briarcliff Village
GA
—
4,597
24,836
6,316
5,519
30,230
35,749
(23,762 )
1990
1997
Brick Walk
CT
(30,591 )
25,299
41,995
2,283
25,299
44,278
69,577
(14,980 )
2007
2014
BridgeMill Market
GA
—
7,521
13,306
1,221
7,522
14,526
22,048
(4,929 )
2000
2017
Bridgeton
MO
—
3,033
8,137
740
3,067
8,843
11,910
(4,272 )
2005
2007
Brighten Park
GA
—
3,983
18,687
12,248
3,887
31,031
34,918
(24,273 )
2016
1997
Broadway Plaza
NY
—
40,723
42,170
2,593
40,723
44,763
85,486
(12,008 )
2014
2017
Brooklyn Station on Riverside
FL
—
7,019
8,688
358
6,998
9,067
16,065
(3,831 )
2013
2013
Brookside Plaza
CT
—
35,161
17,494
8,185
36,238
24,602
60,840
(8,602 )
2006
2017
Buckhead Court
GA
—
1,417
7,432
4,642
1,417
12,074
13,491
(10,806 )
1984
1997
Buckhead Landing
GA
—
45,502
16,642
25,563
51,511
36,196
87,707
(3,085 )
1998/2024
2017
Buckhead Station
GA
—
70,411
36,518
3,033
70,448
39,514
109,962
(12,377 )
1996
2017
Buckley Square
CO
—
2,970
5,978
1,622
2,921
7,649
10,570
(5,449 )
1978
1999
Caligo Crossing
FL
—
2,459
4,897
185
2,546
4,995
7,541
(4,364 )
2007
2007
Cambridge Square
GA
—
774
4,347
(2,419 )
774
1,928
2,702
(1,401 )
1979
1996
Carmel Commons
NC
—
2,466
12,548
6,294
3,419
17,889
21,308
(13,523 )
2012
1997
Carmel ShopRite Plaza
NY
—
5,828
15,321
160
5,828
15,481
21,309
(682 )
1981
2023
Carriage Gate
FL
—
833
4,974
3,267
1,302
7,772
9,074
(7,705 )
2013
1994
Carytown Exchange
VA
—
24,121
22,046
(27 )
24,122
22,018
46,140
(5,715 )
2022
2018
Cashmere Corners
FL
—
3,187
9,397
683
3,187
10,080
13,267
(3,604 )
2016
2017
Cedar Commons
MN
—
4,704
16,748
233
4,716
16,969
21,685
(2,638 )
1999
2011
Cedar Hill Shopping Center
NJ
(6,815 )
7,266
9,372
200
7,280
9,558
16,838
(481 )
1971
2023
Centerplace of Greeley III
CO
—
6,661
11,502
263
4,607
13,819
18,426
(8,203 )
2007
2007
Charlotte Square
FL
—
1,141
6,845
1,495
1,141
8,340
9,481
(3,305 )
1980
2017
Chasewood Plaza
FL
—
4,612
20,829
6,865
6,886
25,420
32,306
(22,878 )
2015
1993
Chastain Square
GA
—
30,074
12,644
2,520
30,074
15,164
45,238
(5,834 )
2001
2017
Cherry Grove
OH
—
3,533
15,862
6,096
3,533
21,958
25,491
(15,318 )
2012
1998
Chilmark Shopping Center
NY
—
4,952
15,407
183
4,952
15,590
20,542
(678 )
1963
2023
Chimney Rock
NJ
—
23,623
48,200
856
23,623
49,056
72,679
(22,236 )
2016
2016
Circle Center West
CA
—
22,930
9,028
3,571
23,166
12,363
35,529
(3,074 )
1989
2017
Circle Marina Center
CA
(24,000 )
29,303
18,437
12,876
31,942
28,674
60,616
(3,336 )
1994
2019
CityLine Market
TX
—
12,208
15,839
464
12,306
16,205
28,511
(7,320 )
2014
2014
CityLine Market Phase II
TX
—
2,744
3,081
108
2,744
3,189
5,933
(1,275 )
2015
2015
Clayton Valley Shopping
Center
CA
—
24,189
35,422
2,600
24,538
37,673
62,211
(31,498 )
2004
2003
Clocktower Plaza Shopping Ctr
NY
—
49,630
19,624
627
49,630
20,251
69,881
(5,808 )
1995
2017
Clybourn Commons
IL
—
15,056
5,594
535
15,056
6,129
21,185
(2,406 )
1999
2014
Cochran's Crossing
TX
—
13,154
12,315
2,877
13,154
15,192
28,346
(12,701 )
1994
2002
Compo Acres Shopping Center
CT
—
28,627
10,395
985
28,627
11,380
40,007
(3,171 )
2011
2017
123
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Compo Shopping Center
CT
—
15,651
29,034
126
15,651
29,160
44,811
(726 )
1953
2024
Concord Shopping Plaza
FL
—
30,819
36,506
1,750
31,272
37,803
69,075
(9,785 )
1993
2017
Copps Hill Plaza
CT
—
29,515
40,673
8,499
29,514
49,173
78,687
(11,010 )
2002
2017
Coral Reef Shopping Center
FL
—
14,922
15,200
2,695
15,332
17,485
32,817
(5,502 )
1990
2017
Corkscrew Village
FL
—
8,407
8,004
916
8,407
8,920
17,327
(4,892 )
1997
2007
Cornerstone Square
GA
—
1,772
6,944
2,100
1,772
9,044
10,816
(7,507 )
1990
1997
Corral Hollow
CA
—
8,887
24,121
268
8,932
24,344
33,276
(2,592 )
2000
2000
Corvallis Market Center
OR
—
6,674
12,244
1,048
6,696
13,270
19,966
(8,687 )
2006
2006
Cos Cob Commons
CT
—
6,608
14,967
546
6,608
15,513
22,121
(662 )
1986
2023
Cos Cob Plaza
CT
(3,742 )
4,030
4,225
24
4,030
4,249
8,279
(198 )
1947
2023
Country Walk Plaza
FL
(16,000 )
18,713
20,373
465
18,713
20,838
39,551
(3,579 )
2008
2017
Countryside Shops
FL
—
17,982
35,574
13,960
23,175
44,341
67,516
(17,076 )
1991/2018
2017
Courtyard Shopping Center
FL
—
5,867
4
3
5,867
7
5,874
(3 )
1987
1993
Culver Center
CA
—
108,841
32,308
3,794
108,841
36,102
144,943
(10,668 )
2000
2017
Danbury Green
CT
—
30,303
19,255
2,377
30,303
21,632
51,935
(5,824 )
2006
2017
Danbury Square
CT
—
6,592
23,543
1,017
6,592
24,560
31,152
(1,051 )
1987
2023
Dardenne Crossing
MO
—
4,194
4,005
861
4,343
4,717
9,060
(2,881 )
1996
2007
Darinor Plaza
CT
—
693
32,140
1,328
711
33,450
34,161
(9,568 )
1978
2017
DeCicco's Plaza
NY
—
8,890
23,368
898
8,890
24,266
33,156
(983 )
1978
2023
Diablo Plaza
CA
—
5,300
8,181
3,153
5,300
11,334
16,634
(7,557 )
1982
1999
District Shops of Pelham Manor
(fka Pelham Manor Plaza)
NY
—
4,708
6,243
207
4,711
6,447
11,158
(263 )
1960
2023
Dunwoody Hall
GA
(13,800 )
15,145
12,110
947
15,145
13,057
28,202
(1,862 )
1986
1997
Dunwoody Village
GA
—
3,342
15,934
8,438
3,417
24,297
27,714
(19,518 )
1975
1997
East Meadow Plaza
NY
—
13,135
25,070
(73 )
13,135
24,997
38,132
(3,131 )
1971
2023
East Pointe
OH
—
1,730
7,189
2,644
1,941
9,622
11,563
(7,885 )
2014
1998
East San Marco
FL
—
4,873
14,932
(143 )
4,729
14,933
19,662
(1,462 )
2022
2007
Eastchester Plaza
NY
—
5,017
7,379
18
5,017
7,397
12,414
(324 )
1963
2023
Eastport
NY
—
2,985
5,649
931
2,947
6,618
9,565
(1,022 )
1980
2021
El Camino Shopping Center
CA
—
7,600
11,538
15,769
10,328
24,579
34,907
(14,978 )
2017
1999
El Cerrito Plaza
CA
—
11,025
27,371
8,905
11,025
36,276
47,301
(17,146 )
2000
2000
El Norte Pkwy Plaza
CA
—
2,834
7,370
3,178
3,263
10,119
13,382
(7,412 )
2013
1999
Emerson Plaza
NJ
—
8,615
7,835
116
8,644
7,922
16,566
(406 )
1981
2023
Encina Grande
CA
—
5,040
11,572
20,312
10,518
26,406
36,924
(18,974 )
2016
1999
Fairfield Center
CT
—
6,731
29,420
1,902
6,731
31,322
38,053
(10,122 )
2000
2014
Fairfield Crossroads
CT
—
9,982
9,796
(1 )
9,982
9,795
19,777
(475 )
1995
2023
Falcon Marketplace
CO
—
1,340
4,168
582
1,246
4,844
6,090
(3,419 )
2005
2005
Fellsway Plaza
MA
(34,300 )
30,712
7,327
10,307
34,924
13,422
48,346
(9,607 )
2016
2013
Ferry Street Plaza
NJ
(8,471 )
7,960
24,439
135
7,960
24,574
32,534
(1,038 )
1995
2023
Fleming Island
FL
—
3,077
11,587
3,738
3,111
15,291
18,402
(10,435 )
2000
1998
Fountain Square
FL
—
29,722
29,041
389
29,784
29,368
59,152
(16,113 )
2013
2013
French Valley Village Center
CA
—
11,924
16,856
565
11,822
17,523
29,345
(16,427 )
2004
2004
Friars Mission Center
CA
—
6,660
28,021
3,407
6,660
31,428
38,088
(20,356 )
1989
1999
Gardens Square
FL
—
2,136
8,273
831
1,775
9,465
11,240
(6,501 )
1991
1997
Gateway Shopping Center
PA
—
52,665
7,134
13,478
55,087
18,190
73,277
(21,715 )
2016
2004
Gelson's Westlake Market Plaza
CA
—
3,157
11,153
6,425
4,654
16,081
20,735
(10,971 )
2016
2002
124
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Glen Oak Plaza
IL
—
4,103
12,951
2,099
4,124
15,029
19,153
(6,523 )
1967
2010
Glenwood Green
NJ
—
26,130
27,596
—
26,130
27,596
53,726
(2,059 )
2024
2023
Glenwood Village
NC
—
1,194
5,381
729
1,194
6,110
7,304
(5,196 )
1983
1997
Golden Hills Plaza
CA
—
12,699
18,482
3,887
11,521
23,547
35,068
(14,872 )
2017
2006
Grand Ridge Plaza
WA
—
24,208
61,033
6,452
24,918
66,775
91,693
(35,448 )
2018
2012
Greenwich Commons
CT
(4,667 )
3,831
6,990
(52 )
3,831
6,938
10,769
(269 )
1961
2023
Greenwood Shopping Centre
FL
—
7,777
24,829
1,241
7,777
26,070
33,847
(8,026 )
1994
2017
H Mart Plaza
NJ
—
1,296
2,469
—
1,296
2,469
3,765
(96 )
1967
2023
Hammocks Town Center
FL
—
28,764
25,113
1,979
28,764
27,092
55,856
(8,299 )
1993
2017
Hancock
TX
—
8,232
28,260
(10,223 )
4,692
21,577
26,269
(12,733 )
1998
1999
Harpeth Village Fieldstone
TN
—
2,284
9,443
1,238
2,284
10,681
12,965
(7,076 )
1998
1997
Harrison Shopping Square
NY
—
6,034
5,195
296
6,290
5,235
11,525
(241 )
1958
2023
Hasley Canyon Village
CA
(16,000 )
17,630
8,231
189
17,630
8,420
26,050
(1,198 )
2003
2003
Heritage 202 Center
NY
—
1,694
5,901
63
1,695
5,963
7,658
(264 )
1989
2023
Heritage Plaza
CA
—
12,390
26,097
15,199
12,215
41,471
53,686
(24,017 )
2012
1999
Hershey
PA
—
7
808
12
7
820
827
(636 )
2000
2000
Hewlett Crossing I & II
NY
—
11,850
18,205
1,106
11,850
19,311
31,161
(4,437 )
1954
2018
Hibernia Pavilion
FL
—
4,929
5,065
256
4,929
5,321
10,250
(4,632 )
2006
2006
High Ridge Center
CT
(8,825 )
26,078
21,460
177
26,092
21,623
47,715
(980 )
1968
2023
Hillcrest Village
TX
—
1,600
1,909
65
1,600
1,974
3,574
(1,296 )
1991
1999
Hilltop Village
CO
—
2,995
4,581
4,754
3,104
9,226
12,330
(5,843 )
2018
2002
Hinsdale Lake Commons
IL
—
5,734
16,709
12,183
8,343
26,283
34,626
(19,368 )
2015
1998
Holly Park
NC
—
8,975
23,799
2,520
8,828
26,466
35,294
(10,228 )
1969
2013
Howell Mill Village
GA
—
5,157
14,279
7,914
9,610
17,740
27,350
(9,640 )
1984
2004
Hyde Park
OH
—
9,809
39,905
17,996
10,213
57,497
67,710
(34,222 )
1995
1997
Indian Springs Center
TX
—
24,974
25,903
1,471
25,050
27,298
52,348
(10,057 )
2003
2002
Indigo Square
SC
—
8,087
9,849
(2 )
8,087
9,847
17,934
(3,521 )
2017
2017
Inglewood Plaza
WA
—
1,300
2,159
1,305
1,300
3,464
4,764
(2,324 )
1985
1999
Island Village
WA
—
12,354
23,660
210
12,361
23,863
36,224
(2,716 )
2013
2023
Keller Town Center
TX
—
2,294
12,841
1,447
2,404
14,178
16,582
(8,766 )
2014
1999
Kirkman Shoppes
FL
—
9,364
26,243
906
9,367
27,146
36,513
(7,847 )
2015
2017
Kirkwood Commons
MO
—
6,772
16,224
1,728
6,802
17,922
24,724
(7,777 )
2000
2007
Klahanie Shopping Center
WA
—
14,451
20,089
703
14,451
20,792
35,243
(5,824 )
1998
2016
Knotts Landing
CT
—
2,062
23,536
129
2,062
23,665
25,727
(809 )
1994
2023
Kroger New Albany Center
OH
—
3,844
6,599
1,474
3,844
8,073
11,917
(7,035 )
1999
1999
Lake Mary Centre
FL
—
24,036
57,476
2,942
24,036
60,418
84,454
(19,018 )
2015
2017
Lake Pine Plaza
NC
—
2,008
7,632
1,286
2,029
8,897
10,926
(6,149 )
1997
1998
Lakeview Shopping Center
NY
(10,680 )
6,341
22,296
644
6,341
22,940
29,281
(1,159 )
1981
2023
Lebanon/Legacy Center
TX
—
3,913
7,874
1,545
3,913
9,419
13,332
(7,705 )
2002
2000
Littleton Square
CO
—
2,030
8,859
(3,514 )
2,433
4,942
7,375
(3,682 )
2015
1999
Lloyd King Center
CO
—
1,779
10,060
1,785
1,779
11,845
13,624
(7,981 )
1998
1998
Lower Nazareth Commons
PA
—
15,992
12,964
4,124
16,343
16,737
33,080
(15,131 )
2012
2007
Main & Bailey
CT
—
603
13,428
110
603
13,538
14,141
(558 )
1950
2023
Mandarin Landing
FL
—
7,913
27,230
9,613
10,439
34,317
44,756
(7,393 )
2024
2017
Marine's Taste of Italy
NY
—
420
1,266
—
420
1,266
1,686
(42 )
1988
2023
Market at Colonnade Center
NC
—
6,455
9,839
387
6,160
10,521
16,681
(6,468 )
2009
2009
125
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Market at Preston Forest
TX
—
4,400
11,445
1,961
4,400
13,406
17,806
(9,156 )
1990
1999
Market at Round Rock
TX
—
2,000
9,676
9,528
1,996
19,208
21,204
(12,032 )
1987
1999
Market at Springwoods Village
TX
(3,750 )
12,592
12,781
291
12,592
13,072
25,664
(5,788 )
2018
2016
Marketplace at Briargate
CO
—
1,706
4,885
344
1,727
5,208
6,935
(3,686 )
2006
2006
McLean Plaza
NY
(5,000 )
12,527
12,039
57
12,534
12,089
24,623
(581 )
1982
2023
Meadtown Shopping Center
NJ
(9,070 )
9,961
15,328
68
9,961
15,396
25,357
(766 )
1961
2023
Mellody Farm
IL
—
35,628
66,847
(155 )
35,639
66,681
102,320
(21,064 )
2017
2017
Melrose Market
WA
—
4,451
10,807
(114 )
4,451
10,693
15,144
(2,031 )
2009
2019
Midland Park Shopping Center
NJ
(17,166 )
9,814
24,226
1,626
9,814
25,852
35,666
(1,198 )
1966
2023
Millhopper Shopping Center
FL
—
1,073
5,358
6,120
1,901
10,650
12,551
(8,514 )
2017
1993
Mockingbird Commons
TX
—
3,000
10,728
3,487
3,000
14,215
17,215
(9,400 )
1987
1999
Monument Jackson Creek
CO
—
2,999
6,765
1,450
2,999
8,215
11,214
(6,948 )
1999
1998
Morningside Plaza
CA
—
4,300
13,951
1,258
4,300
15,209
19,509
(10,138 )
1996
1999
Murrayhill Marketplace
OR
—
2,670
18,401
14,854
2,903
33,022
35,925
(21,506 )
2016
1999
Naples Walk
FL
—
18,173
13,554
2,360
18,173
15,914
34,087
(9,075 )
1999
2007
New City PCSB Bank Pad
NY
—
837
1,306
(2,143 )
—
—
—
—
1973
2023
New Milford Plaza
CT
—
7,955
18,349
105
7,955
18,454
26,409
(865 )
1970
2023
Newberry Square
FL
—
2,412
10,150
1,381
2,412
11,531
13,943
(10,586 )
1986
1994
Newfield Green
CT
(18,737 )
22,993
7,778
23
22,993
7,801
30,794
(542 )
1966
2023
Newland Center
CA
—
12,500
10,697
9,212
16,276
16,133
32,409
(12,813 )
2016
1999
Nocatee Town Center
FL
—
10,124
8,691
9,238
11,045
17,008
28,053
(11,935 )
2017
2007
Nohl Plaza
CA
—
1,688
6,733
64
1,688
6,797
8,485
(452 )
1966
2023
North Hills
TX
—
4,900
19,774
2,118
4,900
21,892
26,792
(12,758 )
1995
1999
Northgate Marketplace
OR
—
5,668
13,727
194
4,955
14,634
19,589
(8,800 )
2011
2011
Northgate Marketplace Ph II
OR
—
12,189
30,171
96
12,159
30,297
42,456
(12,072 )
2015
2015
Northgate Plaza (Maxtown
Road)
OH
—
1,769
6,652
5,046
2,840
10,627
13,467
(7,715 )
2017
1998
Northgate Square
FL
—
5,011
8,692
1,231
5,011
9,923
14,934
(5,819 )
1995
2007
Northlake Village
TN
—
2,662
11,284
6,349
2,662
17,633
20,295
(8,562 )
2013
2000
Oakbrook Plaza
CA
—
4,000
6,668
6,300
4,766
12,202
16,968
(7,595 )
2017
1999
Oakleaf Commons
FL
—
3,503
11,671
2,288
3,190
14,272
17,462
(9,798 )
2006
2006
Oakshade Town Center
CA
(3,253 )
6,591
28,966
683
6,591
29,649
36,240
(13,578 )
1998
2011
Ocala Corners
FL
—
1,816
10,515
806
1,816
11,321
13,137
(6,559 )
2000
2000
Old Greenwich CVS
CT
(846 )
3,704
2,065
7
3,711
2,065
5,776
(91 )
1941
2023
Old Kings Market (fka
Goodwives Shopping Center)
CT
(22,607 )
17,091
26,274
234
17,092
26,507
43,599
(1,125 )
1955
2023
Old St Augustine Plaza
FL
—
2,368
11,405
13,655
3,455
23,973
27,428
(14,422 )
2017/2020
1996
Orange Meadows
CT
—
4,984
16,731
940
4,984
17,671
22,655
(1,179 )
1990
2023
Orangetown Shopping Center
NY
(5,885 )
4,716
15,472
543
5,019
15,712
20,731
(754 )
1966
2023
Pablo Plaza
FL
—
11,894
21,407
11,900
14,135
31,066
45,201
(11,546 )
2020
2017
Paces Ferry Plaza
GA
—
2,812
12,639
21,281
13,803
22,929
36,732
(15,951 )
2018
1997
Panther Creek
TX
—
14,414
14,748
6,686
15,212
20,636
35,848
(17,087 )
1994
2002
Pavilion
FL
—
15,626
22,124
1,440
15,626
23,564
39,190
(7,855 )
2011
2017
Peartree Village
TN
—
5,197
19,746
1,115
5,197
20,861
26,058
(15,761 )
1997
1997
Persimmon Place
CA
—
25,975
38,114
695
26,692
38,092
64,784
(19,935 )
2014
2014
Pike Creek
DE
—
5,153
20,652
9,929
5,885
29,849
35,734
(17,549 )
2013
1998
126
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Pine Island
FL
—
21,086
28,123
2,222
21,086
30,345
51,431
(9,754 )
1999
2017
Pine Lake Village
WA
—
6,300
10,991
2,188
6,300
13,179
19,479
(8,772 )
1989
1999
Pine Ridge Square
FL
—
13,951
23,147
712
13,951
23,859
37,810
(6,682 )
2013
2017
Pine Tree Plaza
FL
—
668
6,220
1,045
668
7,265
7,933
(4,905 )
1999
1997
Pinecrest Place
FL
—
4,193
13,275
73
3,805
13,736
17,541
(4,207 )
2017
2017
Plaza Escuela
CA
—
24,829
104,395
4,349
24,829
108,744
133,573
(23,555 )
2002
2017
Plaza Hermosa
CA
—
4,200
10,109
4,094
4,202
14,201
18,403
(9,594 )
2013
1999
Point 50
VA
—
15,239
11,367
307
14,628
12,285
26,913
(3,093 )
2021
2007
Point Royale Shopping Center
FL
—
18,201
14,889
6,936
19,386
20,640
40,026
(8,797 )
2018
2017
Pompton Lakes Towne Square
NJ
—
12,940
16,392
296
12,943
16,685
29,628
(798 )
2000
2023
Post Road Plaza
CT
—
15,240
5,196
176
15,240
5,372
20,612
(1,607 )
1978
2017
Potrero Center
CA
—
133,422
116,758
(88,214 )
85,205
76,761
161,966
(17,270 )
1997
2017
Powell Street Plaza
CA
—
8,248
30,716
4,666
8,248
35,382
43,630
(21,132 )
1987
2001
Powers Ferry Square
GA
—
3,687
17,965
10,078
5,758
25,972
31,730
(23,735 )
2013
1997
Powers Ferry Village
GA
—
1,191
4,672
856
1,191
5,528
6,719
(4,636 )
1994
1997
Prairie City Crossing
CA
—
4,164
13,032
620
4,164
13,652
17,816
(8,012 )
1999
1999
Preston Oaks
TX
—
763
30,438
850
1,534
30,517
32,051
(6,518 )
2022
2013
Prestonbrook
TX
—
7,069
8,622
(511 )
5,244
9,936
15,180
(8,475 )
1998
1998
Prosperity Centre
FL
—
11,682
26,215
793
11,681
27,009
38,690
(7,152 )
1993
2017
Purchase Street Shops
NY
—
466
1,388
10
466
1,398
1,864
(82 )
2023
Ralphs Circle Center
CA
—
20,939
6,317
199
20,939
6,516
27,455
(2,378 )
1983
2017
Red Bank Village
OH
—
10,336
9,500
1,289
9,755
11,370
21,125
(5,348 )
2018
2006
Regency Commons
OH
—
3,917
3,616
218
3,917
3,834
7,751
(3,016 )
2004
2004
Regency Square
FL
—
4,770
25,191
11,626
5,797
35,790
41,587
(28,493 )
2013
1993
Ridgeway Shopping Center
CT
(41,940 )
47,684
96,414
6,223
47,684
102,637
150,321
(4,141 )
1952
2023
Rite Aid Plaza-Waldwick Plaza
NJ
—
1,774
5,753
10
1,774
5,763
7,537
(233 )
1953
2023
Rivertowns Square
NY
—
15,505
52,505
5,592
16,853
56,749
73,602
(12,344 )
2016
2018
Rona Plaza
CA
—
1,500
4,917
541
1,500
5,458
6,958
(3,758 )
1989
1999
Roosevelt Square
WA
—
40,371
32,108
8,029
40,382
40,126
80,508
(9,021 )
2017
2017
Russell Ridge
GA
—
2,234
6,903
1,915
2,234
8,818
11,052
(6,574 )
1995
1994
Ryanwood Square
FL
—
10,581
10,044
392
10,581
10,436
21,017
(4,042 )
1987
2017
Sammamish-Highlands
WA
—
9,300
8,075
9,391
9,592
17,174
26,766
(12,729 )
2013
1999
San Carlos Marketplace
CA
—
36,006
57,886
439
36,006
58,325
94,331
(13,443 )
2007
2017
San Leandro Plaza
CA
—
1,300
8,226
1,782
1,300
10,008
11,308
(6,301 )
1982
1999
Sandy Springs
GA
—
6,889
28,056
5,146
6,889
33,202
40,091
(13,337 )
2006
2012
Sawgrass Promenade
FL
—
10,846
12,525
1,603
10,846
14,128
24,974
(4,538 )
1998
2017
Scripps Ranch Marketplace
CA
—
59,949
26,334
1,217
59,949
27,551
87,500
(6,911 )
2017
2017
Serramonte Center
CA
—
390,106
172,652
97,079
416,525
243,312
659,837
(89,999 )
2018
2017
Shaw's at Plymouth
MA
—
3,968
8,367
—
3,968
8,367
12,335
(2,844 )
1993
2017
Shelton Square
CT
—
13,383
25,265
4,340
13,383
29,605
42,988
(1,604 )
1982
2023
Sheridan Plaza
FL
—
82,260
97,273
16,052
83,814
111,771
195,585
(30,452 )
1991/2022
2017
Sherwood Crossroads
OR
—
2,731
6,360
748
2,454
7,385
9,839
(4,509 )
1999
1999
Shiloh Springs
TX
—
5,236
11,802
893
5,236
12,695
17,931
(1,985 )
1998
1998
Shoppes @ 104
FL
—
11,193
—
3,232
7,078
7,347
14,425
(4,546 )
2018
1998
Shoppes at Homestead
CA
—
5,420
9,450
2,511
5,420
11,961
17,381
(8,233 )
1983
1999
Shoppes at Lago Mar
FL
—
8,323
11,347
350
8,323
11,697
20,020
(3,968 )
1995
2017
127
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Shoppes at Sunlake Centre
FL
—
16,643
15,091
6,701
18,001
20,434
38,435
(6,783 )
2008
2017
Shoppes of Grande Oak
FL
—
5,091
5,985
1,447
5,091
7,432
12,523
(6,268 )
2000
2000
Shoppes of Jonathan's Landing
FL
—
4,474
5,628
630
4,474
6,258
10,732
(1,889 )
1997
2017
Shoppes of Oakbrook
FL
—
20,538
42,992
825
20,538
43,817
64,355
(14,492 )
2003
2017
Shoppes of Silver Lakes
FL
—
17,529
21,829
2,386
17,529
24,215
41,744
(7,747 )
1997
2017
Shoppes of Sunset
FL
—
2,860
1,316
897
2,860
2,213
5,073
(572 )
2009
2017
Shoppes of Sunset II
FL
—
2,834
715
739
2,834
1,454
4,288
(454 )
2009
2017
Shops at County Center
VA
—
9,957
11,296
5,220
12,917
13,556
26,473
(12,628 )
2005
2005
Shops at Erwin Mill
NC
(12,000 )
9,082
6,124
613
9,087
6,732
15,819
(4,656 )
2012
2012
Shops at John's Creek
FL
—
1,863
2,014
(63 )
1,501
2,313
3,814
(1,785 )
2004
2003
Shops at Mira Vista
TX
(151 )
11,691
9,026
714
11,691
9,740
21,431
(3,919 )
2002
2014
Shops at Quail Creek
CO
—
1,487
7,717
1,144
1,448
8,900
10,348
(5,075 )
2008
2008
Shops at Saugus
MA
—
19,201
17,984
748
18,974
18,959
37,933
(14,523 )
2006
2006
Shops at Skylake
FL
—
84,586
39,342
3,138
85,117
41,949
127,066
(14,308 )
2006
2017
Shops at The Columbia
DC
—
3,117
8,869
117
3,234
8,869
12,103
(961 )
2006
2006
Shops on Main
IN
—
17,020
27,055
21,272
19,648
45,699
65,347
(19,887 )
2017/2020
2007
Somers Commons
NY
—
7,019
29,808
3,732
7,019
33,540
40,559
(1,600 )
2003
2023
Sope Creek Crossing
GA
—
2,985
12,001
3,832
3,332
15,486
18,818
(11,228 )
2016
1998
South Beach Regional
FL
—
28,188
53,405
9,840
28,317
63,116
91,433
(16,311 )
1990
2017
South Pass Village
NJ
(19,705 )
11,079
31,610
328
11,079
31,938
43,017
(1,433 )
1965
2023
South Point
FL
—
6,563
7,939
681
6,563
8,620
15,183
(2,817 )
2003
2017
Southbury Green
CT
—
26,661
34,325
7,846
29,743
39,089
68,832
(11,640 )
2002
2017
Southcenter
WA
—
1,300
12,750
2,567
1,300
15,317
16,617
(10,392 )
1990
1999
Southpark at Cinco Ranch
TX
—
18,395
11,306
7,597
21,438
15,860
37,298
(10,862 )
2017
2012
SouthPoint Crossing
NC
—
4,412
12,235
1,827
4,382
14,092
18,474
(9,307 )
1998
1998
Staples Plaza-Yorktown
Heights
NY
—
7,131
47,704
755
7,131
48,459
55,590
(1,930 )
1970
2023
Starke
FL
—
71
1,683
14
71
1,697
1,768
(1,029 )
2000
2000
Star's at Cambridge
MA
—
31,082
13,520
(1 )
31,082
13,519
44,601
(3,928 )
1997
2017
Star's at West Roxbury
MA
—
21,973
13,386
700
21,973
14,086
36,059
(3,923 )
2006
2017
Station Centre @ Old
Greenwich
CT
—
9,121
7,603
164
9,121
7,767
16,888
(424 )
1952
2023
Sterling Ridge
TX
—
12,846
12,162
1,617
12,846
13,779
26,625
(11,881 )
2000
2002
Stroh Ranch
CO
—
4,280
8,189
1,259
4,280
9,448
13,728
(7,870 )
1998
1998
Suncoast Crossing
FL
—
9,030
10,764
4,682
13,374
11,102
24,476
(10,251 )
2007
2007
Sunny Valley Shops
CT
—
2,820
5,055
99
2,820
5,154
7,974
(282 )
2003
2023
Talega Village Center
CA
—
22,415
12,054
135
22,415
12,189
34,604
(3,283 )
2007
2017
Tanasbourne Market
OR
—
3,269
10,861
(294 )
3,149
10,687
13,836
(7,362 )
2006
2006
Tanglewood Shopping Center
NY
(2,163 )
5,920
7,889
30
5,920
7,919
13,839
(404 )
1953
2023
Tassajara Crossing
CA
—
8,560
15,464
3,191
8,560
18,655
27,215
(11,890 )
1990
1999
Tech Ridge Center
TX
—
12,945
37,169
4,616
13,455
41,275
54,730
(21,910 )
2020
2011
The Abbot
MA
—
72,910
6,086
52,410
79,219
52,187
131,406
(5,334 )
1912/2024
2017
The Crossing Clarendon
VA
—
154,932
126,328
61,508
161,378
181,390
342,768
(38,460 )
2023
2016
The Dock-Dockside
CT
(32,908 )
20,974
49,185
80
20,974
49,265
70,239
(2,116 )
1974
2023
The Field at Commonwealth
VA
—
31,055
18,248
112
31,056
18,359
49,415
(10,811 )
2018
2017
The Gallery at Westbury Plaza
NY
—
108,653
216,771
4,848
108,653
221,619
330,272
(55,108 )
2013
2017
128
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
The Hub at Norwalk (fka
Walmart Norwalk)
CT
—
20,394
21,261
(2,949 )
20,394
18,312
38,706
(3,972 )
2003
2017
The Hub Hillcrest Market
CA
—
18,773
61,906
7,803
19,611
68,871
88,482
(25,340 )
2015
2012
The Longmeadow Shops
MA
(13,000 )
5,451
23,738
283
5,451
24,021
29,472
(1,176 )
1962
2023
The Marketplace
CA
—
10,927
36,052
1,638
10,927
37,690
48,617
(9,536 )
1990
2017
The Meadows (fka East
Meadow)
NY
—
12,325
21,378
827
12,267
22,263
34,530
(2,971 )
1980
2021
The Plaza at St. Lucie West
FL
—
1,718
6,204
52
1,718
6,256
7,974
(1,728 )
2006
2017
The Point at Garden City Park
NY
—
741
9,764
5,857
2,559
13,803
16,362
(5,973 )
2018
2016
The Pruneyard
CA
—
112,136
86,918
3,666
112,136
90,584
202,720
(17,715 )
2014
2019
The Shops at Hampton Oaks
GA
—
843
372
(195 )
297
723
1,020
(357 )
2009
2017
The Village at Hunter's Lake
FL
—
9,735
12,986
35
9,735
13,021
22,756
(3,786 )
2018
2018
The Village at Riverstone
TX
—
17,179
13,013
(62 )
17,179
12,951
30,130
(4,476 )
2016
2016
Town and Country
FL
—
4,664
5,207
22
4,664
5,229
9,893
(2,384 )
1993
2017
Town Square
FL
—
883
8,132
916
883
9,048
9,931
(5,990 )
1999
1997
Towne Centre at Somers
NY
—
3,235
30,998
162
3,236
31,159
34,395
(1,289 )
1988
2023
Treasure Coast Plaza
FL
—
7,553
21,554
1,570
7,553
23,124
30,677
(6,825 )
1983
2017
Tustin Legacy
CA
—
13,829
23,922
182
13,828
24,105
37,933
(8,446 )
2017
2016
Twin City Plaza
MA
—
17,245
44,225
2,724
17,263
46,931
64,194
(23,660 )
2004
2006
Twin Peaks
CA
—
5,200
25,827
9,788
6,585
34,230
40,815
(20,145 )
1988
1999
Unigold Shopping Center
FL
—
5,490
5,144
6,800
5,561
11,873
17,434
(6,702 )
1987
2017
University Commons
FL
—
4,070
30,785
730
4,070
31,515
35,585
(11,486 )
2001
2015
Valencia Crossroads
CA
—
17,921
17,659
1,873
17,921
19,532
37,453
(17,957 )
2003
2002
Valley Ridge Shopping Center
NJ
(16,249 )
13,363
19,803
118
13,363
19,921
33,284
(942 )
1962
2023
Valley Stream
NY
—
13,297
16,241
471
13,887
16,122
30,009
(2,034 )
1950
2021
Van Houten Plaza
NJ
—
2,178
2,747
454
2,178
3,201
5,379
(177 )
1974
2023
Veterans Plaza
CT
—
2,328
7,104
34
2,328
7,138
9,466
(346 )
1966
2023
Village at La Floresta
CA
—
13,140
20,559
77
13,156
20,620
33,776
(9,878 )
2014
2014
Village at Lee Airpark
MD
—
11,099
12,975
4,172
11,803
16,443
28,246
(16,137 )
2014
2005
Village Center
FL
—
3,885
14,131
10,300
5,480
22,836
28,316
(14,204 )
2014
1995
Village Commons
NY
—
312
5,950
298
312
6,248
6,560
(359 )
1980
2023
Von's Circle Center
CA
(3,475 )
49,037
22,618
1,594
49,037
24,212
73,249
(6,946 )
1972
2017
Wading River
NY
—
14,969
18,641
1,139
14,915
19,834
34,749
(2,325 )
2002
2021
Waldwick Plaza
NJ
—
1,724
5,824
38
1,724
5,862
7,586
(283 )
1960
2023
Walker Center
OR
—
3,840
7,232
12,623
4,404
19,291
23,695
(9,302 )
1987
1999
Washington Commons
NJ
(8,494 )
7,829
12,182
228
7,829
12,410
20,239
(618 )
1992
2023
Waterstone Plaza
FL
—
5,498
13,500
188
5,498
13,688
19,186
(4,047 )
2005
2017
Welleby Plaza
FL
—
1,496
7,787
2,666
1,496
10,453
11,949
(9,155 )
1982
1996
Wellington Town Square
FL
—
2,041
12,131
3,696
2,600
15,268
17,868
(8,450 )
2022
1996
Westbard Square
MD
—
127,859
21,514
42,668
120,249
71,792
192,041
(4,100 )
2001/2024
2017
West Bird Plaza
FL
—
12,934
18,594
371
15,386
16,513
31,899
(5,129 )
2000/2021
2017
West Chester Plaza
OH
—
1,857
7,572
728
1,857
8,300
10,157
(7,503 )
in process
1998
West Lake Shopping Center
FL
—
10,561
9,792
610
10,561
10,402
20,963
(3,490 )
2000
2017
West Park Plaza
CA
—
5,840
5,759
3,556
5,840
9,315
15,155
(6,001 )
1996
1999
Westbury Plaza
NY
(88,000 )
116,129
51,460
6,977
117,817
56,749
174,566
(16,705 )
2004
2017
Westchase
FL
—
5,302
8,273
1,522
5,302
9,795
15,097
(5,277 )
1998
2007
129
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Initial Cost
Total Cost
Shopping Centers
State
Mortgages or
Encumbrances(1)
Land & Land
Improvements
Building &
Improvements
Cost
Capitalized
Subsequent to
Acquisition (2)
Land & Land
Improvements
Building &
Improvements
Total
Accumulated
Depreciation
Year
Constructed
or Last
Major
Renovation
Year
Acquired
Westchester Commons
IL
—
3,366
11,751
11,369
4,894
21,592
26,486
(11,906 )
2014
2001
Westlake Village Plaza and
Center
CA
—
7,043
27,195
31,630
17,620
48,248
65,868
(38,902 )
2015
1999
Westport Collection (fka
Greens Farms Plaza)
CT
—
4,831
3,138
1
4,831
3,139
7,970
(238 )
1958
2023
Westport Plaza
FL
—
9,035
7,455
(29 )
9,035
7,426
16,461
(2,595 )
2002
2017
Westport Row
CT
—
43,597
16,428
15,330
46,170
29,185
75,355
(9,161 )
2010/2020
2017
Westwood Village
TX
—
19,933
25,301
1,192
19,378
27,048
46,426
(19,188 )
2006
2006
Willa Springs
FL
(16,700 )
13,322
15,314
3,242
13,681
18,197
31,878
(2,036 )
2000
2000
Williamsburg at Dunwoody
GA
—
7,435
3,721
1,266
7,444
4,978
12,422
(2,009 )
1983
2017
Willow Festival
IL
—
1,954
56,501
5,377
1,976
61,856
63,832
(25,219 )
2007
2010
Willow Oaks
NC
—
6,664
7,908
(272 )
6,294
8,006
14,300
(4,481 )
2014
2014
Willows Shopping Center
CA
—
51,964
78,029
(114 )
51,992
77,887
129,879
(24,906 )
2015
2017
Woodcroft Shopping Center
NC
—
1,419
6,284
1,921
1,421
8,203
9,624
(6,079 )
1984
1996
Woodman Van Nuys
CA
—
5,500
7,195
395
5,500
7,590
13,090
(5,037 )
1992
1999
Woodmen Plaza
CO
—
7,621
11,018
1,617
7,621
12,635
20,256
(12,803 )
1998
1998
Woodside Central
CA
—
3,500
9,288
1,069
3,489
10,368
13,857
(6,817 )
1993
1999
Miscellaneous Investments
—
—
2,127
1,427
—
3,554
3,554
(1,869 )
Land held for future
development
—
11,323
—
(4,612 )
6,711
—
6,711
—
Construction in progress
—
—
—
215,112
—
215,112
215,112
—
(627,361 )
$
5,502,545
6,877,520
1,318,354
5,565,585
8,132,834
13,698,419
(2,960,399 )
(1)
The amounts presented in this column do not include debt premiums, discounts, or loan costs. .
(2)
The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, sales-type lease, provision for impairments and write-downs recorded, and demolitions of part of the property for
redevelopment.
130
REGENCY CENTERS CORPORATION AND REGENCY CENTERS, L.P.
Schedule III - Consolidated Real Estate and Accumulated Depreciation
December 31, 2024
(in thousands)
Depreciation and amortization of the Company's investments in buildings and improvements reflected in the statements of
operations is calculated over the estimated useful lives of the assets, which are up to 40 years. The aggregate cost for federal
income tax purposes was approximately $11.2 billion at December 31, 2024.
The changes in total real estate assets for the years ended December 31, 2024, 2023, and 2022 are as follows:
(in thousands)
2024
2023
2022
Beginning balance
$
13,454,391
11,858,064
11,495,581
Acquired properties and land
71,334
1,445,428
224,653
Developments and improvements
328,133
206,085
171,629
Disposal of building and tenant improvements
(51,671)
(14,149)
(29,523)
Sale of properties
(72,152)
(19,366)
(4,276)
Contributed to unconsolidated joint ventures
(17,518)
—
—
Properties held for sale
—
(21,671)
—
Provision for impairment
(14,098)
—
—
Ending balance
$
13,698,419
13,454,391
11,858,064
The changes in accumulated depreciation for the years ended December 31, 2024, 2023, and 2022 are as follows:
(in thousands)
2024
2023
2022
Beginning balance
$
2,691,386
2,415,860
2,174,963
Depreciation expense
329,650
293,705
270,520
Disposal of building and tenant improvements
(51,671)
(14,149)
(29,523)
Sale of properties
(7,842)
(569 )
(100 )
Accumulated depreciation related to properties held for sale
—
(3,461)
—
Provision for impairment
(1,124)
—
—
Ending balance
$
2,960,399
2,691,386
2,415,860
131
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Controls and Procedures (Regency Centers Corporation)
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Parent Company's management, including its chief executive officer and chief
financial officer, the Parent Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under
Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this evaluation, the Parent Company's chief executive
officer and chief financial officer concluded that as of December 31, 2024, the Parent Company's disclosure controls and procedures
were effective to ensure information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported, within the time period specified in the SEC's rules and forms. These disclosure controls and
procedures include controls and procedures designed to ensure that information required to be disclosed by the Parent Company in the
reports it files or submits under the Exchange Act is accumulated and communicated to management, including its chief executive
officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Management's Report on Internal Control over Financial Reporting
The Parent Company's management is responsible for establishing and maintaining adequate internal control over financial reporting,
as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of its
management, including its chief executive officer and chief financial officer, the Parent Company conducted an evaluation of the
effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the
framework in Internal Control - Integrated Framework (2013), the Parent Company's management concluded that its internal control
over financial reporting was effective as of December 31, 2024.
KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements of the Parent
Company included in this Report and, as part of their audit, has issued a report, included within "Item 8. Financial Statements and
Supplementary Data" of this Report, on the effectiveness of the Parent Company's internal control over financial reporting.
The Parent Company's system of internal control over financial reporting was designed to provide reasonable assurance regarding the
preparation and fair presentation of published financial statements in accordance with accounting principles generally accepted in the
United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems
determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Changes in Internal Controls
There have been no changes in the Parent Company's internal controls over financial reporting identified in connection with this
evaluation that occurred during the quarter ended December 31, 2024 which have materially affected, or are reasonably likely to
materially affect, the Parent Company’s internal controls over financial reporting.
Controls and Procedures (Regency Centers, L.P.)
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
Under the supervision and with the participation of the Operating Partnership's management, including the chief executive officer and
chief financial officer of its general partner, the Operating Partnership conducted an evaluation of its disclosure controls and
procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based on this
evaluation, the chief executive officer and chief financial officer of its general partner concluded that, as of December 31, 2024, the
Operating Partnership's disclosure controls and procedures were effective to ensure information required to be disclosed in the reports
filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the
SEC's rules and forms. These disclosure controls and procedures include controls and procedures designed to ensure that information
required to be disclosed by the Operating Partnership in the reports it files or submits under the Exchange Act is accumulated and
communicated to management, including the chief executive officer and chief financial officer of its general partner, as appropriate, to
allow timely decisions regarding required disclosure.
132
Management's Report on Internal Control over Financial Reporting
The Operating Partnership's management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of
its management, including the chief executive officer and chief financial officer of its general partner, the Operating Partnership
conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control
- Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its
evaluation under the framework in Internal Control - Integrated Framework (2013), the Operating Partnership's management
concluded that its internal control over financial reporting was effective as of December 31, 2024.
KPMG LLP, an independent registered public accounting firm, has audited the Consolidated Financial Statements of the Operating
Partnership included in this Report and, as part of their audit, has issued a report, included within "Item 8. Financial Statements and
Supplementary Data" of this Report, on the effectiveness of the Operating Partnership's internal control over financial reporting.
The Operating Partnership's system of internal control over financial reporting was designed to provide reasonable assurance
regarding the preparation and fair presentation of published financial statements in accordance with accounting principles generally
accepted in the United States. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even
those systems determined to be effective can provide only reasonable assurance and may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Changes in Internal Controls
There have been no changes in the Operating Partnership's internal controls over financial reporting identified in connection with this
evaluation that occurred during the quarter ended December 31, 2024 which have materially affected, or are reasonably likely to
materially affect, the Operating Partnership’s internal controls over financial reporting.
Item 9B. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended December 31, 2024, none of our directors or officers (as defined in Rule 16a-1 under the Exchange
Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as those terms are
defined in Item 408 of Regulation S-K).
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Information concerning our directors, executive officers, and corporate governance is incorporated herein by reference to our
definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal year covered by this Report with respect
to the 2025 Annual Meeting of Shareholders. Information regarding executive officers is included in Part I of this Form 10-K as
permitted by General Instruction G(3).
Code of Ethics
We have a code of ethics applicable to our Board of Directors, principal executive officers, principal financial officer, principal
accounting officer and persons performing similar functions. The text of this code of ethics may be found on our website at
https://investors.regencycenters.com/corporate-governance/governance-overview. We will post a notice of any waiver from, or
amendment to, any provision of our code of ethics on our website.
Policy Statement on Insider Trading
We have adopted a Policy Statement on Insider Trading that governs the purchase, sale, and/or other dispositions of our securities by
directors, officers and employees that is reasonably designed to promote compliance with insider trading laws, rules and regulations
and NASDAQ listing standards. A copy of our Policy Statement on Insider Trading is included as Exhibit 19 to this report.
133
Item 11. Executive Compensation
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal
year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table provides information about securities that may be issued under our existing equity compensation plans:
Equity Compensation Plan Information
(as of December 31, 2024)
(a)
(b)
(c)
Plan Category
Number of securities to
be issued upon
exercise of outstanding
options, warrants
and rights (1)
Weighted-average
exercise price of
outstanding options,
warrants and rights (2)
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding
securities reflected in
column a) (3)
Equity compensation plans approved by security holders
803,789
$
—
3,779,916
Equity compensation plans not approved by security
holders
N/A
N/A
N/A
Total
803,789
$
—
3,779,916
(1)
Includes shares that may be issued pursuant to unvested restricted stock and performance share awards.
(2)
The weighted average exercise price excludes stock rights awards, which we sometimes refer to as unvested restricted stock.
(3)
The Regency Centers Corporation Omnibus Incentive Plan, ("Omnibus Plan"), as approved by shareholders at our 2019 annual meeting, provides
that an aggregate maximum of 5.6 million shares of our common stock are reserved for issuance under the Omnibus Plan.
Information about security ownership is incorporated herein by reference to our definitive proxy statement to be filed with the SEC
within 120 days after the end of the fiscal year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal
year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.
Item 14. Principal Accountant Fees and Services
Incorporated herein by reference to our definitive proxy statement to be filed with the SEC within 120 days after the end of the fiscal
year covered by this Report with respect to the 2025 Annual Meeting of Shareholders.
134
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a) Financial Statements and Financial Statement Schedules:
Regency Centers Corporation and Regency Centers, L.P. 2024 financial statements and financial statement schedule, together
with the reports of KPMG LLP are listed on the index immediately preceding the financial statements within "Item 8.
Financial Statements and Supplementary Data" of this Report.
(b) Exhibits:
Unless otherwise indicated below, the Commission file number to the exhibit is No. 001-12298.
2.
Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession
(a)
Agreement and Plan of Merger, dated as of May 17, 2023, by and among Regency Centers Corporation, Hercules
Merger Sub, LLC, Urstadt Biddle Properties Inc., UB Maryland I, Inc. and UB Maryland II, Inc. (incorporated by
reference to Exhibit 2.1 to the Company’s Form 8-K filed on May 18, 2023)
3.
Articles of Incorporation and Bylaws
(a)
Restated Articles of Incorporation of Regency Centers Corporation
(b)
Amended and Restated Bylaws of Regency Centers Corporation (amendment is incorporated by reference to Exhibit 3.1
to the Company’s Form 10-Q filed on August 5, 2022).
(c)
Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P. , (incorporated by reference to
Exhibit 3(d) to the Company's Form 10-K filed on February 19, 2014).
(d)
Amendment to the Fifth Amended and Restated Agreement of Limited Partnership Relating to the Series A Cumulative
Redeemable Preferred Units, dated August 16, 2023 (incorporated by reference to Exhibit 3.4 in Regency’s Form 8-K
filed on August 18, 2023)
(e)
Amendment to the Fifth Amended and Restated Agreement of Limited Partnership Relating to the Series B Cumulative
Redeemable Preferred Units, dated August 16, 2023 (incorporated by reference to Exhibit 3.5 in Regency’s Form 8-K
filed on August 18, 2023)
4.
Instruments Defining Rights of Security Holders
(a)
See Exhibits 3(a) and 3(b) for provisions of the Articles of Incorporation and Bylaws of the Parent Company defining
the rights of holders of shares of the common stock and preferred stock of the Parent Company. See Exhibits 3(c), 3(d)
and 3 (e) for provisions of the Partnership Agreement of Regency Centers, L.P. defining rights of holders of common
and preferred units of the Operating Partnership.
(b)
Indenture dated December 5, 2001 between Regency Centers, L.P., the guarantors named therein and First Union
National Bank, as trustee (incorporated by reference to Exhibit 4.4 to Regency Centers, L.P.'s Form 8-K filed on
December 10, 2001).
(i)
First Supplemental Indenture dated as of June 5, 2007 among Regency Centers, L.P., the Company as guarantor
and U.S. Bank National Association, as successor to Wachovia Bank, National Association (formerly known as
First Union National Bank), as trustee (incorporated by reference to Exhibit 4.1 to Regency Centers, L.P.'s Form 8-
K filed on June 5, 2007).
(ii)
Second Supplemental Indenture dated as of June 2, 2010 to the Indenture dated as of December 5, 2001 between
Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank National Association, as
successor to Wachovia Bank, National Association (formerly known as First Union National Bank), as Trustee
(incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on June 3, 2010).
135
(iii) Third Supplemental Indenture dated as of August 17, 2015 to the Indenture dated as of December 5, 2001 among
Regency Centers, L.P., Regency Centers Corporation, as guarantor, and U.S. Bank, National Association, as
trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed on August 18, 2015).
(iv) Fourth Supplemental Indenture dated as of January 26, 2017 among Regency Centers, L.P., Regency Centers
Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1
to the Company's Form 8-K filed on January 26, 2016).
(v)
Fifth Supplemental Indenture dated as of March 6, 2019 among Regency Centers, L.P., Regency Centers
Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1
to the Company's Form 8-K filed on March 6, 2019).
(vi) Sixth Supplemental Indenture dated as of May 13, 2020 among Regency Centers, L.P., Regency Centers
Corporation, as guarantor, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1
to the Company’s Form 8-K filed on May 13, 2020).
(vi) Seventh Supplemental Indenture dated as of January 18, 2024 among Regency Centers, L.P., Regency Centers
Corporation, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (incorporated by
reference to Exhibit 4.2 to the Company’s 8-K filed on January 18, 2024).
(c)
Assumption Agreement, dated as of March 1, 2017, by Regency Centers Corporation (incorporated by reference to
Exhibit 4.2 to the Company’s Form 8-K filed on March 1, 2017).
(d)
Description of the Company’s Securities Registered under Section 12 of the Exchange Act (incorporated by reference to
Exhibit 4(d) to the Company’s Form 10-K filed on February 16, 2024).
10. Material Contracts (~ indicates management contract or compensatory plan)
~(a) Amended and Restated Deferred Compensation Plan dated May 6, 2003 (incorporated by reference to Exhibit 10(k) to
the Company's Form 10-K filed on March 12, 2004).
~(b) Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to Exhibit 10(s) to the
Company's Form 8-K filed on December 21, 2004).
~(c) First Amendment to Regency Centers Corporation 2005 Deferred Compensation Plan dated December 2005
(incorporated by reference to Exhibit 10(q)(i) to the Company's Form 10-K filed on March 10, 2006).
~(d) Second Amendment to the Regency Centers Corporation Amended and Restated Deferred Compensation Plan
(incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed on June 14, 2011).
~(e) Third Amendment to the Regency Centers Corporation 2005 Deferred Compensation Plan (incorporated by reference to
Exhibit 10.1 to the Company's Form 8-K filed on June 14, 2011).
~(f) Regency Centers Corporation Amended and Restated Omnibus Incentive Plan (incorporated by reference to Appendix B
to the Company's 2019 Annual Meeting Proxy Statement filed on March 21, 2019).
~(g) Form of Stock Rights Award Agreement - (incorporated by reference to Exhibit 10(g) to the Company's Form 10-K
filed on February 17, 2022).
~(h) Form of Performance Stock Rights Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Form
8-K filed on January 6, 2022).
~(i) Form of Indemnification Agreement, in each case dated as of November 2, 2023, between Regency Centers Corporation
(the Company") and (1) each member of its Board of Directors of the Company and (2) each of Martin E. Stein, Jr. and
Lisa Palmer (who are each also members of the Board), Michael J. Mas, Alan T. Roth, Nicholas A. Wibbenmeyer and
each of the other executive officers of the Company (incorporated by reference to Exhibit 10.1 to the Company’s Form
10-Q filed on November 6, 2023).
136
~(j) Form of Severance and Change of Control Agreement dated as of January 1, 2022, among Regency Centers
Corporation, Regency Centers, L.P. and the executives listed below (incorporated by reference to Exhibit 10.1 of the
Company's Form 8-K filed on January 6, 2022). The Severance and Change of Control Agreements dated January 1,
2022 and listed below are substantially identical except for the identities of the parties and the amount of severance for
each which are described in Item 5.02(e) of referenced 8-K, before any further amendment included in the list below.
(i)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center
Corporation, Regency Centers, L.P. and Martin E. Stein, Jr.
(ii)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center
Corporation, Regency Centers, L.P. and Lisa Palmer
(iii) Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center
Corporation, Regency Centers, L.P. and Michael J. Mas
(iv) Amendment to Severance and Change of Control Agreement, dated as of November 6, 2024, among Regency
Centers Corporation, Regency Centers, L.P. and Lisa Palmer (incorporated by reference to Exhibit 10.1 to the
Company's Form 8-K filed on November 8, 2024)
~(k) The following Severance and Change of Control Agreement dated as of January 1, 2022, among Regency Centers
Corporation, Regency Centers, L.P. and the executives listed below. The Severance and Change of Control
Agreements listed below are substantially identical except for the identities of the parties and the amount of severance.
(i)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center
Corporation, Regency Centers, L.P. and Alan T. Roth (incorporated by reference to Exhibit 10 (m)(i) to the
Company’s Form 10-K filed on February 17, 2023).
(ii)
Severance and Change of Control Agreement dated as of January 1, 2022, by and between Regency Center
Corporation, Regency Centers, L.P. and Nicholas A. Wibbenmeyer (incorporated by reference to Exhibit 10 (m)(ii)
to the Company’s Form 10-K filed on February 17, 2023).
(l)
Sixth Amended and Restated Credit Agreement, dated as of January 18, 2024, by and among Regency Centers, L.P., as
borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National Association, as Administrative
Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to the Company’s 8-K filed on January
18, 2024).
(i)
First Amendment to Sixth Amended and Restated Credit Agreement, dated as of July 8, 2024, by and among
Regency Centers, L.P., as borrower, Regency Centers Corporation, as guarantor, Wells Fargo Bank, National
Association, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 4.1 to
the Company’s Form 8-K filed on July 10, 2024).
(m) Second Amended and Restated Limited Liability Company Agreement of Macquarie CountryWide-Regency II, LLC
dated as of July 31, 2009 by and among Global Retail Investors, LLC, Regency Centers, L.P. and Macquarie
CountryWide (US) No. 2 LLC (incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q filed on
November 6, 2009).
(i)
Amendment No. 1 to Second Amended and Restate Limited Liability Company Agreement of GRI-Regency, LLC
(formerly Macquarie CountryWide-Regency II, LLC) (incorporated by reference to Exhibit 10.(h)(i) to the
Company’s Form 10-K filed March 1, 2011).
19. Insider Trading Policies and Procedures (incorporated by reference to Exhibit 19 to the Company's Form 10-K filed on February
16, 2024).
21. Subsidiaries of Regency Centers Corporation
22. Subsidiary Guarantors and Issuers of Guaranteed Securities
23. Consent of Independent Accountants
137
23.1Consent of KPMG LLP for Regency Centers Corporation and Regency Centers, L.P.
31. Rule 13a-14(a)/15d-14(a) Certifications.
31.1Rule 13a-14 Certification of Chief Executive Officer for Regency Centers Corporation.
31.2Rule 13a-14 Certification of Chief Financial Officer for Regency Centers Corporation.
31.3Rule 13a-14 Certification of Chief Executive Officer for Regency Centers, L.P.
31.4Rule 13a-14 Certification of Chief Financial Officer for Regency Centers, L.P.
32. Section 1350 Certifications.
The certifications in this exhibit 32 are being furnished solely to accompany this Report pursuant to 18 U.S.C. § 1350, and are not
being filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section and shall not be deemed
to be incorporated by reference into any of the Company's filings under the Securities Act or the Exchange Act, whether made before
or after the date hereof, except to the extent that the Company specifically incorporates it by reference.
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.
97.
Restatement Clawback Policy of Regency Centers Corporation, effective as of November 15, 2023 (incorporated by reference to
Exhibit 97 to the Company's Form 10-K filed on February 16, 2024).
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)
Item 16. Form 10-K Summary
None.
138
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
February 14, 2025
REGENCY CENTERS CORPORATION
By: /s/ Lisa Palmer
Lisa Palmer, President and Chief Executive Officer
February 14, 2025
REGENCY CENTERS, L.P.
By: Regency Centers Corporation, General Partner
By: /s/ Lisa Palmer
Lisa Palmer, President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
February 14, 2025
/s/ Martin E. Stein, Jr.
Martin E. Stein. Jr., Executive Chairman of the Board
February 14, 2025
/s/ Lisa Palmer
Lisa Palmer, President, Chief Executive Officer, and Director
February 14, 2025
/s/ Michael J. Mas
Michael J. Mas, Executive Vice President, Chief Financial Officer
(Principal Financial Officer)
February 14, 2025
/s/ Terah L. Devereaux
Terah L. Devereaux, Senior Vice President, Chief Accounting
Officer (Principal Accounting Officer)
February 14, 2025
/s/ Gary Anderson
Gary Anderson, Director
February 14, 2025
/s/ Bryce Blair
Bryce Blair, Director
February 14, 2025
/s/ C. Ronald Blankenship
C. Ronald Blankenship, Director
February 14, 2025
/s/ Kristin A. Campbell
Kristin A. Campbell, Director
February 14, 2025
/s/ Deirdre J. Evens
Deirdre J. Evens, Director
February 14, 2025
/s/ Thomas W. Furphy
Thomas W. Furphy, Director
February 14, 2025
/s/ Karin M. Klein
Karin M. Klein, Director
February 14, 2025
/s/ Peter Linneman
Peter Linneman, Director
February 14, 2025
/s/ David P. O'Connor
David P. O'Connor, Director
February 14, 2025
/s/ James H Simmons
James H. Simmons, Director
139
Martin E. Stein, Jr.
Alan T. Roth
Executive Chairman
East Region President & Chief Operating Officer
Lisa Palmer
Nicholas A. Wibbenmeyer
President and Chief Executive Officer
West Region President & Chief Investment Officer
Michael J. Mas
Executive Vice President, Chief Financial Officer
Martin E. Stein, Jr. (3) (5)
Deirdre J. Evens (1) (2a)
Executive Chairman of the Board
Retired Executive Vice President and General Manager
Regency Centers Corporation
of Iron Mountain, Inc.
Lisa Palmer (3)
Thomas W. Furphy (1) (3)
President and Chief Executive Officer
Chief Executive Officer and Managing Director
Regency Centers Corporation
Consumer Equity Partners
Gary E. Anderson (2) (3)
Karin M. Klein (1a) (4)
Retired Chief Operating Officer
Founding Partner
Prologis, Inc.
Bloomberg Beta
Bryce Blair (3a) (4)
Peter D. Linneman (1) (4)
Chairman of Pulte Group and
Principal
Principal of Harborview Associates, LLC
Linneman Associates
C. Ronald Blankenship (1) (3) (6)
David P. O'Connor (2) (4a)
Director
Managing Partner
Civeo Corporation
High Rise Capital Partners, LLC
Kristin A. Campbell (2) (4)
James H. Simmons (1) (3)
Retired Executive Vice President, General Counsel and
Chief Executive Officer and Founding Partner
Chief ESG Officer of Hilton Worldwide Holdings Inc.
Asland Capital Partners
(1) Audit Committee
(2) Compensation Committee
(3) Investment Committee
(4) Nominating and Governance Committee
(5) Chairman of the Board
(6) Lead Director
(a) Chairperson
* As of December 31, 2024
Executive Officers*
Board of Directors*
Certain statements in this Annual Report, including the letter from the Executive Chair and CEO, discuss 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 risks and uncertainties.
Our operations are subject to a number of risks and uncertainties including, but not limited to, those risk factors described in our SEC filings. When
considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings 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 required by law.
140